Name: Petrobras realigns: which assets will it sell?
Brand: Wood Mackenzie
SKU: 111841
Price: 1350 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Insight 14 June 2019

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Report summary

Petrobras wants to divest US$27 billion in assets. A wide range of prospects have been put up for sale – companies of all sizes could gain access to Brazil. Success will result in a more resilient portfolio, allowing the company to refocus resources on its best opportunities. But Petrobras has already targeted much of the low hanging fruit. As the company reorients its divestment strategy towards midstream and downstream sales, new challenges will emerge. Execution risks could derail the latest disposal plans. Can Petrobras execute successfully?

Executive Summary
Disposal proceeds drive deleveraging success
Divestment strategy is changing– can Petrobras keep its momentum?
Midstream – TAG closing bodes well, but more is needed
Downstream – eight refineries up for sale
Upstream – more smaller deals
Injunctions – a reoccurring theme
Putting things into perspective

Tables and charts

This report includes the following images and tables:

Impact of divestments on debt / EBITDA ratioGearing ratio – reported vs. targetDisposals closed between 2016-2019

Divestment pipeline summaryValue of closed disposals (2016-2019)Value of assets currently on the marketMidstream divestment pipelineRefineries up for saleDownstream divestment pipelineUpstream divestment pipelineTimeline - Petrobras' divestment offerings