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Shell (SHEL), TTE Bag Deals in Brazil's Newest Oil Tender
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Energy giants Shell plc (SHEL - Free Report) and TotalEnergies (TTE - Free Report) were recently among the successful bidders at Brazil’s latest oil auction in which Brazil offered tenders for 59 exploration blocks, comprising numerous blocks in the Santos Basin and several in the Potiguar Basin.
The auction, which represents a premium of more than 800%, raised $90.10 million in signature bonuses. Exploration in the abovementioned blocks can fetch about $86.5 million in investments.
Shell won the contract to explore six blocks in the Santos Basin, while TotalEnergies got rights for two blocks in the same basin.
Shell stated that the auction signified a major milestone in its emphasis on Brazil, which accounts for around 13% of its global oil and gas production. With the new additions, SHEL owns more than 30 oil and gas contracts in the South American country.
Brazil, which produces 3 million barrels of oil per day (bdp), is among the ten largest oil producers in the world. However, the country aspires to ascend the rank by increasing its output by 300,000 bpd this year.
Founded in 1924, France-based TotalEnergies SE is among the top five publicly traded global integrated oil and gas companies based on production volumes, proved reserves and market capitalization. TTE has operations in more than 130 countries across five continents. The company changed its name from TOTAL SE to TotalEnergies SE, which better reflects its transition toward a broad energy company.
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
Shell currently sports a Zacks Rank #1 (Strong Buy). Investors interested in the energy space might also look at the following companies — Vista Oil & Gas (VIST - Free Report) and PDC Energy — each sporting a similar Zacks Rank. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Vista’s 2022 earnings is projected at $1.55 per share, up about 187% from the projected year-ago earnings of 54 cents.
Vista’s stock has rallied 240.1% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised about 11.5% upward over the past 60 days from $1.39 per share to $1.55.
PDC Energy’s stock has gone up 124.9% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 56.9% upward over the past 60 days from $10.33 per share to $16.21.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $16.21 per share, up 102.9% from the projected year-ago earnings of $7.99.
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Shell (SHEL), TTE Bag Deals in Brazil's Newest Oil Tender
Energy giants Shell plc (SHEL - Free Report) and TotalEnergies (TTE - Free Report) were recently among the successful bidders at Brazil’s latest oil auction in which Brazil offered tenders for 59 exploration blocks, comprising numerous blocks in the Santos Basin and several in the Potiguar Basin.
The auction, which represents a premium of more than 800%, raised $90.10 million in signature bonuses. Exploration in the abovementioned blocks can fetch about $86.5 million in investments.
Shell won the contract to explore six blocks in the Santos Basin, while TotalEnergies got rights for two blocks in the same basin.
Shell stated that the auction signified a major milestone in its emphasis on Brazil, which accounts for around 13% of its global oil and gas production. With the new additions, SHEL owns more than 30 oil and gas contracts in the South American country.
Brazil, which produces 3 million barrels of oil per day (bdp), is among the ten largest oil producers in the world. However, the country aspires to ascend the rank by increasing its output by 300,000 bpd this year.
Founded in 1924, France-based TotalEnergies SE is among the top five publicly traded global integrated oil and gas companies based on production volumes, proved reserves and market capitalization. TTE has operations in more than 130 countries across five continents. The company changed its name from TOTAL SE to TotalEnergies SE, which better reflects its transition toward a broad energy company.
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
Shell currently sports a Zacks Rank #1 (Strong Buy). Investors interested in the energy space might also look at the following companies — Vista Oil & Gas (VIST - Free Report) and PDC Energy — each sporting a similar Zacks Rank. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Vista’s 2022 earnings is projected at $1.55 per share, up about 187% from the projected year-ago earnings of 54 cents.
Vista’s stock has rallied 240.1% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised about 11.5% upward over the past 60 days from $1.39 per share to $1.55.
PDC Energy’s stock has gone up 124.9% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 56.9% upward over the past 60 days from $10.33 per share to $16.21.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $16.21 per share, up 102.9% from the projected year-ago earnings of $7.99.