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Q4 2011 EARNINGS CALL – Petrobras

Petrobras · Feb 14, 2012 · 24 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 2011 EARNINGS CALL – Petrobras – slide 1
    4th Quarter and Year End 2011 Results (IFRS) Conference Call / Webcast Almir Guilherme Barbassa CFO and Investor Relations Officer February 14th 2012
  2. Q4 2011 EARNINGS CALL – Petrobras – slide 2
    2011 HIGHLIGHTS 16.41 billion boe (SPE/ANP criterion) Proven Reserves Reserve replacement ratio = 148% Reserve/Production (R/P) = 18.5 years Total Oil and Gas Production: 2.62 million boe per day (up 2 %) Production Brazilian oil…
  3. Q4 2011 EARNINGS CALL – Petrobras – slide 3
    Proven Reserves (ANP/SPE Criterion) Proven Reserves 2011 16.4 Bi boe Ultradeep p Water (1.500m) International Deep Water Brazil 4% 96% (3001.500m) (300 1 500m) Shallow Water O h Onshore Proven Reserves in Brazil…
  4. Q4 2011 EARNINGS CALL – Petrobras – slide 4
    Exploratory Activity 2011 Discoveries Success Index Esprito Campos p Santos SSanto t 57% 59% Postsalt Postsalt Postsalt 40% Guanabara Patola Malombe Tucura Brigadeiro Presalt Presalt Abar Pdemoleque Gvea 2009 2010 2011…
  5. Q4 2011 EARNINGS CALL – Petrobras – slide 5
    Production in Brazil 4Q11 vs. 3Q11 (+3,6%): ( 3 6%) Marlim field stoppages (-24 thous bpd in 4Q11 vs -79 thous in 3Q11) Pre Pre-Salt Salt wells (average Dec/11): 133 thous bpd The Varredura wells averaged 46 thous bpd in Dec/11…
  6. Q4 2011 EARNINGS CALL – Petrobras – slide 6
    2012 Production CONTRIBUTIONS FROM FPSO RAMPUPS Operational 2011 Average Projects 2012 Estimates Start Up Production P57 P 57 4Q10 151 thous. bpd 151 thous. bpd 80 thous. bpd 80 thous. Lula Pilot 4Q10 44 thous. bpd 28…
  7. Q4 2011 EARNINGS CALL – Petrobras – slide 7
    Santos Basin Pre-salt 2011 ACOMPLISHMENTS Petrobras Wells : drilling, completion or testing (Dec/11) Production Start up of Lula Pilot (Dec/2011): 65.000 bpd Franco 2 NW ( i h 3 integrated (with i d production d i wells) ll )…
  8. Q4 2011 EARNINGS CALL – Petrobras – slide 8
    Campos Basin Pre-Salt Status on Dec/11 Jubarte: 14.000 14 000 bpd (ESS103) (ESS 103) Baleia Franca: 21.500 bpd (BRF1 + BRF6) Brava: 6.500 bpd (MRL199D) Carimb: 19.000 bpd (CRT43) Discoveries Tracaj: 20.000 bpd (MLL70)…
  9. Q4 2011 EARNINGS CALL – Petrobras – slide 9
    Drilling Rigs FLOATING RIGS UNDER CONTRACT (2,000 m 3,000 m) Estimates of +15 19 New Rigs 13 5 3 2008 2009 2010 2011 2012 Demand for Rigs Construction of 33 rigs in Brazil Medium term rig needs are now adequately…
  10. Q4 2011 EARNINGS CALL – Petrobras – slide 10
    E&P Economics B kd Breakdown off realization li i price i per boe b produced d d in Brazil i B il R per barrel realization price % share of realization price 180 160 100% 140 25% 31% 33% R 52 80% 120 R 39 22% 100 60% 21%…
  11. Q4 2011 EARNINGS CALL – Petrobras – slide 11
    Prices Oil Prices (US/bbl) Average Realization Price (R/bbl) Average 2011 240 Petrobras ARP: 167.87 117 113 USA ARP 194.46 120 105 109 100 109 190 86 103 103 75 76 78 94 80 77 80 140 73 74 72 4Q11: spread decrease 60 70…
  12. Q4 2011 EARNINGS CALL – Petrobras – slide 12
    Domestic Refining and Sales PRODUCTION SALES 2,208 2,229 1 910 1,910 1,886 1 886 1,949 2,052 , Thous. barrrels / day 448 Thous. barrrels / day 435 552 479 570 511 235 224 133 141 219 134 488 547 378 406 389 414…
  13. Q4 2011 EARNINGS CALL – Petrobras – slide 13
    Highlights - Downstream 2011 ACHIEVEMENTS Records in processed feedstock (+4%) and production of oil products (+3%) Utilization Factor of 92% 14 new units completed and operational, largely to improve product quality Distribution…
  14. Q4 2011 EARNINGS CALL – Petrobras – slide 14
    Highlights - Gas & Power Natural Gas: Demand Natural Gas: Supply 70 62 62 70 62 62 60 8 2 12 60 7 Million m3/d d 50 Million m3/d d 14 50 13 27 40 40 27 30 +7% 30 +18% 20 37 40 37 40 20 3434 10 28 28 10 0 0…
  15. Q4 2011 EARNINGS CALL – Petrobras – slide 15
    Operating Income 2010 vs 2011 ( ll ) (R million) 32,334 (31,322) 46,394 (1,238) (765) 45,403 2010 Sales COGS Selling, Other 2011 Operating Revenue general and expenses Operating Income adm. Income Higher sales revenues…
  16. Q4 2011 EARNINGS CALL – Petrobras – slide 16
    Net Income 2010 vs 2011 ( ll ) (R million) 35,189 (991) (2,498) 895 33,313 (199) 131 786 2010 Operating Financial Equity Income Employees Taxes Minority 2011 Net Income Income Results Participation Interest Net Income Lower…
  17. Q4 2011 EARNINGS CALL – Petrobras – slide 17
    Operating Income 3Q11 vs 4Q11 ( ll ) (R million) 1,703 (4,465) 12 372 12,372 (306) (1,552) 7,752 3Q11 Sales COGS SG&A Other 4Q11 Operating Revenue expenses Operating Income Income Increase in diesel and gasoline prices in…
  18. Q4 2011 EARNINGS CALL – Petrobras – slide 18
    Net Income 3Q11 vs 4Q11 ( ll ) (R million) 492 (43) (1,508) 5,627 6 336 6,336 (4,620) (1,235) 5,049 3Q11 Operating Financial Equity Income Employeess Taxes Minority 4Q11 Net Income Income Results Participation Interest Net…
  19. Q4 2011 EARNINGS CALL – Petrobras – slide 19
    Potential factors deviating from market expectations R million Operating Variation 4Q11 vs 3Q11* Income EBITDA Average FX rate effect on costs 2,609 2,609 Share of imports in the sales mix (from 28% to 32%) 1,163 1,163…
  20. Q4 2011 EARNINGS CALL – Petrobras – slide 20
    E&P 3Q11 vs 4Q11 ( ll ) (R million) Operating Income 3 150 3,150 168 (2 245) (2,245) (78) (1,118) 15,729 15,606 3Q11 Price effect on Volume effect on Effect average Volume Effect on Operational 4Q11 Operating Income revenue…
  21. Q4 2011 EARNINGS CALL – Petrobras – slide 21
    Downstream 3Q11 vs 4Q11 ( ll ) (R million) Operating Income 1,584 (1,118) (4,086) (3,350) 1,047 (579) ( (6,502) ) 3Q11 Revenue Price Revenue Volume Average Cost Volume Effect on Operational 4Q11 Operational O ti l Eff…
  22. Q4 2011 EARNINGS CALL – Petrobras – slide 22
    Investments 2012 INVESTMENT BUDGET 2011 INVESTMENTS R 87.5 Billion R 72.5 Billion 5% 5% 5% 48% 38% E&P Downstream G&P International Other E&P: focus on increasing production capacity and development of the presalt…
  23. Q4 2011 EARNINGS CALL – Petrobras – slide 23
    Capital Structure Net Debt/EBITDA Net Debt./Net.Cap 50% 5,5 40% 4,5 , 24% 22% % 30% 3,5 16% 17% 17% 20% 2,5 1.66 10% 1.41 1,5 1.03 1.03 1.07 0% 0,5 10% 0,5 20% 4Q10 1Q11 2Q11 3Q11 4Q11 R Billion 12/31/11 12/31/10…
  24. Q4 2011 EARNINGS CALL – Petrobras – slide 24
    Information: Investor Relations +55 21 3224-1510 petroinvestpetrobras.com.br 25

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