Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q1 2022 Earnings Presentation
14 slides from Brava Energia Sa's earnings presentation, May 13, 2022
Slide 1: Results Presentation 1Q22
Results Presentation May 03, 2022 | 1Q22 1
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements about future events that are not based on historical facts and are not assurances of future results. Such forward looking statements merely reflect the Company’s current views and estimates of future economic circumstances, industry
Slide 3: 1Q22 Highlights | 2022 has started on a high note
1Q22 Highlights | 2022 has started in a high note in all business aspects Strategy Operation Evolution Oil Production (bbl/d) Potiguar Cluster Reserve Certification: Macau Rio Ventura 3R Petroleum (Macau + Rio Ventura + Areia Branca + 35% Pescada) ✓ Upstream assets NPV10 (2P): US$ 2.8 Bi; +36% +66%
Slide 4: Governance | 3R brings experience to its board
Governance | 3R brings experience to its board to solidify its governance structure Roberto Castello Branco (Chairman) Guilherme Affonso Ferreira (Member) Business Support • Petrobras CEO 2019-2021 • Partner Teorema Capital since 2003 • Executive Officer Vale 1999-2014 • Held board member position a
Slide 5: 3R Reserves Overview | Largest certified portfolio among LatAm peers
3R Reserves Overview | Largest Certified portfolio among LatAm peers Report 2P Entry PDP 1P 2P 3P 28% Asset (MMboe) (MMboe) (MMboe) (MMboe) Base Date Multiple (US$/boe) Cluster Probable 25% Oil Macau 21.3 44.9 50.5 56.1 Jun/20 493.5 MMboe Pescada Arabaiana 3.6 3.6 15.1 16.3 Dec/20 certified 2P reser
Slide 6: Low-risk strategy supported by long reserves projected lifecycle
Company's low-risk strategy is supported by 1P & 2P long reserves projected lifecycle Historical O&G Production of 3R Assets Estimated Future O&G Production of 3R Assets (kboe/day) (kboe/day) | Estimates from Degolyer and MacNaughton and Gaffney Cline certification reports 100 100 Milhares 2P Reserv
Slide 7: Oil Production | Low hanging fruit opportunities in Macau and Rio Ventura
Oil Production | Harvesting low hanging fruits opportunities in Macau and Rio Ventura Macau Oil Production (Quarterly and Monthly bbl/d) +36% +70% YoY +21% +34% QoQ YoY 6,460 6,213 6,198 5,980 ✓ Onshore and shallow water assets have been non-core for 5,129 Petrobras for more 15 years: 4,943 4,793 4,
Slide 8: 1Q22 Total Production | Strong growth trajectory
1Q22 Total Production | Strong growth trajectory Total Oil Production per Asset Average daily production per (Quarterly bbl/d | 3R work interest) 7,686 asset in 1Q22 (% bbl/d) 452 6,533 1% 943 468 6% 5,749 78 843 12% 4,873 715 4,634 93 80 91 3,988 3,950 82 6,213 94 84 4,943 5,129 4,552 4,793 3,894 3
Slide 9: Net Revenues 1Q22
Net Revenues 1Q22 | Macau, Rio Ventura, Areia Branca and 35% of Pescada Clusters Net Revenues 1Q22 | 3R WI Net Revenues per Asset | 1Q22 (R$ MM) (%) 2.8X YoY 14% +50% QoQ 375.3 79% 3% 9.4 5% +68% 19.5 +30% QoQ 50.9 +26% QoQ 250.0 +63% 10.1 +15% 11.6 QoQ Revenue Highlights +54% 31.2 192.2 9.4 ✓ Resul
Slide 10: Adjusted EBITDA 1Q22 | Operational efficiency boosted margins
Adjusted EBITDA 1Q22 | Operational efficiency boosted margins in the quarter Adjusted EBITDA (R$ MM) 2.5X ✓ 3R boosted its adjusted EBITDA in YoY 1Q22, multiplying it by more than 2.5 2.4X times when compared to 1Q21. The QoQ 198.5 adjusted EBITDA mainly reflects: ❖ Increase in production in Macau;
Slide 11: Lifting Cost & Capex
Lifting Cost & Capex | 3R has the most efficient lifting cost in the Brazilian industry Lifting Cost CAPEX (US$/boe) (US$ MM) - 4% QoQ Capex allocation' Efficiency: 3R was able to 13.0 9.6 substantially increase production in both 9.2 8.5 Macau and Rio Ventura Clusters with low 11.3 capex deployment
Slide 12: Cash & Obligations
Cash & Obligations Natural hedge strategy to mitigate risks over portfolio Cash Position obligations – dollar linked (US$ MM) 20.9% CDI 79.1% linked USD linked Potiguar Debenture from Signing 3R Areia Branca 449.4 338.2 329.6 (110.0) (8.6) (1.3) Cash and cash Assets Net cash Cash and cash Gross Net
Slide 13: Next Steps for 2Q22 | Focus on execution and cash generation
Next Steps for 2Q22 | Focus on execution and cash generation Strategy Salina Cristal Oil Field | Macau Cluster 1 ✓ Execution of the redevelopment plans for the three assets under 3R operation; ✓ Final stage for the Recôncavo Cluster Closing; ✓ Refining the analysis of the mid/downstream assets in th
Slide 14: #WEARE3R #RRRP3
#WEARE3R #RRRP3 14