Q1 2026 Prio SA Earnings Call Transcript
Key Points
- PRIO SA (PTRRY) achieved record production levels, with daily production reaching 155,000 barrels and 14.8 million barrels sold in Q1 2026.
- The company reported a significant reduction in lifting costs, down to $9.40 per barrel, the lowest since 2023.
- Wahoo Field's first oil production exceeded expectations, with three wells producing 30,000 barrels daily, slightly ahead of schedule.
- Operational efficiency reached a record 95% at Albacora Leste, showcasing improved performance across assets.
- PRIO SA (PTRRY) reported strong financial results with $1.2 billion in revenue, $850 million in EBITDA, and $450 million in net income for Q1 2026.
- Despite strong EBITDA, the company's cash position did not improve due to accelerated CapEx spending and increased accounts receivable.
- Net debt over EBITDA ratio remains at 2 times, with a target to reduce it to 1 times by the end of 2027, indicating ongoing leverage concerns.
- The company faces potential arbitration with Equinor regarding indemnification for the Peregrino acquisition, which could delay financial settlements.
- There are operational delays in completing the fourth well at Wahoo Field due to technical issues with a third-party vessel.
- PRIO SA (PTRRY) anticipates a decline in production at Wahoo Field by the end of the year, highlighting potential challenges in maintaining production levels.
Good afternoon. Welcome to Prio's video conference call. I'm Jose Gustavo, Business and IR Manager. For those who want to follow us in English, we have simultaneous interpreting through the Globe icon on the bottom of the Zoom toolbar. The translated presentation is available on our IR website.
The comments on the results will be presented by our management. After the presentation, the officers will be available during the Q&A session. (Operator Instructions) This event is being recorded, 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 change and should not be considered facts or be used as the basis for financial projections beyond the plans expressed by the company. I now turn the floor to Roberto Monteiro, our CEO.
Good afternoon, everyone. Welcome to Prio's Earnings Call for the First
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