PETROBRAS - Net Income of R$ 5,031 million in 9M-2017, compared to a loss of R$ 17,334 million in 9M-2016.
Output is expected to slump to 1.84 million barrels a day next year, the lowest compared with official government data since 1989.
The step to restructure debt comes as Venezuela stands to receive more revenue for its oil. The country’s crude oil basket price rose to CNY350.75 ($52.90) a barrel Friday, the highest since July 2015. And Venezuela did approve a $1.1 billion principal payment on a PDVSA bond on Thursday.
“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.
BP has agreed with Bridas Corporation to form a new integrated energy company by combining their interests in the oil and gas producer Pan American Energy and the refiner and marketer Axion Energy in a cash-free transaction. The new company, Pan American Energy Group, will be the largest privately-owned integrated energy company operating in Argentina.
“There was a request from our colleagues in Venezuela to carry out a restructuring,” Russian finance minister Anton Siluanov said. “There are difficulties in fulfilling the debt.”
U.S. - The Trump administration imposed new sanctions prohibiting trading new debt and equity issued by the Venezuelan government and state oil company PDVSA.
PETROBRAS - Net Income of R$ 4,765 million in 1H-2017, compared to a loss of R$ 876 million in 1H-2016
Directors observed that the financial sector has remained sound despite the severe stresses. To make the system more robust, they encouraged actions to further strengthen financial safety nets through enhanced monitoring and an improved crisis management framework. Directors underscored the need for continued vigilance and close monitoring of the health of the corporate sector and its impact on the banking system.
PETROBRAS - Net income of R$ 4,449 million in 1Q17, compared to a loss of R$ 1,246 million in 1Q-2016