Petrobras’ Net Profit Increases by 22% with Oil Production in the Third Quarter of 2020

Written by Paulo Nogueira

Published on 04/11/2020 at 09:34

Updated on 04/11/2020 at 10:05

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The Increase In Production And Sales Of The Octopus And Hammerhead Fields Compensated For The Effect Of The Fall In The Price Of Oil Barrels And Leveraged The Company’s Performance

With its growth target in focus, PetroRio achieved a net revenue of R$ 488.7 million in the period between July and September 2020 (third quarter), representing a 22% increase in revenue compared to 2019. This revenue is due to the large volume of oil produced and sold.

The EBITDA (from English “earnings before interest, taxes, depreciation and amortization“) adjusted by PetroRio reached R$ 204 million, up 10% compared to the third quarter of 42%.

The oil fields of Hammerhead and Octopus mitigated the effect of low oil barrel prices by increasing their production and selling them in unprecedented volumes, which explains this result.

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As a highlight of the quarter, the total production of the company increased by 44% compared to the third quarter of 2019. This increase is the result of the acquisition of 80% of the Hammerhead Field, completed on August 3, 2020, and the successful Octopus campaign, which added 2,500 barrels upon its completion in March 2020.

Still in the operational area, another relevant factor was the improvement in lifting cost for the seventh consecutive quarter in 3Q20. In the period, the indicator showed a reduction of 44% compared to the third quarter of 2019.

“We managed to review and readjust costs as planned, and we are overcoming this challenging moment with higher production, a smaller structure, and well-capitalized. These results are the fruits of the resilience of our business model, the agility of our teams, and the ability to integrate our assets,” highlighted Roberto Monteiro, CEO of PetroRio.

DEBT AND CASH

In the third quarter, PetroRio also recorded a continuous reduction in the net debt/adjusted EBITDA ratio, which reached 1.9 times. At the end of the third quarter, the company reported a cash position of US$ 136 million.

PetroRio - Some Milestones In Production And Profits In The Third Quarter Of 2020 — PetroRio – Some Milestones In Production And Profits In The Third Quarter Of 2020

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