Why ExxonMobil's Guyana Success May Have Hurt Petrobras
Oil is a big business with even bigger money attached. That's why governments that control oil assets are eager to auction them off to the highest bidder in the hopes of getting a major payout.
But Brazil's recent oil block auction didn't go as planned, and that's not good for the state-controlled Petroleo Brasilio (NYSE: PBR), usually abbreviated as Petrobras. The company and its investors were hoping for a large payday from a change in how the Brazilian government managed its oil, coupled with some big bids from oil companies like ExxonMobil (NYSE: XOM).
The Nov. 6 auction, though, was a bust. Here's what investors need to know.
Source Fool.com
