News

Check out our proved reserves in 2016

We hereby announce the volume of the proved oil reserves (oil, condensate, and natural gas), calculated in late 2016 pursuant to the criteria set forth by ANP/SPE (National Petroleum Agency/Society of Petroleum Engineers) and SEC (the US Securities and Exchange Commission).

Standard & Poor's improves our risk rating

We report that the Standard & Poor’s risk rating agency has announced the upgrade of our corporate debt rating from B+ to BB-, and that it has changed the outlook from negative to stable. The agency noted in its report that the improvement in our rating reflects the evolution made in our liquidity and a robust cash position that improves our capacity to deal with possible contingencies. The agency also highlighted the recovery of the relationship with domestic and international banks and of our ability to access the capital markets, which it regarded as positive debt management transactions. Also highlighted was the progress made in the disinvestment program and the prospects for achieving the goal set for 2017 and 2018.

Fitch maintains our credit rating

The Fitch risk rating agency announced the maintenance of our corporate debt rating at BB, with a negative outlook. In its report, the agency said that the company’s liquidity is currently supported by a robust cash position, stable cash generation, and by its ability to access the capital markets to refinance its debt.

Leniency agreement foresees an additional R$81 million in compensation

We are going to receive about R$81 million from British outfit Rolls-Royce, which signed a leniency agreement with the Federal Public Prosecutor’s Office (MPF) under the “Car Wash” Operation. The agreement provides for the full reimbursement of the net profit the company obtained in six contracts to supply goods and services to Petrobras. It also includes the full amount paid as commission to middlemen hired to act against the company and the payment of a fine, provided for under the Misconduct Act, equivalent to the amount of the commissions paid to such intermediaries.