Petrobras (Petróleo Brasileiro S.A.) (NYSE: PBR)

Petrobras is Brazil's state-controlled oil giant and one of the largest energy companies in the world. They're the dominant operator of Brazil's massive pre-salt deepwater oil fields, which hold some of the most productive reserves discovered this century. Political interference is the perpetual risk.

Explore, produce, refine, and sell oil and gas. The pre-salt fields produce high-quality crude at competitive costs. Petrobras also operates refineries, pipelines, and a fuel distribution network across Brazil. Dividend payouts have been enormous when politics allow.

Founded in 1953 by President Getúlio Vargas under the slogan "The oil is ours," Petrobras was at the center of Brazil's largest corruption scandal — Operation Car Wash — which uncovered billions in bribes and brought down politicians and executives. The pre-salt discoveries starting in 2006 transformed the company's reserve base.