Petroreconcavo SA
BOVESPA:RECV3
Decide at what price you'd be comfortable buying and we'll help you stay ready.
|
Petroreconcavo SA
BOVESPA:RECV3
|
BR |
|
B2Gold Corp
TSX:BTO
|
CA |
Petroreconcavo SA
Petrorecôncavo SA is an oil and gas operator company, which specializes in the operation, development, and revitalization of mature fields in onshore oil and gas basins. The company is headquartered in Mata De Sao Joao, Bahia. The company went IPO on 2021-05-05. The firm specializes in the operation, development and revitalization of mature fields in onshore oil and gas basins. The firm has 155.9 MMboe of 2P (working interest) gross reserves. The firm is advancing in the creation of conditions for access to essential infrastructure for the flow and processing of natural gas by contracting services in the tolling modality, which allows it to directly access the national gas market. The firm's business model is based on purchasing (or providing operating services) concessions for mature onshore fields, operating these fields, revitalizing them and extending their reserves.
Petrorecôncavo SA is an oil and gas operator company, which specializes in the operation, development, and revitalization of mature fields in onshore oil and gas basins. The company is headquartered in Mata De Sao Joao, Bahia. The company went IPO on 2021-05-05. The firm specializes in the operation, development and revitalization of mature fields in onshore oil and gas basins. The firm has 155.9 MMboe of 2P (working interest) gross reserves. The firm is advancing in the creation of conditions for access to essential infrastructure for the flow and processing of natural gas by contracting services in the tolling modality, which allows it to directly access the national gas market. The firm's business model is based on purchasing (or providing operating services) concessions for mature onshore fields, operating these fields, revitalizing them and extending their reserves.
Revenue: Net revenue for 2025 was BRL 3.2 billion, down 3% YoY; Q4 revenue was BRL 704 million, down 10% sequentially.
Profitability: 2025 EBITDA was BRL 1.4 billion (margin 45.7%), down 12% YoY; Q4 EBITDA was BRL 295 million, down 16% QoQ; net income for 2025 rose to BRL 638 million (+46% YoY) while Q4 net profit fell to BRL 51 million (‑58% QoQ) driven by FX mark‑to‑market on dollar liabilities.
Costs & breakeven: Lifting cost ended the year at USD 14.42/boe with Q4 at USD 14.32; breakeven cash cost fell from USD 28.9 in Q3 to USD 27.8 in Q4.
Capital & liquidity: 2025 CapEx ~BRL 1.45 billion (includes BRL 331 million for midstream acquisition and BRL 160 million for deep/horizontal wells); year-end cash BRL 1.6 billion; net debt ~USD 1.6 billion and leverage 1.1x (net debt / LTM EBITDA).
Balance sheet moves: Four debenture issues lengthened maturities and lowered average dollarized cost of debt to 6.1% (from ~9% in 2023); fourth issue priced at 4.9%.
Reserves: 2P reserves certified at 182 million boe; reserve replacement ratio 0.96; 79% of 2P in 1P; natural gas = 43% of reserves; PV‑15 reported at USD 1.9 billion (2P value USD 2.4 billion).
Strategy & midstream: Acquired 50% of midstream (EPGM) delivering ~BRL 61 million annual savings (BRL 12 million saved in Q4) and improved processing/transport costs by ~41% in affected operations.
Guidance / 2026 plan: Management expects flat production for 2026 (~26,500 boe/d) and a more conservative CapEx profile focused on disciplined execution; hedging covers ~65% of 1P oil production in 2026 (37% in 2027; 9% in 2028).
