Brazil's largest integrated energy firm,
Petroleo Brasileiro SA
) provided its full-year 2013 production update. The company also
reported its Dec 2013 production results.
Full Year Production
In Brazil, the oil and gas output of Petrobras during 2013 was
reported at 2.3 million barrels of oil equivalent per day
(MMBOE/D), reflecting a fall of 1.5%, compared with 2012. The
delay in beginning the Papa-Terra oil field project, situated in
the Campos Basin, negatively affected the result.
The 2013 domestic oil production came in at 1.9 million barrels
per day (MMBBL/D), representing a decrease of 2.5% from 2012.
However, domestic natural gas output during 2013 was recorded
at 61.9 million cubic meters per day (m³/d), up by roughly 3.8%
Oil and natural gas output of the company from the international
market was recorded at 219,552 BOE/D.
During Dec, 2013, oil and gas output in the domestic market came
in at 2.4 MMBOE/D, reflecting a marginal increase of 0.8% from
the previous month. Commencement of production from new wells in
the Campos Basin-based Marlim and Marlim Sul fields aided the
Oil production increased nominally by 0.4% to 2.0 MMBBL/D, as
compared to the output produced during Nov, 2013.
Petrobras' natural gas output was 63.3 million m³/d, up 3.0%
compared with the earlier month, owing to the conclusion of
planned shutdown activities.
Petrobras' oil and gas production from the international market
was recorded at 188,046 BOE/D, reflecting a decline of roughly
3.1% from Nov, 2013. Shutdown work in the Cascade and Chinook
fields of the U.S hampered the results.
Oil production decreased 5.2% to 100,575.0 BBL/D, compared
with the output in the previous month.
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Moreover, Petrobras' natural gas output decreased marginally by
0.6% to 14,861 thousand m³/d from Nov, 2013. Shutdown of
production in Argentina's Austral Basin fields hindered the
Fourth Quarter Estimate
Petrobras plans to release its quarterly results on Feb 14, 2014.
The Zacks Consensus Estimate for Petrobras' fourth quarter is 37
cents per ADR (American Depositary Receipt).
Petrobras currently carries a Zacks Rank #3 (Hold), implying that
it is expected to perform in line with the broader U.S. equity
market over the next one to three months.
Meanwhile one can look at better-ranked players in the energy
Athlon Energy Inc.
Warren Resources Inc.
Profire Energy Inc.
), all of which carry a Zacks Rank #1 (Strong Buy).