PRIO: The total net profit of $ 1.074 billion in the fourth third, 231 % annual emptying | economy
Prio told a net income of $ 1.074 billion in the fourth quarter of 2024, an increase of 231 % compared to the same period in the previous year. Indeed in 2024, net income reached $ 1.736 billion, a 60 % growth compared to 2023.
EBITDA (profit before benefits, taxes, destruction and firefighting) amounted to $ 301.7 million in the fourth quarter, a 41 % decrease in the annual base. The modified Ebitda, which ignores the unexpected effects, also decreased by 30 % to 322.3 million US dollars in the same comparison.
Last year, Ebitda amounted to 1.675 billion dollars, a 8 % loss compared to 2023. At the same time, modified EBITDA decreased by 8 % of 2023, reaching $ 1.662 billion. The modified EBTIDA margin decreased 18 percent (PP) in the quarter, to 62 %.
The net revenue reached $ 488.8 million in the fourth quarter, or 23 % less than the same period than 2023, a reflection of the 13 % reduction in the company’s production, as it decreased by 16 % in sales.
According to Prio, in the release of the results, the monk field represented 52 % of the total revenue, while Albacora East contributed 27 %, the octopus group and TBMT by 13 %.
In 2024, net revenues amounted to $ 2.276 billion, a 5 % decrease compared to 2023.
The financial result of Prio reached negative at 8.08 million dollars in the fourth quarter, compared to $ 55.5 million in the previous year.
At the end of December, oil debts from the oil company amounted to $ 2.326 billion, which is $ 1.5 billion above the end of the third quarter. He ended the leverage, which was measured by net debt by modified Ebitda, the period in 1.2 times, 0.7 time higher than the previous quarter, when it was 0.5 times.
Operational
The total PrIO production between October and December reached 87,581 barrels of the equivalent of oil per day (BOEPD), a 12.7 % decrease from the same quarter of 2023 and 24.6 % higher compared to the third quarter of 2024. respectively on the same basis as comparison.
The production cost, known as the cost of lifting, ended the last quarter of 2024 at $ 11.1 a barrel, an increase of 62.2 % compared to the same time break for the previous year.
As a result of the decrease in production, Prio sold 15.6 % less than the fourth quarter of 2023, reaching 7117 million barrels, 3.586 million monks, 1.876 million east of Albakura, in addition to 945,000 from the Bloofo and hammer group. The average Brent reference signal in this period was $ 75.13, 27.2 % lower than the previous year.
