SHEL - Petrobras kicks off Gulf of Mexico asset sales

In line with announcements made in Q4 of 2021, Petrobras (NYSE:PBR) kicked off the Company's asset sale program in the Gulf of Mexico Wednesday. According to Petrobras the transaction is in-line with the Company's strategy of debt reduction and strategic pivot towards Brazilian deep-water production.    The package for sale includes the Company's 20% stake in MP Gulf of Mexico "MPGoM" which holds ownership stakes in 15 fields in partnership with Murphy (NYSE:MUR). In addition to partnership operated fields, MPGoM owns non operated interests in Occidental's (NYSE:OXY) Lucius, Kosmos's (NYSE:KOS) Kodiak, Shell's (NYSE:SHEL) Habanero, and Chevron's (NYSE:CVX) Malo fields. In 1h 2021, Petrobras's share of production was 11.3kboe/d.    Petrobras (PBR) was recently upgraded to buy at Goldman, as the bank cited potential for a 31% dividend yield, based on the Company's newly introduced dividend payout ratio and Goldman's $80+ oil price forecast for 2022.

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Petrobras kicks off Gulf of Mexico asset sales