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Webcast about 1st Quarter of 2013

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.

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Operational and Financial Results 1st Quarter of 2013 Conference Call / Webcast April 29th, 2013
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 2013 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
3 Quarter Highlights Positive financial and operating results Results » Net Income of R$ 7,693 million, Operating Income of R$ 9,849 million, and EBITDA of R$ 16,231 million. » Net Debt/EBITDA of 2.32x as of 1Q13, below target of 2.5x. Exploration & Production » Within expectations, oil production in Brazil was 1,910 kbpd (-4% vs. 4Q12). » Domestic production of natural gas was 400 kboed (+1% vs. 4Q12). » Pre-salt production in Santos and Campos Basins reached 311 mbpd on Apr 17th.(Petrobras portion: 256 kbpd). » Production start-up of FPSOs: » Cid. de São Paulo (120 kbpd) on Jan 5th. Petrobras Production (45%) Apr 25th: 11.3 kbpd with 1 well. Expected peak: 1H14. » Cid. de Itajaí (80 kbpd) on Feb 16th. Petrobras Production (100%) Apr 25th: 24.1 kbpd with 2 wells. Expected peak: 2H13. » Cid. de Paraty (120 kbpd) is currently being anchored at location. Expected peak: 2H14. » Before year end, expected start-up of an additional 4 new platforms with a combined capacity of 500 kbpd. » Contracting of two new leased FPSOs for delivery by 2016 in Lula field of the pre-salt Santos Basin. » New Discoveries: Sul de Tupi and Florim in areas of the Transfer of Rights; Sagitário in the pre-salt Santos Basin and Mandarim, in the post-salt Marlim Sul field of Campos Basin. Downstream » Record daily output in Brazilian refineries on April 7th: 2.149 million barrels. » In 1Q13, 2 price increases for diesel, totalling +10,7%, and 1 for gasoline, +6,6%. Gas & Energy » Met all domestic demand for natural gas: 88 million m3/d. » Power generation of 5,120 MW in our thermoelectric plants. Management » PROCOP: Global results of Jan-Mar/13 higher than expected, resulting in savings of R$ 1.3 billion. » PROEF: Gains of 34 kbpd in oil & LNG production in 1Q13. 3
4 As anticipated, Petrobras’ oil and LNG production in 1Q13 was lower than 4Q12: down 4% to 1,910 kbpd. The 2013 production target was maintained (stable relative to the 2012 average). Petrobras: Oil & LNG Production in Brazil Scheduled maintenance in Campos Basin impacted quarterly production » 4% lower production in 1Q13 vs. 4Q12 (- 70 kbpd), primarily due to: » Scheduled Stoppages: -23 kbpd. » End of Early Production Systems (SPAs) and EWTs (SS-11, P-34 and Oliva): -36 kbpd. » Natural Decline of Production (10-11% p.y.) and operating problems: -11 kbpd. » The target for the year is maintained. Production will grow sustainably as of July, due to the reduction of scheduled maintenance and the ramp-up of new production units. 2.300 2.250 2.200 2.150 2.100 2.050 2.000 1.950 1.900 1.850 50 1.846 1.920 1.965 2.032 1.968 1.940 1.843 1.9281.940 1.960 1.989 1.961 1.993 2.0982.110 1Q12 Avg. 2,066 1Q13 Avg 1,910 kbpd 20132012 4Q12 Avg. 1,980 Mar-13Feb-13Jan-13Dec-12Nov-12Oct-12Sep-12Aug-12Jul-12Jun-12May-12Apr-12Mar-12Feb-12Jan-12
5 PROEF UO-BC: Program to Increase Operational Efficiency Oil & NGL production in 1Q13: gain of 14 kbpd Average 1Q13 Expected for 2013 » Since the start of PROEF on April/2012 the operational efficiency in UO-BC increased from 66% to 74% in March/2013. » Lower PROEF benefit in the 1Q13 due to the higher concentration of scheduled stoppages, which will increase operational efficiency in the future. » PROEF UO-BC: Total expenditure by Feb/13 of US$ 1 billion. NPV of US$ 542 million. 395 431 +36 kbpd With PROEF Without PROEF +7.4 p.p. With PROEF 76.4 Without PROEF 69.0 Operational Efficiency (%) Oil + NGL Production (kbpd) + 14 kbpd With PROEF Without PROEF +5.9 p.p. 75.7 With PROEF Without PROEF 69.8 404 418 Operational Efficiency (%)Oil + NGL Production (kbpd) » Gain of 20 kbpd in 1Q13 with average efficiency of 91%. » Expected gains from PROEF UO-RIO for 2013 is 26 kbpd. PROEF UO-RIO
6 Lifting Costs Lower production increased per barrel lifting costs in 1Q13 R$/Barrel » Total lifting costs were marginally lower, declining by 1% as compared to 4Q12. » However, there was an increase in the per barrel lifting cost in 1Q13, due to lower oil production as a result of higher maintenance. » The decrease in government take is due primarily to lower production in fields that pay Special Participation tax. 22.57 26.39 30.79 28.33 29.49 39.03 38.48 38.68 39.54 37.59 1Q12 2Q12 3Q12 4Q12 1Q13 Lifting Cost Government Take 69.47 64.87 61.60 67.87 67.08
7 0 500 1.000 1.500 2.000 2.500 3.000 3.500 Exploration & Drilling Expenses: Brazil 18 wells write-offs in 1Q13: All post-salt 1Q13 1,237 4Q12 1,728 3Q12 1,116 2Q12 3,294 1Q12 921 4Q11 1,238 3Q11 603 2Q11 943 1Q11 859 R$million 2011 R$ 3,643 MM 2012 R$ 7,058 MM Geology, Geophysics and Dry /Subcommercial Wells Exploration and drilling expenses in 1Q13 were lower than those in 4Q12. 97 Wells 16 Wells 41 Wells 21 Wells 19 Wells 81 Wells 1Q13 R$ 1,237 MM 18 Wells 18 Wells 2013 Reasons for Write-offs Exploratory Area  7 Dry Wells  6 Effectively Dry  1 Mechanical accident 8 Subcommercial wells  3 Projects Cancelled  4 Offshore  4 Post-salt  0 Pre-salt  11 Onshore  3 Projects Cancelled 1Q13 » Expected costs of dry wells and/or subcommercial for 2013 at a level below that of 2012.
8 757 785 839 431 441 453 141 86 113 95 93 98 Oil Product Production 181 224 114 1,942 2,010 2,127 +6% +10% 140 264 201 4Q121Q12 1Q13 197 288 140 Refining Costs Throughput and Utilization 6,60 6,98 6,24 Domestic Production of Oil Products Oil Processing Records: 2,149 kbpd (Apr. 7), 2,137 (Mar. 30) and 2,125 (Mar. 3) 1,534 1,633 1,722 350 337 360 93% 97% 98% 0 10 20 30 40 50 60 70 80 90 100 0 500 1.000 1.500 2.000 2.500 4Q121Q12 1Q134Q121Q12 1Q13 (kbpd)(R$/barrel)(kbpd) » 6% increase (117 kbpd) in production of oil products when compared to 4Q12, mainly diesel, due to increased utilization of distillation capacity, coking and HDT units in REVAP and REPAR, and restart of distillation operations in REFAP. » 11% decrease in Refining Costs due to lower expenses with scheduled maintenance and higher throughput. Imported OilUtilization (%) Domestic Oil Diesel Gasoline Jet Fuel LPG Naphtha Fuel Oil Others 2,083 1,970 1,884 6.60 6.98 6.24
9 Oil Products Sales in Brazil 7% year over year growth in sales Oil Products Sales – Brazil (*) Others – Lubricants, Asphalt, Coke, Propene, Solvent, Benzene, Querosene e Intermediates. When compared to 4Q12, there was a reduction of 3% in oil products sales in the domestic market mainly due to the seasonality of diesel and gasoline demand, partially offset by the increase in sales of naphtha and fuel oil. 864 986 921 545 610 580 106 106 10575 108 118 1Q13 -3% 2,313 213 180 196 4Q12 2,391 223 156 202 1Q12 2,168 214 173 191 kbpd 1Q13 x 4Q12 1Q13 x 1Q12 » Diesel (+7%): Economy growth and thermo consumption, as well as increase in the summer grains crop (corn and soy). » Gasoline (+6%): Increase in family consumption and car fleet growth, as well as the advantage of gasoline price when compared to ethanol in most states. +7% » Diesel (-7%): Lower demand in the 1Q13 due to lower industrial and agricultural activity in the period (seasonality). Part of the reduction was compensated by higher thermoelectric demand. » Gasoline (-5%): Decrease due to the seasonality of sales in the 4Q12 related to the vacation period. Diesel Gasoline Jet Fuelk LPG Naphtha Fuel Oil Others*
10 100 120 140 160 180 200 220 240 260 2013 jan/13 feb/13 mar/13 Oil Products Price - Brazil vs International Price adjustments in the last 10 months: +21.9% in diesel and +14.9% in gasoline Jun/25 Jul/16 2011 2012 Mar/05 Adjustment : Diesel: 5.0% Jan/30 1Q13: 2 price increases in diesel, totaling +10.7%, and 1 in gasoline of +6.6%. The Company seeks convergence to international parity. ∆ Fx Rate: 10% FX Rate: R$ 1.82/US$ FX Rate: R$ 2.01/US$ ARP in Brazil* x ARP in USGC** ARP in USGC ARP in Brazil Adjustment: Gasoline: 10% Diesel: 2% Nov/01 Adjustment: Gasoline: 7.83% Diesel: 3.94% Adjustment: Diesel: 6% Adjustment: Gasoline: 6.6% Diesel: 5.4% Prices(R$/bbl) jul/12 jun/12 may/12 apr/12 mar/12 feb/12 jan/12 dec/12 nov/12 oct/12 sep/12 aug//12 jul/11 Jun/11 may/11 apr/11 mar/11 feb/11 jan/11 dec/11 nov/11 oct/11 sep/11 aug//11 * Weighted Average Realization Price of Diesel, Gasoline, Naphtha, LPG, Jet Fuel and Fuel Oil ** Average Realization Price in United States Gulf Coast, considering the same volumes and products sold in Brazil
11 Exports Imports Balance Higher net imports in 1Q13, mainly due to higher oil imports as a consequence of increasing refinery throughput and lower domestic oil production. kbpd -189 -65 -364 -185 88 131 52 167 206 188 35 29 36 -269 -429 1Q12 -50 139 860 136 484 4Q12 +6% +8% +7% 1Q13 -454 806 168 301 764 151 358 1Q13 406 155 215 4Q12 377 112 236 1Q12 714 182 497 Oil ProductsGasolineDieselOther Oil ProductsFuel OilOil -43% +13% +794% Trade Balance of Oil and Oil Products Higher imports of crude oil and reduced imports of oil products » Lower oil exports as a result of lower E&P production and increase of refinery throughput, requiring higher imports of lighter oil. » Gasoline and diesel imports decreased, due to higher refinery output. » Higher oil products exports, particularly fuel oil, due to lower thermoelectric demand during 1Q13. 1Q134Q121Q12
12 39,9 Natural Gas Demand and Supply Continued high demand for thermal power generation millionm³/day Domestic Bolivia LNG Non Thermal Thermal Refineries / E&P Fertilizer plants SUPPLYDEMAND 12.1 12.5 10.8 40.2 37.0 4Q12 89.4 38.6 38.3 1Q12 63.1 11.7 39.3 -1% 1Q13 88.0 +39% 0.9 15.9 14.1 -2% 88.1 30.7 25.5 63.5 43.343.6 90.2 30.7 37.1 +39% » Thermo-electric demand remained high and above non thermo-electric consumption throughout 1Q13, due to higher thermo- electric dispatch caused by low levels of water in hydroelectric reservoirs. » Lower demand for LNG in 1Q13 as compared to 4Q12, as non thermo-electric demand and domestic consumption were reduced. » Thermo-electric generation remained above 5 GW. 4Q121Q12 1Q13
Planned Accomplished as planned or higher High risk of not achieving the annual target Attention points that can put the achievement of the annual target at risk PROCOP: Monitoring of Outcomes– Mar/13 Accomplishment higher than expected. Attention points addressed 90% 70% 100% 80% OperationalExecution(%) 60% 50% 40% 30% 20% 10% 0% 2013 Target: R$ 3.8 billion Jan-Mar/13 Cost Savings Expected : R$ 646 million (17%) Cost Savings Accomplished: R$ 1,260 million (33%) 100% Exploration & Production Downstream Engineering, Technology & Materials Corporate & Services Transpetro Gas & Energy Onshore Production Administration and Support Building Mngt, Travels and Lodging Offshore Production Support Services Wells Intervention Refining Oil and Oil Products Logistics Commercialization Supplies and Stocks ITC HSE MngtNG Logistics Fertilizers 13
14 Operating Income – 4Q12 vs 1Q13 Better prices and lower COGS R$Million 5,739 (870) 3,164 210 1,606 9,849 4Q12 Operating Income Sales Revenues COGS SG&A Other Expenses 1Q13 Opearting Income » Reduction in sales revenues, mainly due to lower volumes of oil products sold in the domestic market. » The decrease in COGS is explained by the lower participation of imported oil products in the sales mix, as a result of a higher operational output/efficiency from refineries, and reduced consumption of oil products. » Lower expenses due to lower dry hole expense, and the absence of impairments during the quarter.
15 Net Income – 4Q12 vs 1Q13 Stable as compared to prior quarter R$Million 7,747 4,110 (1,398) (26) ( 2,618) (122) 7,693 4Q12 Net Income Operating Income Financial Result Equity in earnings of investments Income Tax/Social Contribution Minority Interest 1Q13 Net Income » Net Income remained stable, because the increase in the operating income was compensated by lower financial result and by higher income tax in the absence of the fiscal benefits generated from the provision of interest on own capital (R$ 2.1 Billion in 4Q12)
16 Exploration & Production - 4Q12 vs 1Q13 As expected, lower production in the quarter R$Million 17,474 (277) (2,976) (1,146) 1,388 621 15,084 4Q12 Operational Results Price Effect on Revenue Volume Effect on Revenue Average Cost Effect on COGS Volume Effect on COGS Operating Expenses 1Q13 Operational Results » E&P operating income was negatively impacted by the lower production of oil in Brazil (-4%). » Realization price for oil sold was slightly lower. » The decrease in operating expenses was mainly due to reduction in dry hole expense.
17 Downstream – 4Q12 vs 1Q13 Higher oil products prices R$million (8,715) 1,651 (-2,440) (81) 3,378 (330) (6,537) 4Q12 Operating Income Price Effect on Revenues Volume Effect on Revenues Average Costs Effect on COGS Volume Effect on COGS Operating Expenditures 1Q13 Operating Income » Downstream improvement was due to price increases in diesel and gasoline as well as lower participation of imported oil products in the sales mix, as a result of higher refinery output and decreased seasonal demand.
18 Exploration and Production Net Result by Segment: 4Q12 vs 1Q13 R$ 11.5 Bn vs R$ 10.0 Bn Downstream R$ -5.7 Bn vs R$ -4.2 Bn  price increase of diesel and gasoline  lower share of imported oil products in sales due to lower demand of domestic market  higher oil products production with maintenance of output yeld (diesel and gasoline) International R$ -0.6 Bn vs R$ 0.7 Bn  higher sales volume, mainly of oil products (from 182 to 195 kbpd), and higher oil and NGL production (from 133 to 143 kbpd)  impairment of R$ 487 million in 4Q12, of which R$ 464 million related to Pasadena refinery in USA.  dry well write-off of Ogonga (Block 26 Angola), Kabeljou (Namibia), Mapalé e Katmandu (Colombia), adding R$ 243 million in 4Q12. Only small amounts were written- off in 1Q13 (R$ 3 million).  lower accounting losses of inventory write-down, especially in USA (R$ 52 million in 1Q13 versus R$ 231 million in 4Q12).  decrease of oil and NGL production in Brazil  lower dry or subcommercial wells write-offs  lower total lifting cost Gas & Energy R$ 0.5 Bn vs R$ 0.9 Bn  higher power generation revenues due to energy prices (PLD)  flat volume supply of domestic gas  larger acquisition price of LNG in international market, despite lower demand volume
19 Investments Tracking physical and financial progress of projects – S Curves Investments of R$ 19.8 billion in 1Q13, 10% higher than that of 1Q12.R$Billion Investments: 1Q12 x 1Q13 Investments 1Q13 by segment Physical and financial tracking for each of 160 projects (S Curve): Average physical accomplishment of 98.9% and 97.8% for financial progress 18.0 19.8 1Q131Q12 +10% 54% R$ 10,7 bi35% R$ 6,9 bi 1% 1% 0% 35% 54% 5% 4% Biofuel Distribution G&E E&P Corporate International Downstream
20 1) Net Debt / (Net Debt + Shareholder’s Equity) 2) Refers to the adjusted EBITDA which excludes equity income and impairment 3) Includes tradable securities maturing in more than 90 days Capital Structure Net debt remained stable R$ Billion 03/31/13 12/31/12 Short-term Debt 14.6 15.3 Long-term Debt 182.4 181.0 Total Debt 196.9 196.3 (-) Cash and Cash Equivalents 3 46.3 48.5 = Net Debt 150.7 147.8 US$ Billion Net Debt 74.8 72.3 1,66 1,61 2,46 2,42 2,77 2,32 24% 24% 28% 28% 31% 31% -20% -10% 0% 10% 20% 30% 40% 0,0 1,0 2,0 3,0 4,0 5,0 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Net Debt/EBITDA Net Debt/Net Capitalization1 2 2 » The ratio of Net Debt/Ebitda declined to 2.32X, as a result of higher cash generation and limited increase in net debt during 1Q13.
Operational and Financial Results Information: Investor Relations +55 21 3224-1510 investors@petrobras.com

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Webcast about 1st Quarter of 2013

  • 1.
    Operational and Financial Results 1stQuarter of 2013 Conference Call / Webcast April 29th, 2013
  • 2.
    2 FORWARD-LOOKING STATEMENTS: DISCLAIMER The presentationmay 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 2013 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
  • 3.
    3 Quarter Highlights Positive financialand operating results Results » Net Income of R$ 7,693 million, Operating Income of R$ 9,849 million, and EBITDA of R$ 16,231 million. » Net Debt/EBITDA of 2.32x as of 1Q13, below target of 2.5x. Exploration & Production » Within expectations, oil production in Brazil was 1,910 kbpd (-4% vs. 4Q12). » Domestic production of natural gas was 400 kboed (+1% vs. 4Q12). » Pre-salt production in Santos and Campos Basins reached 311 mbpd on Apr 17th.(Petrobras portion: 256 kbpd). » Production start-up of FPSOs: » Cid. de São Paulo (120 kbpd) on Jan 5th. Petrobras Production (45%) Apr 25th: 11.3 kbpd with 1 well. Expected peak: 1H14. » Cid. de Itajaí (80 kbpd) on Feb 16th. Petrobras Production (100%) Apr 25th: 24.1 kbpd with 2 wells. Expected peak: 2H13. » Cid. de Paraty (120 kbpd) is currently being anchored at location. Expected peak: 2H14. » Before year end, expected start-up of an additional 4 new platforms with a combined capacity of 500 kbpd. » Contracting of two new leased FPSOs for delivery by 2016 in Lula field of the pre-salt Santos Basin. » New Discoveries: Sul de Tupi and Florim in areas of the Transfer of Rights; Sagitário in the pre-salt Santos Basin and Mandarim, in the post-salt Marlim Sul field of Campos Basin. Downstream » Record daily output in Brazilian refineries on April 7th: 2.149 million barrels. » In 1Q13, 2 price increases for diesel, totalling +10,7%, and 1 for gasoline, +6,6%. Gas & Energy » Met all domestic demand for natural gas: 88 million m3/d. » Power generation of 5,120 MW in our thermoelectric plants. Management » PROCOP: Global results of Jan-Mar/13 higher than expected, resulting in savings of R$ 1.3 billion. » PROEF: Gains of 34 kbpd in oil & LNG production in 1Q13. 3
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    4 As anticipated, Petrobras’oil and LNG production in 1Q13 was lower than 4Q12: down 4% to 1,910 kbpd. The 2013 production target was maintained (stable relative to the 2012 average). Petrobras: Oil & LNG Production in Brazil Scheduled maintenance in Campos Basin impacted quarterly production » 4% lower production in 1Q13 vs. 4Q12 (- 70 kbpd), primarily due to: » Scheduled Stoppages: -23 kbpd. » End of Early Production Systems (SPAs) and EWTs (SS-11, P-34 and Oliva): -36 kbpd. » Natural Decline of Production (10-11% p.y.) and operating problems: -11 kbpd. » The target for the year is maintained. Production will grow sustainably as of July, due to the reduction of scheduled maintenance and the ramp-up of new production units. 2.300 2.250 2.200 2.150 2.100 2.050 2.000 1.950 1.900 1.850 50 1.846 1.920 1.965 2.032 1.968 1.940 1.843 1.9281.940 1.960 1.989 1.961 1.993 2.0982.110 1Q12 Avg. 2,066 1Q13 Avg 1,910 kbpd 20132012 4Q12 Avg. 1,980 Mar-13Feb-13Jan-13Dec-12Nov-12Oct-12Sep-12Aug-12Jul-12Jun-12May-12Apr-12Mar-12Feb-12Jan-12
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    5 PROEF UO-BC: Programto Increase Operational Efficiency Oil & NGL production in 1Q13: gain of 14 kbpd Average 1Q13 Expected for 2013 » Since the start of PROEF on April/2012 the operational efficiency in UO-BC increased from 66% to 74% in March/2013. » Lower PROEF benefit in the 1Q13 due to the higher concentration of scheduled stoppages, which will increase operational efficiency in the future. » PROEF UO-BC: Total expenditure by Feb/13 of US$ 1 billion. NPV of US$ 542 million. 395 431 +36 kbpd With PROEF Without PROEF +7.4 p.p. With PROEF 76.4 Without PROEF 69.0 Operational Efficiency (%) Oil + NGL Production (kbpd) + 14 kbpd With PROEF Without PROEF +5.9 p.p. 75.7 With PROEF Without PROEF 69.8 404 418 Operational Efficiency (%)Oil + NGL Production (kbpd) » Gain of 20 kbpd in 1Q13 with average efficiency of 91%. » Expected gains from PROEF UO-RIO for 2013 is 26 kbpd. PROEF UO-RIO
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    6 Lifting Costs Lower productionincreased per barrel lifting costs in 1Q13 R$/Barrel » Total lifting costs were marginally lower, declining by 1% as compared to 4Q12. » However, there was an increase in the per barrel lifting cost in 1Q13, due to lower oil production as a result of higher maintenance. » The decrease in government take is due primarily to lower production in fields that pay Special Participation tax. 22.57 26.39 30.79 28.33 29.49 39.03 38.48 38.68 39.54 37.59 1Q12 2Q12 3Q12 4Q12 1Q13 Lifting Cost Government Take 69.47 64.87 61.60 67.87 67.08
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    7 0 500 1.000 1.500 2.000 2.500 3.000 3.500 Exploration & DrillingExpenses: Brazil 18 wells write-offs in 1Q13: All post-salt 1Q13 1,237 4Q12 1,728 3Q12 1,116 2Q12 3,294 1Q12 921 4Q11 1,238 3Q11 603 2Q11 943 1Q11 859 R$million 2011 R$ 3,643 MM 2012 R$ 7,058 MM Geology, Geophysics and Dry /Subcommercial Wells Exploration and drilling expenses in 1Q13 were lower than those in 4Q12. 97 Wells 16 Wells 41 Wells 21 Wells 19 Wells 81 Wells 1Q13 R$ 1,237 MM 18 Wells 18 Wells 2013 Reasons for Write-offs Exploratory Area  7 Dry Wells  6 Effectively Dry  1 Mechanical accident 8 Subcommercial wells  3 Projects Cancelled  4 Offshore  4 Post-salt  0 Pre-salt  11 Onshore  3 Projects Cancelled 1Q13 » Expected costs of dry wells and/or subcommercial for 2013 at a level below that of 2012.
  • 8.
    8 757 785 839 431441 453 141 86 113 95 93 98 Oil Product Production 181 224 114 1,942 2,010 2,127 +6% +10% 140 264 201 4Q121Q12 1Q13 197 288 140 Refining Costs Throughput and Utilization 6,60 6,98 6,24 Domestic Production of Oil Products Oil Processing Records: 2,149 kbpd (Apr. 7), 2,137 (Mar. 30) and 2,125 (Mar. 3) 1,534 1,633 1,722 350 337 360 93% 97% 98% 0 10 20 30 40 50 60 70 80 90 100 0 500 1.000 1.500 2.000 2.500 4Q121Q12 1Q134Q121Q12 1Q13 (kbpd)(R$/barrel)(kbpd) » 6% increase (117 kbpd) in production of oil products when compared to 4Q12, mainly diesel, due to increased utilization of distillation capacity, coking and HDT units in REVAP and REPAR, and restart of distillation operations in REFAP. » 11% decrease in Refining Costs due to lower expenses with scheduled maintenance and higher throughput. Imported OilUtilization (%) Domestic Oil Diesel Gasoline Jet Fuel LPG Naphtha Fuel Oil Others 2,083 1,970 1,884 6.60 6.98 6.24
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    9 Oil Products Salesin Brazil 7% year over year growth in sales Oil Products Sales – Brazil (*) Others – Lubricants, Asphalt, Coke, Propene, Solvent, Benzene, Querosene e Intermediates. When compared to 4Q12, there was a reduction of 3% in oil products sales in the domestic market mainly due to the seasonality of diesel and gasoline demand, partially offset by the increase in sales of naphtha and fuel oil. 864 986 921 545 610 580 106 106 10575 108 118 1Q13 -3% 2,313 213 180 196 4Q12 2,391 223 156 202 1Q12 2,168 214 173 191 kbpd 1Q13 x 4Q12 1Q13 x 1Q12 » Diesel (+7%): Economy growth and thermo consumption, as well as increase in the summer grains crop (corn and soy). » Gasoline (+6%): Increase in family consumption and car fleet growth, as well as the advantage of gasoline price when compared to ethanol in most states. +7% » Diesel (-7%): Lower demand in the 1Q13 due to lower industrial and agricultural activity in the period (seasonality). Part of the reduction was compensated by higher thermoelectric demand. » Gasoline (-5%): Decrease due to the seasonality of sales in the 4Q12 related to the vacation period. Diesel Gasoline Jet Fuelk LPG Naphtha Fuel Oil Others*
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    10 100 120 140 160 180 200 220 240 260 2013 jan/13 feb/13 mar/13 Oil Products Price- Brazil vs International Price adjustments in the last 10 months: +21.9% in diesel and +14.9% in gasoline Jun/25 Jul/16 2011 2012 Mar/05 Adjustment : Diesel: 5.0% Jan/30 1Q13: 2 price increases in diesel, totaling +10.7%, and 1 in gasoline of +6.6%. The Company seeks convergence to international parity. ∆ Fx Rate: 10% FX Rate: R$ 1.82/US$ FX Rate: R$ 2.01/US$ ARP in Brazil* x ARP in USGC** ARP in USGC ARP in Brazil Adjustment: Gasoline: 10% Diesel: 2% Nov/01 Adjustment: Gasoline: 7.83% Diesel: 3.94% Adjustment: Diesel: 6% Adjustment: Gasoline: 6.6% Diesel: 5.4% Prices(R$/bbl) jul/12 jun/12 may/12 apr/12 mar/12 feb/12 jan/12 dec/12 nov/12 oct/12 sep/12 aug//12 jul/11 Jun/11 may/11 apr/11 mar/11 feb/11 jan/11 dec/11 nov/11 oct/11 sep/11 aug//11 * Weighted Average Realization Price of Diesel, Gasoline, Naphtha, LPG, Jet Fuel and Fuel Oil ** Average Realization Price in United States Gulf Coast, considering the same volumes and products sold in Brazil
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    11 Exports Imports Balance Highernet imports in 1Q13, mainly due to higher oil imports as a consequence of increasing refinery throughput and lower domestic oil production. kbpd -189 -65 -364 -185 88 131 52 167 206 188 35 29 36 -269 -429 1Q12 -50 139 860 136 484 4Q12 +6% +8% +7% 1Q13 -454 806 168 301 764 151 358 1Q13 406 155 215 4Q12 377 112 236 1Q12 714 182 497 Oil ProductsGasolineDieselOther Oil ProductsFuel OilOil -43% +13% +794% Trade Balance of Oil and Oil Products Higher imports of crude oil and reduced imports of oil products » Lower oil exports as a result of lower E&P production and increase of refinery throughput, requiring higher imports of lighter oil. » Gasoline and diesel imports decreased, due to higher refinery output. » Higher oil products exports, particularly fuel oil, due to lower thermoelectric demand during 1Q13. 1Q134Q121Q12
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    12 39,9 Natural Gas Demandand Supply Continued high demand for thermal power generation millionm³/day Domestic Bolivia LNG Non Thermal Thermal Refineries / E&P Fertilizer plants SUPPLYDEMAND 12.1 12.5 10.8 40.2 37.0 4Q12 89.4 38.6 38.3 1Q12 63.1 11.7 39.3 -1% 1Q13 88.0 +39% 0.9 15.9 14.1 -2% 88.1 30.7 25.5 63.5 43.343.6 90.2 30.7 37.1 +39% » Thermo-electric demand remained high and above non thermo-electric consumption throughout 1Q13, due to higher thermo- electric dispatch caused by low levels of water in hydroelectric reservoirs. » Lower demand for LNG in 1Q13 as compared to 4Q12, as non thermo-electric demand and domestic consumption were reduced. » Thermo-electric generation remained above 5 GW. 4Q121Q12 1Q13
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    Planned Accomplished as plannedor higher High risk of not achieving the annual target Attention points that can put the achievement of the annual target at risk PROCOP: Monitoring of Outcomes– Mar/13 Accomplishment higher than expected. Attention points addressed 90% 70% 100% 80% OperationalExecution(%) 60% 50% 40% 30% 20% 10% 0% 2013 Target: R$ 3.8 billion Jan-Mar/13 Cost Savings Expected : R$ 646 million (17%) Cost Savings Accomplished: R$ 1,260 million (33%) 100% Exploration & Production Downstream Engineering, Technology & Materials Corporate & Services Transpetro Gas & Energy Onshore Production Administration and Support Building Mngt, Travels and Lodging Offshore Production Support Services Wells Intervention Refining Oil and Oil Products Logistics Commercialization Supplies and Stocks ITC HSE MngtNG Logistics Fertilizers 13
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    14 Operating Income –4Q12 vs 1Q13 Better prices and lower COGS R$Million 5,739 (870) 3,164 210 1,606 9,849 4Q12 Operating Income Sales Revenues COGS SG&A Other Expenses 1Q13 Opearting Income » Reduction in sales revenues, mainly due to lower volumes of oil products sold in the domestic market. » The decrease in COGS is explained by the lower participation of imported oil products in the sales mix, as a result of a higher operational output/efficiency from refineries, and reduced consumption of oil products. » Lower expenses due to lower dry hole expense, and the absence of impairments during the quarter.
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    15 Net Income –4Q12 vs 1Q13 Stable as compared to prior quarter R$Million 7,747 4,110 (1,398) (26) ( 2,618) (122) 7,693 4Q12 Net Income Operating Income Financial Result Equity in earnings of investments Income Tax/Social Contribution Minority Interest 1Q13 Net Income » Net Income remained stable, because the increase in the operating income was compensated by lower financial result and by higher income tax in the absence of the fiscal benefits generated from the provision of interest on own capital (R$ 2.1 Billion in 4Q12)
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    16 Exploration & Production- 4Q12 vs 1Q13 As expected, lower production in the quarter R$Million 17,474 (277) (2,976) (1,146) 1,388 621 15,084 4Q12 Operational Results Price Effect on Revenue Volume Effect on Revenue Average Cost Effect on COGS Volume Effect on COGS Operating Expenses 1Q13 Operational Results » E&P operating income was negatively impacted by the lower production of oil in Brazil (-4%). » Realization price for oil sold was slightly lower. » The decrease in operating expenses was mainly due to reduction in dry hole expense.
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    17 Downstream – 4Q12vs 1Q13 Higher oil products prices R$million (8,715) 1,651 (-2,440) (81) 3,378 (330) (6,537) 4Q12 Operating Income Price Effect on Revenues Volume Effect on Revenues Average Costs Effect on COGS Volume Effect on COGS Operating Expenditures 1Q13 Operating Income » Downstream improvement was due to price increases in diesel and gasoline as well as lower participation of imported oil products in the sales mix, as a result of higher refinery output and decreased seasonal demand.
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    18 Exploration and Production NetResult by Segment: 4Q12 vs 1Q13 R$ 11.5 Bn vs R$ 10.0 Bn Downstream R$ -5.7 Bn vs R$ -4.2 Bn  price increase of diesel and gasoline  lower share of imported oil products in sales due to lower demand of domestic market  higher oil products production with maintenance of output yeld (diesel and gasoline) International R$ -0.6 Bn vs R$ 0.7 Bn  higher sales volume, mainly of oil products (from 182 to 195 kbpd), and higher oil and NGL production (from 133 to 143 kbpd)  impairment of R$ 487 million in 4Q12, of which R$ 464 million related to Pasadena refinery in USA.  dry well write-off of Ogonga (Block 26 Angola), Kabeljou (Namibia), Mapalé e Katmandu (Colombia), adding R$ 243 million in 4Q12. Only small amounts were written- off in 1Q13 (R$ 3 million).  lower accounting losses of inventory write-down, especially in USA (R$ 52 million in 1Q13 versus R$ 231 million in 4Q12).  decrease of oil and NGL production in Brazil  lower dry or subcommercial wells write-offs  lower total lifting cost Gas & Energy R$ 0.5 Bn vs R$ 0.9 Bn  higher power generation revenues due to energy prices (PLD)  flat volume supply of domestic gas  larger acquisition price of LNG in international market, despite lower demand volume
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    19 Investments Tracking physical andfinancial progress of projects – S Curves Investments of R$ 19.8 billion in 1Q13, 10% higher than that of 1Q12.R$Billion Investments: 1Q12 x 1Q13 Investments 1Q13 by segment Physical and financial tracking for each of 160 projects (S Curve): Average physical accomplishment of 98.9% and 97.8% for financial progress 18.0 19.8 1Q131Q12 +10% 54% R$ 10,7 bi35% R$ 6,9 bi 1% 1% 0% 35% 54% 5% 4% Biofuel Distribution G&E E&P Corporate International Downstream
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    20 1) Net Debt/ (Net Debt + Shareholder’s Equity) 2) Refers to the adjusted EBITDA which excludes equity income and impairment 3) Includes tradable securities maturing in more than 90 days Capital Structure Net debt remained stable R$ Billion 03/31/13 12/31/12 Short-term Debt 14.6 15.3 Long-term Debt 182.4 181.0 Total Debt 196.9 196.3 (-) Cash and Cash Equivalents 3 46.3 48.5 = Net Debt 150.7 147.8 US$ Billion Net Debt 74.8 72.3 1,66 1,61 2,46 2,42 2,77 2,32 24% 24% 28% 28% 31% 31% -20% -10% 0% 10% 20% 30% 40% 0,0 1,0 2,0 3,0 4,0 5,0 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Net Debt/EBITDA Net Debt/Net Capitalization1 2 2 » The ratio of Net Debt/Ebitda declined to 2.32X, as a result of higher cash generation and limited increase in net debt during 1Q13.
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    Operational and Financial Results Information: InvestorRelations +55 21 3224-1510 investors@petrobras.com