PetroReconcavo, a company operating in the onshore oil and gas segment for 22 years, achieved a net profit of BRL 176,9 million in 2021
PetroReconcavo announced this Wednesday (23) its excellent financial and operating results for the year 2021. The independent onshore oil and gas producer surpassed net revenue of R$ 1,04 billion in 2021, of which R$ 285 million only in the last half of 2021, with growth of 38,1% compared to the same period of 2020. Net income was R$ 176,9 million and EBITDA was R$ 535 million, more than double the year of 2020.
The onshore oil and gas company also shared its cash position – sum of balances and cash equivalents and financial investments – equivalent to BRL 872,8 million in 2021.
PetroReconcavo's operational performance, that is, the daily average production of barrels of oil equivalent in the year was 12,391, an increase of 11,2% compared to 2020. The company highlights the Potiguar Asset, whose recorded increase was 20,3, 2020% compared to the same period in 11,2. Of this percentage, 69,1% growth is equivalent to oil production and XNUMX% refers to the increase in natural gas production.
The CFO of PetroReconcavo, Rafael Cunha explains that the positive results of the onshore oil and gas producer are due to some factors, such as the start of the drilling campaign in Ativo Potiguar and the acceleration of investments in the organic development of PetroReconcavo production, highlighted from the beginning of the second semester.
Cunha also talks about the acquisitions made by PetroReconcavo at the end of 2021 of Polo Remanso, which had previously been operated by the onshore oil and gas producer, and Polo Miranga, operated from December 07, both in the state of Bahia. “The recent acquisitions will contribute to the continued growth of our production, especially in Natural Gas, where we see great potential. And, on January 01 of this year, we started supplying natural gas to the Potigás, PBGás and Bahiagás distributors, in addition to contracts for the sale of LPG and condensate. Our focus is to further accelerate our expansion plan and be the main supplier of natural gas in the Northeast”, concludes Rafael.
About a company
Founded 22 years ago, PetroReconcavo is an independent operator of oil and natural gas and one of the leaders in its area of operation in Brazil. The Company specializes in the operation, development and revitalization of mature fields in onshore oil and gas basins (onshore) and was one of the first private companies focused on this segment to operate in Brazil after the end of the state monopoly and enactment of the Petroleum Law in 1997.
A PetroReconcavo has a total of 60 fields, being the operator of 58 of them, which are in the production phase. The Company operates 32 fields in the Potiguar Basin and 26 in the Recôncavo Basin.
PetroReconcavo increases oil and gas production in onshore fields
Ativo Potiguar, the onshore field of the oil extraction company PetroReconcavo, saw a leap in production compared to January 2022. In February, the onshore field increased its oil production by 8,3%, in addition to an increase of 30,8% compared to the fourth quarter of last year (4Q21). In gas production, the company also reaped excellent results: the difference from February to January was 13,4%, and, as for 4Q21, the increase was 52,6%, that is, an amount greater than half of production . To learn more, check out this article in full by clicking here.
