Petroleo Brasileiro S.A.?Petrobras, together with its subsidiaries, engages in the exploration, exploitation, and production of oil and gas, and energy in Brazil and internationally. The company operates in four segments: Exploration and Production, Supply, Gas and Energy, and Distribution. The Exploration and Production segment engages in the exploration, development, and production of oil, liquefied natural gas, and natural gas in Brazil; and sells petroleum and bye products produced in natural gas processing plants. The Supply segment involves in the refining, logistic, transportation, and sale of oil products, petroleum, and alcohol. It also holds interests in petrochemical companies and fertilizer plants. The Gas and Energy segment involves in the purchase, sale, and transportation of natural gas produced in or imported into Brazil. This segment also generates and distributes electric power; and holds interests in national gas transporters and distributors, and thermoelectric power stations. The Distribution segment distributes oil products, fuel alcohol, and compressed natural gas in Brazil. The company also engages in the exploration, production, supply, and distribution of oil and gas in the Americas, Africa, Europe, and Asia. Petroleo Brasileiro was founded in 1953 and is headquartered in Rio de Janeiro, Brazil.
Brazil’s state-controlled oil company Petrobras plans to save billions of dollars after completing a voluntary dismissal program to help reduce debt and adjust to lower oil prices. The dismissal plan ended on Aug. 31 with 11,704 employees signing up, Petrobras said in a statement Friday, adding that the numbers may change. It is in line with the offshore-producer’s original plan to save 33 billion reais ($10.2 billion) through 2020 by shedding 12,000 jobs. The initial severance cost is estimated at 4 billion reais, it said. Petrobras’s stock price has surged 94 percent this year after sinking to the lowest since 1999 in January. The company has slashed investments and kept domestic fuel prices stable amid the oil rout to improve cash flow and reduce the largest debt load in the industry. The administration of President Michel Temer has pledged to reduce government interference in the state-run producer and implement policies aimed at reducing costs and increasing competition in the industry. - Yahoo finance
