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PetroReconcavo (RECV3 · B3)

Name: PetroReconcavo (RECV3) oil & gas valuation & reserves screen
Creator: Enerquill Advisory

Mid-cap E&P — HQ Brazil. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.

Category Mid-cap E&PRegion Lat. AmericaCEO Jose Firmo (2019)Jurisdiction risk Med (61)

Overview

Brazilian onshore specialist revitalizing mature oil & gas fields acquired from Petrobras (Reconcavo/Bahia and Potiguar), applying workovers and infill to grow production; increasingly gas-weighted with domestic gas-market optionality.

Efficient low-cost operator paying dividends; growth via further onshore divestiture packages. Flags: onshore Brazil concentration, gas-pricing/regulatory, Petrobras-relationship dependence.

Valuation snapshot (FY2025)

Market cap

$0.6bn

Enterprise value

$0.9bn

EV / EBITDA

3.4x

P / E

4.9x

FCF yield

-8.5%

Dividend yield

17.6%

ROACE

12%

Debt / equity

77%

Net debt / EBITDA

1.1x

EV / reserves

$6.33/boe

EV / flowing

$33k/boe/d

Free cash flow

$-0.1bn

Its EV/EBITDA of 3.4x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of -8.5% is lower than the 6.5% median, and at $6.33/boe of proved reserves it is cheaper than the $13.51/boe median.

On a balanced screen across the universe, PetroReconcavo scores 55/100, strongest on valuation (72/100). Sub-scores: value 72, quality 62, growth 57, risk 80 (higher = riskier).

Reserves & production

PetroReconcavo holds approximately 0.14 billion boe of proved (1P) reserves with FY2025 production of about 26 thousand boe/d (58% liquids), a reserve life of roughly 14.4 years. Break-even: ~$35 (Brent FCF breakeven) — Low-cost onshore revitalization economics with strong domestic gas pricing.

Net asset value (public-source)

For PetroReconcavo, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

61 /100

Medium jurisdiction risk

Production-weighted average of the country scores below (0 = safest, 100 = riskiest).

Country / region	Prod. share	Country risk	Key jurisdiction risk
Brazil	100%	61	Complex tax/local-content rules; Petrobras policy swings, strong pre-salt.

How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

Asset	Location	Type	Notes
Reconcavo (Bahia)	Brazil	Oil/gas	Core revitalization cluster
Potiguar (RN)	Brazil	Oil/gas	Onshore mature fields
Gas processing (UPGN)	Brazil	Midstream	Owned gas plants
Miranga	Brazil	Oil	Acquired Petrobras package
Bahia gas supply	Brazil	Gas	Domestic gas sales
Infill/workover program	Brazil	Oil/gas	Production growth

Five-year trend (FY2021–FY2025)

Metric	2021	2022	2023	2024	2025
Production (mboe/d)	18	22	26	27	26
Proved reserves (bnboe)	0.15	0.17	0.19	0.20	0.14
Revenue ($bn)	0.3	0.5	0.6	0.6	0.6
EBITDA ($bn)	0.2	0.3	0.3	0.3	0.3
Net income ($bn)	0.1	0.1	0.1	0.1	0.1
Free cash flow ($bn)	0.0	0.1	0.1	0.1	-0.1

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Peer companies — Mid-cap E&P

FANG · Diamondback Energy PR · Permian Resources CHRD · Chord Energy Corporation MTDR · Matador Resources Company MGY · Magnolia Oil & Gas Corporation MUR · Murphy Oil Corporation TVE · Tamarack Valley Energy Ltd.CRC · California Resources Corporation NVPT · Navitas Petroleum CRGY · Crescent Energy BTE · Baytex Energy Corp.POU · Paramount Resources Ltd.TALO · Talos Energy Inc.ENRG · Energi Mega Persada

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare RECV3 against 141 peers in the interactive screener