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Edition 37 - Sharing in Petrobras - number 1/2012

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Highlights: Petrobras is the Energy Company of 2011; 2011 fourth quarter results; Graça Foster takes over as CEO of Petrobras; Progredir Program reaches US$ 600.000.

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Edition 37 - Sharing in Petrobras - number 1/2012

  1. 1. Investor Relations • Year XII • #37 Record issuance n Through its subsidiary Petrobras Petrobras is the Energy Company of 2011 International Finance Company (PifCo), Petrobras made an offering of Global Notes P on the international capital markets which raised US$ 7 billion, with maturity in 2015 and 2017. It was Brazil’s largest etrobras was doubly awarded international issuance of Global Notes up at the Platts Global Energy Awards, to now, in addition to representing the as Energy Company and Energy lowest cost for a Brazilian company for Producer of the Year. The ceremony to three and five-year periods and the lowest give out the awards was held in New York cost for a ten-year period ever captured by in December, after the winners were the company. The resources will finance company investments. announced. The Platts agency, one of the world Production in 2011 leaders in information about energy and n Petrobras’ average oil production in commodities, emphasized Petrobras’ Brazil in 2011 reached the record volume representativeness and advances of 2,376,359 barrels of oil equivalent per in the gas and energy sector. day (boed), 1.6% more than the volume To choose the winners, criteria such as produced in 2010. Including the volume produced abroad, the average daily technological innovation, environmental production in 2011 rose to 2,621,209 boed, responsibility, efficiency, and commitment 1.4% above the 2010 volume. to sustainability were evaluated. The award has existed for 12 years Reserves increase and highlights energy companies for n According to criteria of the National their performance and innovations. The Oil, Gas, and Biofuels Agency (ANP) winners were chosen by an independent and the Society of Petroleum Engineers (SPE), Petrobras’ proven reserves of oil, panel of international specialists. Petrobras condensate, and natural gas reached was also a finalist in the categories 16.41 billion barrels of oil equivalent (boe) Leadership and CEO. in 2011 – an increase of 2.7% in relation Petrobras is going through a process to 2010, with a reserve replacement rate of rapid growth. The forecast is to of 148% and a reserve/production ratio of increase the production of oil 18.5 years. and oil products in the coming Shareholder remuneration years based on the discoveries in n The fourth installment of the anticipated the pre-salt province, but there are distribution of remuneration to shareholders also investments in other energy sources, concerning the 2011 fiscal year was made such as biodiesel and ethanol. to Petrobras’ shareholders at the end of During the same period in December, February. The payment was under the form the fifth Global Energy Outlook Forum of interest on own capital, based on the was held, also sponsored by Platts. At shareholding position of January 2, 2012. this event, Petrobras’ pioneerism in Emission of Global Notes ultra-deepwater operations and the n Petrobras has informed the pricing of development of the oil industry in Brazil Petrobras headquarters Global Notes in British pounds, with maturity were highlighted. in 15 years, issued by its subsidiary PifCo, with a value of £ 700,000,000. Interest will be paid in December of each year, beginning 2011 Graça Foster Progredir Program in 2012, and the yield to the investor will be fourth quarter takes over as CEO reaches 6.379%. results of Petrobras US$ 600.000 Page 2 Page 4 Page 4
  2. 2. Profitability 2011 fourth quarter results I n the fourth quarter of 2011, Petrobras’ net profit reached US$ 2 billion 805 million. In this period, the company registered increased sales revenues (+3%), reflecting the 2011 reached the record daily average of 2,622,000 barrels of oil equivalent (boe), 2% higher than the volume produced in 2010. The increase in oil production was sustained by the In the Downstream segment, 14 new units entered into operation in 2011, aiming at operational improvement, the environmental adaptation of the units, energy rise in the prices of oil products on the larger number of existing platforms and efficiency, and flexibilization of the domestic market. The operational expenses by the Lula pilot project. production of oil products. The volume increased 7%, reflecting mainly the The four new systems that entered of processed domestic oil in the increase in spending on administrative into operation also contributed to the refineries reached a record level in expenditures, exploratory costs, and result: the P-56, in the South Marlim 2011, using 92% of the nominal research and development. field, and Extended Well Tests in the capacity of the units in the The operating cash flow (EBITDA) areas of Cernambi, Northeast Lula, and country. The volume of the sales of oil increased 10,7%, reaching the Northeast Carioca. In December, the products on the domestic market in record value of US$ 37 billion 322 commerciality of the Guará area was 2011 was 9% higher than that in million, which reveals the solidity of declared. Now called the Sapinhoá the same period in 2010. the internal cash flow capacity. The net field, it has a total recoverable volume The company’s net debt increased financial revenues of US$ 76 million were of 2.1 billion boe. in relation to 2010, but its leverage and lower than those registered in 2010. There were also several important solvency remained at levels within the The investments in 2011 were a total of discoveries of oil and natural gas made established limits. In 2011, Petrobras US$ 43 billion 164 million, with the throughout the year. In 2011, the total captured US$ 18.4 billion, which largest amounts going to the segments proven reserves (Brazil and abroad) shows recognition of the company’s of Exploration and Production (47%) reached 16.41 billion boe by the SPE/ credit quality by banks, official credit and Downstream (37%). ANP criteria. The reserve replacement agencies, and shareholders, and implies The total production of oil rate was 148% and the reserve production favorable costs and periods for the and gas in Brazil and abroad in ratio was 18.5 years. financing of activities. Economic and financial figuresresults & retrospective In US$ million 4Q11 3Q11 Variation (%) In US$ million 4Q11 3Q11 Variation (%) Net operating revenues 65,257 63,554 2.7 EBITDA 14,054 16,429 (14.5) Net income 17,306 20,068 (13.8) Market Value 291,564 262,546 (11.1) Operating Income 7,752 12,372 (37.3) Net debt 103,022 61,00 7 (69) Earnings per share 5,049 6,336 (20.3) Capital structure (net third parties capital/ 39% 37% (5.1) total liabilities) Earnings per ADS 0,39 0,49 (20.4) Operating performance ADR´s, Dow Jones, Amex Oil and Brent 4T11 3T11 Variation In thousand barrels of oil equivalent per day (%) Total crude oil, NGLs and natural gas production 2,670 2,581 3.4 130 Dow JonesJones Dow Total oil products production 1,949 1,886 3.3 120 Dow Jones Net exports of crude oil and oil products (134) (193) 30.6 110 Refining and marketing operations Brazil – Utilization (boed) 2,013 2,007 0.3 100 PETR4 PETR4 Refining and marketing operations International – Utilization (boed) €231 €231 0.0 90 PETR3 PETR3 PETR4 80 PETR3 Petrobras’ ADR’s Return 70 04.1 16.1 27.0 04.1 16.1 10.0 27.0 21.0 10.0 02.0 21.0 02.0 14.0 14.0 25.0 25.0 06.1 06.1 17.1 17.1 29.1 29.1 Preci Preci Dow Jones PBR PBR/A 60 (%) (%) (%) 50 10 years 21,91 327,43 323,34 Preci 04.1 16.1 27.0 10.0 21.0 02.0 14.0 25.0 06.1 17.1 29.1 5 years (1,97) (3,45) 1,34 1 year 5,53 (34,31) (31,23) 800 800 700 700 600 600 500 500
  3. 3. HistoricalOperational Safety Cooperation to confront oil spills P etrobras has signed a cooperation agreement in England with the Oil Spill Response (OSR) for mutual help in the event of big accidents with spills. Founded in 1984, the OSR has participated in combating large spills and has vast experience with this subject. According to the agreement, in the event of a large scale emergency, Petrobras will be able to count on OSR’s experience and resources in any of its units throughout the world. In the same way, the companies associated Yesterday: Candeias-1 well Today: FPSO Cidade de Angra dos Reis with the OSR will be able to make use of the company’s resources. 70 years of oil in BrazilINTERNATIONAL Production begins in the Gulf of Mexico T he potential of exploration and production of oil in Brazil is the In addition, a document was signed to begin the process to declare the well P etrobras began production in the Cascade field, located in the U.S. part of the Gulf of Mexico, in result of a trajectory of 70 years of the country’s commitment, begun in Bahia on December 14, 1941, when the well Candeias-1 a cultural heritage. In spite of currently producing only three barrels per day, this well February, using the ship FPSO BW Candeias-1 entered into operation. It is symbolically important because it Pioneer. The vessel has the capacity was the first well in the country keeps alive the trajectory of to produce 80,000 barrels/day with a commercial production. commercial exploration of oil of oil and 500,000 m³/day This fact was remembered in a in the country, even before the of gas, in addition to storing about ceremony held at the end of 2011, founding of Petrobras. Although oil 500,000 barrels of oil. The field is when a custom seal and stamp were was discovered in Brazil in 1939, in located 250 km from the coast, with launched with the date and a Bahia, production was only considered a water depth of 2,500 m. commemorative plaque was unveiled. economically feasible two years later. New discoveries in the pre-salt province ExploraTION & ProduCTION A t the end of 2011, Petrobras made a new discovery of good quality oil (25° API) in block another discovery of oil of good quality (28° API) was made. An extended well test and other activities in the Discovery BM-S-8, in the pre-salt region of the Evaluation Plan are underway. Santos Basin, at a distance of 270 km The results have been beyond from the coast, in reservoirs at a depth expectations. Therefore, the of about 5,380 m. New studies will postponement of the Plan and the evaluate the discovery in more detail. Declaration of Commerciality to The company is the operator of the December 2013 was requested and consortium with a 66% stake (Shell has approved by the National Oil, Gas, and 20% and Petrogal, 14%). Biofuels Agency (ANP). In this area, the With the drilling of a new well in consortium is operated by Petrobras the Carioca area, in block BM-S-9, (45%), in partnership with BG (30%) at a distance of 293 km from the shore, and Repsol Sinopec (25%).
  4. 4. Progredir reaches $ 600.000 in financingT he number of concluded in the Progredir Program (MakingProgress) has reached the sum of$600.000,00 since it was launchedin July 2011. “Petrobras maintains14,000 contracts with suppliersand we did 242 operations;therefore, there are great possibilitiesto increase the Program’s volume offinancing,” explains the Chief Financial Maria das Graças Foster, CEO of Petrobrasand Investor Relations Officer AlmirBarbassa. He points out that amongthe advantages are the cost reductionof the supplier’s financing and greater Petrobras has a new CEOagility. The Program allows companies and new directorsthat are part of Petrobras’ supplychain to obtain loans from thepartner banks (Banco do Brasil, I n February, the chemical engineer The new directors of Exploration and Maria das Graças Foster took Production, José Miranda Formigli (who is office as the new CEO of Petrobras, substituting Guilherme Estrella and of GasBradesco, Caixa Econômica Federal, substituting the economist José Sergio and Energy, José Alcides Santoro, who isItaú, HSBC, and Santander) based Gabrielli de Azevedo. An employee of substituting the current president, alsoon the goods and services supply the company for the last 32 years, she took office. José Eduardo Dutra, ex-contracts signed with the company. was the director of Gas and Energy. president of the company, was alsoAll the operations are carried out on She is the first woman to head nominated director of the new Corporatethe Internet, on the program portal, the company in its 58 years of and Services division. Dutra is a geologistand do not involve the company’s existence. and was hired by the company in 1983.funds. Diesel S-50 Highlights in in all of Brazil Institutional Investor S ince January 2012, Petrobras has P increased the supply of Diesel S-50, etrobras’ Chief Financial and Investor Relations Officer, Almir Barbassa, diesel with low sulfur content, was elected the Best Executive of Finances and Petrobras was all over Brazil, for the new fleet of considered the company with the Best Practice of Investor Relations by vehicles with P7 technology which the American magazine Institutional Investor, in the oil and gas segment. will be produced in the country. The The company’s former CEO, José Sergio Gabrielli de Azevedo, was elected company is also supplying Arla 32, a the best CEO of 2011 by the fund management analysts. urea solution used in new heavy diesel The magazine’s ranking presented the best professionals of Investor vehicles. The use of Diesel S-50 and Relations in Latin America. With a global circulation and 50 years of Arla 32 in the new motors can reduce existence, Institutional Investor is one of the main publications about the the emission of the particulate financial market in the world. material at the least between 80% and 98%. Newssheet edited by Petrobras’ Investor Relations Department • Executive Manager: Theodore Helms • Editor: Orlando Gonçalves Jr. MTb-MA 993 • Colaboration: Bianca Nasser, Fabrizio Carega, Luciana Guilliod and Pedro Henrique Lima Assy (trainee) • Design: Estúdio Matiz • Contact: Petrobras’ Shareholders Department Phones: (55-21) 3224-1540/4914 • Fax: (55-21) 2262-3678 • Address: Av. República do Chile, 65 / suite 1002 – Centro – Rio de Janeiro – RJ – BRAZIL – CEP 20031-912 • Depositary Bank: Bank of New York Mellon – 1-866-434-6626 • E-mail: shrmrelations@bnyellon.com • www.bnymellon.com/dr Visit our website at www.petrobras.com.br/ir

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