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    PETR4   BRPETRACNPR6

PETROBRAS

(PETR4)
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Delayed Bolsa de Valores de Sao Paulo  -  04:11 2022-08-12 pm EDT
31.71 BRL   +7.43%
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Petrobras CEO Jose Mauro Coelho Resigns Amid Fuel Price Criticism

06/20/2022 | 10:12am EDT

By Jeffrey T. Lewis


SÃO PAULO--Jose Mauro Coelho, chief executive officer of state-controlled oil company Petroleo Brasileiro SA, or Petrobras, handed in his resignation Monday, the company said in a brief note.

New information will be provided as available, Petrobras said.

Brazil's government said in late May that it intended to replace Mr. Coelho amid continued criticism by Brazilian President Jair Bolsonaro on the oil company's fuel pricing policy. Petrobras on Friday announced a 5.2% increase in the price of gasoline and an increase of 14.3% for diesel fuel.

Trading in Petrobras shares was suspended Monday morning. The company's preferred shares declined 6.1% on Friday.

Mr. Mauro Coelho was Petrobras's second CEO this year after Brazilian President Jair Bolsonaro fired the previous top boss at the company, Joaquim Silva e Luna, in March. Mr. Bolsonaro has sharply criticized Petrobras's fuel price increases since taking office in January 2019.

Mr. Bolsonaro trails far behind his chief rival, former President Luiz Inácio Lula da Silva, in polls ahead of Brazil's October presidential elections and his government is working to slow inflation after months of rapid rises in consumer prices.

Brazil's Congress last week approved a bill that will limit the state sales tax on fuels as part of that effort.


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


(END) Dow Jones Newswires

06-20-22 1011ET

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) -2.28% 5.2024 Delayed Quote.-16.06%
LONDON BRENT OIL -1.47% 97.84 Delayed Quote.27.42%
PETROBRAS 7.43% 31.71 Delayed Quote.27.42%
TERRA (LUNA/USD) -2.05% 2.002 End-of-day quote.-97.82%
WTI -2.31% 91.866 Delayed Quote.24.73%
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Analyst Recommendations on PETROBRAS
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Financials
Sales 2022 637 B 125 B 125 B
Net income 2022 176 B 34 525 M 34 525 M
Net Debt 2022 235 B 46 139 M 46 139 M
P/E ratio 2022 2,30x
Yield 2022 60,6%
Capitalization 437 B 85 907 M 85 907 M
EV / Sales 2022 1,05x
EV / Sales 2023 1,26x
Nbr of Employees 45 532
Free-Float 64,4%
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Technical analysis trends PETROBRAS
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 31,71 BRL
Average target price 42,05 BRL
Spread / Average Target 32,6%
EPS Revisions
Managers and Directors
Caio Mario Paes de Andrade Chief Executive Officer & Director
Fernando Assumpção Borges President
Rodrigo Araujo Alves Chief Financial Officer
Gileno Gurjo Barreto Chairman & Executive Director-Exploration
Marcelo da Silva Carreras Head-IT & Telecommunications
Sector and Competitors
1st jan.Capi. (M$)
PETROBRAS27.42%85 907
SAUDI ARABIAN OIL COMPANY25.36%2 389 294
SHELL PLC36.58%196 639
TOTALENERGIES SE16.36%136 187
PETROCHINA COMPANY LIMITED1.44%135 308
EQUINOR ASA51.63%119 307