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 ...

Petroleo Brasileiro S.A., or Petrobras (PBR) , announced first-quarter earnings per ADS of 75 cents, missing the Zacks Consensus Estimate of 84 cents. Earnings also came in well below the year-ago profit of $1.11. The underperformance can be blamed on rising pre-salt lifting costs that resulted in weak upstream profitability, plus higher refining outlay. This was partly offset by strong production. Recurring net income, which strips one-time items, came in at $4,816 million compared with $7,392 million a ye ...

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 ...

Just because things are bad at Petrobras doesn't mean they can't get even worse. Pity Petrobras (PBR -7.01%) (PBR.A -5.96%) investors -- they can't seem to catch a break. Shares of the Brazilian oil giant -- officially known as Petroleo Brasileiro -- have fallen steadily in the four days leading up to and after the company's poor first-quarter 2024 earnings report. This now includes a 7.2% decline through 10:45 a.m. ET today. You can blame this latest decline on the President of Brazil himself. Petrobras' Q ...

Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) Q1 2024 Earnings Conference Call May 15, 2024 10:00 AM ET Company Participants Conference Call Participants Operator We have with us Carlos Travassos, Executive Engineering, Technology and Innovation Director; Clarice Coppetti, Executive Director of Corporate Affairs; Claudio Schlosser, Executive Director for Logistics, Trade and Markets; Joelson Mendes, Executive Director for Production and Exploration; Mario Spinelli, Executive Director for Governance and Co ...

Petróleo Brasileiro S.A. (NYSE:PBR), Brazil's state-controlled oil giant, is once again in the spotlight as it grapples with shareholder expectations and market dynamics. After reporting a 38% year-over-year decline in Q1 profit earlier today, Petrobras announced that it is slashing its Q1 2024 dividend payout. This move will see dividends reduced to 1.04 reais per share, totaling 13.45 billion reais ($2.6 billion), which is considerably lower than analysts' projection of $3.2 billion according to Bloomberg ...