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Petrobras at a Glance

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Petrobras at a Glance PETROBRAS AT A GLANCE Theodore M. Helms Executive Manager Investor Relations [email protected] Marcos V. G. Silva Institutional Investors Coordinator Investor Relations [email protected] June / July 2008 P-51 1 Forward Looking Statements 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. Cautionary Statement for US investors 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. 2 Petrobras Overview 3 Petrobras: An Investment Grade, Publicly Traded, Major International Oil Company • Incorporated in 1953 as government monopoly for all hydrocarbon activities in Brazil • Originally established as a refinery of imported crude oil • Became net exporter in 2006 • 60% of total equity capital (common and preferred) is now publicly traded • Government maintains controlling interest with 55% of voting shares • Market cap of approximately $260 billion, NYSE Listed, quarterly disclosure in US GAAP • Foreign currency ratings from Moody’s of Baa1, Standard & Poors (BBB), and Fitch (BBB) (3, 1, and 1 notch above sovereign, respectively) First Public Crossed the 2MM bpd, Brazilian Full Auction of Oil Upgraded to $100 billion Brazil Self- $200MM market Constitution Petrobras Exploration Investment dollar Market Sufficient in cap, Discovery Amended NYSE Listing Deregulation Areas Grade Issuer Cap mark Oil of new oil frontier Nov 1995 June 1999 August 2000 January 2002 October 2005 2006 April 2006 2007 4 Diversified Shareholder Base • 60% of the economic value of Petrobras in private hands, but Government maintains control w/55% of voting shares • More than 500,000 investors in Brazil and abroad • NYSE Listed, quarterly disclosure in US GAAP 9.5% 20.3% 10.9% 26.4% 31.2% 30.3% Foreign 46.4% 10.3% 38.2% 18.0% 9.9% 8.0% 7.9% 25.1% 23.1% 20.7% 21.9% Bovespa 29,8% 53.6% 61.6% 44.4% 40.6% 40.1% 39.9% Oct/1992 Jul/2000 After Aug/00 After Jul/01 Dec/2003 May/08 offering offering Government (1) (%) Bovespa Brazil Bovespa Foreign ADRs Free 46.4 38.4 55.6 59.4 59.9 60.1 Float (1) Includes BNDES / BNDESPAR 5 Corporate Organization and Key Operating Results Exploration & Downstream Gas & Distribution International Production (Supply) Energy Petrochemicals Biofuels Summary Financials (US$ billion) Income from Operations(2) For Year Ended 2005 2006 2007 Distribution 3% Net Revenues 56.3 72.3 87.7 Downstream EBITDA 17.6 22.9 25.3 16% Capex 10.4 14.9 21.0 Total Debt(1) 21.2 21.3 21.9 Cash & Cash Equivalents 9.9 12.7 7.0 Net Debt 11.3 8.7 14.9 Domesti c Total Equity 32.9 44.3 65.2 E&P Total Assets 78.6 98.7 129.7 81% Notes : 1 Includes capital leases 2 For tthe year ended December 31, 2006. Excludes losses in gas and energy, corporate results and eliminations 6 World Class Integrated Public Energy Company 2007 Proven Reserves (SEC) 2007 Oil & Gas Production (Bln boe) (‘000s bpepd) 25.0 22.5 4,180 4, 000 3,771 20.0 17.6 3,268 3, 000 2,593 15.0 11.7 11.7 2,324 2,316 11.2 10.8 10.1 2,301 1,736 10.0 6.5 2, 000 1,039 5.0 2.4 1, 000 0.0 0 Exxon BP Shell Petrobras Chevron Conoco Total Enl Repsol Exxon BP Shell Chevron Conoco Total Petrobras Eni Repsol Mobil Mobi l Source: Company Filings, Company Website Source: Company Filings 2007 Refining Capacity Market Value as of June 06, 2008 (‘000s boepd) (US$Bln) 6,299 7,000 500 468 6,000 400 5,000 3,953 4,000 300 284 259 2,769 2,730 2,598 218 207 3,000 2,167 2,115 204 200 160 145 2,000 1,039 748 100 51 1,000 0 0 Exxon Shell BP Conoco Total PetrobrasChevron Repsol Eni Exxon Petrobras Shell BP Chevron Total Eni Conoco Repsol M obil Mobil Source: Company Filings, Company Website Source: Company Filings, FactSet 7 Balanced Vertical Integration Upstream Operations Downstream Operations - Proved Domestic Reserves of 13,92 Billion BOE (SPE) 11 refineries in Brazil - - Southeast Basins responsible for more than 80% of Brazil’s oil production - 2007 dome stic throughput of 1,795 k bpd - - 2007 domestic oil average daily Production of 1,792 k bpd - 2007 oil products domestic consumption of 1,725 k bpd 8 Upstream Overview 9 Proven Reserves (SPE) evolution in Brazil 13,92 11,01 6,0 3.8 10 Oil Production Development and Targets 3.000 2812 2421 2.500 1950 2.000 1.500 3 1.000 10 bpd 500 0 Thousand bpd Year ONSHORE OFFSHORE <= 300m OFFSHORE > 300m TARGET G3467 11 Internal Reserves Replacement Ratio (SPE) ....along with a organic reserves replacement 13.75 13.92 13.02 13.23 12.60 1.23 0.88 1.02 0.88 Production Production Production Production (0.60 billion boe) (0.67 billion boe) (0.70 billion boe) (0.70 billion boe) Reserves Reserves Reserves Reserves 13.04 Replacement 12.00 Replacement 12.35 Replacement 12.52 Replacement Index Index Index Index (170%) (131%) (174%) (124%) 2003 2004 2005 2006 2007 The goal it to keep a minimum 100% Replacement Ratio 12 Long-Term Record of Increasing Reserves Proven Reserves by Category Worldwide Proved Reserves of Petrobras (Reviewed and Certified by DeGolyer and MacNaughton since 2001) Oil vs. Gas By Depth Assoc. Gas Non-Assoc. 6% 11% Gas 9% 14.9 14.9 15.0 15.0 10% 14.5 23% Oil and Condensate 12.1 85% 56% 10.7 Onshore 10.4 Offshore (0-300m) Offshore (300-1500m) Offshore (>1500m) Billion BBLS 11.6 11.8 11.8 11.5 11.7 10.5 By Location By Gravity 9.8 9.3 8% 26% 74% 2000 2001 2002 2003 2004 2005 2006 2007 92% > 31o API Brazil Light Inte rnat io nal < 31o API SEC SPE (inc. SEC) Heavy /Intermediate Note: Reflects both SEC and SPE (Society of Petroleum Engineers) method and includes both Brazilian and international reserves. 13 E&P - rapidly growing production profile 7.7% p.y. 4,153 18 3 8.7% p.y. 3,494 515 * 15 1 285* y. 643 8.3% p. 637 2,300 2,298 2,217 2,036 2,020 1,810 101 109 1,565 1,636 96 1,505 23 85 94 142 126 Thousand boed Thousand 24 163 1,238 35 273 20 161 168 277 1,090 16 44 1,008 53 252 250 265 274 2.812 885 10 60 11 232 2.421 10 9 45 221 47 197 38 25 179 163 1,778 1,792 152 1,684 134 1,500 1,540 1,493 1,336 1,132 1,271 869 1,004 716 809 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2012 2015 Oil and NGL - Brazil Natural Gas - Brazil Target Forecast Oil and NGL - International Natural Gas - International * Includes non consolidated production 14 MainMain ProjectsProjects inin BrazilBrazil –– 2007-20122007-2012 EspadarteEspadarte MarMar li li m m Sul Sul Módulo 3 – MódMód ulo ulo 3 3 RioRio dede JaneiroJaneiro Módulo 3 – Espadarte Mód II P-P- 56 56 100.000100.000 bpdbpd 2,600 Espadarte Mód II TupiTupi 100.000 bpd Tupi 100.000 bpd Tupi 100.000100.000 bpdbpd 2012 EWT Pilot Sy stem 2012 6/jan/076/jan/07 9 EWT Pilot Sy stem 20112011 UpUp toto CidadeCidade Niterói Niterói UpUp toto 100.000100.000 bpdbpd Piranem a 30.00030.000 bpdbpd Piranem a JabutiJabuti (FPSO) (FPSO) 30.000 bpd 20092009 20102010 2,400 30.000 bpd 100.000100.000 bpdbpd 10/oct/0710/oct/07 9 20082008 2,421 FradeFrade CidadeCidade de de VitóriaVitória 100.000100.000 bpdbpd 2,374 Roncador Marlim Sul Módulo 2 Roncador GolfGolf inho inho Mód. Mód. 22 Marlim Sul Módulo 2 20092009 Jubarte 100.000100.000 bpdbpd 9 P-51P-51 2,296 Jubarte ModMod ule ule 44 Nov ember 2007 180.000180.000 bpdbpd 2,200 Nov ember 2007 P-57P-57 P-62 2008 P-62 2008 CachaloteCachalote & & Roncador 180.000180.000 bpdbpd Roncador 2,191 BaleiaBaleia Franca Franca 100.000100.000 bpdbpd P-52P-52 9 2012 2012 20122012 180.000180.000 bpdbpd 1.950* FPSOFPSO NovNov ember ember 2007 2007 CapixabaCapixaba 2,000 ParqueParque das das ConchasConchas 100,000100,000 bpdbpd Marlim Leste 100.000 bpd Marlim Leste 100.000 bpd 20102010 P-53P-53 1.792 20092009 180.000180.000 bpdbpd 1,800 RoncadorRoncador 20082008 P-54P-54 9 180.000180.000 bpdbpd NovNov ember ember 2007 2007 1,600 2007 2008 2009 2010 2011 2012 Obs.: This curve does not include Tupi’s Pilot System Production * Target may vary +/- 2.5% 15 E&P: UPCOMING UNITS Units Field Capacity Status Start-up Shipyard FPSO Cidade Oil: 100.000 bpd Modec Jabuti Under construction 2S08 de Niterói* Gas: 3,5 MM m3/dia Sipem - Dubai Oil: 180.000 bpd Nuclep/Brasfels P-51 Marlim Sul 3 Under construction 2S08 Gas: 6MM m /dia Angra/RJ Oil: 180.000 bpd Quip P-53 Marlim Leste Under construction 2S08 Gas: 6MM m3/dia Rio Grande/RS Cidade São Oil: 35.000 bpd Prosafe Camarupim 3 Under construction 2S08 Mateus* Gas: 10 MM m /dia Keppels - Cingapura 3 Mauá-Jurong PMXL-1 Mexilhão Gas: 15MM m /dia Under construction 2009 Niterói/R J Brasfels -FSTP Oil:100.000 bpd Under construction P-56 Marlim Sul 2011 Keppel & Technip Gas: 6MM m3/dia (P-51 Clone) Angra/RJ Oil: 180.000 bpd SBM P-57 Jubarte Contracted 2011 Gas: 2MM m3/dia Shipyard N/A Oil:100.000 bpd Mauá-Jurong P-62 Roncador 3 Contracted 2012 Gas: 6MM m /dia Niterói/R J Atlântico Sul Oil: 180.000 bpd Hull contracted.
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