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Petrobras (PBR) Officially Confirms New CEO for One Year
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Recently, Brazil’s state-owned energy company Petrobras (PBR - Free Report) officially appointed the former energy ministry official, Jose Mauro Coelho, as its chief executive officer for a year. The appointment came after Petrobras’ shareholders inducted Coelho as a board member of the company. This development concluded weeks of turmoil that resulted in a leadership gap at PBR, which the government struggled to address.
The new CEO vowed to maintain the company’s prevailing pricing policies, something that led to the ouster of his two predecessors. "Market prices are a necessary condition to create a competitive business environment, attract investment and new players, expand the country's infrastructure, and secure supply," he said.
Marcio Andrade Weber, a civil engineer who has been working for the government-owned company for the last 16 years, was elected as the chairman by shareholders.
Jose Mauro Coelho will be taking over the helm of affairs at Petrobras at a time when the rising fuel prices have become part of the political discourse in Brazil ahead of the elections due in October. Furthermore, he is set to be the third chief executive of the company under Brazilian President Jair Bolsonaro, who expects him to do a better job at disseminating public frustration over oil prices than his predecessors. The President stated that he wants someone who is more “professional” and better at communicating PBR’s price policies.
Coelho wasn’t Bolsonaro’s first pick for the CEO role. The president had set his sight on a well-known energy consultant for the position. However, he had to back out due to the potential conflict of interest issues.
Petrobras’ new CEO’s previous two predecessors were ousted amid public clashes with Bolsonaro over fuel prices. Ex-CEO Joaquim Silva e Luna mentioned that he came under political pressure to keep a check on the rising fuel prices, which led to his removal from the position.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. Petrobras’ activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.
Murphy USA is valued at around $5.5 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has been revised upward over the past 60 days from $11.35 to $11.42.
Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 24.6%. MUSA stock has rallied around 71.4% in a year.
Devon Energy is valued at around $41.5 billion. The Zacks Consensus Estimate for Devon Energy’s 2022 earnings is projected at $7.61 per share, up about 115.6% from the projected year-ago earnings of $3.53.
Devon Energy beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 18.5%. DVN stock has rallied 207.9% in a year.
The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 115% over the past 60 days from $1.53 to $3.29 per share. PBF Energy’s stock has increased 121.4% in a year.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $3.39 per share, up about 231.6% from the projected year-ago loss of $2.50.
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Petrobras (PBR) Officially Confirms New CEO for One Year
Recently, Brazil’s state-owned energy company Petrobras (PBR - Free Report) officially appointed the former energy ministry official, Jose Mauro Coelho, as its chief executive officer for a year. The appointment came after Petrobras’ shareholders inducted Coelho as a board member of the company. This development concluded weeks of turmoil that resulted in a leadership gap at PBR, which the government struggled to address.
The new CEO vowed to maintain the company’s prevailing pricing policies, something that led to the ouster of his two predecessors. "Market prices are a necessary condition to create a competitive business environment, attract investment and new players, expand the country's infrastructure, and secure supply," he said.
Marcio Andrade Weber, a civil engineer who has been working for the government-owned company for the last 16 years, was elected as the chairman by shareholders.
Jose Mauro Coelho will be taking over the helm of affairs at Petrobras at a time when the rising fuel prices have become part of the political discourse in Brazil ahead of the elections due in October. Furthermore, he is set to be the third chief executive of the company under Brazilian President Jair Bolsonaro, who expects him to do a better job at disseminating public frustration over oil prices than his predecessors. The President stated that he wants someone who is more “professional” and better at communicating PBR’s price policies.
Coelho wasn’t Bolsonaro’s first pick for the CEO role. The president had set his sight on a well-known energy consultant for the position. However, he had to back out due to the potential conflict of interest issues.
Petrobras’ new CEO’s previous two predecessors were ousted amid public clashes with Bolsonaro over fuel prices. Ex-CEO Joaquim Silva e Luna mentioned that he came under political pressure to keep a check on the rising fuel prices, which led to his removal from the position.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. Petrobras’ activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.
Petrobras currently sports a Zacks Rank #1 (Strong Buy). Other similar-ranked stocks from the energy space that warrant a look include Murphy USA (MUSA - Free Report) , Devon Energy (DVN - Free Report) and PBF Energy (PBF - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy USA is valued at around $5.5 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has been revised upward over the past 60 days from $11.35 to $11.42.
Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 24.6%. MUSA stock has rallied around 71.4% in a year.
Devon Energy is valued at around $41.5 billion. The Zacks Consensus Estimate for Devon Energy’s 2022 earnings is projected at $7.61 per share, up about 115.6% from the projected year-ago earnings of $3.53.
Devon Energy beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 18.5%. DVN stock has rallied 207.9% in a year.
The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 115% over the past 60 days from $1.53 to $3.29 per share. PBF Energy’s stock has increased 121.4% in a year.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $3.39 per share, up about 231.6% from the projected year-ago loss of $2.50.