Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q4 2021 Earnings Presentation
18 slides from Brava Energia Sa's earnings presentation, Mar 29, 2022
Slide 1: Results Presentation 4Q21 & 2021
Results Presentation February 22, 2022 | 4Q21 & 2021 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: 2021 Highlights | A year marked by strong execution
2021 Highlights | A year marked by strong execution Strategy Operation Evolution Financial Performance Oil Production (bbl/d) Acquisition of Potiguar Cluster: ✓ Asset raises 3R to the list of top oil and gas producers in Brasil and Latin America; ✓ Largest onshore and shallow water cluster; ✓ Full s
Slide 4: ESG Standard | Sustainability Journey
ESG Standard | Sustainability Journey Governance Structure Community Care Fighting Hunger Board ESG, SMS and Food aid to needy communities, 1,200 families attended of Director Compliance Working Groups Audit Engagement in Sport and Committee education Finance Donation of educational and sports Commi
Slide 5: 3R Timeline | Milestones achieved since the IPO
3R Timeline | Milestones achieved since the IPO Together with its efficient trajectory in M&A, 3R has reached several strategic milestones since its IPO, while deploying a robust production growth in its operations. IPO Sudene Follow On I Closing Follow On II Sudene Prepayment IBOV & IBRX100 R$690 M
Slide 6: M&A trajectory | Most diversified portfolio in the sector
M&A trajectory | Most diversified portfolio in the sector built with low entry multiple 3R Operation Assets in Transition 3R Offshore Assets in Transition Areia Branca Fazenda Peroá Papa-Terra Macau Rio Ventura & Sanhaçu Belém Pescada Recôncavo Potiguar (70% WI) (43.75% WI) Purchase Aug-19 Aug-20 Au
Slide 7: 3R Petroleum | Ready to move forward with the development plans
3R Petroleum | Ready to move forward with the development plans 3R has acquired 9 assets that together produced ~55.2 Potiguar kboed(1) in 2021 (~45.1 kboed(2) 3R’ working interest). 78% of Basin the portfolio is anchored in onshore/nearshore assets; 3 4 2 1 9 Unique execution capabilities, shown in
Slide 8: Potiguar Cluster Acquisition | Open path for full integration
Potiguar Cluster Acquisition | Open path for full integration in the Potiguar basin POLO PESCADA PESCADA CLUSTER Fully integrated with the DENTÃO ARABAIANA portfolio acquired by the FAZENDA ICAPUÍ BELEM Company in the region PESCADA ✓ Production of 20.7 kbbl of POLO FAZENDA BELÉM POLO AREIA BRANCA O
Slide 9: Potiguar Cluster | Strategic opportunities in Petrobras' divestment plan
Potiguar Cluster | Asset with more strategic opportunities in Petrobras' divestment plan Strategic access to international oil markets Complete infrastructure: ✓ Independence from local clients; Processing, refining, storage, transport and outflow of oil and natural gas: ✓ Flexibility to export all
Slide 10: Oil Production | Operational Efficiency in Macau and Rio Ventura
Oil Production | Operational Efficiency in Macau and Rio Ventura Macau Oil Production (Quarterly and Monthly bbl/d) +58% +41% 3R’s execution in revitalizing +33% YoY +13% mature fields has been YoY +3.8% MoM 5,980 1 yielding solid results QoQ across different assets located in different basins 5,279
Slide 11: Total Production | Strong growth trajectory
Total Production | Strong growth trajectory as 3R consolidates its portfolio Total Oil Production per Asset Average daily production per (Quarterly bbl/d) asset in 4Q21 (% bbl/d) 6,533 5,749 468 1% 8% 843 4,873 715 4,634 93 13% 91 80 3,988 82 3,950 94 84 4,943 5,129 4,552 4,793 78% 3,894 3,866 3Q20
Slide 12: 3R Portfolio | Resilient structure with production across multiple assets
3R Portfolio | Resilient structure with production spread across multiple assets Oil & Gas Production 2021 – 3R Work Interest(1) (boe/d) 3R Work Interest | Production – 2021 ✓ Average Daily Production: 45.1 kboe/d 3R’s Onshore / Nearshore Assets 78% of the total ✓ Oil Production: 36.1 kbpd (80% of t
Slide 13: Net Revenues 2021
Net Revenues 2021 | Macau¹, Rio Ventura, Areia Branca and 35% of Pescada Clusters Net Revenues 4Q21 | 3R Net Revenues per Asset | 4Q21(%) (R$ MM) +193% 3.6X YoY YoY +30% 12% QoQ 727.8 79% 4% 250.0 5% +26% 10.1 QoQ 11.6 +15% 31.2 QoQ 192.2 +54% +56% 9.4 QoQ 20.2 Revenue Highlights 152.8 9.0 +21% ✓ Re
Slide 14: Adjusted EBITDA 4Q21 & 2021
Adjusted EBITDA 4Q21 & 2021 Assets in Transition: cash generation Adjusted EBITDA from Papa Terra, Fazenda Belém and (R$ MM) 65% of Pescada belongs to 3R since the ✓ 3R boosted its adjusted EBITDA effective date of the transaction. Those assets summed ~US$18 MM in 2021 and efficiency in the second y
Slide 15: Lifting Cost & Capex
Lifting Cost & Capex Lifting Cost CAPEX (US$/boe) (US$ MM) Macau Rio Ventura Areia Branca 11.3 3R was able to increase capex deployment during 2021, summing 22.4 21.5 US$ 26.4 MM for the year. Higher energy consumption with 7.8 20.8 a more expensive tariff impacted Macau Lifting cost in 2021. 4.8 7.
Slide 16: Cash & Obligations
Cash & Obligations Natural hedge strategy to mitigate risks over portfolio Cash Position obligations – dollar linked (US$ MM) Debenture from 3R Areia Branca 90.8% 9.2% USD CDI 449.4 440.8 Sanhaçu & Debenture Areia Branca 3R Macau (8.6) 374.2 4.7 (15.1) 231.6 (140.2) Cash and cash Follow On II Assets
Slide 17: Next Steps for 2022 | Focus on execution, closings and cash generation
Next Steps for 2022 | Focus on execution, closings and cash generation Strategy 1 After the signing of Potiguar Cluster, 3R now concentrates its focus on: ✓ Implementation and execution of redevelopment plans for the assets under operation; ✓ Closing of transitions in course: Recôncavo, Fazenda Belé
Slide 18: #WEARE3R #RRRP3
P) “dR PETROLEUM #WEARE3R #RRRP3