Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q1 2023 Earnings Presentation
16 slides from Brava Energia Sa's earnings presentation, May 16, 2023
Slide 1: Results Presentation 1Q23
Results Presentation 1Q23 ri.3rpetroleum.com.br
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements about future events that are not based on historical facts and are not guarantees of future results. These forward-looking statements only reflect the Company's current views and estimates of future economic circumstances, industry
Slide 3: 1Q23 Highlights
1Q23 Highlights Strategy and Execution Operation Evolution Financial Performance Macau | Rio Ventura | Recôncavo | Areia Branca | Fazenda Macau | Rio Ventura | Recôncavo | Areia Branca | Fazenda Reserves Update: Belém | Peroá (85%) | Papa Terra (53.13%) | Pescada (35%) Belém | Peroá (100%) | Papa Te
Slide 4: Reserves Update
Reserves Update Reserves Main KPI’s (WI 3R | MM boe) (WI 3R) Certification Certification 2022 2023 534 8 516 12 528 -11 -16 VPL @10² of the 2P curve, US$ US$ already including income taxes 6.6 bi 6.3 bi (IR and CSLL) Project reclassified to contingent resource for US$ US$ Capex per barrel for develo
Slide 5: Reserves Breakdown
Reserves Breakdown Reserves 2P (WI 3R | MM boe) 11 516 ✓ Relevant volume of certified reserves with 367 MMboe 95 in proven reserves (1P), which 165 MMboe in PDP: 105 higher life index among peers in Latin America 305 CE ✓ 88% of 2P reserves are composed by oil, with the RN complement of 12% being ga
Slide 6: Potiguar Complex | 1Q23 Production & Operation
Potiguar Complex | 1Q23 Production & Operation Potiguar Complex: Macau | Fazenda Belém | Areia Branca | Pescada (35%) 4 workover Rigs (3R work interest) on site during 1Q23 8.1 4 more to arrive in 2023 1.4 7.1 7.1 CE RN Interventions in 1Q23: 6.3 1.2 ✓ Workover 17 5.8 1.2 5.8 5.8 ✓ Pull in 14 65 wel
Slide 7: Recôncavo Complex | 1Q23 Production & Operation
Recôncavo Complex | 1Q23 Production & Operation 5 workover Rigs on site during 4Q22 Recôncavo Complex: 7.0 1 more to arrive in 2023 Rio Ventura & Recôncavo (3R work interest) 6.2 6.0 Interventions in 1Q23: ✓ Workover 13 BA 3.9 ✓ Pull in 14 41 well 3.1 3.3 ✓ Conversions 2 interventions ✓ Reactivation
Slide 8: 3R Offshore | 1Q23 Production & Operation
3R Offshore | 1Q23 Production & Operation Peroá Production (3R work interest) Production & Perspectives Peroá: In 1Q23, production output was limited 3.0 2.8 to the minimum demand established by the 2.5 2.5 2.5 2.5 2.5 2.5 2.4 take or pay contract: 500 km³ daily. 2.1 1.8 3R is in negotiations with P
Slide 9: 1Q23 Total Production
1Q23 Total Production Total Oil & Gas Production Oil & Gas average production (3R work interest) in 1Q23 (% boe/d) 20.7 14.9 15.4 7.2 Oil (kbbl/d) Gas (kboe/d) 10.6 6.0 6.7 9.2 65% 35% 7.4 2.8 6.5 1.5 5.5 5.6 1.1 4.9 4.8 0.9 13.5 0.9 0.8 2.1 1.0 0.9 7.7 7.9 8.9 8.7 5.6 6.3 0.7 3.9 3.9 4.6 4.8 1.4 2Q
Slide 10: Consolidated Net Revenues 1Q23
Consolidated Net Revenues 1Q23¹ 4 ✓ Consolidated revenues in 1Q23 reflect approximately 54% of 3R’s acquired +53% portfolio YoY +29% ✓ Macro: oil prices were down 9% while dollar was stable in 1Q23 versus 4Q22 QoQ ✓ Growth pace: even with oil prices down in the period, revenues were 29% and +26% 53%
Slide 11: Consolidated Adjusted EBITDA 1Q23
Consolidated Adjusted EBITDA 1Q23 ✓ Consolidated Adjusted EBITDA summed ~R$ 156 MM in 1Q23 increasing 38% when compared to 4Q22 with also a Adjusted Ebitda Transition Period Costs Potiguar accounted for more slight improve in margin that reached 27.1% than 61% of the transition costs in 1Q23 with th
Slide 12: Lifting Cost & Capex – 1Q23
Lifting Cost & Capex – 1Q23 Lifting Cost ❖ Potiguar Complex | Macau, Areia Branca, Pescada and Faz. Belém Lower production (US$/boe) caused by limitations ✓ The Complex is operating below its potential, especially in Macau that with full capacity is the most in the energy supply 32.3 efficiency asse
Slide 13: Capital Structure - 1Q23
Capital Structure - 1Q23 Cash and Debt Position (US$ MM) 1 1 (1) Including marketable securities Capital Increase offer through subscription of new shares² ✓ Offer size can range from R$600M to R$900M (to be concluded on May 2023); ✓ Capital structure optimization: ensure capex plan execution with h
Slide 14: Hedge & Portfolio Obligations 1Q23
Hedge & Portfolio Obligations 1Q23 NDF | Average Brent Price / Barrels hedged Collar | Call x Put Brent Price / Barrels hedged NDF: 27 months horizon Thousand of barrels | US$ Thousand of barrels | US$ ✓ 2,787 thousand barrels hedged ✓ Average brent price of US$ 80.1/bbl 1,00 0 400 0.0 130 .0 83 85
Slide 15: Next Steps for 2023 | Closing of Potiguar and Operational Performance
Next Steps for 2023 | Closing of Potiguar and Operational Perfomance ✓ Closing of the Potiguar Cluster: 3R is moving forward and needs to fulfill only one condition related to IBAMA to conclude the deal ✓ 3R is also making a huge effort to improve integrity and systems redundancies in its operations
Slide 16: Q&A 1Q23
Q&A 1Q23 ri.3rpetroleum.com.br