Latest news with #MagdaChambriard
Reuters
4 days ago
- Business
- Reuters
Brazil's Petrobras to commission 52 vessels by 2026-end in $5.1 billion investment
RIO DE JANEIRO, May 29 (Reuters) - Brazil's state-run oil firm Petrobras ( opens new tab will commission 52 vessels by 2026, investing 29 billion reais ($5.12 billion), said Chief Executive Magda Chambriard during an event on Thursday alongside President Luiz Inacio Lula da Silva. Without providing further details, Chambriard said the firm will ensure up to 65% in local content for the construction of the vessels, which would help boost Brazil's shipbuilding industry. ($1 = 5.6621 reais)
Yahoo
15-05-2025
- Business
- Yahoo
Brazil oil workers plan strike to protest Petrobras' austerity turn
RIO DE JANEIRO (Reuters) -Brazil's federation of oil workers, known as FUP, announced on Thursday a two-day warning strike at state-run oil company Petrobras "in protest against the stagnation in negotiations with the company," according to a statement. The strike, which still needs final approval by the union members, is set to take place between May 29 and May 30 and comes as the oil giant pledges to take austerity measures to cope with lower oil prices. Petrobras earlier this week reported a first-quarter net profit of 35.2 billion reais ($6.25 billion), but said that lower Brent crude oil prices would require the firm to cut costs where possible. "Dissatisfaction increased after statements by Petrobras' Chief Executive Magda Chambriard signaling expense containment plans, even in the face of the company's positive financial performance," FUP said in the statement. The main negotiations between the union and the firm are around Petrobras' variable compensation plan and the cost-cutting policy, which FUP said was "incoherent". Petrobras did not immediately respond to a request for comment. ($1 = 5.6275 reais)
Reuters
15-05-2025
- Business
- Reuters
Brazil oil workers plan strike to protest Petrobras' austerity turn
RIO DE JANEIRO, May 15 (Reuters) - Brazil's federation of oil workers, known as FUP, announced on Thursday a two-day warning strike at state-run oil company Petrobras ( opens new tab "in protest against the stagnation in negotiations with the company," according to a statement. The strike, which still needs final approval by the union members, is set to take place between May 29 and May 30 and comes as the oil giant pledges to take austerity measures to cope with lower oil prices. Petrobras earlier this week reported a first-quarter net profit of 35.2 billion reais ($6.25 billion), but said that lower Brent crude oil prices would require the firm to cut costs where possible. "Dissatisfaction increased after statements by Petrobras' Chief Executive Magda Chambriard signaling expense containment plans, even in the face of the company's positive financial performance," FUP said in the statement. The main negotiations between the union and the firm are around Petrobras' variable compensation plan and the cost-cutting policy, which FUP said was "incoherent". Petrobras did not immediately respond to a request for comment. ($1 = 5.6275 reais)
Reuters
13-05-2025
- Business
- Reuters
Brazil's Petrobras to revise strategic plan due to lower oil prices
RIO DE JANEIRO, May 13 (Reuters) - Brazilian state-run oil company Petrobras ( opens new tab is set to revise its five-year strategic plan due to lower Brent crude oil prices, Chief Executive Magda Chambriard told analysts during the firm's first-quarter earnings call on Tuesday. Chambriard said that Brent prices at $65 would require the firm to simplify their projects, adding that the moment was for cost-cutting and austerity measures.
Yahoo
13-05-2025
- Business
- Yahoo
Petrobras reports 48.6% profit increase and declares $2.1bn in dividends
Brazil's Petrobras has reported a 48.6% increase in net profit to 35.2bn reais in the first quarter of 2025 compared with the same period last year, bolstered by non-recurring events. The oil producer's adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) slightly increased by 1.7% year-on-year to 61bn reais. Excluding non-recurring effects, the adjusted EBITDA was reported at 62.3bn reais. In addition to its financial performance, Petrobras' board of directors approved the payment of 11.72bn reais in dividends and interest on equity to shareholders, which translates to around 0.91 real per share. Petrobras CEO Magda Chambriard said: 'We started 2025 with robust operational and financial results, which reflect Petrobras' technical capacity to overcome challenges and generate value for Brazilian society. 'We increased our production by 5.4% compared to the last quarter of 2024 and thus reached a cash position of $8.5bn with our operations, which allows us to invest to continue generating value and remunerating our shareholders.' The company's capital expenditure (capex) during the quarter totalled $4.1bn, up from $3bn a year earlier. The total oil, gas and gas liquids production amounted to 2.77 million barrels of oil equivalent per day (mboe/d), an increase of 5.4% from the previous quarter. Petrobras CFO and investor relations officer Fernando Melgarejo said: 'We remain committed to executing our business plan, which is why we invested $4.1bn in the first quarter of the year, which represents 22% of the annual guidance. These investments are concentrated in pre-salt projects, especially in the Búzios and Atapu fields. 'We are drilling more wells and connecting them and advancing in the construction of new units that will sustain our production curve. These are investment projects that generate value for our shareholders and will translate into revenue in the coming years.' Investors have scrutinised Petrobras' investments, especially after they exceeded the company's own forecasts for 2024, raising concerns over potential dividend reductions, according to a report by Reuters. Net revenue for the quarter increased by 4.6% to 123.1bn reais, slightly below the 124.9bn reais analysts had anticipated. In related news, Petrobras made a significant discovery of high-quality, contaminant-free oil in the pre-salt layer of the Santos Basin. The find was at the exploratory well 3-BRSA-1396D-SPS in the Aram block, situated 248km from Santos, São Paulo, in waters 1,952m deep. "Petrobras reports 48.6% profit increase and declares $2.1bn in dividends" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
