Petrobras Shares Rise on Split, Discovery Rumors
Shares of Brazil’s state-run oil company Petrobras had a good run Tuesday after shareholders approved a 2-1 split for its Brazil-traded shares, as well as its American Depositary Receipts (ADRs), effective April 25.
Petrobras shares in New York rose $5.40, or 5.5 percent, to $103 in afternoon trading.
The stock was also supported by rumors that Petrobras made another big oil discovery somewhere in Brazil. In November Petrobras announced discovery of the huge offshore Tupi field, which could hold up to 8 billion barrels of oil equivalent, and followed that up in January with the offshore Jupiter natural gas field discovery. Jupiter could be as big as Tupi in terms of equivalent.
Petrobras said it does not comment on rumors.
