RESULTS PRESENTATION
2Q22 | August 10, 2022
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 conditions, company performance and financial results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forward-looking statements.
Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. Readers are referred to the documents filed by the Company at CVM, specifically the Company's most recent Reference Form, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including, among other things, risks relating to general economic and business conditions, including crude oil, exchange rates, uncertainties inherent in making estimates of our oil and gas reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and our ability of manage business. The Company undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.
All forward-looking statements are expressly qualified in its entirety by this cautionary statement and were made at this presentation date.
In addition, this presentation also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS. These measures do not have standardized meanings and may not be comparable to similarly-titled measures provided by other companies. The Company proves these measures because uses them as a measure of company performance; however, it should not be considered in isolation or as a substitute for other financial measures that have been disclosed in accordance with Brazilian GAAP or IFRS.
2
2Q22 & subsequent events highlights | Evolution in all fronts
Strategy
Capital Structure: Term Loan of US$500 MM
- De-Riskingthe thesis;
- Relevant part of the funding of Potiguar Cluster;
- Other debt structures in advanced stages.
Additions to the portfolio
Operations in two more producing states: Ceará with Fazenda Belém Cluster and Espirito Santo with Peroá Cluster, the first offshore operation.
Gas Contracts for the Recôncavo Complex:
Net Price for the gas production in Rio Ventura and Recôncavo Clusters: US$ 6.4 MMBTU in 2Q22.
Reserves Reports Updated in 2Q22:
- 515 MM boe of reserves 2P: 373 MM boe are 1P and 180 MM are classified as PDP¹.
- 11% of the total 2P reserves are natural gas;
- Reserve Replacement capacity: +18% and +14.8% of 1P and 2P reserve increment, respectively .
Changes in the board of directors:
The new members appointed confirm the new cycle in the company.
Operation Evolution
Macau + Rio Ventura + Recôncavo² + Areia Branca + 35% Pescada
Oil Production
(bbl/d)
+75%
YoY
8,402
7,686
+9.3% QoQ
4.808
2Q21 | 1Q22 | 2Q22 |
Total Production - Oil + Gas
(boe/d)
+2.2X YoY
12,241
9,181 +34%
QoQ
5,635
2Q21 | 1Q22 | 2Q22 |
Financial Performance
Net Revenues
(R$ MM)
+2.6X YoY
375400
+6.5% QoQ
153
2Q211Q222Q22
Adjusted EBITDA
(R$ MM)
+2.3X YoY
199 | 206 | |
89 | +3.7% | |
QoQ | ||
2Q21 | 1Q22 | 2Q22 |
Note: 1. PDP: Proven Developed under Production; 2. Recôncavo Production figures are adjusted for the quarter. 3R took over the operation of the Asset in May 11th.
Source: ANP and Company
3
Portfolio Construction | From strong M&A trajectory to Results
3R Operation | Assets in Transition | |||||||||||
Macau & | Rio | Areia | Fazenda | |||||||||
Recôncavo | Peroá | Pescada | Papa-Terra | 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$ 197¹ | US$ 94 | US$ 72.3 | US$ 250 | US$ 35 | US$ 37.5 | US$ 1.5 | US$ 73.9 | US$ 1,385 | ||
(US$ MM) | ||||||||||
Closing | May-20 /Dec-21 | Jul-21 | Nov-21 | May-22 | Aug-22 | Aug-22 | 2H-22 | 2H-22 | 1H23 | |
3R Offshore Assets | Cash Generation | |||||||||
belongs to 3R² |
Brent Prices versus Assets Signing Dates - 3R was ready at the right moment
$120
$90
3R had good timing and was able to | Areia Branca | Potiguar | |||
Macau | build its portfolio at low brent levels. | Rio Ventura & | Peroá | Papa-Terra | |
Faz. Belém | |||||
Pescada | Recôncavo | ||||
$60
$30
$0 | |||||||||||||||||||||
Jan-19 | Mar-19 | May-19 | Jul-19 | Sep-19 | Nov-19 | Jan-20 | Mar-20 | May-20 | Jul-20 | Sep-20 | Nov-20 | Jan-21 | Mar-21 | May-21 | Jul-21 | Sep-21 | Nov-21 | Jan-22 | Mar-22 | May-22 | Jul-22 |
4
Source: Petrobras and Company | Note: 1. Considering the value paid for Macau (US$ 191 MM) and paid for Sanhaçu (US$ 6 MM); 2. The cash generation from Pescada, Papa-Terra and Potiguar operations belong to 3R since April/2019, July/2021 and July/2022, respectively.
2Q22 Total Production | Portfolio with resilient growth trajectory
Total Oil Production per Asset | 8,402 | ||||||||||||||||||||||||||||||||
(Quarterly bbl/d | 3R work interest) | |||||||||||||||||||||||||||||||||
7,686 | |||||||||||||||||||||||||||||||||
95 | |||||||||||||||||||||||||||||||||
473 | |||||||||||||||||||||||||||||||||
78 | |||||||||||||||||||||||||||||||||
6,485 | 452 | 1,195² | |||||||||||||||||||||||||||||||
943 | |||||||||||||||||||||||||||||||||
5,688 | 93 | ||||||||||||||||||||||||||||||||
468 | |||||||||||||||||||||||||||||||||
1,334 | |||||||||||||||||||||||||||||||||
91 | |||||||||||||||||||||||||||||||||
4,566 | 4,808 | 843 | |||||||||||||||||||||||||||||||
715 | |||||||||||||||||||||||||||||||||
80 | |||||||||||||||||||||||||||||||||
3,718 | 3,877 | 82 | 6,213 | ||||||||||||||||||||||||||||||
86 | 84 | 5,306 | |||||||||||||||||||||||||||||||
4,484 | 4,728 | 4,882 | 5,080 | ||||||||||||||||||||||||||||||
3,632 | 3,794 | ||||||||||||||||||||||||||||||||
3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | ||||||||||||||||||||||||||
Macau (100%) | Rio Ventura (100%) | Recôncavo (100%) | Areia Branca (100%) | Pescada (35%) | |||||||||||||||||||||||||||||
Average daily production per
asset in 2Q22 (% bbl/d)
16%
14%
63%
6%
1%
Total Production Oil & Gas | Average daily production | ||||||||||||
(Quarterly boe/d | 3R work interest) | |||||||||||||
2Q22 | production | still reflects | Oil & Gas in 2Q22 (% boe/d) | ||||||||||
12,246² | |||||||||||||
approximately 32%¹ of 3R's signed | |||||||||||||
portfolio; | |||||||||||||
Oil (boe/d) | Gas (boe/d) | 9,164 | 3,845 | ||||||||||
7,561 | 1,478 | ||||||||||||
6,659 | |||||||||||||
5,635 | 31% | ||||||||||||
4,933 | 4,804 | 5,458 | 1,077 | ||||||||||
971 | |||||||||||||
892 | 827 | ||||||||||||
1,215 | 927 | 69% | |||||||||||
8,402 | |||||||||||||
7,686 | |||||||||||||
6,485 | |||||||||||||
5,688 | |||||||||||||
4,566 | 4,808 | ||||||||||||
3,718 | 3,877 | ||||||||||||
3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 12Q22 | ||||||
Source: ANP and Company Note:(1) Considering the average daily production of 3R portfolio between July 2021 and June 2022. (2) Production at the Recôncavo Cluster started on May 11 and was adjusted for 51 days of production in the quarter. | 5 | ||||||||||||
Approximately 60% of the gas produced in the Recôncavo Cluster is re-injected in the reservoir. |
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3R Petroleum Oleo e Gas SA published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2022 06:20:01 UTC.