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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

PETROLEO BRASILEIRO SA PETROBRAS

(PETR4)
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Petroleo Brasileiro Petrobras SA : Brazil Real Weakness Concerns Petrobras-CEO

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06/07/2013 | 02:08pm EDT

RIO DE JANEIRO--Recent weakness in Brazil's currency is raising alarm bells at state-run energy company Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, because of the firm's heavy dollar-denominated debt load, the company's chief executive said Friday.

"The foreign-exchange rate, as it is right now, is not good for Petrobras," Chief Executive Maria das Gracas Foster said on the sidelines of an event. Brazil's real has tumbled in value against the U.S. dollar in recent weeks amid growing expectations the Federal Reserve will soon taper its asset-buying program known as quantitative easing.

Early Friday, the real reached its weakest level against the greenback in four years at BRL2.1508 pre dollar, according to Tullett Prebon via FactSet.

Petrobras has more than $100 billion in outstanding debt, with Ms. Foster noting that 78.2% was denominated in U.S. dollars. Much of the company's exploration and production costs are also linked to the dollar, she said.

The real has lost about 4% of its value against the dollar in recent weeks, and similar moves have led to financial losses because of the impact on the company's debt.

In addition, Petrobras has been importing greater volumes of gasoline and diesel to meet domestic demand that it sells at a loss in the local market because of a disparity between international and domestic fuel prices. The weaker real will exacerbate losses because of the price disparity.

Petrobras also plans to be "selective and focused" in its participation of upcoming licensing rounds of oil and natural gas exploration concessions, Ms. Foster said. Petrobras is working to establish consortia for the country's first auction of pre-salt oil acreage, she said.

The company would like to increase its 30% share guaranteed by Brazil's production-sharing regime, Ms. Foster said.

Write to Jeff Fick at jeff.fick@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.18% 4.3212 Delayed Quote.-1.67%
PETROLEO BRASILEIRO SA PETROBRAS 1.25% 27.45 End-of-day quote.19.53%
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Financials (BRL)
Sales 2019 355 B
EBIT 2019 70 077 M
Net income 2019 29 814 M
Debt 2019 282 B
Yield 2019 2,83%
P/E ratio 2019 11,34
P/E ratio 2020 7,88
EV / Sales 2019 1,84x
EV / Sales 2020 1,53x
Capitalization 372 B
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 31,6  BRL
Spread / Average Target 18%
EPS Revisions
Managers
NameTitle
Eduardo Bacellar Leal Ferreira Chairman
Rafael Salvador Grisolia Chief Financial Officer
Roberto Moro Chief Engineering & Technology Officer
Hugo Repsold Chief Technology & Production Development Officer
Segen Farid Estefen Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA PETROBRAS19.53%92 747
ROYAL DUTCH SHELL11.19%253 149
PETROCHINA COMPANY-3.88%178 973
TOTAL4.35%138 575
GAZPROM PAO (EDR)62.56%85 352
GAZPROM PAO--.--%85 352