Net income is 351.7% above that recorded in the same period of 2020; net revenue reaches R$ 588.3 million
We announced today the results for the third quarter of 2021, with highlight to the net income of R$ 134 million, 351.7% above that recorded in the same period of 2020. The Company’s net revenue was R$588.3 million, a growth of 162.1% over last year’s third quarter. It was the first quarter with 100% recognition of results from the Atlanta Field, where more than 19 million barrels of oil have been produced since May 2018.
The company achieved a solid cash and cash equivalents position of R$2.4 billion, with total boe production in the quarter of 1.99 million and average daily production of 21.7 thousand boe. Our earnings report also presents, among other highlights of the quarter, the extension of the Atlanta drilling license, including the other wells scheduled for the Definitive System; the announcement that drilling will start for the first exploratory well in the Sergipe-Alagoas Basin, scheduled for the fourth quarter of 2021; the approval of the Policy on People and Human Rights and the start of the activities of the Audit Committee and of the Internal Audit Management, reinforcing the Company’s corporate governance.
In a message present in the report, we reaffirm our investment thesis, with a large part of the assets dollarized and exposed to the increase in international demand, a thesis that also contemplates the company’s focus on the strategic agenda of portfolio diversification through acquisitions. “The third quarter marks the period in which we operated the entire Atlanta Field, generating record revenue generation for the company. Our team continues to work on resuming the operation of the third well, which is expected to come back on stream in the first quarter of 2022. We continue advancing towards the Definitive System (DS), with the beginning of the bidding process for the processing unit (FPSO) and other DS equipment. In this sense, we signed a Memorandum of Understanding with Yinson Holdings Berhad, a Malaysian company traditionally a supplier of FPSOs, known worldwide, for the direct and exclusive negotiation of the FPSO supply contracts. It is another important step for us to significantly expand our current oil production capacity.”
We also emphasize that the cash of R$2.4 billion endorses our financial resilience for portfolio expansion and possibility to capture opportunities. We remain attentive to Petrobras’ divestments and other opportunities that meet our commitment to greater value generation and shareholder returns, and we reaffirm our efforts to fulfill the strategic agenda to advance in the ESG sphere as well.