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Q2 2012 EARNINGS CALL – Petrobras

Petrobras · Aug 6, 2012 · 25 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 2012 EARNINGS CALL – Petrobras – slide 1
    2nd Quarter 2012 (IFRS) Conference Call/Webcast August 6th, 2012
  2. Q2 2012 EARNINGS CALL – Petrobras – slide 2
    OPERATIONAL HIGHLIGHTS 2012-2016 Business and Management Plan of US 236.5 billion, of which US 208.7 billion related to projects under implementation and US 27.8 billion to projects under evaluation (subjected to adequate return and…
  3. Q2 2012 EARNINGS CALL – Petrobras – slide 3
    2Q12 RESULTS Loss of R 1.3 billion in 2Q12 vs net income of R 9.2 billion in 1Q12 EBITDA of R 10.6 billion in 2Q12 vs R16.5 billion in 1Q12 Principal factors underlying results Exchange rate devaluation (impact on debt and cost)…
  4. Q2 2012 EARNINGS CALL – Petrobras – slide 4
    EXCHANGE RATE R/US 2011 2012 2.30 2Q11 1Q12 2Q12 2.20 Average 1.60 Average 1.77 Average 1.96 2.10 2.05 2.03 1.98 2.00 1.90 1.84 1.85 1.77 1.79 1.79 1.79 1.80 1.74 1.72 1.68. 1.67 1.66 1.70 1.60 1.59 1.61 1.59 1.60 1.56…
  5. Q2 2012 EARNINGS CALL – Petrobras – slide 5
    DOMESTIC AND INTERNATIONAL PRICES 2011 2012 260 900 Period when 2Q12 inventories were built 800 240 Average Realization Price in 700 220 US Golf Coast Average Realization Price (R/bbl) Imported Volumns (kbbl / d) 600 200…
  6. Q2 2012 EARNINGS CALL – Petrobras – slide 6
    OIL AND NGL PRODUCTION (BRAZIL) Kbpd 2011 2012 2,200 2Q11 1Q12 2Q12 Average: 2,018 Average: 2,066 Average: 1,970 2,150 2,110 2,084 2,098 2,100 2,069 2,061 2,040 2,047 2,050 2,020 2,002 1,989 2,001 2,000 2,003 2,003 1,993 1,968…
  7. Q2 2012 EARNINGS CALL – Petrobras – slide 7
    BALEIA AZUL (FPSO ANCHIETA): S-CURVE OF PHYSICAL PROGRESS FOR THE WHOLE PROJECT Cumulative until 06/30/12: Planned: 84.7% Actual: 78.2% Projected Exp. 2 - Delay in cumulative physical advance: Cumulative physical…
  8. Q2 2012 EARNINGS CALL – Petrobras – slide 8
    BANA E PIRACABA (FPSO ITAJA): S-CURVE OF PHYSICAL PROGRESS FOR THE WHOLE PROJECT Projected Exp. 2 - Delay in cumulative physical advance- Delay of 12.48% in physical Exp.1: schedule delay - The 3-month delay in the operational…
  9. Q2 2012 EARNINGS CALL – Petrobras – slide 9
    LIFTING COST (R/barrel) 65.11 Expenses related to workovers and subsea engineering 60.04 61.73 55.14 increased 35%, from R 1,024 million on 1Q12 to R 1,385 54.11 million in 2Q12, principally due to higher number of units 38.48…
  10. Q2 2012 EARNINGS CALL – Petrobras – slide 10
    EXPLORATORY ACTIVITIES: DRY WELLS R million Dry Hole Expenses 3.500 3.000 2.737 2.500 2.000 1.500 1.000 896 561 615 536 473 572 577 528 500 274 415 204 174 229 0 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11…
  11. Q2 2012 EARNINGS CALL – Petrobras – slide 11
    2Q12 DRY WELLS Pecm (New Discovery) 41 wells By type 21 dry, 8 subcommercial, 9 cancelled projects, 2 abandoned e 1 mechanic accident By area 13 in Post-salt, 15 onshore, 2 in Pre-Salt and 11 cancelled or abandoned…
  12. Q2 2012 EARNINGS CALL – Petrobras – slide 12
    OIL PRODUCTS SALES IN BRAZIL +6% +3% 2Q12 vs. 2Q11: Increase of 6% in oil products sales : 2,168 2,237 16% growth in gasoline volumes due to increase 2,118 in fleet and lower prices relative to ethanol 439 431 441 5% increase…
  13. Q2 2012 EARNINGS CALL – Petrobras – slide 13
    TRADE BALANCE Exports Imports Balance 703 714 764 721 724 554 (mil barris/dia) 358 341 347 kbpd 480 497 351 374 406 383 223 217 203 2T11 2Q11 1T12 1Q12 2T12 2Q12 2T11 2Q11 1T12 1Q12 2T12 2Q12 2T11 2Q11…
  14. Q2 2012 EARNINGS CALL – Petrobras – slide 14
    HIGHER THERMAL DEMAND: LNG IMPORTS Demand Million m/day 2011 2012 60 2Q11 1Q12 2Q12 Average: 64.0 Average: 67.2 Average: 79.4 50 Non Thermal 40 26,5 30 23,8 18,6 20 Refineries and Fertllizer plants 10 15,5 11,6 Thermal…
  15. Q2 2012 EARNINGS CALL – Petrobras – slide 15
    INTERNATIONAL PRODUCTION Oil and Natural Gas Production kboed 2011 2012 270 2Q11 1Q12 2Q12 260 Average: 227 Average: 239 Average: 240 249 250 246 246 244 242 242 241 238 240 236 237 237 238 239 230 231 233 232 226 230 219…
  16. Q2 2012 EARNINGS CALL – Petrobras – slide 16
    FINANCIAL RESULTS
  17. Q2 2012 EARNINGS CALL – Petrobras – slide 17
    OPERATING INCOME 2Q12 VS 1Q12 (R million) 1,913 11,771 (6,142) 5,282 (292) (1,968) 1Q12 Sales Revenue COGS SG&A Other Expenses 2Q12 Operating Income Operating Income Reduction in operating income: Increase in sales…
  18. Q2 2012 EARNINGS CALL – Petrobras – slide 18
    NET INCOME 2Q12 VS 1Q12 (R million) 9,214 (6,489) 2,624 739 (1,346) (6,872) (562) 1Q12 Operating Income Financial Results Equity Income Taxes Minority Interest 2Q12 Net Income Net Income Losses: Reduction of…
  19. Q2 2012 EARNINGS CALL – Petrobras – slide 19
    E&P 2Q12 vs 1Q12 Operating Income (R million) 1,213 (1,442) 18,846 (902) 621 (2,164) 16,172 1Q12 Price Effect Volume effect Average Cost Volume Effect Operational 2Q12 Operational on Revenue on Revenue effect in COGS on COGS…
  20. Q2 2012 EARNINGS CALL – Petrobras – slide 20
    DOWNSTREAM 2Q12 vs 1Q12 Operating Income (R million) 487 (7,101) (272) 53 150 (3,285) (9,968) 1Q12 Price Effect Volume Effect Average Cost Volume Effect Operational 2Q12 Operational on Revenue on Revenue Effect in…
  21. Q2 2012 EARNINGS CALL – Petrobras – slide 21
    DOMESTIC OUTPUT OF OIL PRODUCTS Oil products output * Throughput and Utilization Factor Refining Cost (R/bbl) 2500 92.5% 94.3% 100 2,035 89.9% 1,894 1,967 90 1,884 1,927 2000 1,837 80 Utilization factor (%) Throughput…
  22. Q2 2012 EARNINGS CALL – Petrobras – slide 22
    CAPITAL STRUCTURE 1 2 Net debt/EBITDA Net debt/Net Capitalization 50% 5,5 28% 40% 4,5 22% 24% 24% 30% 3,5 17% 2.46 20% 2,5 1.66 1.61 10% 1.07 1.41 1,5 0% 0,5 -10% -0,5 -20% 2Q11 3Q11 4Q11 1Q12 2Q12 R Billion 06/30/12…
  23. Q2 2012 EARNINGS CALL – Petrobras – slide 23
    INVESTMENTS 1H2011 1H2012 R 32.0 billion R 38.7 billion (US 19.6 billion) (US 20.7 billion) 1% 1% 2% 1% 0% 2% 6% 5% 6% 5% 38% 34% E&P Downstream G&E International Distribution Biofuel Corporate 24
  24. Q2 2012 EARNINGS CALL – Petrobras – slide 24
    Finally, I would like to reaffirm my confidence in Petrobras privileged position in the oil and gas sector. Our reserves, highly qualified personnel, R&D investments and track record of overcoming challenges will lift the Company to…
  25. Q2 2012 EARNINGS CALL – Petrobras – slide 25
    Information: Investor Relations +55 21 3224-1510 petroinvestpetrobras.com.br 26

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