Roberto Castello Branco Archives - Energy Analytics Institute (EAI)

Petrobras Shareholders Pave Way For New CEO

(Reuters, 12.Apr.2021) — Shareholders in Brazil’s Petrobras voted on Monday to remove Roberto Castello Branco as CEO, and elected his government-picked successor to the board of directors, but discontent among some investors threatens to drag out the transition process. The dismissal of Castello Branco, while widely expected, is an important […]

At Petrobras, A ‘Spartan’ Military Man Takes The Reins

(Reuters, 12.Apr.2021) — For many investors, the appointment of former army general Joaquim Silva e Luna as the new chief executive of Brazil’s state-run oil company Petrobras was unexpected – and unwelcome. President Jair Bolsonaro announced the 71-year-old Luna would take the helm of Petroleo Brasileiro SA, as the firm […]

Petrobras Adopts Cautious Fuel Price Approach

(Petrobras, 2.Apr.2021) — Petrobras, regarding the pieces of news published in the media, clarifies that it chose to adopt a more cautious approach in January 2021 and accelerated the fuel prices adjustments in February 2021, when the company became confident that oil and fuel prices would stabilize at a higher […]

Latin America and the Caribbean

Petrobras On Board Member Pietro Antonelli’s Decision

(Petrobras, 3.Mar.2021) — Petrobras, regarding the piece of news published in the media, clarifies that the Board Member Leonardo Pietro Antonelli informed the company that he does not intend to be reappointed as a nominee by the controlling shareholder at the next Extraordinary General Meeting, to be convened for the […]

Petrobras Tax Report 2020 [PDF Download]

(Petrobras, 24.Feb.2021) — Petrobras CEO Roberto Castello Branco provides comments from senior management on 2020 in the company’s year-end tax report. Petrobras and society witnessed an unprecedented crisis, which affected all of us in 2020. In line with our commitment to people, the environment and security, we are engaged in […]

Petrobras Comments On News Published In Media

(Petrobras, 24.Feb.2021) — Petrobras, in clarification to a piece of news published in the media, informs that the Board of Directors requested the Chief Financial and Investor Relations Officer, Andrea Marques de Almeida, to seek with the Ministry of Mines and Energy, information about the existence of facts that should […]

Latin America and the Caribbean

Petrobras’ Political Risk Raises Uncertainties

(Fitch, 23.Feb.2021) — The request to replace Petroleo Brasileiro S.A.’s (Petrobras, IDR BB-/Negative) CEO made by the Brazil’s Ministry of Mines and Energy is viewed by Fitch Ratings as raising uncertainties for the ethanol sector whose price dynamics are strongly correlated with Petrobras’ pricing policy. The government influence on Petrobras’ […]

Petrobras In Turmoil As Investors Digest Shake-up

(Argus, 22.Feb.2021) — The share price of Brazil’s Petrobras nosedived today after President Jair Bolsonaro moved to overhaul the state-controlled company’s management, heralding a return to state intervention and threatening to derail a $25bn-$35bn divestment plan. The stunning development sent shock waves through the company’s executive ranks and the investment […]

Bolsonaro Says More Changes Underway

(Blooomberg, 19.Feb.2021) — Brazilian President Jair Bolsonaro said that more changes are underway after naming a former general to replace the University of Chicago-educated economist running state-controlled Petroleo Brasileiro SA. The leadership change at Petrobras followed a feud with Bolsonaro over fuel prices after Petrobras adjusted them to align with […]

Petrobras CEO Fights Pressure To Resign

(Reuters, 19.Feb.2021) — The chief executive of Brazil’s state-led oil company Petrobras is trying to fight off President Jair Bolsonaro’s bid to oust him over his insistence on raising gasoline prices in line with international market hikes, two sources with direct knowledge of the matter told Reuters on Friday. The […]

Petrobras CEO Castello Branco Out, Luna In

(Energy Analytics Institute, 19.Feb.2021) — A shake up at Petrobras will see CEO Roberto Castello Branco being replaced by Joaquim Silva e Luna, according to Brazil’s mining and energy ministry. “The government decided to nominate Joaquim Silva e Luna to fulfill a new mission as board member and president of […]

Latin America and the Caribbean

Petrobras On Letter From Mines And Energy Ministry

(Petrobras, 19.Feb.2021) — Petrobras informs that it received a letter from the Ministry of Mines and Energy, requesting measures to convene an Extraordinary General Meeting in order to promote the election and replacement of a Board of Directors member, and to appoint Joaquim Silva e Luna to replace Roberto da […]

Bolsonaro To Discuss Diesel Price With Petrobras Head

(Reuters, 4.Feb.2021) — Brazilian President Jair Bolsonaro said he will meet on Friday with his Cabinet and the head of state-run oil company Petrobras to discuss diesel prices, a move that is not unprecedented under his administration, but could cause market jitters nonetheless. In a live video broadcast on Facebook […]

Petrobras CEO Denies Claims Of ‘Predatory’ Pricing Policy

(Reuters, 13.Jan.2021) — Roberto Castello Branco, chief executive of Brazil’s state-run oil company Petroleo Brasileiro SA, has dismissed accusations from private fuel importers that the firm is enforcing a price policy that does not reflect market dynamics. Branco said in the Wednesday edition of daily Valor Econômico that the claims […]

Petrobras To Join Corporate Sustainability Index (ISE)

(Petrobras, 1.Dec.2020) — Petrobras will be part of B3 Corporate Sustainability Index (ISE) again. The company will integrate the main Brazilian index under the aspect of corporate sustainability in 2021, which did not occur since 2008. “The return to ISE is a recognition of our efforts and initiatives in the […]

Petrobras Creates Climate Change Exec Management

(Petrobras, 3.Nov.2020) — Petrobras, reinforcing the growing importance of the transition to low carbon in the company, informs the creation of the Climate Change Executive Management, which will be responsible for leading actions related to carbon management, reduction of air emissions, energy efficiency and climate change. The new structure will […]

Petrobras Reinforces Climate Change Initiatives

Petrobras, Other Cos. To Reveal NatGas Sharing Deals

(Petrobras, 30.Sep.2020) — Petrobras together with Petrogal Brasil, Repsol Sinopec Brasil and Shell Brasil, partners in the offshore routes in the pre-salt Santos Basin, will announce contracts for sharing the natural gas pipeline and processing plants. Today, a virtual event will be held with the presence of Petrobras’ CEO, Roberto […]

Petrobras CEO Says 11,000 Employees To Leave Co.

(Reuters, 17.Sep.2020) — Approximately 11,000 employees of Brazilian state-run oil company Petrobras have accepted buyout packages and will leave the firm this year or next, Chief Executive Roberto Castello Branco said during an online event on Thursday. That number, which represents about a quarter of the company’s workforce, is a […]

Petrobras 2Q:20 Earnings Call Transcript

(The Motley Fool, 1.Aug.2020) — Petrobras’s earnings call for the period ending 30 June 2020. Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good morning ladies and gentlemen. Welcome to Petrobras Webcast with Analysts and Investors about the Second Quarter 2020 Results. We would like to inform […]

Petrobras: Message From CEO Roberto Castello Branco

(Petrobras, 31.Jul.2020) — Brazil state oil and gas company Petrobras reported financial and operational results for the second quarter of 2020. The company’s Chief Executive Officer Roberto Castello Branco had this to say before the company’s conference call. Dear Shareholders, I am glad to be able to tell you that […]

Petrobras Expects To Seal Refinery Sale To Mubadala

(Reuters 31.Jul.2020) — Brazilian state-run oil firm Petroleo Brasileiro SA expects to conclude unilateral negotiations regarding the sale of its RLAM refinery in northeastern Brazil within “one or two months,” Chief Executive Roberto Castello Branco said on Friday. Abu Dhabi’s investment fund Mubadala Investment Co is in exclusive negotiations with […]

Petrobras Eyes Braskem Deal With Odebrecht

(Reuters, 6.Jul.2020) — Brazilian state-led oil company Petrobras expects within six months to reach an understanding with engineering group Odebrecht on a new shareholder agreement for petrochemical company Braskem SA , the oil firm’s CEO said Monday. Roberto Castello Branco, chief executive of Petroleo Brasileiro SA, as the company is […]

Petrobras On The New Code Of Ethical Conduct

(Petrobras, 26.Jun.2020) — Petrobras said its Board of Directors has approved the company’s new Code of Ethical Conduct. The document, which unites the Code of Ethics with the Guide to Conduct, follows the best corporate integrity practices and represents another step towards strengthening the company’s integrity culture. The unification is […]

Message From Petrobras’ CEO On 1Q:20 Results

(Petrobras, 15.May.2020) — Petrobras CEO Roberto Castello Branco delivered his message to shareholders related to the company’s first quarter 2020 results. “We express our solidarity with the victims of the global pandemic, at the same time as we are deeply grateful to the health professionals who have been standing out […]

Petrobras Warns Economy Has Changed Forever

(Reuters, 15.May.2020) — Brazil’s Petrobras took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent. The impairment led Petroleo Brasileiro SA, as the firm is formally known, to […]

Petrobras Projects Lower April Output

(Argus, 7.Apr.2020) — Brazil’s state-controlled Petrobras is projecting 2.07mn b/d of domestic oil production in April, down by 69,000 b/d from its last confirmed output level in February. The company has said that it is shutting in 200,000 b/d of production in response to the oil price crash and coronavirus-hit […]

Petrobras Deepens Oil Supply Cuts

(Reuters, 1.Apr.2020) — Brazil’s Petrobras will double its oil output cuts to 200,000 barrels per day, or about 6% of total production, and shorten work hours as the state-controlled company responds to what its chief executive has called the “worse oil industry crisis in 100 years.” Petroleo Brasileiro SA, as […]

Petrobras’ Divestment Push Challenged By Oil Price War

(Reuters, 26.Mar.2020) — A move by Brazil’s Petrobras on Thursday to slash output, capital spending and dividends brings the state-run oil firm into alignment with global rivals confronted with a global pandemic and a plunge in crude prices. But a cloud remains over the company’s ambitious divestment drive, which is […]

Petrobras Plans $34bn In Dividends

(Bloomberg, Simon Casey and Sabrina Valle, 5.Dec.2019) — Petrobras plans to pay its shareholders $34 billion in dividends over the next five years as it cuts debt and sells assets to shore up its finances, CEO Roberto Castello Branco said. The plan is a major shift for the state-controlled oil […]

Petrobras May Divest Stakes In Marlim, Papa-Terra

(Reuters, 4.Dec.2019) — Brazilian state-run oil firm Petrobras is considering putting additional stakes in significant offshore oilfields up for sale, executives said on Wednesday, as the company continues to aggressively de-leverage. In a presentation, the executives said they may sell stakes in the Marlim field, as well as the firm’s […]

Petrobras Host Investor Day In NYC

(Energy Analytics Institute, Aaron Simonsky, 4.Dec.2019) — Brazil’s state-controlled oil giant Petrobras hosted media and analyst during its annual investor day event in New York City on Dec. 4, which was followed by another in London on Dec. 6. What follows is the link to the 51-page presentation: Petrobras Investor […]

Brazil Targets Greek Tanker For Spill

(Argus, 1.Nov.2019) — Brazil is targeting a Greek-flagged tanker as the source of a catastrophic oil spill that has spread across the northeastern coast. Federal police say the Suezmax Bouboulina docked in Venezuela on 15 July before heading to Singapore with a stop in South Africa. Brazilians authorities have previously […]

Petrobras Says 20+ Groups Interested In Refineries

(Reuters, 13.Aug.2019) — More than 20 potential bidders are interested in the refineries that Brazil’s state-controlled oil company Petroleo Brasileiro SA plans to sell, the company’s chief executive officer said on Tuesday. CEO Roberto Castello Branco said more than 20 groups are interested in the four refineries in a first […]

Brazil To Reduce Natgas Imports From Bolivia

(Merco Press, 5.Aug.2019) — The Brazilian oil company Petrobras has announced that in the coming months it will reduce its imports of Bolivian natural gas, which it still considers to be essential nonetheless. “We are negotiating a new contract with Bolivia to reduce imports,” said Petrobras CEO Roberto Castello Branco, […]

Petrobras CEO Says Liquigás To Be Privatized in August

(Reuters, 25.Jul.2019) — Roberto Castello Branco, chief executive of state oil company Petróleo Brasileiro SA, said during an event on Thursday that Liquigás is the next unit that the Brazilian oil major intends to divest. After selling 33.75% of fuel distribution subsidiary Petrobras Distribuidora SA through a share offering this […]

Petrobras To Sell $10bn In Assets By End Of April: CEO

Petrobras Updates On Election Of New CEO, Administrative Changes

Petrobras To Be Led By Privatisation Advocate

(AP, 21.Nov.2018) — Brazil’s President-elect Jair Bolsonaro named pro-market reformer Roberto Castello Branco, as future chief executive of the country’s state-controlled oil company, Petrobras, on Monday. Castello Branco, a former member of Petrobras’ board, has advocated privatising the oil giant, a measure also supported by his close ally and long-time […]

Brazil VP-elect ‘Impressed’ After Meeting With Petrobras Executives

(Reuters, Rodrigo Viga Gaier, Marta Nogueira, 9.Nov.2018) — Brazil’s Vice-President-elect Hamilton Mourão said on Twitter he was “very much impressed” after meeting on Friday with top executives at state-run oil company Petroleo Brasileiro SA , in the midst of uncertainty over the company’s future leadership. The meeting came as President-elect […]