Petrobras Strategic & Business Plan 2009 2013 Otc 20091drihansen
The document provides an overview of Petrobras' strategic and business plan for 2009-2013. Some key points include:
- Total investments of $174.4 billion, with $104.6 billion for E&P focusing on pre-salt reservoirs in Brazil.
- Production targets of 2.4 million boe/day by 2009 and over 5 million boe/day by 2020 through developing major new oil fields.
- Technologies such as deepwater drilling and investments in renewable energy are emphasized.
- International expansion is a goal, with $15.9 billion budgeted for overseas projects and assets.
2030 Strategic Plan and 2014-25018 Business PlanPetrobras
Maria das Graças Silva Foster, CEO of Petrobras, gave a presentation on February 26th, 2014 about Petrobras' 2030 Strategic Plan and 2014-2018 Business Plan. The presentation discussed:
- Revising the strategic plan due to changes in the business environment since 2007 and Brazil's regulatory framework for oil and gas.
- Global trends in supply/demand/prices for oil and natural gas that informed the plan's assumptions.
- Petrobras' views on opportunities in Brazil given pre-salt production growth and new exploration rights.
- Petrobras' strategies for exploration/production, refining/marketing, distribution, gas/energy, biofuels, and international
Material Fact: Petrobras 2030 Strategic Plan and 2014-2018 Business and Manag...Petrobras
Petrobras has approved a new 2030 Strategic Plan and 2014-2018 Business and Management Plan. The plans call for $220.6 billion in investments, with $153.9 billion for exploration and production focused on achieving average production of 4 million barrels per day between 2020-2030. The plans also include expanding refining capacity to 3.9 million barrels per day by 2030. Petrobras expects to fund the plans through operating cash flow, asset sales, debt financing, and partnerships while maintaining its investment grade credit rating.
Apresentação de Pedro Parente no Investor Day LondresPetrobras
1. The document contains a disclaimer stating that any forward-looking statements are based on estimates and are subject to risks and uncertainties.
2. It then outlines an agenda for a Petrobras Day presentation, including discussing Petrobras at a glance, the oil and gas industry, Brazil's regulatory framework, Petrobras' strengths, recent results, and future planning.
3. The document provides several cautions about non-SEC compliant data and financial measures included in the presentation.
Apresentação de Pedro Parente no Investor Day Nova YorkPetrobras
Petrobras CEO Pedro Parente presented at an event in New York on October 2, 2017. The presentation included disclaimers about forward-looking statements and non-SEC compliant reserves data. It discussed Petrobras' strengths in deepwater production, integrated operations across Brazil's energy industry, and ongoing work to improve governance, reduce costs and leverage through partnerships and divestments. The Business Plan aims to lower leverage, reduce injury rates, focus capital expenditures, and lower production costs.
Strategic Plan and 2017-2021 Business & Management PlanPetrobras
This document outlines Petrobras' strategic plan for 2017-2021. It discusses where the company is currently, with high debt levels and operating costs, and where it wants to be - an integrated energy company focused on oil and gas. The plan details how Petrobras will get there through initiatives like cost reductions, partnerships and divestments, and lower capital expenditures. It establishes metrics to measure success in areas like safety, financial leverage, and production levels. The strategies discussed include optimizing the exploration and production portfolio, increasing efficiency in deepwater production, and strengthening refining and natural gas operations.
Strategic Plan 2040 || Business and Management Plan 2019-2023Petrobras
The presentation contains forward-looking statements about future events that are not based on historical facts and are not assurances of future results. Such statements merely reflect the Company’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. The document also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS and may not be comparable to similarly-titled measures provided by other companies.
Petrobras is a fully integrated Brazilian energy company operating across the hydrocarbon chain from exploration and production to distribution. It has significant oil and gas reserves, production, refining capacity, and market share in Brazil. Petrobras' 2013-2017 business plan focuses on capital discipline and performance improvement to maintain an investment grade rating. The plan allocates over $200 billion to upstream projects in Brazil and segments like downstream and gas and power, with the aim of generating $32 billion in savings by 2016 through cost optimization programs.
Petrobras Strategic & Business Plan 2009 2013 Otc 20091drihansen
The document provides an overview of Petrobras' strategic and business plan for 2009-2013. Some key points include:
- Total investments of $174.4 billion, with $104.6 billion for E&P focusing on pre-salt reservoirs in Brazil.
- Production targets of 2.4 million boe/day by 2009 and over 5 million boe/day by 2020 through developing major new oil fields.
- Technologies such as deepwater drilling and investments in renewable energy are emphasized.
- International expansion is a goal, with $15.9 billion budgeted for overseas projects and assets.
2030 Strategic Plan and 2014-25018 Business PlanPetrobras
Maria das Graças Silva Foster, CEO of Petrobras, gave a presentation on February 26th, 2014 about Petrobras' 2030 Strategic Plan and 2014-2018 Business Plan. The presentation discussed:
- Revising the strategic plan due to changes in the business environment since 2007 and Brazil's regulatory framework for oil and gas.
- Global trends in supply/demand/prices for oil and natural gas that informed the plan's assumptions.
- Petrobras' views on opportunities in Brazil given pre-salt production growth and new exploration rights.
- Petrobras' strategies for exploration/production, refining/marketing, distribution, gas/energy, biofuels, and international
Material Fact: Petrobras 2030 Strategic Plan and 2014-2018 Business and Manag...Petrobras
Petrobras has approved a new 2030 Strategic Plan and 2014-2018 Business and Management Plan. The plans call for $220.6 billion in investments, with $153.9 billion for exploration and production focused on achieving average production of 4 million barrels per day between 2020-2030. The plans also include expanding refining capacity to 3.9 million barrels per day by 2030. Petrobras expects to fund the plans through operating cash flow, asset sales, debt financing, and partnerships while maintaining its investment grade credit rating.
Apresentação de Pedro Parente no Investor Day LondresPetrobras
1. The document contains a disclaimer stating that any forward-looking statements are based on estimates and are subject to risks and uncertainties.
2. It then outlines an agenda for a Petrobras Day presentation, including discussing Petrobras at a glance, the oil and gas industry, Brazil's regulatory framework, Petrobras' strengths, recent results, and future planning.
3. The document provides several cautions about non-SEC compliant data and financial measures included in the presentation.
Apresentação de Pedro Parente no Investor Day Nova YorkPetrobras
Petrobras CEO Pedro Parente presented at an event in New York on October 2, 2017. The presentation included disclaimers about forward-looking statements and non-SEC compliant reserves data. It discussed Petrobras' strengths in deepwater production, integrated operations across Brazil's energy industry, and ongoing work to improve governance, reduce costs and leverage through partnerships and divestments. The Business Plan aims to lower leverage, reduce injury rates, focus capital expenditures, and lower production costs.
Strategic Plan and 2017-2021 Business & Management PlanPetrobras
This document outlines Petrobras' strategic plan for 2017-2021. It discusses where the company is currently, with high debt levels and operating costs, and where it wants to be - an integrated energy company focused on oil and gas. The plan details how Petrobras will get there through initiatives like cost reductions, partnerships and divestments, and lower capital expenditures. It establishes metrics to measure success in areas like safety, financial leverage, and production levels. The strategies discussed include optimizing the exploration and production portfolio, increasing efficiency in deepwater production, and strengthening refining and natural gas operations.
Strategic Plan 2040 || Business and Management Plan 2019-2023Petrobras
The presentation contains forward-looking statements about future events that are not based on historical facts and are not assurances of future results. Such statements merely reflect the Company’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. The document also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS and may not be comparable to similarly-titled measures provided by other companies.
Petrobras is a fully integrated Brazilian energy company operating across the hydrocarbon chain from exploration and production to distribution. It has significant oil and gas reserves, production, refining capacity, and market share in Brazil. Petrobras' 2013-2017 business plan focuses on capital discipline and performance improvement to maintain an investment grade rating. The plan allocates over $200 billion to upstream projects in Brazil and segments like downstream and gas and power, with the aim of generating $32 billion in savings by 2016 through cost optimization programs.
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about future events within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E 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.
- Petrobras held its annual investor day in 2018 to discuss the company's performance and future plans
- The CEO highlighted improvements in safety, debt reduction, cash generation, governance, and exploration successes in recent years
- Executives provided details on ongoing debt management initiatives, production increases, cost savings, and new deepwater project startups
- The company aims to further strengthen its financial position while preparing for a low-carbon future through technology investments and portfolio optimization
Petrobras presents its Strategic Plan for 2017-2021 which focuses on oil and gas production. Key goals include reducing total recordable injury rate by 36% and reducing leverage (net debt to EBITDA ratio) to 1.4 by 2018. The plan prioritizes cost reductions through operational efficiencies, partnerships and divestments. Planned investments total $74.1 billion, with 81% directed towards exploration and production. The plan expects to increase oil and gas production to 3.34 million boe/day by 2021 through development of pre-salt and post-salt assets. Financial measures aim to fund investments without taking on additional net debt over the period.
2012-2016 Business Plan with investments totaling US$ 236.5bn (R$ 416.5bn), an average of US$ 47.3bn per year.
The 2012-2016 Business Plan is founded on the integrated management of the projects portfolio of the company, with emphasis on: Recovering the production curve for oil and natural gas; Prioritizing oil and natural gas exploration & production projects in Brazil; Focusing attention on the perfect alignment between the physical and financial targets of each project; and Developing the company’s business opportunities while maintaining sound financial metrics.
Petrobras provides an overview and highlights of its operations in the first half of 2018. Key points include a net income of $17 billion, an 18% increase in operating income, and starting production from the first system in the Transfer of Rights area of the Buzios field. Petrobras also anticipates increasing production through 2022 by starting up 19 new production units and expanding its exploratory portfolio by 31% since 2017. The company aims to reduce debt levels through divestments and maintain its 2018-2022 capex at $74.5 billion, focusing investments on pre-salt areas and projects with higher profitability.
2015-2019 Business and Managment Plan-press-conferencePetrobras
The document outlines Petrobras' 2015-2019 Business and Management Plan which aims to deleverage the company and generate value for shareholders. Key targets include reducing net debt/EBITDA ratio below 3.0x by 2018 and 2.5x by 2020. Investments will be reduced 37% to $130.3 billion with 83% going to exploration and production. Oil and gas production in Brazil is projected to reach 2.8 million boe/day by 2020. Challenges include market volatility, achieving production targets, and successful divestments.
The document provides an operational and financial summary of Petrobras' performance in the 2nd quarter of 2013. It discusses oil and gas production levels, with pre-salt production reaching a record of 326 thousand barrels per day. It also outlines plans for additional production capacity from 4 new systems by the end of the year. The document reviews downstream performance, including increased refining throughput and higher sales of oil products in Brazil, particularly gasoline and diesel. Lifting costs per barrel remained high due to ramp-up of new production units and other factors, but are expected to decrease going forward.
The document summarizes Petrobras' operational and financial results for the 3rd quarter of 2013. It discusses oil and gas production levels remaining stable compared to the previous quarter despite some delays in bringing new production online. It also outlines plans to start up 6 new production units in the 4th quarter that will contribute to growth in 2014. Downstream oil product volumes were largely stable while costs increased due to higher labor costs. Imports of diesel increased to meet seasonal demand while the trade deficit widened due to higher import costs and volumes.
- Petrobras provides an update and adjustments to its 2015-2019 Business and Management Plan.
- Key targets include reducing net debt, lowering net leverage below 40% by 2018 and 35% by 2020, prioritizing oil production in Brazil with a focus on pre-salt layers, and generating value for shareholders through capital discipline.
- Investments are reduced by 37% compared to the previous plan, with most funds going to exploration and production, particularly in pre-salt areas of Brazil. Production is expected to increase through new offshore systems coming online over the next few years.
The document summarizes Petrobras' 1st quarter 2016 results. Net income decreased 123% to a loss of R$1.2 billion due to lower oil prices, weaker demand, and higher financial expenses. Oil and gas production declined 6% to 2.6 million boed. Lifting costs fell 21% in Brazil and 37% abroad. Refining costs decreased slightly. Downstream sales volumes declined 5-8% while refining utilization remained stable. Cash flow from operations fell 2% to US$6 billion. Investments declined 13% to R$15.6 billion.
Petrobras reported financial results for the 4th quarter and full year 2013. Key highlights include:
- Oil and gas production in Brazil declined 2.5% year-over-year to 1,931 kbpd due to delays in new projects coming online.
- Oil product sales increased 4% to 2,383 kbpd due to higher refining output and reduced imports.
- Net income increased 11% to R$34.4 billion driven by higher oil prices and asset sales, partially offset by increased debt expenses.
- EBITDA grew 18% to R$63 billion mainly from price adjustments and lower exploration costs.
- Investments totaled R$104.4 billion, up 24
Chesapeake Energy reported earnings for the fourth quarter of 2019. The presentation includes forward-looking statements and discusses key risks and uncertainties. It outlines Chesapeake's business strategy of financial discipline, profitable growth, and exploration. Key 2019 accomplishments included reducing capex by 30% year-over-year, reducing costs, growing oil production by 30%, and increasing adjusted EBITDAX. Priorities for 2020 include further reducing costs and targeting free cash flow. The presentation provides details on Chesapeake's asset portfolio and 2020 plans across its core regions.
The document provides information on Petrobras' 3rd quarter 2014 conference call, including:
- Operating income decreased 48% from the previous quarter due to write-downs and losses totaling $4.1 billion.
- Net income decreased 38% and EBITDA decreased 27% from the previous quarter.
- Oil production is forecast to be 2,125 thousand barrels per day in 2015, a 4.5% increase from 2014.
- The 2015 CAPEX budget is estimated between $31-33 billion and oil prices are projected between $50-70 per barrel.
The document provides an operational and financial summary of Petrobras' results for the 1st quarter of 2013. Key highlights include:
- Net income of R$7.693 billion and EBITDA of R$16.231 billion.
- Oil production was 1,910 kbpd, down 4% from 4Q2012 due to scheduled maintenance. Three new FPSOs started production.
- Record refining output of 2.149 million barrels per day on April 7th. Oil product sales in Brazil grew 7% year-over-year.
- Exploration expenses decreased from 4Q2012 while 18 wells were written off due to being dry or subcommercial.
This document provides an investor presentation for CF Industries covering summer/fall 2016. It begins with a note regarding non-GAAP financial measures included in the presentation. It then defines various terms used such as EBITDA, adjusted EBITDA, adjusted net earnings, and explains why the company believes these supplemental measures are useful. The document includes sections on the nitrogen market outlook, updates on the company's capacity expansion projects, commentary on North American natural gas supply, cost curves for urea production, and projections for the 2017 North American nitrogen supply landscape. It also notes significant planned urea plant closures announced in China for 2016.
Doing business with Petrobras: Procurement StrategiesPetrobras
Doing business with Petrobras:
Procurement Strategies
Offshore Technology Conference (OTC)
Houston - 2015
Ronaldo M.L. Martins, M.Sc.
Procurement Department
Catalyst Corporate Finance Brazil Oil and Gas 2013Emma Dowson
Recent major oil & gas discoveries in Brazil’s offshore deepwater fields will move the country into the top five producers globally by 2020. Exploration auctions in 2013 will boost M&A activity as international corporates across the supply chain position themselves to benefit from the associated investment.
The document provides an overview of Petrobras, the Brazilian national oil company. Some key points:
- Petrobras operates across the entire hydrocarbon chain from exploration and production to refining and distribution of oil and gas.
- From 2013-2017, Petrobras plans to invest $236.7 billion in projects, with $147.5 billion for exploration and production activities focused on pre-salt reserves off the coast of Brazil.
- New production units coming online in 2013-2014 from pre-salt fields are expected to boost Petrobras' oil production in Brazil to over 2 million barrels per day.
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about future events within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E 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.
- Petrobras held its annual investor day in 2018 to discuss the company's performance and future plans
- The CEO highlighted improvements in safety, debt reduction, cash generation, governance, and exploration successes in recent years
- Executives provided details on ongoing debt management initiatives, production increases, cost savings, and new deepwater project startups
- The company aims to further strengthen its financial position while preparing for a low-carbon future through technology investments and portfolio optimization
Petrobras presents its Strategic Plan for 2017-2021 which focuses on oil and gas production. Key goals include reducing total recordable injury rate by 36% and reducing leverage (net debt to EBITDA ratio) to 1.4 by 2018. The plan prioritizes cost reductions through operational efficiencies, partnerships and divestments. Planned investments total $74.1 billion, with 81% directed towards exploration and production. The plan expects to increase oil and gas production to 3.34 million boe/day by 2021 through development of pre-salt and post-salt assets. Financial measures aim to fund investments without taking on additional net debt over the period.
2012-2016 Business Plan with investments totaling US$ 236.5bn (R$ 416.5bn), an average of US$ 47.3bn per year.
The 2012-2016 Business Plan is founded on the integrated management of the projects portfolio of the company, with emphasis on: Recovering the production curve for oil and natural gas; Prioritizing oil and natural gas exploration & production projects in Brazil; Focusing attention on the perfect alignment between the physical and financial targets of each project; and Developing the company’s business opportunities while maintaining sound financial metrics.
Petrobras provides an overview and highlights of its operations in the first half of 2018. Key points include a net income of $17 billion, an 18% increase in operating income, and starting production from the first system in the Transfer of Rights area of the Buzios field. Petrobras also anticipates increasing production through 2022 by starting up 19 new production units and expanding its exploratory portfolio by 31% since 2017. The company aims to reduce debt levels through divestments and maintain its 2018-2022 capex at $74.5 billion, focusing investments on pre-salt areas and projects with higher profitability.
2015-2019 Business and Managment Plan-press-conferencePetrobras
The document outlines Petrobras' 2015-2019 Business and Management Plan which aims to deleverage the company and generate value for shareholders. Key targets include reducing net debt/EBITDA ratio below 3.0x by 2018 and 2.5x by 2020. Investments will be reduced 37% to $130.3 billion with 83% going to exploration and production. Oil and gas production in Brazil is projected to reach 2.8 million boe/day by 2020. Challenges include market volatility, achieving production targets, and successful divestments.
The document provides an operational and financial summary of Petrobras' performance in the 2nd quarter of 2013. It discusses oil and gas production levels, with pre-salt production reaching a record of 326 thousand barrels per day. It also outlines plans for additional production capacity from 4 new systems by the end of the year. The document reviews downstream performance, including increased refining throughput and higher sales of oil products in Brazil, particularly gasoline and diesel. Lifting costs per barrel remained high due to ramp-up of new production units and other factors, but are expected to decrease going forward.
The document summarizes Petrobras' operational and financial results for the 3rd quarter of 2013. It discusses oil and gas production levels remaining stable compared to the previous quarter despite some delays in bringing new production online. It also outlines plans to start up 6 new production units in the 4th quarter that will contribute to growth in 2014. Downstream oil product volumes were largely stable while costs increased due to higher labor costs. Imports of diesel increased to meet seasonal demand while the trade deficit widened due to higher import costs and volumes.
- Petrobras provides an update and adjustments to its 2015-2019 Business and Management Plan.
- Key targets include reducing net debt, lowering net leverage below 40% by 2018 and 35% by 2020, prioritizing oil production in Brazil with a focus on pre-salt layers, and generating value for shareholders through capital discipline.
- Investments are reduced by 37% compared to the previous plan, with most funds going to exploration and production, particularly in pre-salt areas of Brazil. Production is expected to increase through new offshore systems coming online over the next few years.
The document summarizes Petrobras' 1st quarter 2016 results. Net income decreased 123% to a loss of R$1.2 billion due to lower oil prices, weaker demand, and higher financial expenses. Oil and gas production declined 6% to 2.6 million boed. Lifting costs fell 21% in Brazil and 37% abroad. Refining costs decreased slightly. Downstream sales volumes declined 5-8% while refining utilization remained stable. Cash flow from operations fell 2% to US$6 billion. Investments declined 13% to R$15.6 billion.
Petrobras reported financial results for the 4th quarter and full year 2013. Key highlights include:
- Oil and gas production in Brazil declined 2.5% year-over-year to 1,931 kbpd due to delays in new projects coming online.
- Oil product sales increased 4% to 2,383 kbpd due to higher refining output and reduced imports.
- Net income increased 11% to R$34.4 billion driven by higher oil prices and asset sales, partially offset by increased debt expenses.
- EBITDA grew 18% to R$63 billion mainly from price adjustments and lower exploration costs.
- Investments totaled R$104.4 billion, up 24
Chesapeake Energy reported earnings for the fourth quarter of 2019. The presentation includes forward-looking statements and discusses key risks and uncertainties. It outlines Chesapeake's business strategy of financial discipline, profitable growth, and exploration. Key 2019 accomplishments included reducing capex by 30% year-over-year, reducing costs, growing oil production by 30%, and increasing adjusted EBITDAX. Priorities for 2020 include further reducing costs and targeting free cash flow. The presentation provides details on Chesapeake's asset portfolio and 2020 plans across its core regions.
The document provides information on Petrobras' 3rd quarter 2014 conference call, including:
- Operating income decreased 48% from the previous quarter due to write-downs and losses totaling $4.1 billion.
- Net income decreased 38% and EBITDA decreased 27% from the previous quarter.
- Oil production is forecast to be 2,125 thousand barrels per day in 2015, a 4.5% increase from 2014.
- The 2015 CAPEX budget is estimated between $31-33 billion and oil prices are projected between $50-70 per barrel.
The document provides an operational and financial summary of Petrobras' results for the 1st quarter of 2013. Key highlights include:
- Net income of R$7.693 billion and EBITDA of R$16.231 billion.
- Oil production was 1,910 kbpd, down 4% from 4Q2012 due to scheduled maintenance. Three new FPSOs started production.
- Record refining output of 2.149 million barrels per day on April 7th. Oil product sales in Brazil grew 7% year-over-year.
- Exploration expenses decreased from 4Q2012 while 18 wells were written off due to being dry or subcommercial.
This document provides an investor presentation for CF Industries covering summer/fall 2016. It begins with a note regarding non-GAAP financial measures included in the presentation. It then defines various terms used such as EBITDA, adjusted EBITDA, adjusted net earnings, and explains why the company believes these supplemental measures are useful. The document includes sections on the nitrogen market outlook, updates on the company's capacity expansion projects, commentary on North American natural gas supply, cost curves for urea production, and projections for the 2017 North American nitrogen supply landscape. It also notes significant planned urea plant closures announced in China for 2016.
Doing business with Petrobras: Procurement StrategiesPetrobras
Doing business with Petrobras:
Procurement Strategies
Offshore Technology Conference (OTC)
Houston - 2015
Ronaldo M.L. Martins, M.Sc.
Procurement Department
Catalyst Corporate Finance Brazil Oil and Gas 2013Emma Dowson
Recent major oil & gas discoveries in Brazil’s offshore deepwater fields will move the country into the top five producers globally by 2020. Exploration auctions in 2013 will boost M&A activity as international corporates across the supply chain position themselves to benefit from the associated investment.
The document provides an overview of Petrobras, the Brazilian national oil company. Some key points:
- Petrobras operates across the entire hydrocarbon chain from exploration and production to refining and distribution of oil and gas.
- From 2013-2017, Petrobras plans to invest $236.7 billion in projects, with $147.5 billion for exploration and production activities focused on pre-salt reserves off the coast of Brazil.
- New production units coming online in 2013-2014 from pre-salt fields are expected to boost Petrobras' oil production in Brazil to over 2 million barrels per day.
Brazil oil & gas. m&a update. spring 2013. norgestion mergers allianceNORGESTION
Brazil is on the verge of an energy boom as major oil and gas discoveries will make it one of the top five global producers by 2020. State-owned Petrobras is investing $225 billion in energy projects to meet its goal of doubling oil production, benefiting both local suppliers and international corporations who provide expertise. Three new auction rounds in 2013 covering 289 exploration blocks will boost M&A activity as companies look to position themselves in Brazil's growing market. Common strategies used by international corporations include joint ventures and acquisitions to ensure they meet local content regulations and gain approval to supply Petrobras.
2013 Results, 2030 Strategic Plan and 2014-25018 Business PlanPetrobras
- The document discusses Petrobras' 2013 results, 2030 strategic plan, and 2014-2018 business plan. It provides key highlights from 2013 including a 6% increase in operating income and 11% increase in net income. EBITDA increased 18% to R$63 billion.
- Exploration and production activities led to 16.6 billion boe in proven reserves. Oil and gas production levels declined slightly in 2013 but cost optimization programs helped boost efficiency.
- Investments totaled R$104.4 billion in 2013, up 24% over 2012, focusing on expanding pre-salt production and downstream segments.
Presidente José Sergio Gabrielli de Azevedo. Apresentação para The Brazil-Tex...Petrobras
The document discusses Petrobras, a Brazilian oil and gas company. It outlines Petrobras' strategy to become a more integrated energy company through large investments between 2010-2014. This includes expanding oil and gas production, refining capacity, and downstream assets like pipelines and petrochemical plants. Petrobras also discusses its leadership in deepwater drilling and major pre-salt oil discoveries off the coast of Brazil.
The document summarizes Braskem's 4Q13 and full year 2013 earnings conference call. It discusses several key points:
- Braskem reported 4Q13 EBITDA of $521 million, a 20% increase over 4Q12 recurring EBITDA, driven by recovery in petrochemical spreads and the Brazilian real depreciation.
- For full year 2013, Braskem's EBITDA grew 22% to $4.8 billion reais and 11% to $2.2 billion in US dollars terms over 2012. Growth was supported by higher sales volumes and recovery in international spreads.
- Construction of Braskem's integrated petrochemical project in Mexico continues to advance
The document discusses recent developments in Brazil's oil and gas industry:
- Petrobras confirmed pre-salt operations remain economically viable despite low oil prices due to optimized costs.
- Petrobras reaffirmed its 2016 investment target of $19 billion and later reduced its 2015-2019 investment plan by $32 billion to $98.4 billion, focusing more investments on pre-salt areas.
- The government created a program to promote the oil and gas supply chain and reduce costs, and the industry is asking the government for incentives to continue investments.
Mercer Capital's Value Focus: Energy Industry | Q3 2020 | Region Focus : BakkenMercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
The document summarizes Petrobras' 2015-2019 Business and Management Plan. Key points include:
- The plan aims to reduce leverage below 40% by 2018 and 35% by 2020 through $15.1 billion in divestments in 2015-2016 and $42.6 billion in 2017-2018.
- Total investments of $130.3 billion are allocated mainly to exploration and production (83%), focusing on pre-salt fields.
- Production targets were updated to reflect project delays, with total oil and gas production projected to reach 3.7 million boed by 2020, over 50% from pre-salt.
- The plan also aims to reduce manageable operating costs through optimization and productivity measures.
Edition 41 - Sharing in Petrobras - March/2014Petrobras
- Strategic Plan: horizon 2030
- 2014-2018 Business and Management Plan
- Declaration of commerciality in Transfer of Rights areas
- Libra Consortium
- Capital raising abroad
- 2013 net income was R$ 23.6 billion
- Oil and natural gas output expected to rise 7.5% in 2014
- Record in the pre-salt: 412,000 barrels/day
- Rising output at Cascade and Chinook
- New regasification terminal in Bahia
- Petrobras returns to F1 with Willians Martini Racing
- Cenpes turns 50
- Ultra-low sulfur gasoline launched in Brazil
BP reported its second quarter 2019 results. Underlying replacement cost profit was $2.8 billion, up from $2.4 billion in the previous quarter. Underlying operating cash flow was $8.2 billion. Production was 3.8 million barrels of oil equivalent per day. BP is advancing its energy transition strategy through investments in low carbon businesses such as biofuels, solar development, and venturing while maintaining cost and capital discipline.
Permian reported strong 2Q earnings growth from increased production and higher prices. While commodity prices remain volatile, ExxonMobil's sustained investments have driven leading US tight oil growth and increased US refining capacity to meet recovering demand. ExxonMobil continues to advance large-scale carbon capture and storage projects to provide energy and reduce emissions.
Petrobras reported its financial results for the 1st quarter of 2015. Net income was R$5.3 billion, a 1% decrease from the same period last year. Higher oil production from the pre-salt fields and lower costs partially offset factors such as lower oil prices, a stronger dollar, and lower oil product sales in Brazil. Operational highlights included setting new monthly oil production records from the pre-salt and starting up new production systems. For 2015, Petrobras expects total oil and gas production of 2.8 million boe/day and plans investments of US$25-26 billion to be funded through cash flow and debt rollovers.
The document discusses the challenges facing Petrobras, Brazil's state-owned oil company. It notes that Petrobras has suffered huge losses in recent years due to mismanagement, corruption, and falling oil prices. The company's debt levels have risen dramatically and it faces threats to its revenue. The new business plan aims to cut costs through asset sales, reducing investments and focusing only on oil and gas exploration. However, the company still faces risks from high extraction costs for pre-salt oil and potential long-term reduction in oil demand and prices. Diversification away from oil into other areas like biofuels may be needed for the company's long-term survival.
BP reported its financial results for the first quarter of 2019, with an underlying replacement cost profit of $2.4 billion. Operational highlights included major project final investment decisions, carbon reduction initiatives such as a $100 million Upstream Carbon Fund, and marketing growth through new retail sites. Financial results reflected a lower price environment versus the previous quarter as well as turnaround and divestment impacts, while cash flow remained resilient.
Oil And Gas Supporting Activities Global Market Report 2018SainathMuntha1
North America was the largest region in the oil and gas supporting activities market in 2017, accounting for around 28% of the total market. Sample report: https://www.thebusinessresearchcompany.com/sample.aspx?id=86&type=smp
BP reported $2.3 billion in underlying replacement cost profit for 3Q 2019, down from $2.8 billion in 2Q 2019 due to lower oil and gas prices and production impacts from adverse weather. Cash flow from operations was $6.5 billion for the quarter. BP continues to advance its strategy and energy transition, announcing partnerships to expand electric vehicle charging infrastructure in China and the UK, while growing its solar development business. Production from major projects start-ups and expansion of low carbon businesses supported the company's long-term strategy and financial framework.
bp reported its third quarter 2020 financial results. Brent oil prices were 45% higher compared to the second quarter, while bp's refining marker margin was 5% higher. bp's underlying replacement cost profit was $0.1 billion for the third quarter, compared to a loss of $6.7 billion in the previous quarter, driven by higher oil prices and improved refining margins. Net debt fell to $40.4 billion due to a cash inflow of $0.6 billion. bp expects 2020 upstream production excluding Rosneft to be lower than 2019 and organic capital expenditure to be around $12 billion.
Similar to Presentation to Analysts: 2030 Strategic Plan and 2014-2018 Business Plan (20)
Plano Estratégico 2040 || Plano de Negócios e Gestão 2019-2023Petrobras
Este documento descreve a jornada da companhia até o momento, suas ambições para o futuro e os planos para alcançá-las. A companhia busca reduzir custos, dívida e riscos, enquanto aumenta a produção, rentabilidade e investimentos em novas áreas, como renováveis. Seus principais objetivos incluem reduzir acidentes, dívida e aumentar retorno sobre capital empregado.
Apresentação Investor Day, São Paulo, 2018Petrobras
O documento apresenta as informações da reunião anual com investidores da Petrobras em 2018. Nele, o presidente da Petrobras discute os principais destaques da companhia no ano, incluindo a redução da dívida líquida, aumento do fluxo de caixa livre e entrega consistente das metas de produção. Além disso, o documento aborda a melhoria da governança corporativa e da gestão de riscos da Petrobras.
O documento fornece informações sobre as atividades e desempenho da Petrobras em 2017, incluindo sua transição para uma economia de baixo carbono, transformação digital, desempenho operacional e financeiro, segurança e saúde dos trabalhadores, e contribuições para a sociedade e meio ambiente. A mensagem do presidente destaca os compromissos da empresa com a sustentabilidade, como investimentos em novas tecnologias de baixo carbono e redução de emissões.
Este documento descreve:
1) As previsões contidas na apresentação envolvem riscos e incertezas e não são garantias de resultados futuros.
2) A companhia não se obriga a atualizar previsões com novas informações.
3) Alguns indicadores financeiros não são reconhecidos pelo BR GAAP ou IFRS e não devem ser usados isoladamente.
Apresentação de Pedro Parente no Investor Day São PauloPetrobras
1) O documento apresenta avisos sobre previsões e estimativas contidas no material.
2) É informado que termos como "descobertas" não podem ser usados nos relatórios arquivados da companhia segundo as diretrizes da SEC.
3) Há um aviso para investidores norte-americanos sobre indicadores financeiros não reconhecidos pelo BR GAAP ou IFRS.
Este documento apresenta o plano estratégico e de negócios da Petrobras para 2017-2021. O plano visa reduzir custos operacionais em 18% e a dívida líquida da empresa através de parcerias e desinvestimentos. O plano também prevê aumentar a produção de petróleo e gás natural por meio de novos projetos de exploração e produção, principalmente no pré-sal.
Plano Estratégico e Plano de Negócios e Gestão 2017-2021Petrobras
Este documento apresenta o Plano Estratégico e de Negócios da empresa para o período de 2017-2021, com o objetivo de guiar a empresa rumo à sua visão de longo prazo. O plano descreve onde a empresa está atualmente, enfrentando desafios como endividamento e preços baixos de petróleo, e onde deseja chegar, com métricas focadas em segurança e redução da alavancagem. O plano também explica como a empresa pretende alcançar seus objetivos por meio de iniciativas de redução de custos, par
O Conselho de Administração da Petrobras aprovou o Plano de Negócios e Gestão 2015-2019, com objetivos de desalavancagem da companhia e geração de valor para acionistas. O plano prevê reduzir a alavancagem líquida para menos de 40% até 2018 e 35% até 2020, com desinvestimentos de US$ 15,1 bilhões em 2015-2016 e US$ 42,6 bilhões em 2017-2018. A produção total esperada é de 3,7 milhões de barris de óleo equivalente por dia em 2020, com o pré
1) A Petrobras divulgou seus resultados do primeiro trimestre de 2016, apresentando prejuízo líquido de R$ 1,2 bilhão.
2) Os resultados foram impactados negativamente pela queda nos preços do petróleo e câmbio desfavorável.
3) A produção total de petróleo e gás natural da Petrobras no Brasil e no exterior caiu 1% em relação ao trimestre anterior.
Este documento resume os resultados financeiros da empresa no 4o trimestre e exercício de 2015. Apresenta dados sobre receita, custos, lucros, investimentos e produção. Destaca o fluxo de caixa positivo de R$15,6 bilhões em 2015, após anos negativos, e o EBITDA ajustado 25% maior que 2014. Contém também detalhes sobre impairment de ativos.
The document provides results highlights for Petrobras' 3rd quarter 2015. Key points include:
- Oil, natural gas, and NGL production increased 1% compared to the previous quarter.
- Free cash flow was R$3.8 billion for the quarter.
- Net income declined significantly to a loss of R$3.8 billion due to higher exchange rate losses on foreign debt and higher legal contingencies.
- Domestic oil product sales volumes increased slightly while oil product exports declined.
Confira destaques das nossas operações e resultados financeiros.
O Fact Sheet da Petrobras é uma publicação anual que consolida as informações relativas ao exercício fiscal. Nele você pode conferir o Perfil da Companhia, as Vantagens Competitivas, os Resultados Financeiros Consolidados, os Dados Operacionais e a Responsabilidade Social e Ambiental. Nossa Atuação Internacional também está presente no documento, assim como o Plano de Negócios da Petrobras e a Performance de nossas ações na Bovespa e em Nova Iorque (NYSE).
Check out highlights of our operations and financial results.
Petrobras’ Fact Sheet is an annual publication that consolidates the information relative to the fiscal year. In it, you can find the Company’s Profile, Competitive Advantages, Consolidated Financial Results, Operating and Social and Environmental Responsibility Data. The document also features our International Operations, as well as Petrobras’ Business Plan and the Performance of our shares at Bovespa and New York (NYSE).
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UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
2. 2
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 2014 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.
DISCLAIMER
4. 4
2030 Strategic Plan
• Created in: 2013
• Drivers: changes in regulatory framework in Brazil – new
Transfer of Rights and Production Sharing Agreement
Regimes, growth in US shale gas and tight oil production
and 2008 world economic crisis.
• 17 year horizon: growth in oil production beyond 2020
demands, on top of the 2013 exploratory potential, the
incorporation of areas acquired in the new bids
(concession and PSA)
Petrobras Strategic Plan: Recent History
Main Drivers for the Revision of 2013 Planning 2030 Vision
2005 2006
2006
Pre-Salt’s Discovery:
Lula (Jul)
2008
First Oil: Pre-Salt
Jubarte EWT (Sep)
2009
First Oil – Santos Pre-Salt:
Lula EWT (May)
2014
Pre-salt’s production record:
407 thous. bpd (Feb)
2011
Libra’s discovery
2013
Pre-salt: 300 th. bpd only
7 years after discovery*
2007 2008 2009 2010 2011 2012 2013 2014
2020 Strategic Plan
• Created in: 2007
• Drivers: pre-salt’s discovery and growth of oil
products market in Brazil.
• 13 year horizon: strategies defined to 2020, based
on 2007’s exploratory potential, not considering
future bid rounds.
2013
Libra Auction (Oct)
First PSA Auction
2007
Last Offshore
Areas Bid
2010
Law 12.276: Transfer of Rights
Law 12.304: PPSA
Law 12.351: PSA
*GOM=17 years,
Campos B.=11 years,
North Sea=9 years
2008
Shale Gas – Beginning of US
Shale Gas production
growth
2008
World Economic Crisis
Brent drops to US$ 34.00/bbl
2013
Tight Oil – production
reaches 2.3 million bpd
5. 5
50
60
70
80
90
100
110
120
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Demand Projection and Expected Decline of
World Oil Production
Supply challenges
NewProjects
Current
Production
2020
Total23.1MMbpd
101.5 MM bpd
78.4 MM bpd
WorldLiquidsDemand(MMbpd) World Oil Supply x Demand: 2013-2020
Economic feasibility of future oil production
224
514
1.558
1.593
1.118
453
824
1.012
231
1.209
1.358
29
365
486
938
960
1.032
977
814
2.069
1.233
1.377
2.727
0 500 1000 1500 2000 2500 3000 3500
Europe Others
Caspian
Russia and East Europe
North Sea
Asia Others
Australia
China
Middle East Others
Saudi Arabia
Iran
Iraq
EUA (Alasca)
Canadá
México
EUA (Golfo do México)
Canadá Oil Sands
EUA (Onshore)
Africa Others
North Africa
West Africa
Latin Am. Others
Venezuela
Brazil
Production volumes from new projects (thousand barrels per day)
Latam
5.337
Africa
3.859
North Am.
3.810
Middle East
3.809
Asia
2.394
Europe + FSU
3.888
Total 23.1 MM bpd
Source: Wood Mackenzie Data - Global Oil Supply Tool (May/2013), developed by Petrobras, save for
Brazil data, for which the source is Petrobras’ internal estimates (Jul/2013).
Tight Oil Contribution
(382 Mbpd)
2020 Production Volume from New Projects with production start up
from 2013 on according to WoodMackenzie
6. 6
2030 Strategic Plan Assumptions
Brent and Henry Hub Natural Gas Prices
Petrobras’ assumptions on Brent price within the most conservative range of market projections.
Petrobras’ projection for Henry Hub natural gas prices is close to the average of long term’s projections.
2013 2014 2015-2017 2018-2030
US$ 107/bbl US$ 105/bbl US$ 100/bbl US$ 95/bbl
Oil prices in US$/bbl (2010 – 2030)
* Projections: AIE (Nov/2013), PIRA (May/2013) ,
WoodMackenzie (March/2013), IHS (Jul/2013), AEO (April/2013).
0
1
2
3
4
5
6
7
8
9
10
11
12
2003
2006
2009
2012
2015
2018
2021
2024
2027
2030
HenryHubNat.GasPricesinUS$/MMBtu
(2014US$)
* Projections: IEA/DOE (June/2012), PIRA (Jan/2013) and CERA
(Oct/20123), Barclays Capital (Nov/2012)
Henry Hub Natural Gas Prices in US$/MMBtu
Petrobras
2013 2014 2015-2017 2018-2030
3.51 US$/MMBtu 4.00 US$/MMBtu 4.60 US$/MMBtu 5.88 US$/MMBtu
Projections*
7. 7
INTERNATIONAL
DISTRIBUTION
NATURAL GAS,
ENERGY and
GAS-CHEMICAL
BIOFUELS
To produce on average 4.0 million barrels of oil per day in the 2020-2030 period, under
Petrobras’ ownership in Brazil and abroad, acquiring exploration rights to meet this objective
To maintain the leadership in the domestic market for fuels, increasing the value added and
the preference for Petrobras’ brand
To add value to the businesses of the natural gas chain, ensuring the monetization of the
gas from the Pre-salt and Brazil’s land basins.
To keep the growth in biofuels, ethanol and biodiesel, alongside the domestic market for
gasoline and diesel
RTMP
To supply the Brazilian oil products market, reaching a refining capacity of 3.9 million bpd, to
match domestic market demand
Perform E&P activities, focusing on oil and gas exploration in Latin America, Africa and USA
E&P
E&P
Petrobras’ Strategy: Choices of an Integrated Energy Company
8. 8
Source: Petrobras – Dec/2013 – E&P-CORP
Oil and NGL production scenarios in Brazil
Petrobras and Estimators: 2013, 2020 to 2035
2020-2030 Average
Millionbpd
Brazil’s Average Oil Production 2020-2030: 5.2 million bpd
Petrobras Vision*
In 2035, according to estimators, Brazil’s oil production will range from 4.7 to 6.6 million barrels of oil per day.
International Energy Agency places Brazil as the 6th largest oil producer in 2035.
Source: AIE 2013, DOE 2013, WoodMackenzie 2013, IHS - CERA 2013 (The use of this content was authorized in advance by IHS.
Any further use or redistribution of this content is strictly prohibited without a written permission by IHS. All rights reserved).
Estimator
Brazil’s Oil Production
2020-2030 Average
Brazil’s Oil Production
2035
1. Petrobras - Brazil* 5.2 million bpd Outside SP 2030 horizon
2. DOE 5.0 million bpd 6,6 million bpd
3. WoodMackenzie 4.9 million bpd 5,4 million bpd
4. CERA 4.4 million bpd 4,7 million bpd
5. AIE 5.4 million bpd in 2025 6,0 million bpd
2035
1.
2.
3.
4.
* Brazil’s production according to Petrobras’s view and reasoning, considering different paces
for the bid rounds put forward by the Government (Petrobras’ view today, 2013, up to 2030).
9. 9
4,2
Petrobras Big Choice for the E&P segment
4 million bpd average production: 2020 to 2030, Brazil and Abroad
Petrobras chooses to be a company with a potential production capacity of 4 million bpd in its activities
in Brazil* and abroad, maximizing profitability.
Petrobras Average Production in Brazil* and Abroad
2020-2030: 4.0 million bpd
Average 2020-2030
Millionbpd
Petrobras Average Production in
Brazil* 2020-2030: 3.7 million bpd
Average Oil Production in Brazil*
Petrobras + Third Parties + Government 2020-2030:
5.2 million bpd
Petrobras Average
Production in Brazil* and
Abroad 2013-2020:
3.0 million bpd
Petrobras Average Production
in Brazil* 2013-2020:
2.9 million bpd
* Brazil’s production according to Petrobras’s view and reasoning, considering different paces
for the bid rounds put forward by the Government (Petrobras’ view today, 2013, up to 2030).
10. 10
Brazil: Oil and NGL Production x Oil Products Demand
Refining Expansion Aligned with the Domestic Market Growth
OBS: Additional throughput capacity from PROMEGA (by/2016): +165 thousand bpd (existing refineries) + 30 thousand bpd (RNEST).
PROMEGA: Its goal is to increase diesel, jet fuel and gasoline production from the existing refineries, based on the increase in the capacity and efficiency of the processing units
millionbpd
PROMEGA
Increase in Capacity by 195 th. bpd
Average Oil Production in Brazil*
Petrobras+Third Parties+ Government 2020-
2030: 5.2 million bpd
Average Demand for Oil Products in Brazil
2020-2030: 3.4 million bpd
Oil Products Self-sufficiency:
Total throughput = Total demand
Petrobras Average Oil Production in
Brazil 2020-2030:
3.7 million bpd
Volumes Self-sufficiency:
Oil production = oil products consumption
Petrobras Average Oil Production
in Brazil 2013-2020:
2.9 million bpd
Petrobras’ processing capacity is expected to reach 3.9 million barrels per day by 2030.
*
* Brazil’s production according to Petrobras’s view and reasoning, considering different paces for the bid rounds put forward by the Government (Petrobras’ view today, 2013, up to 2030).
11. 11
Natural Gas Supply and Demand Balance: 2013 - 2030
(million m³/day)
Supply Demand
LNG Regasification
Thermoelectric Demand Petrobras + Third Parties
42
12
35
2014
47
12
35
2013
45
12
33
Average
2020-2030
50
11
35
2020
49
11
35
2018
47
Inflexible
Flexible
To be contracted
NG Distributors Demand
57
5249
4139
20142013 Average
2020-2030
20202018
Demand
Petrobras Demand: Fertilizers + Refineries
5
55
33
3
1127
21
2014
16
13
2013
12
9
Average
2020-2030
35
27
2020
28
22
2018
Refining
Fertilizers
Fertilizers
under Evaluation
96 124 129 14398 146 157 168118 105 Total
77777
Average
2020-2030
41
20
14
2020
41
20
14
2018
41
20
14
2014
41
20
14
2013
27
20 Baía de
Guanabara
Pecém
TRBA
Bolivia Imports
2020
24
6
2013
30
24
6
Average
2020-2030
30
24
6
30
24
6
2018
30
24
6
2014
30
Inflexible
Flexible
Domestic Supply of NG¹
8
47
2013
41
41
Average
2020-2030
97
89
2020
86
86
2018
75
75
2014
47
Supply E&P
Supply E&P
New BIDs
Total
¹ Includes NG from Partners and Third Parties.
** Supply expects the renovation of the GSA with YPFB (Bolivia) and does not consider the need of a 4th LNG terminal.
**
**
The natural gas imports and transportation infrastructure already installed is enough to meet Petrobras’ demand until 2030*.
* Excludes natural gas production outflow and processing infrastructure.
12. 12
Mission, Vision 2030 and Corporate Drivers
To be one of the five largest integrated energy
companies in the world¹ and the preferred one
by its stakeholders.
¹ Metric: one of the five largest oil producers among all companies, with or without shares in stock
exchanges. (Source for calculation: Petroleum Intelligence Weekly – PIW - Annual Report )
Integrated Growth
Corporate Drivers
Profitability
Social and Environmental
Responsibility
Mission
To perform in the oil and gas industry in an
ethic, safe and profitable way, with social and
environmental responsibility, providing products
suited to the needs of its clients and contributing
to the development of Brazil and the countries
where it operates.
Vision 2030
14. 14
Exploratory Success and Reserves Increase
14
TANGO(CES-161)
PITU(RNS-158)
PAD FARFAN-1(SES-176D
PAD MURIÚ-1(SES-175D)
PAD MOITA BONITA(SES-178)
SÃO BERNARDO(ESS-216)
ARJUNA(ESS-211)
RIO PURUS(CXR-1DA)
PAD TAMBUATÁ SANTONIANO(GLF-35)
EXT DE FORNO(AB-125)
EXT DE BRAVA (VD-19)
MANDARIM(MLS-105)
BENEDITO(BP-8)
FRANCO NORDESTE(RJS-724)
FRANCO LESTE(RJS-723)
FRANCO SUL(RJS-700)
FLORIM(RJS-704)
IARA ALTO ÂNGULO(RJS-715)
ENTORNO DE IARA-1(RJS-711)
PAD IARA EXT-4(RJS-706)
NE TUPI-2(RJS-721)
JÚPITER BRACUHI(RJS-713)
SUL DE TUPI(RJS-698))
SAGITÁRIO(SPS-98)
46 discoveries in the last 14 months (Jan/13 – Feb/14), of which 24 were offshore (14 in Pre-salt).
State Limit
Sedimentary Basin
100% Petrobras
Petrobras and Partners
¹ RRR: Reserves Replacement Ratio
² R/P: Reserve / Production
³ Proven Reserves in Brazil
4 Transfer of Right original contract of 5 billion boe, of which 0,7 billion boe were already
incorporated to proven reserves
5 Potential recoverable volume in Pre-Salt: Lula, Lula/área de Iracema, Iara, Sapinhoá,
Pq. das Baleias, Lapa and Campos Basin.
Brazil
Discoveries: 46
• Offshore: 24
• Onshore: 22
Exploratory Success Ratio: 75%
Reserves: 16.0 Billion boe
RRR¹: 131%
> 100% for the 22nd consecutive year
R/P²: 20.0 years
Potential Recoverable Volume:
• 16.0³ + 4.34 + 7.15 = 27.4 billion boe
Pre-Salt
Discoveries: 14, of which 5 were pioneers wells
Exploratory Success Ratio: 100%
Reserves: 300 km of SE region, 55% of GDP
15. 15
2014 Growth:
7.5% ± 1p.a.
2014-2018 BMP: Petrobras Oil, NGL and Natural Gas Production Curve in Brazil
16. 1616
• Norte Pq. Baleias
(P-58) 1st Quarter
Sapinhoá Pilot
(Cid. São Paulo)
Baúna
(Cid. Itajaí)
• Iracema Sul
(Cid. Mangaratiba)
• Roncador IV
(P-62) 2º Quarter
• Sapinhoá Norte
(Cid. Ilhabela)
• Papa-Terra
(P-61 + TAD )
2nd Quarter
• Florim
• Júpiter• Lula Alto
• Lula Central
• Lula Sul
(P-66)
• Búzios I
(P-74)
• Lapa
• Lula Norte
(P-67)
• Búzios II
(P-75)
• Lula Ext. Sul
e ToR Sul de Lula
(P-68)
• Lula Oeste
(P-69)
• Búzios III
(P-76)
•Tartaruga Verde and
Mestiça
• Maromba I
• Iara Horst
(P-70)
• Búzios IV
(P-77)
• Entorno de Iara
(P-73)
• NE de Tupi
(P-72)
• Iara NW
(P-71)
• Sul Pq. Baleias
• Deep Water ES
• Carcará
• Búzios V
• Espadarte III
Production Units in operation
• Deep Water I
SE
• Marlim I
•Revitalization
• Deep Water II
SE
• Libra
• Marlim II
Revitalization Lula NE Pilot
(Cid. Paraty)
Papa-Terra
(P-63)
Roncador III
(P-55)
--- Production Units not bid as of Feb/2014
1st Oil Forecast
3rd Quarter
4th Quarter
• Iracema Norte
(Cid. Itaguaí)
3rd Quarter
1st Oil Forecast9 Production Units
Concluded
• Norte Pq. Baleias
(P-58)
• Roncador IV
(P-62)
• Papa-Terra
(P-61)
• Papa-Terra
(TAD)
• Production Units Delivered in 2013
2014 Growth:
7.5% ± 1p.a.
2014-2018 BMP: Petrobras Oil and NGL Production Curve in Brazil
Oi and NGL production (million bpd)
2014 - 2015 2016 - 2020
In the first quarter 2014 production growth will not be relevant, due to adjustment works on new
platforms on location and well interconnections.
17. 1717
ProductionUnitsDelivered,underConstructionandunderBidding
2014 2015 2016 2017 20182013
1,000 th. bpd 300 th. bpd
Additional Installed Capacity Operated by Petrobras
150 th. bpd 1,000 th. bpd 900 th. bpd 1,050 th. bpd
Cid. Ilhabela
Cid. Mangaratiba
P-75
P-67
P-74
P-66
P-68
P-69
P-76
P-77
P-72
P-71
P-73
P-67
Cid. Itaguaí
Cid. Maricá
Cid. Saquarema
Cid. Caraguatatuba
Cid. São Paulo
Cid. Itajaí
Cid. Paraty
P-63
P-55
P-61
P-58
P-62
TAD
PU to be bid:
• Deep Water ES
• Marlim I Revitalization
• Deep Water I SE
• Maromba I
• Sul do Pq. das Baleias
• Carcará
+ 600 th. bpd
PU under bidding:
•Tartaruga Verde and
Mestiça
+ 150 th. bpd
P-70
Under Bidding Process:
• Tartaruga Verde and Mestiça
• Deep Water ES
• Marlim I Revitalization
• Deep Water I SE
• Maromba I
• Sul do Pq. das Baleias
• Carcará
18. 1818
PLSVsunderOperationandConstruction
2014 20162014
Current Fleet = 11 PLSVs + 2
19 New PLSVs to support the Oil Curve
+ 8 throughout 2014 + 9
P-58
2017
Sunrise 270t
Deep Constructor 125t
Skandi Vitória 300t
Skandi Niterói 270t
Kommandor 3000 135t
Normand7 340t
Seven Mar 340t
Seven Seas 430t
Seven Condor 230t
Seven Phoenix 340t
McDermott
Agile 200t
North Ocean 102 210t
Polar Onyx 275t
Coral do Atlântico 550t Estrela do Mar 550t
Lay Vessel 105 300t
Seven Waves 550t
1 PLSVs of 300t
(The Netherlands)
Sapura Diamante 550t
Sapura Topázio 550t
3 PLSVs of 550t
(The Netherlands)
2 PLSVs of 650t
(Norway)
1 PLSVs of 300t
(Suape)
1 PLSVs of 550t
(The Netherlands)
1 PLSVs of 300t
(Suape)
2 PLSVs of 550t
(The Netherlands)
PLSV: Pipe Laying Support Vessel
19. 1919
Brazil: Oil and NGL Production x Oil Products Demand
Refining Expansion Aligned with Domestic Market Growth
RNEST
1st Phase
4th Quarter
RNEST
2nd Phase
2nd Quarter
Comperj
1st Phase
Premium I
1st Phase
Premium II
OBS: PROMEGA additional refining capacity (by Dec/2016): +165 thousand bpd (current refineries) + 30 thousand bpd (RNEST).
PROMEGA targets are to increase diesel, jet fuel and gasoline production of our refineries, based on capacity and efficiency increase of processing units.
Millionbpd
PROMEGA
Capacity Expansion of 195 thousand bpd
Petrobras’ refining capacity should reach 3.3 million bpd in 2020, aligned with domestic market growth.
20. 20
Trade Balance: Oil and Oil Products
Petrobras will become relevant net exporter
Exports Imports Balance
Thousandbpd
242
503 436
357
1.004
1.191
389
231
-40%
+36%
2020
256
124
132
2018
425
194
2014
825
2020
1.694
2018
1.246
2014
549
192
Oil ProductsOil
+208%
11
-32
+75%
2020
1.438
379
1.059
2018
821
810
2014
-276
-244
-69%
Increase in oil production and higher refining capacity will make Petrobras become net exporter starting in 2016
OBS: Volume of oil exported by Petrobras’ partners:
195 th. bpd in 2014, 689 th. bpd in 2018 and 780 th. bpd in 2020.
22. 22
Average Realization Price Brazil* x Average Realization Price US Gulf**
*Considers Diesel, Gasoline, LPG, Jet Fuel and Fuel Oil
** Considers Brazilian market volumes for the above mentioned products.
In 2013 we had 3 price increases in diesel and 2 in gasoline, totaling 20% and 11% increases respectively.
The Real devaluation contributed significantly to the non-convergence of prices throughout 2013.
Oil Products Price - Brazil vs International
Dec/13
Nov/13
Oct/13
Sep/13
Aug/13
Jul/13
Jun/13
May/13
Apr/13
Mar/13
Feb/13
Jan/13
Dec/12
Nov/12
Oct/12
Sep/12
Aug/12
Jul/12
Jun/12
May/12
Apr/12
Mar/12
Feb/12
Jan/12
Prices(R$/bbl)
2012 2013
Average Sales Price
USGC
Jun 25th
Adjustments
July 16th
Average Sales Price Brazil Adjustments
Jan 30th
Mar 6th
Nov 30th
Adjustments
Losses
Gasoline Imports Diesel Imports
ImportedVolumes(thousandbpd)
23. 2323
Natural Gas, Energy and Gas-Chemical
7.5
5.0
2.5
0.0
+20%
2020
7,2
6.0
1.2
2018
6.8
6.0
0.8
2014
6,3
6.0
0.3
2013
6.0
6.0
Installed Capacity of
Thermoelectric Generation
(GW) Current Capacity
New TP
5249
4139
0
20
40
60
+33%
2020201820142013
NG Distributor
Demand
(million m³/d)
0.7
2018
4.5
3.0
1.5
0.0
+169%
2020
3.5
2.8
1.8
1.6
3.5
2.7
0.8
2014
0.2
2013
1.3
1.1
0.2
Ammonia and Urea
Market Supply
(million ton/year)
Ammonia
Urea
Thermoelectric Power Plant projects:
TP Baixada Fluminense Feb/2014
TP Azulão 2017
TP Bahia II 2020
TP Sudeste VI 2020
Fertilizers projects:
Ammonium Sulfate Feb/2014
UNF III (MS) 4th Quarter - 2014
UNF V (MG) 2017
Infrastructure projects of NG:
Delivery gates along GASBOL and NE and
SE Network
Monetization of Natural Gas reserves by increasing the capacity of thermoelectric generation and of nitrogenous fertilizers,
as well as the NG distributor demand.
24. 2424
International: Oil and Natural Gas Production
Production growth by participation in exploratory opportunities in Latin America, Africa and the USA.
Maintenance of Bolivian gas supply to Brazil and minority operation in non-conventional in Argentina and the USA.
294
253
177
152140
92
202020192017 201820162014 2015
Petrobras International Oil and Natural Gas Production Petrobras International Oil Production
Thousand boed
2014-2020 Growth rate: 8.9 % p.a.
2014-2020 Growth rate: 8.7 % p.a.
25. 2525
• Management
focused on
excellence in
costs
PERFORMANCE
• Guarantee the
expansion of
the business
with solid
financial
indicators
CAPITAL
DISCIPLINE
• Priority for
oil and
natural gas
exploration &
production
projects in
Brazil
PRIORITY
2014 2018
Financiability Assumptions
• Investment Grade rating maintenance
• No new equity issuance
• Convergence with International Prices
(Oil Products)
• Partnerships and Business Models
Restructuring
2014-18 Business and Management Plan Fundamentals
26. 2626
BMP 2014-2018
US$ 220.6 billion
2014-2018 BMP Investments
Approved by the Board of Directors of Petrobras on 02/25/2014
• Investment Grade Rating maintenance:
− Return of the debt ratios and leverage
to their limits within 24 months (*)
− Leverage lower than 35%
− Net Debt/Ebitda lower than 2.5x
• No new equity issuance
• Convergence with International Prices (Oil
Products)
• Partnerships and Business Models
Restructuring
Financiability Assumptions
38.7
(18%)
153.9
(70%)
Distribution
Biofuels
Downstream
Other Areas 1International
Gas and Energy Engineering, Technology and Materials
E&P
2.2
(1%)
1.0
(0.4%)
2.7
(1.2%)
2,3
(1.0%)
9.7
(4%)
10.1
(5%)
1) Financial Area, Strategy and Corporate-Services
(*) Material Fact of 11/29/2013
27. 2727
2014-2018 BMP Investments: US$ 220.6 Billion
Projects Under Implementation, Bidding Process and Evaluation
Under Implementation
(US$ 175.9 billion)
• Projects being executed
(construction)
• Projects already bid
• Resources required for
studies of Projects Under
Evaluation
=
38.7
(18%)
153.9
(70%)
2,2
(1%)
1,0
(0,4%)
2,7
(1,2%)
2,3
(1,0%)
9,7
(4%)
10,1
(5%)
Total Investments
US$ 220.6 Billion
Portfolio of Projects
Under Evaluation
US$ 13.8 Billion
Under Bidding Process¹
(US$ 30.9 billion)
• E&P projects in Brazil
• Represent around 200 th.
bpd of production in 2018
and 900 th. bpd in 2020.
• Refineries Premium I and II
• Capex considers a relevant
participation of partners
• Capex aligned to
international parameters²
(US$ 13,000 – 38,000/barrel)
• Projects under Studies
in Phase I, II or III
(except E&P in Brazil)
Oil Production 2020:
4.2 million bpd No impact in Oil Production 2020
+
Portfolio of Projects
Under Implementation + Under Bidding Process
US$ 206.8 Billion
* Financial Area, Strategy and Corporate-Services
Distribution
Biofuels
Downstream
Other Areas*International
Gas and Energy Engineering, Technology and Materials
E&P
¹ Includes E&P projects in Brazil which will stil go through bidding process of their units, as well as Premium I and Premium II refineries, which will have the
bidding process carried out throughout 2014
² Source: IHS CERA Regional Downstream Capital Costs Indexes - 2011
28. 2828
112,5
(73%)
18,0
(12%)
23,4
(15%)
Petrobras Investments in Exploration and Production: US$ 153.9 billion
Total E&P
US$ 153.9 bilhões
Production DevelopmentExploration Infrastructure and Support
E&P Petrobras
US$ 153.9 Billion
(77%)
=+
E&P Partners
US$ 44.8 Billion
(23%)
Total with Partners
US$ 198.7 Billion
(100%)
Pre-SaltPost-Salt
Production Development + Exploration
US$ 135.9 billion
Pre-Salt (Concession)
Transfer of Rights
PSA (Libra)
53,9
(40%) 82,0
(60%)
29. 2929
9,0
92%
0,05
0,5%
0,6
6%
0,01
0,1% 0,05
0,5%
0,1
0,7%
Projects Under Implementation
RNEST (Pernambuco)
COMPERJ 1st phase (Rio de Janeiro)
PROMEF – 45 Vessels to transport Oil
and Oil Products
Projects Under Bidding Process
Premium I – 1st phase (Maranhão)
Premium II (Ceará)
• Capex considers a relevant participation of
partners
• Capex aligned to international parameters¹
(US$ 13,000 – 38,000/barrel)
Projects Under Implementation
UNF III (Mato Grosso do Sul)
UNF V (Minas Gerais)
Rote 2: Gas pipeline and NGPU
Rote 3: Gas pipeline and NGPU
Downstream
Gas, Energy and
Gas-Chemical
International Projects Under Implementation
E&P USA – Saint Malo
E&P USA – Cascade and Chinook
E&P USA – Lucius
E&P Argentina – Medanito and Entre Lomas
E&P Bolivia – San Alberto and San Antonio
E&P Nigeria – Egina
US$ 38.7 billion
US$ 10.1 billion
US$ 9.7 billion
Petrobras Investments: US$ 58.5 billion
Downstream – Gas, Energy and Gas-Chemical – International
Logistics for Ethanol
Corporate
Petrochemical
Fleet Expansion
Logistics for Oil
Quality and Conversion
Operational Improvement
Refining Capacity Expansion
Distribution
Gas-Chemical Operational Units (Nitrogenous)
Regas - LNG
Network
Energy
Distribution
Corporate
Gas & Energy
Refining & Marketing
Exploration & Production
Petrochemical
1,3
13%
2,6
25%
6,1
61%
0,1
1%
16,8
43%
9,4
24%
5,5
14%
1,4
3%
3,3
9%
1,4
4%
0,4
1%
0,3
1%
0,3
1%
OBS: Projects under implementation, under evaluation and under bidding were included. .
¹ Source: IHS CERA Regional Downstream Capital Costs Indexes - 2011
30. 30
E&P and Dowstream Share Evolution in the Business and Management Plan
Portfolio of Projects for Financiability Evaluation
* Gas and Energy, International, BR Distribuidora, PBio , Engineering Technology and Materials (ETM) and Corporate and Services Area
2014-2018 BMP
Total Capex
2012-2016 BMP
Total Capex
2013-2017 BMP
Total Capex
2010-2014 BMP 2011-2015 BMP
E&P
Downstream
Other
Areas*
PortfolioofProjectsfor
FinanciabilityEvaluation
US$ 224.0 BillionInvestment US$ 224.7 Billion US$ 236.5 Billion US$ 236.7 Billion US$ 220.6 Billion
E&P share in Petrobras investments has been increasing in the last five Business and Management Plan
48%
35%
17%
52%
33%
11%
15%
18%
27%
62%
14%
30%
56%
70%
12%
31. 3131
2014-2018 BMP: Investment and Operating Costs Management
2014-2018 BMP
US$ 220.6 Billion
PRC-Poço
Program to Reduce Well
Costs
PRC-Sub
Program to Reduce
Subsea Facilities Costs
PROEF
Program to Increase
Operational Efficiency
UO-BC
UO-RIO
PROCOP
Operating Costs
Optimization Program
INFRALOG – Logistic Infrastructure Optimization Program
Local Content Management– Take advantage of the industry´s capacity to maximize gains to Petrobras
Health, Safety, Environment and Energy Efficiency
PROCOP: Focus on OPEX, operating costs of the Company activities – Manageable Operating Costs. Savings of US$ 2.8 billion in 2013.
PRC-Poço: Focus on CAPEX dedicated to Wells construction – Investments in Drilling and Completion. Avoided Capex of US$ 0.3 billion in 2013.
PRC Sub: Focus on CAPEX dedicated to subsea systems construction.
PROEF: Focus on oil production, aiming at increasing the operational efficiency in Campos Basin. +63 thousand bpd in 2013.
INFRALOG: Focus on CAPEX, optimizing investments with Integrated Management of Logistics Projects. Avoided Capex of US$ 0.4 billion in 2013.
32. 3232
2014-2018 BMP
Incorporates operational efficiency gains from PROCOP
* UEDC = Utilized Equivalent Distillation Capacity 2014-18 period: projected with nominal values.
LiftingCost
(R$/boe):
27,3
34,8
24,2
32,7
20182014
-7.2% p.a.
-5.9% p.a.
10,83
10,11
10,50
10,06
20182014
+0.12% p.a.
+0.78% p.a.
1,177
2018
1,013
1,240
2014
1,029
-0.40% p.a.
+1.32% p.a.
Costs reduction between 2013 and 2016 with potential savings of R$ 37.5 billion in nominal values
LogisticCostinDownstream
(R$/bbl):
RefiningCost
(R$thous./UEDC*):
Without PROCOP
With PROCOP
Without PROCOP
With PROCOP
Without PROCOP
With PROCOP
Gains from PROCOP reduce Logistic Cost:
Reduction in shipping costs: simplification of customs procedures; optimization
of fuel consumption; and implementation of new management tools.
Optimization of inventory levels of oil and oil products.
Reduction of stored water in the logistics system.
Gains from PROCOP reduce Lifting Cost:
Optimization of routine processes and resources used in the production of oil &
gas.
Excellence level in the management of materials and spares.
Adequacy of overhead.
Gains from PROCOP reduce Refining Cost:
Integrating common and interdependent activities among refineries.
Optimized use of support resources.
Optimization in the consumption of energy, catalyzers and chemicals.
33. 3333
*Financial Area, Strategy and Corporate-Services
No impact in Oil
Production 2020
2014-2018 BMP: Financiability Analysis– US$ 206.8 billion
Total Investment
US$ 220.6 billion
• Projects under Studies
in Phase I, II or III
(except E&P in Brazil)
+
Financiability
US$ 206.8 billion
Low maturity: projects not
considered in the
financiability analysis3
38.7
(18%)
153.9
(70%)
2.2
(1%)
1,0
(0.4%)
2.7
(1.2%)
2,3
(1.0%)
9.7
(4%)
10.1
(5%)
Distribution
Biofuels
Downstream
Other Areas*International
Gas and Energy Engineering, Technology
and Materials
E&P
¹ Includes E&P projects in Brazil which will stil go through bidding process of their units, as well as Premium I and Premium II refineries, which will have the bidding process carried out throughout 2014.
² Source: IHS CERA Regional Downstream Capital Costs Indexes – 2011
³ As occurred in 2012 (2012-2016 BMP ) and in 2013 (2013-2017 BMP).
Portfolio of Projects
Under Evaluation
US$ 13.8 Billion
Portfolio of Projects
Under Implementation + Under Bidding Process
US$ 206.8 Billion
• Projects under Studies
in Phase I, II or III
(except E&P in Brazil)
Oil Production 2020: 4.2 million bpd
Under Implementation
(US$ 175.9 billion)
• Projects being executed
(construction)
• Projects already bid
• Resources required for
studies of Projects Under
Evaluation
Under Bidding Process¹
(US$ 30.9 billion)
• E&P projects in Brazil
• Represent around 200 th.
bpd of production in 2018
and 900 th. bpd in 2020.
• Refineries Premium I and II
• Capex considers a relevant
participation of partners
• Capex aligned to
international parameters²
(US$ 13,000 – 38,000/barrel)
=
34. 3434
2014-2018 BMP: Financial Planning Assumptions
Financiability analysis only incorporates projects under Implementation + Bidding = US$ 206.8 Billion
Main Assumptions for Cash Flow Generation and Investment Levels
2014-2018 BMP is based on constant currencies from 2014.
Brent Prices (US$/bbl) US$ 105 in 2014, declining to US$ 100 by 2017 and to US$ 95 in the long term
Average Exchange Rate (R$/US$) R$ 2.23 in 2014 and R$ 2.10 in 2015, strengthening to R$ 1.92 in the long term
Leverage Limit: < 35% │ Declining leverage (although limit surpassed in 2014)
Net Debt/ EBITDA
Limit: < 2.5x │ Limit will be surpassed in 2014 and will fall below 2.5x as of 2015 and below 2.0x in
the end of period
Oil Product Prices in Brazil
Convergence of prices in Brazil to international benchmarks, according to diesel and gasoline price
policy appreciated by the Board of Directors on November 29th, 2013.
Plan does not consider price parity in 2014
No equity issuance Investment grade maintenance
35. 3535
2014-2018 BMP: Operating Cash Flow and Funding Needs
61,3
165,0
Operating Cash Flow (After Dividends) and Divestments
Third-party resources (Debt)
Cash Utilization
Business Model Restructuring
207,1
39,8
Amortization
Investments
Annual borrowing needs 2014-2018
Gross: +US$ 12.1 billion │Net: +US$ 1.1 billion
Total Divestments between US$ 5 and 11 billion throughout 2014-
2018, depending on market appetite and evolution of the
Company’s financial indicators.¹
Additional funding needs will be funded exclusively through new
debt. No equity issuance is envisaged
Free cash flow, before dividends, as of 2015.
Net borrowing needs US$ 3.2 billion below previous BMP due to:
• Increase in operating cash flow generation due to increase in
production and expansion of the refining capacity, substituting
oil products imports. The same in relation to 2012-2016 BMP.
• Business model restructurings reduce cash needs throughout
the BMP. Substitution of Capex by Opex.
182.2
60.5
9.1
9.9
206.8
54.9
261.7 261.7
Fontes Usos
US$bilhão
Sources Uses
US$Billion
¹ Divestments already accomplished: US$ 3.4 billion in 2012 and US$ 7.3 billion in 2013.
36. 3636
2014-2018 BMP: Leverage and Net Debt/EBITDA
Net Debt/EBITDA within limit as of 2015
Leverage
Net Debt/EBITDA
Declining leverage, within maximum limit of
35% as of 2015
0
20
40
60
80
100
120
140
2008
2009
2010
2011
2012
2018
2013
2014
2015
2016
2017
2007 Net DebtGross Debt
US$ billion
Petrobras – Gross and Net Debt
0%
10%
20%
30%
40%
50%
2014 2015 2016 2017 2018
0,0
1,0
2,0
3,0
4,0
2014 2015 2016 2017 2018
38. 38
FX Rate Sensitivity: Financial Planning Assumptions
Financiability analysis only incorporates projects under Implementation + Bidding = US$ 206.8 Billion
Main Assumptions for Cash Flow Generation and Investment Levels
2014-2018 BMP is based on constant currencies from 2014.
Brent Prices (US$/bbl) US$ 105 in 2014, declining to US$ 100 by 2017 and to US$ 95 in the long term
Average Exchange Rate (R$/US$) R$ 2.44 in 2014 and R$ 2.56 in 2015, devaluating to R$ 2.59 in the long term
Leverage Limit: < 35% │ Declining Leverage, returning to limit in 2017
Net Debt/ EBITDA
Limit: < 2.5x │ Limit will be surpassed in 2014 and 2015 and will fall below 2.5x starting in
2016
Oil Product Prices in Brazil
Convergence of prices in Brazil to international benchmarks, according to diesel and
gasoline price policy appreciated by the Board of Directors on November 29th, 2013.
Sensitivity analysis does not consider parity in 2014 and 2015, only from 2016 on
No equity issuance Investment grade maintenance
39. 39
FX Rate Sensitivity:
Operating Cash Flow and Funding Needs
61,3
165,0
207,1
39,8
Annual borrowing needs 2014-2018
Gross: +US$ 10.3 billion │Net: -US$ 0.2 billion²
Total Divestments between US$ 5 and 11 billion throughout 2014-2018,
depending on market appetite and evolution of the Company’s financial
indicators.¹
Additional funding needs will be funded exclusively through new debt. No
equity issuance is envisaged.
Free cash flow, before dividends, as of 2016.
Increase in operating cash flow generation due to increase in production and
expansion of the refining capacity, substituting oil products imports. The same
in relation to 2012-2016 BMP.
As an effect of the FX Rate sensitivity, total investment amount in Dollars is
reduced, due to the portion of Capex in Reais.
173.1
51.6
. 3,28.7
184.7
51.9
236.6 236.6
Sources Usos
¹ Divestments already accomplished: US$ 3.4 billion in 2012 and US$ 7.3 billion in 2013.
² The Annual Funding Need leads to a reduction in Net Debt during 2014-2018.
Operating Cash Flow (After Dividends) and Divestments
Third-party resources (Debt)
Cash Utilization
Business Model Restructuring
Amortization
Investments
40. 40
FX Rate Sensitivity: Leverage and Net Debt/EBITDA
Declining Leverage, returning to limitof 35% in 2017
Leverage
Net Debt/EBITDA
Net Debt/EBITDA below limit as of 2016
0
20
40
60
80
100
120
140
2016
2015
2008
2007
2010
2009
2018
2017
2014
2013
2012
2011
Net DebtGross Debt
US$ billion
Petrobras – Gross and Net Debt
0%
10%
20%
30%
40%
50%
2014 2015 2016 2017 2018
0,0
1,0
2,0
3,0
4,0
5,0
2014 2015 2016 2017 2018
Reference FX rate
Reference FX rate
42. 42
Investment Sensitivity: Financial Planning Assumptions
Financiability analysis only incorporates projects under Implementation = US$ 175.9 Billion
Main Assumptions for Cash Flow Generation and Investment Levels
2014-2018 BMP is based on constant currencies from 2014.
Brent Prices (US$/bbl) US$ 105 in 2014, declining to US$ 100 by 2017 and to US$ 95 in the long term
Average Exchange Rate (R$/US$) R$ 2.23 in 2014 and R$ 2.10 in 2015, strengthening to R$ 1.92 in the long term
Leverage Limit: < 35% │ Declining leverage, although limit surpassed in 2014
Net Debt/ EBITDA
Limit: < 2.5x │ Limit will be surpassed in 2014 and will fall below 2.5x as of 2015 and below 2.0x in
the end of period
Oil Product Prices in Brazil
Convergence of prices in Brazil to international benchmarks, according to diesel and gasoline price
policy appreciated by the Board of Directors on November 29th, 2013.
Plan does not consider price parity in 2014
No equity issuance Investment grade maintenance
43. 43
Investment Sensitivity:
Operating Cash Flow and Funding Needs
61,3
165,0
207,1
39,8
Total Divestments between US$ 5 and 11 billion throughout 2014-2018,
depending on market appetite and evolution of the Company’s financial
indicators.¹
Additional funding needs will be funded exclusively through new debt. No
equity issuance is envisaged.
Free cash flow, before dividends, as of 2015.
Operating cash flow generation is US$ 3.4 lower than when considering
Portfolio Under Implementation + Under Bidding Process due to lower oil
production (around 200 thousand bpd by 2018).
Even with a lower operating cash flow generation, funding needs decrease by
US$ 27.5 billion due to a lower investment level throughout 2014-2018.
178.8
33.0
9.1
9.9
175.9
54.9
230.8 230.8
Sources Uses
US$Billion
¹ Divestments already accomplished: US$ 3.4 billion in 2012 and US$ 7.3 billion in 2013
² The Annual Funding Need leads to a reduction in Net Debt during 2014-2018.
Annual borrowing needs 2014-2018
Gross: +US$ 6.6 billion │Net: -US$ 4.4 billion²
Third-party resources (Debt)
Cash Utilization
Business Model Restructuring
Amortization
Investments
Operating Cash Flow (After Dividends) and Divestments
44. 44
Investment Sensitivity: Leverage and Net Debt/EBITDA
Leverage
Net Debt/EBITDA
0
20
40
60
80
100
120
140
2008
2007
2012
2011
2018
2016
2017
2015
2014
2013
2010
2009
Gross Debt Net Debt
US$ billion
Petrobras – Gross and Net Debt
Declining leverage, within maximum limit of
35% as of 2015
Net Debt/EBITDA within limit as of 2015
0%
10%
20%
30%
40%
50%
2014 2015 2016 2017 2018
0,0
1,0
2,0
3,0
4,0
2014 2015 2016 2017 2018
46. 46
Investment and FX Rate Sensitivity: Financial Planning Assumptions
Financiability analysis only incorporates projects under Implementation = US$ 175.9 Billion
Main Assumptions for Cash Flow Generation and Investment Levels
2014-2018 BMP is based on constant currencies from 2014.
Brent Prices (US$/bbl) US$ 105 in 2014, declining to US$ 100 by 2017 and to US$ 95 in the long term
Average Exchange Rate (R$/US$) R$ 2.44 in 2014 and R$ 2.56 in 2015, devaluating to R$ 2.59 in the long term
Leverage Limit: < 35% │ Declining Leverage, returning to limit in 2017
Net Debt/ EBITDA
Limit: < 2.5x │ Limit will be surpassed in 2014 and 2015 and will fall below 2.5x starting in
2016
Oil Product Prices in Brazil
Convergence of prices in Brazil to international benchmarks, according to diesel and
gasoline price policy appreciated by the Board of Directors on November 29th, 2013.
Sensitivity analysis does not consider parity in 2014 and 2015, only from 2016 on
No equity issuance Investment grade maintenance
47. 47
Investment and FX Rate Sensitivity:
Operating Cash Flow and Funding Needs
61,3
165,0
207,1
Total Divestments between US$ 5 and 11 billion throughout 2014-2018,
depending on market appetite and evolution of the Company’s financial
indicators.¹
Additional funding needs will be funded exclusively through new debt. No equity
issuance is envisaged.
Free cash flow, before dividends, as of 2016.
Operating cash flow generation is US$ 1 billion lower than when considering Portfolio
Under Implementation + Under Bidding Process due to lower oil production (around 200
thousand bpd by 2018).
Even with a lower operating cash flow generation than when considering Portfolio Under
Implementation + Under Bidding Process, funding needs decreases by US$ 23.8 billion due to
a lower investment level.
As effect of the FX Rate sensitivity total investment amount in Dollars is reduced, due to the
portion of Capex in Reais, and operating cash flow generation decreases by US$ 6.7 billion ,
due to the higher difference between prices and parity in 2014 and 2015, partially offset by the
higher operating cash flow during 2016-2018.
172.1
27.8
1.4 8.7
158.0
51.9
209.9 209.9
Sources Uses
US$Billion
Annual borrowing needs 2014-2018
Gross: +US$ 5.6 billion │Net: –US$ 4.8 billion²
Operating Cash Flow (After Dividends) and Divestments
Third-party resources (Debt)
Cash Utilization
Business Model Restructuring
Amortization
Investments
¹ Divestments already accomplished: US$ 3.4 billion in 2012 and US$ 7.3 billion in 2013
² The Annual Funding Need leads to a reduction in Net Debt during 2014-2018.
48. 48
Investment and FX Rate Sensitivity: Leverage and Net Debt/EBITDA
Leverage
Net Debt/EBITDA
0
20
40
60
80
100
120
140
2018
2009
2008
2007
2016
2017
2015
2014
2013
2012
2011
2010
Gross Debt Net Debt
US$ billion
Petrobras – Gross and Net Debt
Declining Leverage, returning to limit of 35% in 2017
Net Debt/EBITDA below limit as of 2016
0%
10%
20%
30%
40%
50%
2014 2015 2016 2017 2018
0,0
1,0
2,0
3,0
4,0
5,0
2014 2015 2016 2017 2018
Reference FX rate
Reference FX rate