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MarketScreener Homepage  >  Equities  >  Bolsa de Valores de Sao Paulo  >  Petrobras Distribuidora S.A.    BRDT3   BRBRDTACNOR1

PETROBRAS DISTRIBUIDORA S.A.

(BRDT3)
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Petrobras Sells Stake in Gas Local, Begins Sale Process for Albacora Offshore Fields

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09/25/2020 | 09:37am EDT

By Jeffrey T. Lewis

 

SAO PAULO--Brazilian oil company Petroleo Brasileiro SA, or Petrobras, said Friday it has completed the sale of a stake in a gas distributor and begun the process of selling two offshore fields.

The company agreed to sell its 40% stake in GNL Gemini Comercializaçao e Logistica de Gas Ltda. to White Martins Gases Industriais Ltda. for an undisclosed price. The sale contract includes an agreement to end corporate disputes and arbitration between the companies and adjustments to the terms of the sale of gas by Petrobras. The sale awaits approval from Brazil's competition authorities.

The two oil fields on sale are located in deep waters in the Campos basin. The Albacora field produced 38,700 barrels of oil per day in August of this year, and 716,000 cubic meters of gas. The Albacora Leste field produced 33,300 barrels of oil per day and 707,000 cubic meters of gas in August of this year, the company said. Petrobras owns 100% of Albacora and 90% of Albacora Leste.

The sales are part of the company's efforts to sell off non-core assets and focus on production from its rich, deep-water fields off the coasts of Sao Paulo and Rio de Janeiro states. The company is also in the process of selling eight refineries in Brazil, and last year sold a chunk of its stake in gasoline station operator BR Distribuidora SA. Petrobras still holds more than 35% of the filling station company, but plans to sell the remainder have been put on hold.

 

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.36% 6.65 Delayed Quote.46.46%
LINDE PLC -1.00% 230.91 Delayed Quote.9.55%
LONDON BRENT OIL -2.77% 41.7 Delayed Quote.-35.68%
PETROBRAS DISTRIBUIDORA S.A. -0.43% 20.96 End-of-day quote.-30.30%
PETRÓLEO BRASILEIRO S.A. - PETROBRAS 3.38% 20.18 End-of-day quote.-33.13%
WTI -3.23% 40.051 Delayed Quote.-32.53%
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Financials (USD)
Sales 2020 13 632 M - -
Net income 2020 191 M - -
Net Debt 2020 884 M - -
P/E ratio 2020 24,5x
Yield 2020 3,02%
Capitalization 4 356 M 4 378 M -
EV / Sales 2020 0,38x
EV / Sales 2021 0,29x
Nbr of Employees 2 278
Free-Float 62,5%
Chart PETROBRAS DISTRIBUIDORA S.A.
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Technical analysis trends PETROBRAS DISTRIBUIDORA S.A.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 28,22 BRL
Last Close Price 20,99 BRL
Spread / Highest target 62,0%
Spread / Average Target 34,4%
Spread / Lowest Target 4,81%
EPS Revisions
Managers
NameTitle
Rafael Salvador Grisolia Chief Executive Officer
Edy Luiz Kogut Chairman
Marcelo Fernandes Bragança Chief Operating, Logistics & Sourcing Officer
André Corrêa Natal Chief Financial & Investor Relations Officer
Aspen Ricardo Andersen da Silva Director-Information Technology & Digital
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