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Petrobras PBR, is preparing its next five-year business plan covering 2025-2029 and according to chief financial officer, Fernando Melgarejo, this strategy will focus on realistic investment levels while potentially increasing the company’s debt ceiling. This plan is anticipated to be released in November and is designed to ensure that the company continues to grow while maintaining financial flexibility.
In a recent video interview, Melgarejo stated that PBR is having ongoing discussions on the plan, which will include cash levels, investment targets and debt management strategies. He emphasized that any increase in the debt ceiling is aimed at providing flexibility rather than directly increasing PBR’s burden. The focus remains on maximizing reserves of oil and natural gas, ensuring a stable future for the company.
Importance of Flexibility in Petrobras' Debt Strategy
Debt Ceiling and Financial Strategy: The integrated oil and gas company of Brazil has a current debt ceiling of $65 billion, a key figure that plays a critical role in its dividend policy. One of the essential conditions for PBR to distribute dividends is staying within this debt limit. However, Melgarejo explained that increasing the ceiling does not mean the company will immediately take on more debt. Rather, this move allows PBR the flexibility to respond to market opportunities and external pressures without breaching the important financial safeguard.
The debt ceiling would serve as a buffer to help PBR navigate market fluctuations and capitalize on opportunities, without constraining future investments. Melgarejo’s comments suggest that PBR is adopting a prudent approach, aiming to balance financial health with growth initiatives.
Investments and Expanding Oil Reserves: One of the key focuses of the 2025-2029 business plan will be expanding PBR’s oil and natural gas reserves. With global energy demand continuing to rise, this emphasis on reserves expansion is important for maintaining PBR's position as a leading energy company. According to Melgarejo, the company will adopt a realistic approach to investment, carefully assessing projects and ensuring that these align with long-term growth objectives.
By prioritizing investments that enhance oil and gas reserves, PBR is positioning itself to remain competitive in the global market, especially as the company navigates the energy transition. Oil and gas will remain a significant part of the world’s energy mix for years to come and having substantial reserves will ensure Petrobras’ future profitability.
A Strong Demand for PBR Bonds: PBR recently completed its first international bond offering since 2023, raising $1 billion in a highly successful transaction. The demand for the bonds was 3.2 times higher than the amount offered, indicating strong market confidence in PBR’s new management and strategic direction.
Confidence in Petrobras’ Management
The success of the bond sale is a strong signal that investors have renewed confidence in PBR’s management team and its financial strategy. According to Melgarejo, the proceeds from the bond sale will be used to repurchase more expensive, short-term debt, which will help PBR improve its debt profile.
By reducing short-term debt obligations, PBR can lower its overall cost of capital and improve financial flexibility. This is a key part of the company’s strategy to remain financially stable while pursuing its long-term goals. He emphasized that while PBR has no immediate plans to issue more dollar-denominated bonds, the company will continue to assess opportunities to optimize its debt structure.
Long-Term Debt Management and Investment Strategy
PBR’s approach to debt management is aimed at ensuring the company has the financial flexibility to make strategic investments in the future. While the current focus is on improving the company’s debt profile through the repurchase of short-term debt, the increased debt ceiling would give PBR room to maneuver.
This move looks for opportunities to grow PBR’s reserves and enhance the value of its shareholders. The decision to limit new bond issuance for now suggests that PBR is focused on maintaining a strong financial position without over-leveraging itself. However, with a potential increase in the debt ceiling, the company will be well-positioned to take advantage of future opportunities that align with its strategic goals.
PBR’s Strategic Focus: Expanding Oil and Gas Reserves
Expanding PBR’s oil and gas reserves is critical for its long-term profitability and competitiveness in a rapidly evolving global energy market. While the energy transition to renewable sources is underway, oil and gas will remain vital components of the global energy supply for decades to come. PBR’s strategy to increase reserves will not only ensure that the company remains a major player in the oil and gas sector but will also provide stability to its shareholders. By maintaining a focus on strategic investments in exploration and production, PBR is positioning itself for sustained growth and profitability.
Prudent Investment Decisions
Melgarejo emphasized that the company’s investment strategy will be based on realistic assessments of market conditions and future energy demand. This measured approach is designed to ensure that PBR invests in projects that provide long-term value, while also maintaining a strong balance sheet. PBR is expected to focus on high-impact projects that will enhance its reserves without overstretching the company’s financial resources.
By aligning investment levels with market realities, PBR aims to avoid the boom-and-bust cycles that have characterized the oil and gas industry in the past. This prudent approach will help the company maintain its financial health while pursuing growth opportunities.
PBR's upcoming 2025-2029 business plan emphasizes growth and financial discipline. By managing investments wisely, considering a debt ceiling increase and enhancing reserves, PBR aims for long-term success. Repurchasing costly short-term debt with bond proceeds highlights its focus on financial improvement and risk reduction. With strong investor confidence, PBR is well-positioned to handle global energy market challenges and opportunities, balancing growth with financial stability for future profitability.
Zacks Rank and Key Picks
Currently, PBR has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like TechnipFMC plc FTI, Vaalco Energy, Inc. EGY and Core Laboratories Inc. CLB, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here
TechnipFMC is valued at $10.69 billion. In the past year, its shares have risen 20.4%. FTI is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry.
Houston, TX-based Vaalco Energy is valued at $593.41 million. The oil and gas exploration and production company currently pays a dividend of 25 cents per share, or 4.37%, on an annual basis. EGY is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas.
Core Laboratories is valued at $821.45 million. The company currently pays a dividend of 4 cents per share, or 0.23%, on an annual basis. Netherlands-based CLB is an oilfield services company, operating in more than 50 countries. The firm deals with providing reservoir management and production enhancement services to oil and gas companies.
Zacks Investment Research
Chevron Corporation’s CVX CEO Mike Wirth openly criticized the Biden administration's recent decisions related to the natural gas sector, particularly the halt on new liquefied natural gas (“LNG”) export licenses. Speaking at the GasTech conference in Houston, Wirth argued that this pause will lead to higher energy costs, disrupt supplies for U.S. allies and inadvertently increase emissions by delaying the shift from coal to natural gas.
Risks to Economic Prosperity From LNG Export Policy
Wirth contended that the Biden administration's approach undermines economic prosperity, energy security and environmental protection. He emphasized that natural gas, which often replaces more polluting coal in power generation, significantly reduces emissions. Data from McKinsey supports his claim, showing that the emissions avoided by switching from coal to gas surpass the reductions achieved through wind and solar power in the past 15 years. This highlights the critical role played by natural gas in cleaner energy generation.
Wirth also mentioned that natural gas is crucial not just for environmental reasons but also for the advancement of technologies like artificial intelligence (AI). He explained that while AI development typically takes place in innovation hubs such as Silicon Valley, the energy needed to power these advancements must come from reliable sources.
In this context, he highlighted the importance of natural gas, particularly from regions like the Permian Basin, which is known for its rich gas reserves. He argued that the benefits of natural gas are so evident that political considerations should not hinder its progress.
Industry Leaders Echo CVX’s Concerns
Other industry leaders joined Wirth in voicing their concerns at the conference. ConocoPhillips COP CEO Ryan Lance, representing the Houston-based oil and gas exploration and production company, condemned the LNG export pause as "irrational" and called for the United States to assert its leadership in the global LNG market.
Similarly, Lorenzo Simonelli, CEO of Baker Hughes BKR, an oil and gas equipment and services company also headquartered in Houston, criticized the current policy for lacking cohesion and sustainability. He emphasized on the need for a more integrated and forward-thinking approach to energy development.
Uncertainty of Ongoing Policy and Legal Challenges
In July, a federal judge lifted the moratorium on LNG export applications following legal challenges from several states, but the Department of Energy is currently appealing this decision. The ongoing policy uncertainty continues to provoke debate within the industry.
Overall, the debate over natural gas policy highlights the urgency for a balanced approach that promotes economic growth while addressing environmental concerns. Industry leaders, including CVX, emphasize the need for stable and forward-thinking policies to drive innovation and ensure energy security. As the situation changes, finding a middle ground will be essential for advancing a sustainable and competitive energy future.
Zacks Rank and Key Picks
Currently, CVX, COP and BKR each have a Zacks Rank of #3 (Hold).
Investors interested in the energy sector might look at better-ranked stocks like Core Laboratories Inc. CLB, carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Core Laboratories is valued at $821.45 million. The company currently pays a dividend of 4 cents per share, or 0.23%, on an annual basis. Netherlands-based CLB is an oilfield services company, operating in more than 50 countries. The firm deals with providing reservoir management and production enhancement services to oil and gas companies.
Zacks Investment Research
MPLX LP (MPLX) closed the most recent trading day at $43.86, moving +0.05% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.03%. Elsewhere, the Dow saw a downswing of 0.04%, while the tech-heavy Nasdaq appreciated by 0.2%.
Shares of the company witnessed a gain of 2.91% over the previous month, beating the performance of the Oils-Energy sector with its loss of 3.35% and the S&P 500's gain of 1.54%.
Analysts and investors alike will be keeping a close eye on the performance of MPLX LP in its upcoming earnings disclosure. The company's earnings report is set to go public on November 5, 2024. On that day, MPLX LP is projected to report earnings of $1.06 per share, which would represent year-over-year growth of 19.1%. Alongside, our most recent consensus estimate is anticipating revenue of $3.06 billion, indicating a 5.1% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $4.29 per share and revenue of $11.95 billion, which would represent changes of +12.89% and +5.91%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for MPLX LP. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.29% higher. Right now, MPLX LP possesses a Zacks Rank of #3 (Hold).
With respect to valuation, MPLX LP is currently being traded at a Forward P/E ratio of 10.22. Its industry sports an average Forward P/E of 17.71, so one might conclude that MPLX LP is trading at a discount comparatively.
It is also worth noting that MPLX currently has a PEG ratio of 1.2. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Production and Pipelines industry had an average PEG ratio of 2.99 as trading concluded yesterday.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 189, finds itself in the bottom 26% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Zacks Investment Research
The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.
Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
One stock to keep an eye on is Vaalco Energy (EGY). EGY is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.
We should also highlight that EGY has a P/B ratio of 1.17. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 1.51. EGY's P/B has been as high as 1.65 and as low as 0.90, with a median of 1.13, over the past year.
Finally, we should also recognize that EGY has a P/CF ratio of 2.93. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. EGY's P/CF compares to its industry's average P/CF of 4.14. Over the past 52 weeks, EGY's P/CF has been as high as 4.31 and as low as 2.45, with a median of 3.25.
These figures are just a handful of the metrics value investors tend to look at, but they help show that Vaalco Energy is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, EGY feels like a great value stock at the moment.
Zacks Investment Research
Saipem S.p.A SAPMF, an Italian oilfield services firm, has prolonged its stay with the Norwegian energy firm, Aker BP. Aker BP has extended its contract with the semi-submersible rig, Scarabeo 8, which is currently working in the Norwegian Continental Shelf. The contract extension will keep the rig in Norway till the end of 2026.
Saipem inked a contract with Aker BP for the semi-submersible rig, Scarabeo 8, in March 2022 for a duration of three years. Scarabeo 8 began its contract in early 2023. The deal was valued at $325 million. Saipem mentioned that Scarabeo 8 is a sixth-generation semi-submersible drilling rig, designed to work in harsh offshore environments.
For the contract with Aker BP, Scarabeo 8 reached the Hassel prospect (7324/8-4 exploration well) in the Barents Sea about three months ago. The drilling assignment in the region includes two other prospects, namely Viasat (well 7324/6-3) and Ferdinand Nord (well 7324/6-2). The three wells are expected to be drilled toward the east of the Wisting field in the Barents Sea.
Scarabeo 8 is a dual derrick semi-submersible rig that can operate both in deep water as well as in shallow water environments. The rig boasts a dynamic positioning system which is useful for deepwater drilling assignments. It also comes with a dedicated mooring system that enables the rig to operate in shallow waters. Saipem has highlighted that this rig adheres to the strictest regulatory standards.
The Scarabeo 8 has previously worked in harsh offshore environments and has maintained a successful track in regions like the North Sea and the Barents Sea. The rig can accommodate 140 people and has a maximum drilling depth of 35,000 feet.
SAPMF’s Zacks Rank and Key Picks
Currently, SAPMF carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are PEDEVCO Corp. PED, TechnipFMC FTI and VAALCO Energy EGY. PEDEVCO presently sports a Zacks Rank #1 (Strong Buy), while TechnipFMC and VAALCO Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. The company stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, as well as in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a record high of $13.9 million in the second quarter of 2024, indicating a year-over-year increase of 4.51%. This growing backlog ensures strong revenue growth for FTI in the future.
VAALCO Energy is an independent energy company involved in upstream business operations with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
Zacks Investment Research
SLB SLB, an American oilfield services company, through its OneSubsea joint venture (JV), has teamed up with C-Power and Subsea7 S.A. SUBCY to explore innovative ocean energy solutions. The focus of this partnership is to develop a low-cost, low-carbon power source for subsea applications.
SLB OneSubsea's Integrated Solution
SLB OneSubsea, the JV backed by SLB, Aker Solutions and Subsea7, will provide an integrated subsea system, including electric actuation and wireless telemetry, to support the 18-month field test of C-Power’s SeaRAY autonomous offshore power system (AOPS). This project has garnered the support of the U.S. Department of Energy, further cementing its importance in advancing renewable ocean energy technologies.
C-Power’s CEO, Reenst Lesemann, emphasized the significance of the collaboration, noting that Subsea Integration Alliance partners SLB OneSubsea and Subsea7 are leaders in subsea products and services. He pointed out that both companies align with C-Power's vision for reducing the cost, complexity and carbon intensity of offshore operations through remote power generation and data communications.
SLB OneSubsea and C-Power to Conduct Field Test
The field test will be conducted at the PacWave South wave energy site offshore Newport, OR, to evaluate the long-term reliability of C-Power’s SeaRAY AOPS in the challenging ocean environment. The system is aimed at powering and supporting autonomous underwater vehicles, robotics, operational equipment and satellite communications, gathering valuable data for the progress of the project.
Exploring SLB OneSubsea's Potential for Sustainable Energy
SLB noted that the joint industry project will focus on digitalization, electrification and fiber optic sensors to explore how wave energy can be integrated into subsea operations. SLB OneSubsea’s CEO, Mads Hjelmeland, highlighted that collaboration and innovation are crucial for achieving significant improvements in cost and carbon efficiency, paving the way for a sustainable energy future.
In June, C-Power added Scotland’s Green Marine to its Partner Engagement and Co-development program, showcasing the growing interest in advancing the SeaRAY AOPS technology for broader offshore applications.
By combining resources and expertise, SLB, Subsea7 and C-Power aim to accelerate the adoption of ocean energy solutions, which can play a pivotal role in reducing the carbon footprint of subsea operations globally.
Zacks Rank & Key Picks
Currently, both SLB and SUBCY carry a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at a couple of better-ranked stocks like Core Laboratories Inc. CLB and VAALCO Energy, Inc. EGY, 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.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
VAALCO Energy is an independent energy company involved in upstream business operations, with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $0.65. The company has a Value Score of A. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Zacks Investment Research
BP plc (BP), a leading UK-based energy company, has announced plans to sell its onshore wind business in the United States. This marks a strategic shift as the energy giant refocuses on its solar partnership and other renewable energy sources. The move, which came amid challenges in the wind sector, signals BP’s shift from certain renewables despite previous efforts to diversify its energy portfolio.
BP to Exit Onshore Wind
The company revealed its intention to sell BP Wind Energy, which holds interests in 10 onshore wind projects across seven U.S. states, with a combined generating capacity of 1.3 gigawatts (GW). BP cited the misalignment of the business with its future growth strategies as the primary reason behind the sale. William Lin, BP’s executive vice president for gas and low-carbon energy, stated that the wind business “is likely to be of greater value for another owner.”
The onshore wind sector has encountered significant challenges of late, including high material costs, rising interest rates and supply-chain issues. Several companies in the sector have been compelled to cancel or renegotiate contracts, laying pressure on BP’s wind assets.
Focus Shifts to Lightsource BP Solar Partnership
In contrast to its wind energy divestment, BP is increasing its solar efforts. The company recently announced plans to take full ownership of Lightsource BP, Europe’s largest solar developer. This move aligns with BP’s broader strategy to concentrate on its solar partnership, which it considers to be on par with its current growth objectives.
The wind business sale marks a pivotal moment for BP as it realigns its energy transition strategy, pivoting away from wind energy to enhance its core oil and gas operations and focus on certain renewable sectors.
BP’s Zacks Rank & Key Picks
BP currently carries a Zack Rank #5 (Strong Sell).
Investors interested in the energy sector may look at some better-ranked stocks like TechnipFMC plc FTI, Core Laboratories Inc. CLB and VAALCO Energy, Inc. EGY, 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.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI’s 2024 EPS is pegged at $1.34. The company has a Zacks Style Score of B for Value and A for Growth. It has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
VAALCO Energy is an independent energy company involved in upstream business operations, with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $0.65. The company has a Value Score of A. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Zacks Investment Research
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