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Q3 2015 Result Update – Petrobras

Petrobras · Nov 13, 2015 · 23 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. Q3 2015 Result Update – Petrobras – slide 1
    RESULTS ANNOUNCEMENT 3rd Quarter 2015 Conference Call / Webcast November 13th, 2015
  2. Q3 2015 Result Update – Petrobras – slide 2
    Exchange Rate 4,50 9M14 FX Rate End of Period + 62 % 9M15 FX Rate End of Period R 2.45 R 3.97 4,00 3,50 R / US 3,00 2,50 2,00 FX Rate (R/US) 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Average 2.37 2.23 2.27 2.54 2.87 3.07…
  3. Q3 2015 Result Update – Petrobras – slide 3
    Oil Prices - Brent 140 9M14 Average Brent - 48% 9M15 Average Brent 130 US 106.57 US 55.39 120 110 100 US / bbl 90 80 70 60 50 40 Average Brent 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 R 256.48 244.47 231.56 193.73 154.89…
  4. Q3 2015 Result Update – Petrobras – slide 4
    Results Highlights Higher oil, NGL and natural gas production (6%, +163 kboed), amounting 2,790 kboed Free cash flow of R 8.3 bn 9M15 Improvement on oil and oil products trade balance (from -424 to -89 kbpd) Highlights Lower…
  5. Q3 2015 Result Update – Petrobras – slide 5
    9M15 Net Results: R 2,102 Million R Billion 9M15 9M14 % Decrease of oil products sales volume in the domestic market Sales Revenues 236.5 252.2 Lower oil products exports Cost of Sales -164.8 -193.8 Lower export prices Gross…
  6. Q3 2015 Result Update – Petrobras – slide 6
    Operating Expenses without Special Items 9M14 x 9M15 R Billion -8% 46.9 Impairment and Premium I and II 3.0 PIDV - Voluntary Separation Plan 2.5 43.1 REFIS Agreement and Allowance for impairment of State Tax Amnesty Program trade…
  7. Q3 2015 Result Update – Petrobras – slide 7
    EBITDA without Special Items 9M14 x 9M15 R Billion EBITDA EBITDA Margin Without Special Items Without Special Items +37% 62.9 REFIS Agreement and 5.8 State Tax Amnesty Program (ICMS) 1.1 Provision for legal contingencies Asset…
  8. Q3 2015 Result Update – Petrobras – slide 8
    3Q15 Net Result: - R 3,759 Million R Billion 3Q15 2Q15 % Higher demand for domestic oil products Sales Revenues 82.2 79.9 Higher oil export prices Cost of Sales -58.5 -54.4 Gross Profit 23.8 25.6 -7 Higher oil import costs…
  9. Q3 2015 Result Update – Petrobras – slide 9
    Exploration & Production Oil and Natural Gas Production Brazil and Abroad Oil and Natural Gas Production Brazil 9M14 Average +6% 9M15 Average 2,627 2,790 kboed +1% +8% 2,746 2,799 2,803 2,765 2,800 2,531 2,600 96 106 90 100…
  10. Q3 2015 Result Update – Petrobras – slide 10
    Exploration & Production Pre-Salt Production Pre-Salt Average Monthly Production (kpd) Monthly Record on August 2015: 859 kbpd 1.000 900 1,120 kboed 901 kbpd 800 Daily Production Record 09/15/2015 2.9 x 700 600 500…
  11. Q3 2015 Result Update – Petrobras – slide 11
    Exploration & Production Connection of New Wells in Brazil 87 Injectors Producers 72 26 51 52 42 17 17 12 61 20 30 34 35 2012 2013 2014 9M15 4Q15 12
  12. Q3 2015 Result Update – Petrobras – slide 12
    Downstream Oil Products Output in Brazil kbpd 9M14 Average -6% 9M15 Average 2,170 2,049 -1% 2,180 2,204 2,171 2,124 2,098 2,085 1,964 827 832 814 Others 819 790 767 745 483 496 507 490 437 429 Gasoline 423 Diesel…
  13. Q3 2015 Result Update – Petrobras – slide 13
    Downstream Sales Volume in Brazil kbpd -8% 9M14 Average 9M15 Average 2,449 2,254 2,533 2,487 +1% 2,371 2,443 2,230 2,250 2,282 868 833 825 Others 823 750 790 789 619 616 644 Gasoline 601 573 537 540 Diesel 947…
  14. Q3 2015 Result Update – Petrobras – slide 14
    Downstream Exports Imports Balance 813 501 590 399 Trade Balance: 389 298 219 351 Oil and Oil Products 170 150 414 292 53 (kbpd) (180) (142) (244) -89 -424 9M14 9M15 9M14 9M15 9M14 9M15 Oil Oil Products (27) (21)…
  15. Q3 2015 Result Update – Petrobras – slide 15
    Net Income Evolution 9M14 x 9M15 R Billion -58% 3.8 -21.0 5.0 29.0 2.1 -0.9 1.9 -15.7 9M14 Sales Revenues COGS Operating Financial Income taxes Others 9M15 Net Income Expenses Results Net Income 16
  16. Q3 2015 Result Update – Petrobras – slide 16
    Operating Income Evolution per Segment 9M14 x 9M15 +149% R Billion -28.7 -0.6 47.1 4.8 -4.9 -0.6 28.6 11.5 9M14 Downstream Exploration Gas and Power Others* Corporate Elimination 9M15 Operating and Operating…
  17. Q3 2015 Result Update – Petrobras – slide 17
    Operating Income Evolution per Segment 2Q15 x 3Q15 -39% 9.5 R Billion -3.4 5.8 3.0 -4.7 1.4 -1.6 1.6 2Q15 Downstream Exploration Gas and Power Others* Corporate Elimination 3Q15 Operating and Operating Income…
  18. Q3 2015 Result Update – Petrobras – slide 18
    Costs Evolution in Brazil +17% +6% -16% 40.82 39,16 Excluding the impact of FX 38.13 38.49 33,59 variation, lifting costs increased by 4% Lifting Cost* Higher expenses with well intervention and subsea 13.27 14,70 12,40…
  19. Q3 2015 Result Update – Petrobras – slide 19
    Indebtedness Indebtedness Indebtedness (R Billion) 12/31/2014 09/30/2015 Short-term Debt 31.6 53.4 Long-term Debt 319.5 453.2 Total Indebtedness 351.0 506.6 (-) Cash and Cash Equivalents 68.9 104.2 = Net Debt 282.1 402.3…
  20. Q3 2015 Result Update – Petrobras – slide 20
    Financial Ratios - Indebtedness 8,0 70% 58% 60% 7,0 52% 51% 48% 50% 6,0 43% 40% 5,0 5,2 5,0 30% 4,8 4,8 4,6 4,0 20% 3,0 10% 2,0 0% 3Q14 4Q14 1Q15 2Q15 3Q15 Net Debt / LTM Adjusted EBITDA Net Debt / Net…
  21. Q3 2015 Result Update – Petrobras – slide 21
    2015-2019 Business and Management Plan Adjustments Assumptions CAPEX (US Billion) -10.7% -29.6% 2015-2019 Revised on 28 BMP 10/08/15 27 25 2015 60 54 (US/bbl) Brent 19 2016 70 55 2015 3.10 3.28 FX Rate…
  22. Q3 2015 Result Update – Petrobras – slide 22
    Free Cash Flow US Billion 9M14 x 9M15 2Q15 x 3Q15 +7.8 bi 2.5 * * -0.9 bi Operational Cash Flow 20.7 19.3 1.9 1.0 7.5 6.1 -5.6 -5.1 -16.8 Investments -26.0 -5.3 9M14 9M15 2Q15 3Q15 23
  23. Q3 2015 Result Update – Petrobras – slide 23
    2015 Cash Flow US Billion 25 -23 4 -6 21* -17 * -26 -6 14 3 26 -20 * 11* 5* 22 0,7 0,5 0,2* 2015 Operating Investments Interest, Divestments Rollovers Funding Needs 2015 Final Initial Cash Cash Flow Amortizations,…

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