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Petrobras (PBR) Ends Sale of Stakes in Onshore Fields of Bahia

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Zacks Equity Research
·2 min read
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Petroleo Brasileiro S.A. or Petrobras PBR recently closed the divestment of its full ownership in four onshore fields at the Tucano Basin site in the remote areas of the state of Bahia. This state-run energy giant was the sole owner of this cluster and sold its entire stake to Eagle Exploração de Óleo e Gás Ltda (Eagle). Per management, the plan is in sync with the company’s strategy to cut costs and improve its capital allocation.

The four onshore concessions, namely Conceição, Quererá, Fazenda Matinha and Fazenda Santa Rosa produced 24.30 thousand cubic meters of natural gas daily from the beginning of this year until October.

Upon fulfilling all the necessary approvals, the sale was closed. With the closure of this deal, Petrobras received $2.571 million. This amount is added to the sum of $602,000 that Petrobras received at the time of signing the sale contract, thereby totaling $3.173 million.

Petroleo Brasileiro S.A. Petrobras Price

Petroleo Brasileiro S.A. Petrobras Price
Petroleo Brasileiro S.A. Petrobras Price

Petroleo Brasileiro S.A. Petrobras price | Petroleo Brasileiro S.A. Petrobras Quote

Company Profile

Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks. The activities also include refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons besides other energy-related operations.

Zacks Rank & Key Picks

Petrobras currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are CNOOC Limited CEO, Noble Corporation NE and Antero Midstream Corporation AM, each presently holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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