PetroRio’s net income in the 3rd quarter totals US$ 154 million, up 542%

PetroRio reported a profit of US$ 154 million in the third quarter of this year, up 542% compared to the US$ 23.9 million recorded from July to September 2021 (ex-IFRS 16). So far, the company has only disclosed financial results in dollars to the Securities and Exchange Commission (CVM).

Ebitda (earnings before interest, taxes, depreciation and amortization) in the period was US$ 285.3, an increase of 16% in the annual comparison. The adjusted indicator was a record and stood at US$ 286 million in the period, compared to US$ 104.6 million a year ago, an increase of 174%.

Net revenue was again a record, according to the company, and reached US$ 378 million in the third quarter, an increase of 110% compared to the same period in 2021.

According to a press release recently released to the market, the company points out that “the financial performance of the period was mainly impacted by the increase in revenue, a reflection of the increase in production and sales, and the rise in the price of Brent year on year, which grew 33% in the quarter”.

From July to September, the oil company sold approximately 3.8 million barrels, an increase of 54.8% compared to the third quarter of 2021. The average production was 45.8 thousand barrels of oil equivalent per day, an increase of 44 .7% compared to the average production a year ago of 31,600 barrels a day.