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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petróleo Brasileiro S.A. - Petrobras    PETR4   BRPETRACNPR6

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

(PETR4)
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Petróleo Brasileiro S A Petrobras : Petrobras to Cut Output by 100,000 Bpd by End-March as Part of Coronavirus Response

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03/26/2020 | 08:01am EDT

By Jeffrey T. Lewis

 

SAO PAULO--Brazilian oil producer Petroleo Brasileiro SA, or Petrobras, said Thursday it will cut production by 100,000 barrels per day by the end of March as part of its response to the impact on demand of the spread of the new coronavirus.

The Rio de Janeiro-based company said it will continue to evaluate market conditions and make more adjustments to production as needed.

"Petrobras is continuously monitoring the internal and external markets, as well as managing inventories and oil refining at its refineries, in line with the variations in market demands," the company said in a note.

Petrobras has spent the past decade ramping up production from its rich new offshore fields, while shutting down or selling off older, less productive fields. The company hit record production of 3.025 million barrels of oil equivalent per day in the fourth quarter.

Its production target for this year was 2.7 million barrels of oil equivalent per day, with a variation of 2.5% in either direction depending on market conditions.

The company has announced other measures to help it adapt to the coronavirus crisis, including shutting down higher-cost platforms in shallow water, postponing a dividend payment announced in February, reducing or postponing 2.4 billion reais ($475 million) of spending on human resources and cutting investment this year to $8.5 billion from $12 billion.

 

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
PETRÓLEO BRASILEIRO S.A. - PETROBRAS -7.57% 13.3 End-of-day quote.-55.93%
WTI 0.71% 20.455 Delayed Quote.-60.50%
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Financials (BRL)
Sales 2020 274 B
EBIT 2020 48 075 M
Net income 2020 12 253 M
Debt 2020 313 B
Yield 2020 5,71%
P/E ratio 2020 17,3x
P/E ratio 2021 5,96x
EV / Sales2020 1,77x
EV / Sales2021 1,56x
Capitalization 171 B
Chart PETRÓLEO BRASILEIRO S.A. - PETROBRAS
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Technical analysis trends PETRÓLEO BRASILEIRO S.A. -
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 28,07  BRL
Last Close Price 13,30  BRL
Spread / Highest target 163%
Spread / Average Target 111%
Spread / Lowest Target 20,3%
EPS Revisions
Managers
NameTitle
Roberto da Cunha Castello Branco President, Chief Executive Officer & Director
Eduardo Bacellar Leal Ferreira Chairman
Andrea Marques De Almeida Chief Financial & Investor Relations Officer
Marcelo da Silva Carreras Head-IT & Telecommunications
Marcia Tosta Head-Cyber & Information Security
Sector and Competitors
1st jan.Capitalization (M$)
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-55.93%33 567
ROYAL DUTCH SHELL-44.28%122 583
PETROCHINA COMPANY LIMITED1.66%115 105
TOTAL-34.45%92 011
GAZPROM PAO--.--%50 244
PUBLIC JOINT STOCK COMPANY ROSNEFT OIL COMPANY-46.09%41 185