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Financial and operational results highlight a 22% increase in production
In an announcement made in Mata de São João on March 5, 2024, PetroReconcavo, an independent company leading in oil and gas production in onshore basins in Brazil, released its operational and financial results for the fourth quarter of 2023 and the annual consolidated. With 24 years of history, the company reported a significant increase of 22% in its production, demonstrating its technical competence and resilience in a challenging scenario.
Impressive operational performance
Throughout 2023, PetroReconcavo achieved an average production of 26 thousand barrels of oil equivalent per day (boe/day), reaching a peak of 29 thousand boe/day in October. This performance marks annual growth of 22%, driven mainly by the Bahia Asset, with a 32% increase in production due to investments in well reactivation. The Potiguar Asset also recorded growth of 14%, with investments focused on hydraulic fracturing and drilling of new wells. The acquisition of Maha Energy Brasil assets also played an important role, contributing 9% of total production growth.
Financial strength strengthened despite challenges
The company's EBITDA in the fourth quarter was R＄247 million, totaling R＄1,3 billion for the year. Adjusting for extraordinary flow restrictions, potential EBITDA would be R＄1,5 billion. Rafael Procaci, CFO of PetroReconcavo, highlighted the effectiveness of management even in the face of inflation, high interest rates and high exchange rates. With a cash position of R＄507 million at the end of the year, the company appears ready for new investments and opportunities in the sector, following the reduction in payments for acquisitions made.
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Future vision and competitive differentiators
José Firmo, CEO of PetroReconcavo, highlighted the company's specialization in revitalizing mature fields, mentioning the autonomy, efficiency and flexibility provided by its fleet of rigs and services. With an ambitious vision for the future, the company intends to continue developing the technical competence of its team, aiming to continuously improve the project portfolio and create value.
Net profit in 4Q23 was R＄187 million, an increase of 29% compared to the previous quarter, culminating in an annual profit of R＄709 million. Annual net revenue was R＄2,8 billion, a slight reduction compared to the previous year, but payment of earnings totaled R＄290 million, an increase of 31% compared to 2022.
PetroReconcavo's journey
With a 24-year legacy, PetroReconcavo is consolidating itself as a force in the oil and gas sector, specializing in the operation of onshore fields. The company manages a portfolio of 55 oil and natural gas concessions, in addition to holdings in concessions operated by third parties, reaffirming its commitment to excellence and innovation in the sector. Listed on B3's Novo Mercado under the ticker RECV3, PetroReconcavo is also a proud member of the Ibovespa index since September 2023, reflecting its exceptional performance and promising future prospects.
Source: Loures Consultoria – Tatiana Fontenelle.
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