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Wire

Petrobras Approves $1.2 Billion Renewable Fuels Project in Brazil

Petrobras (PBR) said Friday its board approved a final investment decision for a biorefining project with an investment of about $1.2 billion at its Presidente Bernardes refinery in Sao Paulo state.The plant will have a production capacity of up to 15,000 barrels per day of bio-jet fuel and renewable diesel, with operations expected to begin in 2030, the company said.Petrobras said construction is expected to start by the end of 2026, and the project is included in its 2026-2030 business plan.Price: $16.87, Change: $+0.12, Percent Change: +0.72%

$PBR
Commodities

Petrobras Approves $1.2 Billion Investment in Biodiesel, Biojet Refining Unit

The board of Brazil's state-controlled oil company Petrobras (PBR) has approved a $1.2 billion investment to add a biorefining unit to the Presidente Bernardes Refinery in Cubatao, Sao Paulo state, the company said on Friday.The company will now proceed with contracting and execution of agreements, it said, while construction work should begin by the end of this year. The project was already included in the company's business plan through 2030 prior to the final approval.The unit will have capacity to produce up to 15,000 barrels per day of renewable jet fuel and renewable diesel from 2030. Its products will help advance compliance with the CORSIA or Carbon Offsetting and Reduction Scheme for International Aviation and help to meet Brazil's Future Fuel Law, it said.

$PBR
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.8%.The Philadelphia Oil Service Sector Index was adding 0.7%, and the Dow Jones US Utilities Index decreased 0.1%.Crude oil prices rose Wednesday after President Donald Trump said Iran will have to "pay the price" for taking too long to agree to a peace deal. US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said. Iran launched retaliatory strikes on American military bases across Jordan, Kuwait, and Bahrain, media reports said.Front-month West Texas Intermediate crude oil rose 2.5% to $90.42 a barrel, and the global benchmark Brent crude contract added 2.1% to $93.41 a barrel. Henry Hub natural gas futures advanced 1.2% to $3.18 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 15.2 million barrels in the week ended June 5 following a decrease of 16.0 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 7.2 million barrels after an 8.0-million-barrel decline in the previous week and compared with a 2.2-million-barrel decrease expected in a survey compiled by Bloomberg.Separately, OpenAI is in advanced talks to lease a proposed 10-gigawatt data center campus on federal land in Ohio, The Information reported. The AI company is discussing a 20-year lease for the site, which is currently being developed by SoftBank Group unit SB Energy on US Department of Energy property, the report said.In corporate news, Devon Energy (DVN) shares jumped nearly 6% after Evercore ISI upgraded the stock to outperform from in line with a $54 price target. Devon said it expects the combined company following its merger with Coterra Energy to produce an average of 1.38 million barrels of oil equivalent per day in 2026, including 500,000 barrels per day of oil.APA (APA) shares gained 4.3% after the company said Wednesday it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.Petrobras (PBR) agreed to acquire a 50% stake in the Itaimbezinho block in the offshore Campos Basin in southeastern Brazil from Equinor (EQNR) unit Equinor Brasil Energia for an undisclosed amount. Petrobras shares rose 2.1%, and Equinor climbed 2.7%.Entergy (ETR) shares added 1% after Evercore ISI upgraded the company to outperform from in line and lifted its price target to $121 from $115.

$APA$DVN$EQNR$ETR$PBR
Commodities

Petrobras Acquires 50% Stake in Campos Basin Exploration Block From Equinor

Petrobras (PBR) has agreed to acquire a 50% interest in the offshore Itaimbezinho exploration block in Brazil's Campos Basin from Equinor (EQNR), the company said Wednesday.The transaction strengthens Petrobras' position in the Campos Basin, where it already operates nearby projects with Equinor, including the Raia development and the Jaspe exploration license.Equinor currently owns 100% of the Itaimbezinho block and will retain a 50% operating interest after closing, while Petrobras will hold the remaining 50% stake, and Pre-Sal Petroleo will continue to manage the production-sharing contract.Petrobras said the partnership creates operational synergies and supports exploration efforts in one of Brazil's key offshore regions.The company said the acquisition aligns with its long-term strategy to replenish oil and natural gas reserves through new exploration opportunities and partnerships, while remaining consistent with its 2026-2030 business plan.Brazil's Administrative Council for Economic Defense and the National Agency of Petroleum, Natural Gas and Biofuels must approve the assignment before the transaction can close. Petrobras said the deal has already completed its internal governance review process.Price: $18.16, Change: $+0.34, Percent Change: +1.88%

$EQNR$PBR
Sectors

Sector Update: Energy Stocks Rise Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 2.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.7%.The Philadelphia Oil Service Sector Index was climbing 1.5%, and the Dow Jones US Utilities Index increased 0.3%.Crude oil prices rose Wednesday after President Donald Trump said Iran will have to "pay the price" for taking too long to agree to a peace deal. "They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price," Trump said in a social media post on Wednesday. US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said. Iran launched retaliatory strikes on American military bases across Jordan, Kuwait, and Bahrain, media reports said.Front-month West Texas Intermediate crude oil rose 3.5% to $91.28 a barrel, and the global benchmark Brent crude contract added 3% to $94.17 a barrel. Henry Hub natural gas futures advanced 2% to $3.20 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 15.2 million barrels in the week ended June 5 following a decrease of 16.0 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 7.2 million barrels after an 8.0-million-barrel decline in the previous week and compared with a 2.2-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Devon Energy (DVN) shares jumped past 6% after it said it expects the combined company following its merger with Coterra Energy to produce an average of 1.38 million barrels of oil equivalent per day in 2026, including 500,000 barrels per day of oil.Petrobras (PBR) agreed to acquire a 50% stake in the Itaimbezinho block in the offshore Campos Basin in southeastern Brazil from Equinor (EQNR) unit Equinor Brasil Energia for an undisclosed amount. Petrobras shares rose 2.4%, and Equinor climbed 3.7%.APA (APA) shares rose 4.9% after the company said Wednesday it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.

$APA$DVN$EQNR$PBR
Sectors

Sector Update: Energy

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 2.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.7%.The Philadelphia Oil Service Sector Index was climbing 1.5%, and the Dow Jones US Utilities Index increased 0.3%.Crude oil prices rose Wednesday after President Donald Trump said Iran will have to "pay the price" for taking too long to agree to a peace deal. "They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price," Trump said in a social media post on Wednesday. US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said. Iran launched retaliatory strikes on American military bases across Jordan, Kuwait, and Bahrain, media reports said.Front-month West Texas Intermediate crude oil rose 3.3% to $91.08 a barrel, and the global benchmark Brent crude contract added 2.7% to $93.94 a barrel. Henry Hub natural gas futures advanced 1.8% to $3.20 per 1 million BTU.In corporate news, Petrobras (PBR) agreed to acquire a 50% stake in the Itaimbezinho block in the offshore Campos Basin in southeastern Brazil from Equinor (EQNR) unit Equinor Brasil Energia for an undisclosed amount. Petrobras shares rose 2.6%, and Equinor climbed 3.6%.

$EQNR$PBR
Wire

Petroleo Brasileiro Acquires 50% Stake in Campos Basin Offshore Block From Equinor

Petroleo Brasileiro (PBR) agreed to acquire a 50% stake in the Itaimbezinho block in the offshore Campos Basin in southeastern Brazil from Equinor (EQNR) unit Equinor Brasil Energia for an undisclosed amount.Upon completion, the consortium will comprise Equinor as operator with a 50% stake, Petrobras with 50%, and Pre-Sal Petroleo as manager of the production-sharing contract. Closing is subject to regulatory approvals, Petrobras said Wednesday in a statement.The partnership builds on Petrobras' existing joint developments with Equinor in the basin, including the Raia project and the Jaspe exploration license.Petrobras shares rose 2.6% in Wednesday trading, and Equinor gained 2.7%.Price: $18.28, Change: $+0.45, Percent Change: +2.55%

$EQNR$PBR
Oil & Energy

Brazil's Petrobras Drops Diesel Distributor Prices

State-backed Petrobras (PBR) confirmed on Sunday a drop in its distributor diesel prices to 3.30 Brazilian reais ($0.65) per liter, effective June 1, from 3.65 reais.The wider policy framework is currently undergoing corporate evaluation by Petrobras' board to secure domestic supply and cap domestic volatility fueled by Middle East geopolitical disruptions.The company maintains that its ongoing commercial strategy aims to maximize local refining margins without directly transferring international crude oil volatility to the domestic market.

$PBR
Equities

Petroleo Brasileiro Cuts Diesel Prices Nearly 10% Under Brazil Fuel Subsidy Program

Petroleo Brasileiro SA (PBR), also known as Petrobras, said Monday that it will reduce domestic diesel prices starting Monday as part of a Brazilian government program aimed at cushioning consumers from higher fuel costs linked to geopolitical tensions in the Middle East.The state-controlled oil producer said it will lower its average diesel selling price to distributors by 0.3515 reais per liter, or 9.6%, to 3.30 reais per liter starting June 1.Petrobras sid the reduction is tied to a federal subsidy program designed to offset the reinstatement of Brazil's PIS and Cofins fuel taxes.

$PBR
Commodities

Petrobras Raises Wholesale Gasoline Prices, Offsets Part of Increase With Government Subsidy

Brazil's Petrobras (PBR) said it will raise wholesale gasoline A prices, or refinery-level fuel sold to distributors before mandatory blending, by 0.48 Brazilian real ($0.095) per liter starting Thursday, while applying a partial offset through a government-linked subsidy mechanism.The company said it will grant a 0.44 Brazilian real-per-liter subsidy, which reflects a value set by the Ministry of Finance and accounts for federal taxes on fuel sales.After the adjustment and subsidy, the average price of gasoline A sold to distributors will increase from 2.57 Brazilian reais to 2.61 Brazilian reais/liter.Petrobras said the impact on retail prices is partially mitigated by Brazil's mandatory blending rule, under which gasoline C sold at service stations is composed of 70% gasoline A and 30% anhydrous ethanol.Based on that structure, the company said its share of the final pump price will rise from 1.80 Brazilian real to 1.83 Brazilian reais/liter.Petrobras added that the adjusted component remains 27.6% below levels recorded on Dec. 31, 2022.Price: $18.92, Change: $-0.05, Percent Change: -0.24%

$PBR
Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks declined late Tuesday afternoon with the NYSE Energy Sector Index falling 2.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.5%.The Philadelphia Oil Service Sector Index shed 0.2%, and the Dow Jones US Utilities Index rose 0.3%.West Texas Intermediate crude oil fell 2.7% to $93.96 a barrel, and global benchmark Brent rose 3.8% to $99.79 a barrel. Henry Hub natural gas futures was slightly lower at $2.91 per 1 million BTU.In corporate news, Occidental Petroleum (OXY) is acquiring a 10% stake in Exxon Mobil's (XOM) deepwater exploration block off the coast of Trinidad and Tobago, Reuters reported. Occidental shares were down 1.9%, and Exxon fell 3.1%.BP's (BP) board unanimously removed Albert Manifold as chair and director, effective immediately. BP shares fell 3.9%.Oklo (OKLO) shares jumped 4.5% after it said Tuesday it has been selected by the US Department of Energy, along with four other nuclear companies, for advanced talks under the surplus plutonium utilization program.Baker Hughes (BKR) shares rose 1.1% after it said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down 2.3%.

$BKR$BP$OKLO$OXY$PBR$XOM
Wire

Update: Baker Hughes Shares Rise After Petrobras Deepwater Drilling Contract in Brazil Extended

(Updates with recent stock movement in headline and first paragraph.)Baker Hughes (BKR) shares rose as much as 2.8% in intraday trading on Tuesday after the company said it extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin.The company said it will supply drilling and well construction technology, including its rotary steerable system, logging-while-drilling tools and extended-life drill bits, to support deepwater development of pre-salt oil and gas fields.Financial terms were not disclosed.Price: $66.85, Change: $+0.79, Percent Change: +1.20%

$BKR$PBR
Wire

Sector Update: Energy Stocks Fall Tuesday Afternoon

Energy stocks declined Tuesday afternoon with the NYSE Energy Sector Index falling 1.6% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index rose 0.5%.West Texas Intermediate crude oil fell 2.7% to $93.97 a barrel, and global benchmark Brent rose 3.7% to $99.69 a barrel. Henry Hub natural gas futures advanced 0.7% to $2.93 per 1 million BTU.In corporate news, BP's (BP) board unanimously removed Albert Manifold as chair and director, effective immediately. BP shares fell 4.4%.Oklo (OKLO) shares jumped 7.1% after it said Tuesday it has been selected by the US Department of Energy, along with four other nuclear companies, for advanced talks under the surplus plutonium utilization program.Baker Hughes (BKR) shares rose 1.4% after it said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down 2.1%.

$BKR$BP$OKLO$PBR
Sectors

Sector Update: Energy Stocks Decline Premarket Tuesday

Energy stocks were declining premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.1% lower.The United States Oil Fund (USO) was down 3.5% and The United States Natural Gas Fund (UNG) was 1.5% higher.Front-month US West Texas Intermediate crude oil was 3.9% lower at $92.80 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3% to $99.04 per barrel, and natural gas futures were up 2% at $2.97 per 1 million British Thermal Units.BP (BP) stock was down more than 4% after the company said its board unanimously decided to remove Albert Manifold as chair and director.Baker Hughes (BKR) said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down more than 2% premarket.Northern Oil and Gas (NOG) said it is acquiring a 25% stake in Canadian oil-producing assets for about 350 million Canadian dollars ($254 million). Northern Oil and Gas stock was down more than 1% pre-bell.

$BKR$BP$NOG$PBR$UNG$USO$XLE
Equities

Baker Hughes Extends Petrobras Deepwater Drilling Contract in Brazil

Baker Hughes (BKR) said Tuesday it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin.The company said it will supply drilling and well construction technology, including its rotary steerable system, logging-while-drilling tools and extended-life drill bits, to support deepwater development of pre-salt oil and gas fields.Financial terms were not disclosed.Shares of Baker Hughes were 0.7% lower in premarket trading.

$BKR$PBR
Commodities

ABL Unit to Support Mero 3, Mero 4 Projects Offshore Brazil as Marine Warranty Surveyor

Consultancy firm ABL Group's Brazilian unit will support offshore engineering and construction company Subsea7 in the transportation and installation of subsea risers and flowlines infrastructure for the Mero 3 and 4 developments in the Santos Basin offshore Brazil, it said on Thursday.The Mero 3 and Mero 4 projects involve the installation of subsea pipelines and subsea risers and flowlines infrastructure at the two deepwater oilfields at water depths between 1,850 and 2,100 meters, the company said in a statement.The work will also cover floating production, storage and offloading vessels Marechal Duque de Caxias and Alexandre de Gusmao.In its role as a Marine Warranty Surveyor, ABL Energy & Marine Consultants Brasil's scope of work will include reviews, engineering approvals, fleet suitability surveys and operational approvals, the statement said.It will also be responsible for the delivery of the same scope for the offshore transportation and installation work currently underway.Operations at the combined Mero field is conducted by a consortium including Petrobras (PBR), which holds a 38.6% stake in the field, Shell (SHEL) unit Shell Brasil with a 19.3% interest, TotalEnergies (TTE) with a 19.3% interest, CNPC 9.65%, CNOOC 9.65%, and Pre-Sal Petroleo 3.5%.Pre-Sal Petroleo will act as contract manager and the Brazilian government's representative in the non-contracted areas, the statement said.

$PBR$SHEL$TTE
Oil & Energy

Update: Brazil Approves Subsidies for Gasoline, Diesel

(Updates with additional details from Brazilian government statement.)The Brazilian government on Wednesday said it will subsidize gasoline and diesel through a Provisional Measure to mitigate the inflationary impact of the Middle East conflict."The objective is to cushion the rise in fuel prices caused by the prolonged war in the Middle East," according to a statement by the Ministry of Planning and Budget.The Ministry of Finance will publish a decree over the next few days establishing the subsidized amounts.The subsidy will be paid directly to gasoline producers and importers through the National Agency of Petroleum, Natural Gas and Biofuels, or the ANP, according to the statement.Brazil's Minister of Mines and Energy Alexandre Silveira, the Minister of Planning and Budget Bruno Moretti, and the Executive Secretary of the Ministry of Finance, Rogerio Ceron, jointly made the announcement during a press conference on Wednesday.The Provisional Measure establishes that the subsidy cannot exceed the ceiling of federal taxes levied on fuels, the statement said.Gasoline is currently taxed at 0.89 Brazilian reais ($0.17) per liter, inclusive of federal fuel taxes, while diesel is taxed at 0.35 Brazilian reais per liter, which was suspended in March.The new subsidy will start with gasoline, which has not received any subsidy or tax cut since the war began. "But it could be extended to diesel when the subsidy established by Provisional Measure No. 1,340, with a planned duration for the months of April and May, ceases to be applied," according to the statement.The new subsidy is part of Brazil's broader effort to curb fuel price increases linked to the Middle East conflict.The government has already announced subsidies of 1.52 Brazilian reais per liter for imported diesel and 1.12 Brazilian reais per liter for domestically produced diesel.According to a Bloomberg report, citing Planning Minister Bruno Moretti, the government intends to spend up to 2.9 billion reais per month to subsidize both domestically produced and imported gasoline and diesel.The program was introduced on Wednesday through a directive issued by President Luiz Inacio Lula da Silva, who is likely to seek re-election later this year. It will run for two months and will be extended if required, the report added.The subsidy is expected to be extended to diesel from June onwards following the expiry of an existing one at the end of May, Reuters reported.The directive was issued after a proposal to slash federal fuel taxes stalled in Congress, according to Reuters.The move is expected to allow Petrobras (PBR) to increase prices. The state-controlled energy major has delayed price revisions to shield domestic consumers from international oil price volatility, a separate Bloomberg report said.Price: $19.97, Change: $+0.38, Percent Change: +1.94%

$PBR
Research

Research Alert: CFRA Maintains Sell View On Shares Of Petrobras On Stable Q1 And Pricing Risk

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our target of USD17, on 5.0x our 2027 EBITDA. Shares have run ~73% YTD on the escalating Iranian conflict. Q1 saw double-digit adj. EBITDA growth Y/Y on moderate pricing growth and production increases. Yet, FCF was -15% Y/Y due to capex +25%. Gross and net debt also expanded ~10%. We think the Energy sector is overdue for some digestion of gains. PBR has benefited from its higher pricing sensitivity. However, we remain wary of a pullback in prices from a less volatile resolution in the Middle East. While a peace agreement has not been a successful undertaking yet, we believe the administration is focused on keeping gas pricing less volatile for consumers at the pump heading into midterm elections. The risks of successful negotiations and global demand degradation are too considerable to overlook, in our opinion. PBR trades at a 3.4x EBITDA while peers trade at 6.7x. Historically, PBR has traded at a 2.4x discount to peers. We lift our FY 26 EPS to BRL12.40 from BRL10.89 and keep FY 27 at BRL10.13.

$PBR
Sectors

Sector Update: Energy Stocks Rise Premarket Tuesday

Energy stocks were rising premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) up 1.1%.The United States Oil Fund (USO) was up 3% and The United States Natural Gas Fund (UNG) was 2% lower.Front-month US West Texas Intermediate crude oil was 3.2% higher at $101.25 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.2% to $107.49 per barrel, and natural gas futures were down 1.7% at $2.86 per 1 million British Thermal Units.Venture Global (VG) shares were up more than 7% after the company reported higher Q1 earnings and revenue.Petrobras (PBR) stock was down more than 1% even after the company posted higher Q1 net income and sales revenue.Shell (SHEL) plans to divest its gas station network in France, according to a Google translation of a Monday report from French newspaper Les Echos. Shell shares were up 0.2% premarket.

$PBR$SHEL$UNG$USO$VG$XLE
Equities

Petrobras Q1 Net Income, Revenue Rise

Petrobras (PBR) reported Q1 net income Tuesday of $6.2 billion, up from $5.97 billion a year earlier.Analyst polled by FactSet expected $6.04 billion.Sales revenue for the quarter ended March 31 was $23.54 billion, up from $21.07 billion a year earlier.Analysts surveyed by FactSet expected $26.56 billion.

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