Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q4 2022 Earnings Presentation
16 slides from Brava Energia Sa's earnings presentation, Mar 28, 2023
Slide 1: Results Presentation 4Q22 & 2022
Results Presentation 4Q22 & 2022 ri.3rpetroleum.com.br 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 4Q22 & 2022 | Consolidation of new assets on 3R Portfolio
Highlights 4Q22 & 2022 | Consolidation of 4 new assets on 3R Portfolio Strategy and Execution Operation Evolution Financial Performance Macau | Rio Ventura | Recôncavo | Areia Branca | Fazenda Closing of Papa Terra: Belém | Peroá (85%) | Papa Terra (53.13%) | Pescada (35%) ✓ 2nd Offshore operation o
Slide 4: 3R Portfolio Snapshot
3R Portfolio Snapshot Assets under 3R operation Assets in transition ❖ Pro Forma portfolio summed 45.2 kboe in December (graphic below) ❖ Incorporation of 4 assets in 2022: strong portfolio building ability on display Pro Forma Potiguar Complex ❖ 3R increased its stake on the Offshore subsidiary fro
Slide 5: Papa Terra | Second operation of 3R Offshore
Papa Terra | Second operation of 3R Offshore 2nd asset of 3R Offshore: ❖ Recovered fraction below 2.5% and great potential to act as a reserve replacement source ❖ Relevant participation in the Company's total production (34% in Jan/23) ❖ 100% owned infra-structure with no FPSO or platform daily rat
Slide 6: Potiguar Complex | 4Q22 Production & Operation
Potiguar Complex | 4Q22 Production & Operation Potiguar Complex: CE Macau | Fazenda Belém | Areia Branca | Pescada (35%) (3R work interest | kboe/d) 2 workover Rigs RN on site during 4Q22 2 more to arrive in 1Q23 8.1 27 well interventions 1.4 7.1 7.1 Interventions in 4Q22: 6.3 ✓ Workover 13 1.2 1.2
Slide 7: Recôncavo Complex | 4Q22 Production & Operation
Recôncavo Complex | 4Q22 Production & Operation 3 workover Rigs Recôncavo Complex: on site during 4Q22 Rio Ventura & Recôncavo 1 more to arrive in 1Q23 (3R work interest | kboe/d) 6.0 6.2 31 well interventions BA Interventions in 4Q22: ✓ Workover 17 3.3 3.1 ✓ Pull in 4 ✓ Reactivations 8 3.5 ✓ Change
Slide 8: 3R Offshore – Peroá & Papa Terra | 4Q22 Production & Operation
3R Offshore – Peroá & Papa Terra| 4Q22 Production & Operation Peroá Production (3R work interest | kboe/d) 3.0 Production & Perspectives 2.8 2.5 2.5 2.4 Peroá: Despite the restrictions of the take 2.1 or pay contract, the daily production 1.8 capacity of the asset is ~620 km³ of gas. 2.6 2.8 2.5 2.4
Slide 9: 4Q22 Total Production
4Q22 Total Production Total Production Oil & Gas (3R work interest | kboe/d) Oil & Gas average production 15.4 14.9 in 4Q22 (% boe/d) 10.6 6.0 6.7 Oil (kbbl/d) Gas (kboe/d) 9.2 2.8 7.4 1.5 6.5 44% 5.5 5.6 1.1 56% 4.9 4.8 0.9 0.9 0.8 1.0 0.9 7.9 8.9 8.7 2.1 7.7 5.6 6.3 3.9 3.9 4.6 4.8 0.7 1.4 2Q20 3Q
Slide 10: Net Revenues in 4Q22 & 2022
Net Revenues in 4Q22 & 2022 Net Revenues - 3R Offshore¹ + Potiguar² & Recôncavo Complexes Net Revenues per Basin | 4Q22 (%) (R$ MM) 1.8X 8.4X 38% YoY 24 months 48% 2.4X -11.4% 14% YoY +25.7% QoQ 1,722.4 QoQ 502.4 +6.5% 56.3 445.1 ✓ Revenues in 4Q22 reflect approximately 44%³ +50% QoQ of 3R’s acquire
Slide 11: Adjusted EBITDA 4Q22 & 2022
Adjusted EBITDA 4Q22 & 2022 Adjusted EBITDA 4Q22 (R$ MM) 13.3X Transition costs intensified during the ✓ The mobilization for Papa Terra impacted 24 months last 3 months of 2022 for the the costs in 4Q22 but was more than mobilization for Papa Terra take over. The Cluster accounted for 75% of the 2.
Slide 12: 4Q22 - Lifting Cost & Capex
4Q22 - Lifting Cost & Capex Lifting Cost (US$/boe) 17.7 ❖ Potiguar Complex | Macau, Areia Branca, Pescada and Faz. Belém ✓ The Complex is operating with restricted production due to interventions that 3R is carrying out in Macau 14.3 to improve facilities and replace a pipeline. 3R is also to review
Slide 13: Capital Structure 4Q22
Capital Structure 4Q22 Loans and closing Cash and Debt Position installment of Potiguar (US$ MM) offset each other 1,000 Impacted by the purchase of oil stored in Papa Terra on Impacted by contingent the closing date. The oil was payments linked to the produced before the effective acquisitions of R
Slide 14: Hedge & Portfolio Obligations 4Q22
Hedge & Portfolio Obligations 4Q22 Hedge Position NDF | Average Brent Price / Barrels hedged Collar | Call x Put Brent Price / Barrels hedged NDF: 27 months horizon Thousand of barrels | US$ Thousand of barrels | US$ ➢ 2,625 thousand barrels hedged 84.5 86.6 850.0 120.0 ➢ Average brent price of US$
Slide 15: Next Steps for 2023 | Focus on operations and the conclusion of Potiguar transition
Next Steps for 2023 | Focus on operations and the conclusion of Potiguar transition Strategy ✓ Focus on the conclusion of the Potiguar acquisition ✓ Track opportunities to improve monetization of the gas and oil production of the portfolio Operations ✓ Focus on CAPEX deployment throughout 2023 suppo
Slide 16: Q&A 4Q22 & 2022
Q&A 4Q22 & 2022 ri.3rpetroleum.com.br 16