Our operating cash flow, as measured by the EBITDA, rose 5% compared with 2010. Our net income was R$33.313 billion in 2011, 5% below the previous year's mark.
In Brazil, proved reserves reached 15.71 billion boe (barrels of oil equivalent) based on the ANP/SPE criterion. The Reserve Replacement Index (RRI) was 152%, and the reserve/production ratio stood at 19.2 years. For the twentieth consecutive year, we had a RRI above 100% in Brazil.
Oil and natural gas output averaged a daily record of 2,622,000 boe in 2011. In Brazil, the average oil and NGL (natural gas liquids) output was 2,022,000 bpd (barrels per day), 1% more than the 2010 average.
Output surged in the pre-salt in 2011: the daily average rose to 201,000 boe in December, up from 103,000 boe in January.
The Guará area (currently the Sapinhoá Field) was declared commercial in December, with a total recoverable volume estimated at 2.1 billion boe.
In 2011, five new production systems and 11 offshore drilling rigs came into operation (three more were undergoing acceptance tests at the end of the year).
In 2011, oil product sales on the Brazilian market were up by 9% over 2010, closing the year at 2,131,000 barrels/day.
On February 2, 2012, we held the largest international Global Note issuance, worth $7 billion, with favorable costs and terms to fund our operations.
A distribution of dividends and interest on equity capital was proposed for a total of R$12.1 billion (R$7.827 billion were already paid over the course of 2011). Additionally, the Annual Business Plan for 2012 was approved for a total of R$87,545 million. The following schedule shows the investments planned per segment.
2012 Annual Business Plan
|Segments / Investments||R$ Million||%|
|Exploration and Production||41,838||47.8|
|Gas & Energy||4,400||5.0|