Q4 2025 Prio SA Earnings Call (English, Portuguese) Transcript
Key Points
- PRIO SA (PTRRY) achieved all strategic goals set for 2025, including environmental licensing for Wahoo and acquisition of a 60% stake in Peregrino Field.
- Record production of 106,000 barrels daily on average for 2025, with 37.8 million barrels sold, marking a significant achievement.
- Adjusted EBITDA reached $1.4 billion, reflecting strong financial performance driven by strategic goal achievements.
- Lifting costs were reduced to $12.50 per barrel in Q4, with expectations to further decrease to single digits with Wahoo's contribution.
- Successful issuance of 2030 bonds and tender offer for 2026 bonds, strengthening the company's financial position.
- Operational challenges at Albacora and TBMT fields in 2024 impacted production and increased carbon footprint due to diesel usage.
- Peregrino Field's high lifting cost of $18.50 per barrel negatively impacted the company's weighted average lifting cost.
- Net debt increased to $4.3 billion, with a net debt-over-EBITDA ratio of 2.3x due to the Peregrino acquisition.
- Depreciation per barrel at Peregrino is high, around $45 per barrel, impacting financial results.
- The company faced challenges with the compression system at ABL, affecting operational efficiency throughout the year.
Good day, everyone. Welcome to Prio's fourth-quarter '25 video conference call. I am, José Gustavo, IR Manager, and I'll be a host in this event. For those who want to follow us in English, we have simultaneous interpreting through the globe icon on the bottom of your Zoom screen. The translated presentation is available on our Investor Relations website.
The comments on the results will be presented by our CEO, Roberto Monteiro; our CFO, Milton Neto; and our COO, Francisco Francilmar. After the presentation, they will be available for the Q&A. (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 change and should not be considered fact or be used as the basis for financial projections beyond the plans expressed by the company.
Now I'll turn the floor to Roberto Monteiro, our CEO.
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