Petroleo Brasileiro SA Petrobras (ADR)(NYSE:PBR) Raise Prices For LPG And Cooking Gas

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Petroleo Brasileiro SA Petrobras (ADR)(NYSE:PBR) reported that it would lift prices for liquefied petroleum gas (LPG) and cooking gas to suppliers after Hurricane Harvey shattered U.S. Gulf-area ports and refineries. The firm reported that it would increase commercial and industrial LPG prices by 2.5% while cooking gas prices will surge by 12.2%.

Hurricane Harvey arrival has impacted American manufacturing and ports, which continue to be out of service. The reduced availability of LPG resulted in price jump in consumer markets.

The buzz

Earlier on August 28, Petroleo started the teaser phase for the assignment of all development, production and exploration rights in three units of onshore fields in the states of Bahia and Rio Grande do Norte. Last year, the share of the average natural gas and oil manufacturing in these fields came at 20,400 boe per day.

The company is the operator of these concessions and possess 100% of the stakes in them, discounting the Colibri and Cardeal fields, in which the firm has 50% stake and the operator is PARTEX, with 50%, and the Sabiá Bico-de-Osso fields and Sabiá da Mata, in which the firm has 70% of the stakes and the operator remains SONANGOL, with 30%.

During the announcement of the second quarter results, Petroleo reported that increase in exports and productions mark 1H2017 financial performance. First half report indicate that their teams are dedicated to the safe manufacturing of the oil and oil offerings that society uses in its regular life, with focus on operational performance. The company recorded a net income of R$4.4 billion in t1H2017, reversing the loss recorded in the same period, a year ago.

In 1H2017, total natural gas and oil production came at 2.791 million boed, of which 2.671 million boed was in Brazil, 6% more than in 1H2016. The company maintained its dominant position as a net exporter due to the 25% drop in imports and 48% jump in oil and oil product exports, compared to 1H2016.

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