UPDATE 1-Brazil's Petrobras to spend $320 mln to hedge part of oil output [Reuters]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Reuters
Brazil's Petrobras to spend $320 million to hedge part of oil output SAO PAULO (Reuters) - Brazil’s state-owned oil company Petroleo Brasileiro SA said on Friday it was spending $320 million on put options hedging part of its output at $60 per barrel considering Brent prices, in a move to lock in some of this year’s price gains. “The strategy is to hedge the export operations expected for the year, that way partially protecting the company’s operational cash flow,” the company said in a securities filing. The options expire by the end of the year. Brent crude futures hovered around $67 per barrel in international markets on Friday. Oil futures for 2019 and 2020 have soared some 20 percent to their highest levels this year. The filing confirmed a Reuters report this week that said Petrobras, as the company is known, was hedging oil at $60. The put options give Petrobras the right to deliver oil at $60, but not the obligation to do so. If prices remain above that level, the company can
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