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.
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).
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.
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.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Brazil | 100% | 61 | Complex tax/local-content rules; Petrobras policy swings, strong pre-salt. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Frade | Brazil | Offshore oil | core Campos redevelopment; FPSO hub, revitalized with infill wells and workovers |
| Peregrino | Brazil | Offshore oil | 40% stake acquired from Equinor (2024); heavy-oil field, FY2025 hit by operational shutdowns |
| Wahoo | Brazil | Development | new field tied back to the Frade FPSO; key near-term production growth driver |
| Albacora Leste | Brazil | Offshore oil | acquired from Petrobras; mature Campos field with redevelopment/IOR upside |
| Tubarao Martelo / Polvo | Brazil | Offshore oil | shared-FPSO cluster; original PetroRio redevelopment assets, low-cost late-life production |
| Low-cost redevelopment model | Brazil | Operating model | acquire mature offshore fields and cut lifting cost to ~US$8/boe via workovers and integration |
| Capital returns / buybacks | Brazil | Capital allocation | growth-and-buyback focus; minimal dividend as cash is reinvested into acquisitions and Wahoo |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 30 | 40 | 90 | 82 | 106 |
| Proved reserves (bnboe) | 0.24 | 0.44 | 0.45 | 0.75 | 0.81 |
| Revenue ($bn) | 0.8 | 1.1 | 2.1 | 2.6 | 2.5 |
| EBITDA ($bn) | 0.5 | 0.8 | 1.6 | 1.6 | 1.4 |
| Net income ($bn) | 0.2 | 0.6 | 0.9 | 1.9 | 0.4 |
| Free cash flow ($bn) | 0.2 | 0.2 | -1.0 | -0.9 | -1.4 |
Enter your email and we'll open a print-ready one-page tearsheet for PRIO S.A. — and add you to the monthly oil & gas valuation screen.
✓ FY2025 figures verified against primary sources:
↗ Compare PRIO3 against 141 peers in the interactive screener