PRIO SA (OTCPK:PTRRY)

Q2 2026 Prio SA Earnings Call (English, Portuguese) Transcript

Aug 5, 2026 / 06:00 PM GMT

Release Date Price: $11.84 (+4.50%)

Transcript

Key Points

Positve

PRIO SA (PTRRY) achieved record quarterly production of 172,000 barrels per day and record sales of 15.2 million barrels, driven by strong operational performance at the Wahoo and Peregrino fields.
The company successfully brought the Wahoo field to its target production of 40,000 barrels per day, with the FPSO operating at high efficiency and the reservoir performing as expected.
PRIO SA (PTRRY) significantly reduced its lifting costs to $8.90 per barrel and expects further reductions to $7-$8 per barrel in Q3 2026, driven by increased production and the switch from diesel to natural gas at Peregrino.
The company's leverage decreased substantially to 1.5 times net debt/EBITDA, with a strong cash position of over $700 million, even after repurchasing 9.3 million shares.
PRIO SA (PTRRY) is on track to exceed 200,000 barrels per day in production by year-end, supported by new wells at Peregrino and Fraji, and expects to close the acquisition of the remaining 20% stake in Peregrino in Q4 2026.
The company's carbon footprint continued to improve, reaching 21 kg of CO2 per barrel equivalent, a 44% reduction from Q4 2025, with expectations to drop below 20 kg in Q3 2026.

Negative

PRIO SA (PTRRY) faced operational disruptions, including a failed charter vessel (NO102) that delayed the connection of the fourth Wahoo well and a gas lift line failure at the Frade field, which temporarily reduced production by 7,000 barrels per day.
The company was negatively impacted by new export taxes, which totaled $111 million in Q2 2026, a significant and unexpected cost that could persist if geopolitical tensions continue.
Production at the Albacora Leste field was hampered by a hydrate formation in well AVL-68, leading to a shutdown from April to July and a drop in operational efficiency to 85.9% for the quarter.
The company's average sales discount to Brent widened to $6.90 per barrel, partly due to market volatility and China's reduced buying, which could pressure future revenue if the trend continues.
PRIO SA (PTRRY) has delayed the announcement of its shareholder remuneration policy due to geopolitical and macroeconomic uncertainty, which may disappoint investors seeking clarity on capital returns.
The company's CapEx guidance has increased to approximately $600 million (excluding reclassifications), driven by accelerated drilling at Peregrino and Frade, which could limit near-term free cash flow.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PRIO3.SA - Prio S.A.
Q2 2026 Prio SA Earnings Call (English, Portuguese)
Aug 05, 2026 / 06:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon, ladies and gentlemen. Welcome to PRIUS Conference Call. I am Jose Gustavo, new 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 your Zoom screen. The translated presentation is available on our investor relations website. The comments on the results will be presented by the management. After the presentation, the officers will be available during the Q&A session.

All participants are in listen-only mode. To ask written questions, you can use the Q&A button or you can use the Zoom raise hand feature to ask live questions.

This event is being recorded and will be available on our IR website. This

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