Results Announcement 2nd Quarter 2015 Conference Call / Webcast August, 7th 2015

1. RESULTS ANNOUNCEMENT
2nd Quarter 2015
Conference Call / Webcast
August, 7th 2015

2. 2
DISCLAIMER
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about future events
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
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-looking
statements merely reflect the Company’s current views and estimates of future
economic circumstances, industry conditions, company performance and financial
results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan",
"project", "seek", "should", along with similar or analogous expressions, are used to
identify such forward-looking statements. Readers are cautioned that these
statements are only projections and may differ materially from actual future results
or events. Readers are referred to the documents filed by the Company with the
SEC, specifically the Company’s most recent Annual Report on Form 20-F, which
identify important risk factors that could cause actual 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 prevailing exchange rates, uncertainties
inherent in making estimates of our oil and gas reserves including recently
discovered oil and gas reserves, international and Brazilian political, economic and
social developments, receipt of governmental approvals and licenses and our ability
to obtain financing.
We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future events or for any other
reason. Figures for 2015 on are estimates or targets.
All forward-looking statements are expressly qualified in their entirety by this
cautionary statement, and you should not place reliance on any forward-looking
statement contained in this presentation.
NON-SEC COMPLIANT OIL AND GAS RESERVES:
CAUTIONARY STATEMENT FOR US INVESTORS
We present certain data in this presentation, such as oil and gas resources, that we
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.

3. 3
1H14 FX Rate – End of Period
R$ 2.20
Exchange Rate
FX (R$/US$) 1Q4 2Q14 3Q14 4Q14 1Q15 2Q15
Average 2.37 2.23 2.27 2.54 2.87 3.07
End of Period 2.26 2.20 2.45 2.66 3.21 3.10
R$ / US$
Source: Bloomberg – PTAX Exchange Rate
1H15 FX Rate - End of Period
R$ 3.10
41%
2,00
2,20
2,40
2,60
2,80
3,00
3,20
3,40
3,60
-3%
3.60
3.40
3.20
3.00
2.80
2.60
2.40
2.20
2.00

4. 4
1H15 Average Brent
US$ 57.95
1H14 Average Brent
US$ 108.93
40
50
60
70
80
90
100
110
120
130
140
Oil Prices - Brent
Average Brent 1Q4 2Q14 3Q14 4Q14 1Q15 2Q15
R$ 256.48 244.47 231.20 193.73 154.89 190.09
US$ 108.22 109.63 101.85 76.27 53.97 61.92
US$ / bbl
Source: Platts
-47%
+15%

5. 5
1H15 Net Result: R$ 5.9 Billion
R$ Billion 1H15 1H14 ∆%
Sales Revenues 154.3 163.8
Cost of Sales -106.3 -125.9
Gross Profit 48.0 38.0 26
Operational Expenses -25.2 -21.6
Operating Income 22.8 16.4 39
Financial Results -11.7 -1.1
Share of earning in equity-accounted investments 0.3 0.8
Profit-sharing -0.4 -0.6
Net income before income taxes 11.1 15.5 -28
Income Taxes -5.7 -4.5
Non-controlling interest -0.4 0.6
Net Income 5.9 10.4 -43
Adjusted EBITDA 41.3 30.6 35
Investments 36.2 41.5 -13
Free Cash Flow* 4.5 -15.8 128
Higher exchange rate variation expenses
Higher interest expenses
Interest on tax expenses – IOF (R$ 1.3 Bn)
Lower prices, especially of exports
Decrease of oil products sales volume
Lower import costs
Lower government take
IOF Tax liability - tax on intercompany financial operations (R$ 3.1 Bn)
Impairment (R$ 1.3 Bn)
* Free Cash Flow = Operating Cash Flow minus Investing Cash Flow
Income tax provision on foreign profits (R$ 1.1 Bn)
Interest on IOF tax expenses (R$ 1.3 Bn)

6. 6
2Q15 Net Result: R$ 0.5 Billion
R$ Billion 2T15 1T15 ∆%
Sales Revenues 79.9 74.4
Cost of Sales -54.4 -51.9
Gross Profit 25.6 22.4 14
Operational Expenses -16.1 -9.1
Operating Income 9.5 13.3 -29
Financial Results -6.0 -5.6
Share of earning in equity-accounted investments 0.2 0.2
Profit-sharing 0.0 -0.3
Net income before income taxes 3.6 7.6 -53
Income Taxes -2.7 -3.0
Non-controlling interest 0.4 -0.8
Net Income 0.5 5.3 -90
Adjusted EBITDA 19.8 21.5 -8
Investments 18.3 17.8 3
Free Cash Flow* 5.7 -1.3 558
Interest on tax expenses – IOF (R$ 1.3 Bn)
Higher interest expenses
Decrease of exchange rate variation expenses
Higher export volumes at higher prices
Higher sales volumes of oil products
Government take increase
Tax liability of IOF – tax on financial operations (R$ 3.1 Bn)
Impairment of assets (R$ 1.3 Bn)
Higher exploratory costs
1Q15: reversal of provision for losses in the electricity sector (R$ 1.3 Bn)
*Free Cash Flow = Operating Cash Flow minus Investing Cash Flow
IOF Tax liability - tax on intercompany financial operations (R$ 3.1 Bn)
Impairment (R$ 1.3 Bn)
Interest on IOF tax expenses (R$ 1.3 Bn)

7. 7
Highlights
Higher oil, NGL and natural gas production (9%, 218 kboed)
Operation start-up of Búzios extended well test
Higher volumes of oil exports (107%, 178 kbpd)
Lower costs of imports and government take
Reversal of provision for losses in the electricity sector (R$ 1.3 Bn)
Free cash flow of R$ 4.5 Bn
1H15
Highlights
2Q15
Highlights
Pre-salt oil and gas production was 926 kboed in June, above 900 kboed for the first time
Increase of oil products production in Brazil (7%, 134 kbpd)
Receipt of funds repatriated from “Lava Jato” Operation (R$ 157 Million)
Reimbursement related to insurance of accident in Chinook field, USA in 2011 (R$ 259 Million)
Provision of IOF tax liability (R$ 3.1 Bn)
Impairments on Gas and Power, Downstream and Exploration and Production (R$ 1.3 Bn)

8. 8
Impairment
Others 551.4
585.0
Transfer and Export Offshore Unit (UOTE) 198.3
Fertilizer Plant - UFN V
Oil and Gas Fields in Brazil and Asset Sales 245.1
R$ 1,580 million
R$ million
Allocated on operational expenses: R$ 1,283 million
Allocated on equity-accounted investments: R$ 294 million

9. 9
1H14 Average
2,566
1H15 Average
2,784
Exploration and Production
400 411
441 453 467 463
Natural Gas Abroad
2Q15
Natural Gas Brazil
2015
Target
2,125
3Q14
87
2,150
106
90
4Q14
2,799
122
95
1,972
2,600
2,090
2Q14
2,746
96
119
2,531
1Q14
1,922
118
91
2,111
102
Oil and NGL Abroad
2,803
89
1Q15
2,765
2,149
-1%
2,796
Oil and NGL
Brazil TargetOil and NGL Brazil
100
Oil and Gas Production - Brazil and Abroad
kboed
+9%

10. 10
Exploration and Production
Connection of New Wells in Brazil
30 34
61
28
12
17
26
11
33
2H151H15
39
2014
87
2013
51
2012
42
Producers
Injectors
72

11. 11
1H14 Average
2,152
1H15 Average
2.031
Downstream
kbpd
822 857 865 867 796 870
483 496 507 490
423
437
819 827 832 814
745
790
2,171
3Q14
2,204
2Q14
2,180
1Q14
2,124
+7%
Diesel
Gasoline
Others
2Q15
2,098
1Q15
1,964
4Q14
-6%
Oil Products Output in Brazil

12. 12
Downstream
Sales Volume in Brazil
kbpd
947 999 907 923
601
619 616 644
573 537
823
825
868 833
750 790
2Q14
2,443
1Q15
2,230
4Q14
2,487
1,010
+1%
Diesel
Gasoline
Others
2Q15
2,250
3Q14
2,533
1,049
1Q14
2,371
1H14 Average
2,407
1H15 Average
2,239
-7%

13. 13
Downstream
Balance: Oil and Oil Products
(kbpd)
170 152
415
330
-178
166
344
447
291
-281
-245
1H15
-125
53
1H14
-526
1H15
621
1H14
862
1H15
496
1H14
336
Oil Products
Oil
Exports Imports Balance
Balance Evolution
(kbpd)
-27
-225
-390
-222
-633
-417
2Q151Q154Q143Q142Q141Q14

14. 14
Operating Income Evolution per Segment 1H14 x 1H15
R$ Billion
Corporate
+39%
-0.9
1H15
Operating
Income
Others*
22.8
-4.1
Elimination
-0.3
Gas and Power
0.3
Exploration
and
Production
-19.2
Downstream
30.7
1H14
Operating
Income
16.4
*Others: Distribution, Biofuels and International Activities.

15. 15
Operating Income Evolution 1H14 x 1H15
-43%
1H15
Net Income
5.9
Others
0.9
Tax
-1.2
Financial
Results
-10.6
Operating
Expenses
-3.6
COGS
19.5
Sales Revenues
-9.5
1H14
Net Income
10.4
R$ Billion

16. 16
Operating Income Evolution per Segment 1Q15 x 2Q15
R$ Billion
-1.4
3.7
-29%
2Q15
Operating
Income
Corporate
9.5
EliminationOthers*
-0.2
Gas and Power
-2.8
Exploration
and
Production
-1.7
Downstream1Q15
Operating
Income
13.3
-1.5
*Others: Distribution, Biofuels and International Activities.

17. 17
Operating Income Evolution 1Q15 x 2Q15
R$ Billion
2Q15
Net Income
0.5
Others
-0.9
Tax
-90%
0.4
Financial
Results
-0.4
Operating
Expenses
-7.0
COGS
-2.4
Sales Revenues
5.6
1Q15
Net Income
5.3

18. 18
Costs Evolution
Refining Cost
Lifting Cost*
* Does not include government take
+17%
1H15
38.31
12.99
1H14
32.71
14.36
+24%
1H15
8.07
2.74
1H14
6.52
2.85
14.57
+1%
2Q15
38.49
12.71
1Q15
38.13
13.27
2Q14
32.30
R$/boeUS$/boe
-2%
2Q15
7.98
2.64
1Q15
8.16
2.84
2Q14
6.56
2.94
Real devaluation and higher
expenses with well intervention
and subsea maintenance
Lower throughput due to
maintenance stoppages and
higher personnel costs

19. 19
Indebtedness
Indebtedness
Indebtedness (R$ Billion) 06/30/2015 12/31/2014
Short-term Debt 44,7 31.6
Long-term Debt 370.9 319.5
Total Indebtedness 415.5 351.0
(-) Cash and Cash Equivalents¹ 91.6 68.9
= Net Debt 324.0 282.1
Indebtedness (US$ Billion)
Net Debt 104.4 106.2
1) Includes government securities and time deposits (maturity longer than 90 days)
Note: Short-term debt in Dec/15 considers the debt position due in 2016 informed on the 2Q15.

20. 20
Financial Ratios - Indebtedness
4,1
4,8 4,8
5,0
4,6
40%
43%
48%
52% 51%
0%
10%
20%
30%
40%
50%
60%
2,0
3,0
4,0
5,0
6,0
7,0
8,0
2Q14 3Q14 4Q14 1Q15 2Q15
Net Debt / LTM Adjusted EBITDA¹ Net Debt / EBITDA²
1) As of the 2Q15, the adjusted EBITDA used to calculate the ratio is the sum of the last 12 months
2) Net Debt / (Net Debt + Shareholders Equity)

21. 21
2015 Cash Flow
US$ Billion
11
13
26
3
13
2
Rollovers
2
Divestments
3
2015 Final
Cash Flow
20
Funding Needs
12
Investments
-28
-12
-16
Interests,
Amortizations
and
Others
-22
-10
-12
Operating
Cash Flow
26
2015 Initial
Cash Position
*
*
*
*
*
* Realized in 1H15
0.2*
*

22. RESULTS ANNOUNCEMENT
1ST Quarter 2015