PRIO stock draws focus after record third-quarter results

Published on 11/10/2026 at 03:10 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

PRIO stock follows a quarter of record production and sales. The company also reduced leverage and repurchased shares.

Key developments in the quarter

PRIO reported record production and sales for the third quarter.
Lower lifting costs and higher volumes supported earnings and continued deleveraging.
The company expects another Frade well to begin production in the fourth quarter.

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PRIO reported a record third quarter on November 4, 2026, with higher production, lower lifting costs and a stronger financial result. In its third-quarter earnings release, the Brazilian oil producer said average output reached 191.6 thousand barrels per day and sales totaled 17.2 million barrels.

Production sets a new quarterly record

Production increased 117 percent from the third quarter of 2025 and 11 percent from the second quarter of 2026. The increase reflected the operation of all four Wahoo wells, the start-up of the MUP7 well at Frade and sustained production at Peregrino.

PRIO said lifting costs fell to 7.9 US dollars per barrel, down 55 percent year over year and 11 percent from the previous quarter. At Peregrino, the company completed repairs to the gas import pipeline, allowing the field to replace diesel with gas for power generation.

Profit growth and lower leverage

Total revenue reached 1.6 billion US dollars, up 171 percent from the year-earlier quarter. Adjusted EBITDA excluding IFRS 16 rose 235 percent to 1.1 billion US dollars, while net income excluding IFRS 16 increased 468 percent to 521 million US dollars.

Net debt declined by about 586 million US dollars from the second quarter. PRIO ended the period with net debt to adjusted EBITDA at 1.1 times and spent 71 million US dollars repurchasing 6.1 million shares.

Projects set the next operational markers

Drilling continues at Frade, with another well expected to start producing in the fourth quarter. PRIO also acquired the Magnetita and Hematita blocks in October through Brazil's permanent production-sharing offer; the company said their prospective resources will be assessed for possible development through existing infrastructure.

PRIO's business and market position

PRIO describes itself as Brazil's largest independent oil and natural gas producer. Its model centers on acquiring producing assets, redeveloping fields, improving operating efficiency and reducing production and corporate costs. Its portfolio includes the Peregrino field, the Valente cluster, the Bravo cluster and the Albacora Leste field.