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Pactual Conference – Petrobras

Petrobras · Oct 20, 2015 · 32 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. Pactual Conference – Petrobras – slide 1
    Petrobras Clique para editar o ttulo mestre Update __ Clique para editar o texto mestre Clique para editar o texto mestre October, 2015
  2. Pactual Conference – Petrobras – slide 2
    Competitive Advantages Uniquely positioned to integrate upstream and downstream operations Exploration & Production Leader in deep-water production, with access to abundant oil reserves New exploratory frontier, adjacent to…
  3. Pactual Conference – Petrobras – slide 3
    Evolution of Domestic Oil Production A long history of implementation of offshore projects in Brazil Onshore Phase Shallow Water Phase Deep and Ultra-deep Water Phase 2,5 1H15 2,130 kbpd 2,0 Plataforms MM bbl/d 118 1,5…
  4. Pactual Conference – Petrobras – slide 4
    A Company of 2.8 million boe/d Quarterly product to remain stable during remainder of the year Oil and Gas Production (kboe/d) 2013: 2014: 2015: +5.1% +4.3% 2,540 mboe/d 2,670 mboe/d 2,784 mboe/d +6.4% -1% 2.746 2.800 2.803…
  5. Pactual Conference – Petrobras – slide 5
    Evolution of Proven Reserves in Brazil ANP/SPE Criteria Onshore Phase Shallow Water Phase Deep and Ultra-deep Water Phase Sapinho 2014 18 Bi boe Lula e Cernambi 16.183 16 bi boe Pq. das Baleias, Mexilho 14 Reserve/…
  6. Pactual Conference – Petrobras – slide 6
    Petrobras Offshore Rig Fleet (domestic) As of July 2015 80 70 60 19 40 50 40 13 40 5 39 3 30 30 21 28 19 22 21 20 19 16 10 11 11 13 10 11 8 6 6 6 5 5 5 4 4 0 3 2 2 2008 2009 2010 2011 2012 2013 2014 2015 (until…
  7. Pactual Conference – Petrobras – slide 7
    Pre-salt Update
  8. Pactual Conference – Petrobras – slide 8
    Production Systems on the Pre-Salt Layer Production peak of 811 kbbl on June 26, 2015, with 40 wells. Petrobras share= 586 kbbl FPSO Cid. Anchieta 4 production wells P-58 (*) 5 production wells P-20 (*) 1 production well…
  9. Pactual Conference – Petrobras – slide 9
    Pre-Salt Performance Fast production growth, low lifting cost and continuous reduction of well-construction time Oil Operated Production on the Pre-salt 800 Daily Production Record SANTOS BASIN PRODUCTION SHARING Average Monthly…
  10. Pactual Conference – Petrobras – slide 10
    Pre-Salt Drilling Activity: 154 Wells Drilled in Santos Basin Pre-Salt Improvement in well construction reduced total drilling time from 310 to 142 days (55%) Wells Drilled in Santos Basin Pre-Salt Exploration Development Active…
  11. Pactual Conference – Petrobras – slide 11
    Pre-salt Productivity Average productivity above 30 kbpd May/15 May/15 Apr/15, Source: NPD Apr/15, Source: BOEM Top 10 PBR Pre-salt Wells Top 10 PBR Post-salt Wells North Sea* US GoM* 39 36 35 34 33 31 30 28 27 24 24…
  12. Pactual Conference – Petrobras – slide 12
    Business and Management Plan 2015-2019
  13. Pactual Conference – Petrobras – slide 13
    2015-2019 Business and Management Plan Targets DELEVERAGE GENERATE VALUE FOR SHAREHOLDERS Capital discipline Focus on profitability Strengthening of performance management Prioritization of oil production Net Leverage below…
  14. Pactual Conference – Petrobras – slide 14
    Financial Planning Assumptions Oil Product Prices Import parity in Brazil Brent Prices US 60/bbl in 2015 Preo do Brent (Average) US 70/bbl in the 2016-2019 period Nominal Exchange Rate 2015 2016 2017-2019 2020 (Average)…
  15. Pactual Conference – Petrobras – slide 15
    Divestments and Restructurings Deleverage Projection including productivity gains and divestments/restructurings in 2017 and 2018 Net Leverage 60% Divestments revised to US 15.1 billion 50% 50.8% 2015-2016 40% from US 13.7…
  16. Pactual Conference – Petrobras – slide 16
    Manageable Operating Costs Total costs and expenses, excluding costs related to basic materials 2015-2019 BMP US 142 Billion Measures for productivity gains 45.8 (32%) Efficiency in the management of contracted services…
  17. Pactual Conference – Petrobras – slide 17
    Investments Reduction of 37% relative to 2014-2018 BMP 2014-2018 BMP* 2015-2019 BMP US 206.8 Billion US 130.3 Billion 12.8 36,4 (10%) (18%) 6.3 (5%) 2.6 9,1 (2%) (4%) 3,2 (2%) Reduo 37% Reduction de 37% 158,1…
  18. Pactual Conference – Petrobras – slide 18
    Investments By Segment 19
  19. Pactual Conference – Petrobras – slide 19
    Production Units Start-up Schedule BZIOS 2 FPSO ToR BZIOS 4 FPSO ToR LULA SUL Million bpd Replicant FPSO REVITALIZATION OF MARLIM 1 LULA ALTO BZIOS 1 (1H) FPSO ToR BERBIGO / SURURU LIBRA PILOT LULA NORTE Replicant FPSO…
  20. Pactual Conference – Petrobras – slide 20
    Adjustments on Offshore Projects Schedule = 2015-2019 BMP Variations on production systems first-oil years in comparison with 2014-18 BMP No alteration Iracema Norte 2 years delay After 2020 Lapa 1 year delay Lula Norte ES guas…
  21. Pactual Conference – Petrobras – slide 21
    Oil and NGL Production in Brazil Comparison with 2014-2018 BMP Million bpd 4.2 2.5 2.8 2.4 2.1 2.1 2.2 2.0 2014 2015 2016 2017 2018 2019 2020 2015-2019 BMP 2014-2018 BMP 22
  22. Pactual Conference – Petrobras – slide 22
    Finance
  23. Pactual Conference – Petrobras – slide 23
    Downstream Balance: Oil and Oil Products Balance Evolution (kbpd) (kbpd) Exports Imports Balance 862 447 621 496 291 336 344 166 415 330 170 152 53 -281 -178 -27 -125 -222 -225 -245 -417 -390 -526 -633 1H14…
  24. Pactual Conference – Petrobras – slide 24
    EBITDA Price increases contributed to higher cash flow, but additional adjustments still needed Adjusted EBITDA Adjusted EBITDA Breakdown per Segment * 29,4 27,6 3,2 25,0 1,6 2,0 3,5 1,6 1,5 US Billion 2,3 0,9 0,5…
  25. Pactual Conference – Petrobras – slide 25
    CAPEX Exploration & Production and Downstream Exploration & Production Downstream 30 30 28 25 24 25 22 20 20 20 US Billion US Billion 16 15 15 15 14 10 10 10 8 5 5 1 0 0 2011 2012 2013 2014 1H15 2011 2012…
  26. Pactual Conference – Petrobras – slide 26
    Financial Ratios - Indebtedness Indebtedness 8,0 60% 52% 51% Indebtedness (R Billion) 06/30/2015 12/31/2014 48% 7,0 43% 50% Short-term Debt 44,7 31.6 40% 6,0 40% Long-term Debt 370.9 319.5 5,0 30% Total Indebtedness 415.5…
  27. Pactual Conference – Petrobras – slide 27
    Debt Profile By Category By Currency 6% 3% Bond Markets Dollar 29% Brazilian State Banks 46% 17% Real Other Brazilian Banks Euro 5% Foreign Development Banks and ECAs 74% Others 2% 19% Foreign Financial Institutions…
  28. Pactual Conference – Petrobras – slide 28
    Maturities 2015-2018 US Billion 17.0 40% 11.7 11.1 23% 26% 7% 7% 2.3% 0.5% 9% 18% 1.2% 19% 18% 3.6 51% 32% 87% 46% 0.3% 7% 6% 2015 * 2016 2017 2018 Bond Markets Brazilian State Banks ** Other Brazilian Banks…
  29. Pactual Conference – Petrobras – slide 29
    Financing Strategy for 2015-2016 2015 Maintain cash balance by contracting new debt to exceed scheduled amortizations: Expected total financing of US15 billion versus amortizations of US10.4 billion 100-year Global Notes - Proceeds:…
  30. Pactual Conference – Petrobras – slide 30
    Governance Structure Construction of a new management model CEO Finance and Engineering, Exploration and Governance, Risk Corporate and Downstream Gas and Power Investor Technology and Production and Compliance Services…
  31. Pactual Conference – Petrobras – slide 31
    Review and Adequacy of Internal Controls Implemented Internal Investigation Commissions Independent Investigation by two specialized law firms Corruption Prevention Program Manual (launched in December 2014) Administrative…
  32. Pactual Conference – Petrobras – slide 32
    Information: Investor Relations +55 21 3224-1510 investorspetrobras.com 33

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