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Q3 2011 EARNINGS CALL – Petrobras

Petrobras · Nov 16, 2011 · 22 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. Q3 2011 EARNINGS CALL – Petrobras – slide 1
    Results Announcement 3rd Quarter 2011 (IFRS) Conference Call/Webcast Almir Guilherme Barbassa CFO and Investor Relations Officer November 16th, 2011 1
  2. Q3 2011 EARNINGS CALL – Petrobras – slide 2
    3Q11 HIGHLIGHTS o Operating income (+2%) and EBITDA (+3%) stable in 3Q11. o Net income of R 6,336 million in 3Q11, affected by the Real devaluation of 19% at quarter end. o Start-up of P-56, in Marlim Sul field (Campos Basin),…
  3. Q3 2011 EARNINGS CALL – Petrobras – slide 3
    MAIN INDICATORS % 3Q11 2Q11 3Q10 (3Q11 x 2Q11) EBITDA (R/million) 16,672 16,139 +3% 14,736 OPERATING INCOME (R/million) 12,322 12,047 +2% 10,673 NET INCOME (R/million) 6,336 10,942 -42% 8,566 AVG. REALIZATION PRICE - ARP…
  4. Q3 2011 EARNINGS CALL – Petrobras – slide 4
    OIL AND GAS PRODUCTION 9M11 vs. 9M10 Scheduled and unprogrammed stoppages affecting production in the quarter Total Production Domestic Production (daily average) (daily average) +1.2% +1.8% 2,568 2,599 2,322 2,363 246 236 327 350…
  5. Q3 2011 EARNINGS CALL – Petrobras – slide 5
    PRODUCTION BEHAVIOR Reservoirs and equipments set production over time bbl/d Natural decline of reservoir * Potential1 Possible causes: - decrease in reservoir pressure Production1 - increase jn water production Potential2 *…
  6. Q3 2011 EARNINGS CALL – Petrobras – slide 6
    PRODUCTION IN MARLIM FIELD An example of production losses due to equipment 700.000 400.000 Sep/Oct 2010 Events (ANP/Navy interdictions) 3Q 2011 300.000 500.000 200.000 300.000 100.000 100.000 0 jul jul jul jul…
  7. Q3 2011 EARNINGS CALL – Petrobras – slide 7
    PRODUCTION - 2011 Production below target mostly explained by unplanned maintenance Production loss due to operational causes effect on annual production 25.000 Unprogrammed Stoppages 20.000 Programmed Stoppages Unplanned…
  8. Q3 2011 EARNINGS CALL – Petrobras – slide 8
    PRODUCTION TARGETS 2011 New wells expected to increase production during the 4th quarter 2,150 (+2.5%) Offshore Production wells 2011 35 wells on 9M11 2,100 (target) 15 wells on 3Q11 4 wells in October with 38 thousd. bpd potential…
  9. Q3 2011 EARNINGS CALL – Petrobras – slide 9
    NEW PRODUCTION UNITS 2012 Production capacity growth above 400 thousand bpd during the period Capacity Development Project (thousd. bpd) Petrobras % Forecast Tamba Natural Gas 100% PBR 1Q 2012 Pilot Baleia Azul (Pre-salt) 100…
  10. Q3 2011 EARNINGS CALL – Petrobras – slide 10
    PRE-SALT ACTIVITY E&P results confirming the potential of the area CAMPOS BASIN Jubarte: 14,000 bpd (ESS-103) Baleia Franca: 25,000 bpd (BRF-1 + BRF-6) Brava: 7,000 bpd (MRL-199D) Carimb: 21,000 bpd (CRT-43) Tracaj: 20,000 bpd…
  11. Q3 2011 EARNINGS CALL – Petrobras – slide 11
    AVERAGE REALIZATION PRICE (ARP) Pricing policy avoids short term international volatility Average Average Average US/bbl US/bbl 2Q11 3Q11 3Q10 180 117 120.00 113 160 105 140 122.62 100.00 109 86 103 118.00 94 120 80.00 75 76 78…
  12. Q3 2011 EARNINGS CALL – Petrobras – slide 12
    LIFTING COSTS Costs pressured by a combination of factors during first nine months of 2011 R/barril US/barril 117.36 113.46 187.78 186.07 175.30 104.97 147.02 86.48 55.14 54.11 35.00 134.51 50.66 76.86 31.25 30.48 42.72 43.47…
  13. Q3 2011 EARNINGS CALL – Petrobras – slide 13
    PRODUCTION AND SALES Adapting the refining system to supply growing domestic market Production Sales +4 % +9 % 2,098 1,878 1,928 1,805 (Thousandl barrels/day) 425 576 434 552 227 82 243 103 469 343 397 388 829 885 971…
  14. Q3 2011 EARNINGS CALL – Petrobras – slide 14
    NATURAL GAS Growing non-thermoelectric demand supported by increasing domestic production Sales * Supply +2 % +8% 47 48 1 11 9 5 27 Million cu.m/d Million cu.m/d 27 37 39 38 30 9M10 9M11 9M10 9M11 Non…
  15. Q3 2011 EARNINGS CALL – Petrobras – slide 15
    OPERATING INCOME 3Q11 vs 2Q11 (CONSOLIDATED) R MilIion 2,710 (2,594) 12,047 (60) 219 12,322 2Q11 Sales Revenue COGS Expenses Other Expenses 3Q11 Operating Income Operating Income o Revenue increase due to higher sales,…
  16. Q3 2011 EARNINGS CALL – Petrobras – slide 16
    NET INCOME 3Q11 vs 2Q11 (CONSOLIDATED) R Million 10,942 275 (8,179) 1,530 6,336 2,406 (638) 2Q11 Operating Income Financial Results Interest in Taxes Minority Interest 3Q11 Net Income Investments Net Income oThe…
  17. Q3 2011 EARNINGS CALL – Petrobras – slide 17
    EXPLORATION AND PRODUCTION: OPERATING INCOME 3Q11 vs 2Q11 R Million 16,017 (1,039) 15,680 745 (313) 691 (421) 2Q11 Price Effect on Cost Effect on COGS Volume Effect on Volume Effect on Operat. Expenses 3Q11 Operating Income…
  18. Q3 2011 EARNINGS CALL – Petrobras – slide 18
    DOWNSTREAM: OPERATING INCOME 3Q11 vs 2Q11 R Million 2Q11 Price Effect on Volume Effect on Volume Effect on 3Q11 Operating Income Revenue Cost Effect on COGS Revenue COGS Operat. Expenses Operating Income (3,618) 1,915 (2,046)…
  19. Q3 2011 EARNINGS CALL – Petrobras – slide 19
    GAS & POWER, INTERNATIONAL AND DISTRIBUITION (3Q11 vs 2Q11) GAS & POWER INTERNACIONAL DISTRIBUTION Operating Income Operating Income Operating Income (R milllion) (R milllion) (R milllion) 3Q11 VS. 2Q11 3Q11 VS. 2Q11 3Q11 VS. 2Q11…
  20. Q3 2011 EARNINGS CALL – Petrobras – slide 20
    CAPEX Investment stable after adjusting for the exchange rate 9M2010 9M2011 R 56.5 billion R 50.8 billion 0.9 0.5 1.0 0.3 0.7 0.8 3.4 E&P * 2.9 5.4 RTM 2.9 Gas&Power * 24.3 International 24.3 Biofuels 21.0 18.9…
  21. Q3 2011 EARNINGS CALL – Petrobras – slide 21
    LEVERAGE AND LIQUIDITY Exchange rate was the main reason for leverage increase Net Debt/EBITDA Net Debt/Net Cap. 50% 5,5 34% 40% 4,5 22% 30% 3,5 16% 17% 17% 17% 20% 2,5 10% 1.52 1.41 1,5 0.94 1.03 1.07 1.03 0% 0,5 -10% -0,5…
  22. Q3 2011 EARNINGS CALL – Petrobras – slide 22
    Information: Investor Relations +55 21 3224-1510 petroinvestpetrobras.com.br 23 23

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