RIO DE JANEIRO--(BUSINESS WIRE)--Petro Rio S.A. ("Company" or "PetroRio") (B3: PRIO3) announces its 3Q18 earnings.
Quarter Highlights
- Net Revenue of R$ 224.6 million, over twice that of 3Q17
- Highest Operating Results in Company history: R$ 130.1 million
- Highest ever adjusted EBITDA: R$ 107.1 million in 3Q18, vs. R$ 22.8 million in 3Q17
- Highest contribution margin for Polvo since 2014 (U$ 33 per barrel)
- Signing for the acquisition of 18.26% of Frade Field in October
MESSAGE FROM MANAGEMENT
“The results presented below illustrate the successful path we have paved since the beginning of the turnaround in 2014. We have recorded, for the second consecutive quarter, the highest net income ever – R$ 71.5 million. This has been a rewarding year for all our stakeholders, especially for our team which has worked hard for the last four years in order to deliver the numbers we are pleased to announce today.
In Polvo, the drilling campaign began in April and has resulted in the reduction of the lifting cost to US$ 26.60 and extended the useful life of the field to beyond 2024, providing favorable conditions for future cash flow generation.
Not satisfied with the results achieved through our current assets, PetroRio took the first step towards the acquisition of a new asset in Frade Field, also in Campos Basin. This important addition is part of our strategy of growth through acquisitions of producing fields and increases our portfolio to a total of five assets, of which three are producing ones.
Our team shall continue to pursue value generation from our operations and from the new acquisition, and believe this is only the beginning of a new successful story for the Company and its shareholders”
Click here for the Earnings Release.