Q3 2025 Prio SA Earnings Call (English, Portuguese) Transcript
Key Points
- PRIO SA (PTRRY) reported strong performance in its other assets, including Frade, Albacora, and TBMT fields, despite challenges at Peregrino.
- The company successfully obtained an installation license at Wahoo Field, with two wells already drilled and results aligning with expectations.
- Albacora's operating efficiency reached a record 91% for the quarter, with some months achieving even higher efficiency.
- PRIO SA (PTRRY) improved its financial position by issuing $700 million in bonds and maintaining a strong cash position of over $2 billion.
- The company reported an EBITDA of $320 million for the third quarter, maintaining a similar level to the previous quarter despite the Peregrino shutdown.
- The Peregrino field experienced a significant 63-day shutdown due to regulatory issues, impacting production and financial results.
- The lifting cost increased to $17.4 per barrel, primarily due to the Peregrino shutdown and associated costs being expensed in the quarter.
- Albacora field faced challenges with its compression system, leading to downtime and highlighting the need for improved redundancy.
- The company's debt increased, with gross debt amounting to approximately $4.6 billion, leading to higher financial expenses.
- PRIO SA (PTRRY) faced a slight increase in leverage, reaching a net debt to EBITDA ratio of 2x, influenced by the Peregrino shutdown.
Good day, everyone, welcome to Prio's third-quarter video conference call. I am Jose Gustavo, IR Manager, and I will be host of this event. [Operator 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; Chairman and COO, Francisco Francilmar. After the presentation, they will be available for the Q&A session.
(Operator 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 change. It should not be considered fact or be used as a basis for financial projections beyond the plans expressed by the company. Now I'll give the floor to Roberto Monteiro, our CEO.
Good afternoon, everyone. Welcome to Prio's third-quarter 2025 earnings call. Well, I wanted
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