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Q4 2014 EARNINGS CALL – Petrobras

Petrobras · Apr 23, 2015 · 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. Q4 2014 EARNINGS CALL – Petrobras – slide 1
    RESULTS ANNOUNCEMENT 4th Quarter and 2014 Year End Results __ Conference Call / Webcast April, 23rd 2015
  2. Q4 2014 EARNINGS CALL – Petrobras – slide 2
    2014 Net Result: (-)R 21.6 billion R Billion 2014 2013 % Higher oil products prices Sales Revenues 337.3 304.9 11 Higher volumes Cost of Sales (256.8) (235.0) 9 Gross Profit 80.4 69.9 15 FX devaluation over imports and Operational…
  3. Q4 2014 EARNINGS CALL – Petrobras – slide 3
    Comparison between Reviewed and Not Reviewed 3Q14 3Q14 3Q14 R Billion % Reviewed Not Reviewed Sales Revenues 88.4 88.4 0 Cost of Sales (67.9) (67.3) 1 Gross Profit 20.4 21.1 -3 Write-off of overpayment incorrectly capitalized…
  4. Q4 2014 EARNINGS CALL – Petrobras – slide 4
    2014 Highlights Financial Sales revenues: R 337.3 billion Net results of (-) R 21.6 billion Adjusted EBITDA of R 59.1 billion Investments of R 87.1 billion Operational 5% growth in total oil and natural gas production,…
  5. Q4 2014 EARNINGS CALL – Petrobras – slide 5
    2014 Highlights Principal Adjustments in PP&E R 50.8 billion Write-off related to overpayment incorrectly R 6.2 Billion capitalized, as a consequence of the Car Wash Operation R 44.6 Billion Provision due to impairment…
  6. Q4 2014 EARNINGS CALL – Petrobras – slide 6
    Principal Adjustments in PP&E Principal Adjustments in PP&E Write-off related to overpayment incorrectly R 6.2 Billion capitalized, as a consequence of the Car Wash Operation Amount of 3% over contracts with 27 companies…
  7. Q4 2014 EARNINGS CALL – Petrobras – slide 7
    Write-off related to overpayment incorrectly capitalized, as a consequence of the Car Wash Operation R 6.2 Billion Values by Business Segment Downstream 3.4 Methodology based on the contents of the Prosecutors Office…
  8. Q4 2014 EARNINGS CALL – Petrobras – slide 8
    Principal Adjustments in PP&E Principal Adjustments in PP&E R 44.6 Billion Provision due to impairment tests Refining: postponement of projects/assets E&P: Decline in oil prices Petrochemical: Reduction in demand and…
  9. Q4 2014 EARNINGS CALL – Petrobras – slide 9
    Provision due to impairment tests R 44.6 Billion Values by Business Segment COMPERJ 21.8 Postponement of Refining Projects/Assets: RNEST 2nd Train 9.1 cash preservation. Exploration and Production: E&P Brazil 5.6 reduction in…
  10. Q4 2014 EARNINGS CALL – Petrobras – slide 10
    2013 x 2014 Net Result R Billion R Billion 2013 2014 Gross Profit 69.9 80.4 -21.8 EBITDA 63.0 59.1 32.4 23.6 -43.4 -6.2 -2.8 -5.0 +9.0 -0.8 -21.6 -8.8 +2.3 2013 Revenues COGS Impairment Additional Premium I Losses…
  11. Q4 2014 EARNINGS CALL – Petrobras – slide 11
    Exploration and Production Proven Reserves Brazil and Abroad (Billion boe) +0.8% +0.3% 16.44 16.57 16.61 2.46 2.50 2.45 13.28 13.51 13.69 Natural Gas Abroad Oil and NGL Abroad Natural Gas Brazil Oil and NGL Brazil…
  12. Q4 2014 EARNINGS CALL – Petrobras – slide 12
    Exploration and Production Oil and Gas Production - Brazil and Abroad (thousand boe/day) +5.1% -2.3% 2,598 2,669 97 2,539 93 91 116 146 128 375 426 389 5.3% 1,980 1,931 2,034 Natural Gas Abroad Oil and NGL Abroad…
  13. Q4 2014 EARNINGS CALL – Petrobras – slide 13
    Major Oil Companies Oil Production: 2006 to 2014 Oil Production Million bpd 2006 to 2014 . 2,80 2,60 . Change in production (thousand bpd) 2,40 . 2006 - 2014 Oil Production 2,20 . +230 -570 2,00 . -548 1,80 .…
  14. Q4 2014 EARNINGS CALL – Petrobras – slide 14
    Exploration and Production Connection of New Wells in Brazil +70.6 87 26 53 51 13 42 17 12 61 40 34 30 Injectors Producers 2011 2012 2013 2014 PLSVs 11 12 11 19 Productivity 127 94 90 97 (Km/PLSV) 15
  15. Q4 2014 EARNINGS CALL – Petrobras – slide 15
    Downstream Oil Products Output (thousand bbl/day) +6.4% +2.2% 2,124 2,170 1,997 206 218 Others 196 Fuel Oil 255 286 238 96 105 Jet Fuel 93 90 85 Naphtha 106 137 130 143 LPG 494 491 Gasoline 438 Diesel 782 850 853…
  16. Q4 2014 EARNINGS CALL – Petrobras – slide 16
    Oil Products Sales in Brazil Sales Volume in Brazil (thousand bbl/day) +3.1% +4.3% 2,383 2,458 2,285 210 Others 203 +21% 199 98 119 Fuel Oil 84 106 110 Jet Fuel 106 171 163 165 Naphtha 231 235 224 LPG +5% 590 620…
  17. Q4 2014 EARNINGS CALL – Petrobras – slide 17
    Costs Evolution Higher productivity and lower growth of costs +7% +18% +27% Lifting R /boe 31.94 34.26 Cost* 26.97 21.19 2011 2012 2013 2014 +4% -1% +2% Refining R /bbl Cost 6.50 6.73 6.67 6.82 2011 2012 2013…
  18. Q4 2014 EARNINGS CALL – Petrobras – slide 18
    Expenses Evolution Higher productivity and lower growth General and Administrative Expenses R Billion +4% +10% +14% 10.8 11.2 9.8 8.6 2011 2012 2013 2014 19
  19. Q4 2014 EARNINGS CALL – Petrobras – slide 19
    2014 Cash Flow 27 -35 31 -20 US Billion 10 Amortization 6 Interest Dividends 4 -1 26 20 4 2014 Operating CAPEX Divestments Funding Needs Amortization, Others 2014 Initial Cash Cash Flow Interest and Final Cash…
  20. Q4 2014 EARNINGS CALL – Petrobras – slide 20
    Financial Ratios - Indebtedness 6,00 60% 48% 5,00 50% 39% 4,77 40% 4,00 ND / EBITDA 30% Leverage 3,00 3,52 20% 2,00 10% 1,00 0% 2013 2014 Net Debt / EBITDA Net Debt / Net Cap 1) Net Debt / Adjusted EBITDA…
  21. Q4 2014 EARNINGS CALL – Petrobras – slide 21
    Financial Ratios - Indebtedness R Billion 12/31/13 12/31/14 Short-Term Debt 18.8 31.6 Long-Term Debt 249.0 319.5 Total Debt 267.8 351.0 (-) Cash and Cash Equivalents 46.3 69.0 = Net Debt 221.6 282.1 US Billion Net Debt 94.6…
  22. Q4 2014 EARNINGS CALL – Petrobras – slide 22
    Nominal flow (not discounted) of principal and interest, by maturity R Billion 208.4 73.1 59.4 42.6 49.1 44.7 2015 2016 2017 2018 2019 2020 + 23
  23. Q4 2014 EARNINGS CALL – Petrobras – slide 23
    2015 Cash Flow US Billion 23 -18 -29 26 13 20 3 1 2015 Initial Cash Operating Interest, Investments Divestments Rollovers Funding Needs 2015 Final Cash Position Cash Flow Amortizations Position and Others Oil Price US…
  24. Q4 2014 EARNINGS CALL – Petrobras – slide 24
    Assumptions for 2016 New Production Units (FPSO): Oil and Natural Cidade de Itagua (4Q15) Gas Production 2,886 kboed Cidade de Maric (1Q16) (Brazil and +/- 2% Cidade de Saquarema (2Q16) Abroad) Cidade de Caraguatatuba (3Q16)…
  25. Q4 2014 EARNINGS CALL – Petrobras – slide 25
    RESULTS ANNOUNCEMENT 4th Quarter and 2014 Year End Results __ Information: Investor Relations +55 21 3224-1510 investorspetrobras.com

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