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Oil & Gas: OPEC+ Plays Let's Make a Deal

Sector Analysis: 07 Dec 2018, 11:38 AM ET - OPEC+ reportedly came together at the last minute for a 1.2 mmbd production cut although details are sparse at this point.

Oil & Gas: OPEC+ Struggling to Come Together

Sector Analysis: 06 Dec 2018, 2:02 PM ET - OPEC came away from its meeting in Vienna today empty-handed on an agreement, with plans to continue the discussion with OPEC+ tomorrow.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.
Focused

Petrobras: 9M18 Results & New CEO

Earnings Note: 20 Nov 2018, 9:14 PM ET - Petrobras on November 6 reported 9M18 adjusted Ebitda of $7.6 bn, falling 9% QoQ on lower upstream production but rising 24% YoY as higher commodity prices more than offset lower production. 

Oil & Gas: Bloodbath Over or Temporary Pause?

Sector Analysis: 15 Nov 2018, 5:11 AM ET - Oil prices finally turned north yesterday, with WTI closing up a scant $0.20/bbl to $55.89/bbl, following a record string of 12 straight down days which saw prices plunge $12/bbl, or 18%.  
Focused

Murphy Oil & Petrobras: in Gulf of Mexico JV

Worth Watching: 11 Oct 2018, 1:35 PM ET - Murphy Oil & Petrobras (MUR; Ba3/BBB-) announced today that it has entered into an agreement to create a new deepwater Gulf of Mexico joint venture (JV) company with Petrobras.  MUR will contribute its producing assets (19 kboe/d; 36 mmboe 1P re ..
Focused

Petrobras: $853 mn Car Wash Settlement

Worth Watching: 27 Sep 2018, 11:01 PM ET - Petrobras (PETBRA; Ba2/BB-) announced an $853 mn settlement with U.S. and Brazilian authorities to bring the long-running Car Wash scandal to a close.  The settlement calls for Petrobras to pay $85 mn to the U.S. Department of Justice, $85 mn t ..
Focused

Petrobras: Phase 2 Diesel Subsidies Received

Worth Watching: 24 Sep 2018, 10:17 PM ET - Petrobras announced that it has received the much-anticipated phase two diesel subsidy payments from the ANP.  Petrobras received a total of R$ 1.6 bn, with R$ 872 mn received for the first period of phase 2 (June 8 through July 7) and R$ 707 ..

August 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Sep 2018, 9:49 PM ET - Our monthly report provides executive summaries for the thirty company recommendation changes made on North American companies during the month of August.

Braskem: Petrobras Negotiating?

Worth Watching: 18 Aug 2018, 8:09 AM ET - Braskem: Petrobras' CFO Rafael Grisolia said in an interview that the O&G giant may abandon its plan to sell its shares in Braskem as the need to conduct asset sales is becoming less urgent for Petrobras against the backdrop of higher oil price ..

Ensco: Settlement with Petrobras

Worth Watching: 16 Aug 2018, 9:08 PM ET - Ensco  (ESV; B3/BB-) announced that it has agreed with Petrobras to settle all claims related to the Ensco DS-5's drilling services agreement.  Settlement terms were not disclosed but neither party is required to make any payments and business ..

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 
Focused

Petrobras 1H18: Upstream Drives Ebitda Growth

Earnings Note: 08 Aug 2018, 10:30 PM ET - Petrobras on August 3 reported 1H18 adjusted Ebitda of $16.3 bn, rising 17% YoY as E&P growth more than offset RT&M declines.  The Presidential elections remain a wildcard but we are decreasingly concerned about a strategic shift.
Focused

Petrobras: Workers Win Wage Dispute

Worth Watching: 24 Jun 2018, 10:34 PM ET - Petrobras  announced that the Full Court of the Superior Labor Court (TST) ruled against it in a lawsuit concerning the calculation of its workers' wages.  Petrobras stated that it is awaiting the publication of the decision before determining it ..
Focused

Petrobras: Subsidies Phase 2 & Deepwater Auction

Worth Watching: 08 Jun 2018, 1:06 PM ET - Petrobras  announced that its Board of Directors has voted to comply with the second phase of the diesel subsidy program, as expected.  The second phase provides as much as a  R$0.30/liter refund to diesel sellers in exchange for taking measures ..
Focused

Petrobras: Early Tender Results

Worth Watching: 05 Jun 2018, 9:41 PM ET - Petrobras announced early tender results for the $4 bn tender offer announced on May 21.  Beginning with Tender Group 1, which is focused on bonds maturing over 2021-2023, participation among holders of the first and second priority bonds was l ..
Focused

Petrobras: Ivan Monteiro Appointed New CEO

Worth Watching: 04 Jun 2018, 5:54 AM ET - Petrobras (Baa2/BB-/BB-) released a statement over the weekend announcing that, following the departure of Pedro Parente (see: Petrobras: CEO Parente Resigns, Maintain U/P Rec), and following a proposal by the government, its interim CEO and pre ..
Focused

Petrobras: CEO Parente Resigns, Maintain U/P Rec

Worth Watching: 01 Jun 2018, 11:06 AM ET - Petrobras CEO Pedro Parente has resigned following a rough couple of weeks as a nationwide truckers' strike focused on the company's diesel pricing strategy and the government stated its intention to move pricing back to a monthly adjustment sy ..

May 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of May.
Focused

Petrobras: Reducing to Underperform

HY Note: 31 May 2018, 9:52 AM ET - We are reducing our recommendation on Petrobras to Underperform, from Outperform, amidst growing concerns that a cascade of negative developments may come out of the current uncertainties over current disputes and coming general elections.

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