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Conference call / WebcastRESULTS ANNOUCEMENTConference call / WebcastRESULTS ANNOUCEMENT
2nd Quarter 2009(Brazilian Corporate Law)2nd Quarter 2009(Brazilian Corporate Law)
Almir Guilherme Barbassa CFO and Investor Relations OfficerAugust 18, 2009
Pre-salt reservoir
2
The presentation may contain forecasts about future events. Such forecasts merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein. The Company is not obliged to update the presentation/such forecasts in light of new information or future developments.
CAUTIONARY STATEMENT FOR US INVESTORS
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as oil and gas resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC.
DisclaimerDisclaimer
3
1,835 1,958
312 314
Oil & NGL Natural Gas
+6%
3
2,1472,272 +1%
2,261 2,283
1,952 1,964
309 319
Oil & NGL Natural Gas
1Q09 2Q091H08 1H09
SIGNIFICANT PRODUCTION GROWTH
Oil & Natural Gas Domestic Average Production
• 6% increase in production due to:
• production boost in platforms P-52 e P-54 (Roncador);
•P-51 (Marlim Sul), P-53 (Marlim Leste) and FPSO Cidade de Niterói initiated production.
• Mantaining target of 2,050 thousand bpd, with a range of plus or minus 2.5%;
• Reduction of natural gas production due to limited demand.
Th
ou
s.
bp
d
Th
ou
s.
bp
d
1Q09 VS 2Q091H08 VS 1H09
4
INCREASING ACTIVITY IN SANTOS PRE SALT
Wells Drilled
Drilling
Formation Test
Extended Well Test
• Drilling 3 new wells – IRACEMA
and TUPI NORDESTE in BMS-11
and ABARÉ in BMS-9
• 2 Formation Tests – IARA E
GUARÁ
• 2 new rigs will be allocated to the
pre salt cluster this year;
• 6 new rigs in 2010;
• Contracting 2 Pilots for 2013-14
and 8 FPSOs hulls by the end of
this year.
5
OIL PRICES ARE RISING
48.68
32.23
100.58105.46
86.1376.75
64.4257.04 47.95
54.9144.40
58.79
114.78121.37
68.7674.87
88.6996.9
2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
Average Sales Price Brent (average)
Average 1Q09
Average 2Q09
• The increase in oil price and the decrease of light-heavy differential contributed to a substantial
improvement in our upstream segment’s margins and income.
(US$ per barrel)
6
STABLE LIFTING COSTS
In the 2Q09, the increase in the price of oil and the strengthening of the Real caused a small increase in lifting costs in US. Dollars.
Reflecting the influence of the exchange rate, lifting costs were flat when expressed in Reais.
R$/barrel
17.5817.9119.0917.6116.34
21.2816.3322.3936,.934.80
2Q08 3Q08 4Q08 1Q09 2Q09
Lifting Cost Gov. Take
51.14 54.4041.48
34.24 38.86
9.88 10.21 8.24 8.72
20.069.87 10.78
7,82
21.206,87
44.4058.7954.91
114.78121.37
2Q08 3Q08 4Q08 1Q09 2Q09
Lifting Cost Gov. Take Brent
31.08 30.2718.11 14.69 19.50
US$/barrel
77
US$/bbl R$/bbl
1Q09 2Q09 1Q09 2Q092Q082Q08
65.79
77.34
53.09
70.53
132.49
107.46
122.82
163.59 160.79
135.56
219.26
178.03
0
20
40
60
80
100
120
140
160
Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09
ARP USA ARP Petrobras
0
50
100
150
200
250
Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09
ARP USA ARP Petrobras
SUCCESFUL LONG TERM PRICE POLICY
Differential between international and domestic prices have recovered with prices near parity;
Stable prices, in the long run, have benefited Brazilian consumers.
Long term price policy has stabilized cash flows;
8
715
302303 288
217195 212
152152 165
7576 76
89170
128218
754 658
9597
2Q08 1Q09 2Q09
Others*Fuel OilJet FuelNaphthaLPGGasolineDiesel
IMPORTAÇÃO E EXPORTAÇÃO DE PETRÓLEO E DERIVADOS
Growth in sales volume of diesel followed the recovery of GDP in the quarter and seasonal effects;
Small reduction in sales of gasoline due to increased demand for ethanol;
Replacement of fuel oil for natural gas, which had lower prices and greater volume offered.
RECOVERY OF SALES VOLUMES IN DOMESTIC MARKET
1,7631,765
* Others: Coke, Asphalt, Propylene Lubricant, otherss liquified gas and others oil products.
1,609
Natural Gas
235215
315
2Q08 1Q09 2Q09
Oil Products
8
Th
ou
s.
bo
ed
Th
ou
s.
bo
ed
9
OPTIMIZING THE REFINING SYSTEM
Feedstock
1,398 1,390
385 363
1,783 1,753
1H/2008 1H/2009
International Oil Feed StockDomestic Oil Feed Stock
* Others: Coke, Asphalt, Propylene Lubricant, otherss liquified gas and others oil products.
Oil Products Production
346 333
146 136144 137
288 237
70 73
141 147
710677
1,811 1,775
DieselGasoline
LPGNaphtha
Fuel Oil
1H/2008 1H/2009
4,9%
-2,0%
Others*
Jet Fuel
Th
ous.
bbl
/d
• Refining system improvements enhancing margins and trade balance;
• Total diesel production growing as a result of the Diesel Maximization Program
•In 1st semester of 2009, national diesel production surpassed domestic demand.
40%37%
Th
ous.
bbl
/d
10
1H09 (thousand barrels/day)1H08 (thousand barrels/day)
10
4,906
12,067
6,208
11,500
1H08 1H09
Imports Exports
Financial Volume (US$ Million)
+ US$ 1,302- US$ 567
369 396
252 198
Exports Imports Net Exports
482393
226
131
Exports Imports Net Exports
621 594
27
184
524
708
• Positive net exports and financial surplus driven by higher oil production, improvements to our refining system and reduced internal demand.
SIGNIFICANT IMPROVEMENTS IN THE TRADE BALANCE
Oil Oil Products Oil Oil Products
11
SOLID OPERATING PERFORMANCE IN THE QUARTER
• Increase Net Operating Revenue due to higher in sales volumes and prices;
• COGS decreased due to inventories formed in the first quarter;
• Operating expenses were reduced from the prior quarter by a decline in freight costs, lower G&A due to cost cutting efforts, as well as reduced write-offs for dry holes, no inventory reductions, and no other impairments.
10,220
500
2,0101,166 13,896
OPERATING INCOME CHANGE (R$ MILLION – 1Q09 VS 2Q09)
1Q08Operating Income Revenues COGS
Operating Expenses
2Q09Operating Income
12
744
5,816
3,676 645
7,734
(1,535)(1,612)
• Higher financial expense due to the Real’s appreciation against Dollar and commercial hedge;
• Decrease in taxes due to fiscal benefits regarding provision of interest on capital in 2Q09;
• Negative effect on minority interest due to FX variation over SPE debt obligation in Dollars.
NET INCOME CHANGE (R$ MILLION – 1Q09 VS 2Q09)
SUBSTANTIAL NET INCOME
1Q09Net Income
2Q09Net Income
Financial Result
TaxesEquity Income
Operating Income
Minority Interest
1313
3,693
4,239714 (400)
(451) 451 8,246
EXPLORATION AND PRODUCTION - EVOLUTION OF OPERATING INCOME (R$ MILLION – 1Q09 VS 2Q09)
SIGNIFICANT GROWTH OF OPERATING INCOME IN UPSTREAM
1Q09 Oper. Income
Price Effect on Revenues
Volume Effecton Revenues
Cost Effecton average
COGS
Operational Expenses
2Q09 Oper. Income
Volume Effecton COGS
• Doubling of Operating Income due targets to increase in realization prices;• Raise in production and international oil prices explain the increased of COGS with govern. take.
14
CONTINUING RECOVERY OF OPERATING INCOME IN DOWNSTREAM
14
7,115894
866 (404) (607)50 7,914
• Increasing domestic demand accompanied by the stability of Average Realization Price;
• Realization of inventories at lower prices in the previous quarter positively impacted COGS.
DOWNSTREAM- EVOLUTION OF OPERATING PROFIT (R$ MILLIONS – 1Q09 VS 2Q09)
1Q09 Oper. Income
Price Effect on Revenues
Volume Effecton Revenues
Cost Effecton average
COGS
Operational Expenses
2Q09 Oper. Income
Volume Effecton COGS
1515
Inte
rna
tio
na
l
• Growing capacity based on greater supply of natural gas and completed infrastructure;
• Elimination of contractual penalties.
• Higher international oil prices;
• Growing oil production in Nigéria (Akpo started up last March) and gas in Bolívia ( higher supply for thermo-eletric generation).
Operating Result:1Q09
(R$ 99 million)VS.
Operating Result:1Q09
R$ 25 millionVS.
Operating Result:1Q09
R$ 386 millionVS.
•Costs Reduction resulted an increase of 9% in the sales margins;
• 5% upturn in the sales volume (higher demand).
2Q09R$ 576 milion
2Q09R$ 224 million
2Q09R$ 466 million
GAS & ENERGY, INTERNATIONAL and DISTRIBUTION (1Q09 VS 2Q09)G
as
& E
ne
rgy
Dis
trib
uti
on
16
CONTINUED GROWTH IN CAPITAL SPENDING
Upstream
Dowstream
Gas & Energy
International
Corporate
Distribution
SPE
2,5
2,7 9,7
0,5
3,7
1,1
0,20,4
Capex in 1H08 – R$ 20.9 billion
32,814 30,936
1H08 1H09
EBITDA (R$ million)
Projects under Negociation
Increase in the Company’s capex supported by a cash generation.
Capex in 1H09 – R$ 32.5 billion
1,5
2,8
0,10,4
0,4
7,1
1,0
1,1
14,8
6,4
3,1
4,2
0,20,7
2,60,7
17
WIDE ACCESS TO FINACIAL SOURCES
17
Bonds Issues
Conclusion Date Issue type ValueYield to investor
Maturity
February 11 Global Notes US$ 1.5 billion 8.125% March 15, 2019
July 09 Global Notes US$ 1.25 billion 6.875% March 15, 2019
Capital Market
Development Banks/Export Promotion Agencies (1)
(1) Values not disbursed up to 07/31//09
(2) R$ 25 billion converted by the FX rate in 07/30/09
Bridge LoanUS$ 6,5 billions, acquired in the first half, to be changed to bonds issues, with two years maturity.
Date Lender Value Term
April 29 US EximBank US$ 2 billions 5 - 10 years
May 19 China Development Bank US$ 10 billions 10 years
July 30 BNDES US$ 13.3 billions (2) 19 years e 8 months
18
R$ million 06/30/2009 03/31/2009
Short Term Debt 13,086 15,609Long Term Debt 55,782 54,698
Total Debt 68,868 70,307
Cash and Cash Equivalents
10,072 19,532
Short Term Debt 58,796 50,775
Capital Structure 49% 49%
COMMITMENT TO SOUND FINANCIAL STRUCTURE
US$ million 6/30/2009 3/31/2009
Total Debt 35,288 30,368
• Financial leverage well within our financial targets;
• Cash and cash equivalents reducted to fund capex (R$18,329 millions) and dividends (R$ 6,398
millions).
19
For more information:Investor Relationswww.petrobras.com.br/ri+55 21 [email protected]
For more information:Investor Relationswww.petrobras.com.br/ri+55 21 [email protected]