PRIO/Petro Rio

B3-listed Brazilian oil producer specializing in acquiring and rehabilitating mature oil assets from Petrobras.

"The business has a long track record of creating substantial shareholder value from assets others have overlooked. Even at a $60 oil price, PRIO trades on a double-digit free cash flow (FCF) yield and is well positioned to return significant capital to shareholders. At current elevated prices, a direct consequence of heightened Middle East tensions, free cash flow generation is exceptional (~30% FCF yield), and the position provides a natural hedge within the broader portfolio."