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SHARING
PETROBRAS
NEWS
November, 2013 • #40
www.petrobras.com.br/ir

Petrobras participates in the winning
consortium of the Libra auction

HIGHLIGHTS

—

Divestments
The main operations of Petrobras’ Divestments
Program (Prodesin), carried out in September
and October, were: the sale of the participation
in companies in Uruguay, for US$ 17 million to
Shell, and the sale of 100% of Petrobras Colombia shares to Perenco, for US$ 380 million,
Petrobras will continue to be present in Colombia through assets in exploration onshore and
offshore and in distribution.

T

he consortium formed by Petrobras (40%), the Dutch company Shell (20%),
the French company Total (20%), and the Chinese companies CNPC (10%) and
CNOOC (10%), won the 1st Pre-Salt Bidding Round, carried out on October 21 in
Rio de Janeiro by the National Agency of Oil, Natural Gas, and Biofuels (ANP).
The contract will be in the shared production mode, under a production sharing
framework, and establishes a signature bonus of R$ 15 billion to be paid in one
payment, with Petrobras’ participation being R$ 6 billion. In the proposal, the
consortium offered the Brazilian government 41.65% of the profit oil. The proposal
also foresees a minimum percentage of 37% of local content in the exploration
phase, 55% in the development stage for systems with first oil until 2021, and 59%
for those after 2021.
The Libra block is located in ultradeep water in the Santos Basin pre-salt layer,
with an area of 1,547.76 km², and was discovered in 2010. Petrobras believes in
the exploratory success of the block, based on the expertise already developed
and on the projects implemented in the region, which has currently reached a total
production above 330,000 barrels of oil per day.
For us, strategies in the bidding were successful and consolidate our commitment
to invest in exploratory areas in Brazil in order to renewal our portfolio, making
available volumes of oil and natural gas necessary to sustain the future production
curve. In addition, we believe that the integration of expertis and experiences of the
partners will bring important contributions to reach efficient results.

The Dow Jones
Sustainability Index
For the 8th consecutive year, Petrobras is
listed on the Dow Jones Sustainability World
Index, the most important global index of
sustainability, with the highest grade in the
criteria Transparency and Liberations in the
Environment.

2012 Technology Report

Awards
Petrobras has received the Technological
Innovation Award, granted by the National
Oil, Natural Gas, and Biofuels Agency, for
the development of the Water-Oil Subsea
Separation System. The system makes it
possible to separate water and oil at the
bottom of the sea.
We also received the 2013 Transparency Award
for “Open Capital Companies”, sponsored by
the National Association of Finance, Administration, and Accounting Executives (Anefac), in
partnership with other institutions.
In addition, the CEO Graça Foster was placed
first in the ranking of the magazine Fortune
2013, as the most powerful woman executive
outside the United States.

Francisco Stuckert/MME

The 2012 Technology Report is available
on our website (www.petrobras.com.br/ri),
in Portuguese and English. The document
provides Information about Petrobras’
activities and corporate strategies in Research
and Development.

Representatives of the Brazilian government and of the companies that make up the winning
consortium of the Libra auction
Petrobras’ net profit in the first nine
months of 2013 was R$ 17.3 billion

O

Performance shares (NYSE): PBR and PBR/A
(Index number = 100 in 09/30/2003)

1,600

1,200

800

214,92%
170,21%
63,12%

400

0

Sep-03

Sep-05

Sep-07
PBR

Sep-09

PBR/A

Sep-11

Sep-13

Dow Jones

Petrobras ADR’s return (NYSE)
Period

PBR

PBR/A

DJIA

Last 10 years
(09/30/03 to 09/30/13)

170.21%

214.92%

63.12%

Last year
(09/30/12 to 09/30/13)

-32.46%

-24.20%

12.60%

Operating Performance
In thousand barrels of oil equivalent per day

3Q 13

2Q 13

Variation

Total crude oil, NGLs and natural gas production

2,522

2,555

-1%

Total crude oil and NGLs - Brazil

1,924

1,931

–

Output of oil products

2,128

2,138

–

Net exports of crude oil and oil products

-425

-349

22%

Utilization of nominal capacity of refineries
in Brazil

96%

99%

-3%

Domestic crude oil of total feedstock processed

82%

79%

4%

Economic and Financial Figures
In US$ million

3Q 13

2Q 13

Variation

Sales revenues

33,955

35,569

-5%

Gross profit

7,248

9,038

-20%

Operating income*

2,401

5,366

-55%

Net income

1,484

2,996

-50%

Earnings per share

0.11

0.23

50%

Adjusted EBITDA

5,721

8,740

-35%

Market value**

102,753

90,965

13%

Capital expenditures

10,991

11,758

-7%

Net debt

86,542

79,563

9%

Net debt/Adjusted EBITDA

2.87

2.36

22%

Net debt/(net debt + shareholder's equity)

36%

34%

6%

* Net Income before financial results, share of profit of equity-accounted
investments and income taxes. ** Source: Bloomberg.			

ur net profit from January to September
was 29% higher than that in 2012 as
a consequence of the increase in the
operational result and of the lower foreign
exchange impact in our financial result. The
3% higher operational result reflected the
earnings with the sale of assets and the lesser
decreases in scheduled stoppage wells, which
compensated the losses from the price gap.
The adjusted Ebitda in the period reached
R$ 47.4 billion, 14% higher than that of the
same period in 2012.
In the third quarter, our net profit was
R$ 3.4 billion, 45% lower than that of the previous
period, reflecting the lower operational profit,
partially compensated by the better financial
result. The operational result was 51% lower,
impacted by the increase in the import of oil
products and by the higher price gap of these
products, a consequence of the currency
depreciation together with the increase in the
international oil price.
The production of oil and natural gas totaled
an average of 2.5 million boe/day during the
nine-month period, 2% lower than that of the
same period in 2012, in consequence of the
natural decline of the fields, the greater number
of scheduled stoppages in 2013, and the sale of
assets abroad.
On the other hand, the production of oil
products totaled 2.1 million boe/day, 7% higher
than that in the same period in 2012, with
monthly records of processing in July and in
diesel and gasoline production in August. The
demand for diesel in the third quarter was
record.
In the quarter, we maintained the success
of the improvement in operational efficiency
through the Efficiency Improvement Program
(Proef)): an increase of 65,000 barrels/day. The
Divestments Program (Prodesin) evolved with
the announcement of operations in Brazil and
abroad, totaling US$ 4.8 billion in the year-todate, and the Operating Expenses Optimization
Program (Procop) had results above the
predicted amount, with the realization of
R$ 4.8 billion, 122% of the annual target.
The investments from January to September
totaled R$ 69.3 billion, with 55% in Exploration
and Production.
Platform P-55 will begin
operation in December
—

O

Plataform P-55

n October 6, platform P-55 (photo to the side) left the
Rio Grande Shipyard 1 (ERG-1), in Rio Grande do Sul, in
route to the Roncador field in the Campos Basin. It is one
of the units that will begin activities in 2013, contributing to the
sustained increase of oil production in the coming years.
With 52,000 tons, an area of 10,000 m², and a height of 43
meters, it is the largest semi-submersible platform built in Brazil and one of the largest in the world. It generated 5,000 direct
and 15,000 indirect jobs during the construction, with 79% of local
content.
The hull was prepared at the Atlântico Sul Shipyard in Pernambuco, from where it was taken to the ERG-1, where the deck installations were done. The operation which joined the deck and the
hull, called deckmating, was a challenge, considering the weight of
the structure (17,000 tons) and the height to which it was raised
(47.2 meters).
The platform has the capacity to produce 180,000 barrels of oil
and 4 million m³ of gas per day and will stay anchored at a depth
of 1,800 meters, connected to 17 wells. The unit will be operated
by a crew of 100 people.

A Safety and Maintenance
Unit in the Campos Basin

I

n August, we put into operation one more Safety and Maintenance
Unit (UMS) to prolong the useful life of the production platforms,
ensuring the integrity of their marine installations, the safety of
the work force, and the increase of operational efficiency.
The Carapebus City UMS will operate together with the Campos
Basin units for the next five years. It is equipped with a dynamic
positioning system and can be connected to any type of platform.
The total length of the vessel is 180 meters and it can house
533 professionals.

Conclusion of the third
well in Jupiter

T

he drilling of the well Bracuhy, located in block
BM-S-24 in the pre-salt region in the Santos Basin,
has been concluded. This is the third well drilled in the
area of Jupiter, which proved the existence of oil, gas,
e condensate, beginning at a depth of 5,322 meters.

Expansion of onshore
production in the Northeast

W

e are investing in the Northeast region, in two strategic projects, to increase the production of oil and to ensure the flow
of oil produced in the onshore fields in Rio Grande do Norte state.
One of the projects is for the expansion of the system of water
injection in the Canto do Amaro field in Mossoró (RN) - one of the
largest in the country. The other project will facilitate the flow of
the production, interconnecting this field to a processing unit in
Guamaré through an oil pipeline 100 km long. This operation is
scheduled to begin in August 2014.
SPECIAL

Petrobras
commemorates
60 years
—

P

etrobras completed 60 years of existence on October 3.
In a rhythm of growth, our target is to double the current
oil production by 2020, reaching 4.2 million barrels of oil/
day. New platforms will start operating and others are under
construction, in addition to new refineries. When it was created
in 1953, the company produced 2,700 barrels of oil/day, had 170
million barrels of oil in reserves, and one refinery. Today, in Brazil,
2 million barrels of oil are produced daily, and there are 15.7 billion
barrels of oil equivalent in proven reserves and 12 refineries.
“People are what inspire us” was the theme of the advertising
campaign launched to commemorate the 60 years. The objective
was to inspire the public, which is also our source of inspiration.
The campaign had ads on TV and radios, and in newspapers and
magazines, which showed recent achievements and the goals
for the coming years. Virtual environments were also created (on
Facebook and Instagram), which showed contents that could be
shared, such as photos and texts. In the month of our anniversary,
our Facebook page surpassed the mark of one million fans.
In addition, the Neptune Mission was launched, which took the
Brazilian flag and a capsule with messages from Brazilians in a
submarine to the pre-salt region, located at a depth of more than
2,000 meters and 300 kilometers from the coast. More than 55,000
people sent messages. Ten years from now, these messages will
be retrieved.
The Brazilian National Congress also paid tribute, in a formal
session. The presidents of the Senate and the Chamber of
Deputies, Petrobras’ CEO, ministers of state, and other authorities
participated. The speeches stressed the trajectory of the
company and its contribution to the country’s development. A
commemorative stamp was also launched, in partnership with the
Post Office.

#meinspira
Images of the pieces of the advertising campaign for the 60 years and of
the commemorative postal stamp

Formal session at the National Congress

Newsletter published by Petrobras’ Executive Management of Investor Relations • Executive manager: Theodore Helms • Journalist: Orlando Gonçalves Jr. MTb-MA 993 • Collaboration:
Izabel Ramos, Fernanda Bianchini, Daniela Ultra, José Roberto Darbilly and Luan Barbosa (trainee) • Graphic project and desktop publishing: Estúdio Matiz.
Shareholder Service:
Av. República do Chile, 65/Sala 1002 – Centro • Rio de Janeiro – RJ – Brazil • Zip Code: 20031-912
Telephone: +55 21 3224-9916 • Fax: +55 21 2262-3678 • E-mail: acionistas@petrobras.com.br • Site: www.petrobras.com.br/ri

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Edition 40 - Sharing in Petrobras - November/2013

  • 1. SHARING PETROBRAS NEWS November, 2013 • #40 www.petrobras.com.br/ir Petrobras participates in the winning consortium of the Libra auction HIGHLIGHTS — Divestments The main operations of Petrobras’ Divestments Program (Prodesin), carried out in September and October, were: the sale of the participation in companies in Uruguay, for US$ 17 million to Shell, and the sale of 100% of Petrobras Colombia shares to Perenco, for US$ 380 million, Petrobras will continue to be present in Colombia through assets in exploration onshore and offshore and in distribution. T he consortium formed by Petrobras (40%), the Dutch company Shell (20%), the French company Total (20%), and the Chinese companies CNPC (10%) and CNOOC (10%), won the 1st Pre-Salt Bidding Round, carried out on October 21 in Rio de Janeiro by the National Agency of Oil, Natural Gas, and Biofuels (ANP). The contract will be in the shared production mode, under a production sharing framework, and establishes a signature bonus of R$ 15 billion to be paid in one payment, with Petrobras’ participation being R$ 6 billion. In the proposal, the consortium offered the Brazilian government 41.65% of the profit oil. The proposal also foresees a minimum percentage of 37% of local content in the exploration phase, 55% in the development stage for systems with first oil until 2021, and 59% for those after 2021. The Libra block is located in ultradeep water in the Santos Basin pre-salt layer, with an area of 1,547.76 km², and was discovered in 2010. Petrobras believes in the exploratory success of the block, based on the expertise already developed and on the projects implemented in the region, which has currently reached a total production above 330,000 barrels of oil per day. For us, strategies in the bidding were successful and consolidate our commitment to invest in exploratory areas in Brazil in order to renewal our portfolio, making available volumes of oil and natural gas necessary to sustain the future production curve. In addition, we believe that the integration of expertis and experiences of the partners will bring important contributions to reach efficient results. The Dow Jones Sustainability Index For the 8th consecutive year, Petrobras is listed on the Dow Jones Sustainability World Index, the most important global index of sustainability, with the highest grade in the criteria Transparency and Liberations in the Environment. 2012 Technology Report Awards Petrobras has received the Technological Innovation Award, granted by the National Oil, Natural Gas, and Biofuels Agency, for the development of the Water-Oil Subsea Separation System. The system makes it possible to separate water and oil at the bottom of the sea. We also received the 2013 Transparency Award for “Open Capital Companies”, sponsored by the National Association of Finance, Administration, and Accounting Executives (Anefac), in partnership with other institutions. In addition, the CEO Graça Foster was placed first in the ranking of the magazine Fortune 2013, as the most powerful woman executive outside the United States. Francisco Stuckert/MME The 2012 Technology Report is available on our website (www.petrobras.com.br/ri), in Portuguese and English. The document provides Information about Petrobras’ activities and corporate strategies in Research and Development. Representatives of the Brazilian government and of the companies that make up the winning consortium of the Libra auction
  • 2. Petrobras’ net profit in the first nine months of 2013 was R$ 17.3 billion O Performance shares (NYSE): PBR and PBR/A (Index number = 100 in 09/30/2003) 1,600 1,200 800 214,92% 170,21% 63,12% 400 0 Sep-03 Sep-05 Sep-07 PBR Sep-09 PBR/A Sep-11 Sep-13 Dow Jones Petrobras ADR’s return (NYSE) Period PBR PBR/A DJIA Last 10 years (09/30/03 to 09/30/13) 170.21% 214.92% 63.12% Last year (09/30/12 to 09/30/13) -32.46% -24.20% 12.60% Operating Performance In thousand barrels of oil equivalent per day 3Q 13 2Q 13 Variation Total crude oil, NGLs and natural gas production 2,522 2,555 -1% Total crude oil and NGLs - Brazil 1,924 1,931 – Output of oil products 2,128 2,138 – Net exports of crude oil and oil products -425 -349 22% Utilization of nominal capacity of refineries in Brazil 96% 99% -3% Domestic crude oil of total feedstock processed 82% 79% 4% Economic and Financial Figures In US$ million 3Q 13 2Q 13 Variation Sales revenues 33,955 35,569 -5% Gross profit 7,248 9,038 -20% Operating income* 2,401 5,366 -55% Net income 1,484 2,996 -50% Earnings per share 0.11 0.23 50% Adjusted EBITDA 5,721 8,740 -35% Market value** 102,753 90,965 13% Capital expenditures 10,991 11,758 -7% Net debt 86,542 79,563 9% Net debt/Adjusted EBITDA 2.87 2.36 22% Net debt/(net debt + shareholder's equity) 36% 34% 6% * Net Income before financial results, share of profit of equity-accounted investments and income taxes. ** Source: Bloomberg. ur net profit from January to September was 29% higher than that in 2012 as a consequence of the increase in the operational result and of the lower foreign exchange impact in our financial result. The 3% higher operational result reflected the earnings with the sale of assets and the lesser decreases in scheduled stoppage wells, which compensated the losses from the price gap. The adjusted Ebitda in the period reached R$ 47.4 billion, 14% higher than that of the same period in 2012. In the third quarter, our net profit was R$ 3.4 billion, 45% lower than that of the previous period, reflecting the lower operational profit, partially compensated by the better financial result. The operational result was 51% lower, impacted by the increase in the import of oil products and by the higher price gap of these products, a consequence of the currency depreciation together with the increase in the international oil price. The production of oil and natural gas totaled an average of 2.5 million boe/day during the nine-month period, 2% lower than that of the same period in 2012, in consequence of the natural decline of the fields, the greater number of scheduled stoppages in 2013, and the sale of assets abroad. On the other hand, the production of oil products totaled 2.1 million boe/day, 7% higher than that in the same period in 2012, with monthly records of processing in July and in diesel and gasoline production in August. The demand for diesel in the third quarter was record. In the quarter, we maintained the success of the improvement in operational efficiency through the Efficiency Improvement Program (Proef)): an increase of 65,000 barrels/day. The Divestments Program (Prodesin) evolved with the announcement of operations in Brazil and abroad, totaling US$ 4.8 billion in the year-todate, and the Operating Expenses Optimization Program (Procop) had results above the predicted amount, with the realization of R$ 4.8 billion, 122% of the annual target. The investments from January to September totaled R$ 69.3 billion, with 55% in Exploration and Production.
  • 3. Platform P-55 will begin operation in December — O Plataform P-55 n October 6, platform P-55 (photo to the side) left the Rio Grande Shipyard 1 (ERG-1), in Rio Grande do Sul, in route to the Roncador field in the Campos Basin. It is one of the units that will begin activities in 2013, contributing to the sustained increase of oil production in the coming years. With 52,000 tons, an area of 10,000 m², and a height of 43 meters, it is the largest semi-submersible platform built in Brazil and one of the largest in the world. It generated 5,000 direct and 15,000 indirect jobs during the construction, with 79% of local content. The hull was prepared at the Atlântico Sul Shipyard in Pernambuco, from where it was taken to the ERG-1, where the deck installations were done. The operation which joined the deck and the hull, called deckmating, was a challenge, considering the weight of the structure (17,000 tons) and the height to which it was raised (47.2 meters). The platform has the capacity to produce 180,000 barrels of oil and 4 million m³ of gas per day and will stay anchored at a depth of 1,800 meters, connected to 17 wells. The unit will be operated by a crew of 100 people. A Safety and Maintenance Unit in the Campos Basin I n August, we put into operation one more Safety and Maintenance Unit (UMS) to prolong the useful life of the production platforms, ensuring the integrity of their marine installations, the safety of the work force, and the increase of operational efficiency. The Carapebus City UMS will operate together with the Campos Basin units for the next five years. It is equipped with a dynamic positioning system and can be connected to any type of platform. The total length of the vessel is 180 meters and it can house 533 professionals. Conclusion of the third well in Jupiter T he drilling of the well Bracuhy, located in block BM-S-24 in the pre-salt region in the Santos Basin, has been concluded. This is the third well drilled in the area of Jupiter, which proved the existence of oil, gas, e condensate, beginning at a depth of 5,322 meters. Expansion of onshore production in the Northeast W e are investing in the Northeast region, in two strategic projects, to increase the production of oil and to ensure the flow of oil produced in the onshore fields in Rio Grande do Norte state. One of the projects is for the expansion of the system of water injection in the Canto do Amaro field in Mossoró (RN) - one of the largest in the country. The other project will facilitate the flow of the production, interconnecting this field to a processing unit in Guamaré through an oil pipeline 100 km long. This operation is scheduled to begin in August 2014.
  • 4. SPECIAL Petrobras commemorates 60 years — P etrobras completed 60 years of existence on October 3. In a rhythm of growth, our target is to double the current oil production by 2020, reaching 4.2 million barrels of oil/ day. New platforms will start operating and others are under construction, in addition to new refineries. When it was created in 1953, the company produced 2,700 barrels of oil/day, had 170 million barrels of oil in reserves, and one refinery. Today, in Brazil, 2 million barrels of oil are produced daily, and there are 15.7 billion barrels of oil equivalent in proven reserves and 12 refineries. “People are what inspire us” was the theme of the advertising campaign launched to commemorate the 60 years. The objective was to inspire the public, which is also our source of inspiration. The campaign had ads on TV and radios, and in newspapers and magazines, which showed recent achievements and the goals for the coming years. Virtual environments were also created (on Facebook and Instagram), which showed contents that could be shared, such as photos and texts. In the month of our anniversary, our Facebook page surpassed the mark of one million fans. In addition, the Neptune Mission was launched, which took the Brazilian flag and a capsule with messages from Brazilians in a submarine to the pre-salt region, located at a depth of more than 2,000 meters and 300 kilometers from the coast. More than 55,000 people sent messages. Ten years from now, these messages will be retrieved. The Brazilian National Congress also paid tribute, in a formal session. The presidents of the Senate and the Chamber of Deputies, Petrobras’ CEO, ministers of state, and other authorities participated. The speeches stressed the trajectory of the company and its contribution to the country’s development. A commemorative stamp was also launched, in partnership with the Post Office. #meinspira Images of the pieces of the advertising campaign for the 60 years and of the commemorative postal stamp Formal session at the National Congress Newsletter published by Petrobras’ Executive Management of Investor Relations • Executive manager: Theodore Helms • Journalist: Orlando Gonçalves Jr. MTb-MA 993 • Collaboration: Izabel Ramos, Fernanda Bianchini, Daniela Ultra, José Roberto Darbilly and Luan Barbosa (trainee) • Graphic project and desktop publishing: Estúdio Matiz. Shareholder Service: Av. República do Chile, 65/Sala 1002 – Centro • Rio de Janeiro – RJ – Brazil • Zip Code: 20031-912 Telephone: +55 21 3224-9916 • Fax: +55 21 2262-3678 • E-mail: acionistas@petrobras.com.br • Site: www.petrobras.com.br/ri