PetroReconcavo (RECV3) recorded a 54% decline in net profit in the fourth quarter of 2023 compared to the same period in 2022, falling from R$408.6 million to R$186.7 million.
The net result was negatively impacted by lower EBITDA during this period.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to R$312.6 million, a year-on-year decrease of 36%. This resulted in the adjusted EBITDA margin falling by 14.6 percentage points (percentage points) to 41.4%.
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Total net revenues amounted to R$689 million in the fourth quarter of last year, a decrease of 11% compared to the same period in 2022, due to a 12% decrease in oil production on the same basis of comparison.
The average production cost (lifting cost) for the fourth quarter of 2023 was $14.28, an increase of 17% compared to the same quarter of the previous year.
The net financial result was positive at R$35.7 million in the fourth quarter of 2023, down 32% from the financial gains at the same point in 2022.
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Total capital expenditures, after deducting the line of abandoned wells, amounted to R$1.1 billion in the year and R$201 million in the quarter.
As of December 31, 2023, the company's net debt amounted to R$881.1 million, compared to net cash of R$37.3 million in the same period in 2022.
The leverage index, measured by net debt/EBITDA, was 0.69 times on December 23, an increase of 0.71 percentage points compared to the same period in 2022.
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