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Q2 2011 EARNINGS CALL – Petrobras

Petrobras · Aug 17, 2011 · 21 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. Q2 2011 EARNINGS CALL – Petrobras – slide 1
    Results Announcement 2nd Quarter 2011 (IFRS) Conference Call/Webcast Almir Guilherme Barbassa CFO and Investor Relations Officer August 17th, 2011 1
  2. Q2 2011 EARNINGS CALL – Petrobras – slide 2
    2Q11 HIGHLIGHTS o Net income totaled R 10.9 billion in 2Q11, in line with the 1Q11. In 2Q11, it went up 32% when compared with the same period last year. o Secondquarter domestic sales volume increased by 7% and 9% over 1Q11 and…
  3. Q2 2011 EARNINGS CALL – Petrobras – slide 3
    MAIN INDICATORS % 2Q11 1Q11 (2Q11 x 2Q10 1Q11) EBITDA (R/million) 16.139 16.093 15.927 OPERATING INCOME (R/million) 12.047 12.536 4% 12.303 NET INCOME (R/million) 10.942 10.985 8.295 AVG. REALIZATION PRICE ARP (R/bbl) 167,15…
  4. Q2 2011 EARNINGS CALL – Petrobras – slide 4
    OIL AND GAS PRODUCTION 1H11 vs. 1H10 Expectations of accelerated output in the second half Total Production Domestic Production (daily average) (daily average) +2% +2% 2,568 2,613 2,379 2,322 246 5% 234 +7% 324 348…
  5. Q2 2011 EARNINGS CALL – Petrobras – slide 5
    PRODUCTION Historically, Petrobras production has grown through expanding to new frontiers Thousand bpd ea rs 3 0 y l ast t he .y. in p 0% 1 Deep and ultradeep Presalt Onshore Shallow water Deep water water 6
  6. Q2 2011 EARNINGS CALL – Petrobras – slide 6
    SANTOS BASIN PRESALT UPDATE Accelerated drilling campaign High exploration success ratio (all wells have found oil occurrences) High productivity in producing wells LULA NE EWT LULA PILOT 30 wells drilled up to July…
  7. Q2 2011 EARNINGS CALL – Petrobras – slide 7
    DEVELOPMENT OF PRESALT All firstphase units under construction or being contracted Already contracted (startup in Already contracted (startup in 3 FPSOs in operation 2012 and 2013) 2014) Phase 0 Phase 1a Phase 1b Acquisition of…
  8. Q2 2011 EARNINGS CALL – Petrobras – slide 8
    LOCAL CONTENT Flexibility in concession agreements Minimum and maximum limits by block: Round 0 No local content required Rounds 7, In deep water, between 37% and 55% in the 9 and 10 exploration phase, and between 55% and 65% in the…
  9. Q2 2011 EARNINGS CALL – Petrobras – slide 9
    DEVELOPMENT OF NATIONAL INDUSTRY Detailing of needs into critical categories permits longterm strategy NATIONAL MARKET CATEGORY FPSO cost AVAILABILITY 1 Process equipment 2 Turbomachinery 3 Mechanical equipment 4 Electrical…
  10. Q2 2011 EARNINGS CALL – Petrobras – slide 10
    AVERAGE REALIZATION PRICE (ARP) Volatile international prices US/bbl US/bbl Average Average Average 2Q10 1Q11 2Q11 180 120 117 160 105 100 109 140 122,62 108,84 86 78 94 120 80 75 76 77 68 80 100 88,46 104,54 59 73 74 72…
  11. Q2 2011 EARNINGS CALL – Petrobras – slide 11
    LIFTING COST Costs pressured by higher oil prices R/barrel 187.78 US/barrel 117.36 175.30 104.97 147.02 140.16 86.48 35.00 134.51 55.14 78.30 76.86 30.48 50.66 43.91 42.72 43.47 25.58 24.50 24.67 34.21 21.88 31.66 19.10…
  12. Q2 2011 EARNINGS CALL – Petrobras – slide 12
    PRODUCTION AND SALE OF OIL PRODUCTS Adaptation of refining facilities to supply domestic market needs Production Sales +9 % 2,043 +5 % 1,873 1,874 1,786 (thousand barrels/day) 423 568 426 528 233 83 250 102 460 343 392…
  13. Q2 2011 EARNINGS CALL – Petrobras – slide 13
    NATURAL GAS Growing demand met by increased domestic supply Sales Supply +9 % +12% 47 59 43 53 1 2 8 Million m3/d 7 26 Million m3/d 25 36 39 32 26 1H10 1H11 1H10 1H11 Local Imported Bolivian Imported GNL…
  14. Q2 2011 EARNINGS CALL – Petrobras – slide 14
    OPERATING INCOME 2Q11 vs. 1Q11 (CONSOLIDATED) Higher import volume and prices affected operating income (R million) 6,669 (6,630) 12,536 (375) (153) 12,047 1Q11 Sales Revenue COGS Expenses Other Expenses 2Q11 Operating…
  15. Q2 2011 EARNINGS CALL – Petrobras – slide 15
    NET INCOME 2Q11 vs. 1Q11 (CONSOLIDATED) Stable net income in the quarter (R Million) 873 111 57 259 10,942 10,985 489 1Q11 Operating Income Financial Result Interest in Taxes Minority Interest 2Q11 Net Income Investments Net…
  16. Q2 2011 EARNINGS CALL – Petrobras – slide 16
    EXPLORATION AND PRODUCTION: OPERATING INCOME 2Q11 vs. 1Q11 Increase in operating income due to higher international oil prices (R million) 3,107 857 65 28 338 16,017 14,142 1Q11 Price Effect on Cost Effect on COGS Volume Effect…
  17. Q2 2011 EARNINGS CALL – Petrobras – slide 17
    DOWNSTREAM: OPERATING INCOME 2Q11 vs 1Q11 Higher costs impacted the operating income (R million) 1Q11 Price Effect Cost Effect Volume Effect Volume Effect Operat. 2Q11 Operat. on Revenues on COGS on Revenues on COGS Expenses…
  18. Q2 2011 EARNINGS CALL – Petrobras – slide 18
    GAS & POWER, INTERNATIONAL and DISTRIBUTION (2Q11 vs. 1Q11) (R Million) 2Q11 VS. 1Q11 Gas & Power Operating Income: R 1,131 R 745 o Higher industrial demand supplied by increased gas output in Brazil o Higher margins of energy…
  19. Q2 2011 EARNINGS CALL – Petrobras – slide 19
    INVESTMENTS 1H10 investments influenced by the completion of major projects 1H2010 1H2011 0,8 0,3 0,7 0,2 0,4 0,6 E&P* 2,5 1,9 RTM* 1,8 3,8 Gas&Power* 16,0 International 14,8 Biofuels 12,3 14,0 Distribution*…
  20. Q2 2011 EARNINGS CALL – Petrobras – slide 20
    LEVERAGE AND LIQUIDITY Solid balance sheet with high liquidity Net Debt/EBITDA Net Debt/Net Cap. 5,5 35% 40% 4,5 3,5 16% 17% 17% 17% 20% 2,5 1.55 1.03 1.07 1,5 0.96 1.03 0% 0,5 0,5 20% 2Q10 3Q10 4Q10 1Q11 2Q11 o Stable…
  21. Q2 2011 EARNINGS CALL – Petrobras – slide 21
    Information: Investor Relations +55 21 3224-1510 petroinvestpetrobras.com.br 22 22

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