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Check out the results for the 2nd quarter of 2024
In the second quarter of 2024, PRIO recorded strong sales growth, with 8.5 million barrels sold, thus consolidating the “client delivery” modality as one of the pillars of its success. This performance drove a 37% increase in net revenue compared to the same period last year, totaling US$ 728 million.
Despite the challenges faced, such as the interruption of wells in Frade and Tubarão-Martelo, PRIO maintained stable production, with a daily average of 89.8 thousand barrels and a lifting cost of US$ 7.6 per barrel. Adjusted EBITDA for the quarter reached US$ 546 million, up 64% from 2Q23, reflecting the company’s solid operating results.
The quarter was also marked by the early reopening of two wells in Albacora Leste and progress in the Wahoo field, whose development could increase PRIO’s production by 40,000 barrels per day, as soon as the licenses with IBAMA are granted. “Such projects, in addition to significantly contributing to the increase in PRIO’s production, will provide a significant increase in royalties and taxes, in addition to generating jobs”, highlights Milton, CFO of PRIO.
Sustainability
Moreover, the company reinforced its commitment to sustainability, recording a 9% decrease in carbon emissions compared to 1Q24, and carried out actions such as “Safety D-Day”, a campaign aimed at raising awareness and reinforcing policies and principles related to the topic, and sponsored events such as I ? PRIO Blue & Jazz, the first stage of the Dream Tour, in addition to street races such as the Night Run and Rio Marathon.
On the social front, another edition of Reação Offshore (Offshore Reaction) was announced, a project in partnership with Instituto Reação and Instituto Todos na Luta to help professionals with technical background and people in situations of social vulnerability who are interested in working in the offshore market, aiming to transform their lives.
Such efforts are in line with maintaining an efficient and sustainable operation, prepared for future growth opportunities.
Learn more
To learn more about the results and performance of our fields and actions, check out the full report here.