PETROBRAS AT A GLANCE HSBC Latin American Investment Summit April, 2013
Petrobras Today Fully integrated across the hydrocarbon chain Exploration and p D Downstream t Distribution i ib i G Gas and Power dP International Biofuels i f l Production 12 refineries (Brazil) 7,641 service stations 9,190…
Relative Position Ranked among the leading integrated energy companies 2012 Oil and Gas Production (mm boe/d) 2012 Oil and Gas Production (mm boe/d) 2012 Proven Reserves SEC (bn 2012 Proven Reserves SEC (bn boe) 25.2 4.2 3.3 3.2…
Competitive Advantages Uniquely positioned to integrate upstream and downstream operations Abundant reserves 300 km away from the market 13 Exploration & Production Downstream Gas & Power/ Biofuels/Petrochemicals…
2013-17 Business and Management Plan Fundamentals PRIORITY CAPITAL PERFORMANCE DISCIPLINE Financiability Assumptions Management Priority for Investment Grade rating Guarantee the oil and maintenance focused on reaching…
2013-2017 BMP Investments Approved by Petrobras Board of Directors in 03/15/13 2013-2017 Period US 236.7 Billion Financiability Assumptions Investment Grade Rating maintenance: 28% 27.4% Leverage lower than 35% (US 64.8 bi) E&P…
2013-2017 BMP Investments Implementation x Evaluation Under Implementation Under Evaluation Total = All E&P projects in Brazil and projects of the remaining segments in phase IV + Projects for the remaining segments, excluding E&P,…
2013-2017 Business and Management Plan : Project Portfolio Management INVESTMENTS UNDER IMPLEMENTATION US 147.5 Billion US 43.2 Billion US 5.9 Billion US 3.2 Billion US 2.9 Billion US 1.1 Billion E&P Downstream Gas & Energy…
Programs to Support the 2013-2017 BMP 2013-2017 BMP US 236.7 Billion PROEF Program to Increase PROCOP PRC-Poo Operational Operating Costs Program to Efficiency Optimization Reduce Well Costs Program UO-BC UO-RIO…
PROCOP: Optimization of the Operational Activities Increasing Productivity and Reducing Unit Costs B fi will Benefits ill come gradually d ll andd will ill lleadd to a totall economy off R 32 Billi Billion bby 2016 2016.…
PRC-Poo: Program to Reduce Well Costs Well Construction is a Relevant Portion in Investments 236.7 Other Areas 89.2 147.5 16.3 Infra-structure and Support 24.3 Exploration Exploratory and Production E&P 147.5 Development Well…
Exploration & Production 2013-2017 Period US 147.5 Billion 16% (24.3) 73% (106.9) 11% (16.3) Production Development Exploration Infrastructure and Support 1414
E&P Investments 2013-2017 Period Exploration P d ti Development Production D l t US 24.3 Billion US 106.9 Billion 6% 25% (1.4) (26.2) 24% 43% (5.8) 70% (46.4) (17.1) Post-Salt 32% Pre-Salt (34.3) Transfer a s e of…
Exploratory Success and Increase in Reserves More than 3 Discoveries per month between January/2012 and February/2013 53 discoveries in the last 14 months (Jan/12 Feb/13), from which 25 were offshore (15 in Pre-salt) Brazil…
Reserves and Recoverable Volumes Rapid growth in reserves from discoveries in deep waters Proved Reserves SPE criteria Onshore Phase Shallow Water Phase Deep/UltraDeep Water Phase 30000 25000 Pre Salt: Sapinho 15.73 bi boe Pre…
Production Curve in Brazil Oil and LNG Post-Salt, Pre-Salt and Transfer of Rights 2012 2013 2014 2015 2016 2017 2018 2019 2020 NE de Tupi Baleia Azul Sapinho Pilot Roncador IV Iracema Norte Lula Alto Lula Ext. Sul Jpiter Espadarte…
NEW PRODUCTION UNITS 20132014 New platforms built domestically and abroad will contribute to production L l Content Local C t t Top Side / Project Capacity 1st Oil Hull Bid Integration Commit. Target Round Sapinho Pilot Cosco…
PROJECT INSTALLATION Petrobras has a strong track record of platforms installation per year 2006-2012 2013-2016 Petrobras has installed, on average, 5 platforms per year Between 2013 and 2016 we expect to install an average of 4 from…
OPERATIONAL EFFICIENCY PROEF Program to recover and maintain operational efficiency in Campos Basin Improve Operational Unit Improve production UO-BC Efficiency Levels systems integrity PROEF Increase the reliability to deliver…
E&P Distribution of Revenues Stable concession terms have led to higher income per barrel Breakdown of realization price per boe p p produced in Brazil p US/boe realization price US/boe realization price % share of realization…
E&P PROFITABILITY Production of oil, not gas, generates high realization price Net Production Income (US/boe) 35 30 25 20 15 5 10 5 0 2007 2008 2009 2010 2011 2012* Peers Petrobras Production in Brazil highly…
PROFITABILITY New E&P projects will continue to generate attractive returns 45.00% 40.00% Key Assumptions: 35.00% 150,000 bpd FPSOs 150 000 bpd FPSOs 30.00% Production of 500 MM barrels 25.00% Rampup in line with industry…
Pre-Salt Production is a Reality Production reached 300 thousand barrels of oil per day in Feb/20/2013 Pre-Salt Production Data Technological Challenges Surmounted Oil Production reached 300 kbpd (of which 249 kbpd High Resolution…
Drilling Rigs Availability Necessity met with imported and domestic units Drilling Rigs: Imported vs. Domestic 42 42 42 42 42 000m) Number of Drillingg Rigs 2 8 9 6 8 Water Depth 2.0 8 17 31 42 42 23 40 41 34 26 25…
Downstream Investments Projects Under Implementation US 43.2 billion 2013-2017 HIGHLIGHTS 21% (9.2) Refining capacity expansion on the Under 45% 11% (19.4) (4.9) Implementation Portfolio: RNEST (Pernambuco) 9% (3.7) and COMPERJ…
Downstream 2012-2016 Investments 2012-2016 Investment Profile Refining Capacity Expansion Fleet Expansion Operational Improvement Petrochemical Quality and Conversion Biofuels Logistics for Oil Projects Under Evaluation on US…
Integration and Balance Construction of new refineries intended to meet Brazilian demand INTEGRATION BETWEEN OIL PRODUCTION, REFINING CAPACITY AND DOMESTIC MARKET Thous bpd PREMIUM I (2nd phase) 300,000 bpd 4,200 Oct/2020…
Parity: Seeking convergence with International Prices 9 months: +21.9% in Diesel and +14.9% in Gasoline Seeking convergence with international prices. prices In the last 9 months: 4 Diesel price readjustments, totaling +21.9%, and 2…
EBITDA Growing and stable cash flow generation Adjusted EBITDA Breakdown per Segment (US bn)*** j p g ( ) Net Income (US bn)* Net Income (US bn) 19.2 20.1 3.0 1.3 3.2 3.6 1.6 2.0 15.5 2.2 1.3 1.1 1.7 4.2 ** 1.1 09 0.9…
Trade Balance The image part with relationship ID rId7 was not found in the file. Rapid demand growth in the last 4 years has led to a shift in the trade balance Diesel Sales 2009 2012 5,000 +24% (thous. bpd) (thous. bpd)…
Gasoline and Diesel International Prices The image part with relationship ID rId7 was not found in the file. Taxes account for significant share of pump price in Brazil Gasoline Retail Prices Diesel Retail Prices 2012 Average 2012…
Gas & Energy Investments Projects Under Implementation + Under Evaluation Projects Under Implementation US 9.9 billlion US 5.9 billion 32% 20% (1.9) (2.0) 8% 6% (0.8) (0 3) (0.3) 19% (1.1) 25% (2.5) 43% (2 6) (2.6) 46%…
Natural Gas Supply And Demand (Million m/d) 35
Financial Financial Considerations
Financial Planning Assumptions Financing analysis only incorporates projects under implementation No equity issuance Investment grade maintenance Main assumptions for cash flow generation and investment levels 2013-17 BMP is based on…
Operating Cash Flow and Funding Needs 246.9 246.9 9.9 10.7 Additional financing needs will be funded exclusively through 39.8 new debt. No equity issuance is envisaged. 61.3 Free cash flow, before dividends, after 2015. US…
Leverage Leverage Net Debt/EBITDA BMP Target (< 35%) BMP Target (< 2,5x) 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Declining leverage, within the Companys self-imposed limits Net Debt/EBITDA surpasses limit at some…
Capex and Cash Flow Free cash flow turns positive with completion of downstream projects Capex vs. Operating Cash Flow US MM 50000 45,078 Approx. 43,164 42,949 , 40000 39 billi 39 billion 30000 27,888 20000 10000 0 OCF 2012…
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