Petrobras (PBR) Stock: Gaining On Partnership Interest From Exxon Mobil (XOM)

Petrobras (NYSE: PBR)

Petrobras is having a strong start to the day in the market today, and for good reason. The company’s CEO announced that Exxon Mobil (XOM) has expressed interest in a partnership with the Petrobras. As a result, investor excitement ensued, leading to gains in the value of the stock and prompting our partners at Trade Ideas to send the alert. Currently (9:40), PBR is tradinga t $10.08 per share after a gain of $0.14 per share or 1.36% thus far today.

XOM Expresses Interest In A PBR Partnership

As mentioned above, Petrobras is having a strong day in the market today after announcing that it has received strong interest with regard to exploring deep-water oil fields off of the coast of Brazil. The CEO at PBR, Pedro Parente had the following to offer with regard to the news…

Considering movements towards a strategic parntership, we have nothing concrete with Exxon, but they have certainly expressed strong interest in the Brazilian pre-salt exploration.

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on both PBR and XOM. Of course, if a partnership happens and the exploration goes underway, there will be tremendous potential value for both companies. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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[Image Courtesy of Wikimedia]

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