EARNINGS RELEASE

Third Quarter of 2021

CONFERENCE CALL

Portuguese (simultaneous English translation)

November 11, 2 21 11: AM (Brasília time) 9: AM (New York time)

https://enauta.zoom.us/webinar/register/

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ENAUTA PARTICIPAÇÕES S.A.

Av Almirante Barroso, nº52, Sala 13 1 - Centro

Rio de Janeiro - RJ | Cep: 2 31-918

Phone: 55 21 35 9-58

www.enauta.com.br

EARNINGS RELEASE | THIRD QUARTER OF 2 21

Enauta reports 3Q21 results

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Rio de Janeiro, November 1 , 2 21 - Enauta Participações S.A. (B3: ENAT3) today announces its results for the third quarter of 2 21. Except where indicated otherwise, the financial and operating data in this release are presented on a consolidated basis in accordance with International Financial Reporting Standards ("IFRS") and the accounting practices adopted in Brazil ("BR GAAP"), as described in the financial section of this release.

Main Figures

3Q21

3Q2

∆%

9M21

9M2

∆%

Net Revenue - R$ million

588.3

224.5

162.1%

1,118.4

758.5

47.4%

EBITDAX¹ - R$ million

438.8

155.5

182.3%

1,666.4

659.1

152.8%

EBITDAX Margin

74.6%

69.3%

5.3 p,p,

149.

86.9%

62.1 p,p

%

Net Income (Loss) - R$ million

134.

29.7

351.7%

753.9

86.1

775.2%

Net Cash2 - R$ million

2,244.1

1,517.9

47.8%

2,244.1

1,517.9

47.8%

Realized CAPEX - US$ million

3.2

5.7

-43.9%

16.7

19.4

-13.9%

Total Production (thousand boe)

1,996.4

1,369.

45.8%

4,633.

4,361.

6.3%

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Oil Production (thousand bbl)

1,214.6

65 .6

86.7%

2,1 6.5

2,841.2

-25.9%

Gas Production (thousand boe)

781.8

718.4

8.8%

2,527.3

1,519.9

66.3%

  • EBITDAX: Earnings before taxes and social contributions, net financial results and amortization expenses, plus exploration expenses with dry or sub-commercial wells.
    2 Net Cash: cash balance (including cash and cash equivalents and financial investments), less total loans and financing.

KEY FACTS

  • A full quarter that 1 % working interest for Atlanta Field's results have been recognized.
  • Net income of R$134. million in 3Q21, fueled by record revenue in the quarter benefited from higher commodity prices and US dollar coupled with oil appreciation of Atlanta Field with a premium in relation to Brent (excluding logistics costs).
  • Solid cash and cash equivalents of R$2.4 billion, and 38% denominated in US dollars.
  • Total production of 1.99 million barrels of oil equivalent (boe) in the quarter, or average daily production of 21.7 thousand boe.
  • Over 19 million barrels were produced in the Atlanta Field.
  • Atlanta's drilling license has been broadened, including other wells scheduled for the Full Development System.
  • Approval of the Management's variable compensation plan linked to financial and operating targets, as well as ESG.
  • Approval of the People and Human Rights Policy.
  • The Audit Committee and Internal Audit Management initiate their activities, reinforcing the Company's corporate governance.

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EARNINGS RELEASE | THIRD QUARTER OF 2 21

Message from Management

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We ended the third quarter of 2 21 in a favorable environment for the oil and gas sector. The global economic recovery continues significantly impacting demand for oil, with a consequent effect on commodity prices. In October, the Brent price reached over US$85 per barrel, which coupled with an exchange rate at R$5.6 , increased the price in Brazilian Reais to its all-time high. Amid this environment Enauta maintains its thesis of investment, with most of its assets dollarized and exposed to greater international demand. We maintain our focus on a strategic agenda of portfolio diversification through acquisitions.

The third quarter marks the first full quarter in which we operated the Atlanta Field with 1 % working interest resulting in record revenue generation for the Company. Our team continues working to resume operations of the third well expected for the first quarter of 2 22.

We continue advancing the Full Development System (FDS) with the bidding process underway for the floating production, storage, and offloading processing unit (FPSO) and other FDS equipment. In this regard, we signed a Memorandum of Understanding (MoU) with Yinson Holdings Berhad, a world-renowned Malay traditional FPSOs supplier, for direct and exclusive negotiation of FPSO supply agreements. This is another relevant step to significantly increase our oil production capacity. It is worth noting that we already requested the FDS previous license with IBAMA.

At the end of the quarter, our cash totaled R$2.4 billion, solidifying our financial position and enabling us to grow up our portfolio and possibilities to capture opportunities. We remain attentive to Petrobras' divestments and other opportunities to meet our commitment to greater value creation and return for shareholders. We reiterate our efforts to meet our strategic agenda, also advancing the ESG scope. In 3Q21, we highlight the approval of a compensation plan for our management with operational and financial targets and clear rules relating to carbon emission. We also installed our Audit Committee and approved Enauta's human rights policy. Therefore, we continue moving forward in our ourney to provide greater transparency to our stakeholders.

Environmental, Social & Governance (ESG)

We continuously work to improve the tools of our integrated sustainability management. This quarter, we highlight a few and practical measures to build processes and good corporate governance practices.

In August, Enauta's Board of Directors approved the installation of the Statutory Audit Committee. The People and Human Rights Policy was also approved. This new policy formalizes this commitment and offers the opportunity of actively engaging our value chain, promoting training and awareness sessions on the topic.

We advanced our commitment to reducing emissions, by defining a target for 2 21 and restricting the CO² equivalent intensity to the level attained by OGCI (Oil and Gas Climate Initiative) in 2 19. Sustainability is intrinsic to our business model and, as such, needs to be reflected at distinct levels of the organization, so that to become a commitment across the Company. This indicator composes the calculation of short-term variable compensation of all executives and operating areas managers of Enauta as of 2 21.

See below others key events for the period:

Environmental:

  • Measures to decrease carbon: in the Memorandum of Understanding with Yinson, we ointly ensure the implementation of an engineering pro ect, by applying all the

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EARNINGS RELEASE | THIRD QUARTER OF 2 21

technologies available to reduce carbon emission. The adaptation of OSX-2 shall be an "averted emission" pro ect, optimizing its operating and environmental efficiency. 3

  • Definition of a restrictive target of CO² intensity equivalent to the level attained by OGCI (Oil and Gas Climate Initiative) in 2 19.
  • For the sixth consecutive year, we received the Gold Seal by the Brazilian GHG Protocol Program (PBGHG). This is the highest level of qualification granted by PBGHG, thus, reaffirming our commitment to transparency in emissions data.

Social:

  • Approval and publication of the People and Human Rights Policy: including training sessions for our employees and critical suppliers.
  • Gender equity and childcare support: adhesion to the Internal Revenue Service Citizenship Corporate Program, which extends the parental leave, promoting equal gender and life quality for our employees.

Governance:

  • First place in the "As Melhores da Dinheiro" Award in Corporate Governance, Human Resources, and Social Responsibility: recognition of our performance and commitment to ESG issues.

Sector Performance

The post-pandemic economic recovery with greater global demand for products and services resulted in higher energy prices worldwide. Oil and natural gas play a relevant role within this context: Brent and WTI hit records over the past three years, hitting lows in April 2 2 , when demand recorded the lowest levels since April 2 2.Brent began the third quarter of

2 21 quoted at USD75.84 per barrel, closing the period at USS78.64 per barrel, an increase of 3.54%, reflecting the dynamics between supply and demand, also oil inventories, which see one of its lowest levels of the past five years.

A supply deficit of 2.5 million barrels/year is expected to be maintained in the short term, as demand for oil in the United States, Europe, and China has been growing rapidly, and already escalated by 3 % since the onset of the pandemic. The consumption of gasoline in the United States hit a record of 9.6 Mbbd in the second half of October, following the global trend, particularly gasoline, diesel, et, and fuel oil. Consumption in Brazil also increased (up nearly

2 %), reinforcing the signs of Brazil's economic recovery. The water crisis in the country also resulted in greater demand for oil byproducts, such as diesel, fuel oil and natural gas.

Current global oil production will not be able to meet the demand by the end of 2 21. Despite all efforts endeavored to optimize production globally, there are operating and safety constraints, besides a lack of capital. We estimate that supply and demand only will equalize at the end of 2 22 or early 2 23.

This scenario also contemplates the impact of two other two: the OPEC+ countries' decision of not increasing production beyond parameters already defined, also, the effect of public policies, particularly in Europe and China, which are fostering the transformation of the energy matrix, compelling lower reliance on fossil fuels.

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EARNINGS RELEASE | THIRD QUARTER OF 2 21

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Enauta Participações SA published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 23:46:02 UTC.