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Financial Results 4 th Quarter 2009

Financial Results 4 th Quarter 2009. Content. 4Q09 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers. 4Q09 Financial Highlights. Billion pesos. Billion dollars (2). Change. Total sales .

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Financial Results 4 th Quarter 2009

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  1. Financial Results4th Quarter 2009

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

  3. 4Q09 Financial Highlights Billion pesos Billion dollars(2) Change Total sales Income before taxes and duties Net income (loss) EBITDA (1) • The net loss decreased by Ps.101.0 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. • Earnings before interests, taxes, depreciation and amortization. Excludes IEPS. • Convenience translations into US dollars amounts in pesos have been made at the average exchange rate of Ps. 13.0743 = US$1.00 for the fourth quarter of 2009. • Numbers may not total due to rounding.

  4. 4Q09 Operating Highlights Production Change Thousand barrels per day, except natural gas which is in million cubic feet per day -4.4% 3,088 2,953 (135) • Liquid Hydrocarbons • Crude Oil • Natural Gas • Petroleum Products • 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.

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

  6. Upstream: Exploration Acquisition of Seismic Information 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.

  7. Upstream: Crude Oil Production Thousand barrels per day • 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 CosteroTerrestre projects in the Southern region, as well as at the CrudoLigero Marino project in the Southwestern region. Light and Extra-light Heavy Numbers may not total due to rounding.

  8. Upstream: Natural Gas Production(1) Million cubic feet per day • 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. Non-associated Associated (1) Includes nitrogen. Numbers may not total due to rounding.

  9. Upstream: Drilling Number of wells completed 40.2% 209 • Development wells totaled 276, an increase of 89 wells, primarily due to higher activity at the ATG project. 187 Exploration Development Numbers may not total due to rounding.

  10. Upstream: Developments 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. • Completion of 128 development wells; • 50 major and 114 minor well workovers; and • Implementation of fieldlaboratories. ATG

  11. Actions taken in the Akal field affect its dynamic behavior Upstream: Accomplishments of Cantarell 38% • 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 2009 12%

  12. Upstream: Developments 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. • Completion of 128 development wells; • 50 major and 114 minor well workovers; and • Implementation of fieldlaboratories. ATG

  13. Upstream: Accomplishments of AceiteTerciario del Golfo (ATG) Align efforts Field Labs Other Activities Allocation of 10km2 per contractor to develop the area • Focus on value generation • Improve well productivity • Improved recovery • Cost Reduction • Depletion management

  14. Upstream: Accomplishments of AceiteTerciario del Golfo (ATG) Drilling Wells Total: 794 Total: 505 • Change focus to complete vs. drilling • Horizontal wells • Fracture design • Cost reduction Completion Number Total: 426 Total: 688 J F M A M J J A S O N D J F M A M J J A S O N D 20101 2009 (1) Estimado

  15. Upstream: Accomplishments of Aceite Terciario del Golfo (ATG) Oil production Mbd 3D sismic (Km2) Drilling platforms average= 47.8 Mbd Real 2009 29.5 Mbd Wells drilled JAN ------------------------------------------------------------------------ DEC Wells completed Gas production Fractures 1,396 MMcfd Workovers average= 88.0 MMcfd Artificial Lift Real 2009 78.8 MMcfd CAPEX (Ps.) 20,764 JAN ------------------------------------------------------------------------ DEC

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

  17. Downstream:Oil Refining Crude oil processing Thousand barrels per day • 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. Heavy Crude Light Crude Numbers may not total due to rounding.

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

  19. Downstream:Petroleum Products Production of petroleum products Thousand barrels per day 4.3% Change 0.9% 17.3% • Total production increased by 63 Mbd, primarily as a result of increased production of fuel oil. 0.5% 2.0% Diesel Fuel Oil Others(2) Gasoline(1) (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.

  20. Downstream:Variable Refining Margin and Service Stations Variable refining margin Dollars per barrel Number of franchised gas stations As of December 31, -30.9% • 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.

  21. Downstream:Petrochemicals Production Net Petrochemicals Production(1) Thousand tons Change -23.5% • 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. 125.0% -4.9% -29.9% Ethylene Ammonia Others (1) Includes refined products. Numbers may not total due to rounding.

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

  23. International Trade Volume of crude oil exports(1) Thousand barrels per day Exports distribution 100% = Mbd UnitedStates of America Restof theAmericas Europe Light Far East Heavy Mexican crude mix average price (dollars per barrel): 45.74 70.37 (1) At 60º F. Numbers may not total due to rounding.

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

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

  26. Income Statement:Sales Billion pesos Domestic Exports 102.5 47.5% 151.1 Dry gas Petro-leum products Petro- chem. Petro- chem. Crude, gas & condensates Crude, gas & condensates Petro-leum products Petro-chem. Sales(1) Domestic Exports (1) Includes revenue from services. Numbers may not total due to rounding.

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

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

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

  30. Total and Net Debt Billion pesos Billion pesos Net debt Total debt Short Term Long Term • Net debt increased by 6.6%, to Ps. 503.7 billion, or US$38.6 billion. • Total debt increased by 7.7%, to Ps. 631.9 billon, or US$48.4 billion(1). • Convenience translations into U.S. dollars amounts in Mexican pesos have been made at the average exchange rate of Ps. 13.0587 = US$1.00 for the quarter ended December 31, 2009. • Numbers may not total due to rounding.

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

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

  33. Elimination of PIDIREGAS • There was a public exchange offer of the securities issued by Fideicomiso F/163 for securities issued by PetróleosMexicanos. • 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.

  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 (CertificadosBursátiles) 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 withanannual3.5% coupon.

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

  36. Investor Relations (+52 55) 1944 - 9700 ri@dcf.pemex.com www.pemex.com

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