PRIO SA (BSP:PRIO3)
R$ 43.29 -0.010 (-0.02%) Market Cap: 35.28 Bil Enterprise Value: 52.08 Bil PE Ratio: 3.18 PB Ratio: 1.34 GF Score: 91/100
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Q2 2024 Prio SA Earnings Call (English, Portuguese) Transcript

Aug 07, 2024 / 06:00PM GMT
Release Date Price: R$45.07 (+4.21%)

Key Points

Positve
  • PRIO SA (PTRRY) achieved an adjusted EBITDA of $546 million, marking a 64% increase compared to the previous year.
  • The company maintained a strong cash position of almost $1.2 billion, with a net debt over EBITDA ratio of 0.4 times.
  • PRIO SA (PTRRY) successfully sold 8.5 million barrels of oil, benefiting from a competitive commercial discount of approximately $3.56 per barrel.
  • The company is well-prepared for future challenges, including the implementation of the Wahoo project and potential M&A opportunities.
  • PRIO SA (PTRRY) reported improved operational efficiency at Albacora Leste, achieving around 85% efficiency.
Negative
  • The Wahoo project has been delayed due to pending environmental licenses, impacting production and growth plans.
  • Production losses occurred due to halted wells and maintenance issues, affecting overall output.
  • The lifting cost increased to $7.6 per barrel, partly due to production losses from certain wells.
  • There is ongoing uncertainty regarding the timing of environmental approvals, which could further delay projects.
  • The company faces potential challenges in capital allocation and M&A competition, particularly in the Gulf of Mexico.
Jose Costa
Prio SA - Investor Relations

(spoken in foreign language) Good afternoon. Welcome to PRIO's second quarter 2024 video conference call. I am Jose Gustavo, IR Manager, and I will be here hosting this event. (Event Instructions)

The translated presentation is available on our IR website. The comments on the results will be presented by our CEO, Roberto Monteiro; our CFO, Milton Rangel; and our COO, Francisco Francilmar. After the presentation, they will be available during the Q&A session. (Event Instructions)

This event is being recorded and will be available on our IR website. This presentation contains information based on future estimates and forecasts based on assumptions adopted by the company which can therefore change and should not be considered a fact or be used as the basis for financial projections beyond the claims expressed by the company.

I turn the floor now to Roberto Monteiro, our CEO.

Roberto Bernardes Monteiro
Prio SA - Chief Executive Officer, Investor Relations Officer, Board Member

Thank you,

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