Energy: Rio de Janeiro
Key Facts
—Profit. PRIO reported second-quarter 2026 net profit of US$413.3 million, up 169% from a year earlier.
—EBITDA. Adjusted EBITDA hit a record; outlets cited figures from about US$847 million to roughly US$879 million, driven by higher output and lower costs.
—Production. Average output reached a company record of about 172,000 barrels of oil equivalent per day, up roughly 72% year-on-year.
—July surge. Production rose further in July 2026 to about 196,000 boepd, as the Wahoo field continued to ramp up.
—Costs. PRIO cut its lifting (extraction) cost to about US$8.9 per barrel, among the lowest for a Brazilian independent.
Brazilian oil independent PRIO posted record second-quarter output near 172,000 barrels a day and a 169% jump in net profit to US$413.3 million, as its Wahoo field and Peregrino stake drove growth.
A Record Quarter
PRIO, Brazil’s largest independent oil producer, reported net profit of US$413.3 million for the second quarter of 2026, a 169% increase from the same period of 2025, according to results carried by Money Times, InfoMoney and other outlets.
Adjusted EBITDA reached a record. PRIO reports in US dollars, and outlets put the figure between about US$847 million (Money Times) and roughly US$879 million (BPMoney), with the company crediting higher production, firm oil prices and lower unit costs.
Average production of about 172,000 barrels of oil equivalent per day set a company record, up roughly 71.9% year-on-year and about 10.7% from the first quarter.
What Drove the Jump: Wahoo and Peregrino
The gains stem largely from two moves: the completion and ramp-up of the Wahoo field development in the Campos Basin, and PRIO’s expanded stake in the Peregrino field.
Wahoo added significant new barrels, while Peregrino, a heavy-oil field, boosted volumes after PRIO increased its interest. Together they lifted output to record levels.
Spreading fixed costs over more barrels also helped margins, reinforcing the profit and cash-flow gains PRIO reported for the quarter.
Wahoo, tied back to the Frade field’s FPSO Valente, delivered first oil in March and should reach about 40,000 barrels a day once its fourth well comes online. Peregrino, bought from Norway’s Equinor in stages over the past two years, accounted for nearly half of PRIO’s revenue in the first quarter.
Low Costs, High Margins
PRIO’s model centres on buying and revitalising mature offshore fields, then squeezing costs. In the second quarter of 2026 it reported a lifting cost of about US$8.9 per barrel, among the lowest for a Brazilian producer.
Low extraction costs give PRIO resilience when oil prices swing, protecting cash flow even if benchmark crude weakens.
The combination of record volumes and low unit costs is what powered the record EBITDA and the sharp rise in profit.
July’s Even Higher Output
Momentum carried into July 2026, when PRIO’s total exported oil-and-gas production reached about 196,260 boepd, according to the company’s monthly figures, a fresh high above the second-quarter average.
The July level suggests Wahoo continued to ramp, pointing to a strong start to the third quarter.
At its December investor day, PRIO set a goal of ending 2026 at about 200,000 barrels a day, a level July’s figures show is within reach. Management has also signalled plans to formalise a shareholder payout policy as free cash flow grows.
Sustained output near 196,000 boepd, if maintained, would keep PRIO on a steep growth path for full-year 2026.
Context: From 2025 to a Bigger PRIO
The 2026 numbers mark a step change. For full-year 2025, PRIO averaged about 106,000 barrels a day and reported adjusted EBITDA of about US$1.4 billion.
In the first quarter of 2026, production hit a then-record of about 155,400 boepd and EBITDA rose about 91% year-on-year, figures the second quarter has now surpassed.
The trajectory reflects PRIO’s strategy of scaling through acquisitions and field redevelopment rather than frontier exploration.
Why It Matters for Brazil
PRIO is a bellwether for Brazil’s independent oil sector, which operates alongside state-controlled Petrobras in the offshore basins that make Brazil a top-tier global crude producer.
Strong results from independents underscore investor appetite for Brazilian oil assets even amid the global energy-transition debate.
For Rio de Janeiro, home to much of Brazil’s offshore industry, PRIO’s expansion supports service-sector activity and tax revenue, though output remains exposed to oil-price cycles.
More: Brazil news in English, every day from The Rio Times.
Frequently Asked Questions
How much did PRIO earn in the second quarter of 2026?
PRIO reported net profit of US$413.3 million for the second quarter of 2026, up 169% from a year earlier, alongside record adjusted EBITDA and record production.
How much oil is PRIO producing?
PRIO averaged about 172,000 barrels of oil equivalent per day in the second quarter of 2026, a company record, and output rose further to about 196,000 boepd in July 2026.
What drove PRIO’s record results?
The ramp-up of the Wahoo field and an enlarged stake in the Peregrino field lifted volumes, while a lifting cost near US$8.9 per barrel kept margins high.
Sources
Money Times · InfoMoney · BPMoney · Diário do Grande ABC · Visno Invest
Connected Coverage
Continuing coverage of Brazil’s energy and offshore oil sector.
Sources: Money Times, InfoMoney, BPMoney, Diário do Grande ABC, Visno Invest.
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