2. Petroleo Brasileiro is an integrated Brazilian oil and gas company. Net income increased 37% in the first half of 2011, boosted by a 2% uptick in total oil and gas production. Higher crude oil prices and volumes during the year buoyed the company's exploration and production segments, while downstream operations were negatively affected. The company has completed three extended well tests in the northeast region of the Aruana, Lula field and Brava in the post-salt region of the Campos Basin. Petroleo recently acquired Libra oil field in the Santos Basin with a high-replacement ratio of 144%. The company has released a five-year (2011-2015) business plan with an increased focus on E&P, especially in the pre-salt. The total investment outlay stands at $224.7 billion during this period. The stock is trading at 6.2 times its estimated 2011 earnings. On average, analysts expect the stock to gain 70% over the next year.