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Petrobras CEO’s Challenges Aren’t Going Away
Keywords:
Tags: Brazil, Oil & Gas,
Petrobras remains stuck in 2016 with a huge debt load of over $125 billion and a slump in oil prices. CEO Aldemir Bendine is a career government banker appointed by President Rousseff in 2015, as she faces impeachment proceedings for a corruption scandal involving Petrobras. His 11 months in office have been marked by disagreements with the board, with Bendine walking out from one meeting. Petrobras has changed chairmen twice in the 11 months. Bendine's goal of divesting assets worth $15 billion in 2016 may not be achievable say analysts, with other oil companies also divesting assets. As an outsider Bendine faces skepticism from insiders in the company. A oil strike went on for weeks before workers won a raise, resulting in lost production.
New Petrobras CEO Aldemir Bendine in 2015 and the task of reducing a debt load of $133.9 billion
08/19/2015
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Petrobras and the $17 billion writeoff for overvalued assets and bribe payments in 2015
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About $2.1 billion of this was writeoff for bribe payments. The corruption investigation is showing the weak links between the government and Petrobras, and affecting public confidence in the government.
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Brazil’s Petrobras Reports Nearly $17 Billion in Asset and Corruption Charges
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Brazil Arrests Head of Odebrecht in Petrobras Scandal
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Brazil’s Petrobras Slashes Five-Year Investment Budget
Wall Street Journal 06/30/2015
Steeped in Crises, Petrobras CEO Looks to Chart New Path
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Petrobras investment spending cuts of 37% for 2015-2020 to gain investor confidence
06/30/2015
Grouped Articles
Brazil’s Petrobras Slashes Five-Year Investment Budget
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Steeped in Crises, Petrobras CEO Looks to Chart New Path
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Petrobras share price and financial performance
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Grouped Articles
Petrobras Investors Feel the Give and Take of Government
Wall Street Journal 04/15/2013
Petrobras Pays Price for Being Brazil's Champ
Wall Street Journal 07/08/2013
Brazil’s Star, Petrobras, Is Hobbled by Scandal and Stagnation
New York Times 04/15/2014
Despite Obstacles, Petrobras Shares Are on Rise
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Petrobras CEO Leaves Open the Possibility of Resignation
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Petrobras management
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Petrobras Investors Feel the Give and Take of Government
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Brazil’s Star, Petrobras, Is Hobbled by Scandal and Stagnation
New York Times 04/15/2014
Brazil's President, Petrobras CEO Defend No-Bid Oil Production Rights Deal
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Despite Obstacles, Petrobras Shares Are on Rise
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Petrobras Scandal Widens, Earnings Delayed
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Overheard: The Fall of a National Champion
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Petrobras and the Comperj project at Itaborai, Brazil, halted in 2015 with the project costs escalating to $50 billion from $6.1 billion
08/07/2015
Huge state projects launched during the days of ample funding are now stalled by cost escalation and the decline in Petrobras's credit ratings.
Grouped Articles
Petrobras Oil Scandal Leaves Brazilians Lamenting a Lost Dream
New York Times 08/07/2015
Steeped in Crises, Petrobras CEO Looks to Chart New Path
Wall Street Journal 08/19/2015
Petrobras CEO’s Challenges Aren’t Going Away
Wall Street Journal 01/05/2016
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