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☆ Petrobras CEO replacement being discussed within Brazil gov't, sources say
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

President Luiz Inacio Lula da Silva has shown dissatisfaction with certain actions taken by CEO Jean Paul Prates. Lula asked the CEO to tweak Petrobras' investment plan to prioritize local job creation, Reuters reported last week. "There should be changes" in the presidency of Petrobras, one of the sources said. Last week, Mines and Energy Minister Alexandre Silveira said it was past time for Petrobras to reduce diesel and gasoline prices at its refineries. Reporting by Sabrina Valle and Lisandra Paraguassu; Writing by Peter Frontini; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Jean Paul Prates, Lula, Prates, Alexandre Silveira, Sabrina Valle, Lisandra, Peter Frontini, David Gregorio Our Organizations: Petroleo Brasileiro SA Petrobras, HOUSTON, Petrobras, PETR4, Reuters, Mines, Energy, Thomson Locations: BRASILIA

☆ Petrobras' five-year plan could include around $100 billion in projects - source
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo Acquire Licensing RightsCompanies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Nov 10 (Reuters) - Brazil's state-run oil company Petrobras' upcoming five-year business plan will include around $100 billion in investments the firm is both analyzing and those it has already committed to, a source familiar with the matter told Reuters on Friday. The plan for the 2024-2028 period will be finalized over the next few weeks, with publication expected at the end of this month, the source said. In the previous 2023-2027 period, Petrobras projected $78 billion in investments. The figures are still being approved and could change, the source said, with pitched projects including renewable energy investments.

Persons: Sergio Moraes, Marta Nogueira, Steven Grattan, Kylie Madry Organizations: REUTERS, Petroleo Brasileiro SA Petrobras, RIO DE, Petrobras, Reuters, Thomson Locations: Rio de Janeiro, Brazil, RIO DE JANEIRO

☆ Brazil's Petrobras lifts 2023 forecast for oil and gas output
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Brazil's state-run oil company Petrobras logo is pictured at its building in Rio de Janeiro, Brazil July 17, 2023. REUTERS/Ricardo Moraes Acquire Licensing RightsCompanies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Nov 9 (Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA) raised its projection for oil and gas production this year, after posting a 41.5% decrease in third-quarter profit on Thursday. Latin America's top oil producer posted a recurring net profit of 27.2 billion reais ($5.51 billion), while analysts polled by LSEG had expected 28.74 billion reais. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the period shrank 27.6% to 66.19 billion reais ($13.41 billion). Petrobras also said it will pay shareholders 1.344365 reais per share, totaling 17.5 billion reais in dividends.

Persons: Ricardo Moraes, LSEG, Fabio Teixeira, Chris Reese, Lincoln Organizations: Petrobras, REUTERS, Petroleo Brasileiro SA Petrobras, RIO DE, PETR4, Thomson Locations: Brazil's, Rio de Janeiro, Brazil, RIO DE JANEIRO, Brent, Santos, Campos

☆ These 4 stocks report quarterly results next week. Here's what we hope to see
▼ + stars: | 2023-11-04 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

The major averages rebounded strongly this week as quarterly earnings came in largely better than expected and interest rates fell on softer economic data. The Dow Jones Industrial Average rose more than 5% for its best week since October 2022. The big theme next week is earnings and the four portfolio companies delivering their quarterly results. Here's the full rundown of all the important domestic data in the week ahead as we consider a number areas of our portfolio for trades next week. ET: Treasury budget statement for October (See here for a full list of the stocks in Jim Cramer's Charitable Trust.)

Persons: FactSet, we'll, Hulu —, Krystal, Horton, Zimmer, LEV, Armour, Ralph Lauren Corporation, CRON, Patterson, Walt Disney, MARA, Ginkgo, FREYR Battery, FREY, Arcelor Mittal, Wynn, Jim Cramer's, Jim Cramer, Jim Organizations: Dow Jones, Nasdaq, ISM, Services, Coterra Energy, Emerson Electric, Wall, National Instruments, Disney, Hulu, CNBC, Comcast, ESPN —, Wynn Resorts, WYNN, Asia that's, Wynn, Wynn's, Wynn Interactive, United, Brookfield Asset Management, Axsome Therapeutics, Network Corporation, Krystal Biotech, Ceragon Networks, Kosmos Energy Ltd, TreeHouse Foods Inc, Air Lease Corporation, Inc, Eversource Energy, Fennec Pharmaceuticals Inc, Graham Corporation, Aereas Inteligentes, Hilton, Energy, Realty Income Corp, Semiconductors, Vertex Pharmaceuticals Inc, Clover Health, Contura Energy, Diamondback Energy, FS KKR Capital Corp, Celanese Corp, Eos Energy Enterprises, Goodyear Tire & Rubber Company, WEN, Pall Corp, TransMedics, Emerson, Uber Technologies, Holdings, Melco Resorts, Entertainment, Zimmer Biomet Holdings, ACM Research, Lion Electric Company, Emerson Electric Co, Vertex Energy, Waters Corp, Air Products & Chemicals, Esperion Therapeutics, Fidelity National Information Services Inc, Bowlero Corp, Hotels, KKR, Co, Devon Energy Corp, Occidental Petroleum Corp, Dutch Bros Inc, Gilead Sciences, ContextLogic Inc, Akamai Technologies, Viatris Inc, Technologies, Corsair, Enovix Corporation, eBay, EBAY, DaVita Inc, Pan American Silver Corp, Roblox Corporation, Fisker Inc, Warner Bros ., Nuvei Corporation, Farms, Akebia Therapeutics, Biogen Inc, 3D Systems Corporation, Gray Television Inc, BlackSky Technology Inc, Cronos, EVgo Inc, Lumentum Holdings Inc, Nexstar Media Group, UTI Energy, Starwood Property Trust, AMC Entertainment Holdings, Marathon Digital Holdings, IonQ Inc, Digital Turbine, Virgin Galactic Holdings , Inc, Arm Holdings plc, ARM, Ginkgo Bioworks Holdings, Suncor Energy, AppLovin Corporation, B2Gold Corp, Luminar Technologies, MGM Resorts International, MGM, Bloom Energy Corporation, Li Auto Inc, Oatly, Kopin Corp, Fiverr International, YETI Holdings, YPF S.A, Ship Lease, Himax Technologies Inc, Dickinson, CommScope Holding, RBC, Agile Therapeutics, Apyx Medical Corporation, Grab Holdings, Hawaiian Electric Industries, Profire Energy, Flags Inc, Stereotaxis Inc, TransDigm, US Foods Holding Corp, Utz Brands, Valvoline Inc, Weibo Corporation, Wix.com Ltd, Trade, Petroleo Brasileiro SA Petrobras, Growth, Aurora Cannabis Inc, Navitas Semiconductor Corp, Archer Aviation Inc, Semiconductor, Energy Fuels Corp, Illumina Inc, Spike Investment Corp, Algonquin Power & Utilities Corp, AngloGold, Central Puerto S.A, Hudson Global, AirSculpt Technologies, Partners, Soho House, Jim Cramer's Charitable, Handout, Getty Locations: U.S, Macao, Asia, China, Las, Singapore, Wynn's Vegas, Boston, United Arab Emirates, Gilead, VVV, Central, Soho

☆ Brazil eyes tax perks for energy sector, sparking 'green' vs oil debate
▼ + stars: | 2023-08-31 | by ( Marcela Ayres | ) www.reuters.com time to read: +4 min

Last year, more than 500 qualified energy projects received some 9 billion reais ($1.85 billion) in tax exemptions. However, senior officials at the Mines and Energy Ministry are pushing to broaden the incentives to include oil refineries and fuel storage facilities. Energy Ministry officials have argued that targeting tax benefits too narrowly would curtail oil and gas investments, calling in a technical note to expand incentives to oil and natural gas exploration, production and transportation. The Energy Ministry did not immediately respond to a request for comment. Brazilian state-run oil firm Petrobras (PETR4.SA) has forecast oil production for the next four decades, even as it ramps up investments in renewable energy.

Persons: Adriano Machado, Luiz Inacio Lula da Silva's, Lula, Marcela Ayres, Brad Haynes, David Gregorio Our Organizations: National, REUTERS, Petroleo Brasileiro SA Petrobras Follow, Reuters, Finance Ministry, Mines and Energy Ministry, Finance, Energy Ministry, Mines, Investments, Petrobras, PETR4, Thomson Locations: Brasilia, Brazil, Petroleo Brasileiro SA Petrobras Follow BRASILIA, Ukraine, biorefineries, divestments

☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

☆ Petrobras wins appeal in multi-billion dollar labor case
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

Companies Petroleo Brasileiro SA Petrobras FollowBRASILIA, June 26 (Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA) has won its appeal in the Supreme Court against a 2018 labor conviction, avoiding billions of dollars in payments. Petrobras was charged in 2018 by Brazil's top labor court for divergences in the minimum salary remuneration agreed between the company and its employees, known as RMNR. The company was then liable to pay at least 17 billion reais ($3.57 billion) in salary corrections. The final decision to annul the case comes more than a year after supreme court Justice Rosa Weber asked for its temporary suspension. In a statement, Petrobras said it was awaiting the full written judgment "to provide information to the market about the decision."

Persons: Rosa Weber, Ricardo Brito, Carolina Pulice, Isabel Woodford Organizations: Petroleo Brasileiro SA Petrobras Follow, Petrobras, PETR4, Thomson Locations: Petroleo Brasileiro SA Petrobras Follow BRASILIA

☆ Brazil's Petrobras scraps fuel import parity policy, shares rise
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, May 16 (Reuters) - Brazil's state-run oil giant, Petrobras (PETR4.SA), has approved a new commercial strategy to set diesel and gasoline prices, it said on Tuesday, ditching its previous import parity policy without revealing a specific fresh pricing formula. "The end of pricing parity is not good, but this was already expected." "The new policy scraps the 'import parity' terminology, but in our view it has not changed materially," Credit Suisse analyst Regis Cardoso said. The import parity policy was adopted in 2016 by former President Michel Temer. People close to Lula celebrated the announcement, with his Mines and Energy minister, Alexandre Silveira, telling reporters the policy would not impose as much volatility as the import parity used to.

☆ Brazil's Petrobras posts Q4 profit up 38%
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowSAO PAULO, March 1 (Reuters) - Brazil's state-run oil firm Petrobras (PETR4.SA) on Wednesday posted a better-than-expected 37.6% surge in fourth-quarter profit, helped by higher oil prices over the period. Petrobras reported net profit of 43.34 billion reais, surpassing the 37.61 billion reais estimated by analysts polled by Refinitiv. Reporting by Peter Frontini and Roberto Samora; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Petrobras, Brazil govt mull fuel price cut to offset tax resumption
▼ + stars: | 2023-02-28 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +2 min

"It is one of the possibilities under discussion," the ministry said in a statement via its press office. "There is room for compensation within the import parity policy," one of the sources said, referring to Petrobras' official policy of tracking international rates such as global fuel prices and foreign exchange. A meeting attended by a government official and Petrobras executives was held at the company's headquarters in Rio de Janeiro on Monday. The price cut is seen as a temporary solution for the very short term, one of the sources said. The company, formally known as Petroleo Brasileiro SA, reiterated it was committed to "competitive prices in balance with market".

Carminatti led as chief geologist the discovery in 2006 of one of the world's largest offsfhore oil deposits this century, the pre-salt. The salt barrier alone was more profound than any well that Petrobras, the world's leader in deep-water exploration, had drilled before. The pre-salt area is now responsible for more than 70% of Brazil's daily production of near 4 million barrels of oil and gas. Past CEOs have failed to convince him to take a post as head of a division in the company. Petrobras experts have compared the oil deposits in the region those of nearby Guyana.

Companies Petroleo Brasileiro SA Petrobras FollowHOUSTON, Jan 27 (Reuters) - The new Chief Executive of Brazil's Petrobras, Jean Paul Prates, has picked geologist Mario Carminatti to head the oil company's exploration and production division, people with knowledge of the information said on Friday. Petrobras said in a securities filing it had not received official statements regarding the nomination of any executive. He won praise for the pre-salt discovery, pressing on with drilling though the salt barrier that alone was deeper than any well that Petrobras, the world's leader in deep-water exploration, had drilled before. The pre-salt area is now responsible for more than 70% of Brazil's daily production of near 4 million barrels of oil and gas. Carminatti is currently involved in an almost $3 billion exploration effort in a new frontier North of Brazil, the Equatorial Margin.

☆ Brazilian ex-senator takes over as Petrobras CEO; shares fall
▼ + stars: | 2023-01-26 | by ( Marta Nogueira | ) www.reuters.com time to read: +3 min

Prates was unanimously approved by the board, on which he will also hold a seat, Petrobras said in a securities filing. He has said the Lula government would not take an aggressively interventionist approach to Petrobras. Petrobras made bumper payouts in recent quarters, but Prates has said the company cannot "just keep tapping sub-salt oil and paying dividends". Prates, who was a senator for the past four years, is the first politician in several years to hold a high-ranking office at Petrobras. Earlier in the day, the Brazilian Senate's official gazette published the resignation of Prates as a lawmaker.

☆ Brazil's govt formalizes Prates nomination as Petrobras CEO
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowSAO PAULO, Jan 13 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) said on Friday the government has officially nominated Jean Paul Prates to serve as its chief executive officer and board member. President Luiz Inacio Lula da Silva had already announced he would appoint Prates for the top job. Reuters reported earlier on Friday, citing sources, that the nomination had been formalized. Reporting by Marta Nogueira and Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Petrobras to cut natural gas prices by 11.1%
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowSAO PAULO, Jan 10 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) will cut natural gas prices by an average 11.1% starting Feb. 1, it said on Tuesday on its website. Petroleo Brasileiro SA, as the company is formally known, updates natural gas prices on a quarterly basis, pegging them to international oil prices and foreign exchange rates. Reporting by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Petrobras CEO resigns as ministry chooses his successor -sources
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Petrobras did not immediately comment on the resignation. Andrade had been handpicked by former right-wing President Jair Bolsonaro after three of his predecessors left following clashes with Bolsonaro over Petrobras' fuel pricing policy. Prates will need final approval as a board member and subsequently as CEO from the firm's current board of directors. Andrade's term had been set to expire in April, but Reuters reported late last year that he had decided to resign earlier. Reporting by Carolina Pulice, Peter Frontini and Marta Nogueira; Editing by Mark Porter, Bradley Perrett and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Petrobras to play leading role on refinery expansion -new energy minister
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Jan 2 (Reuters) - Brazil's new mines and energy minister Alexandre Silveira said on Monday that state-run oil company Petrobras (PETR4.SA) would play a leading role in expanding the refining sector, and stressed the importance of developing renewable resources. Petrobras would encourage other groups to join the process, Silveira said during an official event to start his term in office. The ministry would seek to "revalue" biofuels and include them in Brazil's main energy system through safe and efficient long-term policies, Silveira said. Natural gas and biomass could be especially prominent as Brazil looks to build a medium- and low-carbon economy, added Silveira. "The future of our generation should be guided towards innovation and the expansion of renewable resources," he said.

☆ Brazil's Petrobras will play leading role to expand refineries, says new energy minister
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Jan 2 (Reuters) - Brazil's new mines and energy minister Alexandre Silveira said on Monday that state-run oil company Petrobras (PETR4.SA) would play a leading role in expanding the country's oil refining sector. During an official event inaugurating his new role, Silveira said that Petrobras would play a leading role, encouraging other groups to join the process. "It is urgent that we enlarge and expand our refineries, taking them to the country's regions and modernizing the plants," he added. Reporting by Marta Nogueira and Pedro Fonseca; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

But Jean Paul Prates, nominated on Friday to be chief executive, has been advocating for higher investments in renewables. "Petrobras is a company for the long run and cannot just keep exploring sub-salt oil and paying dividends," Prates said in a press conference this month. Prates, a senator for the past four years, will become the first politician to hold a high-ranking office at Petrobras in several years. Petrobras, Prates and the transition team's press officer did not immediately respond to requests for comment. Prates has defended higher Petrobras investments in the refining sector as a way to secure Brazil's fuel supply.

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Dec 23 (Reuters) - Caio Paes de Andrade, the chief executive of Brazil's state-run oil firm Petrobras (PETR4.SA), has decided to resign before his term ends in April, but has not yet set a date for his departure, six sources told Reuters. Andrade's early exit would provide a pathway for leftist President-elect Luiz Inacio Lula da Silva to quickly install his own choice to lead the company. Lula, a leftist former president, takes office on Jan. 1. Prates has previously said the incoming government will not have an interventionist stance on Petrobras. Petrobras had previously said Andrade had accepted an invitation from future Sao Paulo state Governor Tarcisio Freitas to join his team.

☆ Brazil's Petrobras reaches deal with regulator on govt stake in oilfield
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowSAO PAULO, Dec 15 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) has reached a deal with oil regulator ANP to pay 780 million reais ($146.38 million) regarding the government's stake in its Jubarte oilfield, ANP said on Thursday. The deal will now be put up for public consultation and may end a legal battle between the two parties. ($1 = 5.3287 reais)Reporting by Marta Nogueira; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's transition team asks Petrobras CEO to suspend company's divestment plan
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Nov 28 (Reuters) - Brazil's government-elected transition team asked state-run oil company Petrobras' (PETR4.SA) Chief Executive, Caio Mario Paes de Andrade, to suspend the company's divestment plan so they have time to decide which asset sales would go ahead in the coming years, transition team member Mauricio Tolmasquim told Reuters on Monday. "It would be ideal to suspend everything until the new board of directors takes over," said Tolmasquim, a member of the group dealing with mines and energy issues. He said the suspension would give some time to decide which asset sales would go ahead in the coming years. Petrobras said on its website it was making itself "available" to share the necessary information "for the transition team to conclude a first diagnosis that should support the next management." Reporting by Marta Nogueira; editing by Jonathan Oatis and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil transition team asks Bolsonaro govt to halt Petrobras asset sales
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Companies Petroleo Brasileiro SA Petrobras FollowNov 22 (Reuters) - The transition team for Brazil's President-elect Luiz Inacio Lula da Silva asked the current administration to halt ongoing asset sales by state-run oil giant Petrobras (PETR4.SA) until a new Mines and Energy Minister is appointed, a member of the group said on Tuesday. The remarks by Professor Mauricio Tolmasquim, tapped last week to participate in the mining and energy group of the transition process, came after a meeting in Brasilia. A second member of the team, Senator Jean Paul Prates, said that Lula was expected to make decision on who would be Petrobras' next chief executive by early December. Lula is set to take office from incumbent President Jair Bolsonaro on Jan. 1. Reporting by Roberto Samora in Sao Paulo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Petrobras to release new strategic plan in November, director says
▼ + stars: | 2022-09-28 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +1 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Sept 28 (Reuters) - Petrobras is set to present its new strategic plan for the coming years in November, an executive for Brazil's state-run company said on Wednesday, hinting it should be "consistent" with the current focus on offshore oil formation known as pre-salt. During an oil and gas event in Rio de Janeiro, Petrobras' executive director of governance, Salvador Dahan, said that the company will continue "what it has been doing" in pre-salt exploration and production. The executive did not disclosure the dollar value for the new plan. Last year, the company's plan stood at $68 billion over five years, almost 25% more than the previous program. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rodrigo Viga Gaier; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

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