Brazilian energy behemoth Petróleo Brasileiro S.A (NYSE:PBR) could be a company worth watching at this point in time considering the fact that its stock has made a steady rise over the course of the past six month.
During that period, the stock clocked gains of as much as 16% and recently, Petrobas was in the news once again. The company announced not too long ago that it concluded the non-binding portion of the sale of 27.88% of its stake in the company Deten Quimca S.A. Yesterday, Petrobas announced that binding phase of the project had been started.
In this regard, the company also announced that interested buyers who have qualified for this phase are going to be sent a process letter that is going to provide the details of the divestiture process. It was earlier on this year in June that Petrobas started winding down its full ownership of Deten.
The sale of the ownership stake in the petrochemical firm Deten was part of the company’s initiative to not only cut down on its expenses but also in enhancing its capital allocation. At the time, it was pointed out that Petrobas was doing all this in order to boost value for shareholders.
Allied Energy Corp. (OTCMKTS:AGYP) is emerging as an independent oil company that is now pumping oil from reworked commercialized well sites. For oil and gas investors, AGYP’s performance and stock deserves a view as a rare domestic energy producer in a global world of oil and gas shortages. By reworking the wells AGYP is also reducing their carbon footprint.
