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The physical window was much more active on the sellside today than recent sessions; the sellers were in the driving seat. Chevron was whacking bids left, right and centre. Reliance and Exxon also featured heavily on the sellside, hitting bids from the likes of Totsa and Mitsui, as usual. This culminated in Reliance declaring a cargo of Upper Zakum to Mitsui, while Repsol nominated one of the same to Totsa for their own convergence. But premiums are coming in, back down to $1.55/bbl. It seems like Dubai is starting to deflate. In paper markets, prompt structures have weakened over the month: the Nov/Dec swaps spread has fallen from 60c on the 7 October to 28c today. #Derivatives #OOTT

In today's #AudioArticle: the difference in liabilities and equity between PEMEX and Petrobras is stark – and a result of financing strategies. Don't miss Luis Miguel Labardini, Senior Partner at Marcos y Asociados, in "PEMEX and Petrobras: Two Different Sides of the Financial Coin." Out now! #MexicoBusinessNow #MexicoOilandGas Listen here: https://lnkd.in/dTJQJTCX

Brazilian state oil firm Petrobras moved to replace its CEO again on Wednesday following months of tensions with Brasilia around the company's dividend policy and other corporate issues. News broke just hours after Petrobras' first-quarter earnings call that CEO Jean Paul Prates was stepping down. The administration of Brazilian President Luiz Inacio “Lula” da Silva immediately nominated Petrobras veteran and former national oil official Magda Chambriard to replace Prates. Learn more >> https://bit.ly/3ynzgU9 #Brazil #Petrobras #energypolicy #corporatestrategy #dividendpolicy

Italian Oil Major Eni Sells Alaska Assets To Hilcorp. Italian oil major Eni SpA told the media today that it decided to sell two high quality upstream assets in Alaska. According to a press release on its website, the company signed a binding agreement with Hilcorp, a large US privately owned firm with extensive experience operating in Alaska to sell the Nikaitchuq and Oooguruk assets in which it has a 100% stake. While the value of the deal isn’t exactly known as of today, according to Reuters, financial analysts estimate the deal value to be somewhere between $428 million and $855 million… http://ow.ly/yrB2105yr7m

Although the US$344mn net loss reported by Brazil’s federal oil firm Petrobras in Q2 came as a surprise, analysts told BNamericas that they are not overly concerned. They also don’t expect falling investments for the coming years, even though the company made a downward revision to projected capex for 2024. #petrobras #energy #oil #oilandgas https://lnkd.in/dKG9SCQi.

Italian Oil Major Eni Sells Alaska Assets To Hilcorp. Italian oil major Eni SpA told the media today that it decided to sell two high quality upstream assets in Alaska. According to a press release on its website, the company signed a binding agreement with Hilcorp, a large US privately owned firm with extensive experience operating in Alaska to sell the Nikaitchuq and Oooguruk assets in which it has a 100% stake. While the value of the deal isn’t exactly known as of today, according to Reuters, financial analysts estimate the deal value to be somewhere between $428 million and $855 million… http://ow.ly/yrB2105yr7m

Full content on the link below. https://lnkd.in/dqt4UTug "Global corporate upgrades into investment-grade category exceeded downgrades in 3Q24, for the first time in four quarters, Fitch Ratings says. Our global Corporate Credits on the Cusp Monitor focuses on issuers on the border of the ‘A’/‘BBB’ and ‘BBB’/‘BB’ rating categories. In 3Q24, four rising stars were upgraded to investment grade from the sub-investment-grade categories, with no investment-grade corporates becoming fallen angels and being downgraded into sub-investment-grade. This has reversed the negative trend of previous quarters, when the number of crossover downgrades exceeded upgrades. Global corporates upgraded into investment grade are US carrier Delta Air Lines, Azeri state-owned oil company SOCAR, US upstream oil operator CrownRock and LATAM utility Nautilus Inkia." #fitchratings #creditratings #fallenangels #ig #hy #investmentgrade #highyield #ratings #upgrades #downgrades #deltaairlines #azeri #socar #crownrock #nautilusinkia

Petrobras, a Brazilian multinational corporation in the petroleum industry, has been known for its significant dividend payouts, including extraordinary dividends. Extraordinary dividends are payments made to shareholders that are not part of the regular dividend schedule and often come from excess profits or reserves. To provide a comprehensive overview, here are some key points about Petrobras and its dividend practices: Petrobras Overview Full Name: Petróleo Brasileiro S.A. Industry: Oil and Gas Headquarters: Rio de Janeiro, Brazil Operations: Exploration, production, refining, marketing, and transportation of oil and gas. Dividend Policy Petrobras has a history of paying substantial dividends, reflecting its profitability and cash flow generation. Extraordinary dividends are additional payments made on top of regular dividends, typically arising from exceptional financial performance or surplus cash. 100% Extraordinary Dividends The concept of "100% extraordinary dividends" suggests that the entirety of the extraordinary profits or surplus funds could be distributed to shareholders. This would mean that all the extra profits, after accounting for necessary reserves and investments, are given back to shareholders. Factors Influencing Extraordinary Dividends Financial Performance: Strong financial results and high profits. Cash Flow: Ample free cash flow, allowing for additional distributions. Strategic Decisions: Management’s decision to return excess cash to shareholders rather than reinvesting it into the business. Market Conditions: Favorable oil prices and economic conditions.

Our capital markets team, led by partner Alejandro A. Gordano, represented Empresa Nacional del Petróleo (Enap) with its USD600 million bond offering and concurrent tender offers with the intention to use the proceeds from the offering, along with existing cash and/or additional financing, to cover the purchase of tendered notes, fees, expenses, and any remaining funds for general corporate purposes. As a state enterprise owned wholly by the Republic of Chile, Enap is involved in the exploration, production, refining, transportation, storage, and wholesale marketing of crude oil, natural gas, refined petroleum products, and liquefied petroleum gas. Support was provided by partners Manuel Orillac, Lorenz Haselberger, associates Gonzalo Robles and Daniel Kachmar, and visiting attorney Moises Gonzalez Arroyo. Read more about the deal here. #AOShearman #CapitalMarkets

The increasing M&A activity in the Brazilian oil and gas industry, exemplified by the recent developments surrounding the 3R Petroleum merger, underscores the dynamic nature of the sector and the strategic moves being made by companies to position themselves for growth and success in a competitive market environment. This trend is likely to continue shaping the industry landscape and driving further consolidation and collaboration among key players in the Brazilian oil patch.