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JUNE 2009 INVESTOR PRESENTATION – Petrobras

Petrobras · Jun 10, 2009 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 1
    FIXED INCOME PRESENTATION Pre-Salt Reservoir June 2009
  2. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 2
    REOPENING SUMMARY TERMS Issuer: Petrobras International Finance Company (PifCo) Guarantor: Petrleo Brasileiro S.A (Petrobras) Size: Benchmark Size Ranking: Senior unsecured Security: 7.875% Global Notes due Mar 2019 Ratings: Baa1…
  3. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 3
    OVERVIEW
  4. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 4
    DISCLAIMER The presentation may contain forecasts about future events. Such forecasts merely reflect the expectations of the Company's management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek,…
  5. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 5
    A WORLD-CLASS, PUBLIC, INTEGRATED ENERGY COMPANY 2008 Proven Reserves (SEC) 2008 Oil & Gas Production 23.0 17.9 3.9 3.8 3.2 (mmboe/d) 11.7 11.2 11.2 2.5 (bln boe) 10.5 10.2 2.4 2.4 2.3 1.9 1.8 6.6 5.6 XOM BP RDS…
  6. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 6
    COMPETITIVE ADVANTAGE IN THE DEEPWATER Petrobras operates 22% of global deepwater production and 18% of all operating vessels 2008 Gross Global Operated Deepwater FPS Operators Production (mboe/d) All Contracted Vessels (252 Vessels…
  7. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 7
    MAINTAINING INVESTMENT GRADE INDICES 2009-2013 Plan 2008-2012 Plan FX Rate (R/US) 2.0 2.18 2009 58.00 2010 61.00 2008 55.00 2011 72.00 2009 50.00 Brent for Funding (US/bbl) 2010 45.00 2012 74.00 2013 68.00 2011-2012 35.00…
  8. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 8
    CAREFULLY CRAFTED SPENDING PROGRAM TO SUPPORT OUR VISION Business Plan 2009-2013 2% 2% 2% 3% US 174.4 billion 7% 5.6 3.0 E&P 11.8 2.8 RTC 3.2 G&E Petrochemicals 43.4 104.6 (*) Distribution 25% 59% Biofuels Corporate…
  9. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 9
    FLEXIBLE PIPELINE OF PROJECTS 2009-13: BY PHASE 1.5% A substantial portion of our 28.3% Phase I (Under Evaluation) investment plan has yet to be approved and contracted Phase II (Conceptual) Only projects with a positive 49.2%…
  10. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 10
    PRINCIPAL OPERATIONS
  11. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 11
    CONSISTENTLY DELIVERING RESERVES GROWTH Maintained a 120% reserve Targeting a reserves to replacement rate in 2008. Over the production life of 15 years past decade, reserve replacement has principally been driven by internal…
  12. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 12
    PURSUING NEW PROJECTS WHILE MAXIMIZING PRODUCTION FROM EXISTING ASSETS Petrobras Total Production (000 boe/d) 5,729 632 7.5% avg CAGR 1177 3,655 5.6% CAGR 341 2,757 634 2,400 244 8.8% avg 2,223 2,305 2,308 CAGR 2,042 2,027…
  13. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 13
    FOCUSED & DISCIPLINED INVESTMENT Total Investments of US 104.6 billion in E&P through 2013, of which US 92 will be spent in Brazil 12% 13% Exploration 17% Santos Pre-salt Development International 58% 13
  14. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 14
    ESTIMATED OIL PRODUCTION IN BRAZIL Out of the 824 kb/d in The biggest contribution in The PN 2008-2012 Brazil oil domestic production the domestic production target for 2015 was 2,812 k growth through 2013, 566 growth of 1,240 kb/d…
  15. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 15
    SIGNIFICANT PRODUCTION INCREASE FROM 2008 TO 2009 Oil and Natural Gas Average Domestic Production 7% +3% 2,261 2,120 2,195 330 309 304 Thous. bpd 1.816 1.865 1.952 1Q08 4Q08 1Q09 Record for daily production of oil in…
  16. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 16
    CHALLENGES AND GOALS: TUPI DEVELOPMENT FPSO BW Cidade de So Vicente PHASE 3 DRILL WELL P1 POO 3-RJS-646 LDA: 2.200m 3 MONTHS LINE PHASE 2 RELOCATION Challenges: PHASE 1 POO P1 6 MONTHS POO 3-RJS-646 Special coating for…
  17. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 17
    PRE-SALT OIL PRODUCTION Petrobras Pre-salt Oil Production (000 b/d) 1,815 1,336 632 463 219 582 62 160 1,183 873 157 422 2013 2015 2017 2020 Pre-Salt Petrobras Pre-salt Partners Pre-salt Capex Through 2020 2009-2013…
  18. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 18
    DOWNSTREAM OPEATIONS: VERTICALLY INTEGRATED SYSTEM TO CAPTURE SYNERGIES WITHIN THE VALUE CHAIN Upstream Operations Downstream Operations Existing Pipelines Refineries Petrobras Marine Terminal Other Companies In Land…
  19. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 19
    DOMINANT POSITION IN A LARGE AND GROWING EMERGING MARKET 2007 Total Oil Consumption by Country (mmbo/d) 20.7 8 7.9 6 5.1 4 Brazil is worlds ninth- 2.7 2.7 2.4 2.4 2.3 2.2 2.2 2.0 largest oil consumer 1.9 1.7 1.7 2 1.6 0…
  20. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 20
    OIL AND OIL PRODUCTS IMPORTS AND EXPORTS Financial Surplus 2007 Financial Deficit 2008 US 71 Million US 928 Million 672 615 81 570 Thousand barrels/day 102 538 152 70 51 160 97 127 439 353 390 373 77 102 Exports…
  21. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 21
    FINANCE
  22. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 22
    LIFTING LIFTINGCOST COST IN BRAZIL US/barrel R/barrel 80 140 80 121.37 70 114.78 120 70 96.90 54.40 60 51.14 60 100 43.20 50 41.48 50 80 34.24 40 54.91 40 31.08 30.27 44.40 60 34.80 36.79 30 24.82 30 28.04 22.39 16.33…
  23. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 23
    AVERAGE REALIZATION PRICES ARP US/bbl R/bbl 1Q08 4Q08 1Q09 1Q08 4Q08 1Q09 160 140 250 120 77.40 176.48 200 181.83 100 104.79 163.59 80 150 163.07 161.89 93.90 71.64 60 70.53 123.72 100 40 53.48 50 20 0 0 Dec-06 Mar-07 Jun-07…
  24. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 24
    GROWING CASH FLOW DRIVES CAPEX SOURCES 35,000 25,000 US million 15,000 5,000 -5,000 2004 2005 2006 2007 2008 -15,000 OCF Net Debt USES 45,000 35,000 US million 25,000 15,000 5,000 -5,000 2004 2005 2006…
  25. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 25
    HISTORICALLY, CONSERVATIVE PLANNING HAS LED TO A BALANCE BETWEEN OCF AND CAPEX Projected Historical US 148.6 bn (2009 2013) US 88.5 bn (2003 2008) Net Debt Net Debt Capex OCF (US 174 bn) OCF (after dividends) (after…
  26. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 26
    INCREMENTAL NET DEBT TO FINANCE GROWTH 35,000 29,874 28,600 30,000 25,000 20,000 15,000 11,600 US MM 10,000 5,000 - Capex 2008 Capex 2009 Est. Maintenance Capex E&P Downstream Gas & Energy International…
  27. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 27
    PETROBRAS REFERENCE PRICE SIMILAR TO FORWARD CURVE Projected Brent Curves 120 100 80 US bbl 60 40 20 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Brent - Forwa rd…
  28. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 28
    FINANCIAL PLANNING BASED ON A WORST CASE SCENARIO Key Variables to Petrobras Cash Flow International price of crude oil and oil products Internal domestic prices and Exchange Rate % of investment execution and Cost of capital…
  29. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 29
    CAPITAL STRUCTURE AND CREDIT METRICS IN MORE DETAILS In Million US 3M09 2008 2007 Cash and Cash Equivalents 8,126 6,499 6,987 Total Debt 29,959 27,351 21,895 Net Debt 21,833 20,852 14,908 Shareholders Equity 64,499 61,909 65,179…
  30. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 30
    CASH FLOW US Million* 1Q09 2008 2007 Cash Flow from Operating Activities Net Income 2,636 18,879 13,138 Depreciation, depletion and amortization 1,328 5,928 5,544 Others 1,938 3,413 3,982 CFFO 5,902 28,220 22,664 Net Cash Used…
  31. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 31
    DEBT PORTFOLIO 6% FUNDING SOURCES 25% (USbn) Mar-09 Dec-08 Dec-07 Comercial Banks Debt 7.9 6.9 4.7 69% International Bonds 7.2 5.7 5.3 Local Bonds 1.6 1.6 2.1 JPY US R ECAs 1.3 1.4 1.6 Project Finance 4.2 4.5 4.4 BNDES* 2.8…
  32. JUNE 2009 INVESTOR PRESENTATION – Petrobras – slide 32
    For more information: Investor Relations www.petrobras.com.br/ri +55 21 3224-1510 petroinvestpetrobras.com.br

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