Petroreconcavo S A : Dados Econômico-Financeiros

May 20, 2024 at 10:20 am EDT

FINANCIAL STATEMENTS FOR THE PERIOD ENDED

MARCH, 2024

RECV3

B3 LISTED NM

	INDEX
INDEPENDENT AUDITOR'S REPORT ON THE REVIEW OF THE INTERIM FINANCIAL
STATEMENTS	1
BALANCE SHEET	3
STATEMENT OF PROFIT AND LOSS	4
STATEMENT OF COMPREHENSIVE INCOME	5
STATEMENT OF CHANGES IN EQUITY	6
STATEMENT OF CASH FLOWS	7
STATEMENT OF VALUE-ADDED	8
NOTES TO THE INTERIM FINANCIAL STATEMENTS	9
1.	GENERAL INFORMATION	9

2. MATERIAL ACCOUNTING POLICIES APPLIED IN PREPARING THE INTERIM FINANCIAL

STATEMENTS	9
3.	CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	10
4.	TRADE RECEIVABLES	11
5.	INVESTMENTS	13
6.	PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS	14
7.	SUPPLIERS	16
8.	LOANS AND FINANCING	17
9.	INCOME TAX AND SOCIAL CONTRIBUTION	18
10.	PAYABLES FOR ACQUISITIONS	21
11.	PROVISION FOR CONTINGENCY RISKS	22
12.	PROVISION FOR WELL ABANDONMENT	24
13.	DERIVATIVE FINANCIAL INSTRUMENTS	24
14.	NET EQUITY	25
15.	RELATED PARTIES	29
16.	RIGHTS AND COMMITMENTS TOWARDS ANP	30
17.	NET REVENUE	31

18. INFORMATION ON THE NATURE OF EXPENSES RECOGNIZED IN THE STATEMENT OF

PROFIT AND LOSS	31
19.	FINANCIAL INCOME (EXPENSES)	32
20.	FINANCIAL INSTRUMENTS	32
21.	INSURANCE COVERAGE	38
22.	SEGMENT INFORMATION	38
23.	NON-CASH TRANSACTIONS	39
24.	SUBSEQUENT EVENTS	39

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Fax: + 55 (71) 2103-9440

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(Convenience Translation into English from the Original Previously Issued in Portuguese)

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

To the Shareholders and Management of

PetroReconcavo S.A.

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of PetroReconcavo S.A. ("Company"), included in the Interim Financial Information Form (ITR) for the quarter ended March 31, 2024, which comprises the balance sheet as of March 31, 2024 and the related statements of profit or loss, of comprehensive income, of changes in equity and of cash flows for the three-month period then ended, including the explanatory notes.

The Company's Management is responsible for the preparation of this individual and consolidated interim financial information in accordance with technical pronouncement CPC 21 (R1) and international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 ‐ Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the ITR referred to above was not prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1) and international standard IAS 34, applicable to the preparation of ITR, and presented in accordance with the standards issued by the CVM.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms, and their related entities (collectively, the "Deloitte organization"). DTTL (also referred to as "Deloitte Global") and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our people deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society, and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte's approximately 457,000 people worldwide make an impact that matters at www.deloitte.com.

Other matters

Statements of value added

The interim financial information referred to above includes the individual and consolidated statements of value added (DVA) for the three-month period ended March 31, 2024, prepared under the responsibility of the Company's Management and presented as supplemental information for international standard IAS 34 purposes. These statements were subject to the review procedures performed together with the review of the ITR to reach a conclusion on whether they are reconciled with the interim financial information and the accounting records, as applicable, and if their form and content are consistent with the criteria set forth in technical pronouncement CPC 09 (R1) - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that these statements of value added were not prepared, in all material respects, in accordance with technical pronouncement CPC 09 (R1) and consistently with the accompanying individual and consolidated interim financial information taken as a whole.

Convenience translation

The accompanying individual and consolidated interim financial information has been translated into English for the convenience of readers outside Brazil.

Salvador, May 8, 2024

DELOITTE TOUCHE TOHMATSU	Jônatas José Medeiros de Barcelos
Auditores Independentes Ltda.	Engagement Partner

2024SA032584

BALANCE SHEET AS AT MARCH 31, 2024 (In thousands of Brazilian reais - R$)

		Company	Consolidated			Company	Consolidated
ASSETS	Notes	03/31/2024	12/31/2023	03/31/2024	12/31/2023	LIABILITIES AND NET EQUITY	Notes	03/31/2024	12/31/2023	03/31/2024	12/31/2023
CURRENT						CURRENT
Cash and cash equivalents	3	237,950	110,834	302,149	197,184	Suppliers	7	201,828	244,977	215,748	254,010
Short-term investments	3	329,073	310,172	384,688	310,172	Payroll and related charges		78,300	85,457	79,495	86,647
Trade receivables	4	326,437	332,047	349,761	360,611	Taxes payable		53,292	42,490	59,146	49,537
Inventories		8,573	6,237	9,436	7,358	Loans and financing	8	149,689	142,772	149,689	142,772
Dividends receivable	15	-	11,316	-	-	Leases payable		14,322	25,940	20,440	32,887
Recoverable taxes		131,715	211,194	144,792	233,927	Derivative financial instruments	13	81,575	99,478	81,575	99,478
Other assets		17,582	36,708	18,727	38,179	Dividends and interest on capital payable	15	17,359	17,359	17,359	17,359
Total current assets		1,051,330	1,018,508	1,209,553	1,147,431	Payables for acquisitions	10	516,488	340,256	516,488	340,256
						Provision for well abandonment	12	6,475	8,202	6,475	8,202
NONCURRENT						Other accounts payable		6,720	29,029	8,165	34,712
Trade receivables	4	55,917	55,917	55,917	55,917	Total current liabilities		1,126,048	1,035,960	1,154,580	1,065,860
Recoverable taxes		65,461	68,450	77,814	78,049
Other assets		10,823	8,623	5,388	5,816	NONCURRENT
Deferred taxes	9	-	8,399	36,160	46,370	Suppliers	7	130,476	130,476	130,476	130,476
Investments	5	799,690	790,258	-	-	Loans and financing	8	723,130	760,208	723,130	760,208
PP&E and intangible assets	6	4,841,329	4,807,735	5,469,739	5,455,889	Leases payable		3,940	2,591	9,307	10,570
Lease right-of-use assets		18,981	26,438	30,553	39,712	Other accounts payable	9	13,659	12,227	13,596	12,227
Total noncurrent assets		5,792,201	5,765,820	5,675,571	5,681,753	Deferred taxes	10,172	-	10,172	-
						Payables for acquisitions	10	-	145,239	-	145,239
						Provision for contingency risks	11	3,714	3,239	6,445	5,299
						Provision for well abandonment	12	180,961	176,505	185,987	181,422
						Total noncurrent liabilities		1,066,052	1,230,485	1,079,113	1,245,441
						NET EQUITY
						Share capital	14	2,831,269	2,830,774	2,831,269	2,830,774
						Treasury shares		(5,084)	(5,084)	(5,084)	(5,084)
						Capital reserve		55,656	51,978	55,656	51,978
						Profit reserve		1,671,360	1,671,360	1,671,360	1,671,360
						Retained earnings		110,033	-	110,033	-
						Equity valuation adjustment		(46,284)	(65,626)	(46,284)	(65,626)
						Capital transactions		34,481	34,481	34,481	34,481
						Total net equity		4,651,431	4,517,883	4,651,431	4,517,883
TOTAL ASSETS		6,843,531	6,784,328	6,885,124	6,829,184	TOTAL LIABILITIES AND NET EQUITY		6,843,531	6,784,328	6,885,124	6,829,184

The accompanying notes are an integral part of the interim financial statements.

STATEMENT OF PROFIT AND LOSS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2024 (In thousands of Brazilian reais - R$, except for earnings per share)

	Notes	Company	Consolidated
		03/31/2024	03/31/2023	03/31/2024	03/31/2023
NET REVENUE	17	685,146	117,701	744,735	719,212
COST OF PRODUCTS SOLD AND SERVICES PROVIDED	18	(430,464)	(114,062)	(475,848)	(442,263)
GROSS PROFIT		254,682	3,639	268,887	276,949
INCOME (EXPENSES)
General, sales and administrative	18	(38,856)	(23,417)	(42,618)	(45,840)
Other income (expenses), net	18	(26,601)	13,757	(26,779)	(196)
Equity in investments	5	9,432	213,300	-	-
Total		(56,025)	203,640	(69,397)	(46,036)
OPERATING INCOME (EXPENSES)		198,657	207,279	199,490	230,913

Financial income (loss)	19	(73,525)	(12,768)	(70,978)	6,301
INCOME BEFORE TAXES		125,132	194,511	128,512	237,214
INCOME TAX AND SOCIAL CONTRIBUTION
Current		(6,492)	(1,213)	(8,061)	(45,468)
Deferred		(8,607)	6,215	(10,418)	7,767
Total	9	(15,099)	5,002	(18,479)	(37,701)
NET INCOME		110,033	199,513	110,033	199,513
Earnings per share - R$	14	0.375	0.681
Diluted earnings per share - R$	14	0.375	0.681

The accompanying notes are an integral part of the interim financial statements.

STATEMENT OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2024 (In thousands of Brazilian reais - R$)

	Notes	Company	Consolidated
		03/31/2024	03/31/2023	03/31/2024	03/31/2023
NET INCOME FOR THE PERIOD		110,033	199,513	110,033	199,513
Items that can be subsequently reclassified to statement of profit and
loss
Hedging instruments	13	29,306	-	29,306	127,641
Deferred taxes on financial instruments		(9,964)	-	(9,964)	(43,398)
Other comprehensive income of subsidiaries		-	84,243	-	-
Subtotal		19,342	84,243	19,342	84,243
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		129,375	283,756	129,375	283,756

The accompanying notes are an integral part of the interim financial statements.

STATEMENT OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2024 (In thousands of Brazilian reais - R$)

										Equity valuation
				Capital reserve		Profit reserve		adjustments
				Income tax	Share and stock			Reinvestment	Proposed
		Share	Treasury	relief	options	Legal	Tax	and expansion	additional	Cash flow hedge	Capital	Retained	Net
	Notes	capital	shares	incentive	granted	reserve	incentives	reserve	dividends	accounting	transactions	earnings	equity
BALANCE AS AT DECEMBER 31, 2022		2,828,170	(6,793)	18,501	24,670	89,702	57,018	994,190	26,374	(255,811)	34,481	-	3,810,502
									-
Subscribed share capital paid-in		259	-	-	-	-	-	-	-	-	-	-	259
Exercise of stock option		1,355	-	-	-	-	-	-	-	-	-	-	1,355
Exercised stock option to be paid-in		(942)	-	-	-	-	-	-	-	-	-	-	(942)
Share buyback		-	(4,055)	-	-	-	-	-	-	-	-	-	(4,055)
Share-based compensation		-	-	-	3,482	-	-	-	-	-	-	-	3,482
Other comprehensive income of the subsidiary		-	-	-	-	-	-	-	-	84,243	-	-	84,243
Net income		-	-	-	-	-	-	-	-	-	-	199,513	199,513
BALANCE AS AT MARCH 31, 2023		2,828,842	(10,848)	18,501	28,152	89,702	57,018	994,190	26,374	(171,568)	34,481	199,513	4,094,357
BALANCE AS AT DECEMBER 31, 2023		2,830,774	(5,084)	18,501	33,477	125,149	64,460	1,481,751	-	(65,626)	34,481	-	4,517,883
Subscribed share capital paid-in	14	495	-	-	-	-	-	-	-	-	-	-	495
Share-based compensation	14	-	-	-	3,678	-	-	-	-	-	-	-	3,678
Other comprehensive income		-	-	-	-	-	-	-	-	19,342	-	-	19,342
Net income		-	-	-	-	-	-	-	-	-	-	110,033	110,033
BALANCE AS AT MARCH 31, 2024		2,831,269	(5,084)	18,501	37,155	125,149	64,460	1,481,751	-	(46,284)	34,481	110,033	4,651,431

The accompanying notes are an integral part of the interim financial statements.

STATEMENT OF CASH FLOWS

FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2024 (In thousands of Brazilian reais - R$)

	Notes	Company	Consolidated
		03/31/2024	03/31/2023	03/31/2024	03/31/2023
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxes on income		125,132	194,511	128,512	237,214
Reconciliation of profit before taxes with cash generated by operating activities
Interest, amortization of borrowing and foreign exchange variations, net		59,651	9,205	56,234	(4,303)
Depreciation, amortization and depletion	18	122,712	20,217	153,862	103,923
Provisions, estimated losses and other		6,876	5,923	7,547	3,479
Equity in investments	5	(9,432)	(213,300)	-	-
Consideration of contingent installments of payables for acquisitions	10	22,033	-	22,033	-
Fair value of derivative financial instruments in profit or loss		70,573	-	70,573	71,468
Adjustment of provision for well abandonment	12	4,456	1,041	4,565	3,292
Derecognition of PP&E, leases and other		64,876	24,108	68,563	59,514
Changes in assets:
Trade receivables		5,610	(18,227)	10,850	23,651
Inventories		(1,142)	8,920	(431)	8,186
Recoverable taxes		82,468	2,392	89,370	(4,872)
Other assets		16,926	(32,860)	19,880	(14,712)
Changes in liabilities:
Suppliers		(43,149)	12,699	(38,262)	55,055
Payroll and related charges		(7,157)	4,598	(7,152)	7,519
Recoverable taxes		8,799	(2,390)	6,434	(20,559)
Other accounts payable		(22,309)	1,386	(26,547)	(1,577)
Payment of hedge contracts	13	(59,170)	-	(59,170)	(71,468)
Interest paid		(36,983)	(22,648)	(37,358)	(23,951)
Income tax and social contribution paid		(3,057)	(989)	(3,517)	(33,826)
Change in cash resulting from operating activities		407,713	(5,414)	465,986	398,033
CASH FLOWS FROM INVESTMENT ACTIVITIES
Dividends received from subsidiaries		11,316	-	-	-
Acquisition of SPE Tiêta, net of cash received		-	(501,639)	-	(472,255)
Short-term investments		(10,835)	628,244	(63,941)	502,207
Additions to PP&E and intangible assets		(220,027)	(130,707)	(234,663)	(397,155)
Change in cash resulting from investment activities		(219,546)	(4,102)	(298,604)	(367,203)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of financing	8	(44,594)	(331)	(44,594)	(331)
Payables for acquisitions	10	(7,335)	-	(7,335)	(175,703)
Exercise of stock options		-	413	-	413
Share buyback	14	-	(4,055)	-	(4,055)
Subscribed capital paid-in	14	495	259	495	259
Amortization of lease operations - principal		(9,617)	(2,441)	(10,983)	(6,695)
Change in cash resulting from financing activities		(61,051)	(6,155)	(62,417)	(186,112)
Foreign exchange variation on cash and cash equivalents		-	-	-	226
CHANGE IN CASH AND CASH EQUIVALENTS		127,116	(15,671)	104,965	(155,056)
Cash and cash equivalents at the beginning of the period	3	110,834	83,601	197,184	361,028
Cash and cash equivalents at the end of the period	3	237,950	67,930	302,149	205,972
CHANGE IN CASH AND CASH EQUIVALENT BALANCE		127,116	(15,671)	104,965	(155,056)

The accompanying notes are an integral part of the interim financial statements.

STATEMENT OF VALUE ADDED

FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2024 (In thousands of Brazilian reais - R$)

	Notes	Company	Consolidated
		03/31/2024	03/31/2023	03/31/2024	03/31/2023
WEALTH CREATION
Revenue:
Revenue from customer contract	17	815,674	131,176	881,479	889,987
Other revenue		6,114	36,925	4,093	5,111
Total revenue		821,788	168,101	885,572	895,098
THIRD-PARTY INPUTS AND SERVICES
Raw materials and products for resale		(11,516)	(5,946)	(11,516)	(12,367)
Materials, energy, third-party services, and others		(270,830)	(94,398)	(279,536)	(290,406)
Total third-party inputs		(282,346)	(100,344)	(291,052)	(302,773)
GROSS VALUE-ADDED		539,442	67,757	594,520	592,325
Depreciation, amortization and depletion	18	(122,712)	(20,217)	(153,862)	(103,923)
NET WEALTH PRODUCED		416,730	47,540	440,658	488,402
WEALTH RECEIVED IN TRANSFER
Financial income		19,536	27,283	22,734	58,435
Equity in investments	5	9,432	213,300	-	-
Total wealth received in transfer		28,968	240,583	22,734	58,435
Wealth for distribution		445,698	288,123	463,392	546,837
WEALTH DISTRIBUTION
Personnel:
Direct remuneration		31,084	20,242	32,951	44,536
Benefits		13,046	6,915	13,671	17,287
FGTS		2,334	1,163	2,481	3,111
Taxes, fees and contributions:
Federal		97,051	8,861	104,804	94,860
State		41,576	1,444	41,282	79,190
Municipal		96	613	96	613
Remuneration of third-party capital:
Rent		10,319	2,700	11,578	6,244
Royalties	18	47,098	6,621	52,784	49,346
Interest		93,061	40,051	93,712	52,137
Return on capital:
Retained earnings		110,033	199,513	110,033	199,513
WEALTH DISTRIBUTED		445,698	288,123	463,392	546,837
The accompanying notes are an integral part of the interim financial statements.

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PetroReconcavo SA published this content on 20 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2024 14:19:07 UTC.

Market Closed - Sao Paulo Other stock markets 04:07:46 2024-05-31 pm EDT			5-day change	1st Jan Change
20.74 ^BRL	+4.17%		+5.44%	-4.51%

May. 09	Petroreconcavo S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Eneva, Petroreconcavo Refute Tie-Up Talks	CI

Petroreconcavo S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	May. 08	CI
Eneva, Petroreconcavo Refute Tie-Up Talks	Apr. 25	CI
Brazil's Eneva, PetroReconcavo say they are not discussing merger	Apr. 24	RE
ENAUTA CEO DOES NOT RULE OUT POTENTIAL FUTURE DEALS FOR SYNERGIE…	Apr. 10	RE
Seacrest Petroleo Bermuda Limited and PetroReconcavo Enter into Drilling Rig Services Partnership	Apr. 08	CI
Brazil's 3R gets tie-up bid from Enauta, halts talks with PetroReconcavo	Apr. 02	RE
Brazil's 3R gets tie-up bid from Enauta, halts talks with PetroReconcavo	Apr. 02	RE
Petroreconcavo S.A. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	Mar. 06	CI
Petroreconcavo S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	Mar. 04	CI
Maha Energy proposes carve-out of Brazil's 3R Petroleum onshore assets	Jan. 17	RE
Brazil not expected to take part in OPEC+ output quotas, sources say	Nov. 30	RE
Brazil confirms OPEC+ invite, minister says eager to join	Nov. 30	RE
Petroreconcavo S.A. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	Nov. 08	CI
Petrobras Preferred Shares Rise 2.3% on Higher Oil Prices	23-10-09	DJ
Petroreconcavo S.A.(BOVESPA:RECV3) dropped from FTSE All-World Index	23-09-18	CI
Petrorecôncavo Shares Fall 3.9% After Petrobras Cancels Asset Sales	23-09-05	DJ
Petroreconcavo S.A. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	23-08-09	CI
Brazil's Eneva interested in partnership with Petrobras on Bahia Terra cluster	23-08-01	RE
Petroreconcavo S.A. Reports Earnings Results for the First Quarter Ended March 31, 2023	23-05-11	CI
Petroreconcavo S.A. Reports Earnings Results for the First Quarter Ended March 31, 2023	23-05-11	CI
Petroreconcavo S.A. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022	23-03-21	CI
Petroreconcavo S.A. Reports Earnings Results for the Fourth Quarter Ended December 31, 2022	23-03-21	CI
Petroreconcavo S.A. Reports Earnings Results for the Full Year Ended December 31, 2022	23-03-21	CI
Petroreconcavo S.A.(BOVESPA:RECV3) added to FTSE All-World Index	23-03-20	CI
Petroreconcavo S.A. completed the acquisition of Maha Energy Brasil Ltda. from Maha Energy Finance S.A.R.L and Maha Energy I AB.	23-02-27	CI

	1st Jan change	Capi.
PETRORECONCAVO S.A.	-4.51%	1.16B
CIVITAS RESOURCES, INC.	+7.58%	7.29B
SNGN ROMGAZ SA	+8.38%	4.56B
TOPAZ ENERGY CORP.	+18.27%	2.43B
ATHABASCA OIL CORPORATION	+20.14%	2.06B
PAREX RESOURCES INC.	-10.34%	1.68B
MATEN PETROLEUM	-.--%	1.1B
SURGE ENERGY INC.	+12.50%	537M
BERRY CORPORATION	-0.85%	536M
CITIC RESOURCES HOLDINGS LIMITED	+48.57%	512M

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