Monday, September 16, 2019

Ivan Monteiro News

A 'Chicago Boy' Takes the Reins at Petrobras

Roberto Castello Branco (Photo: Petrobras)

Depending on who you ask, Roberto Castello Branco, the new chief executive of Brazil's Petroleo Brasileiro SA, will either save the indebted oil major - or strip it to the bone.Tapped by far-right President Jair Bolsonaro, who took power on Tuesday, Castello Branco had said in a June newspaper column he thought Petrobras - as the company is known - should be privatized, a hardcore proposal even in an administration packed with free market advocates.He has walked back on that idea since being named as CEO in November, saying such a move is not in his mandate…

Revisions to Petrobras' Investment Plan Likely

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Brazil's right-wing President-elect Jair Bolsonaro is likely to revise the just-announced investment plans of state-controlled oil company Petroleo Brasileiro SA, newspaper O Estado de S. Paulo reported on Thursday, citing an unnamed source.Petrobras, as the company is known, said on Wednesday it aims to invest $84.1 billion between 2019 and 2023, above the $74.5 billion forecast in its 2018 to 2022 plan.Roberto Castello Branco, named by Bolsonaro to succeed Chief Executive Officer Ivan Monteiro, and Petrobras did not respond to a request for immediate comment.(Reporting by Carolina Mandl; editing by Jason Neely)

Petrobras Units Could be Sold Under New CEO

Brazil's right-wing President-elect Jair Bolsonaro said on Monday that certain units of Petroleo Brasileiro could be privatized, even though the state-run company is strategic for the state.Speaking to reporters after his team named Chicago University-trained economist Roberto Castello Branco as the next chief executive of Petrobras, Bolsonaro said its outgoing boss, Ivan Monteiro, could go to state-run Banco do Brasil, the country's largest, although no decision has been taken.(Reporting by Rodrigo Viga Gaier Editing by Chizu Nomiyama)

Castello Branco Named Petrobras CEO

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Brazil's incoming far-right government on Monday tapped a University of Chicago-trained economist with experience in the oil sector to be the chief executive of state-controlled Petroleo Brasileiro SA, amid a debate over privatization of the company's assets.The nomination of Roberto Castello Branco is the latest in a string of business-friendly appointments by President-elect Jair Bolsonaro, who takes office on Jan. 1.Castello Branco, a member of Petrobras's board until 2016, has also held executive positions at Brazil's central bank and at iron ore miner Vale SA.He will take over from Ivan Monteiro…

Petrobras CEO Not Expected to Stay On

Brazil's right-wing President-elect Jair Bolsonaro said on Wednesday that the chief executive of state-controlled oil company Petroleo Brasileiro SA, Ivan Monteiro, is not expected to stay on during the new administration.Speaking to reporters, Bolsonaro said he has not spoken yet to his chief economic adviser Paulo Guedes on whether the president of the central bank, Ilan Goldfajn, will remain in his job. Bolsonaro, who takes office on January 1, said the foreign minister in his government will be a career diplomat.(Reporting by Marcela Ayres and Anthony Boadle Editing by Chizu Nomiyama)

Petrobras Earnings Miss Forecasts

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Brazil's Petroleo Brasileiro SA on Tuesday reported a surge in third-quarter net profit that still lagged forecasts as oil prices rose but spending at the state-owned company jumped.Petrobras made a net profit of 6.644 billion reais ($1.78 billion), well above the 266 million reais it posted a year earlier, but shy of a $1.98 billion average Refinitiv IBES estimate.Analysts were particularly concerned by a 50 percent cut in free cash flow to 8.115 billion reais from the prior quarter, as Petrobras boosted capital spending and made a second payment as part of the settlement of a class action lawsuit over graft in January."We have a negative view…

Petrobras Still Seeking to Boost Exploration Portfolio

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Brazil's state-controlled oil company Petroleo Brasileiro SA remains interested in expanding its exploration portfolio, new Chief Executive Officer Ivan Monteiro said on Thursday following an auction of offshore oil blocks.Petrobras, as the company is known, joined the consortia that won all three blocks awarded at the auction, days after Monteiro was named CEO amid a crisis over diesel prices that led to the resignation of his predecessor.Reporting by Marta Nogueira

Petrobras completes $4 bi Bond sale

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Petrobras completed the sale of US$4 billion of bonds on the international capital markets. US$2 billion of these bonds will mature in five years, while the other US$2 billion will mature in 10 years. Market demand was approximately US$19 billion (around five times the amount on offer), representing orders placed by 592 investors in the United States, Europe, Asia and Latin America. The securities maturing in 2022 were sold for an annual interest rate of 6.125%, while those maturing in 2027 had a cost of 7.375% per year, significantly lower than the figures seen in May 2016 (8.625% per year for five years and 9% per year for 10 years).

Petrobras Posts Surprising Q3 Loss

Unexpected loss stems from massive asset impairments. Brazilian state-controlled oil company Petróleo Brasileiro SA posted an unexpected third-quarter loss on Thursday after drastically reducing the value of oil fields and other assets amid a severe downsizing and weak oil prices. Petrobras lost a net 16.458 billion reais ($4.9 billion) last quarter, five times more than a year earlier. Despite that, operational and cash flow trends improved and, without an impairment, profit could have totaled 600 million reais, Chief Financial Officer Ivan Monteiro told reporters.

Petrobras Posts Surprising Loss amid Massive Asset Impairments

State-controlled Petróleo Brasileiro SA posted an unexpected third-quarter net loss on Thursday after drastically reducing the value of oil fields, petrochemical and logistics assets amid a severe downsizing and weak oil prices. In a securities filing, Petrobras said that it lost a net 16.458 billion reais ($4.9 billion) last quarter, almost five times more than a year earlier. The shortfall compares with the average consensus estimate for profit of 1.517 billion reais compiled by Thomson Reuters. The result came as Chief Executive Officer Pedro Parente…

Petrobras Tests Investor Sentiment with $6.75 Bln Bond Sale

State-controlled Petróleo Brasileiro SA raised $6.75 billion on Tuesday through a sale of five- and 10-year dollar-denominated bonds, in a closely watched return to global capital markets after the suspension of Brazilian President Dilma Rousseff. The bond sale is the first by any Brazilian company since last June and the first to test investor sentiment toward Brazil since Rousseff was removed from office last week to face an impeachment trial. Petrobras, as the company is known, also announced a plan to repurchase up to $3 billion of bonds maturing in 2018 and debt bearing interest of 8.375 percent.

Petrobras Reinventing Itself after Oil Price Drop -CFO

Ivan Monteiro (Photo: Petrobras)

Brazil's state-controlled oil company Petrobras is being forced to turn itself into a smaller operation as crude prices have fallen more than expected, making it impossible to finance its once-ambitious plans, the company's chief financial officer said on Tuesday. CFO Ivan Monteiro made the comment on a conference call with investors a day after Petroleo Brasileiro SA, as the company is formally known, announced a 36.9 billion real ($10.2 billion) fourth-quarter loss, its biggest ever. The loss was driven by a 46 percent decline in the price of Brent crude oil in the fourth quarter compared with a year earlier, the company said.

Petrobras Inks Financing with China Development Bank

Brazil's state-run oil company Petrobras signed a $3.5 billion financing deal with China Development Bank as part of a cooperation agreement covering 2015 and 2016, according to a securities filing on Wednesday. Ivan Monteiro, chief financial officer of the company known as Petroleo Brasileiro SA, signed the accord on a visit to China and confirmed their intention to cooperate in the future, Petrobras said in the filing. Reporting by Roberto Samora