OPERATIONAL AND FINANCIAL
RESULTS - 1st Quarter 2014
Conference Call / Webcast
May 12th 2014
1Q14 Results
8% increase in Operating Income. 14% reduction in Net Income relative to 4Q13
Higher Operating Income due to the full effect during the 1Q14 of the oil products price adjustments and the lower share of
imported diesel in sales, negatively impacted by the provision for PIDV. Net income was lower due to the impact of the fiscal
benefit from interest on capital of R$ 3.2 billion, that occurred in the 4Q13.
Conference Call/Webcast
October 29th, 2012
» QUARTER HIGHLIGHTS
» Net Income of R$5,567 million and EBITDA of R$14,375 million
» Oil production in Brazil of 1,904 kboed (-3% vs. 2Q12) and natural gas of 377 kboed (+4% vs. 2Q12)
» Start up of FPSO Cidade de Anchieta in September 10th
» Current production: 42 kbpd with 3 wells
» Production peak (100 kbpd): March/2013
» Discoveries: Grana Padano (Espirito Santo), Pecém (Ceará), Barra and Moita Bonita (Sergipe Alagoas)
» Record refinery output (2,026 kbpd in 3Q12 vs. 1,886 kbpd in 3Q11)
» Start up of REPAR’s Coking unit
» 7th consecutive year in the Dow Jones Sustainability Index
The year-end report for 2013 from Gulfport Energy. It shows that the company remains focused on the Utica Shale. Production (and profits) were up dramatically in 2013 as the company continues to focus on drilling for natural gas liquids (NGLs) in the Utica Shale region of eastern Ohio.
Capital Power 2016 BMO Capital Markets Infrastructure & Utilities conference ...Capital Power
Capital Power 2016 BMO Capital Markets Infrastructure & Utilities conference CFO Presentation - presented February 4 by Capital Power VP, Taxation & Treasury, Tony Scozzafava
OPERATIONAL AND FINANCIAL
RESULTS - 1st Quarter 2014
Conference Call / Webcast
May 12th 2014
1Q14 Results
8% increase in Operating Income. 14% reduction in Net Income relative to 4Q13
Higher Operating Income due to the full effect during the 1Q14 of the oil products price adjustments and the lower share of
imported diesel in sales, negatively impacted by the provision for PIDV. Net income was lower due to the impact of the fiscal
benefit from interest on capital of R$ 3.2 billion, that occurred in the 4Q13.
Conference Call/Webcast
October 29th, 2012
» QUARTER HIGHLIGHTS
» Net Income of R$5,567 million and EBITDA of R$14,375 million
» Oil production in Brazil of 1,904 kboed (-3% vs. 2Q12) and natural gas of 377 kboed (+4% vs. 2Q12)
» Start up of FPSO Cidade de Anchieta in September 10th
» Current production: 42 kbpd with 3 wells
» Production peak (100 kbpd): March/2013
» Discoveries: Grana Padano (Espirito Santo), Pecém (Ceará), Barra and Moita Bonita (Sergipe Alagoas)
» Record refinery output (2,026 kbpd in 3Q12 vs. 1,886 kbpd in 3Q11)
» Start up of REPAR’s Coking unit
» 7th consecutive year in the Dow Jones Sustainability Index
The year-end report for 2013 from Gulfport Energy. It shows that the company remains focused on the Utica Shale. Production (and profits) were up dramatically in 2013 as the company continues to focus on drilling for natural gas liquids (NGLs) in the Utica Shale region of eastern Ohio.
Capital Power 2016 BMO Capital Markets Infrastructure & Utilities conference ...Capital Power
Capital Power 2016 BMO Capital Markets Infrastructure & Utilities conference CFO Presentation - presented February 4 by Capital Power VP, Taxation & Treasury, Tony Scozzafava
Fourth quarter production of 15.1 mmboe - 15% higher than the corresponding quarter - brought full-year production to 54.1 mmboe. This was a 6 per cent increase on the previous year and within the company’s guidance range of 53-55 mmboe.
“Notwithstanding the fall in oil prices, Santos has delivered growth in full-year and quarterly production, and record sales revenue,” Santos Managing Director and Chief Executive Officer David Knox said.
“These results affirm the strength of Santos’ underlying business, the transformation of our operations and the positioning of the company as a major player in the Asian LNG market.”
“We look forward to further growth in 2015 with the start-up of GLNG in the second half of this year.”
Royal Dutch Shell plc - Enhanced disclosures webcastShell plc
On Tuesday, May 4 Tjerk Huysinga, Executive Vice President Investor Relations, Sinead Gorman, Executive Vice President Finance Upstream, Brian Eggleston, Executive Vice President Finance Downstream, Frank Lemmink, Executive Vice President Finance Integrated Gas and Renewables and Energy Solutions and Roland Ilube, Senior Vice President Finance Mobility host an enhanced quarterly disclosures webcast.
Using P/E basis, at the CMP the stock quotes at a FY16 P/E of 10.3. We think investors could buy the stock on dips to Rs.365 – Rs.384 band (~9.5-10.00x FY16E EPS and ~5.25-5.5xFY16 EV/EBITDA) for target of Rs.422 (~11.0x FY16E EPS and ~6x FY16 EV/EBITDA) over the next 1 quarter.
O Relatório de Sustentabilidade 2017 reúne dados do período de 1º de janeiro a 31 de dezembro de 2017 e apresenta conteúdos detalhados sobre nossa atuação corporativa, resultados e contribuições para a sociedade, práticas trabalhistas, meio ambiente, entre outros.
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.
2. DISCLAIMER The presentation may contain forecasts about future events. Such forecasts merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein. The Company is not obliged to update the presentation/such forecasts in light of new information or future developments. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as oil and gas resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. CAUTIONARY STATEMENT FOR US INVESTORS
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4. P-51 P-51 FPSO Cidade de Niterói P-53 FPSO Cidade de Niterói NEW PRODUCTION UNITS WILL CONTINUE RAMP-UP TO INCREASE PRODUCTION PLATFORM/ FIELD CAPACITY (thous. bpd) AVERAGE 3Q09 (thous. bpd) NUMBER OF WELLS EXPECTED WELLS P-53 / Marlim Leste 180 90 7 producers 3 injectors 13 producers 8 injectors P-51 / Marlim Sul 180 88 5 producers 6 injectors 10 producers 9 injectors FPSO-Cidade de Niterói / Marlim Leste 100 38 2 producers (oil) 9 producers (oil) 1 producer (gas) Total 460 216 - -
5. Drilling of the 4th well of the Evaluation Plan of Tupi was concluded, confirming the potential of the area Excellent performance of Tupi EWT, with production of approximately 20 thousand bpd Formation Test in wells Iara, Iracema and Tupi Northeast Drilling and completion of the 1st well in the Tupi pilot BM-S-10 BR 65% BM-S-11 BR 65% BM-S-24 BR 80% BM-S-9 BR 45% BM-S-22 BR 20% BM-S-21 BR 80% BM-S-8 BR 66% Legend: Drilled Wells Formation Test Drilling and Completion Parati Iara Iracema Tupi NE Tupi Tupi P1 Extensão - Tupi Júpiter Guará Carioca Iguaçu Abaré Azulão Guarani Caramba Bem-te-vi PRE-SALT ACTIVITIES ACCELERATING, REAFIRMING POTENTIAL AND INCREASING UNDERSTANDING Next steps: new wells in the Tupi pilot; new exploratory wells in BMS-9, BMS-11 and BMS-10 Rigs: 3 new drilling rigs until 1H/2010 Ongoing biddings: (i) FPSO chartered for the Guará pilot; (ii) 8 hulls for the Pre-salt project in Santos Basin
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17. vs 1,5 2,8d 0,1 0,4 0,4 7,1 1,0 1,1 23.2 10.6 4.5 5.5 0.4 1.5 3.8 1.2 3.7 4.1 15.8 0,5 6.4 2.2 0.3 0.7 Capex 9M08 - R$ 34.1 billions E&P International 0.9 Capex in line with the Company´s opportunities CONTINUED GROWTH IN CAPEX, CONSISTENT WITH BUSINESS PLAN G&E Distribution Corporate Downstream SPE Projects under Negociation Capex 9M09 - R$ 50.7 billions
18. SUCCESSFUL EFFORTS TO RAISE CAPITAL FROM LONG TERM SOURCES 6.5 (US$ bilion) Market Capital Bond issuance China Development Bank BNDES U S Eximbank Others (*) (*) R$ 25 billions converted by FX tax in 07.30.09 Others Loans + US$ 28.05 billions In 2009, US$ 34.8 billion were raised with an average life of 10.6 years 6.75
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21. For more information: Investor Relations www.petrobras.com.br/ri +55 21 3224-1510 [email_address]
Editor's Notes
Ùltima informação de agosto a produção estava: P 51: 94,7 P 53: 90,6 Jabuti: 36,5
No conference call would be complete without a brief update on the Santos Basin Pre-Salt cluster. As we announced last quarter, With the completion of the Guara, Iara and Jupiter wells, we have completed the Minimum Exploratory Program of the exploration phase for all of the blocks we operate in the cluster. The only exploration well to be drilled will be in block BM-S-22, operated by Exxon. That well has been spud, and it should contribute substantially to our understanding of the basin. We continue preparation for the extended well test of Tupi planned for the first quarter of next year. The test, as well as the pilot system, are on schedule. We can also report that we produced 18,000 barrels per day from well 1 ESS-103A in the pre-salt of the Espirito Santos and found the carbonate reservoir as productive as we had hoped. We are now evaluating where additional well tests and pilot systems will be installed in the cluster. We also continue to make long term plans for installing full production systems by 2015. The turmoil in the world’s financial markets and the fall in the price of oil have had no impact on our thinking regarding the timing or feasibility of the Santos pre-salt development. We and our partners remain confident about our prospects and we continue to believe these reserves are economical, even at crude oil prices well below those of today.
The reduction of gasoline and diesel prices in June, and the strengthening of the Real reduced our average realization price in Reais during the quarter. Our average sales price in Dollars increased by 5.4 %. Our pricing policy has benefited both the consumer and Petrobras by avoiding the volatility of the international markets, while achieving parity between the two markets over time.
Brazilian GDP growth bottomed during the 1st quarter of this year and has rebounded sharply since. The Brazilian market for derivatives and natural gas has tracked the growth in the economy, with consumption now higher than one year ago. Diesel is recovering in line with GDP growth, as is the case with many of our other products. Gasoline consumption is lower as a result of increasing competition with ethanol. Natural gas sales to the industrial sector are improving, but this growth has been offset by continued lack of demand for gas from the thermo-electric sector.
Higher oil production, improvements to our refining system, and reduced demand have contributed to a substantial improvement in our trade balance. As we continue to reduce product imports by increasing our domestic capacity to produce these products, we improve our overall margin. /for the nine months year over year, we have swung to a substantial net export position and improved our trade surplus by 3.6 billion dollars during the period.
Let’s turn now to financial results. Net revenues increased as a result of higher sales volumes and higher prices for our exports, offset by lower average realization costs. Higher prices for imports and less benefit from inventory averaging led to higher cost of goods sold. The provisioning for Special Participation tax related to Marlim production, higher costs from greater volumes of sales and new units abroad, and charges related to the new collective bargaining agreement led to higher operating costs. The result was a decline in operating income of 26% .
