An extensive ab initio study of the ground- and excited-state potential energy surfaces of pyracylene is presented in this work. CASSCF calculations show that there is an accessible sloped S-0/S-1 conical intersection, which leads to ultrafast internal conversion and explains the observed photostability. RASSCF calculations (using a well-defined subset of the CASSCF configurations) are shown to be able to reproduce CASSCF results satisfactorily and will therefore be useful for larger systems where CASSCF is currently too expensive. MRCI and MRPT2 energy corrections are computed to assess the ionic character of the excited states. Finally, MMVB calculations are also benchmarked against CASSCF, to assess the reliability of this parametrized method for excited states of large conjugated polycyclic aromatic hydrocarbons.