Back to top

Image: Bigstock

Petrobras (PBR) Exceeds Its Annual Production Goal for 2022

Read MoreHide Full Article

Petrobras (PBR - Free Report) ) or Petroleo Brasileiro S.A., Brazil's state-run energy giant, recently stated that its overall oil and gas production for 2022 was 2.684 million barrels of oil equivalent (boe) per day, slightly exceeding its full-year target of 2.6 million boe/day.

According to the company, its commercial production for the year was 2.361 million boe/day, ahead of the 2.3 million boe/d target, , while its oil output was 2.154 million barrels (bbl) per day, 2.6% more than the projections. As per Petrobras, the Carioca FPSO at the Sépia field and the P-68 platform at the Berbigo and Sururu fields both achieved their maximum oil production capacity in 2022.

In particular, FPSO Carioca broke the record for monthly production on a presalt platform in November with 174,000 bbl/day; another record for monthly oil production in a single well was set in November when ATP06 on platform P-70 hit 56,500 bbl/day.

In 2022, the company began putting two additional platforms into production. The first definitive unit in the Mero field, the FPSO Guanabara, debuted in April. In the Itapu field, the P-71 came online in December.

Finally, the company made progress with the Campos Basin renovation plan with the move of 10 new production wells and four supplementary development injector wells, increasing the basin's production capacity by 94,000 bpd.

Zacks Rank and Key Picks

Petrobras — the largest integrated energy firm in Brazil and one of the largest in Latin America — currently has a Zacks Rank #3 (Hold). Players from the energy space that warrant a look include Helmerich & Payne (HP - Free Report) and Patterson-UTI Energy (PTEN - Free Report) , both sporting a Zacks Rank #1 (Strong Buy) and RPC Inc. (RES - Free Report) , holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Helmerich & Payne: Helmerich & Payne is valued at around $5.4 billion. Over the past 60 days, the Zacks Consensus Estimate for HP's fiscal 2023 earnings has been revised 18.8% higher.

Helmerich & Payne, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 124.2%, on average. In the past year, the HP stock has increased by 69.9%.

Patterson-UTI Energy: PTEN beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.23%, on average.

Patterson-UTI is worth approximately $3.8 billion. Its shares have gained 68.4% in the past year.

RPC: In each of the trailing four quarters, RPC Inc. beat earnings estimates, with the average beat being around 62%. The market capitalization of RES is $2.1 billion.

Digging into valuation, RPC currently has a Forward P/E ratio of 9.33. For comparison, its industry has an average Forward P/E of 22.57, which means RPC is trading at a discount to the group.

Published in