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Petrobras (PBR) to Sell Its Stake in Gulf of Mexico Assets
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Oil major Petrobras (PBR - Free Report) , which is owned by the Government of Brazil, announced the commencement of the non-binding phase to divest its entire stake in a joint venture company, MP Gulf of Mexico or MPGoM, which has interests in 14 offshore fields in the Gulf of Mexico.
The desire to sell this stake in MP Gulf of Mexico, in which Petrobras holds the minority interest of 20% through its subsidiary Petrobras America, was initially declared in October 2021. The residual stake of 80% is owned by Murphy Exploration & Production.
This deal is in accordance with PBR’s portfolio management strategy and its plan to improve capital allocation while maximizing value. Last year, the company’s share of production from the fields was 10,400 barrels of oil equivalent per day.
Petrobras further declared that prospective buyers who are qualified for this phase will be given a process letter comprising the thorough information about the company, along with instructions on the divestment procedure, as well as guidelines for the preparation and submission of non-binding proposals.
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 #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include Valero Energy (VLO - Free Report) , ExxonMobil (XOM - Free Report) and Centennial Resource Development , 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 Valero’s 2022 earnings is projected at $7.10 per share, up about 152.7% from the projected year-ago earnings of $2.81.
Valero beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 75.7%.
ExxonMobil beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 5.8%. ExxonMobil stock has increased around 40.8% in a year.
The Zacks Consensus Estimate for ExxonMobil’s 2022 earnings has been revised upward by about 15.1% over the past 60 days from $5.95 to $6.85 per share. XOM is valued at around $328 billion.
The Zacks Consensus Estimate for Centennial’s 2022 earnings is projected at $1.29 per share, which is an increase of approximately 98.4% from the projected year-ago earnings of 65 cents.
Centennial stock has rallied 98.2% in a year. The Zacks Consensus Estimate for CDEV’s 2022 earnings per share has been revised from $1.11 to $1.29, up about 16.2%, in the past 60 days.
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Petrobras (PBR) to Sell Its Stake in Gulf of Mexico Assets
Oil major Petrobras (PBR - Free Report) , which is owned by the Government of Brazil, announced the commencement of the non-binding phase to divest its entire stake in a joint venture company, MP Gulf of Mexico or MPGoM, which has interests in 14 offshore fields in the Gulf of Mexico.
The desire to sell this stake in MP Gulf of Mexico, in which Petrobras holds the minority interest of 20% through its subsidiary Petrobras America, was initially declared in October 2021. The residual stake of 80% is owned by Murphy Exploration & Production.
This deal is in accordance with PBR’s portfolio management strategy and its plan to improve capital allocation while maximizing value. Last year, the company’s share of production from the fields was 10,400 barrels of oil equivalent per day.
Petrobras further declared that prospective buyers who are qualified for this phase will be given a process letter comprising the thorough information about the company, along with instructions on the divestment procedure, as well as guidelines for the preparation and submission of non-binding proposals.
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 #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include Valero Energy (VLO - Free Report) , ExxonMobil (XOM - Free Report) and Centennial Resource Development , 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 Valero’s 2022 earnings is projected at $7.10 per share, up about 152.7% from the projected year-ago earnings of $2.81.
Valero beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 75.7%.
ExxonMobil beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 5.8%. ExxonMobil stock has increased around 40.8% in a year.
The Zacks Consensus Estimate for ExxonMobil’s 2022 earnings has been revised upward by about 15.1% over the past 60 days from $5.95 to $6.85 per share. XOM is valued at around $328 billion.
The Zacks Consensus Estimate for Centennial’s 2022 earnings is projected at $1.29 per share, which is an increase of approximately 98.4% from the projected year-ago earnings of 65 cents.
Centennial stock has rallied 98.2% in a year. The Zacks Consensus Estimate for CDEV’s 2022 earnings per share has been revised from $1.11 to $1.29, up about 16.2%, in the past 60 days.