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Revenue of US$ 835 Million and Oil Production Exceed Expectations
PRIO, a reference in the independent oil and gas market and specializing in the recovery of mature fields, reported impressive results for the third quarter of 2023. With production surpassing 100,000 barrels of oil per day and a net revenue of US$ 835 million, the company shows substantial growth, with a 121% increase compared to the same period last year. Operational efficiency and sustainability were the foundations of these remarkable results.
Significant Growth and Energy Efficiency
In the heart of Rio de Janeiro, PRIO demonstrated a significant advance in oil production, recording a lifting cost of only US$ 7.0 per barrel, a figure that exemplifies not only efficiency but also the company’s assertive strategy in times of oil market volatility. Adjusted EBITDA reached US$ 633 million, with identical growth of 121% compared to Q3 2022, while net profit experienced an even more significant increase of 126%, reaching US$ 348 million.
PRIO not only achieved a record production but also did so with a significant reduction in average carbon emissions, reaching 19 kgCO2e/boe, a measure that aligns with its commitments to sustainability and environmental responsibility. Milton Rangel, PRIO’s CFO, highlights the importance of these indicators, aligning them with the success of revitalizing fields and efficient operation in production clusters.
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Petrobras is expected to complete the drilling of the Morpho well in the Foz do Amazonas in August 2026, the first well in the Equatorial Margin, an oil frontier that the ANP estimates at more than 30 billion barrels and could redraw the map of Brazil.
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Oil returns to the center of concerns with tension between the US and Iran
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IEA reduces forecast for global oil demand in 2026 after impacts of the Middle East crisis
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Bank of Japan raises interest rates to 1%, reaching the highest level in over three decades
Market Strategies and Sustainability
The company, which closed the quarter with robust cash generation, reduced its leverage and received a rating upgrade from Fitch, signaling a promising outlook for new operations. This growth was closely monitored by PRIO Trading, an initiative that enabled more advantageous sales and optimized logistics, marking a significant advance in the market with the sale of 9.7 million barrels.
Sustainability and social responsibility are pillars that PRIO continues to strengthen. With the reduction of its carbon footprint being a consistently pursued goal, the company’s focus is not only on financial results but also on the environmental impact of its operations.
Social and Cultural Advancements
PRIO also celebrates advancements in the social sphere with the second edition of the Offshore Reaction project, which reached 1,700 registrations and demonstrates the company’s commitment to professional training for the offshore market. The company is not limited to operational performance, investing in cultural and social programs that enrich the communities where it operates, including sponsorship of Teatro I PRIO, strengthening its cultural and social presence in Rio de Janeiro.
For more details on this exceptional quarter, access PRIO’s complete report and see how efficiency and sustainability can go hand in hand in the oil and gas industry.
Source: Aline Lockmann de A. Gomes.
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