07/30/2024 – 21:51
Enauta reported a loss of R$219 million in the second quarter of this year, leaving behind a profit of R$41 million in the same period of 2023, and of R$209 million in the immediately preceding quarter. Non-recurring events and the drop in production contributed to the result, with the shutdown on June 21 of production at the Atlanta field, one of the company’s main fields, which has already been resumed, and maintenance at the Manati field, where it has a 40% stake and produced 5,000 barrels of oil equivalent (boed) per day.
Atlanta’s production, which was around 20,000 boed, ended June with an average of 14,000 boed, compared to the average of 21,000 boed in the previous quarter.
Ebitdax (profit before income tax, social contribution, financial result and amortization expenses, plus exploration expenses with dry or sub-commercial wells) also fell compared to the second quarter of 2023, registering a drop of 8.1%, to R$293 million.
Non-recurring events negatively impacted EBITDA by R$88 million. Without them, Enauta’s EBITDA would have reached approximately R$370 million.
Other impacts refer to long-term remuneration, in the order of R$15 million, expenses associated with new projects, around R$18 million, and disbursements related to expenses with M&A activities, of R$14 million. In May, the company announced a merger with 3R Petroleum. Tax expenses totaled around R$9 million in the period.
Non-cash events, such as the market marking of financial operations for exchange rate protection of debenture swaps and cash, generated a negative effect of R$347 million with no cash effect.
On the other hand, the issuance of debentures worth R$2.7 billion ensured a strong cash flow in the second quarter. Free cash flow rose to R$244 million, compared to a loss of R$124 million a year earlier and R$46 million in the previous quarter.
The company’s revenue grew 32% compared to the second quarter of 2023, reaching R$544 million.
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