Petrobras Switches From Asset Seller to Buyer as Debt Slumps
- Brazil’s state-run oil firm sees room to improve debt profile
- CFO says company is in a good position to acquire assets
A Petrobras gas station in Rio de Janeiro, Brazil.
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
Buoyed by the response to its first bond issue in two years, Petroleo Brasileiro SA is considering issuing more debt this year and is poised to buy assets after spending most of the past decade selling refineries and oil-exploration blocks.
Strong cash generation combined with low production costs puts Brazil’s state-run oil giant in a comfortable position, Chief Financial Officer Sergio Caetano Leite said in an interview, adding it’s time for the company to “take a bigger step.”