PETROBRAS ARGENTINA S.A.

Transcription

1 PETROBRAS ARGENTINA S.A. First Quarter 2016 Results Buenos Aires, May 5, 2016 Petrobras Argentina S.A. (Buenos Aires: PESA NYSE: PZE) announces the results for the first quarter ended March 31, Petrobras Argentina s net income for the first quarter of fiscal year 2016 is a gain of ARS 931 million. Petrobras Argentina s net income for the first quarter of previous year was a gain of ARS 822 million. The first quarter of 2015 includes a gain before income tax of ARS 674 million attributable to the sale of assets in the Austral basin. The gain in the first quarter of 2016 is attributable to an operating income of ARS 1,688 million, partially offset by an income tax charge of ARS 675 million, financial expenses of ARS 49 million and a non-controlling interest charge of ARS 33 million. Petrobras Argentina S.A. First Quarter 2016 Results 1

2 Income Statement (Consolidated Information) Sales 6,811 5,274 Cost of Sales (4,348) (3,722) Gross Profit 2,463 1,552 Administrative and Selling Expenses (819) (694) Exploration Expenses (13) (12) Other Operating Results Equity in Earnings of Affiliates 29 (14) Operating Result 1,688 1,417 Financial Results (49) (26) Income tax (675) (530) Net Result Attributable to: Controlling interest Non-controlling interest Total Sales (in millions of pesos) IQ 16 IQ 15 E&P 3,649 2,617 Refining 3,276 3,028 Petrochemical 1,244 1,050 Gas & Energy 2,002 1,014 Eliminations between Businesses (3,360) (2,435) Total 6,811 5,274 Gross Profit E&P 1, Refining Petrochemical Gas & Energy Eliminations between Businesses Total 2,463 1,552 Petrobras Argentina S.A. First Quarter 2016 Results 2

3 Equity in Earnings of Affiliates Mixed Companies in Venezuela - (1) Refinería del Norte S.A. 30 (26) CIESA (13) 9 Others 12 4 Total 29 (14) Operating Income E&P 1,487 1,337 Refining (83) (54) Petrochemical Gas & Energy Corporate Expenses & Eliminations (241) (156) Total 1,688 1,417 Financial Results (in millions of pesos) IQ 16 IQ 15 Net Interests & Others (36) 10 Exchange Differences (64) (59) Total (49) (26) Petrobras Argentina S.A. First Quarter 2016 Results 3

4 Balance Sheet (in millions of pesos) (Consolidated Information) Mar-16 Dec-15 Current Assets Cash & Equivalents 1,915 2,229 Accounts receivable - trade 3,976 3,241 Other Assets 5,910 5,273 Total Current Assets 11,801 10,743 Noncurrent Assets Investments 4,261 3,861 Property, plant and equipment 14,963 14,174 Other Assets Total Noncurrent Assets 19,547 18,354 Total Assets 31,348 29,097 Current Liabilities Accounts payable 3,784 4,097 Debt Other Liabilities 3,135 2,903 Total Current Liabilities 7,043 7,061 Noncurrent Liabilities Debt 4,408 3,910 Other Liabilities 4,015 3,563 Total Noncurrent Liabilities 8,423 7,473 Total Liabilities 15,466 14,534 Equity Attributable to the Company's Shareholders 14,017 12,936 Minority Interest 1,865 1,627 15,882 14,563 Petrobras Argentina S.A. First Quarter 2016 Results 4

5 Cash Flow Statement (Consolidated Information) Net Result Attributable to: Controlling interest Non-controlling interest Total Equity in earnings of affiliates (29) 14 Financial income and holding gains, net (68) (57) Depreciation of property, plant and equipment Result from the sale of Austral Basin - (674) Income tax Income tax paid (155) (234) Accrued interest Interest paid (1) (5) Others (1,460) (95) Acquisition of property, plant and equipment (1,348) (1,751) Sale of interests in companies and oil and gas areas Loans (8) (49) Dividends paid - (26) Others 6 9 Decrease in cash and cash equivalents (574) (67) Cash and cash equivalents at beginning 2,229 2,278 Effect of exchange rate change on cash Cash and cash equivalents at end 1,915 2,252 Petrobras Argentina S.A. First Quarter 2016 Results 5

6 GROSS PROFIT BY BUSINESS SEGMENT Oil and Gas Exploration and Production Sales 3,649 2,617 Cost of Sales (2,026) (1,763) Gross Profit 1, In 2016 quarter sales increased 39% to ARS 3,649 million, mainly due to improvements in the prices for oil and gas stated in pesos, which prices, taking the dollar as reference currency, reflected an increase in pesos in 2016 quarter derived from the devaluation in December This positive effect was partially offset by lower sales volumes, mainly as a consequence of the sale of assets in the Austral basin in the first quarter of 2015 and discontinuance of operations at Jagüel de los Machos field in the Province of La Pampa in September Crude oil sales increased ARS 270 million to ARS 2,202 million in 2016 quarter, basically as a result of an improvement in prices stated in pesos, partially offset by the above mentioned decline in sales volumes. Gas sales increased ARS 762 million to ARS 1,426 million in 2016 quarter, mainly as a result of an improvement in average sales prices attributable to implementation of Gas Plan II in 2016 quarter and, to a lesser extent, an improvement in average prices due to the higher proportion of Gas Plus sold. Sales volumes totaled 237 MMcf/d in 2016 quarter and 256 MMcf/d in 2015 quarter, mainly as a result of the sale of the Austral basin, partially offset by an increase in production from the Neuquén basin due to the start of production of non-conventional wells. Gross profit totaled ARS 1,623 million in 2016 quarter and ARS 854 million in 2015 quarter, with margins on sales of 44.5% and 32.6% in 2016 and 2015 quarters, respectively, mainly as a consequence of the improvement in sales prices in pesos. Oil Sales (volumes & average prices) Thousand bbl / day Pesos per barrel IQ 16 IQ 15 IQ 16 IQ 15 Total Gas Sales (volumes & average prices) Million Cubic Feet / day Pesos per Thousand cubic feet IQ 16 IQ 15 IQ 16 IQ 15 Total Petrobras Argentina S.A. First Quarter 2016 Results 6

7 Refining and Distribution Sales 3,276 3,028 Cost of Sales (3,179) (2,772) Gross Profit In 2016 quarter sales increased ARS 248 million to ARS 3,276 million, mainly due to improvements in refined product sales prices, partially offset by lower crude oil sales volumes. Sales volumes of refined products totaled thousand cubic meters in 2016 quarter and thousand cubic meters in 2015 quarter. In 2016 quarter volumes of gasoline and diesel oil sold at gas stations and IFO to the shipping sector improved, with declines in asphalt and fuel oil sales volumes. Gross profit totaled ARS 97 million in 2016 quarter and ARS 256 million in 2015 quarter, with margins on sales of 3% and 8.5%, respectively. The drop in margins is primarily attributable to the effects of the devaluation on the costs for the purchase of crude oil, which costs, taking the dollar as reference currency, reflected an increase considerably higher than the improvement in average sales prices for refined products. Refining Product & Oil Sales (volumes & average prices) Thousand Cubic Meters Pesos per Cubic Meter IQ 16 IQ 15 IQ 16 IQ 15 Crude Oil ,800 3,963 Diesel Oil ,502 6,151 Gasolines ,810 6,191 Fuel Oil, IFOs & Asphalts ,521 3,724 Other distillates ,579 3,010 Total ,644 5,309 Petrobras Argentina S.A. First Quarter 2016 Results 7

8 Petrochemicals Sales 1,244 1,050 Cost of Sales (1,008) (860) Gross Profit Sales rose ARS 194 million to ARS 1,244 million in 2016 quarter, mainly due to improvements in sales prices stated in pesos, which prices, taking the dollar as reference currency and despite the drop in international reference prices, reflected an increase in pesos as a result of the devaluation in December Styrenic products sales revenues increased ARS 133 million to ARS 764 million in 2016 quarter, as a consequence of the above mentioned improvement in average sales prices in pesos. As regards volumes, styrene sales in the domestic market and synthetic rubber exports declined. Sales revenues from the catalytic reformer plant operations rose ARS 71 million to ARS 480 million, basically due to the above mentioned improvement in average sales prices in pesos. Gross profit totaled ARS 236 million in 2016 quarter and ARS 190 million in 2015 quarter, with margins on sales of 19% and 18.1%, respectively. Petrochemical Product Sales (volumes & average prices) Thousand Tons Pesos per Ton IQ 16 IQ 15 IQ 16 IQ 15 Styrene & Polystyrene ,292 14,677 SBR ,320 17,820 Other ,131 5,077 Total ,609 8,573 Petrobras Argentina S.A. First Quarter 2016 Results 8

9 Gas and Energy Sales 2,002 1,014 Cost of Sales (1,575) (829) Gross Profit Marketing and Transportation of Gas In 2016 quarter, natural gas sales revenues rose ARS 809 million to ARS 1,545 million, basically due to an improvement in average sales prices, partially offset by the effects of the sale of assets in the Austral basin, which resulted in a decline in sales volumes. The increase in average sales prices is primarily attributable to the implementation of Gas Plan II as from the second semester of 2015 and, to a lesser extent, increased volumes of non-conventional gas sold at Gas Plus price in 2016 quarter. Gross profit totaled ARS 133 million in 2016 quarter and ARS 42 million in 2015 quarter, with margins on sales of 8.6% and 5.7% in 2016 and 2015 quarters, respectively. Electricity In 2016 first quarter sales for electricity generation rose ARS 223 million to ARS 581 million, basically due to an improvement in average sales prices, favorably impacted by dollar-denominated agreements for energy sales within the framework of the Energía Plus program and implementation of Resolutions No. 482/2015 dated July 2015 and No. 22/2016 dated March To a lesser extent, sales were also favorably impacted by a rise in sales volumes to 1,794 Gwh in 2016 quarter from 1,759 Gwh in 2015 quarter, due to the growth in demand, with increased sales volumes attributable to Genelba Plus Power Plant and a reduced delivery by Pichi Picún Leufú as a consequence of the scheduled shutdown in 2016 quarter. Gross profit totaled ARS 294 million in 2016 quarter and ARS 143 million in 2015 quarter, in line with higher average sales prices derived from Energía Plus agreements and the above mentioned resolutions. Petrobras Argentina S.A. First Quarter 2016 Results 9