Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q2 2024 Earnings Presentation
21 slides from Brava Energia Sa's earnings presentation, Jul 30, 2024
Slide 1: Results Presentation 2Q24
Results Presentation 2Q24 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: 2Q24 Highlights | The search for efficiency and results reaches a new beginning
2Q24 Highlights | The search for efficiency and results reaches a new beginning Leading the consolidation in O&G Industry: all conditions approved for the incorporation of Enauta by 3R ❖ August 2024 marks the beginning of the NewCo; ❖ Incorporation of Enauta by 3R will create one of the largest inde
Slide 4: 2Q24 Highlights | 3R Keep on Improving
2Q24 Highlights | 3R Keep on Improving Macau | Rio Ventura | Recôncavo | Areia Branca | Fazenda Belém Operational Evolution Peroá (85%) | Papa Terra (WI¹) | Pescada (35%) | Potiguar Total Production Evolution Oil Production Evolution Annual Average Production (Oil + Gas kboe/d) (kbbl/d) (Oil + Gas k
Slide 5: 2Q24 Operational & Commercial Highlights
2Q24 Operational & Commercial Highlights
Slide 6: 2Q24 Commercial Metrics | Stable monetization in Oil & Gas contracts
2Q24 Commercial Metrics | Stable monetization in Oil & Gas contracts Evolution of oil monetization Evolution of gas monetization Average brent price vs. Average realized oil prices Average brent price vs. Average realized gas prices 113.9 120 120 27 113.9 110 110 102.2 102.2 100.8 22 102.7 100.8 100
Slide 7: Potiguar Complex | 2Q24 Production & Operation
Potiguar Complex | 2Q24 Production & Operation Macau | Fazenda Belém | Areia Branca | Pescada (35%) | Potiguar (3R work interest | kboe/d) 25.1 25.1 25.5 25.3 1.6 1.6 2.0 1.9 3R took over Potiguar Cluster in jun/23 Oil (kbbl/d) Gas (kboe/d) 10.9 23.5 23.5 23.4 23.5 1.1 8.1 7.1 7.1 6.3 1.4 5.8 5.8 5.
Slide 8: Recôncavo Complex | 2Q24 Production & Operation
Recôncavo Complex | 2Q24 Production & Operation Rio Ventura & Recôncavo (3R work interest | kboe/d) Oil (kbbl/d) 9.3 Gas (kboe/d) 9.2 9.0 7.4 7.5 7.0 6.2 3R took over 6.0 5.4 5.4 5.3 Recôncavo Cluster in 2Q22 4.4 4.2 3.9 3.1 3.3 3R took over 3.5 Rio Ventura Cluster in 3Q21 1.5 3.8 3.9 3.7 1.1 1.1 3.
Slide 9: Papa Terra Cluster | 2Q24 Production & Operation
Papa Terra Cluster | 2Q24 Production & Operation (3R WI | kboe/d) Papa Terra Production¹ Atualização sobre intervenções programadas: 4 ✓ Update on programed interventions 3R | WI (Kboe/d) Other (kboe/d) ✓ Interventions on going since May/24: supporting 16.4 unit with 100+ professionals focused on th
Slide 10: Peroá Cluster | 2Q24 Production & Operation
Peroá Cluster¹ | 2Q24 Production & Operation Oil (kbbl/d) Gas (kboe/d) 3.2 3.2 2.9 2.9 2.5 2.5 2.5 1.8 3.0 3.0 2.8 2.8 2.4 2.4 2.4 1.7 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Operation: Peroá output declined QoQ following the lower market demand for natural gas in the
Slide 11: 3R Historical Production
3R Historical Production Total Oil & Gas Production 46.6 45.9 (3R work interest) 42.7 44.4 Oil & Gas average production 9.8 9.6 in 2Q24 (% boe/d) 8.9 10.2 Oil (kbbl/d) 28.4 Gas (kboe/d) 20.7 8.5 79% 15.4 21% 14.9 36.1 37.0 7.2 33.8 34.2 10.6 9.2 6.0 6.7 6.5 7.4 19.9 5.6 1.5 2.8 0.9 1.1 13.5 0.8 8.9
Slide 12: 2Q24 Financial Highlights
PS) - SR PETROLEUM 2Q24 Financial Highlights an -.
Slide 13: 2Q24 Net Revenues | Record Revenues after 1 year of Potiguar Cluster Operation
2Q24 Net Revenues¹ | Record Revenues after 1 year of Potiguar Cluster Operation Quarterly View (R$MM) 3.1X YoY +28% Macro Aspects QoQ Brent Average Price (US$) Avg. FX | BRL/US$ 2,575 2,360 2,008 86.7 1,849 84.3 85.0 5.21 83.2 4.95 4.96 4.95 78.1 4.88 837 2Q23 3Q23 4Q23 1Q24 2Q24 2Q23 3Q23 4Q23 1Q24
Slide 14: 2Q24 Upstream Net Revenues | Record Upstream Revenues
2Q24 Upstream Net Revenues¹ | Record Upstream Revenues Quarterly View 6M (YTD) Comparison (R$ MM) (R$ MM) Upstream Revenues reached a record R$1.8 billion in 2Q24, up 23% QoQ and more than 2.3 times YoY. 2.3X 3,201 ✓ Papa Terra delivered record revenues driven by higher YoY volumes sold in 2Q24 and
Slide 15: 2Q24 Consolidated Adjusted EBITDA
2Q24 Consolidated¹ Adjusted EBITDA Quarterly view 6M (YTD) Comparison (R$MM) (R$ MM) 4.3X Adjusted EBITDA YoY +17% Transition Period Costs QoQ 1,575 829 850 697 725 4.4X 2 YoY 224 404 355 24 200 2T23 3T23 4T23 1T24 2T24 202 1 202 2 202 3 2Q23 3Q23 4Q23 1Q24 2Q24 2022 YTD 2023 YTD 2024 YTD Adjusted 2
Slide 16: Lifting Cost Evolution | Paving the path to increase efficiency in 2S24
Lifting Cost Evolution | Paving the path to increase efficiency in 2S24 3R Petroleum Consolidated 23.6 (US$ / boe ) 19.7 ❖ Potiguar Complex (Macau, Areia Branca, Pescada, Faz. Belém & Potiguar Clusters) 16.0 15.7 13.6 23.5 22.6 ✓ Increase in 2Q24 justified by higher costs of environmental licenses a
Slide 17: Consolidated Capex | Historically evolution until 2Q24
Consolidated Capex | Historically evolution until 2Q24 (US$ MM | Considers 100% of 3R Offshore) Annual Breakdown Quarter Breakdown Capex breakdown per activity in 2Q24 (%) 321 42% 164 206 33% 114 85 92 70 42 2% 33 21% 26 2% 3 1T23 2T23 3T23 4T23 1T24 2T24 Workover & Reactivation Inventory, IT & Corp
Slide 18: Capital Structure | 2Q24
Capital Structure | 2Q24 Cash Flow 2Q24 Indebtedness end of 2Q24 (US$ MM) (US$ MM) 175 90 846 (2) 6 753 (61) (35) 11,155 4,702 (15) (65) 1,790 8,243 6,453 Approximately 86% of the gross debt is dollar based Cash and Operational Hedge Portfolio Capex New debt Debt Net result of Others³ Cash and cash
Slide 19: Hedge Position | 2Q24
Hedge Position | 2Q24 NDF | Average Brent Price / Barrels hedged Collar | Call x Put Brent Price / Barrels hedged Thousand of barrels | US$ Thousand of barrels | US$ 130 .0 140 0 NDF Brent médio AVG Brent Collar Put Call 300 0 120 .0 110 .0 98 120 0 97 96 92 88 88 100 .0 80 78 90. 0 250 0 86 85 100
Slide 20: Next Steps for 2024 | Business integration, efficiency, results and free cash flow
Next Steps for 2024 | Business integration, efficiency, results and free cash flow Potiguar Complex 1.Macau | 2.Pescada | 3.Faz. Belém 4.Areia Branca | 5.Potiguar ❖ All mandatory conditions were met for the creation of one of the largest oil and gas 3 4 2 companies in LATAM with a set of strategic s
Slide 21: Q&A 2Q24
Q&A 2Q24 ri.3rpetroleum.com.br