Post on 29-May-2015
description
3rd Quarter 2012 (IFRS) Conference Call/Webcast October 29th, 2012
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 2012 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.
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.
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QUARTER HIGHLIGHTS
FPSO Cidade Anchieta
3
» Net Income of R$5,567 million and EBITDA of R$14,375 million
» Oil production in Brazil of 1,904 kboed (-3% vs. 2Q12) and natural gas of 377 kboed (+4% vs. 2Q12)
» Start up of FPSO Cidade de Anchieta in September 10th
» Current production: 42 kbpd with 3 wells
» Production peak (100 kbpd): March/2013
» Discoveries: Grana Padano (Espirito Santo), Pecém (Ceará), Barra and Moita Bonita (Sergipe Alagoas)
» Record refinery output (2,026 kbpd in 3Q12 vs. 1,886 kbpd in 3Q11)
» Start up of REPAR’s Coking unit
» 7th consecutive year in the Dow Jones Sustainability Index
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Kbpd
Aug-12
2,200
2,150
2,100
2,050
2,000
1,950
1,900
1,850
50
Oct-12 Sep-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Jul-12 Jun-12
Operational
Forecast
*
• Scheduled maintenance: 77 kbpd in 3Q12 vs. 52 kbpd in 2Q12
• Natural decline in 3Q12: 57 kbpd
• 2012 oil production target maintained
1,843
2011
2,110
3Q12
Avarege 1,904
3Q11
Average 1,978
2012
2Q12
Average 1,970
OIL AND NGL PRODUCTION (BRAZIL)
1,993
2,098 2,084
2,001
1,928
1,941
1,940
2,002
1,963 1,968
1,989
1,961 1,960
2,040 2,047
2,003 2,020
2,003
2,069 2,061
DOMESTIC AND INTERNATIONAL PRICES
Diesel Imports Gasoline Imports ARP Brazil ARP USGC
kbpd R$/
bbl
5 Note: (1) Weighted Average Realization Price of Diesel, Gasoline, Naphtha, LPG, Jet Fuel and Fuel Oil
(2) Average Realization Price in United States Gulf Coast, considering the same volumes and products sold in Brazil
• Increasing price differential in 3Q12
• Growing imports
Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12
(1) (2)
LIFTING COST
6 6
22.31 22.47 22.70 26.63 31.15
31.80 37.57 39.03
38.48 38.68
3Q11 4Q11 1Q12 2Q12 3Q12
Lifting Cost Govt Take
• Higher personnel costs
• Increase in workovers
• Lower production
R$/
Bar
rel
69.83
60.04
65.11
54.11
61.73
Confidencial
DOMESTIC OUTPUT OF OIL PRODUCTS
Diesel + Jet Fuel Gasoline LPG Others
3Q12 2Q12 3Q11
Domestic Oil Imported Oil Utilization(%)
Throughput kbpd
Oil products output * kbpd
Refining Cost R$/bbl
* Includes E&P’s LPG production
316 341 385
93% 96% 98%
0
10
20
30
40
50
60
70
80
90
100
0
500
1.000
1.500
2.000
2.500
1,974
1,529
1,927
1,586
1,866
1,550
406 441 439
133147 144
511541 549
2,026 2,008
878 894
1,886
836
3Q12 2Q12 3Q11
8.567.68
9.31
3Q11 2Q12 3Q12
7
• Record operating performance
• Refining Cost: higher personnel costs and scheduled turnarounds
Confidencial
OIL PRODUCTS SALES IN BRAZIL
Diesel + Jet Fuel Gasoline LPG Others
kbpd
+5%
+6.4%
1,050 1,021 1,090
488 557569
235 228232
435 431459
3Q11 2Q12 3Q12
2,208 2,350 2,237
8
• Increase in sales volumes due to economic growth and seasonality
TRADE BALANCE
9
Exports Imports Balance
-315 -180
-10 10
-261
219 144 163
51 44 84
228
195 190
50 31 28 134 172 148
+60%
+14%
-1%
3Q12
-271
2Q12
-170
3Q11
-173
142
3Q12
822
385
2Q12
551
375
2Q12
554
724
3Q11
642
458
341
3Q11
815
316
3Q12
351
Oil Products Gasoline Diesel Others Fuel Oil Oil
-14%
+1%
+57%
kbpd
• Higher sales volumes met with imports
3Q12 vs 2Q12 OPERATING INCOME
2Q12
Operating Income
Sales Revenue COGS SG&A 3Q12
Operating Income
Other Expenses
R$
mill
ion 5,282
5,746
(3,675)(228)
1,475 8,600
10
• Increase in realization prices and lower dry hole expense led to higher operating income
3Q12 vs 2Q12 NET INCOME
R$
mill
ion
(1,346)
3,318
5,838618
(2,268) (593)
5,567
2Q12
Net Income
Operating
Income
Financial
Results
Equity Income Taxes Minority
Interest
3Q12
Net Income
11
• Higher operating income and financial results
3Q12 vs 2Q12 E&P
R$
mill
ion
16,172 312
(937)(1,226)
4131,646 16,380
2Q12Operational
Results
Price Effecton Revenue
Volume effecton Revenue
Average Costeffect in COGS
Volume Effecton COGS
OperationalExpenses
3Q12Operational
Results
12
• Lower production and higher costs were offset by lower dry hole expense
3Q12 vs 2Q12 DOWNSTREAM
R$
mill
ion
(9,968)
3,102
1,402
(891)
(1,899)(397) (8,651)
2Q12Operational
Results
Price Effecton Revenue
Volume Effecton Revenue
Average CostEffect in COGS
Volume Effecton COGS
OperationalExpenses
3Q12Operational
Results
13
• Reduced loss due to product price increases
CAPITAL STRUCTURE
1) Net Debt / (EBITDA 9M12 / 9 X 12)
2) Net Debt / (Net Debt + shareholder’s equity)
3) Includes tradable securities (maturing in more than 90 days) 14
• Increase in cash equivalents due to exchange of guarantees with PETROS
• Funding of € 2 Bi and £ 450 MM in the European market (closed on Oct, 1st)
22% 24% 24% 28% 28%
1.41 1.66 1.61
2.46 2.42
-1,5
-0,5
0,5
1,5
2,5
3,5
4,5
5,5
-20%
-10%
0%
10%
20%
30%
40%
50%
3T11 4T11 1T12 2T12 3T12
Endiv.Líq./Cap. Líquida Div. Líq./EBITDANet Debt/EBITDA1 Net Debt/Net Capitalization2
3Q11 4Q11 1Q12 2Q12 3Q12
R$ Billion 09/30/12 06/30/12
Short-term Debt 15.3 17.6
Long-term Debt 171.2 161.6
Total Debt 186.6 179.2
(-) Cash and cash equivalents 3 52.6 45.9
= Net Debt 133.9 133.2
US$ Billion 09/30/12 06/30/12
Net Debt 66.0 65.9
INVESTMENTS
9M2011 9M2012
R$ 50.8 billion
(US$ 31.1 billion)
R$ 59.8 billion
(US$ 31.1 billion)
E&P Downstream G&E International Distribution Biofuel Corporate
52%
34%
5%
6%
1% 2%
48%
37%
6%
6%
1% 2%
15
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Information:
Investor Relations
+55 21 3224-1510
petroinvest@petrobras.com.br