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Financial Results 4 th Quarter 2009. 2 4Q09 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions.

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Presentation on theme: "Financial Results 4 th Quarter 2009. 2 4Q09 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions."— Presentation transcript:

1 Financial Results 4 th Quarter 2009

2 2 4Q09 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers Content

3 3 EBITDA (1) Total sales Billion pesos Net income (loss) Change The net loss decreased by Ps billion due to (i) increased sales mainly explained by higher prices of the Mexican crude basket and (ii) a favorable effect in the foreign exchange gain due to the appreciation of the peso against the U.S. dollar. (1)Earnings before interests, taxes, depreciation and amortization. Excludes IEPS. (2)Convenience translations into US dollars amounts in pesos have been made at the average exchange rate of Ps = US$1.00 for the fourth quarter of Numbers may not total due to rounding. Billion dollars (2) Income before taxes and duties 4Q09 Financial Highlights

4 4 Crude oil production averaged 2.6 MMbd, a 5.3% decrease, mainly due to the decline of the Cantarell project, which was partially offset by a 10.2% increase in the production of the Ku-Maloob-Zaap project. Numbers may not total due to rounding. Production Change – Crude Oil Petroleum Products Natural Gas Liquid Hydrocarbons Thousand barrels per day, except natural gas which is in million cubic feet per day 4Q09 Operating Highlights 3,088 2,953(135) -4.4%

5 5 Content 4Q09 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers

6 6 Acquisition of Seismic Information Upstream: Exploration 2 The decrease in 2D seismic data is primarily due to the lack of acquisition in the “Deep Gulf of México” due to the unavailability of vessels. In contrast, the increase in higher acquisition of 3D seismic is explained by an increase in activity in the Burgos and Veracruz projects, as well as in the development fields at the ATG project. Main Discoveries 4Q09 Initial Production ProjectWellCrude oil (Mbd) Gas (MMcfd) Crudo Ligero Marino Xux Ku-Maloob- Zaap Chapabil Bellota- Chinchorro Madrefil Holok-Temoa Leek Delta del Grijalva Terra Burgos Cali Trapiche Cougar VeracruzCervelo-1A-5.2

7 7 Production Thousand barrels per day Numbers may not total due to rounding. Light and Extra-light Heavy Total crude oil production decreased 146 Mbd: – Heavy crude oil production decreased by 12.4%, due to the decline of the Cantarell project, which was partially offset by a 10.2% increase in the production of the KMZ project. – Production of light and extra- light crude oil increased as a result of the completion of wells at the Delta del Grijalva and Costero Terrestre projects in the Southern region, as well as at the Crudo Ligero Marino project in the Southwestern region. Upstream: Crude Oil

8 8 Production (1) Million cubic feet per day Non-associated Associated Numbers may not total due to rounding. Natural gas production decreased by 251 MMcfd, due to a decrease of 289 MMcfd in associated gas with high nitrogen content, which is primarily due to the optimization works in the transition zone at the Cantarell project. In contrast, non-associated gas production increased by 1.5%, mainly due to the completion of wells in the Burgos project in the Northern region. Upstream: Natural Gas (1) Includes nitrogen.

9 9 Number of wells completed Exploration Development Numbers may not total due to rounding. Development wells totaled 276, an increase of 89 wells, primarily due to higher activity at the ATG project. Upstream: Drilling 40.2%

10 10 Main accomplishments during the fourth quarter of 2009 Completion of four development wells; 20 major and 13 minor well workovers; and installation of three well recovery platforms: Akal-TGP2, TR and Akal-MA. As of December 31, 2009, the decline rate of the Akal- Nohoch field remained at 12%. Cantarell KMZ Completion of three development wells; 8 major and 14 minor well workovers; installation of the PB-Ku-H production platform; installation of 2.1 km of a 24” oil and gas pipeline from the Maloob- C drilling platform to PB-Ku-H production platform; and installation of 0.5 km of a 12” pneumatic-pump gas pipeline for the interconnection of the KMZ-22 line with the Maloob-C drilling platform. On December 29, 2009, the KMZ project reached a new maximum historical production level of 881 Mbd. Upstream: Developments Completion of 128 development wells; 50 major and 114 minor well workovers; and Implementation of field laboratories. ATG

11 11 A decrease in the decline rate from 38% in the 1H09 to 12% in the 2H09 Production maintenance Pressure increase in the basin´s gas cap The productivity has remained stable since July % 38% Actions taken in the Akal field affect its dynamic behavior Upstream: Accomplishments of Cantarell

12 12 Main accomplishments during the fourth quarter of 2009 Completion of four development wells; 20 major and 13 minor well workovers; and installation of three well recovery platforms: Akal-TGP2, TR and Akal-MA. As of December 31, 2009, the decline rate of the Akal- Nohoch field remained at 12%. Cantarell KMZ Completion of three development wells; 8 major and 14 minor well workovers; installation of the PB-Ku-H production platform; installation of 2.1 km of a 24” oil and gas pipeline from the Maloob- C drilling platform to PB-Ku-H production platform; and installation of 0.5 km of a 12” pneumatic-pump gas pipeline for the interconnection of the KMZ-22 line with the Maloob-C drilling platform. On December 29, 2009, the KMZ project reached a new maximum historical production level of 881 Mbd. Upstream: Developments Completion of 128 development wells; 50 major and 114 minor well workovers; and Implementation of field laboratories. ATG

13 13 Upstream: Accomplishments of Aceite Terciario del Golfo (ATG) Other ActivitiesField Labs Focus on value generation Improve well productivity Improved recovery Cost Reduction Depletion management Align efforts Allocation of 10km 2 per contractor to develop the area

14 14 Completion Number Drilling Wells Total: 794Total: 505 Total: 426Total: 688 Change focus to complete vs. drilling Horizontal wells Fracture design Cost reduction J F M A M J J A S O N D J F M A M J J A S O N D Upstream: Accomplishments of Aceite Terciario del Golfo (ATG) (1) Estimado

15 15 Upstream: Accomplishments of Aceite Terciario del Golfo (ATG) 3D sismic (Km 2 ) Wells drilled Wells completed Fractures Workovers Artificial Lift Drilling platforms CAPEX (Ps.) 20,764 1,396 Oil production Mbd average= 47.8 Mbd Gas production MMcfd average= 88.0 MMcfd Real Mbd Real MMcfd JAN DEC

16 16 Content 4Q09 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers

17 17 Crude oil processing Thousand barrels per day Light Crude Total crude oil processing increased by 5.3%, due to reduced maintenance activities, in accordance with a prescribed program. Light crude oil and heavy crude oil processing increased by 5.0% and 5.7%, respectively. Capacity utilization rate increased to 86.0%, 4.0 percentage points higher than the rate in 4Q08. Numbers may not total due to rounding. Heavy Crude Downstream: Oil Refining

18 18 Dry gas production Million cubic feet per day Sweet Sour Numbers may not total due to rounding. Natural gas liquids production Thousand barrels per day On-shore natural gas processing Million cubic feet per day Downstream: Natural Gas Processing 3.1%

19 19 Production of petroleum products Thousand barrels per day (1) Includes transfers from “La Cangrejera” petrochemical complex. (2) Includes LPG from Pemex-Gas and Basic Petrochemicals and Pemex-Refining, jet fuel, furfural extract, among others. Numbers may not total due to rounding. Total production increased by 63 Mbd, primarily as a result of increased production of fuel oil. Gasoline (1) Diesel Fuel Oil Others (2) Change Downstream: Petroleum Products 4.3% 0.9% 17.3% 0.5% 2.0%

20 20 Variable refining margin Dollars per barrel Number of franchised gas stations As of December 31, This decrease is primarily explained by the behavior of crude oil and petroleum prices in the international markets. As of December 31, 2009, the number of franchised gas stations was 8,803. Downstream: Variable Refining Margin and Service Stations %

21 21 This decrease in petrochemicals production was primarily driven by: ­ scheduled maintenance activity in plants that produce aromatics and methane derivatives; and ­ technical problems in the Ammonia VI plant. Net Petrochemicals Production (1) Thousand tons Ethylene Ammonia Others (1) Includes refined products. Numbers may not total due to rounding. Change Downstream: Petrochemicals Production 125.0% -4.9% -29.9% -23.5%

22 22 Content 4Q09 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers

23 23 Volume of crude oil exports (1) Thousand barrels per day Light Heavy Mexican crude mix average price (dollars per barrel): (1) At 60º F. Numbers may not total due to rounding. Exports distribution 100% = Mbd Far East United States of America Rest of the Americas Europe International Trade

24 24 Petroleum products Thousand barrels per day Petrochemicals Thousand tons Dry natural gas Million cubic feet per day Exports Source: P.M.I. ® except natural dry gas. Imports International Trade: Other Products

25 25 Content 4Q09 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers

26 26 DomesticExports Sales (1) Domestic Billion pesos Petro- chem. Crude, gas & conden sates Petro- leum products Petro- chem. Exports Petro- leum products Petro- chem. Crude, gas & conden sates (1) Includes revenue from services. Numbers may not total due to rounding. Dry gas Income Statement: Sales %

27 = = General expenses Cost of sales Dist.Admin. Net cost of employees benefits SalesCosts and operating expenses Billion pesos Numbers may not total due to rounding. Income Statement: Costs and Operating Expenses 20.1% 22.7% 30.8% -12.2% 19.2%

28 28 Billion pesos Other net revenues (expenses) (1) CFR (2) Income (loss) before taxes & duties Taxes & duties (1) Includes subsidiaries and affiliates. (2) Comprehensive financing result. Numbers may not total due to rounding. Operating income Net income (loss) ++=-= Income Statement: Net Income 107.7% 85.9% 553.9% -81.5%

29 29 Assets Total Assets: Change Liabilities & Equity Change Total Liabilities + Equity: Numbers may not total due to rounding. Billion pesos Other Current Fixed Debt Others Equity: Reserve for Employee Benefits Consolidated Balance Sheet -44.4%49.2%

30 30 Total debt Billion pesos (1)Convenience translations into U.S. dollars amounts in Mexican pesos have been made at the average exchange rate of Ps = US$1.00 for the quarter ended December 31, Numbers may not total due to rounding. Billion pesos Long Term Short Term Net debt increased by 6.6%, to Ps billion, or US$38.6 billion. Total debt increased by 7.7%, to Ps billon, or US$48.4 billion (1). Net debt Total and Net Debt

31 31 Content 4Q09 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers

32 32 Appointments Chief of Staff of the General Direction Director General of Pemex-Refining Board of Directors January 25, 2010 Changes in the Corporate Direction of: Director General of Pemex-Gas and Basic Petrochemicals On January 4, 2010, President Felipe Calderón appointed Jordy Herrera Flores as Director General of Pemex-Gas and Basic Petrochemicals. Esteban Levin Balcells became PEMEX’s Corporate Director of Management; On December 28, 2009, President Felipe Calderón appointed Miguel Tame Domínguez as Director General of Pemex-Refining. On October 29, 2009, PEMEX’s Chief Executive Officer appointed Homero Niño de Rivera Vela as Chief of Staff of the PEMEX General Direction. Information Technology and Business Processes Management Finance Mauricio Abraham Galán Ramírez became PEMEX’s Corporate Director of Information Technologies and Business Processes. Carlos Treviño Medina became PEMEX’s Chief Financial Officer; and

33 33 There was a public exchange offer of the securities issued by Fideicomiso F/163 for securities issued by Petróleos Mexicanos. Petróleos Mexicanos assumed the Master Trust’s obligations pursuant to the terms and conditions of underlying agreements and other documentation relating to the issuance of such bonds. The terms and conditions of the securities issued by Fideicomiso F/163 and the Master Trust have not been modified. Elimination of PIDIREGAS

34 34 Recent issuances Credit Lines During the fourth quarter of 2009, Petróleos Mexicanos obtained US$594 million from credit lines guaranteed by export credit agencies. Capital Markets On January 28, 2010, Petróleos Mexicanos issued US$1 billion in bonds due 2020 with a 6.0% semi-annual coupon. On February 4, 2010, Petróleos Mexicanos issued approximately Ps.15 billion in domestic bonds (Certificados Bursátiles) divided in three tranches: Approximately Ps. 8 billion due 2015 with a TIIE-28 plus 70 basis points coupon; Ps. 5 billion due 2020 with a 9.1% semi-annual coupon; and Approximately Ps. 2 billion in UDIS due 2020 with a 4.2% semi-annual coupon. On February 11, 2010, Petróleos Mexicanos reopened CHF150 million in bonds due 2014 with an annual 3.5% coupon.

35 35 c Content 4Q09 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers

36 36 Investor Relations (+52 55)


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