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14% increase in PetroReconcavo's net revenue is announced to the market
PetroReconcavo, a renowned independent oil and gas producer, announced notable financial and operational results for the third quarter of 2023 (3Q23). With a 23-year history in the sector, the company has stood out in its field, consolidating its position as a driving force in Brazil's onshore oil and gas industry.
Robust Net Revenue Growth
In 3Q23, PetroReconcavo recorded an impressive net revenue of R$748 million, marking a 14% growth compared to the previous quarter. This increase reflects efficiency and its capacity in this competitive market.
- EBITDA: R$377 million in 3Q23, an increase of 18% compared to the previous quarter.
- EBITDA Margin: impressive 50,5%.
- Net profit: Reached R$145 million in the quarter.
Increase in Production and Operational Efficiency
PetroReconcavo's average production in 3Q23 was 28 thousand barrels of oil equivalent per day (BOED), an increase of 7% compared to the previous quarter. This growth is a testament to the company's technical competence and ability to maximize operational efficiency, including generating job vacancies.
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- Reduction in Lifting Cost: U$12,15 per barrel in 3Q23, decreasing 10% compared to the previous quarter.
- Focus on Security: Maintaining high safety standards.
Expansion Strategies and Strategic Partnerships
PetroReconcavo has not only demonstrated financial growth, but has also made significant advances in its operations and market strategies.
- Ibovespa Index: Notable entry into the main Stock Exchange indicator.
- Contract with Copergás: Supply of natural gas for ten years, expanding its portfolio.
Future Perspectives and Financial Management
Rafael Procaci da Cunha, CFO of PetroReconcavo, highlighted the extension of concession contracts until August 2052, including important fields. The royalty reduction is an additional incentive for new investments, signaling a promising outlook for the company.
- Focus on Technical Skills: For continuous asset development.
- Efficiency Gains: Aiming to improve production and financial results.
The company completed payments for the acquisitions of Riacho da Forquilha and SPE Tiêta, maintaining a robust and reliable financial position.
PetroReconcavo: A Trajectory of Success and Innovation
Founded 23 years ago, PetroReconcavo is a leader in the operation and development of mature onshore oil and gas fields in Brazil. With a vertical structure, the company operates with its own workforce in essential services, managing 56 oil and natural gas concessions, in addition to participation in other concessions.
In summary, PetroReconcavo's 3Q23 financial and operational results highlight the company's continued success in the oil and gas market. With a strategic approach focused on growth, efficiency and solid partnerships, PetroReconcavo establishes itself as a force to be reckoned with in the sector.
