Despite the reduced oil prices, Petrobras will benefit from exploration efficiency and low taxes, HSBC says.
BY CHRONICLE STAFF
Thanks to falling oil prices, Brazils state oil giant Petrobras will see revenues and profits fall this year, but see a strong comeback next year, HSBC says in a new research report on the company.
“Petrobras remains one of the few companies within the global energy space to consistently deliver positive results on the exploration front,” HSBC analysts Anisa Redmand and Paul Spedding say in the report. “Given the vast upstream potential in Brazil, presalt in particular, and the longer-term tightness in global oil supply, we see further exposure to exploration as the right strategy for Petrobras.”
Last week, the oil company announced that its profits last year grew 58 percent to 33.9 billion reais (US$14.2 billion). For the fourth quarter, profits were up 46 percent to 7.36 billion reais after revenues of to 63.3 billion reais (up 39.4 percent). Yesterday, Petrobras announced that it would investigate why the results were leaked early.
Petrobras, Latin Americas third-largest company on the LBC 500, is expected to see revenues of ...
Keywords: Business Plan 2009-13, Petrobras Stock, Tupi