Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

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

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

(PETR4)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Brazil's Petrobras says major divestments nearing finish line

10/29/2020 | 12:12pm EST

RIO DE JANEIRO, Oct 29 (Reuters) - Petrobras is in the advanced stages of several major divestments, executives said on Thursday, indicating that the company's ambitious deleveraging program may quicken after a pause during the worst of the coronavirus outbreak in Brazil.

Speaking to analysts following the company's third-quarter results, executives at Petroleo Brasileiro SA, as the state-run oil firm is formally known, said it hopes to finalize negotiations to sell its RLAM refinery by the end of the year and has recently received binding offers for its REMAN refinery, in the Amazonian city of Manaus.

The company expects to receive binding offers for its REPAR refinery in southern Brazil in December, they added.

Petrobras has been working to sell dozens of non-core assets in recent years in a bid to reduce debt and sharpen its focus on offshore oil production and exploration. Among those divestments are the sale of nine refineries that are expected to rake in well over $10 billion cumulatively for the company.

But the divestment process had ground to a crawl in recent months amid the crash in crude prices and a more general slowdown in the global economy.

The company expects Brazilian antitrust authorities to approve the sale of gas distribution unit Liquigas in November, Chief Financial Officer Andrea Almeida said.

The firm also continues to examine an initial public offering for a collection of offshore midstream assets, she added.

Executives were not as sanguine about some other divestments.

Chief Executive Roberto Castello Branco said a planned sale of its stake in the TBG gas pipeline unit, which connects Brazil and Bolivia, was being held up by regulatory issues.

The company will not sell its stake in petrochemical company Braskem SA until that firm makes significant improvements related to governance and environmental liabilities, he added.

Brazil-listed preferred shares in Petrobras were up 2.3% in late afternoon trade, after the company beat margin estimates on Wednesday evening, even as profit missed expectations due to one-off charges.

Brazil's benchmark Bovespa equities index was up 1.2%.

In terms of production, executives flagged a modest decrease in fourth quarter output and increase in lifting costs due to scheduled maintenance. Still, they said, a number of new wells had come online in some of the company's most promising offshore fields in the fourth quarter.

The company has noticed a short-term decrease in demand for its products in Europe due to the resurgence of COVID-19 there, said André Chiarini, the company's head of logistics and trading. However, demand for Petrobras fuel in China remains strong, he added. (Reporting by Gram Slattery and Luciano Costa; Editing by Kirsten Donovan and David Evans)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BRASKEM S.A. 0.50% 22.16 End-of-day quote.-25.76%
IBOVESPA 1.30% 113750.22 Delayed Quote.-3.26%
PETRÓLEO BRASILEIRO S.A. - PETROBRAS 3.34% 27.53 End-of-day quote.-8.78%
All news about PETRÓLEO BRASILEIRO S.A. - PETROBRAS
05:49pTHIS DOCUMENT MAY CONTAIN FORECASTS : "anticipates", "believes", "expects", "pr..
PU
12:59pPETRÓLEO BRASILEIRO S A PETROBRAS : Petrobras Day 2020 - (Transcription)
PU
08:19aPETRÓLEO BRASILEIRO S A PETROBRAS : Petrobras on news in the press
PU
12/03PETRÓLEO BRASILEIRO S A PETROBRAS : Energy Trader Vitol to Pay $90 Million to Se..
DJ
12/03PETROBRAS : on refinery sales
AQ
12/02PETROBRAS : on favorable decision in arbitration
AQ
12/02PETROBRAS : on Corporate Sustainability Index
AQ
12/01Petrobras, Equinor stake out opposite renewables strategies in Brazil
RE
12/01PETRÓLEO BRASILEIRO S A PETROBRAS : Petrobras Day 2020 - New York
PU
11/30BRAZIL PROSECUTORS SUE TRAFIGURA OVE : statement
RE
More news
Financials
Sales 2020 282 B 54 735 M 54 735 M
Net income 2020 -53 126 M -10 304 M -10 304 M
Net Debt 2020 360 B 69 914 M 69 914 M
P/E ratio 2020 -5,40x
Yield 2020 1,07%
Capitalization 363 B 70 114 M 70 352 M
EV / Sales 2020 2,56x
EV / Sales 2021 1,97x
Nbr of Employees 57 983
Free-Float 64,3%
Chart PETRÓLEO BRASILEIRO S.A. - PETROBRAS
Duration : Period :
Petróleo Brasileiro S.A. - Petrobras Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PETRÓLEO BRASILEIRO S.A. - PETROBRAS
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 34,23 BRL
Last Close Price 27,53 BRL
Spread / Highest target 47,1%
Spread / Average Target 24,3%
Spread / Lowest Target 1,71%
EPS Revisions
Managers
NameTitle
Roberto da Cunha Castello Branco President, Chief Executive Officer & Director
Eduardo Bacellar Leal Ferreira Chairman
Andrea Marques De Almeida Chief Financial & Investor Relations Officer
Marcelo da Silva Carreras Head-IT & Telecommunications
Marcia Tosta Head-Cyber & Information Security
Sector and Competitors
1st jan.Capitalization (M$)
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-8.78%68 643
SAUDI ARABIAN OIL COMPANY1.70%1 910 319
ROYAL DUTCH SHELL PLC-41.69%140 865
TOTAL SE-25.88%116 471
PETROCHINA COMPANY LIMITED-37.34%113 176
GAZPROM-26.29%59 129