3R Petroleum 3Q22 Results

3R Petroleum Óleo e Gas S.A. (“3R” or “Company”) (B3: RRRP3) hereby presents its results for the third quarter of 2022 (“3Q22”). Except as indicated otherwise, the financial and operational information described in this release is presented on a consolidated basis and in Brazilian Reais (R$), in accordance with International Financial Reporting Standards (IFRS).

destaques release ENG.jpg

HIGHLIGHTS OF THIRD QUARTER AND POST REPORTING DATE EVENTS

Execution of Business Plan: Organic Growth and Mitigation of Risks

• Conclusion of funding for the Potiguar Cluster: US$ 1.0 bi contracted with a strong syndicate of banks;
• Issue of R$ 900 million in local debentures,
resources for working capital and capex;
• Incorporation of 2 new assets to 3R’s operations:
Peroá and Fazenda Belém Clusters in August 2022;
• Six of nine assets already integrated:
two closings expected for 4Q22, Pescada and Papa-Terra Clusters;
• Management elected for 2-year term of office, with focus on
organic development of our proposition.

Development of a robust and diversified portfolio

Addition of reserves and production based on rise in working interest in subsidiary 3R Offshore;
Portfolio of 534 million boe in 2P certified reserves, being 89% oil and 11% gas;
183 million boe or 34% in PDP reserves, reducing operational execution risk;
First onshore drilling rig contracted and in phase of mobilization in Rio Grande do Norte (RN);
Pro forma portfolio1 posted production of 43.5 thousand boe in September/22, driven by the operational re-start-up of the Papa Terra Cluster;
Average production of 16.1 thousand boe/d in 3Q22, +141.6% Y/Y;
Huge increase in gas production, +606.1% Y/Y, resulting from the performance of the Rio Ventura Cluster and the integration of the Peroá Cluster.

 Solid Financial Results in 3Q22

Record net revenues of R$ 502.4 million, growth of 161.4% Y/Y;
Adjusted EBITDA worked out to R$ 192.6 million, a rise of 83.6% Y/Y;
Adjusted EBITDA Margin was 38.3%, even considering expenses related to assets in the operational transition phase;
Net income of R$ 469.8 million, supported by the operational and financial results;
Capex of US$ 12.3 million, capture of low hanging fruits opportunities and preparation for drilling campaigns;
Lifting Cost of US$ 14.3/boe, competitive level since the beginning of 3R’s activities.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by WordPress.com.

Up ↑

%d bloggers like this: