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PRIO S.A. (PRIO3 · B3)

Large independent — HQ Brazil. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category Large independentRegion Lat. AmericaCEO Roberto Monteiro (2020)Jurisdiction risk Med (61)

Overview

PRIO S.A. (formerly PetroRio) is Brazil's largest independent oil and gas producer, a pure-play offshore E&P built on buying mature Campos Basin fields from majors and revitalizing them at very low cost. Its portfolio spans Frade, the Tubarao Martelo/Polvo cluster, Albacora Leste (acquired from Petrobras), the Wahoo development being tied back to the Frade FPSO, and Peregrino, where PRIO acquired a 40% stake from Equinor in 2024. FY2025 output was roughly 95,000 boe/d (~97% oil), generating revenue of about US$2.8bn (BRL 15.6bn) and EBITDA near US$1.45bn (BRL 8.0bn). Net income fell to about US$0.41bn (BRL 2.25bn), roughly a quarter of the prior year, as operational shutdowns at Peregrino and higher costs weighed on results; free cash flow was deeply negative (~-US$1.6bn) on record capex.

The investment case rests on a repeatable low-cost redevelopment engine: PRIO acquires late-life offshore assets, cuts lifting costs to the sector's lowest tier (~US$8/boe), extends field life through workovers and infill drilling, and adds barrels via tie-backs like Wahoo. Proved 1P reserves are roughly 0.8 bnboe with a long reserve life, ~100% oil-weighted and concentrated in Brazil. Key sensitivities are Brent, Brazilian regulatory/tax and FX risk, and execution/operational reliability at a small number of FPSO-based fields — Peregrino's FY2025 downtime being the clearest example. Net debt of ~US$4.5bn (D/E ~110%) is elevated versus history after the Peregrino purchase and Wahoo spend; the very low cost base and long-life reserves are the core downside protection, with successful ramp of Wahoo and Peregrino the main catalysts. PRIO is B3-listed and not a US SEC filer, so it discloses no SEC standardized measure or PV-10.

Valuation snapshot (FY2025)

Market cap
$9.2bn
Enterprise value
$13.6bn
EV / EBITDA
9.8x
P / E
22.0x
FCF yield
-14.9%
Dividend yield
0.0%
ROACE
4%
Debt / equity
101%
Net debt / EBITDA
3.1x
EV / reserves
$16.71/boe
EV / flowing
$127k/boe/d
Free cash flow
$-1.4bn

Its EV/EBITDA of 9.8x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of -14.9% is lower than the 6.5% median, and at $16.71/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, PRIO S.A. scores 39/100, strongest on growth (91/100). Sub-scores: value 20, quality 64, growth 91, risk 85 (higher = riskier).

Reserves & production

PRIO S.A. holds approximately 0.81 billion boe of proved (1P) reserves with FY2025 production of about 106 thousand boe/d (98% liquids), a reserve life of roughly 20.9 years. Break-even: ~$35 (Brent FCF breakeven) — PRIO's redevelopment model and low unit costs (lifting cost around US$8/boe, among the lowest of any offshore operator) give a corporate free-cash-flow breakeven near US$35/bbl Brent on the producing base, before growth capex. Reported FCF is far more cyclical than the low breakeven implies because heavy discretionary investment (Peregrino acquisition, Wahoo tie-back) pushed FY2025 FCF sharply negative despite strong operating cash generation.

Net asset value (public-source)

For PRIO S.A., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

61 /100
Medium jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
Brazil100%61Complex tax/local-content rules; Petrobras policy swings, strong pre-salt.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
FradeBrazilOffshore oilcore Campos redevelopment; FPSO hub, revitalized with infill wells and workovers
PeregrinoBrazilOffshore oil40% stake acquired from Equinor (2024); heavy-oil field, FY2025 hit by operational shutdowns
WahooBrazilDevelopmentnew field tied back to the Frade FPSO; key near-term production growth driver
Albacora LesteBrazilOffshore oilacquired from Petrobras; mature Campos field with redevelopment/IOR upside
Tubarao Martelo / PolvoBrazilOffshore oilshared-FPSO cluster; original PetroRio redevelopment assets, low-cost late-life production
Low-cost redevelopment modelBrazilOperating modelacquire mature offshore fields and cut lifting cost to ~US$8/boe via workovers and integration
Capital returns / buybacksBrazilCapital allocationgrowth-and-buyback focus; minimal dividend as cash is reinvested into acquisitions and Wahoo

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)30409082106
Proved reserves (bnboe)0.240.440.450.750.81
Revenue ($bn)0.81.12.12.62.5
EBITDA ($bn)0.50.81.61.61.4
Net income ($bn)0.20.60.91.90.4
Free cash flow ($bn)0.20.2-1.0-0.9-1.4

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Peer companies — Large independent

COP · ConocoPhillipsEOG · EOG ResourcesOXY · Occidental PetroleumDVN · Devon EnergyWDS · Woodside Energy1605.T · InpexAKRBP · Aker BPPTTEP · PTT E&POVV · OvintivSTO · SantosWCP · Whitecap ResourcesAPA · APA CorporationVAR · Var EnergiSM · SM Energy Company

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare PRIO3 against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com