Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q3 2021 Earnings Presentation
14 slides from Brava Energia Sa's earnings presentation, Nov 12, 2021
Slide 1: Results Presentation 3Q21
Results Presentation November 10, 2021 | 3Q21 1 Rio Ventura Cluster | Recôncavo Basin | Bahia
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: 3Q21 Highlights | Execution in all parts of the business
3Q21 Highlights | Execution in all parts of the business Strategy Operation Oil Production (bbl/d) Sanhaçu and Duna Acquisition: Synergistic and accretive acquisitions around Macau: ✓ Macau ✓ Rio Ventura ✓ Strengthening Gas strategy +27% YoY +35% ✓ Optimizing resources 4,793 4,943 ✓ Integrated Opera
Slide 4: Follow On | Post-offering Structure and Liquidity
Follow On | Post-offering Structure and Liquidity Shareholding Structure 3R evolution and Impact on Liquidity Managed by Offers Timeline Pre-offer structure FIP 3R Management Other FIP Esmeralda 37.8% 2.2% 60.0% R$690 MM R$790 MM R$2,100 MM IPO Follow On I Follow On II nov-20 mar-21 nov-21 RRRP3 – S
Slide 5: Potiguar Complex | Acquisition of Duna Energia and 50% of the Sanhaçu field
Potiguar Complex | Acquisition of Duna Energia and 50% of the Sanhaçu field Highly synergistic POLO PESCADA and accretive add-on PESCADA CLUSTER acquisitions around Macau DENTÃO ARABAIANA ICAPUÍ ✓ Strengthening Gas strategy FAZENDA BELEM ✓ Optimizing resources PESCADA ✓ Reducing operations costs Dun
Slide 6: 3R Reserves | Papa-Terra adds relevant reserve to the portfolio
3R Reserves | Papa-Terra adds relevant reserve to the portfolio at low entry multiples 3R Portfolio Breakdown – 2P Certified(1) Reserves 2P Reserves Breakdown | Oil x Gas (MMboe) (MMboe) 264.3 74.8 47 18% (3) 8.5 217 16.7 13.0 82% 61.2 5.3 Adjusted to 100% Oil (MMboe) 74.8 Gas (MMboe) stake in the S
Slide 7: 3R Reserves | Focus on Proved and Certified Reserves
3R Reserves | Focus on Proved and Certified Reserves 2P Entry Certified Volumes Certified Volumes Certified Volumes Certified Reserves Cluster Multiple Potiguar 1P (MMboe) 2P (MMboe) 3P (MMboe) (US$/boe) Basin D Macau (A) 44.9 50.5 56.1 B C A Pescada 3.6 15.1 16.3 Arabaiana (B) Potiguar 3.5 Fazenda
Slide 8: Oil Production | Operational Efficiency in Macau and Rio Ventura
Oil Production | Operational Efficiency in Macau and Rio Ventura Macau Oil Production (Quarterly and Monthly boe/d) +27% 3R’s execution in revitalizing YoY +3.1% mature fields has been QoQ 1 yielding solid results 5,267 across different assets in 4,943 4,793 different basins 4,552 4,855 4,709 3,894
Slide 9: Resilient and Diversified Production
Resilient and Diversified Production Oil & Gas Production 9M21 – 3R Stake(1) (boe/d) 3R Stake Production – 9M21 ✓ Average Production: 25.4 kboe/d Potiguar Recôncavo 3R ✓ Oil Production: 16.5 kbpd (65% of total) Complex Complex Offshore ✓ Gas Production: 1.4 MMm3/d (35% of total) 7,727 25,377 Average
Slide 10: Financial Results 3Q21 | Macau, Rio Ventura and 35% of Pescada
Financial Results 3Q21 | Macau¹, Rio Ventura and 35% of Pescada Net Revenues 3Q21 | 3R Net Revenues per Asset | (R$ MM) 3Q21(%) +135% YoY 477.8 +26% 10% 85% QoQ 5% 192.2 +15% QoQ 20.2 +56% 9.4 Pescada Macau Rio Ventura 152.8 QoQ 9.0 132.8 9.5 Revenue Highlights +4,4% +13% QoQ ✓ Results still reflect
Slide 11: Financial Results | Adjusted Ebitda, Cash Position and Estimated Payment Schedule
Financial Results | Adjusted Ebitda, Cash Position and Estimated Payment Schedule Adjusted EBITDA Cash Availability (R$ MM) (US$ MM) 273,5 +110% 385 (2) (1) 140 +17.6% 270 747 +12.5% 104.9 +57.0% 232 Cash And Cash Debenture Pre-Payment Follow On II Cash Availability 89.3 Equivalents 3Q21 BTG Debt +1
Slide 12: Lifting Cost and Capex
Lifting Cost and Capex Lifting Cost 3R Operation Rio Ventura had a full Q21) (US$/boe) quarter of costs combined with low production inherited from the former operator Workover Rig Integrity Test Higher energy consumption Equipment with a more expensive tariff in 2Q and 3Q of 2021. 8.49 6.07 6.25 6.
Slide 13: Next Steps | Focus on execution combined with cash generation
Next Steps | Focus on execution combined with cash generation Strategy 1 As the M&A front comes to a slow stage, with the most important assets in exclusive negotiations, 3R now concentrates its focus on: ✓ The implementation of the redevelopment plans for its operating assets; ✓ The transitions in
Slide 14: #SOMOS3R #RRRP3
PS) tore PETROLEUM #SOMOS3R — #RRRP3