Petrobras (PETR3; PETR4) has put up for sale its wholly-owned Argentine subsidiary Petrobras Operaciones S.A. (POSA), according to a document sent to the market.
According to the oil company, the movement relates to the teaser phase of the sale of 100% of its equity stake in the company.
POSA holds a 33.6% stake in the Rio Neuquén Field, and this operation is “aligned with the company’s portfolio optimization strategy and capital allocation improvement, aiming at value maximization and greater return to society.
Petrobras holds stakes in POSA through its subsidiaries PIB BV (Petrobras International Braspetro B.V.), with 95%, and PVIE (Petrobras Valores Internacionais de España), with 5%.
“Along with POSA, in the Rio Neuquén asset, YPF S.A (YPF), operator of the field, with a 33.3% stake, and Pampa Energia (Pampa), with 33.1%, are also partners. Rio Neuquén’s production comes mainly from unconventional reservoirs (tight gas) of the Punta Rosada and Lajas formations. In September 2022, POSA’s production was 1.52 MM m³/d of natural gas and 0.7 thousand bpd of oil, condensate and gasoline,” he explained.
Petrobras’ (PETR4) weight in B3
A survey published by Valor Econômico informs that transactions with Vale common shares (VALE3) and Petrobras preferred shares (PETR4) accounted for a quarter of the turnover in the B3 spot stock market in October.
According to the newspaper, it is the first time that the two assets with the greatest weight in the stock exchange total 25% of business since 2014, when they represented 25.16% and, even with the global economic slowdown and growing fears of recession, which generate uncertainties for commodities, the increased participation of international investors in the local market in recent months helps to explain the movement.
This is because this group usually prioritizes securities with more liquidity, just like the two commodity producers and the big banks.
PETR4 stock was quoted at R$33.94 on the morning of October 14, 2022, and the paper reported a one-year high of 14.35%.
Yesterday, the company informed that its quarterly results will be released on November 4th. The production sales report will be released on November 24th. Both releases will occur after the markets close.