PRIO announces 1Q21 results, with 194% increase in net revenue
PRIO released its first quarter 2021 results last Monday (3). The highlights were the increase in net revenue, the reduction in lifting cost and the US$ 2 billion follow-on in January.
The Company’s net revenue passed R$ 665 million, an increase of 194% in relation to 1Q20. The lifting cost per barrel fell 17% compared to 1Q20, closing at $14.3.
In addition, PRIO highlighted the sale of approximately 2 million barrels, the acquisition of an additional 28.6% stake in Wahoo, and ANP approval of the 30% purchase of Frade.
Despite the challenges posed by the pandemic, PRIO started 2021 with some important achievements. The operations were kept to the highest safety standards, always prioritizing the health of the employees and the environment.