Financial Results 4 th Quarter 2009. 2 4Q09 Main Highlights Upstream Downstream International Trade...
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Transcript of Financial Results 4 th Quarter 2009. 2 4Q09 Main Highlights Upstream Downstream International Trade...
Financial Results4th Quarter 2009
March 3, 2010
2
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
Content
3
Oct - Dec
553.9%
EBITDA (1)
Total sales
Billion pesos
Net income (loss)
Change
• The net loss decreased by Ps.101.0 billion due to (i) increased sales mainly explained by higher prices of the Mexican crude basket and (ii) a favorable effect in the foreign exchange gain due to the appreciation of the peso against the U.S. dollar.
(1) Earnings before interests, taxes, depreciation and amortization. Excludes IEPS.(2) Convenience translations into US dollars amounts in pesos have been made at the average exchange rate of Ps.
13.0743 = US$1.00 for the fourth quarter of 2009.Numbers may not total due to rounding.
Billion dollars(2)
Income before taxes and duties
264.0 50.8 19.2% 24.1
(31.0) 140.7 171.7 10.8
(117.6) (16.6) 101.0 (1.3)
110.4 181.2 70.8 64.2% 13.9
314.8
2008 2009 2009Oct - Dec Oct - Dec
4Q09 Financial Highlights
85.9%
4
• Crude oil production averaged 2.6 MMbd, a 5.3% decrease, mainly due to the decline of the Cantarell project, which was partially offset by a 10.2% increase in the production of the Ku-Maloob-Zaap project.
Numbers may not total due to rounding.
Production Change
– Crude Oil
• Petroleum Products
• Natural Gas
• Liquid Hydrocarbons
Thousand barrels per day, except natural gas which is in million cubic feet per day
2,729 2,583 (146) -5.3%
7,260 7,009 (251) -3.5%
1,482 1,545 64 4.3%
2008 2009Oct - Dec Oct - Dec
4Q09 Operating Highlights
3,088 2,953 (135) -4.4%
5
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
6
Acquisition of Seismic Information
Upstream: Exploration
4,4306,436
5795,315
4Q08 4Q09
3D (km ) 2D (km )2
• The decrease in 2D seismic data is primarily due to the lack of acquisition in the “Deep Gulf of México” due to the unavailability of vessels.
• In contrast, the increase in higher acquisition of 3D seismic is explained by an increase in activity in the Burgos and Veracruz projects, as well as in the development fields at the ATG project.
Main Discoveries 4Q09
Initial Production
Project Well Crude oil
(Mbd)
Gas (MMcfd)
Crudo Ligero Marino
Xux-1 5.4 24.9
Ku-Maloob-Zaap
Chapabil-1
2.1 1.0
Bellota-Chinchorro
Madrefil-1
5.8 7.6
Holok-Temoa Leek-1 0.3 22.5
Delta del Grijalva Terra-1 7.9 22.3
Burgos Cali-201 0.22 15.9
Trapiche-1
0.04 4.2
Cougar-1 - 7.9
Veracruz Cervelo-1A
- 5.2
7
62% 57%
38% 43%
Oct - Dec 2008 Oct - Dec 2009
1,681 1,472
1,047 1,111
Production Thousand barrels per day
Numbers may not total due to rounding.
Light and Extra-lightHeavy
-5.3%
2,729 2,583
• Total crude oil production decreased 146 Mbd:
– Heavy crude oil production decreased by 12.4%, due to the decline of the Cantarell project, which was partially offset by a 10.2% increase in the production of the KMZ project.
– Production of light and extra-light crude oil increased as a result of the completion of wells at the Delta del Grijalva and Costero Terrestre projects in the Southern region, as well as at the Crudo Ligero Marino project in the Southwestern region.
Upstream: Crude Oil
8
-3.5%
65% 63%
35% 37%
Oct - Dec 2008 Oct - Dec 2009
4,711 4,422
2,550 2,587
7,260
Production(1)
Million cubic feet per day
Non-associatedAssociated
Numbers may not total due to rounding.
7,009
• Natural gas production decreased by 251 MMcfd, due to a decrease of 289 MMcfd in associated gas with high nitrogen content, which is primarily due to the optimization works in the transition zone at the Cantarell project.
• In contrast, non-associated gas production increased by 1.5%, mainly due to the completion of wells in the Burgos project in the Northern region.
Upstream: Natural Gas
(1) Includes nitrogen.
9
186276
2217
89% 94%
11% 6%
Oct - Dec 2008 Oct - Dec 2009
Number of wells completed
ExplorationDevelopment
Numbers may not total due to rounding.
293
• Development wells totaled 276, an increase of 89 wells, primarily due to higher activity at the ATG project.
Upstream: Drilling
40.2%
209
187
10
Main accomplishments during the fourth quarter of 2009
• Completion of four development wells;• 20 major and 13 minor well workovers; and• installation of three well recovery platforms:
Akal-TGP2, TR and Akal-MA.• As of December 31, 2009, the decline rate of the
Akal-Nohoch field remained at 12%.
Cantarell
KMZ
• Completion of three development wells;• 8 major and 14 minor well workovers;• installation of the PB-Ku-H production platform;• installation of 2.1 km of a 24” oil and gas pipeline from
the Maloob-C drilling platform to PB-Ku-H production platform; and
• installation of 0.5 km of a 12” pneumatic-pump gas pipeline for the interconnection of the KMZ-22 line with the Maloob-C drilling platform.
• On December 29, 2009, the KMZ project reached a new maximum historical production level of 881 Mbd.
Upstream: Developments
• Completion of 128 development wells;• 50 major and 114 minor well workovers; and• Implementation of field laboratories.
ATG
11
• A decrease in the decline rate from 38% in the 1H09 to 12% in the 2H09
• Production maintenance
• Pressure increase in the basin´s gas cap
• The productivity has remained stable since July 2009
400
450
500
550
600
650
700
750
800
Ene Feb Mar Abr May J un J ul Ago Sep Oct Nov Dic
Año 2009
Qo
(M
BP
D)
115
120
125
130
135
140
145
150
155
160
165
No
. P
ozo
s A
cti
vos
Qo (MBPD)Número de Pozos Operando
12%
38%
Actions taken in the Akal field affect its dynamic behavior
2800
3000
3200
3400
3600
3800
4000
4200
4400
4600
4800
39815 39845 39875 39906 39936 39967 39997 40027 40058 40088 40119 40149
120
125
130
135
140
145
150
155
160
165
170
Ene Feb Mar Abr May J un J ul Ago Sep Oct Nov Dic
Qo (
Norm
alizada
BP
D/P
ozo)
No. P
ozos A
cti
vos
Numero de Pozos Activos Qo Normalizada AKAL
0%
Upstream: Accomplishments of Cantarell
12
Main accomplishments during the fourth quarter of 2009
• Completion of four development wells;• 20 major and 13 minor well workovers; and• installation of three well recovery platforms:
Akal-TGP2, TR and Akal-MA.• As of December 31, 2009, the decline rate of the
Akal-Nohoch field remained at 12%.
Cantarell
KMZ
• Completion of three development wells;• 8 major and 14 minor well workovers;• installation of the PB-Ku-H production platform;• installation of 2.1 km of a 24” oil and gas pipeline from
the Maloob-C drilling platform to PB-Ku-H production platform; and
• installation of 0.5 km of a 12” pneumatic-pump gas pipeline for the interconnection of the KMZ-22 line with the Maloob-C drilling platform.
• On December 29, 2009, the KMZ project reached a new maximum historical production level of 881 Mbd.
Upstream: Developments
• Completion of 128 development wells;• 50 major and 114 minor well workovers; and• Implementation of field laboratories.
ATG
13
Upstream: Accomplishments of Aceite Terciario del Golfo (ATG)
Other ActivitiesField Labs
• Focus on value generation
• Improve well productivity
• Improved recovery
• Cost Reduction
• Depletion management
Align efforts
Allocation of 10km2 per contractor to develop the area
14
23 26 21
31 29
47
25
64
32
43
25
60
71 7479 77
70 68
56
4640 37 35 35
CompletionNumber
DrillingWells
43 4451 51 50
6153
71 7382
108107
58 546355
39304034 34 34 35
29
201012009
Total: 794 Total: 505
Total: 426 Total: 688
• Change focus to complete vs. drilling
• Horizontal wells
• Fracture design
• Cost reduction
J F M A M J J A S O N D J F M A M J J A S O N D
Upstream: Accomplishments of Aceite Terciario del Golfo (ATG)
(1) Estimado
15
Upstream: Accomplishments of Aceite Terciario del Golfo (ATG)
717
3D sismic (Km2)
Wells drilled
Wells completed
Fractures
Workovers
Artificial Lift
Drilling platforms
505
112
688
364
617
CAPEX (Ps.) 20,764
1,396
ene feb mar abr may jun jul ago sep oct nov dic0
20
40
60
Oil productionMbd
average= 47.8 Mbd
ene feb mar abr may jun jul ago sep oct nov dic0
30
60
90
120
Gas productionMMcfd
average= 88.0 MMcfd
Real 2009 29.5 Mbd
Real 2009 78.8 MMcfd
JAN ------------------------------------------------------------------------ DEC
JAN ------------------------------------------------------------------------ DEC
16
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
17
38% 38%
62% 62%
Oct - Dec 2008 Oct - Dec 2009
471 498
778 817
Crude oil processing Thousand barrels per day
Light Crude
• Total crude oil processing increased by 5.3%, due to reduced maintenance activities, in accordance with a prescribed program.
• Light crude oil and heavy crude oil processing increased by 5.0% and 5.7%, respectively.
• Capacity utilization rate increased to 86.0%, 4.0 percentage points higher than the rate in 4Q08.
Numbers may not total due to rounding.
Heavy Crude
1,249 1,315
5.3%
Downstream:Oil Refining
18
359 370
Oct - Dec 2008 Oct - Dec 2009
3,243 3,403
993 1,088
5.5%
3,448 3,639
Oct - Dec 2008 Oct - Dec 2009
77% 76%
23% 24%
Oct - Dec 2008 Oct - Dec 2009
Dry gas productionMillion cubic feet per day
SweetSour
Numbers may not total due to rounding.
Natural gas liquids productionThousand barrels per day
On-shore natural gas processing Million cubic feet per day
6.0%
4,236 4,491
Downstream:Natural Gas Processing
3.1%
19
27% 26%
20% 22%23% 22%
31% 30%
Oct - Dec 2008 Oct - Dec 2009
396 398
295 346335 338
455 464
Oct - Dec 2008 Oct - Dec 2009
Production of petroleum products Thousand barrels per day
(1) Includes transfers from “La Cangrejera” petrochemical complex.(2) Includes LPG from Pemex-Gas and Basic Petrochemicals and Pemex-Refining, jet fuel, furfural extract, among others.Numbers may not total due to rounding.
• Total production increased by 63 Mbd, primarily as a result of increased production of fuel oil.
Gasoline(1)
DieselFuel OilOthers(2)
Change
1,482 1,545
Downstream:Petroleum Products
4.3%
0.9%
17.3%
0.5%
2.0%
20
Variable refining marginDollars per barrel
Number of franchised gas stationsAs of December 31,
• This decrease is primarily explained by the behavior of crude oil and petroleum prices in the international markets.
• As of December 31, 2009, the number of franchised gas stations was 8,803.
2008 2009
Downstream:Variable Refining Margin and Service Stations
2.331.61
Jan - Dec 2008 Jan - Dec 2009
5.4%
8,351
8,803
-30.9%
21
79% 73%
1% 2%
20%25%
Oct - Dec 2008 Oct - Dec 2009
728510
8
18184
175
920 • This decrease in
petrochemicals production was primarily driven by:
scheduled maintenance activity in plants that produce aromatics and methane derivatives; and
technical problems in the Ammonia VI plant.
Net Petrochemicals Production(1) Thousand tons
Ethylene
Ammonia
Others
(1) Includes refined products.Numbers may not total due to rounding.
Change
Downstream:Petrochemicals Production
703
125.0%-4.9%
-29.9%
-23.5%
22
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
23
88% 83%
12% 17%
Oct - Dec 2008 Oct - Dec 2009
1,179
Volume of crude oil exports(1)
Thousand barrels per day
LightHeavy
Mexican crude mix average price (dollars per barrel):(1) At 60º F.Numbers may not total due to rounding.
Exports distribution100% = Mbd
Far East
2%
84%
9%
5%
-12.0% United States of America
Rest of the Americas
Europe
1,249
1,2491,040
171
209
1,420
1,249
International Trade
70.3745.74
24
8.3%
Petroleum productsThousand barrels per day
Petrochemicals Thousand tons
Dry natural gas Million cubic feet per day
Exports
Source: P.M.I.® except natural dry gas.
Imports
163.2%
-69.0%
-3.1%
30.5%
19.1%
International Trade:Other Products
76201
Oct - Dec 2008 Oct - Dec 2009
137 178
Oct - Dec 2008 Oct - Dec 2009
206 223547 530
198
61397 473
25
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
26
5.5%-25.8% 6.6% 76.8%1.3% 42.5% 204.3%19.2%
Domestic Exports
Sales(
1)
Domestic
Billion pesos
Petro- chem.
Crude, gas & condensates
Petro-leum products
Petro-chem.Exports
Petro-leum products
Petro- chem.
Crude, gas & condensates
(1) Includes revenue from services.
Numbers may not total due to rounding.
314.8
132.9 5.8
140.2 6.2
88.3 0.2
125.8 24.7 0.6
14.0
160.4
162.4
Oct - Dec
Oct - Dec
2008
2009 Dry gas
Income Statement:Sales
16.1
21.7 264.0
151.1
102.5
47.5%
27
+ +
+ +
=
=
General expenses
Cost of sales
Dist. Admin.
Net cost of employees benefits
Sales Costs and operating expenses
Billion pesos
Numbers may not total due to rounding.
213.0
164.8
11.7
8.1
20.6
23.1
Oct - Dec2008
Oct - Dec2009
242.8
264.0 245.3
314.8
195.9 33.1
28.7
Income Statement:Costs and Operating Expenses
20.1%22.7% 30.8% -12.2%
19.2%
28
(16.6)
140.7 (157.3)
6.6
118.915.2
-57.4%
Billion pesos
Other net revenues (expenses)(1)
CFR(2) Income (loss) before taxes & duties
Taxes & duties
(1) Includes subsidiaries and affiliates.(2) Comprehensive financing result. Numbers may not total due to rounding.
Operating income
Net income (loss)
Oct - Dec
Oct - Dec
2008
2009
-24.5% -39.4%
+ + = - =
533.2%
Income Statement:Net Income
(31.0)
35.6
(85.4)
(86.6) (117.6)
18.8
107.7% 85.9%553.9% -
81.5%
29
587
632
27 (18)
128 191
495576
Dec 08 Dec 09
27 15
832968
364
398
Dec 08 Dec 09
Assets
Total Assets:
Change
Liabilities & Equity
Change
Total Liabilities + Equity:
Numbers may not total due to rounding.
Billion pesos
11.6%
9.3%
14.5%
1,237 1,381 1,237 1,381 11.6%
7.7%
16.4%
Other
Current
Fixed
Debt
OthersEquity:
Reserve for Employee Benefits
Consolidated Balance Sheet
-44.4%
49.2%
30
495.5 529.3
91.2 102.6
472.5 503.7
Dic 08 Dic 09
Total debt
Billion pesos
(1) Convenience translations into U.S. dollars amounts in Mexican pesos have been made at the average exchange rate of Ps. 13.0587 = US$1.00 for the quarter ended December 31, 2009.
Numbers may not total due to rounding.
Billion pesos
Long Term
Short Term
• Net debt increased by 6.6%, to Ps. 503.7 billion, or US$38.6 billion.
• Total debt increased by 7.7%, to Ps. 631.9 billon, or US$48.4 billion(1).
Net debt
631.9 6.6%
7.7%
Total and Net Debt
586.7
84% 84%
16% 16%
Dec 08 Dec 09
31
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
32
Appointments
Chief of Staff of the General
Direction
Director General of
Pemex-Refining
Board ofDirectors
January 25,
2010
Changes in the Corporate
Direction of:
Director General of Pemex-Gas and Basic
Petrochemicals
• On January 4, 2010, President Felipe Calderón appointed Jordy Herrera Flores as Director General of Pemex-Gas and Basic Petrochemicals.
• Esteban Levin Balcells became PEMEX’s Corporate Director of Management;
• On December 28, 2009, President Felipe Calderón appointed Miguel Tame Domínguez as Director General of Pemex-Refining.
• On October 29, 2009, PEMEX’s Chief Executive Officer appointed Homero Niño de Rivera Vela as Chief of Staff of the PEMEX General Direction.
Information Technology
and Business Processes
Management
Finance
• Mauricio Abraham Galán Ramírez became PEMEX’s Corporate Director of Information Technologies and Business Processes.
• Carlos Treviño Medina became PEMEX’s Chief Financial Officer; and
33
• There was a public exchange offer of the securities issued by Fideicomiso F/163 for securities issued by Petróleos Mexicanos.
• Petróleos Mexicanos assumed the Master Trust’s obligations pursuant to the terms and conditions of underlying agreements and other documentation relating to the issuance of such bonds.
• The terms and conditions of the securities issued by Fideicomiso F/163 and the Master Trust have not been modified.
Elimination of PIDIREGAS
34
Recent issuances
CreditLines
• During the fourth quarter of 2009, Petróleos Mexicanos obtained US$594 million from credit lines guaranteed by export credit agencies.
CapitalMarkets
• On January 28, 2010, Petróleos Mexicanos issued US$1 billion in bonds due 2020 with a 6.0% semi-annual coupon.
• On February 4, 2010, Petróleos Mexicanos issued approximately Ps.15 billion in domestic bonds (Certificados Bursátiles) divided in three tranches:
• Approximately Ps. 8 billion due 2015 with a TIIE-28 plus 70 basis points coupon;
• Ps. 5 billion due 2020 with a 9.1% semi-annual coupon; and
• Approximately Ps. 2 billion in UDIS due 2020 with a 4.2% semi-annual coupon.
• On February 11, 2010, Petróleos Mexicanos reopened CHF150 million in bonds due 2014 with an annual 3.5% coupon.
35
c
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers