With record net profit, Enauta is one of the highlights of Época Negócios 360º


By: Época Negócios



First private Brazilian company to operate in the pre-salt exclusion zone of the Santos Basin, company breaks production record in the Atlanta Field



After record results in 2018, Enauta – currently with 18 concessions in seven basins in Brazil – was one of the highlights of the 8th edition of the Época NEGÓCIOS 360º, a guide that elects the best companies in the country. The company won the 1st place in financial performance in the energy segment and the 5th place in the general ranking, which has 300 organizations. Enauta also went up to 63rd place on the overall list and ranked in 5th in corporate governance in its sector.


According to Enauta’s CEO, Lincoln R. Guardado, the company is reaping the rewards of a successful strategy in the energy sector in Brazil, which consolidates its talent to bet on new frontiers in an assertive portfolio, while keeping the guarantee of continuous and growing revenues and the compensation of its shareholders.


For the executive, the 2018 net profit record of R$ 425.2 million, 19% higher than the previous year, was boosted by the start of the production at the Atlanta field, in the Santos Basin, of which the company holds 50%, and also due to the Manati field, in Bahia, with a 45% share, despite the production at this field being in decline.


“Manati provides us with revenue predictability that has been a key parameter in making new commitments and capital allocation choices. But as this is a mature field, we already predicted that there would be a decline, and we expect Atlanta’s production to gradually make up this reduction, as is happening,” he assessed.


Over the next two years, the company plans to invest approximately US$ 198 million, focusing on the implementation of the Atlanta definitive system, a field that broke the production record in 2019 with the anticipated system, exceeding 30 thousand barrels of oil per day. In the short term, Guardado believes that investments will be growing in the Sergipe-Alagoas basin, an area where the company has just acquired three more blocks, totaling nine in the region.


Still on the company’s expressive numbers, Enauta’s CFO, Paula Costa, highlighted that the company’s net revenue was also a record in 2018, totaling R$ 797.2 million, an increase of 58.9% in relation to the previous year. With more than R$ 1.5 billion in cash at the end of last year, further reinforced by another portion of the sale of the Carcará field, in the pre-salt, the company decided to pay dividends in the amount of R$ 500 million.


“We see no sense in keeping this value in cash when we could distribute more dividends and generate more value to our shareholders,” added the executive, explaining that another factor that has driven the results is the valuation of the heavy oil produced by Atlanta, with low sulfur presence, due to the new rules for the use of marine bunker (IMO 2020) and the reduction of the supply of this type of commodity in the world market.


For Paula, the constant expansion of corporate governance, with transparent communication with the market, the extension of compliance rules for supplier companies, the formation of new independent committees, and the continuous work on social and environmental responsibility with the communities, where Enauta operates, are crucial for the results.


“As members of the Bovespa Novo Mercado, we are anticipating the measures to meet its new rules. We are also the only Brazilian company in the sector to publish a sustainability report following the GRI (Global Reporting Initiative) parameters, and we are studying the implementation of Integrated Reporting. Transparency is a very important value for us,” she concluded.