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Q4 2009 EARNINGS CALL – Petrobras

Petrobras · Mar 24, 2010 · 28 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. Q4 2009 EARNINGS CALL – Petrobras – slide 1
    RESULTS ANNOUCEMENT 4th Quarter and Fiscal Year 2009 (Brazilian Corporate Law) Conference Call / Webcast Jos Sergio Gabrielli de Azevedo CEO March, 24th 2010 1
  2. Q4 2009 EARNINGS CALL – Petrobras – slide 2
    DISCLAIMER The presentation may contain forecasts about CAUTIONARY STATEMENT FOR future events. Such forecasts merely reflect the US INVESTORS expectations of the Company's management. Such terms as anticipate, believe, expect, The…
  3. Q4 2009 EARNINGS CALL – Petrobras – slide 3
    2009 RESERVE REPLACEMENT: 17th consecutive year of fully replacing brazilian production ANP/SPE Criteria Billion boe Brazil Reserves International Reserves 14.093 14.169 oratio Incorp boe n: 2.113 0.992 2.124 861 M M Pro d…
  4. Q4 2009 EARNINGS CALL – Petrobras – slide 4
    2009 PRODUCTION: PRODUO SEGUE TRAJETRIA SUSTENTADA Significant production increases in Brazil and internationally DE CRESCIMENTO Thous. boed Oil & Gas Average Total Oil & Natural Gas Average Production Domestic Production +5% 2,288…
  5. Q4 2009 EARNINGS CALL – Petrobras – slide 5
    2010 PRODUCTION PRODUO 2010 TARGET: Growth from new systems and enhanced recovery 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Natural Gas TUPI Pilot Heavy oil EWT Tiro and Sidon Urugu Tamba Mexilho 20 th bpd 100 th. bpd 10…
  6. Q4 2009 EARNINGS CALL – Petrobras – slide 6
    DOWNSTREAM: Strong investments in fuel quality and expansion Downstream Investments in 2009 Oil Products output (th. bpd) R 17.3 billion +2% 1,823 1,787 153 159 Fuel Quality 65 74 255 243 Complexity 136 143 30% 34% 135 142 New…
  7. Q4 2009 EARNINGS CALL – Petrobras – slide 7
    2009 CRUDE OIL AND PRODUCT SALES: Growth in domestic sales and higher export volumes Oil Products Natural Gas +2% 1,849 1,762 1,810 311 434 492 489 Thous.barrels/day 244 247 211 222 212 364 327 366 753 769 782 4Q08 3Q09…
  8. Q4 2009 EARNINGS CALL – Petrobras – slide 8
    IMPROVEMENT IN TRADE BALANCE NUMBERS (Thous. Barrels/day) Oil Products 2008 2009 Oil 673 705 571 234 549 227 197 152 439 373 102 478 156 397 Exports Imports Net Exports Exports Imports Net Exports Financial Volume…
  9. Q4 2009 EARNINGS CALL – Petrobras – slide 9
    ENERGY AND BIOFUELS SALES Biofuels Sales Energy Sales Thous. boe/day MWatts average +34% 125 +23% 93 1,721 1,401 98 74 19 27 2008 2009 2008 2009 Biodiesel Ethanol o Biofuels sales increased 34% due to minimum…
  10. Q4 2009 EARNINGS CALL – Petrobras – slide 10
    NATURAL GAS AND ENERGY GENERATION INFRASTRUCTURE CONSOLIDATION o Natural Gas logistic and Energy generation Infrastructure consolidation. Highlights: o Urucu-Coari-Manaus pipeline and Gasoduc III 844 KM and 44.1 MMm3/d NG…
  11. Q4 2009 EARNINGS CALL – Petrobras – slide 11
    2009 COST REDUCTION EFFORTS : Optimization policies substantially reduced costs Negotiating Bids o Rebid of services and equipments for the Northeast Refinery R 7 billion CAPEX reduction o Price renegotiation for 8 FPSO hulls for…
  12. Q4 2009 EARNINGS CALL – Petrobras – slide 12
    2009 PRICE IMPACT: Volatile international oil prices, stable domestic product prices Petrobras Oil Price (US/bbl) Brent (US/bbl) R/bbl 2009 average 121 250 120.00 ARP Petrobras: 157.77 115 105.46 ARP EUA: 130.06 97 200 100.00…
  13. Q4 2009 EARNINGS CALL – Petrobras – slide 13
    FULL YEAR 2009 OPERATING INCOME: Higher income with efficient cost controls (R MILLION) 45,950 (32,408) 32,586 - 46,128 2008 Net Operating COGS Operating 2009 Operating Income (1) Revenue Expenses Operating Income (1) o…
  14. Q4 2009 EARNINGS CALL – Petrobras – slide 14
    FULL YEAR 2009 NET INCOME: Small decline, largely from exchange related variations (R MILLION) 178 (5,967) 5,985 (4,992) 32,988 28,982 790 2008 Operating Financial Equity Taxes Minority Interest 2009 Net Income Income Result…
  15. Q4 2009 EARNINGS CALL – Petrobras – slide 15
    2009 CAPITAL STRUCTURE: Higher leverage due to growing capex 31% R Billion 12/31/2009 9/30/2009 12/31/2008 26% Short Term Debt 15.3 10.6 13.9 26% 28% 28% Long Term Debt 85.1 79.6 50.9 22% 21% 19% Total Debt 100.3 90.2 64.7…
  16. Q4 2009 EARNINGS CALL – Petrobras – slide 16
    DEBT PROFILE IMPROVEMENT Consolidated debt profile 2007 - R 39.74 billion 2009 - R 100.33 billion 15% 23% Short-Term debt 77% Long-Term debt 85% Debt by maturity (%) 80 70 o Debt increased to financing long-term 60…
  17. Q4 2009 EARNINGS CALL – Petrobras – slide 17
    2009 CASH FLOWS: Investments supported by cash flow and incremental debt R Million JanDec 2008 JanDec 2009 4Q09 Cash at the beginning of the 13,071 15,889 30,088 period Net cash from operating activities 49,952 51,838 13,658…
  18. Q4 2009 EARNINGS CALL – Petrobras – slide 18
    CAPEX SPENDING: Reflects continued ramp-up of long term plan Capex 2009 Annual Investment Budget (OAI) 2010 R 70.7 billion 25% R 88.6 billion 0.6 0.9 3.8 2.6 6.8 6.2 E&P RTC 8.1 10.5 31.6 G&E 36.7 International 17.4…
  19. Q4 2009 EARNINGS CALL – Petrobras – slide 19
    BUSINESS PLAN 2010 - 2014 INVESTMENT 2010 2014 BETWEEN US 200 TO US 220 BILLIONS: MONITORING FINANCIAL RATIOS o Leverage between 25% and 35% o Net Debt/ EBITDA up to 2.5X o Investment revenue maintenance in the different…
  20. Q4 2009 EARNINGS CALL – Petrobras – slide 20
    INDUSTRY COST OUTLOOK: New growth trend compared to economy recovery E&P CAPITAL COST INDEX E&P OPERATIONAL COST INDEX DOWNSTREAM CAPITAL COST INDEX. 3Q08 230 4Q08 4Q10 COST INDEX (2000=100) 221 211 3Q08 4Q09 187 201…
  21. Q4 2009 EARNINGS CALL – Petrobras – slide 21
    FINANCIABILITY SIMULATION: Higher crude Long term oil price guarantee funding requirements ASSUMPTIONS Minority shareholders participation in the capitalization (US Bn) 15 25 Investments (US bn) 200 220 Average Brent Price (US bbl)…
  22. Q4 2009 EARNINGS CALL – Petrobras – slide 22
    BUSINESS PLAN 2010 - 2014 Projects approved up to R 265 billion which will be present in the Companys investment portfolio for the period 2011 2014 : E&P R 163.6 billions RTC - R 80.5 billions G&E - R 20.2 billions PBIO - R 430…
  23. Q4 2009 EARNINGS CALL – Petrobras – slide 23
    2009 and 2010 PRE-SALT: Accelerating activities in the santos cluster o EWT currently producing 20 thous. bpd o 2 wells being drilled: Tupi O/A, North of Guar o 1 well being drilled for ANP in the North of Iara o 1 well being…
  24. Q4 2009 EARNINGS CALL – Petrobras – slide 24
    CAPITALIZATION UPDATE: Bills approved in lower house, now before senate o Only completed after areas defined o One well drilling, another scheduled Valuation of o Appraisal by at least 2 independent the barrels certification…
  25. Q4 2009 EARNINGS CALL – Petrobras – slide 25
    BILL 5941/09 COURSE OF ACTION (CAPITALIZATION): Fast track procedure since arrival in the Senate 25 days o Bill is sent to commissions and timeline is open for amendments 2 o After deadline for amendments the bill shall be voted…
  26. Q4 2009 EARNINGS CALL – Petrobras – slide 26
    PETROBRAS MARKET VALUE RECOVERY US billion 12/31/2009 -20.3% 99.6% 13.0% 24.2% 2.8% 14.7% 350 324 300 250 199 200 181 181 154 150 150 100 50 0 450 406 400 350 12/31/2008 300 250 200 160 146 150…
  27. Q4 2009 EARNINGS CALL – Petrobras – slide 27
    2009 CAPEX AND 2010 ESTIMATE 50.000 45.000 40.000 35.000 30.000 US MM 25.000 2009 average 20.000 without Petrobras 2010 15.000 average without Petrobras 10.000 5.000 0 * 2009 2010 2009 2010 2009…
  28. Q4 2009 EARNINGS CALL – Petrobras – slide 28
    Information: Investor Relations +55 11 3224-1510 petroinvestpetrobras.com.br 28

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