Q3 2024 Prio SA Earnings Call (English, Portuguese) Transcript
Key Points
- PRIO SA (PTRRY) successfully signed an acquisition for a 40% stake in the Peregrino field, which is expected to enhance production capabilities.
- The company maintains a strong cash position of $2.16 billion, ensuring financial stability and readiness for future investments.
- Despite production challenges, PRIO SA (PTRRY) managed to keep operating expenses optimized, maintaining control over costs.
- The company is actively working on improving operational efficiency, particularly at the Albacora field, with plans to install new turbines and compressors.
- PRIO SA (PTRRY) is committed to sustainability, focusing on reducing emissions and improving health and safety standards across operations.
- Production was negatively impacted, averaging 70,000 barrels daily due to scheduled shutdowns and corrective downtimes.
- The lifting cost increased to $9.8 per barrel due to lower production levels, affecting overall cost efficiency.
- Revenue dropped significantly by 40% due to a decrease in production and lower Brent prices compared to the previous year.
- Environmental licensing delays, particularly for the Wahoo field, are hindering operational progress and potential production increases.
- The company experienced a 52% drop in net income quarter-on-quarter, reflecting the financial impact of operational challenges.
Good afternoon, everyone. Welcome to Prio SA third-quarter '24 video conference call. I am Jose Gustavo, I your Manager and I'll be your host in this event.
I have an interpreter for simultaneous interpreting. Click on the globe. The comments on the results will be presented by our CEO Roberto Monteiro, our CFO Milton and our COO of Francisco Francium. After the presentation that will be available during the Q&A session at this time, all participants are in listen-only mode to ask questions, written questions. You can use the Q&A button or you can use the zoom raise and feature to ask live questions. This event is being recorded and will be available on our IR website.
This presentation contains information based on future estimates and forecasts are based on assumptions adopted by the company which can therefore change and should not be considered facts or be used as the basis for financial projections beyond the plans expressed by the company. You have the floor.
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