QUOTE AND NEWS
Forbes  1 hr ago  Comment 
Moody's believes that this delay, which already restricts the company's access to the debt capital markets, could potentially lead to a call for accelerated repayment by its bondholders because of a covenant breach, which would significantly...
Reuters  Feb 27  Comment 
Norway's BW Offshore said on Thursday it had found the body of a seventh victim of a Feb. 11 blast on a production vessel it operates for Brazil's state-run oil company Petroleo Brasileiro SA .
Reuters  Feb 25  Comment 
Brazil has no plans to pump new capital into Petrobras, even after a debt-rating downgrade by Moody's Investors Service threatens to limit the cash-strapped oil company's access to finance and raise its borrowing costs, two government officials...
Financial Times  Feb 25  Comment 
Yahoo  Feb 25  Comment 
SAO PAULO/NEW YORK (Reuters) - Petróleo Brasileiro SA (PETR4.SA) has hired JPMorgan Chase & Co to handle $3 billion in planned asset sales this year, as fallout from a corruption scandal has shut access to financing for Brazil's state-controlled...
TheStreet.com  Feb 25  Comment 
NEW YORK (TheStreet) -- Shares of Petrobras  plunged 8.31% to $6.29 in morning trading Wednesday after Moody's downgraded the Brazilian state-owned energy company's long-term debt rating to Ba2, or junk status, from Baa3. The firm also...
Reuters  Feb 25  Comment 
Petróleo Brasileiro SA's decision to cut capital spending plans by $16 billion this year could hamper Brazilian banks with loan exposure to the oil and gas industry, especially state-controlled Banco do Brasil SA, analysts at Goldman Sachs Group...
Reuters  Feb 25  Comment 
Moody's Investors Service stripped Brazil's state-run oil company Petrobras of its investment grade rating on Tuesday and kept the firm on review for further downgrade, citing concerns over an ongoing corruption scandal and liquidity pressures.
Motley Fool  Feb 24  Comment 
When you wait to disclose canceled contracts in your 10-K, you aren't going to make any friends on Wall Street.




RELATED WIKI ARTICLES
 

Petroleo Brasileiro SA, also known as Petrobras, is a Brazil based holding company that engages in the exploration, production, refining, and sale of crude oil and other energy sources. Petrobras operates over 100 production platforms, 16 refineries, 30,000 kilometers of transportation ducts and more than 6,000 gas station in Brazil, Argentina, Mexico, Portugal, the United States, Peru and Turkey.[1]

While almost all of Petrobras’s barrels of oil and gas reserves come from Brazil, the company has the potential of becoming a major net exporter of oil.[2] In particular, Chinese energy companies and Chinese banks agreed in to finance the development of Petrobras’s offshore oil fields in exchange for guaranteed supplies of oil once the fields developed. However, low oil prices have the potential of reducing Petrobras’s exploration efforts because of the expensive equipment and technology required to develop deepwater oilfields.[3] Despite low gasoline and diesel prices, Petrobras plans to continue expanding its domestic refining and distribution operations.


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Competition

Petrobras remains the largest government owned oil company in Brazil, so it faces very little competition on its home turf. It is difficult for competitors to enter the market given the preferential treatment Petrobras has with the Brazilian government. Despite the opening up of the Brazilian oil market, Petrobras has maintained its market share.



References

  1. Reuters: PBR Profile
  2. Reuters: PBR Profile
  3. moneymornings.com: Petrobras will be poised for big economic gains
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