Petrobras's divestment plan triggers wave of energy IPOs
The higher number of acquisitions of oil and gas fields, boosted in part by Petrobras's divestment program, has been moving the capital markets.
In five months, PetroRio and 3R Petroleum, both specialized in the revitalization of mature fields, raised around R$3.5 billion offering shares on the stock exchange to invest and purchase more assets. The expectation is that the numbers will grow even more if PetroRecôncavo moves ahead with plans to go public.
In addition to oil companies specialized in mature fields, infrastructure companies in the oil and gas industry also signalize the possibility of going public to support expansion plans in the refining and natural gas industry. This is the case of Açu Petróleo and Compass, controlled by Cosan, which announced IPOs in 2020, but decided to retreat and wait for better market conditions. Gas Bridge is another company considering a future IPO.
The most recent offering was put in place last week by 3R Petroleum. After raising R$690 million through an IPO in November, the company made a secondary offering, this time in the amount of R$823 million.3R's plan is to use the proceeds to pay part of its debt with Petrobras. 3R has already signed six contracts to purchase assets from the state-owned company, for a total of $599 million - of which $383 million it has yet to pay. The company's Chief Financial Officer Rodrigo Pizarro says the secondary offering will also allow 3R to streamline its capital structure and expand the capacity for new acquisitions. Last week's primary offering attracted investment funds and family offices from Brazil, United States and the Middle East. Foreigners accounted for more than 35% of demand.
"This additional capital injection will allow 3R to strengthen the pillars of its business plan: organic growth, based on the redevelopment of the current portfolio; and inorganic, by becoming an important consolidator of mature assets on land and at sea, expanding the scale, synergies and operational efficiency," Mr. Pizarro says.
3R's IPO in 2020 was the first held by a private-sector oil company in nine years in Brazil. OGX (2008), HRT (2010) and Queiroz Galvão Exploração e Produção (2011) are from the previous generation. After them, the window closed amid falling oil prices, economic recessions and credibility issues involving OGX and HRT.
The market's mood, however, has changed with the new acquisition opportunities made available by Petrobras. So much so that PetroRecôncavo...
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