[snap]: Batista’s OGX suffers another downgrade
Looks like that potential Petrobras tie-up couldn’t be coming soon enough.
Moody’s on Tuesday downgraded OGX Petroleo e Gas Participacoes, Eike Batista’s flagship oil company, citing low production flows and concerns over tightening liquidity. Continue reading »
Petrobras: throwing Eike Batista a lifeline?
“This is business, not aid.”
So said Maria das Graças Foster, chief executive of Petrobras, as she announced that the state-controlled oil major is in talks with billionaire Eike Batista’s beleaguered EBX group about a potential tie-up. Continue reading »
Another thumbs down for OGX
The bad news just keeps on coming for OGX Petróleo e Gas Participações, the fledgling oil company owned by Brazilian billionaire Eike Batista.
Having already tired the patience of both its shareholders and bondholders, it’s now the turn of Standard & Poor’s to throw its hands up at the company.
The rating agency on Thursday cut its ratings on OGX from B to B-, taking it six notches below investment grade. Continue reading »
Eike Batista’s OGX: trashed
It’s been a year to forget so far for Eike Batista, the Brazilian billionaire who once boasted that he would soon be the richest man in the world.
Shares of companies in his EBX group have taken a pounding. And now, even bondholders appear to be jumping ship. Continue reading »
OGX defies the bears
The last company one might expect to be in acquisition mode is OGX Petróleo e Gas Participações. Readers will recall that OGX, the flagship company of Brazilian billionaire Eike Batista (pictured), disappointed investors in June when it drastically revised down its initial production forecasts.
Since then, things have not improved much. Yet OGX this week announced it is paying $270m to Brazilian oil monolith Petrobras for a 40 per cent stake in a block in the Santos Basin. Continue reading »
[snap]: OGX CEO Mendonca resigns after share slide
The heads have started rolling at OGX.
After its shares slumped 40 per cent in just two days, the oil exploration company that is majority owned by Brazilian billionaire Eike Batista, said late Thursday that its chief executive Paulo Mendonca has “resigned”. Continue reading »
[snap]: OGX shares plunge 25 per cent
Eike Batista, Brazil’s richest man, just got a little bit poorer. Shares in OGX, the oil exploration and production company in which he holds a 61 per cent stake, fell by as much as 30 per cent on Wednesday after issuing a disappointing production forecast.
The stock recovered to close down 25 per cent to R$6.25 but that still translates into a R$6.9bn ($3.3bn) drop in market capitalisation. Ouch. Continue reading »
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