Your SlideShare is downloading. ×

The World Money Show

650

Published on

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
650
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
15
Comments
0
Likes
1
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. PETROBRAS Petróleo Brasileiro S.A. – PETROBRAS The World Money Show February 8, 2007 July, 2006
  • 2. PETROBRAS Forward Looking Statements Disclaimer The presentation may contain forecasts about future events. Such forecasts merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein. The Company is not obliged to update the presentation/such forecasts in light of new information or future developments. Cautionary Statement for US investors The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as oil and gas resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. 1
  • 3. PETROBRAS Typical Deepwater Project: Semi-submersible + FSO Semi-submersible FSO Shuttle Production Platform W.D.: 1.080 m Gas Line to shore Subsea Horizontal Wells Reservoir 2
  • 4. PETROBRAS 2004 / 2006 Growth in Oil Production P - 34 / Jubarte P – 50 / Albacora Leste 60,000 bpd 180,000 bpd December 2006 P – 43 / Barracuda April 2006 150,000 bpd December 04 Piranema 20,000 bpd December 2006 (moving to location) FPSO Capixaba / Golfinho 1,778 100,000 bpd FPSO Marlim Sul P – 48 / Caratinga May 2006 100,000 bpd 150,000 bpd June 04 February 05 1,684 1,493 Δ 12.8% Δ 5.6% 2004 2005 2006 3
  • 5. PETROBRAS Oil and Gas Production – Projects for 2007 4 new platforms will provide additional production capacity of 560,000 bpd FPSO Cidade Vitória (100,000 bopd) Currently being constructed by Saipem in Dubai. It is FPSO Cidade Rio de Janeiro scheduled to start operation May/2007 in the Golfinho Field. FPSO Cidade Rio de Janeiro (100,000 bopd) Converted by Modec in Singapore. Production startup on Jan 9th, 2007 in the Espadarte field. P-54 (180,000 bopd) Under construction in the Jurong shipyard, in Singapore, and in Mauá-Jurong shipyard, in Niterói (Brazil). It will be P-52 operating by October/2007 in the Roncador field. P-52 (180,000 bopd) Under construction in Singapore (Keppel Fels shipyard). and Angra dos Reis (Brazil). It will operate in the Roncador field by December/2007. 4
  • 6. PETROBRAS Petrobras Overview 5
  • 7. PETROBRAS Petrobras: An Investment Grade, Publicly Traded, Major International Oil Company • Incorporated in 1953 as government monopoly for all hydrocarbon activities in Brazil • Originally established as a refinery of imported crude oil • Became net exporter in April 2006 with addition of new oil rig • 60% of total equity capital (common and preferred) is now publicly traded • Government maintains controlling interest with 58% of voting shares • Market cap of $78 billion (June, 12), NYSE Listed, quarterly disclosure in US GAAP • Foreign currency rating of Baa2 with stable outlook, Local currency rating of A2 (4 and 7 notches above sovereign, respectively) Market First Public Crossed the Brazilian Based Auction of Oil Upgraded to $100 billion Brazil Self- Constitution Petrobras Full Investment Pricing for Exploration dollar Market Sufficient in Oil Amended NYSE Listing Deregulation Grade Issuer Crude Oil Areas Cap mark Nov 1995 July 1998 June 1999 August 2000 January 2002 October 2005 2006 April 2006 6
  • 8. PETROBRAS Company Structure Exploration and Downstream Gas and Energy International Production Summary Financials (US$Bn) Income from Operations(3) International For Year Ended 2004 2005 2006 LTM 4% Distribution 2% Net Revenues 38.4 56.3 65.4 (1) EBITDAX 12.4 18.8 22.9 Supply Capex 7.7 10.4 11.9 19% Total Debt 20.9 21.2 19.9 (2) Cash & Cash Equivalents 7.2 10.3 10.7 Net Debt 13.7 10.9 9.2 Total Equity 22.5 32.9 41.9 Total Assets 63.1 78.6 87.0 Net Debt / EBITDAX 1.1 0.6 0.4 Domestic E&P Notes: 75% 1 Includes other expenses, net of US$402mm in 2004, US$899mm in 2005 and US$847mm in June 2006 LTM 2 Includes marketable securities 3 For the 6 month period ended June 30, 2006. Excludes losses in gas and energy, corporate results and eliminations 7
  • 9. PETROBRAS World Class Integrated Public Energy Company Proved Reserves as of Dec 31, 2005 (billion boe) 3Q2006 Oil & Gas Production (thousand boed) 5,000 4,007 3,770 25 22.4 4,000 3,169 20 17.6 1,361 2,559 2,449 3,000 1,348 2,220 2,055 15 12.9 11.9 11.8 11.7 1,092 1,709 10.7 828 1,088 2,000 946 735 276 10 6.9 668 2,646 2,422 3.3 1,000 2,077 1,731 1,779 5 1,503 1,485 1,041 585 503 0 0 il s² l l i PF s BP ta el En ob ba llip l ² ³ il i as BP on l¹ Sh To ta En PF ps lY M ob el tro hi To br on vr so D Sh illi oP nM Pe Y R tro he x ep Ph Ex oc ol D xo C R Pe Oil Gas s on o R ep Ex oc C R on C Market Value as of January 26, 2007 (US$ billions) 2005 Refining Capacity (thousand boed) 5 500 429 8,000 400 6,400 6,000 300 216 210 4,026 156 4,000 2,832 2,708 200 152 2,610 2,195 120 106 105 2,156 2,000 1,233 100 39 524 0 0 il el l al i F l s s as il l i s n BP BP n PF ta En el En ob ot ll ip ob ilip ro ra YP ro Sh Sh To br ev hi lY ob v T M Ph M tro he l on so tr on Ch so oP D RD o Pe C Pe R xx ep ep oc x oc Ex E n R on R Co C Notes: Based on information from company financials and Wall Street research 1 Reflects only those activities relating to the Oil Products business 2 Proforma for acquisition of Burlington Resources 3 Includes revisions on Bolivian reserves 4 Includes volumes added from Unocal acquisition 5 Includes equity in affiliates 6 Based on capacity of wholly owned refineries 8
  • 10. PETROBRAS Upstream Operations Downstream Operations Petrobras Other Reserves (as of 12/31/2005) Exploratory Area (Nov 2005) Refineries Pipelines and Terminals Proved Reserves of 11,775 mmboe 160,500 km2 (Petrobras + Partners) 11 refineries in Brazil 10,048 kilometers of oil pipelines Capacity of 2,156 bpd 9,179 Kilometers of gas pipelines Reserve / Production 15.4 years 186,000 (others) Total operated pipelines: 19,227 km Reserve Replacement of 101.3% Total: 346,500 km2 20 land terminals 23 marine terminals 9
  • 11. PETROBRAS Vertical Integration Comparison Majors Average * 4,793 3,176 2,735 National Oil Companies Average ** 1,579 1,630 4,329 2011: Petrobras New Refinery will add 200 thous. bpd capacity 2,296 2010: Product Sales (thous. bpd) Pasadena Refinery revamp concluded – processing 70 2,114 Refining (thous. bpd) thous. bpd of heavy oil Production (thous. boed) 2,217 3,400 Year 2011 * Majors: BP, Exxon, Total, Royal Dutch Shell, Chevron, Conoco and Repsol-YPF *** 2004 figures, except for Petrobras (2005) ** NOIC: PEMEX, PDVSA, Saudi Amraco, KPC, Pertamina and Sonatrach Source: PIW Intelligence and Petrobras 10
  • 12. PETROBRAS Shareholder Information • Preferred/Common shareholder structure • 60% of the economic value of Petrobras in private hands • Government maintains control w/55% of voting shares • More than 400,000 investors in Brazil and abroad • Current Dividend yield of approximately 3.6%, approximately 30% payout • $2 billion share buyback program recently approved (Preferred shares) 9.5% Foreign 10.9% 20.3% 26.4% 31.2% 31.5% 39,8% 46.4% 10.3% 18.0% 9.9% 8.0% 8.3% 25.1% Bovespa 23.1% 20.7% 20.4% 28,7% 53.6% 61.6% 44.4% 40.6% 40.1% 39.8% Oct/1992 Jul/2000 After Aug/00 After Jul/01 Dec/2003 Sep/06 offering offering Governm ent (1) (%) Bovespa Brazil Bovespa Foreign ADRs Free 46,4 38,4 55,6 59,4 59,9 60,2 Float (1) Includes BNDES / BNDESPAR 11
  • 13. PETROBRAS Upstream Overview 12
  • 14. PETROBRAS Long-Term Record of Increasing Reserves Proven Reserves by Category Worldwide Proved Reserves of Petrobras (Reviewed and Certified by DeGolyer and MacNaughton since 2001) Oil vs. Gas By Depth Assoc. Gas Non-Assoc. Gas 7% 11% 9% 10% 14 23% Oil and Condensate 11.6 11.8 11.7 12 84% 56% 10.5 Year-end BOE (in billiions) 9.6 9.7 Onshore 10 9.2 9.3 8.4 Offshore (0-300m) 8 Offshore (300-1500m) Offshore (>1500m) 6 4 By location By Gravity 2 11% 0 '97 '98 '99 '00 '01 '02 '03 '04 '05 26% 74% 89% Note: Based on SEC method and reflect both Brazilian and international reserves. Brazil > 31o API For 2004 includes Pecom acquisition. International Light < 31o API Heavy/Intermediate 13
  • 15. PETROBRAS Rapidly Growing Production Profile 5,000 A GR C 4,500 7 .4 % 4,546 4,000 1,010 G R 3,493 Thousand boed 3,500 CA 568 3,000 7.9% 724 2,403 551 2,500 234 GR 2,217 2,000 9.6% CA 1,810 2,036 2,020 259 289 1,636 58 246 262 1,565 274 73 68 250 1,405 252 265 1,500 1,238 76 232 1,090 221 1,008 55 885 58 197 1,000 47 179 35 163 152 134 500 716 809 869 1,004 1,132 1,271 1,336 1,500 1,540 1,493 1,684 1,880 2,374 2,812 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006E 2011E 2015E Oil and NGL - Brazil Natural Gas - Brazil Oil and NGL & Natural Gas - International 14
  • 16. PETROBRAS Competitive Cost Structure 2003–2005 Average Finding & Development Costs 2005 Lifting Costs1 ($/boe) ($/boe) 16 15.14 15.06 10.00 9.39 14 8.00 12 6.80 9.62 5.88 10 6.00 5.73 5.54 5.08 8 7.55 7.04 6.81 6.07 4.00 6 2.76 4 2.00 2 0 0.00 Chevron Royal Total BP Petrobras Exxon Average Exxon Chevron Petrobras³ Royal BP Total Average Dutch/ Fina Elf Mobil Mobil Dutch/ Fina Elf Shell² Shell Notes: 1 Per company financials and J.S. Herold. Excludes corporate G&A 2 For the 2002–2004 period 3 Without government participation 15
  • 17. PETROBRAS Lifting Costs including Government Participation 26 70 61,5 56,9 69,6 69,5 51,6 60 21 47,5 61,8 17.5 18.1 50 38,2 17.3 16.1 16 15.2 40 28,8 13.6 13.9 63% 63% US$/boe 24,8 30 62% 10.7 11,0 11,4 11,5 11 10,0 59% 7,7 8,4 9,7 8.5 20 7.0 6,4 57% 6 5,1 10 4,0 6,0 5,4 5,4 6,1 6,3 6,1 6,6 0 3,0 3,4 4,3 1 -10 2002 2003 2004 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 -4 -20 Lifting Cost Gov. Participation Brent • Government participation remained stable due to the stability of the Brent price, FX rate and production. Obs.: Lifting Cost w/ gov. part. series was adjusted (retroactive to 2002) due to new ANP interpretation of the expense deductibility for the Finance Project of Marlim Field, calculated as special participation. 16
  • 18. PETROBRAS Exploration Perspectives 17
  • 19. PETROBRAS Oilfields discovered/defined in 2002-2006 in the Southeastern offshore basins 18
  • 20. PETROBRAS Exploratory Wells 2006-2010 MEQ (13) Solimões (3) Ceará (7) Potiguar (47) SEAL& REC (54) S.Francisco (2) Bahia Sul (43) Esp.Santo (69) TOTAL BRASIL (# wells) = 368 Investments: US$ 4.1 billion Investments: US$ 4.1 billion Campos (62) 65% Petrobras Santos (66) Other Companies Pelotas (2) 19
  • 21. PETROBRAS Downstream Overview 20
  • 22. PETROBRAS Net exports of oil and oil products Exports (thousand bpd) Imports (thousand bpd) 54 thousand bpd volume surplus in the 3Q06 536 564 559 512 519 510 446 424 446 459 409 209 109 442 249 257 269 137 213 105 94 115 88 228 355 450 319 352 344 354 373 233 263 262 267 181 2003 2004 2005 1Q06 2Q06 3Q06 2003 2004 2005 1Q06 2Q06 3Q06 Oil Oil Products Oil Oil Products • Oil exports increase due to scheduled stoppages in refineries with high complexity; • Oil products imports increase due to the seasonal increase in the diesel consumption. 2006 includes ongoing exports 21
  • 23. PETROBRAS Investment Plan – Downstream US$ 23.1 billion in the downstream ...of which US$ 14.2 billion in refining segment… 14% 24% 19% US$ 3.4 US$ 3.2 US$ 2.7 12% US$ 2.8 61% US$ 14.2 US$ 4.4 US$ 3.7 0 3. $ 26% US 13% 31% Refining Expansion Pipelines & Terminals Transport Product Quality Ship Transport Conversion Petrochemical HSE, Maintenance and Other 22
  • 24. PETROBRAS Refining and Sales in the Domestic Market 2,400 95 91 87 88 90 2,200 85 84 82 85 Thousands boed 2,000 80 80 80 80 79 1,800 76 75 76 % 1,600 70 1,803 1,696 1,639 1,696 65 1,637 1,735 1,400 1,647 1,6411,609 1,551 1,666 1,655 60 1,200 55 1,000 50 2001 2002 2003 2004 2005 1H06 Domestic oil products production Oil products sales volume Primary processed installed capacity - Brazil (% ) Domestic crude as % of total 23
  • 25. PETROBRAS Average Realization Price - ARP 100 3Q05 2Q06 3Q06 Average Average Average 81,83 81,78 80 72,43 72,28 70,66 61,54 60 69,62 69,49 60,26 40 ARP Brazil (US$/bbl) Brent Average Price ARP USA (w/ volumes sold in Brazil) 20 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 24
  • 26. PETROBRAS International Overview 25
  • 27. PETROBRAS International - Overview United Kingdom. New York USA Houston Turkey Tokyo Iran Beijing Lybia Mexico Trinidad & Tobago Nigeria Venezuela Colombia Equatorial Guinea Tanzania Singapore Ecuador BRAZIL Angola Mozambique Peru Bolivia Paragay Rio de Janeiro Uruguay Chile HEAD OFFICE Argentina REPRESENTATIVE OFFICE REFINING TRADING EXPLORATION AND PRODUCTION Core areas 26
  • 28. PETROBRAS International Investments Investments in E&P accompanied by growth in refining investments US$ 12.1 billion Distribution by Geographic Area 0,8% 23% 1,7% 0,8% 1,7% 70% will be directed to 2.8 24,8% E&P 33% 2.0 4.0 16% 1,4 3.3 1,4 1,4 70,2% 1,4 28% E&P Refining and Marketing Petrochemical Gas & Energy South America Africa Distribution Corporate 3,1 North America Others(*) (*) Including investments in Angola under consideration 3,1 185 Thous. boed 94 96 383 168 163 2004 2005 2011 Target Oil and NGL Natural Gas 27
  • 29. PETROBRAS Petrobras America First results are very promising with five discoveries and the confirmation of the geological model UNITED STATES New Orleans Houston COULOMB NORTH CASCADE COTTOWOOD CHINOOK ST. MALO DISCOVERIES 2002 - Cascade 2003 - Chinook & St. Malo 2004 - Coulomb North MEXICO 2005 - Cottonwood 2006 - ??? PETROBRAS AMERICA : GOING DEEPER 28
  • 30. PETROBRAS International - Main Projects in West of Africa Start up / Production Peak: AGBAMI: - First oil: 2008 / Peak: 250,000 bpd in 2009 (total) AKPO: - First oil: 2008 / Peak: 175,000 bpd in 2009 (total) Proven reserves (SPE): 249 million bbl 315 37,5% 9% 13% 40% 1,000m 2,000m Production (2005): 8,300 bpd Proven reserves (SPE): 9,1 million bbl 29
  • 31. PETROBRAS Gas and Energy Overview 30
  • 32. PETROBRAS Assumptions – Natural Gas Market in Brazil Natural gas market 140 121.0 121.0 120 up to 20.0 100 34.0 17.7% p.a. up to 30.0 80 Million m3/day 38.6 60 45.4 40 13.5 up to 71.0 20 24.8 48.4 0 7.1 Consumed in 2005 Maximum Demand Potential Supply 2011 2011(*) Thermoplants Industry Other National Production Bolivian Imports LNG * Considers maximal dispatch for every thermoelectric power plant 31
  • 33. PETROBRAS Investment Plan – Natural Gas Main Projects LNG – Liquefied Natural Gas Gasene – Northern Segment Urucu-Coari-Manaus Gas Pipeline NG infra-structure maintenance Southeast Gas Pipeline Network Gasbel Extension Extension of Gasbol Southern Segment (LNG outflow) Construction Existing Under evaluation Northeast Gas Pipeline Network GASBOL US$ 6.5 billion investments in Natural Gas (US$ 4.5 billion in the 2006-2010 BP) 32
  • 34. PETROBRAS PLANGAS – to December/2008 Cacimbas (20 MM m3/d) Peroá (10 MM m3/d) Peroá Lagoa parda Belo Horizonte Vitória Pólo Golfinho ESS-164 ESS- +16.3 MM m3/d (*) Ubu Golfinho + Canapu Pq. Baleias + BC10 Cabiúnas Cabiú Campinas Garoupa ESS-130 ESS- Rio de Janeiro Caraguatatuba Namorado Enchova REDUC Pampo RPBC Platforms from UN-BC and UN-RIO UN- UN- Tambaú Tambaú +6.4 MM m3/d (*) Uruguá Uruguá Mexilhão TOTAL SOUTHEAST: Merluza Merluza - II 40 MM m3/d (BM-S-3/ BM-S-7, (BM- BM- Lagosta SPS-25) SPS- +1.5 MM m3/d (*) (+ 24.2 MM m3/d) (*) Additional to the current supplay 33
  • 35. PETROBRAS Renewable Energy and Biofuels (2007-2011) 2007-2011 Investments 2011 Target Biodiesel Plants Availability of 855 Thous. m3/year Processing 425 Thous. m3/year H-Bio (Bio-Refining) of vegetable oil Alcohol pipelines 3.5 million m3 Ethanol Exports Alcohol Vessel Project Wind Power Additional 240 MW Installed Capacity of Photovoltaic Power Generation from Renewable Sources Other Renewable Energy Sources Investments of US$ 0.7 billion in development of renewable energy sources and biofuels Petrobras currently has 280 MW of renewable energy installed capacity * 2010 Target 34
  • 36. PETROBRAS Financial Considerations 35
  • 37. PETROBRAS Macroeconomic Assumptions Indexes 2007-2011 GDP – World (% pa) – PPP(*) 4.2 GDP – Brazil (% pa) 4.0 FX rate (R$/US$) 2.50 Robustness Brent (US$/bbl) 23.00 Return on Capital Employed (ROCE) (%, real) 16 2006 – 62.00 2007 – 55.00 Brent for funding (US$/bbl) 2008 – 40.00 2009~2011 – 35.00 Linked international market Oil Products Prices prices, without changes in relative prices (*) PPP – purchase power parity 36
  • 38. PETROBRAS Investment Plan BP 2006-10 BP 2007-11 (2007-11 Period) US$ 52.4 billion US$ 87.1 billion 56% 59% 49.3 31.0 1.0 1.0 12.4 2% 1.8 2.3 4.7 3% 2.3 3.3 23.0 26% 2% 24% 7.5 4% 3% 4% 9% 9% E&P Downstream G&E Petrochemical Distribution Corporate Note: Includes International 37
  • 39. PETROBRAS Investment Plan Sources Uses (US$ 99.3 billion) (US$ 99.3 billion) 12.6 12.2 86.7 (*) 87.1 2004-2010 2004-2010 Financing Debt Amortization Cash Flow Capex • Accumulated EVA value generation (2006-2015): US$ 83.4 billion (US$ 53.9 until 2011) 38
  • 40. PETROBRAS Key Financial Debt Ratios Continue to Improve Net Revenues & EBITDAX(1) Net Debt(2) / EBITDAX(1) 75 1.6 65.4 1.4 56.3 1.2 1.1 1.1 50 (US$bn) 38.4 1.0 30.9 (X) 0.8 0.6 22.9 25 18.8 0.6 0.4 11.2 12.4 0.4 0.2 0 0.0 2003 2004 2005 June 2006 2003 2004 2005 June 2006 LTM Net Revenues EBITDAX LTM Debt Levels Net Debt(2) / Net Book Cap 25 60% 21.9 21.2 20.9 19.9 20 50% 44% 38% 13.7 40% (US$bn) 15 12.7 10.9 (%) 9.2 30% 25% 10 18% 20% 5 10% 0 2003 2004 2005 Jun-06 0% Total Debt Net Debt 2003 2004 2005 Jun-06 Notes: 1 Includes other expenses, net of US$732mm, US$402mm, US$899mm, US$847mm respectively for 2003, 2004, 2005, 2006 LTM. 2 Includes marketable securities. 39
  • 41. PETROBRAS E&P– Growth Opportunities with Attractive Capital Costs Crescimento anual da produção Annual Production Growth Planned no período Undeveloped Reserves / Total Reserves (2005) ExxonMobil; 40% Statoil ; 44% Lukoil (2005-14): 4,7% ExxonMobil (2006-10): 4,0% ConocoPhillips (2007-11): 3,0% Total (2006-10): 4,0% Chevron (2005-10): 3,0% 9,0% 60% BP ; 41% Eni (2006-09): 4,0% Lukoil; 34% BP (2005-10): 4,0% ConocoPhillips; 30% Chevron; 30% Repsol (2004-09): 2,6% 8,0% Repsol-YPF; 25% Eni (2009-12): 3,0% 50% RD Shell (2005-09): 1,0% 7,0% PetroChina; 20% Petrobras (2006-11): 7,8% Petrobras (2006-15): 7,5% CNOOC; 50% 6,0% Petrobras; 54% 40% Shell ; 53% Sinopec; 13% Statoil (2006-07): 6,0% Total ; 51% Petrobras (2011-15): 6,9% 5,0% 30% 4,0% 3,0% 20% 2,0% 10% Petrobras had a 55% success ratio on 1,0% exploration wells during 2005 0,0% 0% Note: please noteas informações das companhias estão disponíveis para períodos distintos. that company data planed period for different terms CAGR for the are available Obs.: Favor notar que Source: Evaluate Energy Source: Company Reports Fonte : Relatórios das Companhias E&P Capex/Average Production 2005 –2008 (US$ bbl) 30 Petro-Canada: 14,17 ConocoPhillips: 12,5 Marathon Oil: 12,31 25 CNOOC: 13,19 Imperial Oil: 10,21 Exxon Mobil: 9,54 Chevron: 11,32 Petrochina: 10,2 Sinopec: 10,02 Petrobras*: 8,56 Shell Canada: 26,86 Murphy Oil: 27,75 20 Statoil: 9,89 Total: 9,41 Suncor: 21,65 15 BP: 7,03 10 5 0 * CAPEX e produção ao longo de 2006-2011 Global Oils PETROBRAS CAPEX and2005-2008E Average 2006 -2011 * E&P CAPEX to production production through Source: Merril Lynch estimates based onLynch baseadas nos available data companhias. Fonte: Estimativas do Merrill Companies dados disponíveis das 40
  • 42. US$ million - Pe 50 100 150 200 250 300 350 tr ob ra Market focus s* US$ 326 million * All firm's ADR programs Pe B PETROBRAS tr ob P ra C US$ 242 million s VR (o D rd * in US$ 232 million ár io s) C US$ 227 million VR No D ki (c a A om US$ 212 million Am m m er er on ic ic ) a a US$ 172 million M M ov ov il il* (s er US$ 154 million ie B s H L) P B US$ 153 million ill 2006 daily average ito n Pe C US$ 114 million tr em ob ex ra s US$ 105 million Ta (p To iw re ta an fe l re US$ 100 million Se nc m ia is ic ) on Top ADR: turnover (traded volume) in NYSE du US$ 99 million ct or R D US$ 93 million Sh el l* US$ 90 million El an US$ 87 million Source: Bloomberg 41
  • 43. PETROBRAS Petrobras at a Glance - Results and Perspectives Thank You For more information, visit our website: http://www.petrobras.com.br/ri/english 42

×