segunda-feira, 11 de março de 2013

Bloomberg ecoa resultados ruins da OGX e renova a questão do "E ai Eike, vai entregar"?

A Bloomberg acaba de noticiar os problemas de produção que causaram uma queda histórica no valor das ações da OG(X). Aproveitando o ensejo, a Bloomberg pontua algo que já se sabia, qual seja, o fato de que o acordo com o BTG Pactual de André Esteves daria apenas um refresco de curto prazo nos problemas vividos pelas empresas da franquia "X".

De quebra, a matéria da Bloomberg toca novamente no problema que hoje deve tirar o sono dos executivos e do dono do Grupo EBX.  O fato é que se não houver um aumento na produção, não haverá salvação. Com ou sem o BTG Pactual na equação.

Dai é que se pergunta: e ai Eike, vai entregar? 

OGX Falls on Unexpected Drop in Campos Production: Rio Mover

By Peter Millard & Juan Pablo Spinetto

OGX Petroleo e Gas Participacoes SA, the oil company of billionaire Eike Batista, slumped after an unexpected drop in offshore oil production, erasing last week’s rally.

OGX, based in Rio de Janeiro, fell 15 percent to 2.63 reais at 12:32 p.m. in Sao Paulo after declining as much as 20 percent to its lowest intraday level since the company was taken public. The stock, which was the most traded by value on Brazil’s Bovespa at 1.3 times its three-month daily average volume, led losses on the index, which fell 1 percent.

Yields on OGX’s $2.56 billion of bonds due in 2018 rose 16 percent to a record 11.91 percent.

Production at the company’s three offshore wells in the Campos Basin fell 14 percent to a combined 11,300 barrels a day in February, the company said in a presentation. Investors were expecting production to increase this year after the company connected a third well to the Tubarao Azul project in January, Oswaldo Telles, an equity analyst at Banco Espirito Santo SA (BES), said by phone from Sao Paulo.

Batista, 56, signed an agreement last week with billionaire Andre Esteves’ Grupo BTG Pactual (BBTG11) to co-run a strategic and financial management committee for his six publicly-traded companies after OGX fell 68 percent in 2012. BTG is the most profitable Brazilian bank and Esteves is the only Brazilian national on Bloomberg Markets Magazine’s 50 Most Influential list last year. OGX rallied 16 percent on March 7 after the deal was announced.

“There was a short-term relief when Eike announced a pact with BTG, and now people realize this pact is not a miracle,” Telles said. “Only one thing can bring expectations up: delivering on production.”

Targets Reduced

OGX in June cut targets at two wells by as much as 75 percent, triggering a stock selloff that wiped out 7.3 billion reais ($3.73 billion) in market value in a week. Five years after the oil startup raised 6.7 billion reais in an initial public offering by vowing to produce 730,000 barrels a day in 2015, OGX is still struggling to boost output at its offshore fields where the geology is more challenging than the company anticipated.

Banco Safra SA was expecting output at Tubarao Azul to rise to about 15,000 barrels a day after the company added the third well, analyst Leonardo Alves said today in a note to clients.