Petrobras (PBR) , the renowned Brazilian oil and gas company, awarded a significant contract to Vallourec S.A., a leading provider of tubular solutions, to supply premium carbon steel tubes with Glass Reinforced Epoxy ("GRE") liners and corrosion-resistant alloy accessories.These advanced products are expected to play a key role in various offshore development wells, primarily in the pre-salt Campos Basin offshore Brazil. This new contract is an extension of a three-year agreement between the two companies ...

Strategic Alignment With Decarbonization Goals Details of the Goiânia II UTE Financial Implications and Prospects Broader Implications for the Energy Sector Conclusion Zacks Rank and Key Picks Archrock is valued at $2.99 billion. The company currently pays a dividend of 66 cents per share, or 3.45%, on an annual basis. Sunoco is valued at $5.28 billion. It is a major wholesale motor fuel distributor in the United States, distributing over 10 fuel brands through long-term contracts with more than 10,000 conv ...

The development of the Búzios 9 field is expected to boost Brazil's oil production capabilities significantly. With vast reserves of high-quality crude oil, the Santos basin has become a focal point for international energy companies looking to invest in Brazil's growing oil sector. Technological Innovation and Expertise Subsea 7's involvement in the project highlights the importance of technological innovation and expertise in the development of complex offshore oil fields. The company's extensive experien ...

Variable Speed Drives: These drives ensure optimal power consumption and energy efficiency. Petrobras (PBR) , Brazil's largest oil and gas company, has awarded a contract to Singaporean state-owned Seatrium, a leading offshore and marine specialist through an international tender. The deal, valued at approximately $11 billion, tasks Seatrium with constructing two new floating production storage and offloading (FPSO) vessels for deployment in Brazil's Santos Basin. Cutting-Edge FPSOs for Atapu and Sepia Fiel ...

The Initial Plan: Divestment of Refineries Background of the Divestment Strategy: To streamline operations and reduce debt, PBR initially announced plans to sell eight of its refineries. This move was part of a broader strategy to focus on core business areas and improve financial health. Coordinated with Brazil's antitrust watchdog, the divestment was seen as a necessary step to foster competition in the domestic refining sector and attract investment. Achievements and Challenges: By the time the divestmen ...

In a dramatic shakeup, the Brazilian government ousted Petroleo Brasileiro S.A., or Petrobras (PBR) CEO Jean Paul Prates last week. The dismissal, prompted by disagreements over dividend policies, underscores ongoing tensions between the state-controlled oil giant and President Luiz Inácio Lula da Silva's administration. This development marks the fifth change in Petrobras' leadership within three years, highlighting persistent political interf What Happened? The ousting of Prates, who served less than 18 m ...

Strategic Importance for Petrobras Supporting Offshore Drilling Operations: Petrobras's decision to launch these tenders is closely linked to its long-term offshore drilling operations and field development plans in the second half of this decade. The new vessels will be integral in supporting these operations, ensuring efficient and safe extraction of offshore resources. The OSRVs will provide crucial oil spill response capabilities, mitigating environmental risks associated with offshore drilling. Meanwhi ...

Petrobras (PBR) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term. Over the past month, shares of this oil and gas company have returned -2.3%, compared to the Zacks S&P 500 composite's +5% change. During this period, the Zacks Oil and Gas - Integrated - Emerging Markets industry, which Petrobras falls in, has lost 2.2%. The key question now is: What could be the stock's future direction ...

Core Insights - Petrobras reported first-quarter earnings per ADS of 75 cents, missing the Zacks Consensus Estimate of 84 cents and down from $1.11 a year ago [1] - The decline in earnings is attributed to rising pre-salt lifting costs and higher refining expenses, despite strong production [1][2] Financial Performance - Recurring net income was $4,816 million, down from $7,392 million a year earlier [2] - Adjusted EBITDA decreased to $12,127 million from $13,956 million year-over-year [2] - Revenues fell to $23,768 million, an 11.2% decline from $26,771 million a year ago, and missed the consensus estimate of $24,633 million [2] Segment Analysis - **Upstream Segment**: - Average oil and gas production reached 2,776 thousand barrels of oil equivalent per day (MBOE/d), up from 2,676 MBOE/d in the same period of 2023 [5] - Brazilian oil and natural gas production increased 3.9% to 2,742 MBOE/d, primarily due to the ramp-up of five FPSOs [6] - Average sales price of oil rose 2.4% year-over-year to $83.24 per barrel, contributing to improved upstream revenues of $16,077 million [7] - Upstream net income was $5,846 million, down 4.3% from $6,108 million in Q1 2023 due to an 11.9% increase in pre-salt lifting costs [8] - **Downstream Segment**: - Revenues totaled $22,190 million, a 10.7% decrease from $24,842 million year-over-year, attributed to lower domestic sales volumes [9] - Downstream profit was $775 million, down from $1,199 million in the first quarter of 2023, impacted by higher unit refining costs [9] Cost and Investment Overview - Sales, general, and administrative expenses rose to $1,780 million, a 12.8% increase from the previous year [10] - Total operating expenses increased significantly, leading to an operating income of $8,984 million, down from $11,553 million a year ago [10] - Capital investments totaled $3,043 million, up from $2,482 million in the prior-year quarter [11] Financial Position - Petrobras ended the quarter with a net debt of $43,646 million, up from $37,588 million a year ago [12] - Cash and cash equivalents stood at $11,547 million, with a net debt to trailing 12-month EBITDA ratio deteriorating to 0.86 from 0.58 a year earlier [12]

Key Takeaways American Depositary Receipts (ADRs) of Petrobras (PBR) sank after the Brazilian government replaced the state-run oil giant's CEO Jean Paul Prates. The company announced in a press release that Prates would be stepping down after a meeting of the board to consider his "early termination." The Brazilian Ministry of Mines and Energy informed the company that Prates will be replaced by former energy regulator Magda Chambriard. Petrobras' Chief Financial and Investor Relations Officer Sergio Caeta ...