Epstein Secrets

e funding gap This week's announcement of capex and opex cuts for 2015 and 2016 and last week's domestic fuel price increases are positive news for Petrobras, but we remain concerned with the company's challenge to roll over USD60bn and USD104bn of debt maturities in the next four and nine years, respect

plan by 2016 and kept its 2016 production guidance unchanged. The 30% capex reduction for 2016 was most likely above consensus -we were forecasting USD22bn for that year. The opex reduction is more difficult to reconcile with our estimates and general consensus due to the lack of disclosure on historic

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. We believe Petrobras has a very high chance of meeting its funding gap through 2017 without relying on direct government support We have revised our base-case cash flow

on direct government support We have revised our base-case cash flow forecasts and now assume lower capex (from USD27bn to USD25bn in 2015 and from USD22bn to USD19bn onwards), 2.0% CAGR of domestic E&P production (vs. 4.0%) and domestic fuel prices increasing by 6% p.a. with no restrictions (vs. 5% p.

e funding gap This week's announcement of capex and opex cuts for 2015 and 2016 and last week's domestic fuel price increases are positive news for Petrobras, but we remain concerned with the company's challenge to roll over USD60bn and USD104bn of debt maturities in the next four and nine years, respect

plan by 2016 and kept its 2016 production guidance unchanged. The 30% capex reduction for 2016 was most likely above consensus -we were forecasting USD22bn for that year. The opex reduction is more difficult to reconcile with our estimates and general consensus due to the lack of disclosure on historic