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Natural Gas Energy Annual Report 2006 Contents - PROFILE, MISSION, VISION 2015, VALUES AND CONDUCT - HIGHLIGHTS - MESSAGE FROM THE CEO - OIL MARKET OVERVIEW - CORPORATE STRATEGY - BUSINESSES Exploration and Production Refining and Commercialization Petrochemicals Transportation Distribution Natural Gas Energy - INTERNATIONAL ACTIVITIES - SOCIAL AND ENVIRONMENTAL RESPONSIBILITY Human Resources Health, Safety and the Environment Social, Environmental, Cultural and Sports Sponsorship - INTANGIBLE ASSETS Technological Capital Organizational Capital Human Capital Relationship Capital - BUSINESS MANAGEMENT Business Performance Capital Markets Risk Management Corporate Governance Annual Report 2006 2 Profile Petrobras is a publicly listed company that operates on an integrated and specialized basis in the following segments of the oil, gas and energy sector: exploration and production; refining, commercialization, transportation and petrochemicals; the distribution of oil products; natural gas and energy. Founded in 1953, Petrobras is now the world’s 14 th largest oil company, according to the publication Petroleum Intelligence Weekly . The leader in the Brazilian hydrocarbons sector, the company has been expanding, in order to become an integrated energy business with international operations, and the leader in Latin America. Mission To operate safely and profitably, in a socially and environmentally responsible manner, within the oil, gas and energy sector, both domestically and abroad, supplying products and services that meet the needs of the customers, thereby contributing to the development of Brazil and the other countries in which Petrobras operates. Vision 2015 Petrobras will be an integrated energy company with a strong international presence, the leader in Latin America, with its focus on profitability and social and environmental responsibility. Values • Giving importance to the company’s principal stakeholders: shareholders, customers, employees, society, government, partners, suppliers and the communities within which the company operates; • An enterprising spirit and the ability to meet challenges; • A focus on quality in the results; • An innovative and competitive spirit, focused on providing outstanding services and maintaining high technological standards; • Quality and leadership in the issues of health, safety and environmental preservation; • A constant quest for business leadership. Annual Report 2006 3 Conduct • An ethical posture in all business dealings; • Leadership by example; • An emphasis on integration and teamwork; • A focus on attaining and sustaining a competitive edge; • Close scrutiny of results, with performance recognition and responsibility; • Transparency in the relations with shareholders, employees, communities and other stakeholders. Annual Report 2006 4 Highlights Operational summary – 2006 2005 2006 (1 ) (2) PROVEN RESERVES – SPE criteria - (billions of barrels of oil equivalent – boe) 14.9 15.0 Oil and condensate (billion barrels) 12.3 12.3 Natural gas (billion boe) 2.6 2.7 AVERAGE DAILY PRODUCTION (thousand boe) (1 ) 2,217 2,298 • Oil and NGL (thousands of barrels per day - bpd) 1,847 1,920 Onshore 396 367 Offshore 1,451 1,552 • Natural gas (thousands of boed) 370 378 Onshore 213 206 Offshore 157 172 st PRODUCING WELLS (oil and natural gas) – December 31 (1) 12,557 12,895 Onshore 11,860 12,170 Offshore 697 725 DRILLING RIGS – December 31 st 64 63 Onshore 22 19 Offshore 42 44 st PRODUCING PLATFORMS – December 31 97 103 Fixed 73 76 Floating 24 27 SHIPPING FLEET – December 31 st Vessels – company owned 50 51 – chartered 75 104 Tonnage (million deadweight tons – dwt) 8.2 11.1 TERMINALS – December 31 st Number 66 66 (3) Storage capacity (million m 3) 10.4 10.4 REFINERIES – December 31 st (1)(5) Number 15 16 Nominal installed capacity (thousand bpd) 2,114 2,227 Average throughput (thousand bpd) 1,830 1,872 Brazil 1,727 1,746 Abroad 103 126 Average production of oil products (thousand bpd) 1,839 1,892 IMPORTS (thousand bpd ) Oil 352 370 Oil products 94 118 EXPORTS (thousand bpd) Oil 263 335 Oil products 260 246 COMMERCIALIZATION OF OIL PRODUCTS (thousand bpd) Brazil 1,644 1,697 INTERNATIONAL SALES (thousand bpd) Oil, gas and oil products 385 503 NATURAL GAS SOURCE (million m 3 per day) (4) 45 46 Domestic gas 23 23 Bolivian gas 22 24 NATURAL GAS MARKET DISTRIBUTION (million m 3 per day) (4) 45 46 Distributors 31 33 Thermoelectric plants 7 6 Domestic consumption 7 7 ENERGY (1) Number of thermoelectric plants (5) (6) 9 10 Installed capacity (MW) (5)(6) 3,203 4,126 Energy sales (TWh) 16.64 17.57 Number of hydroelectric plants 2 2 Installed capacity (MW) (5) 285 285 Transmission lines (km) 15,414 15,414 Energy distribution (TWh/year) 13 13 FERTILIZERS (1 ) Production units 3 3 (1) Includes information from abroad, corresponding to Petrobras’ stake in each partnership (2) Proven reserves are calculated according to SPE (Society of Petroleum Engineers) criteria (3) Only includes Transpetro’s terminals (4) Excludes flare off, own E&P consumption, liquefaction and reinjection (5) Only includes assets in which Petrobras has an equity stake of 50% or more (6) Only includes natural gas powered thermoelectric plants Annual Report 2006 5 Shareholding structure at the Shareholding structure at the end of 2006 end of 2005 Voting Capital -Common Shares Federal Government Voting Capital -Common Shares 8,2% Federal Government 2,9% BNDESPAR 4,4% 7,5% 2,8% BNDESPAR 4,6% American Depositary Receipts level 3 55,7% American Depositary 27,0% FMP - FGTS Petrobras Receipts level 3 55,7% 27,5% FMP - FGTS Petrobras Foreigners (RES. No 2689 1,9% C.M.N) Foreigners (RES. No 2689 1,9% other entities C.M.N) other entities Non-Voting Capital - Preferred Shares Non-Voting Capital - Preferred Shares 15,5% BNDESPAR 15,5% BNDESPAR 32,1% 31,7% American Depositary Receipts level 3 and rule 144 -A American Depositary Receipts level 3 and rule 144 -A 36,6% Foreigners (RES. No 2689 37,1% 15,8% C.M.N) Foreigners (RES. No 2689 15,7% C.M.N) other entities other entities Capital Stock Federal Government Capital Stock Federal Government 18,3% BNDESPAR 32,2% 17,7% BNDESPAR 8,3% American Depositary 32,2% Receipts (Common Shares) 2,5% 8,2% American Depositary American Depositary Receipts (Common Shares) 2,7% 15,4% 7,6% Receipts (Preferred Shares) American Depositary 15,6% FMP - FGTS Petrobras 15,7% 7,6% Receipts (Preferred Shares) 15,9% FMP - FGTS Petrobras Foreigners (RES. No 2689 C.M.N) Foreigners (RES. No 2689 other entities C.M.N) other entities Annual Report 2006 6 Consolidated Information Production of Oil, NGL, Condensate and Natural Gas (th. boed) 2,217 2,298 2,036 2,020 1,810 370 378 335 359 275 1,847 1,920 1,535 1,701 1,661 2002 2003 2004 2005 2006 Oil, NGL and Condensate Natural Gas Proven Reserves of Oil, NGL, Condensate and Natural Gas SPE Criteria (billion boe) 14.5 14.9 14.9 15.0 12.1 2.9 2.8 2.6 2.7 2.3 12.1 12.3 12.3 9.9 11.6 2002 2003 2004 2005 2006 Oil, NGL and Condensate Natural Gas Spillage of Oil and Oil Products (m 3) 530 293 276 269 197 2002 2003 2004 2005 2006 Injury Frequency Rate (involving time off work) 1.53 1.23 1.04 0.97 0.76 2002 2003 2004 2005 2006 Annual Report 2006 7 Net Income Consolidated (1) - BR GAAP Criteria R$ million 25,919 23,725 17,795 16,887 8,098 2002 2003 2004 2005 2006 Earnings/Share - BR GAAP Criteria Consolidated(R$/share) (1)(2) 5.91 5.41 4.06 3.85 1.86 2002 2003 2004 2005 2006 Gross, Operating and Net Margin (1) BR GAAP Criteria - Consolidated 45% 44% 41% 40% 36% 29% 27% 29% 27% 20% 19% 15% 17% 16% 12% 2002 2003 2004 2005 2006 Grosso Margin Operating Margin Net Margin (1) The fiscal years 2004, 2005 and 2006 include the figures for Special Purpose Companies (SPCs) whose activities are controlled, directly or indirectly, by Petrobras. (2) For the purpose of comparison, the Earnings per Share for the previous fiscal years have been recalculated, to reflect the share split approved ot the EGM of July 22, 2005. Annual Report 2006 8 Market Capitalization x Net Equity (1) (R$ billion) 230 174 112 87 54 97 62 78 49 34 2002 2003 2004 2005 2006 Market Capitalization Net Equity Debt Ratios (3) 54% 41% 32% 28% 23% 24% 16% 18% 17% 16% 2002 2003 2004 2005 2006 Short-term debt / Total Debt Net Debt / Net Capitalization (1) The fiscal years 2004, 2005 and 2006 include the figures for Special Purpose Companies (SPCs) whose activities are controlled, directly or indirectly, by Petrobras. (3) The fiscal years 2002 and 2003 include debt incurred by the SPCs which Petrobras used to structure project finance and consortia. The fiscal years 2002 until 2006 include leasing contracts. Annual Report 2006 9 Message from the CEO The year 2006 was one of achievement and new prospects for Petrobras. In addition to the record results – consolidated earnings of R$ 25.9 billion and investments of R$ 33.7 billion – and a 4% increase in total production of oil and natural gas, the company is girding itself for a new challenge, set down in the Business Plan 2007-2011: to maintain its rapid rate of growth. The targets are ambitious ones, leading Petrobras, for the first time, to plan its production over the long term: a total of 4 million 556 thousand barrels a day (bpd) of oil and natural gas will be produced in Brazil and abroad in 2015. The planned investments are in keeping with the grandeur of the projects, amounting to the sum of US$ 87.1 billion by 2011. Domestic production grew by 5.0% in 2006, due to a 340 thousand bpd increase in production capacity, as a result of the P-34, FPSO-Capixaba and P-50 platforms all coming on- stream.
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