Check out Sharing in Petrobras Edition 38 - June/2013

1. June, 2013 • #38
www.petrobras.com.br/ir
SHARING
PETROBRAS
NEWS
I
n April, Petrobras presented its
2013-2017 BMP with an investment
forecast of US$ 236.7 billion, with
US$ 207.1 billion for projects under
implementation and US$ 29.6 billion
for projects under evaluation.
The investments are concentrated
in the Exploration and Production
segment, with a value of US$
147.5 billion, which represents
an increase of US$ 15.9 billion in
relation to the previous Plan. This
growth reflects the investments
foreseen until 2017, observing
the increase in production estimated
between 2016 and 2020, reaching
4.2 million barrels of oil/day at the
end of the period.
Among the resources for E&P, 73% will be allocated to production development,
with US$ 72.6 billion in the pre-salt and Transfer of Rights areas. Of the remaining
16% will be invest in exploration and 11% in infrastructure.
For the Downstream area, the forecast is US$ 43.2 billion for the portfolio of
projects under implementation, with the main projects being the Abreu e Lima Refinery
(RNEST) and the first phase of Complexo Petroquímico do Rio de Janeiro (COMPERJ).
The Plan also includes investments in the segments of Gas and Energy (US$ 9.9
billion), Distribution (US$ 2.9 billion), Biofuels (US$ 1.1 billion), and in the International
area (US$ 3.2 billion).
The 2013-2017 BMP continues with supporting programs initiated in 2012,
and incorporates new initiatives totaling five programs: Campos Basin Operational
Efficiency Improvement Program (Proef); Operating Expenses Optimization Program
(Procop); Divestment Program (Prodesin); Logistical Infrastructure Optimization
Program (Infralog); and Well Cost Reduction Program (PRC-Poço).
The resources necessary to finance projects under implementation will come from
operating cash flow generation (US$ 164.7 billion), use of surplus cash (US$ 10.7 billion),
divestment and financial restructuring (US$ 9.9 billion) and debt (US$ 61.3 billion gross
and US$ 21.4 billion net).
The company maintains its commitment to an investment grade rating and not
issuing shares. The plan’s fundamentals include the integrated portfolio management
through taking maximum utilization of synergies among the company’s assets, with
capital discipline and management focused on fulfilling the physical and financial
targets of each project.
HIGHLIGHTS
Price Readjustments
Petrobras announced in the first quarter two
priceincreasesfordiesel,totalling+10,7%,and
one for gasoline of +6,6%. The readjustments
respect the company’s price policy, which
seeks convergence to international parity,
with a medium and long term perspective.
Payment of dividends
In Petrobras’ Ordinary General Meeting in
April, the distribution of dividends referring
to the 2012 results was approved (in the form
of interest on own capital):
• R$ 0.20 per common and preferred share
(share position on May 11, 2012);
• R$ 0.27 per common share and R$ 0.76 per
preferred share (share position on April 29,
2013).
Sale of assets
We have made US$ 2.2 billion of our
Divestment Program forecast in PNG 2013-
2017. The main transactions were: sale of
20% stake in exploratory blocks in the Gulf
of Mexico (USA), in the asset Gila, in April,
receiving US$ 110 million and additional
equity in other block; disposal of common
shares held by Petrobras in Brasil PCH to
Cemig in the total amount of R$ 650 million,
in June; and a joint venture with BTG Pactual
for oil and gas exploration and production
at Africa for the total amount of US$ 1.525
billion, also in June.
The best managers
Petrobras CEO, Graça Foster, has been elected
one of the ten best women managers in Brazil,
inresearchcarriedoutbythenewspaperValor
Econômico/Egon Zehnder Consultants. The
researchwasconductedwiththeparticipation
of a jury made up of representatives of
universities and the business sector.
Petrobras presents its 2013-2017
Business and Management Plan
—
CEO Graça Foster and
the company Directors at the
presentation of the 2013-2017 BMP

2. 339%
429%
82%
0
400
800
1200
1600
2000
mar-03 mar-05 mar-07 mar-09 mar-11 mar-13
PBR PBR/A DJIA
In thousand barrels of oil equivalent per day 1Q 13 4Q 12 Variation
Total crude oil, NGLs and natural gas production 2,552 2,614 -2%
Crude oil and NGLs production in Brazil 1,910 1,980 -4%
Total oil products production 2,127 2,010 6%
Net imports of crude oil and oil products 454 429 6%
Utilization of nominal capacity – Brazil refineries 98% 97% 1%
Domestic crude oil of total
feedstock processed
83% 83% -
In US$ million 1Q 13 4Q 12 Variation
Sales revenues 36,345 35,660 2%
Gross profit 9,448 8,046 17%
Operating income* 4,935 2,788 77%
Net income 3,854 3,763 2%
Earnings per share 0.30 0.29 3%
Adjusted EBITDA 8,133 5,803 40%
Market value* 112,499 126,540 -11%
Capital expenditures 9,907 11,818 -16%
Net debt 74,820 72,335 3%
Net debt/Adjusted EBITDA 2.30 2.62 -12%
Net debt/(Net debt + shareholder's equity) 31% 31% -
2013 first quarter results
—
P
etrobras’ net income reached
US$ 3.9 billion, remaining stable
in relation to the fourth quarter of
2012. The operating income increased
77%, reaching US$ 4.9 billion, and
was compensated by lower financial
result and by higher income tax. The
operational cash flow, measured by
the adjusted EBITDA, reached US$ 8.1
billion, 40% higher than the previous
quarter.
Investments in the period totaled
US$ 9.9 billion, with 54% in Exploration
and Production activities, with priority for
the production development projects.
The efforts in favor of improvement
in efficiency in operational activities
and in the expenses with investment
projects, as well as by the excellence
in costs, have brought improvement in
our cash flow. The Operational Costs
Optimization Program (PROCOP)
generated global results above those
expected for the quarter, with an
economy of US$ 0.7 billion (one third of
the 2013 target). Also, the Operational
Efficiency Improvement Program
(Proef) presented an increase of 34,000
barrels/day in the production of oil and
LNG in the quarter.
The total production of oil and gas
reached 2.5 million barrels/day in the
quarter,being2%lowerthantheprevious
quarter. As expected, the production
decreased owing to the natural decline
of the fields and the greater number of
maintenancestoppages,concentratedin
the first half of the year. Two production
systems began operation in the Santos
Basin: FPSO Cidade de São Paulo in the
Sapinhoá field in the pre-salt area and
FPSO Cidade de Itajaí in the Baúna field
in the post-salt region.
In the Downstream segment, there
was an increase of 185,000 barrels/
day in the production of oil products,
representing a growth of 10% in relation
to the first quarter in 2012. Also, the
volume of sales of oil products on the
domestic market grew 7% in relation to
the same period.
The net debt grew 3% in relation to
December 31, 2012, mainly due to a
lower cash flow than investments. The
indicators were within the limits of the
internal targets: the Net Debt/adjusted
EBITDA ratio was 2.30 and the leverage
remained stable in relation to the
previous quarter (31%).
PBR PBR/A DJIA
Last 10 years
(03/31/03 to 03/31/13)
339% 429% 82%
Last year
(03/31/12 to 03/31/13)
-38% -29% 10%
*Net Income before financial results, share of profit of equity-accounted investments and
income taxes.
Operating performanceEconomic and financial figures
Petrobras ADR’s return (NYSE)
(Index number = 100 in 03/31/2003)
Performance shares (NYSE): PBR and PBR/A

3. Seven new systems
begin operation in 2013
—
I
n January, the FPSO Cidade de São Paulo began production in the Sapinhoá
field, in the pre-salt area in the Santos Basin. In the same basin, the
FPSO Cidade de Itajaí began operation in February in the Baúna field, in
the post-salt area. The FPSO Cidade de Paraty went on stream in June
initiating the Lula NE Pilot. In the second half of the year, four more
platforms will enter into operation: P-63 and P-61 in the Papa-Terra project;
P-55 in Roncador; and P-58 in Parque das Baleias (Whales Park). These seven
units will have a total capacity of 820,000 barrels per day of oil.
Record production in the pre-salt
T
he production of oil in the pre-salt
reached 322 thousand barrels
per day (bpd) in May 18th
, 2013,
of which 83% correspond to Petrobras
portion and the rest to the partners
portion. The record was reached only
seven years after the discovery (the US
partoftheGulfofMexicotook17yearsto
reach this level). The good results come
from important technological advances,
through the drilling of additional wells,
of new seismic data, and of the carrying
out of extended well tests and pilot
systems. The well productivity has been
above initial forecasts and there was a
reduction in the drilling time, lowering
costs.
The record was reached with eight
platforms and 19 wells producing in
the pre-salt area, in the Campos and
Santos basins. It is important to highlight
that the accumulated production in the
pre-salt already surpasses 200 million
barrels of oil equivalent. The forecast
is to reach the mark of 1 million bpd
operated by Petrobras in 2017, with
16 new production units, and to reach
2.1 million bpd in 2020.
Mais descobertasde
óleo de boa qualidade
As áreas da Cessão Onerosa
continuam apresentando des-
cobertas de petróleo de boa qua-
lidade. Este ano já foi anunciada
descoberta no Sul de Tupi, Florim
e Entorno de Iara, variando a qua-
lidade do óleo entre 26º e 29º API.
Fora da cessão onerosa, a desco-
berta em Sagitário no pré-sal da
Bacia de Santos também constatou
ocorrência de óleo de boa qualidade
(31º API).
Oil products
on the rise
Petrobras’ efforts to maximize the
production of oil products in Brazil
has resulted in successive records in oil
processing in the refineries. The latest
record was on May 26, with 2.170 million
barrels of oil processed. The use of the
nominal capacity of the refineries also
beat a record, reaching 98% in the first
quarter of the year.
FPSO Cidade
de São Paulo in
Santos Basin
Work at the Alberto
Pasqualini Refinery – REFAP
More discoveries
of good quality oil
The areas of the Transfer of
Rights continue to present
discoveries of oil with good quality.
This year discoveries in the South
of Tupi, Florim, and Entorno de Iara
have been announced, with the
quality of the oil varying between
26° and 29° API. Outside the
Transfer of Rights, the discovery in
Sagitário also found good quality
oil (31° API), in the pre-salt layer of
the Santos Basin.

4. NewsletterpublishedbyPetrobras’ExecutiveManagementofInvestorRelations•Executivemanager:TheodoreHelms•Journalist:OrlandoGonçalvesJr.MTb-MA993•Collaboration:
IzabelRamos,FernandaBianchini,DanielaUltra,JoséRobertoDarbillyandDiogoFerraz (trainee)• Graphicprojectanddesktoppublishing:EstúdioMatiz.
Shareholder Service:
Av. República do Chile, 65/Sala 1002 – Centro •Rio de Janeiro – RJ – Brazil •Zip Code: 20031-912
Telephone: +55 21 3224-9916 •Fax: +55 21 2262-3678 •E-mail: acionistas@petrobras.com.br
NEWS PANEL
Sustainability Report:
a new edition launched
The 2012 Sustainability Report, which has
information about Petrobras’ performance,
is available at the site www.petrobras.com.
br/rs2012. Produced yearly, the report aims
at providing the company’s stakeholders
with datas about its activities related to
sustainable development. The English version
will be available soon.
The publication follows the guidelines of the
GlobalReportingInitiative(GRI),themainworld
reference in the area. Some highlights were
the investments in environmental protection,
which totaled R$ 2.9 billion (an increase of 7% in
relation to 2011), and the R$ 2.2 billion invested
in Research and Development.
Petrobras at the 2013 OTC
In May, Petrobras was present in Houston (USA) at the
Offshore Technology Conference (OTC), the largest event
in the world in the area of exploration and production
of oil offshore. The company highlighted the mark of
311,000 barrels/day produced in the Brazilian pre-salt
region in April.
The Cascade and Chinook projects in the US part of
the Gulf of Mexico, whose production began in 2012, were
also presented at the conference. The highlight was the
operationofthefirstFPSO(floatingproductionplatform-
ship, with capacity to store and offload) in that region –
the FPSO BW Pioneer, which is also the production unit
in the greatest depth of water (2,500 meters) and which
is interconnected with the deepest gas pipeline in the
world. The operation in the Gulf reinforces Petrobras’
position as one of the major players in ultra-deep water.
Diesel S-10 is already at
the service stations
In January, Petrobras launched in all of Brazil Diesel S-10
with ultra-low sulfur content, within the process of the
quality improvement of its fuels, and which substituted
Diesel S-50. The environmental benefits of the new diesel
are greater in vehicles produced as of 2012 which use
motors with technology to reduce vehicular emissions.
Other advantages are the better cold start, decreased
white smoke, and increased life of the lubricant oil.
Water economized was
more than 23 billion liters
Petrobras has invested in actions in favor of the rational
and efficient use of water, especially reuse projects. In 2012,
the volume of reused water surpassed 23 billion liters, an
amount sufficient to supply 11% of the company’s activities
and supply a city with a population of about 550,000 for
one year. This total is almost 7% higher than the total in
the previous year. The conclusion of new projects of this
type in refineries will make possible an economy of more
than 35 billion liters per year in 2015.