Petrobras Magazine

Petrobras has surpassed its previously held 11th position in the ranking of the major open capital oil and gas companies, which was determined according to the PFC Energy 50 ranking based on 2006 year-end market values. In the ranking published in January, 2008, in the Financial Times and based on 2007 year-end market values, the consulting company PFC Energy placed the Petrobras in sixth place, ahead of British Petroleum, Total, Chevron, and Conoco Phillips. The ranking highlights the improved position of the Brazilian company and states that there was a 93% increase in the value of Petrobras’ shares, with its market value at year-end totaling U$241.7 billion. According to the consulting company, the excellent performance is due to the announcement by Petrobras of significant discoveries of oil and gas deposits in the pre-salt layer in Brazilian waters and to the growth of the company, which, because it is partially state-owned, enjoys greater access to world gas and oil reserves. The published ranking does not include all state-owned companies in the gas and petroleum sector, since many of them are closed-capital enterprises, as Pemex, PDVSA, and Saudi Aramco.

Some years ago it would have been difficult to imagine that Petrobras’ market value would surpass that of the American company Microsoft. Times have changed. In May 2008, the Brazilian company’s market value, according to the information published in the news media worldwide, was US$ 295.6 billion, surpassing that of Microsoft (US$ 274 billion) and that of the Industrial and Commercial Bank of China Ltd. (US$ 289.3 billion). This figure places Petrobras as the third biggest company by market value in the Americas, surpassed only by Exxon Mobil Corp. and General Electric Co., and the sixth in the world. These results were earned by Petrobras’ good operational and financial performance, the company’s good prospects for growth, the oil and gas discoveries made in the pre-salt layer, and the market’s acknowledgement of Petrobras’ qualities. The increase in the company stockholders’ net worth and the liquidity of its shares and ADRs traded on the São Paulo and New York stock exchanges, respectively, is further evidence of this acknowledgement. The company is grateful for the vote of confidence.