Key Facts
—Braskem loss. R$1.07 billion (US$189 million) in Q3, against a R$3.33 billion (US$589 million) profit in Q2.
—Debt due. R$52.4 billion (US$9.27 billion) of Braskem borrowings is now classed as due within a year.
—Debt plan. Braskem has not said whether creditors have backed its out-of-court restructuring plan.
—Ecopetrol. Colombia’s oil company Ecopetrol is negotiating a 10-year Venezuelan gas contract; first phase 50 million cubic feet daily.
—StoneCo. Brazilian payments firm StoneCo’s adjusted net income fell 15.5% to R$542.1 million (US$96 million).
—Power Index. Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
Braskem, a Brazilian resin maker, lost R$1.07 billion (US$189 million) in the third quarter and has not said whether creditors have agreed a debt deal.
In Plain English
- Braskem: A Brazilian resin producer whose receipts trade in New York as BAK, is trying to restructure its debt.
- Ecopetrol: Colombia’s state-controlled oil company, which wants to buy gas from Venezuela’s state oil company PDVSA.
- OFAC: The US Treasury’s sanctions office, which must grant a licence before Ecopetrol can advance the pipeline step.
- Out-of-court restructuring: A plan to reshape debts that needs backing from creditors holding more than half of the claims it covers, without a full bankruptcy.
Why Braskem Lost US$189 Million in the Third Quarter
Braskem lost R$1.07 billion (US$189 million) attributable to shareholders in the third quarter, and it has not said whether creditors have accepted its debt restructuring plan. The company, which calls itself the largest resin producer in the Americas, published its results on Thursday 12 November 2026.
The loss compares with a profit of R$3.33 billion (US$589 million) in the second quarter and a loss of R$26 million a year earlier. Braskem blamed narrower spreads, the gap between product prices and raw material costs.
Net revenue rose 13% to R$19.58 billion (US$3.46 billion), but the net financial result was a loss of R$1.61 billion (US$284 million).
Adjusted net debt was US$9.9 billion, and leverage, the ratio of debt to earnings, stood at 6.36 times. Auditor Deloitte noted a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern, meaning to stay in business.
Borrowings of R$52.4 billion (US$9.27 billion) are now classed as due within a year because of breaches of covenants, the conditions attached to loans.
How Ecopetrol Plans to Buy Venezuelan Gas
Ecopetrol, Colombia’s state-controlled oil company, is negotiating a 10-year contract to buy natural gas from Venezuela’s state oil company PDVSA, its president Joaquín Gutiérrez said on Friday 13 November 2026. He made the announcement during an investor call.
Gutiérrez called the expected price very competitive and well below current market levels, but no price, benchmark or closing date has been disclosed. The first phase would be 50 million cubic feet per day, about 5% of national gas consumption, according to Ecopetrol’s estimate.
Ecopetrol will ask PDVSA to let it operate the 88 km (55-mile) Colombian section of the Antonio Ricaurte pipeline. It has applied to OFAC for a specific licence, and Gutiérrez said Ecopetrol will not take a single step outside that framework.
The pipeline links La Guajira, Colombia’s northeastern peninsula, with the Lake Maracaibo oil region in Venezuela and has been inactive for more than a decade. Restarting it needs rehabilitation, regulatory authorisations and OFAC approval.
Live Company IntelligenceBraskem S.A — the full investor dossier
What StoneCo’s 15.5% Profit Fall Shows About Brazilian Payments
StoneCo, a Brazilian payments company serving merchants, reported adjusted net income of R$542.1 million (US$96 million) for the third quarter, down 15.5% from a year earlier. It published the result on Thursday 12 November 2026 and held its earnings call at 5:00 PM ET.
Gross profit fell 8.0% to R$1.48 billion (US$261 million), and the margin narrowed to 40.0% from 45.0% a year earlier. Revenue still grew 3.3% to R$3.69 billion (US$652 million).
Total payment volume rose 5.1% to R$147.4 billion (US$26.1 billion), but card volume fell 2.7% while volume through PIX QR codes, Brazil’s instant payment system, rose 45.3%. Revenue per active client fell 2.4% to R$248.3 (US$44) a month, with 5.08 million active clients.
Lending grew quickly, with the credit portfolio up 78.0% to R$4.09 billion (US$724 million) and credit revenue up 114.3%. Provisions for bad loans rose 128.6% to R$197.4 million (US$35 million), and the ratio of loans more than 90 days overdue was 9.92%, against 8.60% in the second quarter.
Adjusted net cash fell to R$421.1 million (US$75 million) from R$1.35 billion (US$239 million) in the second quarter, and the company spent R$212.0 million (US$38 million) on buybacks. Return on equity rose to 23.5%, which the release links to a lower equity base after a dividend paid in May.
What Links These Stories
What links the three stories is the cost of money and inputs rather than a lack of sales. Braskem’s revenue rose 13% but narrow spreads and R$1.61 billion (US$284 million) of financing costs produced a loss, StoneCo’s gross margin thinned, and Ecopetrol is seeking cheaper gas.
Ecopetrol gains if its Venezuelan gas proves cheaper than the market, while Braskem’s shareholders may give up ground, since its stake in Braskem Idesa, its Mexican joint venture, would fall from 75% to 58.33% once a Chapter 11 plan (US court-supervised debt restructuring), confirmed in September, takes effect. StoneCo shareholders are receiving cash through buybacks even as the company carries a loan book that is growing and riskier.
The reports behind this Big Read
What It Means for US Readers
Braskem’s depositary receipts trade on the New York Stock Exchange as BAK. On Wednesday 21 October, creditors holding about 47% of its 2041 bonds filed an involuntary Chapter 11 petition, a creditor-forced request for US bankruptcy protection, against Braskem America Finance, a Braskem financing unit, in New York. Its Mexican joint venture, Braskem Idesa, has a separate Chapter 11 plan confirmed in September.
Ecopetrol’s plan depends on OFAC, so Washington effectively decides whether Venezuelan gas can flow to Colombia. Investors should note that the company has said it will not step outside the licence framework.
What to Watch Next
By our count, Braskem’s consent window runs out around Sunday 22 November 2026. The US$950 million of its standby credit line matures in December 2026.
Ecopetrol’s next markers are OFAC’s decision on its licence and a signed contract, and neither has a public date. The Braskem Idesa Chapter 11 plan, confirmed in September, is not yet in force.
What Is Not Known
Our count of Braskem’s deadline, about 22 November, runs 90 days from the 24 August court filing; counting from the 28 August court decision would give 26 November. The loss in dollars is US$189 million at the 13 November spot rate and US$206 million in Braskem’s own release, which uses its own quarterly rates.
No price, benchmark or closing date has been disclosed for the Ecopetrol contract, and no response from PDVSA or decision from OFAC has been found.
Sources
Braskem 3Q26 results and financial statements (SEC Form 6-K, 12 November 2026) · Braskem notice of involuntary Chapter 11 petition (SEC Form 6-K, 21 October 2026) · StoneCo 3Q26 earnings release (SEC Form 6-K, 12 November 2026) · El Tiempo: Ecopetrol negotiates 10-year gas purchase with PDVSA · Portafolio: Colombia seeks to restart Venezuela gas imports via the Antonio Ricaurte pipeline
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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Frequently Asked Questions
How much did Braskem lose in the third quarter of 2026?
Braskem lost R$1.07 billion (US$189 million at R$5.65 per US$) attributable to shareholders, against a R$3.33 billion profit in the second quarter. Its own release gives US$206 million at its quarterly rates.
Why does Ecopetrol need US approval for Venezuelan gas?
Ecopetrol has applied to OFAC, the US Treasury’s sanctions office, for a specific licence to deal with PDVSA, Venezuela’s state oil company. OFAC has not decided.
Why did StoneCo’s profit fall 15.5%?
Adjusted net income fell to R$542.1 million (US$96 million) as gross margin dropped to 40.0% from 45.0% and loan provisions rose 128.6%, even though revenue grew 3.3%.