Petrobras announced results for the 4th quarter and full year 2009. Key highlights include:
1) Petrobras replaced its Brazilian oil and natural gas production for the 17th consecutive year and increased its international reserves.
2) Brazilian oil and gas production increased 6% from 2008 due to new production units coming online. International production grew 6% as well.
3) Petrobras outlined its production targets for 2010 which will see further growth from new systems and enhanced oil recovery projects.
The document summarizes Petrobras' 4th quarter 2007 results and 2007 annual results. Key points include a 14,000 bpd increase in domestic oil production year-over-year due to new production systems, a 1% decline in production from existing systems, and a 131.1% reserves replacement rate. Lifting costs increased in the 4th quarter due to currency effects and wage increases. Net income decreased from the prior quarter due to higher costs and operating expenses. Upcoming production units are also outlined.
Webcast about the 1st Quarter Results 2011 - IFRSPetrobras
Petrobras reported strong financial results for the 1st quarter of 2011, with record net income. Key highlights included the start-up of pre-salt production in the Campos and Santos Basins, new oil discoveries in the Santos Basin pre-salt area, and the start-up of new gas pipelines and refining units. Oil and gas production increased slightly compared to the prior year due to ramp-ups in existing fields and assets. In the Santos Basin pre-salt area, Petrobras continued development and exploration activities through EWTs, new discoveries, and optimization of drilling times and costs.
- Petrobras achieved its 2012 production target of 1,980 kbpd despite operational challenges.
- Pre-salt production increased to 136.4 kbpd in 2012, up from 100.3 kbpd in 2011.
- Proven reserves totaled 16.44 billion boe and the reserve replacement ratio was 103.3%.
- The PROEF program in the UO-BC increased average production by 25 kbpd and operational efficiency by 11 percentage points.
This document provides a summary of PETROBRAS' 1st quarter 2006 earnings conference call. The summary includes:
- PETROBRAS' net income decreased 18% compared to the previous quarter due to higher tax payments.
- Domestic oil and NGL production increased 14% year-over-year due to new platform start-ups.
- Lifting costs increased 6% quarter-over-quarter mainly due to a 3% real appreciation and lower production volumes.
- Refining costs decreased 6% from the previous quarter due to fewer planned refinery stoppages.
Petrobras reported financial results for the third quarter of 2010. Net income increased 10% compared to the same period last year to R$8.566 billion. Domestic oil and gas production grew 2% while refinery output increased due to a plant restart. Investments totaled R$56.5 billion year-to-date, 11% higher than the first nine months of 2009. Average oil prices remained stable in Brazil despite declines in international markets.
Webcast 4th Quarter and Fiscal Year 2008 Petrobras
The document summarizes Petrobras' 4th quarter and fiscal year 2008 results. Key points include:
- Oil and gas production levels decreased slightly in 4Q08 due to natural field declines and stoppages. New production systems helped offset declines.
- Prices and margins decreased significantly in 4Q08 compared to 3Q08 due to lower global oil prices.
- Exploration and Production results were affected by lower prices and impairment charges. Downstream was impacted by inventory holding losses.
- Cash flow from operations was positive despite lower earnings, helped by inventory reductions. Leverage increased due to debt and currency devaluation.
The document summarizes Petrobras' 3rd quarter 2007 results. It reports that domestic oil and NGL production was slightly higher than the previous quarter despite expected growth being lower than planned due to scheduled stoppages and delays. It outlines major oil and gas production projects coming online in 4Q07 and 2008 that will contribute to Petrobras reaching its target of 2 million barrels per day of oil and NGL production by 2008. The document also provides an overview of refining capacity and domestic sales in Brazil.
This document provides an overview and summary of Petrobras' 2nd Quarter 2012 financial results. Key points include:
- Petrobras reported a loss in 2Q12 versus a profit in 1Q12, due to factors like exchange rate devaluation, lower oil product prices in Brazil, production stoppages, and increased exploration expenses.
- The average exchange rate depreciated in 2Q12 compared to 1Q12, negatively impacting costs.
- Operational highlights included refining throughput records and advances in contracting for offshore oil development.
- 2Q12 results were affected by unique factors that are unlikely to occur together or at the same intensity in future quarters.
The document summarizes the company's financial results for the 1st quarter of 2009. It reported a 3% increase in domestic oil, NGL, and natural gas production compared to the 4th quarter of 2008 due to new production systems coming online. Operating income decreased compared to the previous quarter primarily due to lower oil prices and sales volumes, though cost reductions partially offset this. New discoveries were also announced in pre-salt areas that will help drive future growth.
The document is the results announcement for Petrobras' 3rd quarter 2009. It contains the following key points:
1. Petrobras saw an 8% increase in total production and a 5% rise in domestic oil production compared to the third quarter of 2008.
2. New production units are ramping up and expected to further increase output. Pre-salt activities are accelerating with ongoing exploration and appraisal wells.
3. Operating income was impacted by a provision for special participation tax related to the Marlim field, but net income was flat after adjusting for foreign exchange variations.
4. Exploration and production showed solid operating performance while downstream income normalized with increases in international prices. Gas and energy
This document provides an update on Brazil's pre-salt oil and gas reserves. It summarizes key developments including increasing production from pre-salt fields in the Campos and Santos basins through expanded drilling and new production units coming online. Production has ramped up significantly from initial test wells to over 700,000 barrels per day currently. New technologies have been applied including deeper wells and new types of risers. Pre-salt fields provide competitive production costs and represent Brazil's role in global energy supply.
Petrobras reported financial results for the 2nd quarter of 2011, with net income of R$10.9 billion, in line with 1Q11 results. Domestic oil and gas sales volumes increased 7% compared to 1Q11 and 9% compared to 2Q10. Three new extended well tests were implemented in pre-salt areas. Production is expected to increase in the second half of the year with the start-up of new offshore fields and platforms. Drilling in the Santos Basin pre-salt continues at an accelerated pace with high exploration success.
Petrobras held its annual CEO Energy/Power Conference in September 2008. The presentation provided an overview of Petrobras' corporate organization, key operating results from 2005-2007, recent oil and gas discoveries in Brazil from 2002-2007 including major pre-salt finds, and major projects planned from 2007-2012 aimed at increasing production capacity. It also discussed Petrobras' focus on developing Brazil's domestic supply chain and workforce to support its growing operations.
Marathon Oil Corporation reported financial results for the first quarter of 2007, with net income of $717 million compared to $784 million in the same period of 2006. Earnings per share were $2.07 compared to $2.13 the prior year. Segment income totaled $749 million, down from $792 million in 2006. Exploration and production income decreased to $385 million due to lower natural gas prices and volumes. Refining and marketing income increased to $345 million on higher gasoline margins. Construction continued on major projects and the company increased its dividend.
Petrobras announced strong financial results for the 2nd quarter of 2009. Oil production increased 6% compared to the first half of 2008 due to new platform startups. Lifting costs remained stable in US dollars despite higher oil prices. Net income doubled compared to the first quarter due to higher oil prices and sales volumes as well as cost cutting efforts. Capex continued to grow significantly, supported by expanding access to development banks and the capital market.
Petrobras is a fully integrated Brazilian energy company operating across the hydrocarbon chain from exploration and production to distribution. It has significant oil and gas reserves, production, refining capacity, and market share in Brazil. Petrobras' 2013-2017 business plan focuses on capital discipline and performance improvement to maintain an investment grade rating. The plan allocates over $200 billion to upstream projects in Brazil and segments like downstream and gas and power, with the aim of generating $32 billion in savings by 2016 through cost optimization programs.
Marathon Oil Corporation reported third quarter 2007 results, with net income of $1.021 billion compared to $1.623 billion in third quarter 2006. Earnings were impacted by a challenging quarter for downstream segments as increased crude costs compressed margins. Despite near-term volatility, Marathon is making investments in profitable long-term growth opportunities such as Canadian oil sands and refinery upgrades. Marathon also acquired additional oil sands leases and expects production from the assets to grow significantly in coming years.
The document provides information on Petrobras' 3rd quarter 2014 conference call, including:
- Operating income decreased 48% from the previous quarter due to write-downs and losses totaling $4.1 billion.
- Net income decreased 38% and EBITDA decreased 27% from the previous quarter.
- Oil production is forecast to be 2,125 thousand barrels per day in 2015, a 4.5% increase from 2014.
- The 2015 CAPEX budget is estimated between $31-33 billion and oil prices are projected between $50-70 per barrel.
The document provides operational and financial results for the 2nd quarter of 2014. It summarizes oil and gas production figures, including a 50,000 barrel per day increase in oil production from the 1st to 2nd quarter. It also outlines factors supporting further production growth for the remainder of 2014, with a target average production of 2.075 million barrels per day. Lifting costs for the 2nd quarter were $14.57 per barrel, a 3% increase from the previous quarter, mainly due to a stronger US dollar.
OPERATIONAL AND FINANCIAL
RESULTS - 1st Quarter 2014
Conference Call / Webcast
May 12th 2014
1Q14 Results
8% increase in Operating Income. 14% reduction in Net Income relative to 4Q13
Higher Operating Income due to the full effect during the 1Q14 of the oil products price adjustments and the lower share of
imported diesel in sales, negatively impacted by the provision for PIDV. Net income was lower due to the impact of the fiscal
benefit from interest on capital of R$ 3.2 billion, that occurred in the 4Q13.
Webcast about the 2nd Quarter Results 2011 - IFRSPetrobras
1) Petrobras reported net income of R$10.9 billion for 2Q11, in line with 1Q11 results and a 32% increase over 2Q10.
2) Production is expected to increase in 2H11 with the start-up of new offshore fields and platforms.
3) Petrobras is accelerating its pre-salt exploration and has drilled 30 wells in the Santos Basin so far in 2011.
The document provides an overview of Petrobras' 4th quarter 2006 results and full year 2006 results. Key points include:
- Domestic oil and gas production increased 5.6% in 2006 due to new production units coming online.
- Total oil, gas, and NGL production increased 3.5% in 4Q06.
- Average sales prices for oil increased 20.45% in 2006.
- Net income decreased 26.6% in 4Q06 primarily due to lower oil prices and sales volumes.
- Exploration and Production operational profit decreased due to international oil price declines.
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.
Presidente Jose Sergio Gabrielli de Azevedo. Apresentação para o Instituto Fr...Petrobras
Brazil is emerging as a new hotspot for oil production. Petrobras has discovered large pre-salt oilfields offshore Brazil and has ambitious plans to increase production. Production is expected to grow from 2.9 million barrels per day in 2010 to over 5 million barrels per day by 2020, making Brazil one of the largest producers. Petrobras has a fully integrated value chain in Brazil and is focusing on developing local suppliers and technology to support its growth plans. The discoveries are expected to boost the Brazilian economy and make the country less reliant on imported oil.
Petrobras Strategic & Business Plan 2009 2013 Otc 20091drihansen
The document provides an overview of Petrobras' strategic and business plan for 2009-2013. Some key points include:
- Total investments of $174.4 billion, with $104.6 billion for E&P focusing on pre-salt reservoirs in Brazil.
- Production targets of 2.4 million boe/day by 2009 and over 5 million boe/day by 2020 through developing major new oil fields.
- Technologies such as deepwater drilling and investments in renewable energy are emphasized.
- International expansion is a goal, with $15.9 billion budgeted for overseas projects and assets.
Petrobras strategic & business plan 2009 2013 otc 20091Samy Oumazal
The document provides an overview of Petrobras' strategic and business plan for 2009-2013. Some key points include:
- Total investments of $174.4 billion, with $104.6 billion for E&P focusing on pre-salt reservoirs in Brazil.
- Production targets of 2.4 million boe/day by 2009 and 5.6 million boe/day by 2013 through developing major new oil fields.
- Technological investments of $4 billion to develop deepwater, pre-salt, and renewable energy resources.
- International investments of $15.9 billion focused on assets in Africa, South America and the US.
The document discusses the outlook for the LP gas and oil markets. It summarizes that global oil demand is expected to increase significantly by 2020-2030 which will challenge production capacity. World LP gas demand is projected to grow over 1% annually. Brazil's pre-salt oil reserves could double the country's proven reserves. Domestic oil production and product demand in Brazil are both expected to increase steadily through 2020. LP gas consumption and imports in Brazil have grown in recent years but imports are projected to decline as new refineries come online. Petrobras is well positioned in Brazil's LP gas and natural gas markets and infrastructure.
Petrobras is a major international oil company that was originally established as a government monopoly in Brazil. It is now 60% publicly traded with shares listed in Brazil and New York. The company has grown significantly in recent decades and aims to become one of the top five largest publicly traded oil producers by 2020. Petrobras has a competitive advantage in deepwater exploration and production. It also has large proven reserves, particularly from new pre-salt discoveries, that could more than double Brazil's reserves. The company has shown an impressive record of accelerating production growth over the past decades from major new field developments.
The 10th Annual Latin American Conference hosted by Santander will take place from January 17-20, 2006 in Acapulco, Mexico. Raul Adalberto de Campos, the Investor Relations Executive Manager for Petrobras, will present at the conference. The presentation may contain forecasts about future events involving risks and uncertainties that could cause actual results to differ from expectations. Petrobras is not obligated to update any forecasts based on new information.
Webcast Business Plan 2011-2015 Presentation Petrobras
Petrobras' CEO José Sergio Gabrielli presented the company's investment plan for 2011-2015. Some key points:
- Investments total $224.7 billion, similar to the previous 2010-2014 plan. Exploration & Production receives 57% of investments.
- The plan aims to double proved reserves by 2020 while maintaining discovery costs around $2/boe.
- Nineteen large projects are planned that will add over 2.3 million barrels per day of oil production capacity.
- 65% of Capex will go toward production development through drilling and developing new offshore oilfields.
08.10.2009 Presentation of President José Sergio Gabrielli de Azevedo about ...Petrobras
The document discusses perspectives for the LP gas and oil markets. It summarizes that global oil demand is expected to increase significantly by 2020-2030, challenging production capacity. World LP gas demand is projected to grow over 1% annually. Brazil's pre-salt oil reserves could double the country's proven reserves. Domestic oil production and product demand in Brazil are both expected to increase steadily through 2020. LP gas consumption and imports in Brazil have grown but imports are projected to decline as new refineries come online. Petrobras' infrastructure includes refineries, natural gas units, pipelines and terminals to integrate operations across the LP gas supply chain. LP gas faces displacement risks from natural gas and wood but opportunities include modernizing bott
(1) Petrobras introduced biodiesel production in Brazil in 2005 and has since expanded production through multiple phases, with a goal of producing 855 thousand cubic meters per year by 2011. (2) Petrobras is implementing biodiesel and ethanol production facilities across Brazil using various feedstocks like soybean, castor bean, and jatropha. (3) Petrobras is also researching technologies like HBIO to produce renewable diesel from vegetable oils as well as cellulosic ethanol production. (4) Petrobras recognizes that biofuels will play a major role in transportation fuels and is making investments to develop competitive production costs and export markets for Brazilian ethanol.
"8º Foro Latibex - Petrobras Overview – Petroleum, Gas and Petrochemical”Petrobras
Petrobras is an integrated energy company operating in oil exploration, production, refining, and petrochemicals. It has significant upstream and downstream operations both within Brazil and internationally. The company's 2007-2011 business plan includes $87.1 billion in investments, with 56% going to exploration and production projects. Some of the major projects over this period aim to boost Brazil's oil production capacity substantially through new offshore oil field developments and production platforms.
Petrobras reported financial results for the 3rd quarter of 2010. Net income increased 10% compared to the same period last year. Total investments so far in 2010 were 11% higher than the first nine months of 2009. Production grew 2% due to new production units starting up. The average realization price for oil remained stable in Brazil despite lower international prices. Domestic oil product sales increased 11% due to higher diesel and gasoline demand. Operating income decreased due to collective bargaining agreements and maintenance stoppages increasing costs.
22 08-2008 Maria Isabe M. Gomes Ramo e Eduardo Alessandro Molinari - Petrobra...Petrobras
Petrobras is a major publicly traded integrated energy company headquartered in Brazil. It has significant oil and gas reserves, production and refining capacity. Petrobras has a strategic vision to become one of the top 5 largest publicly traded oil producers by 2020 through continued production growth. The recent discovery of large pre-salt oil fields could more than double Brazil's proven oil reserves.
BP's strategy presentation outlines plans to grow production and profits while transitioning to a lower-carbon energy future. Key points include restoring revenues through operational improvements, controlling costs, accessing new resources, and investing in gas, renewables, and efficiency. BP aims to outperform peers through efficient exploration, high-quality refining assets, and growth in international businesses. The presentation identifies opportunities to improve earnings, returns, and project execution to realize BP's potential.
18.03.2009 Presentation of E&P Coordinator, Eduardo Alessandro Molinari - P...Petrobras
This document provides an overview of Petrobras, the Brazilian national oil company. It includes disclaimers about forecasts and reserves under SEC guidelines. The investment plan from 2009-2013 totals $174.4 billion, with $104.6 billion for exploration and production. Major oil and gas projects are outlined to increase production between 2008-2013. Reserves, production levels, and key statistics are presented.
Petrobras held its annual CEO Energy/Power Conference in September 2008. The presentation provided an overview of Petrobras' corporate organization, key operating results from 2005-2007, recent oil and gas discoveries in Brazil from 2002-2007 including major pre-salt finds, and major projects planned from 2007-2012 aimed at increasing production capacity. It also discussed Petrobras' focus on developing Brazil's domestic supply chain and workforce to support its growing operations.
Conferência btg pactual – fevereiro 2011Braskem_RI
Carlos Fadigas, CEO of BTG Pactual XII, presented at a conference in São Paulo in February 2011. The presentation discussed Braskem's growth into a global petrochemical leader through acquisitions of Quattor and Sunoco assets. It outlined Braskem's project pipeline for expansion in Latin America, including a new ethane cracker project in Mexico. The presentation emphasized Braskem's focus on sustainable chemicals and innovation in bioplastics. It highlighted Braskem's consistent financial performance through economic cycles.
Press Release Business Plan 2011-2015 PresentationPetrobras
José Sergio Gabrielli, CEO of Petrobras, presented at a press conference on July 25th, 2011. He discussed Petrobras' business plan and investments from 2011-2015. Key points included increasing investments in exploration and production, especially in pre-salt areas, to meet growing global oil demand. Investments would focus on developing 30 new production systems by 2015. Sales volumes were projected to increase substantially through 2020 to over 7 million boe/day. The business plan aimed to maximize local supplier development and local content. Challenges included developing human resources to become an international benchmark in the energy sector.
UBS - Latin America Emerging Market - One on One Conference”Petrobras
Petrobras is a Brazilian integrated energy company that operates across the oil and gas value chain from exploration and production to refining, distribution, and trading of oil products. The presentation provides an overview of Petrobras, including its investment plan of $87.1 billion from 2007 to 2011 which allocates most funding to expanding exploration and production activities in Brazil and internationally. It also shows Petrobras has a diversified shareholder base including both Brazilian and international investors.
The document summarizes Petrobras' development of the large pre-salt oil discoveries in the Santos Basin offshore Brazil. It outlines that announced recoverable volumes in the Santos pre-salt could almost double Brazilian reserves. It also discusses Petrobras' plans to accelerate development through a phased approach, with Phase 1 focusing on establishing initial production and cash flow. Key aspects of Phase 1 include contracting additional drilling rigs and fast-tracking 10 new FPSOs for production between 2013-2020. Managing reservoir uncertainties and technological challenges will be important for optimizing the long-term development of the major Santos pre-salt discoveries.
09.09 09.10.2009 - Presentation of Pré-sal E&P Executive Manager, José Mira...Petrobras
The document summarizes Petrobras' production plans from the large Santos Pre-Salt oil discoveries offshore Brazil. It states that announced recoverable volumes from Santos Pre-Salt could almost double Brazilian oil reserves. It also outlines Petrobras' expectations to increase oil production from the Santos Pre-Salt fields from 0.6 million barrels per day in 2013 to over 1.8 million barrels per day by 2020, primarily through accelerated development of the Santos Pre-Salt cluster compared to standard development timelines in other Brazilian fields. The document notes that capital expenditures for Santos Pre-Salt development through 2020 are estimated at $99 billion.
Strategic Plan 2040 || Business and Management Plan 2019-2023Petrobras
The presentation contains forward-looking statements about future events that are not based on historical facts and are not assurances of future results. Such statements merely reflect the Company’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. The document also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS and may not be comparable to similarly-titled measures provided by other companies.
Plano Estratégico 2040 || Plano de Negócios e Gestão 2019-2023Petrobras
Este documento descreve a jornada da companhia até o momento, suas ambições para o futuro e os planos para alcançá-las. A companhia busca reduzir custos, dívida e riscos, enquanto aumenta a produção, rentabilidade e investimentos em novas áreas, como renováveis. Seus principais objetivos incluem reduzir acidentes, dívida e aumentar retorno sobre capital empregado.
Petrobras provides an overview and highlights of its operations in the first half of 2018. Key points include a net income of $17 billion, an 18% increase in operating income, and starting production from the first system in the Transfer of Rights area of the Buzios field. Petrobras also anticipates increasing production through 2022 by starting up 19 new production units and expanding its exploratory portfolio by 31% since 2017. The company aims to reduce debt levels through divestments and maintain its 2018-2022 capex at $74.5 billion, focusing investments on pre-salt areas and projects with higher profitability.
Apresentação Investor Day, São Paulo, 2018Petrobras
O documento apresenta as informações da reunião anual com investidores da Petrobras em 2018. Nele, o presidente da Petrobras discute os principais destaques da companhia no ano, incluindo a redução da dívida líquida, aumento do fluxo de caixa livre e entrega consistente das metas de produção. Além disso, o documento aborda a melhoria da governança corporativa e da gestão de riscos da Petrobras.
- Petrobras held its annual investor day in 2018 to discuss the company's performance and future plans
- The CEO highlighted improvements in safety, debt reduction, cash generation, governance, and exploration successes in recent years
- Executives provided details on ongoing debt management initiatives, production increases, cost savings, and new deepwater project startups
- The company aims to further strengthen its financial position while preparing for a low-carbon future through technology investments and portfolio optimization
O documento fornece informações sobre as atividades e desempenho da Petrobras em 2017, incluindo sua transição para uma economia de baixo carbono, transformação digital, desempenho operacional e financeiro, segurança e saúde dos trabalhadores, e contribuições para a sociedade e meio ambiente. A mensagem do presidente destaca os compromissos da empresa com a sustentabilidade, como investimentos em novas tecnologias de baixo carbono e redução de emissões.
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about future events within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E 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.
Este documento descreve:
1) As previsões contidas na apresentação envolvem riscos e incertezas e não são garantias de resultados futuros.
2) A companhia não se obriga a atualizar previsões com novas informações.
3) Alguns indicadores financeiros não são reconhecidos pelo BR GAAP ou IFRS e não devem ser usados isoladamente.
Apresentação de Pedro Parente no Investor Day Nova YorkPetrobras
Petrobras CEO Pedro Parente presented at an event in New York on October 2, 2017. The presentation included disclaimers about forward-looking statements and non-SEC compliant reserves data. It discussed Petrobras' strengths in deepwater production, integrated operations across Brazil's energy industry, and ongoing work to improve governance, reduce costs and leverage through partnerships and divestments. The Business Plan aims to lower leverage, reduce injury rates, focus capital expenditures, and lower production costs.
Apresentação de Pedro Parente no Investor Day LondresPetrobras
1. The document contains a disclaimer stating that any forward-looking statements are based on estimates and are subject to risks and uncertainties.
2. It then outlines an agenda for a Petrobras Day presentation, including discussing Petrobras at a glance, the oil and gas industry, Brazil's regulatory framework, Petrobras' strengths, recent results, and future planning.
3. The document provides several cautions about non-SEC compliant data and financial measures included in the presentation.
Apresentação de Pedro Parente no Investor Day São PauloPetrobras
1) O documento apresenta avisos sobre previsões e estimativas contidas no material.
2) É informado que termos como "descobertas" não podem ser usados nos relatórios arquivados da companhia segundo as diretrizes da SEC.
3) Há um aviso para investidores norte-americanos sobre indicadores financeiros não reconhecidos pelo BR GAAP ou IFRS.
Este documento apresenta o plano estratégico e de negócios da Petrobras para 2017-2021. O plano visa reduzir custos operacionais em 18% e a dívida líquida da empresa através de parcerias e desinvestimentos. O plano também prevê aumentar a produção de petróleo e gás natural por meio de novos projetos de exploração e produção, principalmente no pré-sal.
Petrobras presents its Strategic Plan for 2017-2021 which focuses on oil and gas production. Key goals include reducing total recordable injury rate by 36% and reducing leverage (net debt to EBITDA ratio) to 1.4 by 2018. The plan prioritizes cost reductions through operational efficiencies, partnerships and divestments. Planned investments total $74.1 billion, with 81% directed towards exploration and production. The plan expects to increase oil and gas production to 3.34 million boe/day by 2021 through development of pre-salt and post-salt assets. Financial measures aim to fund investments without taking on additional net debt over the period.
Strategic Plan and 2017-2021 Business & Management PlanPetrobras
This document outlines Petrobras' strategic plan for 2017-2021. It discusses where the company is currently, with high debt levels and operating costs, and where it wants to be - an integrated energy company focused on oil and gas. The plan details how Petrobras will get there through initiatives like cost reductions, partnerships and divestments, and lower capital expenditures. It establishes metrics to measure success in areas like safety, financial leverage, and production levels. The strategies discussed include optimizing the exploration and production portfolio, increasing efficiency in deepwater production, and strengthening refining and natural gas operations.
Plano Estratégico e Plano de Negócios e Gestão 2017-2021Petrobras
Este documento apresenta o Plano Estratégico e de Negócios da empresa para o período de 2017-2021, com o objetivo de guiar a empresa rumo à sua visão de longo prazo. O plano descreve onde a empresa está atualmente, enfrentando desafios como endividamento e preços baixos de petróleo, e onde deseja chegar, com métricas focadas em segurança e redução da alavancagem. O plano também explica como a empresa pretende alcançar seus objetivos por meio de iniciativas de redução de custos, par
O Conselho de Administração da Petrobras aprovou o Plano de Negócios e Gestão 2015-2019, com objetivos de desalavancagem da companhia e geração de valor para acionistas. O plano prevê reduzir a alavancagem líquida para menos de 40% até 2018 e 35% até 2020, com desinvestimentos de US$ 15,1 bilhões em 2015-2016 e US$ 42,6 bilhões em 2017-2018. A produção total esperada é de 3,7 milhões de barris de óleo equivalente por dia em 2020, com o pré
1) A Petrobras divulgou seus resultados do primeiro trimestre de 2016, apresentando prejuízo líquido de R$ 1,2 bilhão.
2) Os resultados foram impactados negativamente pela queda nos preços do petróleo e câmbio desfavorável.
3) A produção total de petróleo e gás natural da Petrobras no Brasil e no exterior caiu 1% em relação ao trimestre anterior.
PEACE COIN Community Relations Report_EN_2024PEACE COIN
Our Community Relations Report 2024 is now available
We have released the Community Relations Report 2024, "'A Structure for Visualizing the Circulation of Social Capital."
This report provides a clear and concise introduction to the features of PEACE COIN, its future direction, and case studies of communities that have adopted it.
1. RESULTS ANNOUCEMENT
4th Quarter and Fiscal Year 2009 (Brazilian Corporate Law)
Conference Call / Webcast
José Sergio Gabrielli de Azevedo
CEO
March, 24th 2010
1
2. DISCLAIMER
The presentation may contain forecasts about CAUTIONARY STATEMENT FOR
future events. Such forecasts merely reflect the US INVESTORS
expectations of the Company's management.
Such terms as "anticipate", "believe", "expect", The United States Securities and Exchange
"forecast", "intend", "plan", "project", "seek", Commission permits oil and gas companies, in
"should", along with similar or analogous their filings with the SEC, to disclose only proved
expressions, are used to identify such forecasts. reserves that a company has demonstrated by
These predictions evidently involve risks and actual production or conclusive formation tests to
uncertainties, whether foreseen or not by the be economically and legally producible under
Company. Therefore, the future results of existing economic and operating conditions. We
operations may differ from current expectations, use certain terms in this presentation, such as oil
and readers must not base their expectations and gas resources, that the SEC’s guidelines
exclusively on the information presented herein. strictly prohibit us from including in filings with the
The Company is not obliged to update the SEC.
presentation/such forecasts in light of new
information or future developments.
2
3. 2009 RESERVE REPLACEMENT:
17th consecutive year of fully replacing brazilian production
ANP/SPE Criteria
Billion boe
Brazil Reserves International Reserves
14.093 14.169
2.113
0.992
2.124
0.495
0.696
RRI: 110%
0.203
11.969 12.056
0.497 0.493
2008 2009 2008 2009
Oil & NGL Natural Gas Oil & NGL Natural Gas
o 18 years of reserves to production in Brazil, 8 year reserves to production internationally
o Pre-salt discoveries from Espirito Santo Basin contributed with 182 million boe. Estimated reserves
in Santos Basin pre-salt are still under appraisal and therefore not included in proved reserves
o Decrease in international reserves as constitutional changes in Bolivia eliminate reserve recognition
3
4. 2009 PRODUCTION: TRAJETÓRIA SUSTENTADA
PRODUÇÃO SEGUE
DE CRESCIMENTO
Significant production increases in Brazil and internationally
Thous. boed
Oil & Gas Average Total Oil & Natural Gas Average
Production Domestic Production
2,176 2,288
2,526
2,400 317
224 238 321
2,176 2,288 1,855 1,971
2008 2009 2008 2009
National International Oil & NGL Natural Gas
o 6% increase in national oil production from ramp-ups of P-52, P-54 and P-53 and start-up of 5 new
units;
o 6% increase in international production from Akpo and Agbami fields in Nigeria;
o Natural Gas production declined because of reduced demand in Brazil
4
5. PRODUÇÃO 2010 TARGET:
2010 PRODUCTION
Growth from new systems and enhanced recovery
1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER
Natural Gas
TUPI Pilot Heavy oil
EWT Tiro and Sidon Uruguá Tambaú Mexilhão
20 th bpd 100 th. bpd
10 million m3/d 15 million m3/d Pre salt
5 million m3/d
35 th. bpd
Cachalote e EWT Tupi Northeast
Baleia Franca 30 th. bpd
100 th. bpd
3.2 million m3/d
EWT Guará
30 th. bpd
200 71
79
2,100
2,050 2,171 +- 2.5%
2009 Target Difference Difference Target 2010 Projects NEW 2010
2009 Target– Target 2010 – Ajusted postponed TARGET
Production 2009 Target 2009 (BP 09-13)
(BP 09-13)
5
6. DOWNSTREAM:
Strong investments in fuel quality and expansion
Downstream Investments in 2009 Oil Products output (th. bpd)
R$ 17.3 billion 1,823
1,787
153 159
Fuel Quality 65 74
255 243
Complexity 136 143
30%
34% 135
142
New projects*
2% 343 331
9%
Logistics
25%
Others 694 737
Construction in progress (US$ bn)
2008 2009 2008 2009
US$ 11.9 US$ 22.7 Diesel Gasoline LPG Nafta Fuel Oil Jet fuel Others
o 6.2% increase in diesel output and 5% reduction in fuel oil output yoy
o 6 million barrel reduction in diesel imports
○ Acid and ultra-acid oils processing up 178% yoy
○ Comply with more strict environmental standards
○ Start up of Diesel S-50 production in 3 refineries (REDUC, REPLAN and REGAP)
○ 3 new HDT units
6
* Includes Northeast refinery, Comperj, Suape Petrochemical plant and Plangás
7. 2009 CRUDE OIL AND PRODUCT SALES:
Growth in domestic sales and higher export volumes
Oil Products Natural Gas
1,849
1,762 1,810
311
434 492 489
Thous.barrels/day
244 247
211 222 212
364 327 366
753 769 782
4Q08 3Q09 4Q09 4Q08 3Q09 4Q09
Diesel Gasoline LPG Others
o Diesel sales increased with the Brazilian economy recovery (although imports decreased 43%)
o Higher level of gasoline sales due to reduced competitiveness of ethanol
o Reduced levels of natural gas sales due primarily to lower thermoelectric demand
7
8. IMPROVEMENT IN TRADE BALANCE NUMBERS
(Thous. Barrels/day)
Oil Products
2008 2009 Oil
673
705
571
234
549
227
197
152
439 373 102 478 156
397
Exports Imports Net Exports Exports Imports Net Exports
Financial Volume (US$ Million) o Domestic oil production increased 5% and oil
products imports decreased 23% with a volumetric
- US$ 927 + US$ 2,874 surplus of 156,000 barrels per day
22,173 21,246 o Reduction of 43% on Diesel imports due to Diesel
12,327 15,201 Maximization Program
o Improving YoY trade balance by US$ 3.8 billion
2008 2009
Imports Exports
8
9. ENERGY AND BIOFUELS SALES
Biofuels Sales Energy Sales
Thous. boe/day MWatts average
125
93 1,721
1,401
98
74
19 27
2008 2009 2008 2009
Biodiesel Ethanol
o Biofuels sales increased 34% due to minimum percentage of biodiesel in diesel (from 3% to 4%)
o Increase of 23% on Energy sales due to short term sales (balance) higher than 2008
o Auctions to sell short term natural gas surplus
9
10. NATURAL GAS AND ENERGY GENERATION INFRASTRUCTURE
CONSOLIDATION
o Natural Gas logistic and Energy generation
Infrastructure consolidation. Highlights:
o Urucu-Coari-Manaus pipeline and
Gasoduc III – 844 KM and 44.1
MMm3/d NG capacity
o LNG Regasification Terminals:
- Guanabara Bay and Pecém - 27
MMm3/d
o Floating LNG Project (FEED) for Pre-
salt Cluster (Santos Basin)
o Flexibility in the NG supply chain:
o Auctions and bi-lateral agreements
to sell short-term NG supply
(average sales of 4.7 MMm3/d de NG
in 9 auctions)
o Portfolio diversification concluding first
investment cycle
10
11. 2009 COST REDUCTION EFFORTS :
Optimization policies substantially reduced costs
Negotiating Bids
o Rebid of services and equipments for the Northeast Refinery R$ 7 billion CAPEX reduction
o Price renegotiation for 8 FPSO hulls for pre-salt and the FPSOs for Guará and Tupi Northeast Pilots
o Rebid of platforms P-61 e P-63 resulting in cost reduction of US$ 420 million
o Released bids to create domestic rig building industry
Rationalizing Projects
o “Assembly line” of 8 identical pre-salt FPSOs
Optimizing Costs
Bid
o P-56 clone of P-51
o Relocation of FPSO Capixaba from Golfinho Field to the
Whales Park field
Project
Corporate Culture Culture
o R$ 750 million reduction in Corporate Overhead
o 6 thousand suggestions from workforce to reduce costs
11
12. 2009 PRICE IMPACT:
Volatile international oil prices, stable domestic product prices
Petrobras Oil Price (US$/bbl) Brent (US$/bbl) R$/bbl
2009 average
121 250 ARP Petrobras: 157.77
120.00
115
105.46 ARP EUA: 130.06
97 200
100.00
89 100.58
86.13
US$/bbl
80.00 150
75 76.75 75
68
70.24 2008 average
59 64.00
60.00 64.42 55 100
ARP EUA: 194.71
48.68 ARP Petrobras: 176.41
47.95 44
40.00 50
32.23
20.00
0
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09
o Growing crude oil exports benefit from higher crude oil prices, improving quarterly earnings during the year.
Lower discount between benchmark light and Petrobras oil also contributed
o Following long term pricing policy, Petrobras average realization price (ARP) declined less than international
prices, recovering shortfalls experienced in 2008
o Oil product pricing in Brazil continue to converge with international pricing
o Pricing policy contributed to positive refining margins in 2009 (stable revenues, declining costs)
12
13. FULL YEAR 2009 OPERATING INCOME:
Higher income with efficient cost controls
(R$ MILLION)
45,950 (32,408) 32,586 - 46,128
2008 Net Operating COGS Operating 2009
Operating Income (1) Revenue Expenses Operating Income (1)
o Decrease in operating income due to lower oil prices (2008: R$ 149.80; 2009: R$ 104.88) and
lower ARP of oil products (2008: R$ 176.41; 2009: R$ 157.77)
o COGS decrease due to lower lifting cost with government participation and oil and oil products
import price decrease
o Operating expenses were flat despite Marlin Special Participation (R$ 2.065 bi)
13
(1) Operating income before financial result, equity balance and taxes
14. FULL YEAR 2009 NET INCOME:
Small decline, largely from exchange related variations
(R$ MILLION)
178 (5,967) 5,985 (4,992)
32,988 28,982
790
2008 Operating Financial Equity Taxes Minority Interest 2009
Net Income Income Result Income and Employees Net Income
Part.
o The deterioration in the financial results were due to: Real revaluation (2008: depreciated
32%; 2009: appreciated 26%) and increase in debt indexed to the exchange rate
o Increase in equity income reflects better results from petrochemical sector (R$ 682 million)
and international subsidiaries (R$ 127 million)
o Decrease in taxes due to lower income, results increase in units abroad which present
differentiated tax regimes and losses in some subsidiaries
o Negative results in Minority Interest reflect FX gains in debt of consolidated SPE’s
14
15. 2009 CAPITAL STRUCTURE:
Higher leverage due to growing capex
31% R$ Billion 12/31/2009 9/30/2009 12/31/2008
26% Short Term Debt 15.3 10.6 13.9
26%
28% 28%
Long Term Debt 85.1 79.6 50.9
22%
21%
19% Total Debt 100.3 90.2 64.7
Cash and Cash
28.8 30.1 15.9
12% Equivalents
15%
Net Debt 71.5 60.1 48.8
Net Debt/Ebitda 1.2X 1.1X 0.9X
US$ Billion 12/31/2009 9/30/2009 12/31/2008
Total Debt 57.6 50.7 27.7
12/31/2008 6/30/2009 12/31/2009
Net Debt/Net Capt. Short Term Debt/Total Debt
o Debt profile improved with new borrowings: longer tenor, competitive costs and diversified
sources
o Leverage sustained within the target range (25% to 35%)
15
16. DEBT PROFILE IMPROVEMENT
Consolidated debt profile
2007 - R$ 39.74 billion 2009 - R$ 100.33 billion
15%
23%
Short-Term debt
77% Long-Term debt
85%
Debt by maturity (%)
80
70
o Debt increased to financing long-term
73% investments
60 60%
50 o Corportate debt mainly maturing in the
40 Long-Term
30
40% o Average life of debt reached 7.46 years in
20 2009 (in 2008 was 4,21).
27%
Up to 5 years > 08 years
2007 2008 2009
16
17. 2009 CASH FLOWS:
Investments supported by cash flow and incremental debt
R$ Million Jan-Dec 2008 Jan-Dec 2009 4Q09
Cash at the beginning of the 13,071 15,889 30,088
period
Net cash from operating activities 49,952 51,838 13,658
Investments (53,425) (70,280) (19,658)
Net cash flow (3,473) (18.442) (6,000)
Dividend paid (6,213) (15,440) (5,605)
Net cash from financing activities 11,837 47,067 10,080
Cash at the end of the period 15,889 28,796 28,796
Brent (US$/bbl) 97 62 75
FX Rate (R$/USD) 1,84 2,00 1,74
o Net cash from operating activities grew 4% in 2009 despite decrease in commodities price in the
international market
o Increase in investments was supported by additions to debt
o Build-up in cash balances as of year end 2009 (despite advance payment of dividends), undrawn
term loans and stable pricing, will support capex during 2010
17
18. CAPEX SPENDING:
Reflects continued ramp-up of long term plan
Capex 2009 Annual Investment Budget (OAI) 2010
R$ 70.7 billion 25% R$ 88.6 billion
0.6 0.9
3.8
2.6
6.8 6.2
E&P
RTC 8.1
10.5 31.6
G&E 36.7
International
17.4 Distribution
34.0
Others
EBITDA (R$ billion)
57 60
2008 2009
18
19. BUSINESS PLAN 2010 - 2014
INVESTMENT 2010 – 2014 BETWEEN US$ 200 TO US$ 220 BILLIONS:
MONITORING FINANCIAL RATIOS
o Leverage between 25% and 35%
o Net Debt/ EBITDA up to 2.5X
o Investment revenue maintenance in the different segments
RELEVANT ASSUMPTIONS FOR THE PROJECTIONS
o Brent curve – upward trend
o Capitalization – value and timing
o Funding needs for the new Strategic Plan 2010-2014
19
20. INDUSTRY COST OUTLOOK:
New growth trend compared to economy recovery
E&P CAPITAL COST INDEX
E&P OPERATIONAL COST INDEX
DOWNSTREAM CAPITAL COST INDEX.
3Q08
230
4Q08
4Q10
COST INDEX (2000=100)
221
211
3Q08 4Q09
187 201
4Q09 4Q10
1Q09
172 176
170
20
SOURCE: IHS CERA – MARCH 2010
21. BRENT CURVES:
Higher crude Long term oil price guarantee funding requirements
ASSUMPTIONS
Minority shareholders participation in the capitalization (US$ Bn) 15 25
Investments (US$ bn) 200 220
Average Brent Price (US$ bbl) 64 77
Financiability Simulation (Average 2010 - 2014)
Leverage 32% 27%
Net Debt/EBITDA 2.2 1.6
21
22. BUSINESS PLAN 2010 - 2014
Projects approved up to R$ 265 billion which will be present in the
Company’s investment portfolio for the period 2011 – 2014 :
E&P – R$ 163.6 billions RTC - R$ 80.5 billions
G&E - R$ 20.2 billions PBIO - R$ 430 millions
Main Projects:
o Significant investments in the pre salt without divesting in the post salt which
includes self sufficiency maintenance in oil and investments in infrastructure for
the pre salt
o Investments in modernization and expansion of refining in Brazil
o Petrochemical and Fertilizer project developments
o Investment in ethanol pipelines and infrastructure
o Expansion of natural gas infrastructure and LNG investments
o New energy projects
22
23. 2009 and 2010 PRE-SALT:
Accelerating activities in the santos cluster
o EWT currently producing 20 thous. bpd
o 2 wells being drilled: Tupi O/A, North of Guará
o 1 well being drilled for ANP in the North of Iara
o 1 well being completed and evaluated in Guará
and Tupi NE test finished with high productivity
of 30 th. bpd
o During 2010, 11 new wells expect to be drilled in
the pre salt cluster
o Bids in progress:
Parati
Iara
(i) FPSO for Guará pilot
(ii) FPSO for the second pilot in the BM-S-11 (still IracemaTupi NE
being defined)
Tupi O/A
(iii) 8 hulls for the Santos cluster
Tupi
Jupiter
Guará
North
Bem-te-vi Carioca Tupi 660
Tupi
Iguaçu Guará South
Abaré Tupi 646 Wells drilled
Drilling for ANP
Azulão Guarani
Drilling
Caramba Completing / testing
EWT
23
24. CAPITALIZATION UPDATE:
Bills approved in lower house, now before senate
o Only completed after areas defined
o One well drilling, another scheduled
Valuation of
o Appraisal by at least 2 independent
the barrels certification companies
o Future revaluation to ensure fairness Results of
capitalization
o STILL TO BE DETERMINED o Access to 5
Size of o Variables value of the barrels + billion barrels
funding needs + capital structure
capitalization
o Greater
o Board Committee to represent Financial
minority and preferred shareholders
o All shareholders will have equal
strength
Transparency and subscription rights
fairness o Full and Transparent disclosure of all o Participation
relevant information
of all
o All Bills for capitalization and new
shareholders
regulatory regime now passed by in a larger
Lower House
Timing company
o Senate has up to 45 days to approve,
modify or reject the bill. If modified, with more
must reconcile with lower house opportunities
o Completion of Capitalization 60 to 90
days after bill becomes law
24
25. BILL 5941/09 COURSE OF ACTION (CAPITALIZATION):
Fast track procedure since arrival in the Senate
25 days
o Bill is sent to commissions and timeline is open for
amendments 2
o After deadline for amendments the bill shall be voted and sent
to plenary
Arrival in the Senate, Presidential message
appreciation of the bill requesting fast track Subject Voting
and forward1 procedure Art.64 F.C. inclusion process
03/22/10 Up to 35 days 05/06/10
After 45 days, subject is ceased
05/17/10
Appreciation and Up to 10 Returns to the Approval with
amendment days
Lower House amendments
voting
Up to 15
business days
Up to 15
business days Presidential Art 66 FC
Art 66 FC approval Approval
06/04/10 05/27/10
Rejected
Filled
1 Bills sent to commission
2 Amendments are presented in the CCJ
25
26. PETROBRAS MARKET VALUE RECOVERY
US$ billion
12/31/2009
-20.3% 99.6% 13.0% 24.2% 2.8% 14.7%
350
324
300
250
199
200 181 181
154 150
150
100
50
0
Exxon Petrobras Shell BP Chevron Total
450
406
400
350
12/31/2008
300
250
200 160 146 150
150
131
100
100
50
0
o Improvement in outlook contributed for the raise of main oil and gas companies market value
o In 2009, Petrobras had the highest appreciation in Market Cap. among its Peers
26
Source: Bloomberg
27. 2009 CAPEX AND 2010 ESTIMATE
50.000
45.000
40.000
35.000
30.000
US$ MM
25.000 2009
average
without
20.000
Petrobras
2010
15.000 average
without
Petrobras
10.000
5.000
0
*
2009
2010
2009
2010
2009
2010
2009
2010
2009
2010
2009
2010
2009
2010
2009
2010
2009
2010
2009
2010
2009
2010
Source: Evaluate Energy and Company Reports
2010 Petrobras CAPEX , of R$ 88.5 Bi, was converted using FX rate of 1,87 R$/US$ (2010 Petrobras premise). For 2009, preliminary results in
USGAAP – Not audited
27
29. FULL YEAR 2009 SEGMENT RESULTS - E&P:
Lower average oil price reduces operating income
(R$ MILLION)
57,232 (33,093)
5,689 3,050 (1,195) (1,711) 29,972
Jan-Dec/08 Price Effect Cost Effect Volume Effect Volume Effect Operational Jan-Dec/09
Oper. Income on Revenues on COGS on Revenues on COGS Expenses Oper. Income
o Revenue decline from 30% decrease in petroleum price and 44% decrease in gas transfer price
o Higher sales volume due to 5% growth in domestic oil and gas production
o 17% decrease in lifting cost, primarily a reduction in Royalties and Special Participation
contributed to the decrease in COGS
o Increase in operational expenses due to non-recurring charge for adjustment to Special
Participation tax for Marlim field
29
30. FULL YEAR 2009 SEGMENT RESULTS – DOWNSTREAM:
Stable prices and declining COGS lead to turnaround
(R$ MILLION)
2,240 (2,203)
53,457 234 20,482
(28,648)
(4,598)
Jan-Dec/08 Price Effect Cost Effect Volume Effect Volume Effect Operational Jan-Dec/09
Oper. Income on Revenues on COGS on Revenues on COGS Expenses Oper. Income
o Lower export prices and ARP in the domestic market contributed to revenue reduction
o Decrease in downstream COGS reflected: strong reduction in domestic oil and international oil
products acquisition cost as well as lower average inventory costs
o 6% increase in diesel production therefore an import reduction amounting 6 million barrels
o Margin in 2009 of 14%, versus -3% in 2009
30
31. FULL YEAR 2009 SEGMENT RESULTS - GAS AND POWER:
Margins improve, offsetting reduction in demand
(R$ MILLION)
(2,879) 546 1,541
3,388
2,497
(529)
(1,482)
Jan-Dec/08 Price Effect Cost Effect Volume Effect Volume Effect Operational Jan-Dec/09
Oper. Income on Revenues on COGS on Revenues on COGS Expenses Oper. Income
o Revenue decrease due to lower gas sales volume (19% decrease), gas price reduction (7%
decrease) as well as reduced power dispatch
o Higher gross margins (from 11% to 28%) due to lower acquisition costs for gas and electrical
energy
o Ongoing completion of gas infrastructure has led to avoided penalties and higher electricity sales
31
32. FULL YEAR 2009 SEGMENT RESULTS - DISTRIBUTION:
Growing market share leading to higher sales increased earnings
(R$ MILLION)
7,401 (6,786)
(318)
2,035
1,833 (4,887) 4,792
Jan-Dec/08 Price Effect Cost Effect Volume Effect Volume Effect Operational Jan-Dec/09
Oper. Income on Revenues on COGS on Revenues on COGS Expenses Oper. Income
o Decrease in sales price more than offset by increase in sales volume (+13%) and higher
market share following acquisiton of Alvo Distribuidora (2008: 34.9%; 2009: 38.6%)
o Increase in operational expenses due to higher SG&A from increased sales activities
32
33. FULLY YEAR 2009 SEGMENT RESULTS - INTERNATIONAL:
Production growth and better refining margins improve results
(R$ MILLION)
(1,025) 1,146 813
1,452
(1,294)
(2,748) 3,282
Jan-Dec/08 Price Effect Cost Effect Volume Effect Operational Jan-Dec/09
Volume Effect
Oper. Income on Revenues on COGS on COGS Expenses Oper. Income
on Revenues
o Decrease in prices for crude and product sales (petroleum:-15%;gas:-26%) partially offset by
production increase in Agbami ( Start up July 08) and Akpo (Start up March 09)
o Lower acquisition prices and higher refining margins in US and Japan contributed to COGS
decrease
o Reduced losses from devaluation of inventories (-R$ 261mi) and improvement in the
impairment account (2008:-330 mi; 2009:+7mi) explain lower expenses and gains in operating
margin
33