PetroRio 3Q19 Earnings Release

Oct 31, 2019

Quarter Highlights

Year-to-date Net Revenue of R$ 1.1 billion.
Net Revenue of R$ 399 MM in the quarter, a 78% increase vs 3Q18.
Adjusted EBITDA (ex-IFRS 16) of R$ 215.9 MM. Highest ever adjusted EBITDA margin (54%).
Company lifting cost reduced to U$S 22,9/bbl, lower than 3Q18 (US$ 26.6/bbl).
Highest ever adjusted EBITDA per barrel (US$ 31.5/bbl).
Strong decrease of ND/EBITDA to 1.2x enables leveraging for acquisitions.