PetroReconcavo reports 3Q21 net income of R$22.9mm

PetroReconcavo recorded net income of R$ 22.9 million in the third quarter of this year, a result 261% greater than that of the same period in 2020, when the oil company earned R$ 6.342 million. In 2021, net income totaled R$ 104.6 million, reversing a loss of R$ 144.8 million in the first nine months of 2020.

— Net revenue in 3Q21 was R$260.3 million, growth of 30.1% compared to the same period of the previous year and 4.5% compared to 2Q21. EBITDA was R$134.6 million, an increase of 13.2% compared to 3Q20 and 2.5% compared to 2Q21, with an EBITDA margin of 51.7%. The company recorded net cash of R$437 million.

— Average daily production in barrels of oil equivalent was 12,246 thousand in 3Q21, an increase of 13.2% versus the same period in 2020 and 1.6% compared to 2Q21. Highlight for the Potiguar Asset, which recorded an increase of 23.4% over the same period last year. Of this percentage, 12.8% growth is equivalent to oil production and 78.5% refers to growth in natural gas production.