Q3 2019 Earnings Call
Good morning, ladies and gentlemen, welcome to Petrobras webcast and conference call with analysts and investors school starting.
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2019 third quarter without.
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I think today, we have from Michigan that al made that chief financial and Investor Relations Executive Officer.
Mrs definitely gilat up chief refining and natural gas Executive officer.
Mr. Carlos all backed a bit either Julie Veda, chief exploration and production Executive officer.
Mr who do you mind, what exactly chief technology and production due to loss development Executive Officer.
Mr. it'd be at all the gel made that she's carplay d'affaires executive Executive officer.
Mr., Marcelo Drinker, Chief governance, and compliance Executive officer, and auto companies Executive officers, Michigan that I am you May proceed. Please.
Ladies and gentlemen, please hold.
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Speakers you May now proceed.
Good morning, San often to everyone in the line.
Hi, happy to present, Petrobras third quarter results.
We had excellent economic and financial performance into third quarter. The results reflect our efforts to transform petrbras into an increasing resilient competitive company capable of adapting to the most dynamic market in which we operate.
In recognizing the challenges of this market and its risks.
Yes, this labs to focus on cost optimization increased operational efficiency and definitely reducing our in that business.
This strong growth in oil and gas production this quarter at lower cost exemplified the resilience we are aiming for.
In the third quarter. After 2019 production reached a new monthly record of 3 million barrels equivalent a day.
Addition to our new daily record of 3.1 million barrels a cable and today the F. Richard in August .
Although bands brands price declined quarter on quarter, our EBITDA in the M.P. segment increased 2% to 32.1 billion Ray ice.
This was due to the ramp up of new platforms, especially in the assets in which we either natural owners the pre salt, where we have achieved excellent results.
The pre salt represented 60.4% outlier production in Brazil.
MBS, yes, so de 76 in the Brutus fields reaches its ramp up in record time off 7.7 months.
In addition, our lifting costs reached its lowest bristled level off about $5 per barrel equivalent in the quarter, which would help to reduce the average.
Shifting crops in Brazil.
9.7 dollars per barrel.
This operating advances were reflected in the record operating cash flow of 32.8 billion realized in the third quarter of 19.
Also supported by the successful transaction for the anticipation on receivables from electric bus, where whereby we received 8.4 billion way ice for that's maturing.
Until 2025.
And which together with the sale also the are distributed Distribuidora shares resulted in a record free cash flow or 25.7 billion realize.
We are building the new Petrobras as sustainable competitive company that operate safely and that's clearly creating more value for its shareholders and society.
In this sense, we approved a new strategic positioning for Petrobras the new vision is to be the battery energy company in the generation of shareholder value focusing on oil and gas with safety respect for people and the environment.
In October we held the Petrobras Congress off SMS 2019.
The event, then mobileyes all areas of Petrobras as well Aspart fifth participants such as solar powered shell it coming on and others.
On October toured the 66 anniversary of Petrobras and the last day of the Congress, we launch in the fourth cycle on the commitment to life program.
Since the first cycle. This program, we have been able to reduce our recordable injury rates from two point 15, two points 75 in the third quarter of 2019, our lowest quarterly rate she'll below the benchmark history of our peer group, which is quite papers.
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We will continue to deliver value in oil and gas production with the progress on divestments in onshore and shallow water assets, which are definitely not core assets for the company and for which recent transactions show that there is a strong interest from companies able to add more value.
At the same time, we continue to make controls our portfolio exploratory exploratory approach focusing on deepwater and ultra deepwater assets with significant investments as we did in the 16, a and b bidding rounds.
And then how we expected due in the to transform the rights scheduled for November six.
In the refining segment. We also had good operating results with higher production following the quarterly increase in demand.
I also adding value to our makes by increasing the 0.5% bunker output in line with the IMO 2020 specifications, which meets the competitive advantage with battery half we have a blumenthal low so for oil production, which will benefit economically from the limitations imposed by the.
Regulation.
Continuing refinery or making progress in the refinery sale process in accordance with our divestment.
System any line or the agreement signed with that with the antitrust authorities.
We launched the second package for the sale for refineries and one of them pick up has even progress to the nonbinding fake.
We hope the others will migrate to this phase in the coming weeks.
We signed two important agreements in the third quarter, but for us in July with the antitrust body in Brazil Kaji.
To promote competition in the natural gas sector in Brazil.
The second in September with a bomb and I'll hit a wide to exit natural gas distribution segment in the country.
In the third quarter of 19, we had a quarterly reduction of 9% in general and administrative expenses and who lunch launch the toward 2019 voluntary termination program exclusive to the corporate segment.
In terms of changing the structure, we created digital transformation Energization department to consolidate all information technology efforts and the company's transformation change process for a variety more agility productivity gains and cost reduction.
Another highlight for the third quarter.
And we would have increased our standalone credit rating by warm level from the athree to be a two and kept our corporate that risk level at the two with a stable outlook with his review our standalone waiting equals our global scale rating, which follows busier rating.
All liability management movements carried out in recent years have contributed to a better perception of our risk from the beginning of 2017 until October 19, there was at 316 basis points decrease in Petrobras credit default swaps.
Index for the five year period.
Improving these ratios enables lower interest payments on future fund raising.
Following for better management of our cash flow and further strengthen strengthening capital discipline.
Regarding our capital structure, we made excellent progress in our de leveraging our that reaches a $9 billion in the third quarter with a reduction of 11 billion quarter on quarter.
You are able to reduce costs I bet to below 6%, reaching 5.9 on September Thirtyth 2019, and had the same time, we extended the that time to 10.4 years from 10 point 25 years. This result was possible due to our efficient financial management and our focus on.
We do see Petrobras that in achieving the 1.5 net debt to EBITDA target by 2020.
We have made several financial operations that will contribute to reducing the cost of that.
Including the 3 billion we eyes.
Bancshares issuance that was the largest market distribute it infrastructure defenses in the history.
We will continue to work hard on our transformation agenda seeking cost reductions in creating efficiencies our operations and investments in line with our vision to be the best shareholder value energy company focused on oil and gas and safety and safely respect for people ending.
I mean.
I think we can now moved to the questions.
We'll now begin the question and answer session. We ask each participant you name it to a maximum of two questions questions should be asking insect planes and the speaker phone function should not be years.
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Our first question comes from hedging is kind of those cookie suite C.
Overall and good morning, Thanks for taking the question.
Okay helpful and that leaves everybody wants.
So two topics I want it to discuss first one pull the trigger the on downstream.
I wanted to know what are you guys over quantified the impact.
Oh 2020.
Got it either be in terms of crack spreads <unk> million dollars.
During the quarter.
And bill in both stream.
There are ongoing study.
Regarding your Verticalization.
In the downstream segment regarding the CEO of refinery, which is why don't you know what are the actual theyll be refiners contingent on.
I don't see regarding whether distribution companies or integrated.
I will see skin can actually have production refining and distribution.
And then lastly, if I may just a second question in terms over.
The new.
They do a position or the board of directors on digitalization in innovation I wanted to know whether you have met so for cost savings initiatives and how could you implement the.
New do store initiatives, you're actually reduce costs. Thank you.
[laughter] I have to apologize I believe has as you will have to repeat the question because there was a problem in the line. We couldn't hear you. So would you mind just repeating press sorry about that.
Oh, absolutely no problem.
Topics one downstream the order on the stabilization.
On downstream if you have quantified the impact of Iran. Low 2020 theater in terms of a crack spreads for fuel oil bunker or in terms of a million dollars in the quarter.
It's still in downstream.
What are the sale of the refineries are contingent on a fido see regarding vertical integration.
Either.
Downstream true.
Sure distribution company companies or upstream to companies that also have production of oil.
So if the actual feel of the refinery depends on.
I don't see on weather overt configuration, it will be alone.
And then on the dish, though initiatives what are your husband Matt.
Securities to reduce cost and if you have examples of how the.
You should then booster initiatives could be used in that thank you.
[laughter] and good morning has she is.
Related to the your question about a do backed off so I am bunker.
To me.
So what we see today isn't increasing the crack spread Oh jeez you already.
We are approaching $18 dollars per barrel into expected next year to achieve $22 per barrel due to these to detect off to the linkage between between okay.
So I believe you ask as well about refineries. So just my snapshot on the attack the decision when we decided to sell the refineries. We took the portfolio. If you have the refineries and he cost Sidoti operationally fees efficiency of the refinery how the refineries integrated.
D N P systems, as well and how the into the refineries were integrated themselves so busy season on which ones would be so.
It's already taken so there isn't a it's not going to be impacting AD. So there's no final a discussion around that and that's how we decide to reach ones would be so that's nice to have the question, but I wanted to mentioned that before the digital transformation.
Now onto these little transformation I all areas had the chance that we did a war room and all areas had the chance to define what I'm most important projects.
But we have to develop.
Ah two to definitely to reduce costs or to improve efficiencies in the in the overall company. They don't give one example from that that the refineries Oh, we do have in summary find is already what we call the Peasquito tweens.
Well we use.
Just a refinery to add to simulate the.
The bats feeds that we have to getting to that refinery with that would that would buy products that we want it to produce or the products that are better demand by the market and its simulation was done at once a month before we if we don't have that technology in place with that.
Technology, we can run the simulation of the optimization off the field and the refinery system.
Every day. So this is one of the examples that we would be implementing and a in a U N. P. I would say, we won't be focus as well on projects to allow us to to shorten the time between the discoveries and our first oil into the market so definitely there.
Might be the best for of course for the and be a digital transformation.
Thank you very much growth if ever just before regarding the topic on the vertical integration.
I understand there clearly on on the growth perspective, but I wanted to generally if you also have a view on whether the potential buyer for those.
For those assets could be more vertically integrated because I remember the time do you see Uh huh.
Put out the guidelines for breaking that will provide monopoly in refinery whatever the topic that received.
They should too or is it demanded thirtyth regarding vertical integration of potential buyers.
Ladies and gentlemen place Holt.
Ladies and gentleman please hold.
[noise] because you May proceed.
Yeah.
Hey, She's air Consigning de does it.
And he is disease.
Radicalization Nishu.
For Friday the buyers.
We understand that it's not to it to want to be an issue seems Petrobras will you be integrated company in the south see stuff, there's you're right, we're going to have the upstream and downstream.
In the southeast Oftentimes, you and we see that.
These behavioral can also be use the forex and other buyers I say distribution companies. It drives and there was Irish kitchen far beyond to participate in there.
Refineries that divestment process, but it does not mean that other distribution companies cannot buy our finders, it's clear that it was only to avoid.
Petrobras and to increase a bit about shares and eat into eat into other regions Olson. So.
Friday, the downstream divestments I see it gives up and down to our endeavor.
Verticalization issue.
We want to be a problem for the potential buyers.
Very clear there is it thank you very much.
The next question comes from Christian Audi sometime there.
Thank you Hello brand team.
Congratulations on the result, sitting on the continually improving your disclosure because it's very helpful for us.
Then my first question was on the cost front, you've been able to improve you know lifting cost for example for pre sold.
Among others. So I was wondering if you could share.
Share with us your outlook of.
Where do you see more opportunities for cost to go down or could we expect further lifting costs.
Production or what's the outlook for refining costs and then any other specific administrative cost that you see.
No potential upside for them to be.
Further reduced.
The second question was on the production phone after a difficult Trialed production has really turned around and with this improvement I was just wondering if you could talk in general terms or a couple about how your conviction for.
At this continued production growth is going into next year or do you feel that if really overcoat issues that you hit head Mboes is up and and how you foresee the outlook for next year.
Thank you Christopher question for your question, so starting with the cost Oh, we do have some cause more.
So goes onto calls and training. So we will have goals for 2020 and that would be goals, while all areas on our cost reduction. So let's say, what we have been doing in that voluntary business or programs will continue because this is the somehow this is how we can.
Reduce a the personnel costing you know there too bad so we will use those kind of.
Initiative to reduce costs everywhere.
We will have for for the operations and so for the refineries and from a the S&P uncle, Sam as I'll add to reduce costs in 2020 indefinitely, there will be attached to the strategy off that here and so so there will be a certain indicators it would be looking for but it will.
This guidance two years in December , but that's not T. Rowe see 2020, more focus goals and not 2023, I, so something that we will need to implement faster.
I'd now like rests with the wants to talk about that I don't know if I answer. Your question Yeah, just as a quick follow up you see.
Where do you see the biggest opportunity because it's actual front going into next year is it upstream is it downstream.
But to give us a sense of where you see the biggest upside in terms of reducing costs.
Corporate area aside and considering that all the operations are going to reduce I somehow we have sales are nice it seems like side, we have sales of assets in a shallow waters and now onshore so definitely the corporate area that supports those businesses they have to reduce as well so those areas.
Be maybe more focus on had costs are not taken I look at that.
Service cost that we have as well so I think that would be opportunities everywhere. So we'll have a very good ways on on improving this company moving forward.
For the past awards took up.
Hello, Good morning.
Question regarding the the production and live.
We are very close to.
Our business plan.
And ER and hemophilia Glenn children to have just go for 2020.
I think that in terms of for guidance for next year, we should think about that we we have no a higher production for sure. What are some family will have a went into.
The Cline things off some some system that we have them.
Snatcher overnight natural decline of prediction.
And Oh, we have to consider to at the same time that we'll have more platforms and systems will have more.
Our.
Production that will be.
Less prediction that comes from from the stoppage off those systems as well.
And Oh, so you have to consider that where you'd be doing more inspections for their risers no. The subsidizes that we have.
And when we went to control their though the the problems that we have been facing on the corrosion by this year too.
That data so some guidelines, who do not wish about forget as well that we are going to close an important.
Transaction.
Related to them the together with that over that period.
Field.
And well, we are selling 50% off from Russia, and feel that would mean or something like 60000 barrels per day, but also their participation that they have owned assets or off Nigeria.
Which means something like 35000 Boes per day, so you have to pay it altogether in the mix and to take or what should be the real production for the year 2000 to him.
I really on a good perspective, but we have some you know and see what's going to be the the production that will happen too on the 23 so.
That's the we also have some so units that were rose to the P. 68 at the end of this would that be 70 is an extra also somewhere else I forgot composting and we'll we'll fill those platforms.
So at the Solana affects that would have to take into consideration, but the perspective is good but so far I can't anticipate the number that they're going to two to try to 2020 and Ah I think that a button two miles from our at least not matter and something that we'll have it is let's go to plug or the time.
With that we are going to to present to you or the do it for the 2000 today, it's around effects, but what sets, but at the same guy would have to to think about what is what had been negative effects that we all those problems facing would you have to demands with them.
Yeah, No very helpful couple [laughter] do you feel you feel that you have overcome and really understand it really understand issues that its taxes, partially true they are behind us.
That earning curve for learning behind us and therefore, the therefore more comfortable always is off and then make within conflict, but horowitz from a natural gas production corridors your dynamic.
Krishna.
Tomorrow here I'd like to say that of course, we have to some problems and bruises Mindy commissioning of the gas plants off this block performs.
I have to two to say that we we got very good solutions, but it was partial and we always do studying how to improve.
These are dessert time off this partner firms, we have a lot of specialists are working hard for getting better results considering the approximately 50. So if this brought before and is accordingly for our targets production.
Great. Thank you and just one last follow up on the topic of Catholic [laughter] you have a very.
Very good jobin in your check Capex discipline, a lowering your target and sticking to it.
In terms of the yearly Capex between 10, and 11 billion, but pre salt production as it were highlighted isn't thing.
Does that mean that we could see it should increase capex purely due to the higher expenditure.
The pre salt production or you feel comfortable that tend to live and billing per year is a sustainable level for a for the coke.
I will be very bad work, that's not he had doing right now I have to give your that site and the new five year, a sense of Frac capex, but are we done we don't expect any huge increases in capex. That's that's what Ah that's what I can tell you. So you might expect some.
Hey, it's something similar caught me for the next five years.
The next question comes from Frank Mcgann Bank of America.
Okay. Thank you very much.
Two quick questions if I might one just in terms of your lifting costs and typically especially with the spacing taxes.
It seems as if we can do feels production rising specialization tax [laughter] decline and I'm just wondering how much you have seen already on in terms of the yeah bridging decline that we've seen over the last year are there could be attributed to that and how much additional.
Upside or downside, depending how you're looking at it.
You could expect to see 'cause it should be I think a fairly important driver of cash flows we go forward.
Then secondly, just if you could comment on the status of of a deliberate negotiations.
So think about the lifting costs. It for sure we are having a very good performance on the on the pre salt assets and particularly on the Bush's field.
I think that busiest feel that today.
Because ah.
Think about a few like $4 to them.
Based on the fact that he has all our own platforms. There you know not share.
The death pastures.
And we are now with our prediction, reaching the top or some platform. So if it is I think two years over to consider for launch the barrels as a suitable for that was here could be.
Hey, good number.
Guesstimates for this the field could be less as well it depends on the performance that we are going to be facing.
The next corridors.
Okay, well go through it would be.
Well the lifting costs you mean.
Yes, the Thinkorswim was.
Okay and in terms of interest, especially visitation tax I don't know Oh, yeah at least at some point.
Good to see a new jersey answer with reductions or.
No paying a little bit of especially station taxes and gives us in the other parents are right feel just wondering how just wondering how how much impact that could have going forward.
And then I said, we'll send you a Frank we don't have the specifications and the business here.
'cause it.
It's a tough rights region.
And.
And Oh I don't know if I got your question.
No.
Yeah, we've seen a sharp reduction in Israel.
Production and the level of taxes over the last 12 month, which part of its oil price. It of course, but I wouldn't assume also part of it is you don't know specification facts on the on some of this new production. So I was wondering actually go forward how much additional benefit you could we could see potentially.
And the specification tax line.
Well, when they're falling quarters, or we will as we don't have a special participation. We just have such as opposed decision on the Lula field. We can also increase their Pepsi pay this measure participation for those fields, we see.
Anthony off the P. 68 for instance, we expected it to grow but it all depends on the profile that we're going to face him for the the price of steroids.
And particularly in this quarter, we have this phenomena associated with the defects that Ah.
When you were considering to pay special participation.
For live and also center.
And by a decision from the top aware.
Supremely.
Just to two well.
So being quarter or it was a decision from from it and based on this decision. We are now we are not helping yeah. The puts that's supposed to patient for those fields.
And and a it it's the fact that.
To make that we have a distribution and this on that the government participation, but it was a event isolated and for this quarter and which we expect that it will continue and as particularly for we are windows Battle and a four.
The years to come or for the the quarter. So come that there will be or an increase in up especially participation that took effect that I mentioned regarding the the platforms off the that's out there produced from for Lula field.
Okay. Thank you very much.
Okay.
But we live in negotiations with the crews at the negotiations last week.
So we didn't succeed in.
Having a convergence cheese unions, we have here you've got the rest 17 unions, representing the largest et cetera.
So right now we are just go through with the.
LIBOR Justice Heaving Brasilia.
Two of white the do it just strikes they will there were a nonsense two or three stocks diplomats tomorrow.
But anyway, we are they roper backing out of it 12 wisely effects on production and onshore sites as well.
Oh no.
We are running discussing it is this is all these storms with new Labour Justice in because either right now.
Okay, great. Thank you very much.
The next question comes from there the slightest BTG pactual.
Uh-huh higher from one off thanks very much.
I just sort of one quick question sure John there regarding to the $9 billion them Ultrapure received by the government unrelated to the should the transfer of rights agreement. The company has been stating that it shall use that amount in the circles auction itself since the the rates of returns are worth is worth it then.
So one but given to the very strong results are the for solid has delivered so far and also with the very promising outlook director from those shield, we didn't make sense to or perhaps even more aggressive.
I mean in another words, they would be interesting to have a sense from you guys. A weather is there any possibility to disperse from more than the amount owed by the garnering the surplus auction or Petrobras will really limit the bids.
True that 9 billion and all right. Thanks.
[laughter]. Thanks quick question theater.
We know how would those fields are.
It it will be balancing our objective is on the leverage would that would the quality off off the field sad that will be beating to decide how much we are going to use on the auction, but we cannot anticipate to you [laughter], but we know it's very good so.
With that happens you agree with you that we have good fields there.
But that will be a balance between.
Our overall strategy that is to focus on the assets that have higher return with the elaborate so that's that's would be a combination.
Thank you for the question Yeah sure sure sure Nics, if there's some very quick second question, if I may or may be jakafi for a couple of concerning the production into next quarter.
And considering the ramp up of the for self platforms and also the starting fixtures operations or is there any possibility of no growth scenario in into Q4 like or any kind of stuff. The jury technical issues that my full some kinda threat for girls or not is because it seems to us as its that's needed given.
This way.
Thanks, guys.
Right.
Well I have already mentioned.
The one thing imports into consumer that's where the same thing there are that we had no into process welfare.
Having a go forward to keeping the prediction on that business here that reaches approaching it to us.
Its top.
With the new wells entering new platforms into what are the same time had to consider to face a closing at the closing of the talk a little bit vintages field and also did.
The direct selling off their system to have.
The little Nigeria, and was announced or something like 100000 Boes per day.
So.
It depends on what who better to happen to closing.
The same time, there because I alluded to that we do.
It has in the next quarter in order to keep this good performance one of the business.
Okay. So it's very clear thank very much.
Your next question comes from Mcdonalds and felt Banco you'll be S.
Mr. Mattel's and fell to you May proceed.
The next question comes from Federal mandate as she Keybanc.
Hi, guys. Thanks, so much for taking dish or follow up questions. Okay. I have two additional questions.
First one is a just shoot to get an uptake Oh, that's a rise in interest and whether there was any progress for crafting a potential partnership for the Marlin feel there's this has been an ongoing process for awhile.
I think last guidance was shoes potentially see some evolution in the third quarter. So if you have any incremental color on this I would appreciate the the second question is are you know last meeting each company has nation. It was considering to look for alternatives.
For reducing its a pension fund deficit or it's a the handle deduction and contribution to the pension fund from results. So just wanted to understand whether there was any evolution about a planned targeting that deficit and whether any of the alternatives could potentially evolve.
Commitments, there would the impact that trajectory to reach those girls that target. It means there will be any kind of contribution that would impact the that trajectory. Okay. Thank you.
Okay.
And I'm running field with.
First and that possible and shippers you know CNPC, we don't have anything to add back now.
Sure and.
With them.
Mhm.
Because it's it's part of the strategic here.
Okay. So that we're moving the wafer CNPC, but I do not only the body's here, but also the compares.
Asset so you cannot anticipate to you what oh, you're going to close.
Oh Gee endorsed the off this how it's going to and then in effect.
Yeah. The thanks for your question tone regarding that through so we do not have but some that's something that we had been working on a that still has to be discuss Dan approved but we might have.
Better solutions to solve the deficit of the plan right now and they at solution might be to not just to increase the contributions of everybody that was bad that that was a solution. We use in 2015, but to balance the increase also on the contributions were the decrease.
Oh, the benefits in the future and not to increase the time.
He thought would be able to to pay.
Those contributions so I don't expect any negative impact with Petrobras.
Hi, guys have to contribute 50% of had that always.
But I do expect some faster process to solve this problem.
Very good thank you [noise].
The next question comes from Drano Onboarding Goldman Sachs.
Hi, I have a pretty careful of question on the transfer of rights surplus auction you know at this point, our you're discussing with potential be there's young mountain mechanism for the compensation do you have to Chew gives you Petrobras for did you threw off the production curve and also the Capex you have.
Meeting that area or will that be discouraged only closed the auction. Thanks so much.
Oh, Hello, Brazil is copper yeah.
Right now I can do anticipate to you, but we are doing because it's the it is.
In fact, it it's part of the our personal sophistication to the end of it I'm sorry about it.
Understood. Thank you.
Okay.
Thank you all at this time, the acuity fashion of Petrobras webcast and conference call is over Michigan. They tell me that will make now her final remarks placement.
Thank you very much everybody for joining today I'm never be focusing on our strategies well discuss with you.
The last month, so you should not expect any defense had moving forward. So increasing transparency lab made she continued the divestments and looking for all ways. We can improve the efficiency. That's come in this company is going to be our biggest focus moving forward. Thank you.
How much.
Thank you, ladies and gentlemen reality off this conference call for replay will be available in Petrobras Investor Relations website at Www Dot Petro bashed Dot com Dr. <unk>, our slashed I.R. Thank.
Thank you very much for your participation and have a great. Thanks.
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