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Petrobras (PBR) Signs Contract to Offload Potiguar Fields
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Brazilian state-owned oil giant, Petrobras (PBR - Free Report) , revealed that it has signed a deal to sell 100% of its interest in 22 concessions of onshore and offshore production fields, along with its infrastructure situated in the Potiguar basin (together called the Potiguar Cluster) in the Rio Grande do Norte, north of Brazil, to 3R Potiguar, which is a wholly owned subsidiary of 3R Petroleum Óleo e Gás. The transaction also includes the Potiguar Clara Camarao refinery with a processing capacity of 39,600 barrels per day.
This deal is in accordance with Petrobras’ portfolio management strategy and an improvement in its capital allocation while maximizing value. The company is looking to produce superior quality oil with reduced emissions by increasing the concentration of its resources on assets in deep and ultradeep waters.
The said agreement, which will require regulatory approval from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP), is worth $1.38 billion ($110 million paid, $1.04 billion to be paid at closure and four annual installments of $ 58.75 million each by March 2024). It is understood that there could be adjustments to the contract amount at the time of closing.
The Potiguar Basin consists of three subclusters (Canto do Amaro, Alto do Rodrigues and Ubarana), having an aggregate of 22 fields across 19 onshore and three offshore concessions, and incorporates access to the infrastructure necessary for processing, refining, logistics, storage, transportation and export of oil and natural gas. Ubarana subcluster concessions are located in shallow waters around 10 km and 22 km off the coast of the municipality of Guamaré-RN, while subclusters Canto do Amaro and Alto do Rodrigues are onshore. The average output from three of these subclusters last year was 20,600 barrels of oil per day and 58,100 m³ of natural gas per day.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.
The Zacks Consensus Estimate for Equinor’s 2022 earnings is projected at $3.87 per share, up about 18% from the projected year-ago earnings of $3.28.
The Zacks Consensus Estimate for Equinor’s 2022 earnings has been revised upward three times over the past 60 days from $3.45 to $ 3.87 per share. EQNR stock has increased significantly around 57.7% in a year.
Ranger Oil’s stock has rallied around 197.1% in a year. The Zacks Consensus Estimate for Ranger Oil’s 2022 earnings is projected at $9.05 per share, which is an increase of a massive 155.6% from the projected year-ago earnings of $3.54.
ROCC beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 25%.
Murphy USA is valued at around $5 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings has been revised 19.4% upward over the past 60 days from $9.46 to $11.30 per share.
Murphy USA beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being 20.9%. MUSA’s stock price has gone up 41.6% in a year.
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Petrobras (PBR) Signs Contract to Offload Potiguar Fields
Brazilian state-owned oil giant, Petrobras (PBR - Free Report) , revealed that it has signed a deal to sell 100% of its interest in 22 concessions of onshore and offshore production fields, along with its infrastructure situated in the Potiguar basin (together called the Potiguar Cluster) in the Rio Grande do Norte, north of Brazil, to 3R Potiguar, which is a wholly owned subsidiary of 3R Petroleum Óleo e Gás. The transaction also includes the Potiguar Clara Camarao refinery with a processing capacity of 39,600 barrels per day.
This deal is in accordance with Petrobras’ portfolio management strategy and an improvement in its capital allocation while maximizing value. The company is looking to produce superior quality oil with reduced emissions by increasing the concentration of its resources on assets in deep and ultradeep waters.
The said agreement, which will require regulatory approval from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP), is worth $1.38 billion ($110 million paid, $1.04 billion to be paid at closure and four annual installments of $ 58.75 million each by March 2024). It is understood that there could be adjustments to the contract amount at the time of closing.
The Potiguar Basin consists of three subclusters (Canto do Amaro, Alto do Rodrigues and Ubarana), having an aggregate of 22 fields across 19 onshore and three offshore concessions, and incorporates access to the infrastructure necessary for processing, refining, logistics, storage, transportation and export of oil and natural gas. Ubarana subcluster concessions are located in shallow waters around 10 km and 22 km off the coast of the municipality of Guamaré-RN, while subclusters Canto do Amaro and Alto do Rodrigues are onshore. The average output from three of these subclusters last year was 20,600 barrels of oil per day and 58,100 m³ of natural gas per day.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.
Petrobras currently has a Zacks Rank #2 (Buy). Other players from the energy space that warrant a look include Equinor (EQNR - Free Report) , Ranger Oil and Murphy USA (MUSA - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Equinor’s 2022 earnings is projected at $3.87 per share, up about 18% from the projected year-ago earnings of $3.28.
The Zacks Consensus Estimate for Equinor’s 2022 earnings has been revised upward three times over the past 60 days from $3.45 to $ 3.87 per share. EQNR stock has increased significantly around 57.7% in a year.
Ranger Oil’s stock has rallied around 197.1% in a year. The Zacks Consensus Estimate for Ranger Oil’s 2022 earnings is projected at $9.05 per share, which is an increase of a massive 155.6% from the projected year-ago earnings of $3.54.
ROCC beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 25%.
Murphy USA is valued at around $5 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings has been revised 19.4% upward over the past 60 days from $9.46 to $11.30 per share.
Murphy USA beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being 20.9%. MUSA’s stock price has gone up 41.6% in a year.