PetroReconcavo, an independent onshore oil and gas producer, with 22 years of experience in the sector, announces its financial and operating results for 1Q22.
The Company recorded net revenue of R$703 million in 1Q22, which represents an increase of 147% compared to 4Q21, and 186.2% compared to 1Q21 when revenue was R$ 246 million.
The increase in revenue is due to the average production of 19,455 BOE/day in 1Q22, an increase of 43% versus 4Q21 and 67% compared to 1Q21. Highlight for the Miranga Complex, which produced 4,326 barrels of oil equivalent in 1Q22, an increase of 37% since November 2021, the last month of the former operator.
In 1Q22, the Company achieved a net income of R$402 million, an increase of 456% compared to the previous quarter. EBITDA was R$415 million, up 202% from 4Q21, with an EBITDA margin of 59%.
According to the CFO, Rafael Procaci da Cunha, the positive results demonstrate a significant change in the Company’s numbers, reflected by the work carried out throughout 2021. In particular, the contracts to definitively take over the Miranga and Remanso Clusters, in addition to the organic development of production and the Company’s positioning in the new natural gas market.
“Since the creation of this company, 22 years ago, and especially after the start of negotiations for our shares in B3, we have worked tirelessly to generate value for our shareholders. The data we released this quarter are a reflection of this and of our high capacity for execution and delivery”, comments Procaci.
Other milestones in the period include the start of the supply of natural gas to three major distributors: Potigas, PBGás and BahiaGás, with an average total delivery of around 880,000 m³/day. “It is worth mentioning that natural gas production has already exceeded 1/3 of our production and the Company’s gross revenue in 1Q22, which reinforces our objective of being the largest player in the input in the Northeast, significantly transforming the onshore oil and gas market in the region”, concludes the executive.