Prio Q2 Profit Surges 169% On Record Output
Prio's second-quarter profit jumped 169% to US$413.3 million, helped by record production of 172,000 barrels of oil equivalent per day. Revenue rose 184% to about US$1.4 billion. The post Prio Q2 Profit Surges 169% On Record Output appeared first on The Rio Times .
Brazil's Prio reported a 169% increase in net profit, reaching US$413.3 million, for the second quarter of 2026. This surge was fueled by record production of around 172,000 barrels of oil equivalent daily, a 72% rise compared to the same period in 2025. The primary contributor to this growth was the Wahoo field, an offshore project in Brazil's Campos Basin, where a floating production vessel ramped up production steadily.
Total revenue for the quarter reached approximately US$1.4 billion, marking an 184% increase year-over-year. Higher oil prices, with Brent averaging over US$70 a barrel, also played a significant role. Prio's operational efficiency was evident, with adjusted core earnings rising 218%, indicating that each additional barrel translated into higher profits.
The company's low lifting costs further bolstered its bottom line. Analysts project Prio's production will continue to grow, potentially reaching 200,000 barrels of oil equivalent per day by year-end, with further projects on the horizon. Prio's strong performance highlights the profitability of offshore oil fields in Brazil and underscores the broader potential for deep-water oil production in Latin America.
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