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Petrobras (PBR) Terminates Albacora Field Sale Negotiations

Petrobras PBR has decided to end the competitive process for the sale of the Albacora concession in the Santos Basin offshore Brazil.

The Brazilian state-owned oil major was in negotiation with PetroRio for the sale, but the two parties could not reach an agreement on commercial conditions. This prompted PBR to pull out of the process.

Petrobras, however, will continue to invest in the Albacora revitalization project, with plans to develop production from the Forno reservoir situated in the Albacora pre-salt. The firm will also contract a new FPSO-type platform to replace the two production units presently in operation.

The decision to terminate the Albacora sale process does not affect the ongoing divestment of the Albacora East field. In April, PetroRio signed an agreement with Petrobras for the acquisition of a 90% interest and the operation of the field.

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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. PBR’s activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.

Petrobras currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy space that warrant a look include Civitas Resources CIVI, Vermilion Energy VET and Vista Oil & Gas VIST, 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 Civitas’ 2022 earnings stands at $14.31 per share, indicating an increase of about 388.4% from the year-ago figure of $2.93.

The Zacks Consensus Estimate for CIVI’s 2022 earnings has been revised upward by about 5.6% over the past 60 days from $13.55 to $14.31 per share.

The Zacks Consensus Estimate for Vermilion’s 2022 earnings stands at $6.32 per share, which is an increase of approximately 150.8% from the year-ago earnings of $2.52.

The Zacks Consensus Estimate for VET 2022 earnings has been revised from $4.51 to $6.32, up about 40%, in the past 60 days.

The Zacks Consensus Estimate for Vista’s 2022 earnings is pegged at $2.40 per share, indicating an increase of 344% from the year-ago earnings of 54 cents.

The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised 43.7% upward over the past 60 days.


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Petroleo Brasileiro S.A. Petrobras (PBR) : Free Stock Analysis Report
 
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Vista Oil & Gas, S.A.B. de C.V. Sponsored ADR (VIST) : Free Stock Analysis Report
 
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