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The increase in production and sales from the Polvo and Tubarão Martelo fields offset the effect of the drop in the price of a barrel of oil and leveraged the company's performance
With its growth target in focus, PetroRio achieved net revenue of R$ 488,7 million in the period between July and September 2020 (third quarter), which represents in percentage terms, compared to 2019, a 22% increase in revenue . This revenue is due to the large volume of oil produced and sold.
The EBTIDA (from the English “earnings before interest, taxes, depreciation and amortization“) calibrated by PetroRio reached the mark of R$ 204 million, an increase of 10% compared to the third quarter of 42%.
The Tubarão Martelo and Polvo oil fields made up for the effect of the low price of a barrel of oil by increasing their production and selling them in unprecedented volumes, which explains this result.
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As the main highlight of the quarter, the company's total production increased by 44% compared to the third quarter of 2019. The increase is a result of the acquisition of 80% of Campo de Tubarão Martelo, completed on August 3, 2020, and the successful Polvo campaign, which has added 2.500 barrels as of its conclusion in March 2020.
Still in the operational area, another relevant factor was the improvement in the cost of extraction (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 were able to review and readjust costs as planned, and we are overcoming this challenging moment with greater production, a smaller structure and well capitalized. These results are the result of 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 had a cash position of US$ 136 million.
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