Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q2 2022 Earnings Presentation
11 slides from Brava Energia Sa's earnings presentation, Aug 12, 2022
Slide 1: Results Presentation 2Q22
RESULTS PRESENTATION 2Q22 | August 10, 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: 2Q22 & subsequent events highlights | Evolution in all fronts
2Q22 & subsequent events highlights | Evolution in all fronts Strategy Operation Evolution Financial Performance Macau + Rio Ventura + Recôncavo² + Areia Branca + 35% Pescada Capital Structure: Term Loan of US$500 MM ✓ De-Risking the thesis; Oil Production Net Revenues (bbl/d) (R$ MM) ✓ Relevant par
Slide 4: Portfolio Construction | From strong M&A trajectory to Results
Portfolio Construction | From strong M&A trajectory to Results 3R Operation Assets in Transition Macau & Rio Areia Fazenda Peroá Papa-Terra Recôncavo Pescada Potiguar Sanhaçu Ventura Branca Belém (70% WI) (43.75% WI) Purchase Aug-19 Aug-20 Aug-21 Dec-20 Aug-20 Jan-21 Jul-20 Jul-21 Jan-22 Value (US$
Slide 5: 2Q22 Total Production | Portfolio with resilient growth trajectory
2Q22 Total Production | Portfolio with resilient growth trajectory Total Oil Production per Asset Average daily production per 8,402 (Quarterly bbl/d | 3R work interest) 7,686 95 asset in 2Q22 (% bbl/d) 473 78 6,485 452 1,195² 943 5,688 93 16% 468 1,334 91 4,808 843 4,566 715 80 14% 3,718 3,877 82 6
Slide 6: Oil Production | Evolution in production in the Recôncavo basin
Oil Production | Evolution in production in the Recôncavo basin Rio Ventura Oil Production Recôncavo Oil Production (Quarterly / Monthly - bbl/d) (Quarterly / Monthly - bbl/d) 1,408 2,337 3R Petrobras 1,334 2,095 2,060 2,093 2,114 1,928 1,101 1,735 1,738 1,011 1,011 1,474 1,433 943 843 1,213 1,182 7
Slide 7: Net Revenues 2Q22
Net Revenues 2Q22 | Macau, Recôncavo, Rio Ventura, Areia Branca and Pescada¹ Net Revenues 2Q22 | 3R WI Net Revenues per Asset | 2Q22 (%) (R$ MM) 2.6X 2.7X 13% YoY YoY +6.5% 10% QoQ +50% 399.6 774.9 6% QoQ 68% 375.3 10.3 3% 9.4 22.9 19.5 40.1 50.9 +30% 52.9 285.6 QoQ Revenue Highlights 250.0 +26% 10.
Slide 8: Adjusted EBITDA 2Q22 | Company confirms its ability to generate Ebitda
Adjusted EBITDA 2Q22 | Company confirms its ability to generate Ebitda Adjusted EBITDA (R$ MM) 2.3X 2.4X YoY YoY +3.7% ✓ 3R reached R$ 206 MM in adjusted QoQ EBITDA in 2Q22, more than 2.3 times 205.8 198.5 404.3 when compared to 2Q21. The adjusted EBITDA mainly reflects: ❖ Increase in production in
Slide 9: Lifting Cost & Capex | Competitive lifting cost among peers in LATAM
Lifting Cost & Capex | Competitive lifting cost among peers in LATAM Lifting Cost CAPEX (US$/boe) (US$ MM) 16.3 12.7 ✓ First quarter with Recôncavo Cluster operated by 3R: 13.0 ❖ New assets come with a backlog of Capex/Opex from the former operator and low levels of production in the first weeks; 11
Slide 10: Cash, Obligations & Capital Structure
Cash, Obligations & Capital Structure Natural hedge strategy Cash Position to mitigate risks over Capital Structure: Term Loan of US$500 MM (US$ MM) portfolio obligations (USD) and opex (BRL) USD 20.4% ✓ De-Risking the thesis; Recôncavo Closing and Sanhaçu Payment CDI ✓ Strong bank syndicate support
Slide 11: Next Steps for 2H22 | Focus on operation and cash generation
Next Steps for 2H22 | Focus on operation and cash generation Strategy ✓ Execution of the redevelopment plans for the six assets under 3R operation; ✓ Potiguar Cluster: (1) speed the transfer of the licenses to 3R; (2) plan the operation of the upstream, mid and downstream assets; and (3) negotiation