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Q1 2011 EARNINGS CALL – Petrobras

Petrobras · May 17, 2011 · 20 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. Q1 2011 EARNINGS CALL – Petrobras – slide 1
    Results Announcement 1st Quarter 2011 (IFRS) Conference Call/Webcast Almir Guilherme Barbassa CFO and Investor Relations Officer May 17th, 2011 1
  2. Q1 2011 EARNINGS CALL – Petrobras – slide 2
    HIGHLIGHTS OF THE QUARTER o Record net income; o Startup of presalt EWT in Campos and Santos Basins: Brava, Tracaj and Lula Northeast; o New oil discoveries in Santos Basin presalt area, such as Carioca Northeast and Macunama;…
  3. Q1 2011 EARNINGS CALL – Petrobras – slide 3
    MAIN INDICATORS % 1Q11 4Q10 1Q10 1Q11 X 4Q10 EBITDA (R/million) 16,093 14,584 10% 15,076 OPERATING INCOME (R/million) 12,536 10,773 16% 11,617 NET INCOME (R/million) 10,985 10,602 4% 7,726 AVERAGE REALIZATION PRICES ARP…
  4. Q1 2011 EARNINGS CALL – Petrobras – slide 4
    OIL AND GAS PRODUCTION 1Q11 VS 1Q10 Total Production (daily average) Brazilian Production (daily average) +3% 2,385 2,547 2,627 2,302 +4% 1% 341 Natural 245 242 International 317 8% Gas (thous bpd) 4% 3% Oil and 2,385…
  5. Q1 2011 EARNINGS CALL – Petrobras – slide 5
    SANTOS BASIN PRESALT UPDATE o Approval of chartering of 2 new FPSOs for the GuarNorte and Cernambi projects; o New discovery of good quality oil in the pre salt reservoirs of block BMS9, informally known as Carioca Nordeste;…
  6. Q1 2011 EARNINGS CALL – Petrobras – slide 6
    CONTINUOUS PROJECTS OPTIMIZATION SINCE THE FIRST PLANSAL PLANSAL IN 2008 Capex Transfer of Rights Areas Under Concession Net Present Value Areas Under Concession 7
  7. Q1 2011 EARNINGS CALL – Petrobras – slide 7
    EXTENDED WELL TESTS IN PRESALT EWT Results: o Steady Production without decline during the test; o Good behavior of the reservoirs; o Excellent lateral communication; o No flow assurance issues; o Restriction due to gas…
  8. Q1 2011 EARNINGS CALL – Petrobras – slide 8
    DRILLING OPTIMIZATION IN THE SANTOS PRESALT o Since the beginning of the activities in the Santos presalt, the drilling time has decreased, reducing Capex. * Wells ordered by drilling duration. 9
  9. Q1 2011 EARNINGS CALL – Petrobras – slide 9
    AVERAGE REALIZATION PRICE US/bbl R/bbl 120 1Q11 AVERAGE 220 105 ARP Petrobras: 163.58 100 ARP USA: 180.54 86 170 78 94 80 75 76 77 68 80 59 70 73 74 72 120 60 64 44 2010 AVERAGE ARP Petrobras: 158.26 70 40 49 ARP USA:…
  10. Q1 2011 EARNINGS CALL – Petrobras – slide 10
    LIFTING COST IN BRAZIL 175.30 R/barrel US/barrel 104.97 147.02 86.48 140.16 137.23 134.51 78.30 76.24 76.86 50.66 30.48 24.50 24.67 25.58 43.82 43.91 42.72 43.47 23.73 19.10 31.66 14.33 14.71 14.07 15.29 26.87 26.37…
  11. Q1 2011 EARNINGS CALL – Petrobras – slide 11
    OIL PRODUCTS AND NATURAL GAS SALES IN DOMESTIC MARKET OIL PRODUCTS NATURAL GAS 2.052 1.968 363 1.851 578 OTHERS 125 291 525 505 257 Thous. bpd 46 Thermal 219 30 208 LPG 203 414 439 GASOLINE 410 227 238 245 Non…
  12. Q1 2011 EARNINGS CALL – Petrobras – slide 12
    OPERATING RESULTS BRAZILIAN REFINING Crude Oil Processed Oil Products Production Utilization Factor and Thous. Barrels/day Thous. Barrels/day % Brazilian Oil Throughput 2.000 2.100 100 1,852 6.4% 1,738 1,877 1.800 1,765 1.800 95 332…
  13. Q1 2011 EARNINGS CALL – Petrobras – slide 13
    OPERATING INCOME 1Q11 vs 4Q10 (CONSOLIDATED) (R Million) 1,016 627 (188) 12,536 10,773 308 4Q10 Sales COGS Expenses Other 1Q11 Operating Revenues Expenses Operating Income Income o Positive effect on COGS due to…
  14. Q1 2011 EARNINGS CALL – Petrobras – slide 14
    NET INCOME 1Q11 vs 4Q10 (CONSOLIDATED) (R Million) 1,763 96 (112) (1,189) 10,602 (175) 10,985 4Q10 Operating Financial Interest in Taxes Minority 1Q11 Net Income Income Results Investments Interest Net Income o Higher…
  15. Q1 2011 EARNINGS CALL – Petrobras – slide 15
    EXPLORATION AND PRODUCTION Operating Income 1Q11 vs 4Q10 (R Million) 3,983 (815) (786) 388 (507) 14,142 11,879 4Q10 Price Effect Volume Effect Cost Effect Volume Effect Operat. 1Q11 Operat. on Revenues on Revenues on COGS on…
  16. Q1 2011 EARNINGS CALL – Petrobras – slide 16
    DOWNSTREAM Operating Income 1Q11 vs 4Q10 (R Million) 2,676 (1,497) (4,690) 1,508 1,466 43 (494) 4Q10 Price Effect Volume Effect Cost Effect Volume Effect Operat. 1Q11 Operat. on Revenues on Revenues on COGS on COGS…
  17. Q1 2011 EARNINGS CALL – Petrobras – slide 17
    GAS & POWER, INTERNATIONAL and DISTRIBUTION (1Q11 vs 4Q10) (R Million) 1Q11 VS. 4Q10 Gas & Power Operat. Income: R 745 R 529 41% o Higher average market prices of natural gas and reduction of acquisition/transfer costs of…
  18. Q1 2011 EARNINGS CALL – Petrobras – slide 18
    INVESTMENTS 1Q2011 vs 1Q2010 1Q2011 1Q2010 R 15.9 billion R 17.8 billion (R billion) (R billion) Others Others* 0.8 0.6 Inter 0.9 Inter 1.5 G&P* 1.0 E&P* G&P* 2.4 E&P* 7.2 7.9 RTM* 6.0 RTM* 5.4 o E&P: Decreased…
  19. Q1 2011 EARNINGS CALL – Petrobras – slide 19
    LEVERAGE Net Debt/Net Cap. Net Debt/Ebitda 6 40% 5 34% 30% 4 32% 16% 17% 17% 3 20% 1.52 2 1.35 1.03 0.94 1.03 10% 1 0 0% 1Q10 2Q10 3Q10 4Q10 1Q11 R Billion 03/31/11 12/31/10 Short Term Debt 16.6 15.7 o Petrobras…
  20. Q1 2011 EARNINGS CALL – Petrobras – slide 20
    Information: Investor Relations +55 21 3224-1510 petroinvestpetrobras.com.br 21 21

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