Edition 33/34 - Sharing in Petrobras - number 4/2009


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Edition 33/34 - Sharing in Petrobras - number 4/2009

  1. 1. Investor Relations • Year IX • # 33/34 Petrobras em Ações Sharing Petrobras news HIGHLIGHTS Dividends in 2009 I The dividends proposed for 2009 totaled Financing US$ 4,565 million. Part of it was already anticipated to stockholders throughout 2009, in the form of interest on own capital, generating and raising funds T a fiscal benefit of US$ 1331 million. he increase of the investments announced in the revision of the Doubling the Candeias plant Business Plan and the challenge of developing the pre-salt region indicate the need for new financing, in spite of the fact that the cash I In March, the construction work to double the Candeias Biodiesel plant in Bahia was flow generated by the operational begun. It is Petrobras’ first unit of commercial activities continues to be the main biodiesel production. The unit will produce source of financing for projects. 217 million liters per year, surpassing the In January 2009, the company current 108 million liters. signed an agreement with the BNDES for financing approximately Production increased 5.1% in 2009 US$ 12.5 billion and obtained I Petrobras’ average production of oil and bridge loans with commercial banks natural gas in Brazil in 2009 was 2,288,000 in the value of US$ 6.5 billion. In barrels of oil equivalent (boe), indicating a growth of 5.1% in relation to the volume February, Petrobras issued US$ 1.5 produced in 2008, which was 2,176,000 billion in global notes in the barrels/day. The exclusive oil production international capital market, which reached the daily average of 1,971,000 barrels will mature in ten years. In July, it and the volume of natural gas produced was reopened this operation, capturing 50,343,000m³/day. an additional US$ 1.25 billion. The fourth largest energy company In April, the company announced in the world the approval of a line of credit with the US Export-Import Bank in the I Petrobras rose from the ninth to the fourth place in the consulting company PFC Energy’s value of US$ 2 billion. In May, ranking of the 50 largest energy companies in Petrobras announced the financing of the world. The criteria took into account the US$ 10 billion, which was settled at the end of last year, from the Chinese market value of the companies in December Development Bank for the period of 10 years. The funding from the BNDES 2009. According to the consultancy, Petrobras’ was settled in July in the value of US$ 25 billion, for the period of 19 years and shares registered an increase of 103% throughout the year, a rate higher than that eight months, and is indexed to the variation in the exchange rate of the achieved by any of the first three companies in American dollar (USD). the ranking. In October, the company issued two tranches, one to mature in ten years and the other to mature in 30 years, which resulted in capturing US$ 4 billion. New undertakings at Petrobras This operation ended the strategy presented at the beginning of the year. I Petrobras has concluded several projects to After that, all the bridge loans obtained from banks in January were cancelled. distribute energy in Brazil. In the state of São In 2009, the volume captured and the operational cash flow totaled Paulo, the Paulínia-Jacutinga Gas Pipline, US$73,415 million, thus financing the investments of US$ 38,665 million. with a transport capacity of 5 million m³/day Based on these values, the company ended the year with its and a length of 93 km, and the Euzébio Rocha Thermoeletric Plant, with an installed capacity five-year investment plan practically financed, using the of 216 MW, were recently inaugurated. In the estimates of oil prices adopted in the Business Plan. state of Amazonas, the Urucu-Coari-Manaus Gas Pipeline, with a total contracted capacity of 5.5 million m³/day, was inaugurated in September 2009. There was also the inauguration of the Southeast-Northeast Integration Gas Pipeline (GASENE), the longest Financing and Pre-salt Laboratory gas pipeline constructed in Brazil in the last ten capturing resources discoveries inaugurated for years, with a transport capacity of 20 million m³/day of natural gas. in 2009 CO2 capture PAGE 2 PAGE 3 PAGE 4
  2. 2. PROFITABILITY Financing and capturing resources in 2009 n 2009, Petrobras’ consolidated net product and the increase in the volume I profit reached US$ 15.5 billion, 12% lower than 2008, reflecting the reduction in the sale prices of oil and oil produced from domestic oil. In 2009, US$ 35,1 billion was invested, mainly in the expansion of products (a fall in the average quotation the future production capacity of oil and of Brent oil), the exchange losses during natural gas in the refineries, aiming at the period in which the company kept the expansion of the capacity and an active net exposure in dollars and improvement of the quality of the fuels the extraordinary expense with special and of the gas pipeline network in the participation. It is worth mentioning country, allowing a better outflow of that, in spite of the lower quotation for production and market demands. oil and oil products, the operational The total reserves at the end of cash flow (EBITDA) increased 5%, the year were 14.865 billion barrels to US$ 28,9 billion. This fact can be of oil equivalent (boe) according to the explained mainly by the reduction in criteria SPE/ANP and 12.143 billion the average unitary costs and by the according to SEC. The reserve replacement decrease in the expenses with imports rate (IRR) was 75% for the SPE and 209% Navio-plataforma FPSO Cidade de São and governmental participations, tied Vicente operando no campo de Tupi na for SEC (the reserve/production ratio for to international prices. Excluding the Bacia de Santos 17 years and 14 years, respectively). The extraordinary expense with the special proven reserves do not reflect the pre-salt participation in the Marlim field, the discoveries in the Santos Basin, which EBITDA reached US$ 33,8 billion, of 156,000 barrels per day, as a result are still being evaluated, but include representing an increase of 8% related of the increase of the total production of 182 million boe from the pre-salt to 2008. oil in the country and the reduction of discoveries in the Espírito Santo Basin. Petrobras’ trade balance in 2009, 23% in the total oil products imported. In 2009, Petrobras’ market value based on the imports and exports of oil Also important was the drop in diesel oil increased 99,6% related to the previous and oil products, presented a surplus imports, due to the lower demand of the year, reaching US$ 199,39 million. Economic and financial figures RESULTS & RETROSPECTIVE In US$ million 2009 2008 Variation In US$ million 2009 2008 Variation (%) (%) Sales of products and services 115,892 146,529 (20.91) Net cash provided by Net operating revenues 91,869 118,257 (22.31) operating activities 24,920 28,220 (11.69) Net income 15,504 18,879 (17.88) Capital Expenditures 35,134 29,874 17.61 Operating Income 21,869 25,294 (13.54) Net debt 40,963 20,624 98.62 Earnings per share 1.77 2.15 (17.67) Total liabilities/shareholder equity(%) 53 51 (0.01) Earnings per ADS 3.54 4.30 (17.67) Market Value 199,358,56 99,889. 08 99,61 EBITDA 28,982 31,083 (6.76) Operating performance ADR´s, Dow Jones, Amex Oil and Brent In thousand barrels of oil equivalent per day 2009 2008 Variação 800 (%) Total crude oil, NGLs and natural gas production 2,526 2,400 5.25 700 Total oil products production 2,223 2,223 – 600 Index 12/31 2005 = 100 Net Exports of crude oil and oil products 156 103 51.46 500 380% Refining and marketing operations (Utilization) 92% 91% 1 400 368% Domestic crude oil of total feedstock processed 79% 78% 1.28 300 200 Petrobras’ ADR’s Return 100 -3% Ibovespa Petrobras PN Petrobras ON - Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Dec-09 10 years 77,9% 182,2% 280,1% 5 years 114,7% 147,9% 156,8% PBR PBR'A Dow Jones 1 year 85,3% 63% 53,7%
  3. 3. SCIENCE AND TECHNOLOGY NEW FRONTIERS Petrobras Confirmation of the potential in the commemorates pre-salt area and new discoveries three years of etrobras’ work to confirm the initial has been found. In the Santos Basin, the Thematic Networks P estimates of the discoveries in the pre-salt area is achieving positive results. The tests carried out until now in existence of another deposit of oil and gas in block BM-S-9, in the pre-salt area, has also been confirmed. he strategy adopted by Petrobras Tupi (a recoverable volume of 5 to 8 billion Also, in the Campos Basin, three T in 2006 for investments in Brazilian universities has proven to be a success. Through 2009, the barrels of oil equivalent – boe), Guará (1.1 to 2 billion boe), and Iara (3 to 4 billion boe), in the Santos Basin, prove this. The discoveries have been announced. In the Barracuda area, two new accumulations were found, with indications of light company invested about R$ 1.8 investments and scheduled activities will oil: one with a recoverable volume of billion in Brazilian research continue, as well as the evaluation of 40 million barrels and the other with 25 and development institutions new deposits. million barrels. Next to the Pampo field, a through the Thematic Networks On another front, the company new production area was discovered, with management model, created to has announced new discoveries in an estimated recoverable volume deal with the contractual obligations different regions off the coast of Brazil. of 25 million barrels. Finally, in the of concession contracts. This initiative In the Sergipe Basin, in the Piranema area, Marimbá field, another new area was has meant a significant change in an accumulation of light oil with an found, also with light oil and a volume of the laboratorial qualification of the estimated volume of 15 million barrels 25 million barrels. partner technological institutions. In the Networks, the first step GAS & ENERGY was to provide the country with a technological park of a world Mexilhão jacket is launched to the sea standard of excellence in the energy area. The model forecasted initially a he first stage of the installation of larger volume of funds for the building of physical infrastructure and for the qualification of human T the Mexilhão Platform (PMXL-1) has been carried out. The jacket – a steel structure that serves as the base of resources. From 2006 to the end the platform and will remain attached to of 2009, about R$ 1 billion was the bottom of the sea – was launched in invested just in this area. the Santos Basin. The operation was car- The Thematic Networks are ried out about 140 km from the coast. dedicated to studying topics Mexilhão will be the country’s directly related to Petrobras’ largest fixed gas platform, with a technological goals, based on its production capacity of up to 15 million Business and Strategic Plans. Since its m³/day of gas – the equivalent of half the creation, the number of topics capacity of the Bolivia-Brazil gas pipeline. installations, with a capacity to generate addressed has grown, and today The final height of the platform, seven megawatts of electricity, three gas there are 50 Thematic Networks, from the seabed to the highest point of turbo-generators, accommodations for bringing together 80 institutions all the modules, will be 227 meters, up to 100 people, and a helipad. This around the country. The objective is equivalent to a 75-storey building. The platform will send gas from the Brazil to be recognized as a world two modules that will be placed on Mexilhão field to the continent, leader in innovation in the sector the jacket weigh a total of 12,000 tons. where a gas treatment unit is being of oil, gas, and energy. They will hold the gas processing constructed. New assets in Chile INTERNATIONALIZTION t the end of 2009, Petrobras tanks for raw materials and finished distribution channels which the A acquired the assets of Chevron Chile SAC, the company that produces and trades Texaco lubricants. products. In addition, it includes an agreement to introduce Petrobras’ brand of lubricants Lubrax into company now owns in that country after also acquiring the assets of Esso Chile Petrolera. The operation involves about the Chilean market, which will make Petrobras began its activities in US$ 12 million and the total it possible to increase its participation in Chile in 2005. Presently, it transference of shareholding control. this segment of the market to 6%. operates 230 service stations The agreement includes a lubricant In this way, the company will there, besides distributing and selling factory in the capital, Santiago, with consolidate its position in the fuel in 11 airports and six distribution the capacity to produce 15,900 m³ per Chilean lubricants market and will terminals, with 16% of the retail market year, and the acquisition of 23 storage expand its opportunities in the different and 7% of the industrial sector’s market.
  4. 4. NEWS PANEL SUSTAINABILITY More awards For the fifth year in a row, Petrobras was the company most desired by the majority of the university students and recent graduates in Brazil in a study by the Companhia de Talentos/TNS. Petrobras was also considered one of the most sustainable oil companies in the world, in a study by the Spanish consulting company Management & Excellence. In the Brazil Intangible Awards, organized by the newspaper Valor Econômico, the company won first place in three categories: Infrastructure, Performance Integrated into Strategic Information Assets, and Brazilian Brand. On another front, Petrobras was among the first three places in the award “The most Admired Companies in Brazil,” in 2009, sponsored by the magazine Carta Capital. The awards won demonstrate recognition of the management and the work carried out by Petrobras. Man working at the biodiesel lab of Petrobras’ Research and Development Center (CENPES) Cleaner fuels in the streets Laboratory T he fleet of urban buses in Curitiba is circulating with S-50 inaugurated for CO2 diesel, supplied by Petrobras, capture and marine with 50 parts per million of sulfur, reducing the emission of particulate monitoring material into the environment. The Petrobras, in partnership with fleets in São Paulo, Rio de Janeiro, the Institute of Spacial Research Fortaleza, Recife, and Belém are also (INPE), inaugurated two receiving S-50 diesel (in the latter laboratories in Cachoeira Paulista, three cities, all the diesel-run vehicles São Paulo, at the end of 2009. The new and not only the buses are supplied research units will work on the with S-50). Other capitals will also development of technologies to reduce receive this new diesel, which is CO2 emissions and to receive, process, cleaner and contributes to the and store satellite data to monitor the improvement of the quality of the air. Brazilian coast in almost real time. In Rio, 15 buses have begun to use One of the laboratories is focusing on the development of chemical looping biodiesel B-20 (a mixture with 20% technology, a promising technique for CO2 capture for later use by Petrobras as biofuel added to common diesel), in a one of the technological options for the reduction of greenhouse gas emissions. project which includes the participation The other laboratory will monitor the Brazilian coast in almost real time. Among of Petrobras Distribuidora. The idea is its uses are the fast detection and accompaniment of the presence of oil, as to evaluate the performance of the well as events such as oceanic fronts and the blooming of algae. It will have the equipment, the economic viability, and first station in the country dedicated to remote marine sensing. Without this the environmental performance of the equipment, it’s necessary to use images from stations abroad, which generates product. Petrobras has been working high operational cost and a delay in the delivering of the images. hard to improve the quality of its fuels. 9 10 Newssheet edited by Petrobras’ Investor Relations Department • Executive Manager: Theodore Helms • Editor: Cláudio Paula MTb-22069/RJ • Colaboration: Bianca Nasser, Camila Ávila (trainee), Liza Albuquerque, Luciana Guilliod, Marcelo Codeco, Michelle Barreto and Orlando Gonçalves • Contact: Petrobras’ Shareholders Department Phones: (55-21) 3224-1540/4914 • Fax: (55-21) 2262-3678 • Address: Av. República do Chile, 65 / Sala 2202-B • Centro – Rio de Janeiro – RJ – BRAZIL – CEP 20031-912 • E-mail: acionistas@petrobras.com.br • Depositary Bank: JPMorgan Chase Bank • JPMorgan Depositary Receipts • 4 New York Plaza, 13th Fl. • New York, NY 10004 • +1 (866) JPM-ADRS (576-2377) Visit our website at www.petrobras.com.br/ir/english