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PRIO records total revenue of US$ 498 million in 3Q24

14 Nov 2024 icone de compartilhamento

PRIO recorded total revenues of US$ 498 million in the third quarter of 2024, driven by the recent acquisition of 40% of the Peregrino field. This operation will result in an increase of around 36,000 barrels per day in the company’s production, without adding operational complexity. “We closed the third quarter of 2024 with an important achievement, in line with one of our core pillars, which is to generate value through acquisitions,” said Roberto Monteiro, CEO of PRIO.

Aiming to prepare for the transaction while maintaining healthy leverage and strengthening the cash position, PRIO contracted approximately US$ 1.0 billion in bilateral debt this quarter, ending the quarter with cash of US$ 2.16 billion and leverage of 0.5x (Net Debt/EBITDA). With the payment of 10% of the purchase price of Peregrino, the company expects to maintain its leverage at up to 1.2x (Net Debt/EBITDA) after the completion of the acquisition, reinforcing a healthy position.

In operations, PRIO recorded a positive net income of US$ 165 million and an adjusted EBITDA of US$ 328 million, with an average production of 70.3 thousand barrels per day. The company also managed to maintain its lifting cost at US$ 9.8 per barrel, despite the challenges of scheduled maintenance at the Albacora Leste and Frade fields, as well as the TBMT-8H, TBMT-10H and TBMT-4H wells (the last two of which have not yet been approved for workover) in the Polvo and Tubarão Martelo clusters.

“We continue working to overcome the challenges related to the efficiency of FPSO Forte, with the installation of two turbines and a compressor fully overhauled during October, November and December, and remain confident that we are on the right track to achieve the same reliability levels recorded in our other assets,” commented Francilmar Fernandes, PRIO’s Chief Operating Officer, on the operation of FPSO Forte.

In addition to operational and financial progress, the company maintained its commitment to sustainability by publishing its second annual report. On the cultural and social areas, it is worth highlighting the strengthening of its brand with the I 💙 PRIO platform, sponsoring events such as the I 💙 PRIO Winter Festival and ArtRio, and reaffirming its involvement with culture and sports in Brazil.