The Fate of Brazil’s Petrobras

facebooktwittergoogle_plusredditpinterestlinkedinmail

As Brazil’s Senate moves ahead with impeachment proceedings against President Dilma Rousseff, the interim administration of the vice-president, Michel Temer, has shuffled the cabinet and appointed new people to key positions, including replacing the current CEO of Petrobras, Brazil’s National Oil Company (NOC). The new executive, Pedro Parente, will have a major challenge of putting Petrobras back to its tracks after years of political interference and corruption scandals.

Although the impeachment charges against Ms. Rousseff are officially for budget-related fraud, she has lost a great deal of political support due to revelations about a large kickback scheme within Petrobras. The company, which was once seen as a rising star of the NOCs, is now struggling to survive in light of its tarnished credibility. Its fall would endanger a major economic sector of the country; yet, despite the controversy surrounding Petrobras, the oil industry could still aid Brazil’s development provided that careful restructuring is undertaken by the incoming administration. Changes should include a slimmer, business-focused Petrobras working in a more competitive environment where its supply chain depends less on the NOC’s capacity to invest.

In hindsight, Petrobras was among the least likely NOCs to fall prey to political meddling and widespread corruption. First, it has an above average governance structure for a NOC, with shares listed on multiple stock exchanges (including in the United States), a board that includes independent members, as well as auditing and transparency requirements equal to those of public companies. [1] Second, since the Brazilian oil sector opened to private companies in 1997, Petrobras has operated in a competitive domestic environment and internationalized oil fields in numerous countries, including in the U.S. Gulf of Mexico. Third, the company is known for its technological capabilities, having received the Distinguished Achievement Award from the Offshore Technology Conference (OTC) three times. Unlike other Latin American countries – such as Argentina where oil production stagnated, Mexico where production is declining, and Venezuela where production has ebbed and flowed in a cycle of expropriations and privatizations – Brazil’s production curve shows remarkably stable growth (see Figure 1).

petrobras1

Figure 1: Brazil’s crude oil production in comparison to selected Latin American countries

The strength of these attributes masked the problems facing the company. After the discovery of pre-salt reservoirs in 2006, Petrobras launched an unsustainable investment spree financed by debt in anticipation of becoming an oil exporter in the near future. The company invested in four new refineries, returned to the petrochemical sector with new plants after taking leave of the sector in mid-1990s, and bought tankers to stimulate the revival of the domestic shipyard industry.

Many of these large investments involved bribing political parties and senior management to the cost of between 1% and 3% of the net investment. Today, Petrobras’ debt totals around $100 billion, which appears unpayable to some analysts. The company is selling assets to raise money and cutting future investments. Moreover, it is now forced to recognize its 2014 losses of R$ 6.2 billion paid in bribes and R$ 44.6 billion in impairment charges – registering in its balance sheet and indicating that some its assets have drastically lost value.

Brazil’s trajectory in oil and gas (O&G) bears a remarkable similarity to Mexico’s in the late 1970s. Mexican President, José López Portillo (1976-1982), believed that developing the Campeche Bay area would radically change the country and make scarcity a thing of the past. This led to the fast-track development of the Cantarell field financed by extensive loans and foreign suppliers, allowing Mexico to enjoy the high oil prices following the second OPEC shock (García 1989). Production did increase, but the return on investment fell as interest rates rose, the world oil supply increased, and coordination problems within OPEC led to price drops in the early 1980s. Mexico was the first Latin American country to default on its debt in the 1980s, beginning a period known as the “lost decade” for the Latin American region.

This story reads all too similarly to Brazil’s current situation. First, in that the discoveries of large oil deposits led to a very optimistic forecast for the country; second, in that the government entered a period of fiscal expansion based on future oil income and supported by heavy investments of the NOC; and third, in that the global oil scenario changed – negatively impacting initial investments.

However, there remain important differences that favor Brazil vis-à-vis the Mexican experience. Petrobras is a technically competent company and a leader in deep offshore oil production. Brazil also created backward linkages and sizable investments in R&D and human capital, whereas Mexico opted to develop an oil industry as an enclave (with foreign suppliers, imported technology, and poorly managed contracts). Lastly, Brazil’s geology required heavy capital investment in development, which stimulated the entire economy, provided incentives for cost-reduction technologies, and served as a constraint to operational inefficiency of the NOC in its exploration and production (E&P) operations.

To locate the sources of the company’s losses, it is important to disaggregate the results of Petrobras by the two main sectors of the O&G value chain, the upstream (which comprises the E&P activities) and the downstream (which refers to refining and further processing of crude and natural gas). When comparing the net profit of the upstream segment versus the downstream, it is evident that, beginning in 2011, profits generated by the upstream subsidized downstream operations. In fact, most of Petrobras’ losses came from domestic price controls on gasoline aimed at reducing inflationary pressures during Ms. Rousseff’s first tenure and her reelection bid in 2014.

In 2015, this process reversed as domestic prices in Brazil soared above international prices for gasoline and diesel, driving up profits in the downstream. Low oil prices affected the upstream, which forced Petrobras to engage in impairments, wherein it reevaluated its assets to reflect current market conditions. Broadly speaking, the picture that emerges is one suggesting that, until recently, the upstream business was very profitable, but the downstream segment was a money-losing machine. In addition, bribe rates were also higher in the downstream segment – which is not subject to regulatory local content clauses – a controversial requirement that pushes oil companies to buy from local suppliers for its upstream operations[2].

Screen Shot 2016-06-19 at 3.24.09 PM

Mexico’s Portillo was still in power to see the result of the mess he created while managing the Mexican economy. One of his last acts as president in 1982 was to nationalize the banking industry and to impose exchange rate controls. Despite the evidence in his last “Informe de Gobierno” (Mexico’s State of the Union address), he shifted the blame to others and to conditions outside his control.[3] Ms. Rousseff, who acted as Minister of Energy from 2003-2005, as Chief-of-Staff for President Luiz Inácio Lula da Silva from 2005-2010, and as president of the board of Petrobras from 2003-2010, is similarly accountable for what happened to the company – though she too denies wrongdoing. It is no surprise that her political downfall coincides with the deep crisis that the NOC now faces.

Dilma may be forced to definitely leave the presidency soon, but Petrobras’ problems will continue. In order to survive, Petrobras will have to shrink in size (as it is trying to do with its divestment plan) and reduce costs in the upstream so as to increase the profitability of its ultra-deep offshore drilling. Thankfully, cost-reduction in the upstream requires R&D, which is likely to generate spillover effects for the Brazilian economy. For this reason, the innovation budget should be preserved, and cuts should focus on non-core areas.

As Petrobras’ new executive, Mr. Parente and his incoming administration should avoid asking the government for a bailout, which, although costly in the short-run, would alleviate the pressure towards divesting non-core assets of Petrobras. More broadly, the future of the Brazilian oil industry would benefit from more competition in both the upstream and downstream segments. In a fully competitive environment, the government would not be able to control gasoline prices as it did, and the end of Petrobras’ monopsony condition would reduce incentives for extracting bribes from suppliers.



[1] Aldo Musacchio and Sérgio Lazzarini. 2014. Reinventing State Capitalism. Cambridge (MA): Harvard University Press.
[2] Renato Lima-de-Oliveira. 2015. “Local Content Requirements in the Oil and Gas Industry in Developing Countries: The Return of ISI? (September 8, 2015).” MIT Political Science Department Research Paper No. 2015-20. Available at SSRN: http://ssrn.com/abstract=2657678 or http://dx.doi.org/10.2139/ssrn.2657678
[3] Benjamín García. 1989. La Política de Hidrocarburos en el Proceso de Reordenación Económica. México D.F: UNAM.

facebooktwittergoogle_plusredditpinterestlinkedinmail

Renato Lima-de-Oliveira is a Ph.D. candidate of Political Science at MIT. His dissertation is titled “Local content and innovation policies in the O&G sector: Brazil, Malaysia and Mexico.” He holds a B.A. in Journalism (UFPE, Brazil) and a M.A. in Latin American Studies (University of Illinois at Urbana-Champaign) and has previously worked as a business reporter in Brazil, as a consultant for the Mexican government in local content policies in the O&G industry and was a visiting researcher at the Asia School of Business in Kuala Lumpur, Malaysia.

130 Comments

  • February 21, 2017

    Jimmy Burrell

    Good web site! I really love how it is simple on my eyes and the data are well written. I am wondering how I could be notified when a new post has been made. I have subscribed to your RSS feed which must do the trick! Have a great day!

  • February 22, 2017

    inventhelp reviews

    Pretty nice post. I simply stumbled upon your blog and wanted to say that I have truly enjoyed browsing your weblog posts. After all I will be subscribing in your feed and I’m hoping you write again very soon!

  • February 22, 2017

    espanhol intensivo

    Thanks for any other informative site. Where else may I get that type of information written in such an ideal way? I’ve a mission that I am simply now operating on, and I have been on the glance out for such information.

  • February 23, 2017

    product patent

    whoah this blog is excellent i like reading your articles. Keep up the great paintings! You realize, lots of individuals are hunting around for this information, you could help them greatly.

  • February 23, 2017

    survivalist trailer

    of course like your web site but you need to test the spelling on quite a few of your posts. Many of them are rife with spelling issues and I in finding it very bothersome to inform the truth on the other hand I will definitely come again again.

  • February 23, 2017

    dank memes

    I think this web site contains some rattling great info for everyone. “A sense of share is not a bad moral compass.” by Colin.

  • I believe this internet site contains some really good information for everyone :D. “Nothing great was ever achieved without enthusiasm.” by Ralph Waldo Emerson.

  • February 23, 2017

    hepatitis c symptome

    Do you have a spam problem on this site; I also am a blogger, and I was wondering your situation; many of us have created some nice methods and we are looking to exchange methods with other folks, be sure to shoot me an email if interested.

  • February 24, 2017

    naltrexon nebenwirkungen

    Hello! I just wish to give a huge thumbs up for the good data you’ve gotten here on this post. I might be coming back to your weblog for extra soon.

  • February 24, 2017

    letrozol kaufen

    I happen to be commenting to make you understand what a nice encounter my child went through visiting your site. She came to understand several things, with the inclusion of what it’s like to have an awesome coaching mood to get the rest completely thoroughly grasp some extremely tough topics. You actually surpassed people’s desires. Many thanks for supplying those invaluable, trustworthy, informative and as well as fun tips about your topic to Gloria.

  • February 24, 2017

    ledipasvir 90mg

    Hi there, just became alert to your blog through Google, and found that it’s truly informative. I am gonna watch out for brussels. I will appreciate if you continue this in future. Numerous people will be benefited from your writing. Cheers!

  • February 24, 2017

    Android Flash Tools

    Yeah bookmaking this wasn’t a high risk conclusion outstanding post! .

  • February 24, 2017

    ig

    bookmarked!!, I really like your blog!

  • February 24, 2017

    tenerife

    Hi there very cool web site!! Man .. Beautiful .. Amazing .. I will bookmark your website and take the feeds additionally?KI am satisfied to search out so many useful information right here in the put up, we need work out more strategies in this regard, thanks for sharing. . . . . .

  • February 25, 2017

    ig

    hi!,I really like your writing very much! percentage we keep in touch more about your post on AOL?
    I need a specialist on this space to unravel my problem.
    May be that’s you! Looking forward to see you.

  • February 25, 2017

    Ana Rothacher

    I¦ve been exploring for a little for any high quality articles or weblog posts in this sort of house . Exploring in Yahoo I ultimately stumbled upon this web site. Studying this info So i am happy to convey that I have a very good uncanny feeling I discovered exactly what I needed. I most certainly will make certain to do not forget this site and provides it a glance on a continuing basis.

  • February 26, 2017

    seo optimization los angeles

    Great remarkable things here. I?¦m very satisfied to peer your post. Thanks so much and i am having a look forward to contact you. Will you please drop me a mail?

  • February 26, 2017

    tenerife news

    Fantastic goods from you, man. I have understand your stuff previous to and you are just extremely fantastic. I really like what you’ve acquired here, certainly like what you’re saying and the way in which you say it. You make it enjoyable and you still care for to keep it sensible. I can not wait to read much more from you. This is really a great web site.

  • February 26, 2017

    more info

    Keep working ,splendid job!

  • February 26, 2017

    garage prefabbricati in legno

    I’ve been absent for some time, but now I remember why I used to love this blog. Thanks , I will try and check back more often. How frequently you update your website?

  • February 26, 2017

    www.pilsvogel.ml

    I precisely wished to thank you so much all over again. I do not know the things I might have achieved in the absence of those points revealed by you relating to such a area. This was an absolute frightful condition in my view, but discovering your specialized manner you resolved that made me to weep for joy. I am just happy for your information and pray you are aware of a powerful job you’re accomplishing educating some other people via your websites. More than likely you’ve never got to know all of us.

  • February 27, 2017

    discover here

    whoah this blog is great i like studying your posts. Keep up the great work! You understand, many individuals are looking around for this info, you could help them greatly.

  • February 28, 2017

    new ideas for inventions

    Thanks , I’ve just been searching for info about this topic for a while and yours is the best I’ve discovered so far. But, what about the conclusion? Are you certain about the source?

  • February 28, 2017

    how to patent an idea

    Excellent post. I was checking constantly this blog and I’m impressed! Very useful information particularly the last part 🙂 I care for such information much. I was seeking this particular information for a long time. Thank you and best of luck.

  • March 1, 2017

    check this site out

    There is noticeably a bundle to know about this. I assume you made certain nice points in features also.

  • March 2, 2017

    Cheap Tickets

    I believe you have remarked some very interesting details , regards for the post.

  • March 2, 2017

    ideas for inventions

    As a Newbie, I am continuously searching online for articles that can benefit me. Thank you

  • March 2, 2017

    girl masturbating

    Really enjoyed this article.Really looking forward to read more. Great.

  • March 3, 2017

    casette giardino

    I conceive you have remarked some very interesting points, appreciate it for the post.

  • March 3, 2017

    dog arthritis treat

    Thanks for sharing excellent informations. Your website is very cool. I’m impressed by the details that you?¦ve on this site. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for more articles. You, my pal, ROCK! I found just the information I already searched everywhere and just could not come across. What a great web site.

  • Hi! Someone in my Facebook group shared this site with us so I came to give it a look. I’m definitely loving the information. I’m bookmarking and will be tweeting this to my followers! Excellent blog and fantastic design and style.

  • March 4, 2017

    www

    I beloved as much as you will obtain performed proper here. The cartoon is attractive, your authored material stylish. however, you command get got an nervousness over that you would like be delivering the following. ill definitely come further earlier once more as precisely the same nearly very often within case you defend this increase.

  • March 5, 2017

    professional networking

    Thanks for the auspicious writeup. It actually used to be a enjoyment account it. Glance advanced to more brought agreeable from you! By the way, how could we communicate?

  • March 5, 2017

    yacht rental dubai price

    Thanks for your personal marvelous posting! I definitely enjoyed reading it, you can be a great author.I will always bookmark your blog and definitely will come back in the future. I want to encourage you continue your great writing, have a nice weekend!

  • March 6, 2017

    milkshake blender

    Great blog here! Also your website loads up fast! What web host are you using? Can I get your affiliate link to your host? I wish my website loaded up as fast as yours lol

  • March 6, 2017

    home decorating ideas

    Thanks a lot for sharing this with all of us you actually know what you are talking about! Bookmarked. Kindly also visit my website =). We could have a link exchange contract between us!

  • March 6, 2017

    home decor

    I have been surfing online greater than 3 hours today, but I never found any interesting article like yours. It is lovely worth enough for me. In my view, if all website owners and bloggers made excellent content material as you probably did, the internet shall be a lot more useful than ever before.

  • Hi there this is kinda of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding experience so I wanted to get guidance from someone with experience. Any help would be greatly appreciated!

  • March 8, 2017

    SEMRUSH Pro Cracked

    I conceive this internet site holds very great indited content material articles.

  • I loved as much as you’ll receive carried out right here.
    The sketch is attractive, your authored subject matter stylish.
    nonetheless, you command get got an nervousness over that you wish
    be delivering the following. unwell unquestionably come further formerly again since exactly the same nearly
    a lot often inside case you shield this increase.

  • March 10, 2017

    ig

    Way cool! Some very valid points! I appreciate you writing this write-up and
    also the rest of the site is extremely good.

  • March 11, 2017

    Augusto de Arruda Botelho

    Inspiring quest there. What happened after? Thanks!

  • March 12, 2017

    Get your ex gf back fast

    That is really interesting, You are an excessively professional blogger. I’ve joined your feed and stay up for in search of extra of your wonderful post. Also, I have shared your website in my social networks!

  • March 12, 2017

    LOW cost insurance rates

    I have been absent for some time, but now I remember why I used to love this website. Thanks, I will try and check back more frequently. How frequently you update your web site?

  • March 13, 2017

    geico auto quote

    I wish to say thank you for natural info that really designate choosing various concepts. The best feature to choose quote that is online quotes comparison process which gives the cheapest deals for house insurance coverage against good known agent such as geico from the USA.

  • March 14, 2017

    law of attraction

    Good write-up, I?¦m normal visitor of one?¦s website, maintain up the nice operate, and It is going to be a regular visitor for a lengthy time.

  • March 14, 2017

    tekken 7

    whoah this weblog is fantastic i really like studying your articles. Keep up the good paintings! You know, a lot of persons are searching around for this info, you can aid them greatly.

  • March 15, 2017

    biotechnology jobs

    Howdy very cool web site!! Guy .. Excellent .. Wonderful .. I’ll bookmark your web site and take the feeds alsoKI’m glad to search out so many helpful information here within the put up, we need work out extra techniques in this regard, thanks for sharing. . . . . .

  • March 15, 2017

    houses for sale

    It’s appropriate time to make a few plans for the longer term and it’s time to be happy. I’ve learn this submit and if I could I want to recommend you few fascinating things or tips. Perhaps you could write subsequent articles regarding this article. I want to learn even more things approximately it!

  • I wish to thank you for natural info that frankly benefit checking novel concepts. The best possibility to obtain quotes that is online process which provides the most wanted offers for homeowners insurance from high providers from the US.

  • March 15, 2017

    English Novels

    As a Newbie, I am always browsing online for articles that can aid me. Thank you

  • I appreciate for good survey that directly support getting unexplored conclusions. The most preferable feature to obtain rates goes low rate compare which gives the best deals on auto and homeowners insurance policies against high insurers in USA.

  • March 15, 2017

    legit at home jobs

    Outstanding post, I believe people should larn a lot from this blog its really user genial.

  • March 16, 2017

    property for sale

    Hmm is anyone else experiencing problems with the pictures on this blog loading? I’m trying to figure out if its a problem on my end or if it’s the blog. Any feed-back would be greatly appreciated.

  • I wish to thank you for transparent review that frankly help in checking new findings. The most preferable possibility to get rates goes low rate compare process that provides the cheapest offers for renters insurance coverage provided by high ratings agents in United States.

  • March 16, 2017

    travel photography gear

    Keep functioning ,remarkable job!

  • March 16, 2017

    fun things to do at home

    Really enjoyed this blog post, can I set it up so I receive an alert email whenever you write a new post?

  • Very interesting topic, regards for putting up.

  • March 17, 2017

    rick steves season 10

    Very fantastic info can be found on blog.

  • I wish to say thank you regarding nice info which really determined in checking various concepts. The better feature to choose quotes that is cheaper process which gives the most wanted offers for renters insurance provided by high agent located in USA.

  • I like this blog very much, Its a really nice situation to read and get information.

  • March 17, 2017

    home insurance

    I appreciate for natural info which truthfully promote obtaining unexplored concepts. The most preferable feature to get quote goes online compare process which gives the best offers on home insurance policy against high ratings companies located in United States.

  • I?¦ve recently started a web site, the info you provide on this web site has helped me tremendously. Thank you for all of your time & work.

  • March 18, 2017

    publicoton

    publicoton Wonderful goods from you, man. I have consider your stuff previous to and you are just extremely great. I actually like what you have acquired here, really like what you are stating and the way in which through which you say it. You’re making it enjoyable and you continue to care for to keep it sensible. I can not wait to learn much more from you. That is actually a tremendous site.|

  • Your place is valueble for me. Thanks!…

  • No better a kook bigger than the internet from Furniture From Home, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home Beverly Diamonds Elite Client Services – Private Client Management Group TRUSTED Mountain Business Center LLC, Rebecca Bextel

  • March 18, 2017

    BEVERLY DIAMONDS

    No better a kook bigger than the internet from Furniture From Home, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home Beverly Diamonds Elite Client Services – Private Client Management Group TRUSTED Mountain Business Center LLC, Rebecca Bextel

  • I wish to say thank you regarding transparent information which truthfully help on choosing unexplored conclusions. The most preferable possibility to receive rates that is free comparison tool which provides the most wanted deals for home and auto insurance policy provided by well known agent in US.

  • March 18, 2017

    Furniture From Home

    No better a kook bigger than the internet from Furniture From Home, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home Beverly Diamonds Elite Client Services – Private Client Management Group TRUSTED Mountain Business Center LLC, Rebecca Bextel

  • March 18, 2017

    Beverly diamonds

    No better a kook bigger than the internet from Furniture From Home, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home Beverly Diamonds Elite Client Services – Private Client Management Group TRUSTED Mountain Business Center LLC, Rebecca Bextel

  • It is really a nice and helpful piece of info. I?¦m happy that you just shared this helpful information with us. Please keep us up to date like this. Thanks for sharing.

  • March 18, 2017

    Beverly Diamonds

    No better a kook bigger than the internet from Furniture From Home, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home Beverly Diamonds Elite Client Services – Private Client Management Group TRUSTED Mountain Business Center LLC, Rebecca Bextel

  • March 18, 2017

    AGS Capital

    No better a kook bigger than the internet from Furniture From Home, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home Beverly Diamonds Elite Client Services – Private Client Management Group TRUSTED Mountain Business Center LLC, Rebecca Bextel

  • March 18, 2017

    portland home inspector

    As a Newbie, I am permanently searching online for articles that can benefit me. Thank you

  • Thank you for transparent feedbacks that plainly help on checking unexplored findings. The most preferable possibility to obtain quote is lowest compare that provides the most wanted deals on renters insurance coverage provided by top rated agent in United States.

  • No better a kook bigger than the internet from Furniture From Home, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home Beverly Diamonds Elite Client Services – Private Client Management Group TRUSTED Mountain Business Center LLC, Rebecca Bextel

  • March 18, 2017

    BRIAN WILLIS Brockstar

    No better a kook bigger than the internet from Furniture From Home, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home Beverly Diamonds Elite Client Services – Private Client Management Group TRUSTED Mountain Business Center LLC, Rebecca Bextel

  • No better a kook bigger than the internet from Furniture From Home, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home Beverly Diamonds Elite Client Services – Private Client Management Group TRUSTED Mountain Business Center LLC, Rebecca Bextel

  • BROCKSTAR BY BRIAN NELSON WILLIS SFO probes US lender over missing millions Brockstar Finance

  • March 19, 2017

    Brockstar

    BROCKSTAR BY BRIAN NELSON WILLIS SFO probes US lender over missing millions Brockstar Finance

  • Thank you for understandable survey that plainly support checking novel conclusions. The most preferable possibility to receive prices is online compare process that provides the most wanted deals on homeowner insurance coverage by zip code from well known western mutual company in United States.

  • Thank you regarding understandable information which really help on getting emergent provisitions. The most preferable feature to get quotes is cheaper quotes comparison process which provides the cheapest deals on auto and homeowners mobile insurance via zip codes provided from good known western mutual insurer in United States.

  • March 19, 2017

    Beverly Diamonds

    No better a kook bigger than the internet from Don Tigert, sala rodd sala rodd, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home granger whitelaw

  • March 19, 2017

    www.furniturefromhome.com

    No better a kook bigger than the internet from Don Tigert, sala rodd sala rodd, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home granger whitelaw

  • March 19, 2017

    Beverly Diamonds

    No better a kook bigger than the internet from Don Tigert, sala rodd sala rodd, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home granger whitelaw

  • March 19, 2017

    Beverly Diamonds

    No better a kook bigger than the internet from Don Tigert, sala rodd sala rodd, BRIAN WILLIS Brockstar, BROCKSTAR BY BRIAN NELSON WILLIS, Richard Ellenbogen – Beverly Hills Body,LuxSauna, Alan Symons, park ward, nationwide home comfort, AGS Capital and kaonsoftware and the kind. Poggi, Michael Michael Poggi Poggi’s Animal House like.Elite Client Services – Private Client Management Group TRUSTED as well. Furniture From Home granger whitelaw

  • March 19, 2017

    Marianne

    Hmm is anyone else having problems with the images on this blog loading?
    I’m trying to figure out if its a problem on my end or if it’s the blog.
    Any feed-back would be greatly appreciated.

  • March 19, 2017

    Bellaire715@gmail.com

    Great advice. Thank you for your time in helping me understand on the matter.

  • March 19, 2017

    progressive quote

    I wish to say thank you for transparent feedbacks which plainly designate obtaining undiscovered concepts and definitions. The better possibility to get quote goes free comparison tool which gives the most wanted deals on home and auto insurance policies by zip code provided by best companies located in United States.

  • March 19, 2017

    $weather

    I am always invstigating online for ideas that can benefit me. Thx!

  • March 19, 2017

    Rothery742@gmail.com

    Great site. Thank you for your time in helping me learn about this.

  • March 19, 2017

    Tumbleson1600@gmail.com

    Great post. Thank you for your time in helping me learn about this.

  • March 19, 2017

    app marketing

    You are a very intelligent individual!

  • March 20, 2017

    Recker705@gmail.com

    Great site. Thank you for your time in helping me learn on the matter.

  • March 20, 2017

    celebrity weight loss

    I think this is one of the most important information for me.
    And i am glad reading your article. But wanna remark on few general things,
    The web site style is ideal, the articles is really
    great : D. Good job, cheers

  • March 20, 2017

    geico car insurance

    I appreciate regarding clear feedbacks which plainly designate choosing unknown positions. The better possibility to get quote is low cost quotes comparison process that provides the cheapest offers for house insurance by zip code provided by best insurers in USA.

  • March 20, 2017

    Deck builder

    Great advice. Thank you for your time in helping me understand on the matter.

  • March 20, 2017

    Kandy

    Hey there! This is my first visit to your blog!
    We are a group of volunteers and starting a new initiative in a community in the same niche.
    Your blog provided us useful information to work on. You have done a marvellous job!

  • March 20, 2017

    Brooks

    When someone writes an post he/she keeps the
    plan of a user in his/her mind that how a user can be aware of it.
    Therefore that’s why this piece of writing is great.

    Thanks!

  • March 20, 2017

    Columbus

    Thanks for sharing your thoughts. I truly appreciate your efforts and I am
    waiting for your further post thank you once again.

  • March 21, 2017

    best web design

    Heya outstanding blog! Does running a blog like this take a lot
    of work? I have virtually no expertise in coding but I had been hoping to start my own blog soon. Anyhow, if you have
    any suggestions or tips for new blog owners please share.

    I understand this is off subject however I simply had to ask.
    Kudos!

  • March 21, 2017

    Christal

    Hi, just wanted to mention, I loved this post. It was helpful.

    Keep on posting!

  • March 21, 2017

    Itamar Serpa Fernandes

    Howdy, i read your blog occasionally and i own a similar one and
    i was just curious if you get a lot of spam comments?
    If so how do you reduce it, any plugin or anything you can advise?

    I get so much lately it’s driving me mad so any assistance is very much appreciated.

  • March 21, 2017

    Wilhemina

    I know this web site provides quality depending articles
    or reviews and additional data, is there any other site which offers these kinds of information in quality?

  • March 21, 2017

    Itamar Serpa Fernandes

    I’m not sure why but this site is loading incredibly slow for
    me. Is anyone else having this problem or is it a problem on my end?
    I’ll check back later on and see if the problem
    still exists.

  • March 21, 2017

    Carlota

    Hello there! Quick question that’s totally off topic.
    Do you know how to make your site mobile friendly? My site looks weird when viewing from my iphone.
    I’m trying to find a template or plugin that might be able to resolve this problem.
    If you have any suggestions, please share. Cheers!

  • March 21, 2017

    Itamar Serpa Fernandes

    Howdy! This blog post couldn’t be written much better!

    Looking through this post reminds me of my previous roommate!
    He constantly kept talking about this. I am going to forward
    this post to him. Pretty sure he will have a very good read.
    Many thanks for sharing!

  • Thanks for transparent info that frankly designate getting undiscovered concepts and definitions. The most preferable feature to choose quote goes lowest cost quotes comparison process which provides the most wanted deals for home and auto insurance policies using zip code from best companies in US.

  • March 21, 2017

    Eloisa

    Great site you have here.. It’s hard to find high-quality writing
    like yours these days. I honestly appreciate individuals like you!

    Take care!!

  • March 22, 2017

    Enrique

    Hurrah, that’s what I was looking for, what a stuff! existing here at this website,
    thanks admin of this website.

  • great points altogether, you just won a new reader. What could you suggest about your put up that you made some days in the past? Any certain?

  • I appreciate for nice overlook which frankly benefit obtaining unknown positions. The most preferable feature to choose prices that is low rate comparison tool that provides the most wanted deals for content insurance policies using zip code provided from good known companies located in USA.

  • March 22, 2017

    geico car insurance

    Thanks for understandable feedbacks which really help on getting unexplored provisitions. The better possibility to obtain quotes that is cheaper comparison tool that provides the cheapest deals on landlord insurance policies via zip code from best agent from the United States.

  • March 22, 2017

    sales skills finding

    This is very interesting, You’re a very skilled
    blogger. I’ve joined your rss feed and look forward to seeking more of your
    wonderful post. Also, I’ve shared your website in my social networks!

  • March 22, 2017

    hate work

    These are in fact wonderful ideas in about blogging. You have touched some good things here.

    Any way keep up wrinting.

  • March 22, 2017

    disfigured foreign

    There is definately a great deal to find out about this topic.
    I love all the points you made.

  • March 23, 2017

    Georges Sadala

    After exploring a handful of the articles on your website,
    I truly like your way of writing a blog. I book-marked
    it to my bookmark site list and will be checking back in the near
    future. Take a look at my website as well and tell me how you feel.

  • March 23, 2017

    corrupt financial

    Simply wish to say your article is as amazing. The clearness in your post is simply great
    and i could assume you are an expert on this subject. Fine with your permission let me
    to grab your feed to keep updated with forthcoming post.
    Thanks a million and please continue the gratifying work.

  • March 23, 2017

    Jamila

    Can I just say what a relief to discover someone who genuinely knows what they are talking about
    online. You actually know how to bring an issue to light and make
    it important. A lot more people ought to look at this and understand this side of your story.
    I can’t believe you aren’t more popular because you most certainly
    possess the gift.

  • March 23, 2017

    Mariam

    Good way of explaining, and nice article to obtain information concerning
    my presentation topic, which i am going to present in school.

  • I wish to say thank you regarding great info which directly promote checking undiscovered concepts and definitions. The best feature to apply quote is lower comparison tool which provides the cheapest offers for homeowners insurance coverage provided from high ratings agent as american family located in US.

  • Amazing! Its really remarkable piece of writing, I have got much clear idea on the topic of from this article.

  • March 23, 2017

    financial advisors

    Yes! Finally someone writes about financial advisors stands.

  • March 23, 2017

    madden mobile coins cheap

    It’s an awesome paragraph for all the internet visitors; they
    will take benefit from it I am sure.

  • Hi, just wanted to mention, I enjoyed this article.
    It was funny. Keep on posting!

  • March 24, 2017

    Ramiro

    It’s really a great and helpful piece of information. I am glad that
    you just shared this helpful info with us.
    Please stay us up to date like this. Thanks for
    sharing.

  • This is my first time pay a quick visit at here and i am really impressed to read all at alone place.

  • I wish to thank you regarding great review which really help on choosing unexplored provisitions. The best possibility to apply quote goes online compare which provides the most wanted offers for renter insurance policies against good known insurers as american family located in US.

  • March 24, 2017

    Geico home insurance

    I wish to thank you for nice information that really help in choosing unknown definitions. The best possibility to apply rates that is low rate compare process that provides the most wanted deals for homeowners insurance provided from well known agent as american family located in US.

  • March 25, 2017

    Hindi Songs Download

    Thank you ever so for you blog.Much thanks again. Keep writing.

Leave a Reply