Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

PETROLEO BRASILEIRO SA PETROBRAS

(PETR4)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations
The feature you requested does not exist. However, we suggest the following feature:

Petroleo Brasileiro Petrobras : Brazil's Refinery Output Sinks on Year in May

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/25/2019 | 10:39am EDT

Brazil's output of refined-oil products tumbled year on year in May as weak growth in Latin America's largest economy continued to undermine demand, National Petroleum Agency data showed Monday.

Refineries produced 55.5 million barrels of diesel, gasoline and other products in May, a 4.9% downturn from 58.4 million barrels in May 2018, according to the agency, known as ANP. That was the second-consecutive monthly decline in the year-on-year comparison. May's refined-product output, however, advanced 4.9% from 52.9 million barrels in April, the ANP said.

The most-recent downturn offset solid growth earlier in the year amid expectations for more-robust economic activity under the new administration of President Jair Bolsonaro, which took power January 1. Bolsonaro, however, has failed to push through much-needed pension reforms and made a series of policy missteps with lawmakers that have undercut the outlook for growth.

Economists and market analysts estimated 2019 GDP growth of 0.9% in the Brazilian Central Bank's latest poll out Monday, down from forecasts for 3.5% growth at the start of the year. Refined-product consumption, especially for diesel and gasoline, typically tracks GDP.

Refined-product output has also been undermined by maintenance work at refineries operated by state-led oil producer and refiner Petrobras in the first half of the year. Petrobras shuttered the Refinaria Presidente Bernardes, or RPBC, in Sao Paulo earlier this year. RPBC, produces much of the country's supply of jet fuel, was expected to be back at full production capacity in June.

Crude-oil throughput also reflected the declining activity, with processing sinking 6.3% year on year in May to 53.6 million barrels compared with 57.2 million barrels in May 2018, the ANP said. May's processing was also down 0.2% from April's 53.7 million barrels, the ANP said.

DIESEL DECLINE

Output of diesel, Brazil's most-widely consumed refined product, sank for the first time in 13 months in the year-on-year comparison in May, the ANP data showed. The slide came despite efforts to stoke demand after independent truckers threatened a fresh strike to protest rising prices.

While the government declined to renew a subsidy on diesel prices, Petrobras reduced the frequency of fuel-price adjustments and Brazil pledged to adhere to a new freight table that ensured truckers' margins.

Brazil produced 22.3 million barrels of diesel in May, a 7.9% tumble from 24.2 million barrels in May 2018, the ANP said. May's diesel output, however, rose 1.8% from 21.9 million barrels in April, the ANP data showed.

Gasoline production also declined for a second-consecutive month in the year-on-year comparison as the sugarcane harvest accelerated, resulting in more-ample supplies and lower prices of biofuel alternative hydrous ethanol, the ANP data showed.

Brazil produced 12.2 million barrels of gasoline in May, which was down 7.6% from 13.2 million barrels in May 2018, the ANP said. May's gasoline production, however, was up 0.8% from 12.1 million barrels in April, the ANP said.

Output of other refined products was mostly lower year on year in May, the ANP data showed.

Fuel oil output slipped 0.9% year on year to 5.82 million barrels in May versus 5.87 million barrels in the same month of 2018, the ANP data showed. Heavier rains earlier in 2019 filled dam reservoirs, reducing the need to use thermal power plants to meet electricity demand.

LPG production sank 3.5% year on year in May to 3.89 million barrels, down from 4.03 million barrels in May 2018, the ANP said. LPG is primarily used to power cooking stoves in remote or rural areas not served by natural gas distribution networks.

Jet fuel output, meanwhile, advanced 2.0% year on year in May to 3.55 million barrels, up from 3.48 million barrels in May 2018, the ANP said.

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PETROLEO BRASILEIRO SA PET
06/25PETROLEO BRASILEIRO PETROBRAS : Brazil's Refinery Output Sinks on Year in May
AQ
06/24PETROBRAS : Parties Pay Vantage Drilling Parties $700.9 million to satisfy Arbit..
AQ
06/24PETROLEO BRASILEIRO PETROBRAS : TAG's acquisition financial impacts
AQ
06/21PETROLEO BRASILEIRO PETROBRAS : Petrobras Pays $700 Million to Drilling Firm Ove..
DJ
06/21PETROLEO BRASILEIRO PETROBRAS : Brazil's Petrobras pays $700 million to Vantage ..
RE
06/21MODEC : to supply FPSO to Petrobras for Bzios 5
AQ
06/20PETROBRAS : Makes Huge Natural Gas Discovery in the Sergipe Basin
AQ
06/20PETROBRAS : Clarifies On Natural Gas Discovery In Sergipe Basin
AQ
06/19PETROBRAS : Signs Contract With SBM Group For Second Definitive Production Syste..
AQ
06/18PETROBRAS : Confirms Sergipe Deepwater Production Test
AQ
More news
Financials (BRL)
Sales 2019 355 B
EBIT 2019 70 077 M
Net income 2019 29 814 M
Debt 2019 282 B
Yield 2019 2,68%
P/E ratio 2019 11,98
P/E ratio 2020 8,31
EV / Sales 2019 1,90x
EV / Sales 2020 1,59x
Capitalization 393 B
Chart PETROLEO BRASILEIRO SA PETROBRAS
Duration : Period :
Petroleo Brasileiro SA Petrobras Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PETROLEO BRASILEIRO SA PET
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 31,4  BRL
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
Eduardo Bacellar Leal Ferreira Chairman
Rafael Salvador Grisolia Chief Financial Officer
Roberto Moro Chief Engineering & Technology Officer
Hugo Repsold Chief Technology & Production Development Officer
Segen Farid Estefen Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA PETROBRAS24.69%92 747
ROYAL DUTCH SHELL12.57%253 149
PETROCHINA COMPANY-2.77%178 973
TOTAL6.11%138 575
GAZPROM PAO (EDR)65.68%85 352
GAZPROM PAO--.--%85 352