Petrobras (PBR) Inks Natural Gas Supply Contract With Copergas
Petrobras (PBR), the state-owned oil and gas company of Brazil, announced that it has signed a contract with Companhia de Gás de Pernambuco (Copergás) for the supply of natural gas.
The estimated value of the contract, which will go into effect in January 2024 and last until December 2034, is 6.7 billion reais ($1.4 billion). The contract followed a public call made by Copergás to deliver natural gas to the Pernambuco regulated market.
According to Petrobras, the new contract reinforces the commercial partnership between the companies, maintaining security and reliability in competitive commercial conditions amid a scenario of market opening and diversification of natural gas supply.
Upon completion of the regulatory process, the contract will be forwarded to the National Petroleum, Natural Gas and Biofuels Agency, which will publicize it in accordance with the regulations.
Zacks Rank & Key Picks
Currently, Petrobras carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum Corporation EPM, NGL Energy Partners LP NGL and RGC Resources Inc. RGCO. While Evolution Petroleum sports a Zacks Rank #1 (Strong Buy), both NGL Energy Partners and RGC Resources carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.
NGL Energy Partners, headquartered in Tulsa, OK, is a limited partnership operating a vertically-integrated propane business with three operating segments — retail propane, wholesale supply and marketing, and midstream. NGL has witnessed an upward earnings estimate revision for 2024 in the past 30 days.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries — Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas.
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Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report
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