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Due to a Strong Divestment Plan from Petrobras, the State-Owned Company is Well-Positioned on the Stock Exchange Producing “More with Less”
In 2015, Petrobras’ plan to sell assets gained traction due to the necessity of addressing high debt; the company’s shares on the São Paulo stock exchange were averaging 10 reais. This article takes into account data from oil and gas specialist Marcelo Gauto, in addition to comments from professionals active in the market.
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After 4 years, Petrobras has already sold over 30 billion dollars in assets it had. Despite shrinking in equity, oil production increased, as well as profitability, with the company’s shares now trading at 30 reais. The state-owned company is producing more with less. In the table below provided by Brasil Energia, it is possible to see the main divestments (It is outdated, lacking some sales like Frade and BR Distribuidora):
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Credit for the chart: Editora Brasil Energia Jun/2019 Petrobras
Petrobras will be a much smaller company but very profitable despite its recent divestments. The main impact of rising product prices concerning the sale of the assets was that they were brought to market value, operating at a negative margin and leading the company towards insolvency.
In 2018, Petrobras earned US$ 3.85 per barrel refined (equivalent to R$ 0.10 per liter of derivative sold). This amount did not come from the increase in prices and debt structuring but from asset sales, debt restructuring through lower interest rates, and increased production from the pre-salt, among other factors.
Petrobras Will Invest US$ 49.5 Billion in E&P Projects
Petrobras’ investments for 2020 will be 12.2 billion, 2021 will be 14.3 billion, 2022 will be 16.0 billion, 2023 will be the highest at 21.0 billion, and 2024 will have 15.3 billion dollars.
Of the projected investments, the pre-salt will take up the largest share, 59%, divided among Búzios, part of exploration, and others. 5% will be invested in onshore projects and R&D. The percentage for deep-water post-salt will be 29%.
Additionally, in the post-salt area, the amount allocated to the asset will cover nine projects: Roncador, Albacora, Albacora Leste, Tartaruga Verde, Barracuda-Caratinga, Marlim, Marlim Sul, Marlim Leste, located in the Campos Basin and also, Sergipe-Alagoas.
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