Petrobras plans to reduce its $124 billion debt, dropping its debt-to-EBITDA to 2.5 by 2018 Brazil’s state-owned Petroleo Brasileiro (ticker: PBR) released both its strategic, and business and management plans for 2017 to 2021 as the company looks to rebuild trust with investors as Petrobras, as the company is commonly referred to, attempts to deleverage amid a corruption probe. Petrobras
The president of Brazil named Pedro Parente chief executive officer of state-led oil company Petroleo Brasileiro SA. It was a move by interim Brazilian President Michel Temer to revamp economic policy and shore up the debt-laden oil producer. Parente is best known for his role as chairman of the Brazil unit of agribusiness and commodities-trading giant Bunge Ltd from 2010
Petrobras reports $358 million loss on lower production and sales Brazil’s state-owned oil giant, Petroleo Brasileiro (ticker: PBR), reported its first quarter results yesterday, showing a 1.25 billion reais ($358 million) loss in the first three months of the year. Petrobras, as the company is commonly called, is the most in-debt oil and gas company in the world, and has
‘Sitting in Ambush’ for Russian Companies Bank of China has agreed to loan Russian state-owned gas giant Gazprom (ticker: OGZPY) €2 billion ($2.17 billion). In the company’s press release, Gazprom said the loan was the largest deal in terms of the amount of financing attracted directly from one financial institution and the first bilateral loan facility agreement with a Chinese
Petrobras plans to use loan to help pay down debt Petrobras (ticker: PBR, Petrobras.com) will receive a $10 billion loan from the China Development Bank to help pay down the company’s debt coming due this year, according to a report from China Business News. In exchange for helping PBR pay its $12 billion 2016 debt, Petrobras will supply oil to
Fernanda Bianchini Egert and Ted Helms, Investor Relations Directors for Petrobras (NYSE: PBR), presented today at EnerCom’s The Oil & Gas Conference 20®. Petróleo Brasileiro S.A., or Petrobras, is a semi-public Brazilian multinational energy corporation headquartered in Rio de Janeiro, Brazil. The company holds roughly 16 billion barrels of proved oil reserves and is producing more than 2.7 million barrels
Volumes Revised Downward to 3.7 MMBOEPD from 5.3 MMBOEPD Petrobras (ticker: PBR) has made all the headlines for all of the wrong reasons in the last several months, and the company is taking initiatives to shed its image as the most indebted oil major in the world. In a business management plan outlining operations for 2015 to 2019, PBR set
Petrobras (ticker: PBR) expects to raise US$2.5 billion through the issuance of 100-year global notes, the company announced on June 1, 2015. The notes include an annual yield of 8.45% and were issued at $0.81 on the dollar, enticing about $13 billion from potential investors, according to a source of The Wall Street Journal. Petrobras is the most indebted oil
Total Debt now Exceeds $100 Billion The long awaited financial results of supergiant Petrobras (ticker: PBR) were finally issued on April 22, 2015. The end result: $16.8 billion in write-offs, including $2.5 billion in charges directly related to bribery and money laundering. The release is the first time PBR has reported results in roughly eight months when auditors declined to
Petróleo Brasileiro S.A. (ticker: PBR), or Petrobras, will release its official Q3’14 financial results in January 2015 without the external auditors report from PricewaterhouseCoopers (PwC). The decision, announced on December 29, 2014, adds that PBR is “committed to releasing its third quarter accounting statements reviewed by PwC as soon as possible.” The company typically releases its third quarter results in
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