Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q3 2022 Earnings Presentation
13 slides from Brava Energia Sa's earnings presentation, Nov 11, 2022
Slide 1: Results Presentation 3Q22
RESULTS PRESENTATION 3Q22 | November 8, 2022 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: Highlights | Record results as 3R builds the foundation to support upcoming growth
Highlights | Record results as 3R builds the foundation to support upcoming growth Strategy Operation Evolution Financial Performance Macau + Rio Ventura + Recôncavo + Areia Branca + Fazenda Belém + Peroá + 35% Pescada Capital Structure Secured: ✓ Funding of Potiguar Cluster concluded: US$ 1Bi; Oil
Slide 4: 3R Petroleum | Portfolio Highlights
3R Petroleum | Portfolio Highlights Assets under 3R operation Portfolio Highlights Assets in transition US$ 2.2 billion in 9 assets acquired from Petrobras: 1.Macau | 2.Pescada | 3.Faz. Belém ❖ Acquisitions fully funded; 4.Areia Branca | 5.Potiguar Potiguar Complex ❖ Really independent: capacity to
Slide 5: Peroá | Strong result after a smooth transition in the first Offshore operation
Peroá | Strong result after a smooth transition in the first Offshore operation Peroá Highlights Operation take over was concluded during 3Q22: results reflects less than two months of operation; Successful start on the offshore segment with a smooth transition from the former operator to 3R; Asset
Slide 6: Macau | Building the foundation to support the upcoming growth
Macau | Building the foundation to support the upcoming growth CAPEX: focus on structure and facilities Macau will be ready to support the growth in gross production in the coming months: ❖ Separation plants: first is ready and second in final commissioning. Projected already inspected and waiting f
Slide 7: 3Q22 Total Production | Portfolio with resilient growth trajectory
3Q22 Total Production | Portfolio with resilient growth trajectory 9,229 Total Oil Production per Asset Average daily production per (3R work interest | bbl/d) 85 130 8,397 asset in 3Q22 (% bbl/d) 673 7,686 95 473 467 78 452 1,190 6,484 1,421 93 943 16% 5,688 468 1,334 91 1,439 4,808 843 4,566 715 1
Slide 8: Net Revenues | Strong growth capacity on display
Net Revenues | Strong growth capacity on display Net Revenues 3Q22 - 3R Offshore¹ + Potiguar² & Recôncavo Complexes Net Revenues per Basin | 3Q22 (%) (R$ MM) 2.6X 10.7X 32% YoY 24 months 57% 2.7X 11% YoY +26% 1,277 QoQ 502.4 +6.5% 56.3 +50% QoQ 399.6 ✓ Results in 3Q22 still reflect ~43%³ of 3R’s QoQ
Slide 9: Adjusted EBITDA | Resilient results as 3R builds momentum
Adjusted EBITDA | Resilient results as 3R builds momentum Adjusted EBITDA 3Q22 ✓ Company expects that the mobilization (R$ MM) Transition costs were up as the take costs for the acquisition of Papa-Terra over of Papa-Terra approaches and 2.2X (suppliers, partners and own teams) will be the O&M activ
Slide 10: Lifting Cost & Capex | Competitive lifting cost since the beginning of its journey
Lifting Cost & Capex | Competitive lifting cost since the beginning of its journey Lifting Cost CAPEX (US$/boe) (US$ MM) ✓ Recôncavo Complex | Rio Ventura + Recôncavo 41.0 ❖ Output growth during 3Q22 with stable cost. 3R is anticipating capex 14.3 and increasing efforts to catch up the opex backlog
Slide 11: Capital Structure
Capital Structure Loans and closing Cash Position installment of Potiguar (US$ MM) offset each other 1,000.0 (1,000,0) Local debenture and Peroá and Fazenda Other instruments Belém Closings 175.7 (9.9) (12.4) 245.3 (193.2) 94.9 52.1 Cash and cash Fundraising Assets Net cash Cash and cash Funding Pot
Slide 12: Hedge & Portfolio Obligations
Hedge & Portfolio Obligations Hedge Position NDF | Average Brent Price / Barrels hedged Collars | Call x Put Brent Price / Barrels hedged Thousand of barrels | US$ Thousand of barrels | US$ NDF: 30 months horizon ➢ 3,161 thousand barrels hedged; 1,200.0 84.5 86.6 83.8 $95.00 850.0 104.0 104.0 104.0
Slide 13: Next Steps for 4Q22 | Focus on operations & Papa Terra and Potiguar transition
Next Steps for 4Q22 | Focus on operations & Papa Terra and Potiguar transition Strategy ✓ Take over of Papa-Terra and Pescada operations in the coming months; ✓ Continuous improvement on the plans for the 6 assets under 3R operation; ✓ Potiguar Cluster: (1) increase efforts to speed the transfers to