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Petrobras (PBR) Withdraws From Regap Refinery Sale Process

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Petrobras (PBR - Free Report) recently announced an end to the sale process of its Gabriel Passos refinery (Regap) situated in Brazil's southeastern state of Minas Gerais.

The cancellation was a result of the sale conditions of the presented proposal being lower than PBR's economic and financial evaluation. The details of the offer were not disclosed. Moreover, the Brazilian state-owned oil major stated that it would "assess the appropriate time to start a new competitive process" to sell the refining facility.

Petrobras had commenced the binding phase related to the sale of the 166,000 barrels per day Regap facility and associated logistical assets in December 2019. Assets related to the refinery make up about 7% of Brazil’s total refining capacity, including more than 720 km of pipelines.

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. PBR’s activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks, as well as refining, processing, trading and transportation.

Petrobras currently carries a Zacks Rank #2 (Buy). Some other similar-ranked stocks from the energy space that warrant a look include Exxon Mobil (XOM - Free Report) , Phillips 66 (PSX - Free Report) and Valero (VLO - Free Report) . You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Exxon Mobil’s 2022 earnings is pegged at $13.92 per share, indicating an increase of about 158.7% from the year-ago earnings of $5.38.

The consensus estimate for XOM’s 2022 earnings has been revised upward by about 9.6% over the past 60 days from $12.70 per share to $13.92 per share.

Estimates for Phillips’ 2022 earnings stand at $20.62 per share, up about 261.7% from the year-ago earnings of $5.70.

PSX beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 28%.

The consensus mark for Valero’s 2022 earnings stands at $28.37 per share, which implies an increase of about 909.6% from the year-ago earnings of $2.81.

VLO beat estimates for earnings in all the trailing four quarters, the average being around 25.1%.

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