Petroreconcavo SA (BSP:RECV3)

Q3 2024 Petroreconcavo SA Earnings Call Transcript

Nov 8, 2024 / 01:00 PM GMT

Release Date Price: R$17.63 (+2.62%)

Transcript

Key Points

Positve

Petroreconcavo SA (BSP:RECV3) reported a record revenue of 850 million for the quarter, marking a 3% increase from the previous quarter.
The company successfully concluded the investment in a new natural gas plant in Bahia, enhancing midstream consolidation.
Petroreconcavo SA achieved a 20% increase in accumulated EBITDA for the first nine months of 2024 compared to the same period last year.
The company announced a dividend payment of 379 million reais, representing a dividend yield of approximately 7.5% for the distribution.
Petroreconcavo SA has made significant advances in operational resilience and logistics flexibility, including new routes for oil flow and strategic partnerships.

Negative

The company experienced an increase in lifting costs due to greater expenses related to asset integrity and operational resilience.
There was a negative impact from hedge instruments, with oil hedges decreasing since the second semester of 2024.
Petroreconcavo SA faced challenges with production growth, not meeting the average growth expectations for the year.
The company had to manage increased costs related to the transport of oil due to production increases in certain fields.
There is uncertainty regarding future production estimates and reserve reports, with management cautious about providing specific forecasts.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

RECV3.SA - PetroReconcavo SA
Q3 2024 Petroreconcavo SA Earnings Call
Nov 08, 2024 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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We had great advances in this quarter. And although the production was still stable, I highlight the production in the Cheer Field, Chia 11, which was our best production. We concluded successfully the first perforations of Pr 14 after very good work done by the teams in terms of perforation. And as we said, pr 14 has unique capacity and it is able to make deeper perforations and more complex ones as well. And now it moves to the B Diba Field where it's going to continue this plan of for the company. One of the most relevant topics this year was the approval this year of the investment decision from BI I Miang.

And we're going to go into the details after this. And another relevant topic was the advance in the development of the

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