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Webcast 1Q16

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Petrobras
Petrobras

The document summarizes Petrobras' 1st quarter 2016 results. Net income decreased 123% to a loss of R$1.2 billion due to lower oil prices, weaker demand, and higher financial expenses. Oil and gas production declined 6% to 2.6 million boed. Lifting costs fell 21% in Brazil and 37% abroad. Refining costs decreased slightly. Downstream sales volumes declined 5-8% while refining utilization remained stable. Cash flow from operations fell 2% to US$6 billion. Investments declined 13% to R$15.6 billion.

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RESULTS ANNOUNCEMENT 1st Quarter 2016 Conference Call / Webcast May, 13th 2016
2 DISCLAIMER FORWARD-LOOKING STATEMENTS: DISCLAIMER The presentation may contain forward-looking statements about future events within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not based on historical facts and are not assurances of future results. Such forward-looking statements merely reflect the Company’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forward-looking statements. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. Readers are referred to the documents filed by the Company with the SEC, specifically the Company’s most recent Annual Report on Form 20-F, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including, among other things, risks relating to general economic and business conditions, including crude oil and other commodity prices, refining margins and prevailing exchange rates, uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and our ability to obtain financing. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. Figures for 2016 on are estimates or targets. All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this presentation. In addition, this presentation also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS. These measures do not have standardized meanings and may not be comparable to similarly-titled measures provided by other companies. We are providing these measures because we use them as a measure of company performance; they should not be considered in isolation or as a substitute for other financial measures that have been disclosed in accordance with Brazilian GAAP or IFRS. NON-SEC COMPLIANT OIL AND GAS RESERVES: CAUTIONARY STATEMENT FOR US INVESTORS We present certain data in this presentation, such as oil and gas resources, that we are not permitted to present in documents filed with the United States Securities and Exchange Commission (SEC) under new Subpart 1200 to Regulation S-K because such terms do not qualify as proved, probable or possible reserves under Rule 4- 10(a) of Regulation S-X.
3 1Q15 Average FX Rate R$ 2.87 1Q16 Average FX Rate R$ 3.90 36% Exchange Rate FX (R$/US$) 1Q15 2Q15 3Q15 4Q15 1Q16 Average 2.87 3.07 3.54 3.84 3.90 End of Period 3.21 3.10 3.97 3.90 3.56 R$ / US$ Source: Bloomberg – PTAX Exchange Rate -9% 2,00 2,50 3,00 3,50 4,00 4,50 5,00 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 . . . . . . .
4 1Q15 Average Brent US$ 54 1Q16 Average Brent US$ 34 20 30 40 50 60 70 80 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Oil Prices - Brent Average Brent 1Q15 2Q15 3Q15 4Q15 1Q16 R$ 155 190 177 168 132 US$ 54 62 50 44 34 US$ / bbl Source: Platts - 37% -22%
5 Results Highlights Operating Income Net IncomeNet Financial Results Gross Income 1Q15 -5.6 4Q15 1Q16 -4.9 -8.7 -55% 1Q16 -1.2 1Q15 -36.9 4Q15 5.3 13.0 1Q15 -37% 1Q16 -40.9 4Q15 8.1 26.8 1Q15 22.4 -6% 1Q164Q15 21.0 R$ Billion
6 Results Highlights Operating Cash Flow Free Cash FlowInvestments2 Adjusted EBITDA1 21.5 1Q15 -2% 17.1 4Q15 21.1 1Q16 1Q15 18.017.7 -16% 14.9 4Q15 1Q16 -1.3 4Q15 7.3 1Q15 1Q16 2.4 +5% 17.3 1Q15 4Q15 16.4 25.3 1Q16 1. Adjusted EBITDA is the sum of EBITDA, share of earnings in equity-accounted investments, impairments and overpayments incorrectly capitalized 2. Cash basis R$ Billion EBITDA Margin (%) 29 20 30
7 Indebtedness 369.5 450.0 4Q15 100.4 126.2 392.0 492.8 3Q15 101.3 127.5 402.3 506.6 2Q15 104.4 133.9 323.9 Total Debt (R$ Billion) Net Debt (US$ Billion) Total Debt (US$ Billion) Net Debt (R$ Billion) 126.4 1Q16 103.8 400.6 332.5 1Q15 124.9 103.6 415.5 1Q15 4Q15 1Q16 Cost of Debt (in USD) 5.5% p.y. 6.3% p.y. 6.0% p.y. Average Maturity (years) 5.66 7.14 7.04 Net Debt/ EBITDA (%) 1Q16 -5% 1Q15 4Q15 5.035.315.01 52 60 58 4Q15 -3% 1Q161Q15 Leverage (%) Indebtedness Evolution
8 1Q16 Consolidated Net Results: (-) R$ 1.2 Billion R$ Billion 1Q16 1Q15 ∆% Sales Revenues 70.3 74.4 -5 Cost of Sales -49.3 -51.9 -5 Gross Result 21.0 22.4 -6 Operational Expenses -12.9 -9.4 37 Operating Result 8.1 13.0 -37 Financial Results -8.7 -5.6 -55 Share of earning in equity-accounted investments 0.4 0.2 124 Net Result before income taxes -0.2 7.6 -102 Income Taxes -0.2 -3.0 -93 Non-controlling interest -0.9 0.8 -208 Net Result -1.2 5.3 -123 Net Income (US$ Billion) -0.3 1.9 -117 Adjusted EBITDA 21.1 21.5 -2 Investments¹ 15.6 17.8 -13 Brent (US$/bbl) 34 54 -37 Average Exchange Rate (R$/US$) 3.90 2.87 36 End of Period Exchange Rate (R$/US$) 3.56 3.21 11 Lower demand for oil products, natural gas and electricity Lower oil export prices Idle equipment Reversal of impairment of trade receivables in the electricity sector in the 1Q15 Higher interest expenses Higher hedge accounting reclassification Lower costs with imports and government take Higher depreciation 1. Accrual basis
9 Exploration & Production Oil and Natural Gas Production – Brazil and Abroad 467 468 455 100 Oil and NGL Brazil Oil and NGL Abroad Natural Gas Abroad 1Q16 2,616 1,980 88 94 4Q15 2,777 2,117 97 95 1Q15 2,803 2,149 87 Natural Gas Brazil -6% -1% kboed -6% -7% * NGL – Natural Gas Liquids
10 Pre-Salt Start-up of 3 plataforms in 2016 and lower lifting costs 299 347 401 474 488 519 600 597 597 80 98 113 151 178 210 233 237 262 379 445 514 625 666 729 833 834 859 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Petrobras Stake Partners Stake Operated Oil Production in Pre-Salt (kbpd) FPSO Cidade de Saquarema Field: Lula Oil Capacity: 150 kbpd FPSO Cidade de Caraguatatuba Field: Lapa Oil Capacity: 100 kbpd FPSO Cidade de Maricá Field: Lula Oil Capacity: 150 kbpd 1st Quarter 2016 3rd Quarter 2016 Pre-Salt Lifting Costs Reduction (4Q15 Vs 1Q16) < US$8/boe
11 Lifting Cost¹ Evolution -37% 1Q16 5.62 4Q15 8.90 1Q15 8.86 10.49 4Q15 1Q16 -1% 1Q15 10.58 13.27 Brazil (US$ / boe) Abroad (US$ / boe) 1. Lifting Cost without Government Take Petrobras Lifting Cost (Brazil + Abroad) US$ 10.13/boe -21% -37%
12 Downstream Utilization Factor (%) 86 85 84 Yield (%) (Diesel, Gasolina and Jet Fuel) 67 70 70 796 835 824 422 448 451 746 671 683 Gasoline Diesel Others 1Q164Q15 1,955 1,958 1Q15 1,964 Oil Products Output in Brazil kbpd
13 Downstream Sales Volumes in Brazil 907 907 798 573 562 564 750 702 694 4Q15 2,171 Gasoline 2,056 1Q15 Diesel Others -5% 2,230 1Q16 Naphtha: lower demand, mainly from Braskem Oil Fuel: lower thermoelectric demand Diesel: lower demand, increase in sales by third parties and lower generation by diesel thermal power plants kbpd % Imported 15 10 11 -8%
14 Downstream 277 215 199 281 387 307 345 150 287 116 145 146 -141 -5 -229 4 108 172 -33 167 622 532 365 4Q151Q15 1Q15 486 1Q16 4Q15 1Q16 1Q15 4Q15 1Q16 397 453 -225 Imports Exports Net Balance Oil Oil Products Trade Balance kbpd
15 Refining Cost Evolution -2% 1Q16 4.01 4Q15 4.09 1Q15 3.90 2.27 0% 1Q164Q15 2.26 1Q15 2.84 Brazil (US$ / bbl) Abroad (US$ / bbl) -20% +3%
16 Expenses General and Administrative Expenses (R$ Billion) 2.7 -5% 1Q15 1Q16 2.8 4Q15 2.65 -2%
17 Operating Income Contribution by Business Segment 8,1 0,5 1,1 11,5 Operating Income 1Q16 EliminationsCorporate -4,0 Biofuels -0,1 Distribution -0.05 Gas & PowerExploration & Production -0,8 Downstream R$ Billion
18 2016 Cash Flow US$ Billion 1 26 24 14 21 -20 Judicial Guarantees Dividends, Interest and Amortization 0 Investments -19 Divestments Rollovers 1 Borrowings 1 2016 Final Cash Position -6 Operating Cash Flow 2016 Initial Cash Position Dividends Financial Expenses and Amortizations
RESULTS ANNOUNCEMENT 1st Quarter 2016 Information: Investor Relations +55 21 3224-1510 investors@petrobras.com

More Related Content

Webcast 1Q16

  • 1. RESULTS ANNOUNCEMENT 1st Quarter 2016 Conference Call / Webcast May, 13th 2016
  • 2. 2 DISCLAIMER FORWARD-LOOKING STATEMENTS: DISCLAIMER The presentation may contain forward-looking statements about future events within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not based on historical facts and are not assurances of future results. Such forward-looking statements merely reflect the Company’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forward-looking statements. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. Readers are referred to the documents filed by the Company with the SEC, specifically the Company’s most recent Annual Report on Form 20-F, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including, among other things, risks relating to general economic and business conditions, including crude oil and other commodity prices, refining margins and prevailing exchange rates, uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and our ability to obtain financing. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. Figures for 2016 on are estimates or targets. All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this presentation. In addition, this presentation also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS. These measures do not have standardized meanings and may not be comparable to similarly-titled measures provided by other companies. We are providing these measures because we use them as a measure of company performance; they should not be considered in isolation or as a substitute for other financial measures that have been disclosed in accordance with Brazilian GAAP or IFRS. NON-SEC COMPLIANT OIL AND GAS RESERVES: CAUTIONARY STATEMENT FOR US INVESTORS We present certain data in this presentation, such as oil and gas resources, that we are not permitted to present in documents filed with the United States Securities and Exchange Commission (SEC) under new Subpart 1200 to Regulation S-K because such terms do not qualify as proved, probable or possible reserves under Rule 4- 10(a) of Regulation S-X.
  • 3. 3 1Q15 Average FX Rate R$ 2.87 1Q16 Average FX Rate R$ 3.90 36% Exchange Rate FX (R$/US$) 1Q15 2Q15 3Q15 4Q15 1Q16 Average 2.87 3.07 3.54 3.84 3.90 End of Period 3.21 3.10 3.97 3.90 3.56 R$ / US$ Source: Bloomberg – PTAX Exchange Rate -9% 2,00 2,50 3,00 3,50 4,00 4,50 5,00 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 . . . . . . .
  • 4. 4 1Q15 Average Brent US$ 54 1Q16 Average Brent US$ 34 20 30 40 50 60 70 80 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Oil Prices - Brent Average Brent 1Q15 2Q15 3Q15 4Q15 1Q16 R$ 155 190 177 168 132 US$ 54 62 50 44 34 US$ / bbl Source: Platts - 37% -22%
  • 5. 5 Results Highlights Operating Income Net IncomeNet Financial Results Gross Income 1Q15 -5.6 4Q15 1Q16 -4.9 -8.7 -55% 1Q16 -1.2 1Q15 -36.9 4Q15 5.3 13.0 1Q15 -37% 1Q16 -40.9 4Q15 8.1 26.8 1Q15 22.4 -6% 1Q164Q15 21.0 R$ Billion
  • 6. 6 Results Highlights Operating Cash Flow Free Cash FlowInvestments2 Adjusted EBITDA1 21.5 1Q15 -2% 17.1 4Q15 21.1 1Q16 1Q15 18.017.7 -16% 14.9 4Q15 1Q16 -1.3 4Q15 7.3 1Q15 1Q16 2.4 +5% 17.3 1Q15 4Q15 16.4 25.3 1Q16 1. Adjusted EBITDA is the sum of EBITDA, share of earnings in equity-accounted investments, impairments and overpayments incorrectly capitalized 2. Cash basis R$ Billion EBITDA Margin (%) 29 20 30
  • 7. 7 Indebtedness 369.5 450.0 4Q15 100.4 126.2 392.0 492.8 3Q15 101.3 127.5 402.3 506.6 2Q15 104.4 133.9 323.9 Total Debt (R$ Billion) Net Debt (US$ Billion) Total Debt (US$ Billion) Net Debt (R$ Billion) 126.4 1Q16 103.8 400.6 332.5 1Q15 124.9 103.6 415.5 1Q15 4Q15 1Q16 Cost of Debt (in USD) 5.5% p.y. 6.3% p.y. 6.0% p.y. Average Maturity (years) 5.66 7.14 7.04 Net Debt/ EBITDA (%) 1Q16 -5% 1Q15 4Q15 5.035.315.01 52 60 58 4Q15 -3% 1Q161Q15 Leverage (%) Indebtedness Evolution
  • 8. 8 1Q16 Consolidated Net Results: (-) R$ 1.2 Billion R$ Billion 1Q16 1Q15 ∆% Sales Revenues 70.3 74.4 -5 Cost of Sales -49.3 -51.9 -5 Gross Result 21.0 22.4 -6 Operational Expenses -12.9 -9.4 37 Operating Result 8.1 13.0 -37 Financial Results -8.7 -5.6 -55 Share of earning in equity-accounted investments 0.4 0.2 124 Net Result before income taxes -0.2 7.6 -102 Income Taxes -0.2 -3.0 -93 Non-controlling interest -0.9 0.8 -208 Net Result -1.2 5.3 -123 Net Income (US$ Billion) -0.3 1.9 -117 Adjusted EBITDA 21.1 21.5 -2 Investments¹ 15.6 17.8 -13 Brent (US$/bbl) 34 54 -37 Average Exchange Rate (R$/US$) 3.90 2.87 36 End of Period Exchange Rate (R$/US$) 3.56 3.21 11 Lower demand for oil products, natural gas and electricity Lower oil export prices Idle equipment Reversal of impairment of trade receivables in the electricity sector in the 1Q15 Higher interest expenses Higher hedge accounting reclassification Lower costs with imports and government take Higher depreciation 1. Accrual basis
  • 9. 9 Exploration & Production Oil and Natural Gas Production – Brazil and Abroad 467 468 455 100 Oil and NGL Brazil Oil and NGL Abroad Natural Gas Abroad 1Q16 2,616 1,980 88 94 4Q15 2,777 2,117 97 95 1Q15 2,803 2,149 87 Natural Gas Brazil -6% -1% kboed -6% -7% * NGL – Natural Gas Liquids
  • 10. 10 Pre-Salt Start-up of 3 plataforms in 2016 and lower lifting costs 299 347 401 474 488 519 600 597 597 80 98 113 151 178 210 233 237 262 379 445 514 625 666 729 833 834 859 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Petrobras Stake Partners Stake Operated Oil Production in Pre-Salt (kbpd) FPSO Cidade de Saquarema Field: Lula Oil Capacity: 150 kbpd FPSO Cidade de Caraguatatuba Field: Lapa Oil Capacity: 100 kbpd FPSO Cidade de Maricá Field: Lula Oil Capacity: 150 kbpd 1st Quarter 2016 3rd Quarter 2016 Pre-Salt Lifting Costs Reduction (4Q15 Vs 1Q16) < US$8/boe
  • 11. 11 Lifting Cost¹ Evolution -37% 1Q16 5.62 4Q15 8.90 1Q15 8.86 10.49 4Q15 1Q16 -1% 1Q15 10.58 13.27 Brazil (US$ / boe) Abroad (US$ / boe) 1. Lifting Cost without Government Take Petrobras Lifting Cost (Brazil + Abroad) US$ 10.13/boe -21% -37%
  • 12. 12 Downstream Utilization Factor (%) 86 85 84 Yield (%) (Diesel, Gasolina and Jet Fuel) 67 70 70 796 835 824 422 448 451 746 671 683 Gasoline Diesel Others 1Q164Q15 1,955 1,958 1Q15 1,964 Oil Products Output in Brazil kbpd
  • 13. 13 Downstream Sales Volumes in Brazil 907 907 798 573 562 564 750 702 694 4Q15 2,171 Gasoline 2,056 1Q15 Diesel Others -5% 2,230 1Q16 Naphtha: lower demand, mainly from Braskem Oil Fuel: lower thermoelectric demand Diesel: lower demand, increase in sales by third parties and lower generation by diesel thermal power plants kbpd % Imported 15 10 11 -8%
  • 14. 14 Downstream 277 215 199 281 387 307 345 150 287 116 145 146 -141 -5 -229 4 108 172 -33 167 622 532 365 4Q151Q15 1Q15 486 1Q16 4Q15 1Q16 1Q15 4Q15 1Q16 397 453 -225 Imports Exports Net Balance Oil Oil Products Trade Balance kbpd
  • 16. 16 Expenses General and Administrative Expenses (R$ Billion) 2.7 -5% 1Q15 1Q16 2.8 4Q15 2.65 -2%
  • 17. 17 Operating Income Contribution by Business Segment 8,1 0,5 1,1 11,5 Operating Income 1Q16 EliminationsCorporate -4,0 Biofuels -0,1 Distribution -0.05 Gas & PowerExploration & Production -0,8 Downstream R$ Billion
  • 18. 18 2016 Cash Flow US$ Billion 1 26 24 14 21 -20 Judicial Guarantees Dividends, Interest and Amortization 0 Investments -19 Divestments Rollovers 1 Borrowings 1 2016 Final Cash Position -6 Operating Cash Flow 2016 Initial Cash Position Dividends Financial Expenses and Amortizations
  • 19. RESULTS ANNOUNCEMENT 1st Quarter 2016 Information: Investor Relations +55 21 3224-1510 investors@petrobras.com