PetroleoBrasileiroS.A.or Petrobras PBR recently announced that it produced record high daily output on Jun 27 at its deepwater Buzios oil field. The production at this world’s largest oil field with P-74, P-75, P-76 and P-77 platforms totalled 664,000 barrels of oil per day (bpd) and 822,000 barrels of oil equivalent per day (boed).
The oil industry is reeling under the adverse impact of COVID-19 that jeopardized growth in most sectors. For instance, fuel demand took a huge hit following large-scale travel constraints imposed globally. Despite such challenging market conditions, this Rio de Janeiro-based company was able to produce record fuel last month.
The integrated energy entity sold 764,000 cubic meters of diesel between Jun 14 and Jun 20 compared with 757,000 in the last week of March prior to regulations being imposed on certain areas of Brazil to break the chain of the coronavirus. However, the week that recorded maximum sales since Mar 1 was during the May 3-9 time frame when Petrobras vended 879,000 cubic meters of diesel.
Meanwhile, gas sales totalled 341,000 cubic meters between Jun 14 and Jun 20, marginally falling from the pre pandemic levels of 354,000 cubic meters in March. However, the same soared in the May 10-16 time period to reach 459,000 cubic meters from a moderate reading of 146,000 cubic meters in March-end.
Last month,Petrobras announced that it exported 1.11 million tons of fuel oil in May 2020, skyrocketing 231% from the volume exported in the same month of 2019. Moreover, this export figure reflects a 10% rise from the preceding record set in February this year before the coronavirus pandemic triggered suspension of operations around the world.
Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons in addition to other energy-related activities.
Zacks Rank & Key Picks
Petrobras currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the energy space are Gulfport Energy Corporation GPOR, Bonanza Creek Energy Inc BCEI and Antero Resources Corporation AR, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Petroleo Brasileiro S.A. Petrobras (PBR) : Free Stock Analysis Report
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