Investor Day
Disclaimer FORWARD-LOOKING STATEMENTS: DISCLAIMER We undertake no obligation to publicly update or revise any forward-looking The presentation may contain forward-looking statements about future events statements, whether as a result of new information or future events or for any within the meaning of Section 27A of the Securities Act of 1933, as amended, and other reason. Figures for 2017 on are estimates or targets. Section 21E of the Securities Exchange Act of 1934, as amended, that are not based on historical facts and are not assurances of future results. Such forward- All forward-looking statements are expressly qualified in their entirety by this looking statements merely reflect the Company’s current views and estimates of cautionary statement, and you should not place reliance on any forward-looking future economic circumstances, industry conditions, company performance and statement contained in this presentation. financial results. Such terms as "anticipate", "believe", "expect", "forecast", In addition, this presentation also contains certain financial measures that are not "intend", "plan", "project", "seek", "should", along with similar or analogous recognized under Brazilian GAAP or IFRS. These measures do not have expressions, are used to identify such forward-looking statements. Readers are standardized meanings and may not be comparable to similarly-titled measures cautioned that these statements are only projections and may differ materially provided by other companies. We are providing these measures because we use from actual future results or events. Readers are referred to the documents filed them as a measure of company performance; they should not be considered in by the Company with the SEC, specifically the Company’s most recent Annual isolation or as a substitute for other financial measures that have been disclosed Report on Form 20-F, which identify important risk factors that could cause actual in accordance with Brazilian GAAP or IFRS. results to differ from those contained in the forward-looking statements, including, among other things, risks relating to general economic and business conditions, including crude oil and other commodity prices, refining margins and NON-SEC COMPLIANT OIL AND GAS RESERVES: prevailing exchange rates, uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves, international CAUTIONARY STATEMENT FOR US INVESTORS and Brazilian political, economic and social developments, receipt of We present certain data in this presentation, such as oil and gas resources, that we governmental approvals and licenses and our ability to obtain financing. are not permitted to present in documents filed with the United States Securities and Exchange Commission (SEC) under new Subpart 1200 to Regulation S-K because such terms do not qualify as proved, probable or possible reserves under Rule 4-10(a) of Regulation S-X. 2
External context Brent (Annual average – Nominal) Balance between Oil Demand and Supply 99 98.88 97 95 US$/barrel Million bpd 53.07 93 52.31 2 44.11 1,8 1,5 1,3 1,2 91 0,5 0,1 89 -0,2 -0,2 87 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2014 2015 2016 2017* Excess of Supply Oil Supply Oil Demand 3 Source: Bloomberg * Average until 18/5/2017 Source: International Energy Agency – April/2017 Oil Market Report
Regulatory Framework Old Model Old Model New Model New Model Petrobras Sole Operator in the Pre-Salt Petrobras Sole Operator in the Pre-Salt Preferential Right in the Pre-Salt Preferential Right in the Pre-Salt High Level of Local Content High Level of Local Content Flexible Local Content Policy Flexible Local Content Policy No defined schedule for Bid Rounds No defined schedule for Bid Rounds Predictability in the Bid Rounds Predictability in the Bid Rounds Program “ Gás Para Crescer ” Program “ Gás Para Crescer ” Program “Combustível Brasil” Program “Combustível Brasil” 4
Higher predictability in ANP Bid Rounds 2017 2018 2019 2 nd Round PSA 4ª Rodada 14 th Round Concession 3 rd Round PSA (Unitization) Ac. Marginais 15 th Round 16 th Round Unitization Areas Concession Concession TARTARUGA VERDE Potiguar Potiguar SAPINHOÁ Parnaíba CARCARÁ GATO DO MATO Recôncavo Sergipe & Recôncavo Alagoas 4 th Round 5 th Round Espírito Espírito PSA PSA Santo Santo Paraná Campos Santos Exploratory Areas Pelotas Alto de Cabo Frio Central Alto de Cabo Frio Oeste 5ª Round 6ª Round 5 offshore basins Marginal Marginal Pau-Brasil 9 áreas em Accumulations Accumulations 3 bacias Peroba 6 onshore basins terrestres 5
Preferential rights in PSA’s bid rounds Preferential Rights indication of interest Preferential Rights indication of interest (30 Days after CNPE Resolution publication) (30 Days after CNPE Resolution publication) YES YES NO NO Acquired by Petrobras Acquired by Petrobras Acquired by a third party Acquired by a third party Acquired by a third party Acquired by a third party Participation in the Bid Round in Participation in the Bid Round in with 100% or in with 100% or in with profit oil equal to with profit oil equal to with profit oil greater with profit oil greater equal conditions with third parties equal conditions with third parties consortium consortium the minimum the minimum than the minimum than the minimum Petrobras must Petrobras must Petrobras is part of the Petrobras is part of the YES YES obligatorily be part of the obligatorily be part of the NO NO winning consortium winning consortium winning consortium winning consortium Petrobras is part of the Petrobras is part of the winning consortium as winning consortium as Winning proposal is made Winning proposal is made effective as presented effective as presented operator with % approved by operator with % approved by CNPE CNPE 6
Preferential Right indication of interest – Rounds 2 and 3 (PSA) Round 2 Round 2 Round 3 Round 3 Entorno de Sapinhoá Entorno de Sapinhoá Peroba Peroba Alto de Cabo Frio Central Alto de Cabo Frio Central SANTOS BASIN – São Paulo SANTOS BASIN – São Paulo/Rio de Janeiro SANTOS BASIN – Rio de Janeiro DISTANCE FROM COAST : 330 km DISTANCE FROM COAST : 370 km from the DISTANCE FROM COAST : 150 Km from coast and 50 km south of Lula the coast,130 km NW Libra WATER DEPTH : >2,000 meters WATER DEPTH : >2,200 meters WATER DEPTH : 1,600 a 2,900 meters 7
OUR VISION OUR VISION An integrated energy company focused on oil and gas that evolves with society, creating high value, with a unique technical capability 8
Consistent reduction in the Total Recordable Injury Frequency Rate Reduction of Reduction of 36% 36% 2,0 1,9 1,9 1,9 in the Total Recordable Injury in the Total Recordable Injury 1,7 Frequency Rate (TRIFR*) Frequency Rate (TRIFR*) 1,6 1,6 1,4 1,4 1,4 1,4 TO TO TO FROM FROM FROM 1,3 1,2 1,2 1.4 1.4 1.4 2.2 2.2 2.2 1,1 0,9 in 2018 in 2018 in 2018 in 2015 in 2015 in 2015 We are already We are already 1.2 1.2 below the 2017 below the 2017 in 1Q17 acceptable limit acceptable limit Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 9 * TRIFR = Total Recordable Injury Frequency Rate
We are converging to the leverage reduction metric Reduction in Reduction in LEVERAGE LEVERAGE 5,4 Competitive Prices Competitive Prices 5,1 4,9 Net Debt/EBITDA Net Debt/EBITDA 4,8 4,6 4,3 CAPEX Efficiency CAPEX Efficiency TO TO TO FROM FROM FROM 3,9 2.5 2.5 2.5 5.1 5.1 5.1 3,5 3,2 by 2018 by 2018 by 2018 OPEX Efficiency OPEX Efficiency in 2015 in 2015 in 2015 We are moving We are moving 3.2 3.2 Partnerships and Partnerships and towards the towards the Divestments Divestments in 1Q17 goal goal 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 * TAR = Taxa de Acidentados Registráveis por milhão de homens-hora 10 ** Dados atualizados para 2015
MAIN PROJECTS — E&P Clique para editar o título mestre Clique para editar o texto mestre
Schedule of new E&P Projects 2017 – 2021 TARTARUGA REVIT. DE MARLIM REVIT. DE MARLIM VERDE E MESTIÇA MÓD. 1 MÓD. 2 LEGEND BERBIGÃO CONCESSION INTEGRADO PARQUE LULA NORTE SÉPIA LULA EXT. SUL DAS BALEIAS TRANSFER OF BÚZIOS 1 RIGHTS LULA SUL BÚZIOS 4 BÚZIOS 5 ITAPU BÚZIOS 2 PSA TLD DE LIBRA ATAPU 1 PILOTO LIBRA LIBRA 2 NW BÚZIOS 3 2017 2018 2019 2020 2021 Under bidding 12 Obs: In yellow, Campos Basin Projects . Obs: In yellow, Campos Basin Projects . To be Contracted Contracted In white, Santos Basin Projects. In white, Santos Basin Projects. process
Main E&P projects in 2017 P-66 Lula Sul CIDADE DE CAMPOS LIBRA PIONEER P-67 DOS GOYTACAZES Production start-up on 17/05/2017 TLD de Libra Lula Norte Tart. Verde e Mestiça On location COOEC Shipyard Brasfels Shipyard Current production of 27 thousand bpd 13
P-67 (Lula Norte Project) – 1 st Oil 4Q17 % Completion Nº Wells 97% 6 COOEC Shipyard, China 14
P-68 (Berbigão/Sururu Project) – 1 st Oil 2018 % Completion Nº Wells 83% 3 15 Jurong Aracruz Shipyard, ES
P-69 (Lula Extremo Sul Project) – 1st Oil 2018 % Completion Nº Wells 89% 6 Hull arrival at BrasFels, RJ 16
P-74 (Búzios 1 Project ) – 1 st Oil 2018 % Completion Nº Wells 93% 2 EBR Shipyard, São José do Norte, RS 17
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