PetroRio production (PRIO3) jumps 46% in July; sales fall – Money Times

Campo de Frade, PetroRio PRIO
Regarding sales, there was a 36.5% reduction in volumes from June to July (Image: Disclosure/PRIO)

THE PetroRioor PRIOR (PRIOR3), reported this Monday (8) that the average production of its fields totaled 46,800 barrels of oil per day in July.

The data, preliminary and unaudited, cover Friar95% of the cluster Octopus + TBMT and 10% of manatee.

The volume produced grew 46% compared to June, when the company reported daily production of 32 thousand barrels. The production of the last month also exceeds the accumulated of the second quarter, when PetroRio hit 33,300 barrels.

In relation to oil sales, there was a reduction of 36.5% in volumes from June to July. PetroRio sold 993,600 barrels last month, against 1.56 million barrels the previous month. Sales at the Frade field dropped by almost half.

PetroRio last week reported its second quarter results.

The company saw its net income jump 112% in the second quarter of the year compared to the same period in 2021, to $139.9 million.

Total revenue amounted to $377.3 million, which represents a 95% growth compared to the $193.3 million reported in the second quarter of last year.

Adjusted Ebitda (earnings before interest, taxes, depreciation and amortization), excluding IFRS 16, jumped 122% year-on-year, totaling US$ 269.2 million, with a margin of 71% (+8 percentage points year-on-year ).

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