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This excerpt taken from the PBR 6-K filed Sep 9, 2009. Capital Expenditures We invested a total of U.S.$14,271 million in the first half of 2009, a 17.3% increase compared to our investments of U.S.$12,164 million in the first half of 2008. Our investments in the first half of 2009 were primarily directed toward increasing production, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total capital expenditures in the first half of 2009, U.S.$6,849 million was invested in exploration and development projects, including investments financed through project financing. The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for the first half of 2009 and 2008:
This excerpt taken from the PBR 6-K filed Jun 1, 2009. Capital Expenditures We invested a total of U.S.$6,330 million in the three-month period ended March 31, 2009, a 3.8% increase compared to our investments of U.S.$6,097 million in the three-month period ended March 31, 2008. Our investments in the three-month period ended March 31, 2009 were primarily directed toward increasing production in the Campos Basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total capital expenditures in the three-month period ended March 31, 2009, U.S.$3,144 million was invested in exploration and development projects (49.7% in the Campos Basin), including investments financed through project financing. The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for the three-month periods ended March 31, 2009 and 2008:
20 This excerpt taken from the PBR 20-F filed May 22, 2009. Capital Expenditures
We invested a total of U.S.$29,874 million in 2008, a 42.4%
increase compared to our investments of U.S.$20,978 million
in 2007. Our 2008 investments were primarily directed toward
increasing production in the Campos Basin, modernizing our
refineries and expanding our pipeline transportation and
distribution systems. Of the total capital expenditures in 2008,
U.S.$14,293 million was invested in exploration and
development projects (47.8% in the Campos Basin), including
investments financed through project financing.
The following table sets forth our
consolidated capital expenditures (including project financings
and investments in gas-fired power plants) for each of our
business segments for 2008, 2007 and 2006:
On January 23, 2009, we announced our
2009-2013
Business Plan, which contemplates total budgeted capital
expenditures of U.S.$174.4 billion from 2009 to 2013,
approximately U.S.$158.2 billion of which will be directed
towards our activities in Brazil, while U.S.$16.2 billion
will be directed to our activities abroad. We expect that the
majority of our capital expenditures from 2009 to 2013,
approximately U.S.$104.6 billion, will be directed towards
exploration and production, of which U.S.$91.9 billion is
slated for our activities in Brazil (U.S.$28 billion of
which is dedicated to the pre-salt reservoirs).
Our
2009-2013
Business Plan contemplates greater domestic capital expenditures
for our oil and gas activities in Brazil. We estimate that of
the U.S.$158.2 billion in domestic capital expenditures
through 2013, at least U.S.$100.7 billion (64%) will be
utilized to pay for equipment and services provided by Brazilian
contractors, suppliers and other service providers.
Our capital expenditure budget for 2009, including our project
financings, is U.S.$28.6 billion, allocated as follows:
We plan to meet our budgeted capital expenditures primarily
through internally generated cash, issuances in the
international capital markets, project finance loans, commercial
bank loans and other sources of capital. Our actual capital
expenditures may vary substantially from the projected numbers
set forth above as a result of market conditions and the cost
and availability of the necessary funds.
This excerpt taken from the PBR 6-K filed Mar 30, 2009. Capital Expenditures We invested a total of U.S.$29,874 million in 2008, a 42.4% increase compared to our investments of U.S.$20,978 million in 2007. Our 2008 investments were primarily directed toward increasing production in the Campos basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total capital expenditures in 2008, U.S.$14,293 million was invested in exploration and development projects (47.8% in the Campos basin), including investments financed through project financing. The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for 2008 and 2007: 23
This excerpt taken from the PBR 6-K filed Sep 4, 2008. Capital Expenditures We invested a total of U.S.$12,164 million in the first half of 2008, a 37.2% increase as compared to our investments of U.S.$8,867 million in the first half of 2007. Our investments in the first half of 2008 were primarily directed towards increasing our production capabilities in the Campos basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in the first half of 2008, U.S.$7,055 million was made in connection with exploration and development projects mainly in the Campos basin (58.0%), which includes investments financed through project financing. The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for the first half of 2008 and 2007:
This excerpt taken from the PBR 6-K filed May 22, 2008. Capital Expenditures We invested a total of U.S.$6,097 million in the first quarter of 2008, a 65.9% increase as compared to our investments of U.S.$3,674 million in the first quarter of 2007. Our investments in the first quarter of 2008 were primarily directed towards increasing our production capabilities in the Campos basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in the first quarter of 2008, U.S.$3,480 million was made in connection with exploration and development projects mainly in the Campos basin (57.1%), which includes investments financed through project financing structures. The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for the first quarter of 2008 and 2007:
This excerpt taken from the PBR 6-K filed Mar 18, 2008. Capital Expenditures We invested a total of U.S.$20,978 million in 2007, a 43.3% increase as compared to our investments of U.S.$14,643 million in 2006. Our investments in 2007 were primarily directed towards increasing our production capabilities in the Campos basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in 2007, U.S.$9,448 million was made in connection with exploration and development projects mainly in the Campos basin (45.0%), which includes investments financed through project financing structures. 24 The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for 2007 and 2006:
This excerpt taken from the PBR 6-K filed Nov 29, 2007. Capital Expenditures In the pursuit of the goals outlined in our Business Plan we continue to prioritize capital expenditures for the development of crude oil and natural gas production projects through internal investments and through structured undertakings with partners. We invested a total of U.S.$ 14,005 million in the nine-month period ended September 30, 2007, a 45.9% increase as compared to our investments of U.S.$ 9,598 million in the nine-month period ended September 30, 2006. Our investments in the nine-month period ended September 30, 2007 were primarily directed towards increasing our production capabilities in the Campos basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in the nine-month period ended September 30, 2007, U.S.$ 7,837 million was made in connection with exploration and development projects mainly in the Campos basin (56.0%), which includes investments financed through project financing structures. The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for the nine-month period ended September 30, 2007 and 2006:
This excerpt taken from the PBR 6-K filed Sep 6, 2007. Capital Expenditures In the pursuit of the goals outlined in our Business Plan we continue to prioritize capital expenditures for the development of crude oil and natural gas production projects through internal investments and through structured undertakings with partners. We invested a total of U.S.$ 8,867 million in the first half of 2007, a 48.3% increase as compared to our investments of U.S.$ 5,979 million in the first half of 2006. Our investments in the first half of 2007 were primarily directed towards increasing our production capabilities in the Campos basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in the first half of 2007, U.S.$ 4,676 million was made in connection with exploration and development projects mainly in the Campos basin (52.7%), which includes investments financed through project financing structures. The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for the first half of 2007 and 2006:
This excerpt taken from the PBR 6-K filed Jun 13, 2007. Capital Expenditures In the pursuit of the goals outlined in our Business Plan we continue to prioritize capital expenditures for the development of crude oil and natural gas production projects through internal investments and through structured undertakings with partners. We invested a total of U.S.$3,674 million in the first quarter of 2007, a 37.8% increase as compared to our investments in the first quarter of 2006. Our investments in the first quarter of 2007 were primarily directed towards increasing our production capabilities in the Campos basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in the first quarter of 2007, U.S.$ 1,811 million was made in connection with exploration and development projects mainly in the Campos basin (49.3%), which includes investments financed through project financing structures. The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for the first quarter of 2007 and 2006:
This excerpt taken from the PBR 6-K filed Apr 10, 2007. Capital Expenditures In the pursuit of the goals outlined in our Business Plan we continue to prioritize capital expenditures for the development of crude oil and natural gas production projects through internal investments and through structured undertakings with partners. We invested a total of U.S.$ 14,643 million in 2006, a 41.3% increase as compared to our investments in 2005. Our investments in 2006 were primarily directed towards increasing our production capabilities in the Campos basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in 2006, U.S.$ 7,329 million was made in connection with exploration and development projects mainly in the Campos basin (50.1%), which includes investments financed through project financing structures. The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for 2006 and 2005:
This excerpt taken from the PBR 6-K filed Nov 28, 2006. Capital Expenditures In the pursuit of the goals outlined in our strategic plan we continue to prioritize capital expenditures for the development of crude oil and natural gas production projects through internal investments and through structured undertakings with partners. 23 We invested a total of U.S.$ 9,598 million in the nine-month period ended September 30, 2006, a 40.9% increase as compared to our investments in the nine-month period ended September 30, 2005. Our investments in the nine-month period ended September 30, 2006 were primarily directed towards increasing our production capabilities in the Campos basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in the nine-month period ended September 30, 2006, U.S.$ 5,806 million was made in connection with exploration and development projects mainly in the Campos basin (60.5%), which includes investments financed through project financing structures. The following table sets forth our consolidated capital expenditures (including project financing and investments in thermoelectric power plants) for each of our business segments for the nine-month periods ended September 30, 2006 and 2005:
This excerpt taken from the PBR 6-K filed Sep 6, 2006. Capital Expenditures In the pursuit of the goals outlined in our Strategic Plan we continue to prioritize capital expenditures for the development of crude oil and natural gas production projects through internal investments and through structured undertakings with partners. We invested a total of U.S.$ 5,979 million in the first half of 2006, a 35.7% increase as compared to our investments in the first half of 2005. Our investments in the first half of 2006 were primarily directed towards increasing our production capabilities in the Campos basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in the first half of 2006, U.S.$ 3,476 million were made in connection with exploration and development projects mainly in the Campos basin (58.1%), which includes investments financed through project financing structures. 21 
The following table sets forth our consolidated capital expenditures (including project financing and investments in thermoelectric power plants) for each of our business segments for the first half of 2006 and 2005:
This excerpt taken from the PBR 6-K filed Jun 28, 2006. Capital Expenditures In the pursuit of the goals outlined in our Strategic Plan we continue to prioritize capital expenditures for the development of crude oil and natural gas production projects through internal investments and through structured undertakings with partners. We invested a total of U.S.$ 2,666 million in the first quarter of 2006, a 25.0% increase as compared to our investments in the first quarter of 2005. Our investments in the first quarter of 2006 were primarily directed towards increasing our production capabilities in the Campos Basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in the first quarter of 2006, U.S.$ 1,565 million were made in connection with exploration and development projects mainly in the Campos Basin (58.7%), which includes investments financed through project financing structures. The following table sets forth our consolidated capital expenditures (including project financing and investments in thermoelectric power plants) for each of our business segments for the first quarter of 2006 and 2005:
This excerpt taken from the PBR 6-K filed Mar 21, 2006. Capital Expenditures In the pursuit of the goals outlined in our Strategic Plan we continue to prioritize capital expenditures for the development of crude oil and natural gas production projects through internal investments and through structured undertakings with partners. We invested a total of U.S.$ 10,365 million in 2005, a 34.3% increase from our investments in 2004. Our investments in 2005 were primarily directed towards increasing our production capabilities in the Campos Basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in 2005, U.S.$ 6,127 million were made in connection with exploration and development projects mainly in the Campos Basin (59.1%), which includes investments financed through project financing structures. 22 The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for 2005 and 2004:
Dividends Based on our financial results and cash available for distribution, our Board of Directors are submitting for approval of the shareholders at the Ordinary General Meeting to be held on April 03, 2006, dividends in the amount of U.S.$ 2,998 million (U.S.$ 1.68 per share). This Dividend include interest on capital approved by the Board of Directors on June 17, 2005, in the amount of U.S.$ 933 million (U.S.$ 0.21 per share), which was made available to shareholders on January 5, 2006, based on the shareholding position of June 30, 2005. The dividend proposed also includes interest on capital approved by the Board of Directors on December 16, 2005, which will be made available until March 31, 2006 based on the shareholding position of December 31, 2005, in the amount of U.S.$ 936 million (U.S.$ 0.21 per share), and an additional parcel, approved by the Board of Directors on February 17, 2006, in the amount of U.S.$ 468 million (U.S.$ 0.11 per share), based on the shareholding position of December 31, 2005. All per share and dividends have been restated for the 4 to 1 stock split which was effective September 1, 2005. Risk Management ActivitiesWe are exposed to a number of market risks arising in the normal course of our business. We may use derivative and non-derivative instruments to manage these risks. For a description of our risk management activities, see Note 22 to our consolidated financial statements for the year ended December 31, 2005. 23 This excerpt taken from the PBR 6-K filed Jun 13, 2005. Capital Expenditures
In the pursuit of the goals outlined in our strategic plan we continue to prioritize capital expenditures for the development of crude oil and natural gas production projects through internal investments and through structured undertakings with partners.
We invested a total of U.S.$ 2,132 million in the first quarter of 2005, a 61.1% increase from our investments in the first quarter of 2004. Our investments in the first quarter of 2005 were primarily directed towards increasing our production capabilities in the Campos Basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in the first quarter of
Page: 19
Table of Contents2005, U.S.$ 1,249 million were made in connection with exploration and development projects mainly in the Campos Basin (58.6%), which includes investments financed through project financing structures.
The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for the first quarters of 2005 and 2004:
This excerpt taken from the PBR 6-K filed Jun 8, 2005. Capital Expenditures
In the pursuit of the goals outlined in our Strategic Plan we continue to prioritize capital expenditures for the development of crude oil and natural gas production projects through internal investments and through structured undertakings with partners.
We invested a total of U.S.$ 7,718 million in 2004, a 17.8% increase from our investments in 2003. Our investments in 2004 were primarily directed towards increasing our production capabilities in the Campos Basin, modernizing our refineries and expanding our pipeline transportation and distribution systems. Of the total amount of capital expenditures in 2004, U.S.$ 4,574 million were made in connection with exploration and development projects mainly in the Campos Basin (59.3%), which includes investments financed through project financing structures.
The following table sets forth our consolidated capital expenditures (including project financings and investments in thermoelectric power plants) for each of our business segments for 2004 and 2003:
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