1. Results
Announcement
4th Quarter and 2012 Year End Results
Conference Call / Webcast
February 5th, 2013

2. DISCLAIMER
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about future We undertake no obligation to publicly update or revise any
events within the meaning of Section 27A of the Securities Act of 1933, as forward-looking statements, whether as a result of new
amended, and Section 21E of the Securities Exchange Act of 1934, as information or future events or for any other reason. Figures for
amended, that are not based on historical facts and are not assurances of 2013 on are estimates or targets.
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 All forward-looking statements are expressly qualified in their
results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", entirety by this cautionary statement, and you should not place
"plan", "project", "seek", "should", along with similar or analogous reliance on any forward-looking statement contained in this
expressions, are used to identify such forward-looking statements. presentation.
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 NON-SEC COMPLIANT OIL AND GAS RESERVES:
Company’s most recent Annual Report on Form 20-F, which identify CAUTIONARY STATEMENT FOR US INVESTORS
important risk factors that could cause actual results to differ from those
contained in the forward-looking statements, including, among other We present certain data in this presentation, such as oil and gas
things, risks relating to general economic and business conditions, resources, that we are not permitted to present in documents filed
including crude oil and other commodity prices, refining margins and with the United States Securities and Exchange Commission
prevailing exchange rates, uncertainties inherent in making estimates of (SEC) under new Subpart 1200 to Regulation S-K because such
our oil and gas reserves including recently discovered oil and gas terms do not qualify as proved, probable or possible reserves
reserves, international and Brazilian political, economic and social under Rule 4-10(a) of Regulation S-X.
developments, receipt of governmental approvals and licenses and our
ability to obtain financing.
2

3. 2012 Highlights
• Operating Income: R$ 32,397 million
Results • Net Income: R$ 21,182 million
• Improvement in planning through the accomplishment of the 2012 target (2,022 kbpd ± 2%): 1,980 kbpd
• Start up of FPSO Cid. Anchieta (Baleia Azul) in September: 78 kbpd production in December
• Postponement of the start up of FPSO Cid. Itajaí (Baúna and Piracaba): Feb/2013
• Petrobras Pre-salt production’s share: from 5% in 2011 (100.3 kbpd) to 6.9% in 2012 (136.4 kbpd)
Exploration & • Pre-salt daily production record: 213.9 kbpd in Dec /27 (Petrobras)
Production 245.6 kbpd in Dec /31 (Petrobras & partners)
• Arrival of 15 deepwater rigs, total ultra deep fleet now 40 units
• Proven Reserves (Brazil and International): 16.44 billion boe (SPE/ANP criterion)
• Reserve Replacement Ratio (Brazil and International): 103.3%
• Reserves/Production (Brazil and International): 18.6 years
• Three price increases in diesel and two in gasoline over the last eight months: increase of 10.2% in diesel and
7.8% in gasoline in 2012 and new increase of 5.4% in diesel and 6.6% in gasoline in Jan/30/13
Downstream • Oil products output: 1,997 kbpd (+5% compared to 2011)
• Oil products sales in Brazil: 2,285 kbpd (+7% compared to 2011)
• Daily throughput record: 2,101 kbpd (in the Aug/09-12 period)
• Natural gas demand: 74.5 million m³/d (89.4 million m³/d in 4Q12)
Gas & Power • Electric generation daily record: 5,883MW in Nov/26
• Natural gas delivery daily record: 49.6 million m3 /d in Oct/11
• PROEF: operational efficiency increase in Campos Basin (UO-BC and UO-RIO)
• PROCOP: cost reduction target of R$ 32 billion between 2013 and 2016
Management • PRODESIN: restructured divestiture unit. Execution of the 1st transaction (BS-4: Atlanta and Oliva)
• Investment Projects: achievement of 104.8% of the physical targets forecasted in the S-Curves Performance
3

4. 2012 Brazil Production: Target achieved according to 2012-16 BMP
• Decrease of 2% in oil and LNG production due to: Frade field interruption due to seepage (-14 kbpd), longer than
expected scheduled maintenance (-6 kbpd) and unexpected operational interruptions (-68 kbpd).
• Increase of 5.6% in natural gas production with new wells (Canapu and Lula) and beginning of NG exports from the
FPSO Cid. de Anchieta.
2700
2011
Average 2,377 kboed 2012
2600 Average 2,355 kboed
2,491
2500 2,456 NG = from 355 kboed to 375 kboed
2,441
2400 2,346 2,350 2,359
2,339 2,333
2,305 2,315 2,306
2011 2012
kboed
2300 355 kboed
2,222 375 kboed
of Natural Gas of Natural Gas
2200
2,110 2,098
2100
2,032
1,993 1,989
2000 1,961 1,960 1,968
1,940 1,928 1,940
2011
1900 Average 2,022 kbpd 2012
1,843
Average 1,980 kbpd
1800
jan-12 feb-12 mar-12 apr-12 may-12 june-12 july-12 aug-12 sep-12 oct-12 nov-12 dec-12
Oil and LNG Production Total Production (Oil, LNG and Natural Gas)
 Non operated production of Petrobras: 46 kbpd in 2011 vs 23 kbpd in 2012
 Operated production of Petrobras on behalf of third parties: 26 kbpd in 2011 vs 38 kbpd in 2012
4

5. PROEF UO-BC: Program to Recover Operational Efficiency
In 2012 UO-BC’s average production was improved by 25 kbpd through PROEF, reaching 459 kbpd. The average
operational efficiency increased 11 p.p., from 67% in April to 78% in December. Cost to date US$ 831 million and NPV of
US$ 519 million.
Production Units: 29 without PROEF
550 Production in 2012: 459 kbpd with PROEF
Oil and LNG Production (kbpd)
PROEF avoided a decrease of 47 kbpd
499 495 PROEF start-up +25 kbpd
500 at UO-BC
Oil Production in 2012 (kbpd)
469 468 465
461 459
454 448 445
450 + 31 mbpd 437 434 434
+ 50 + 29 + 57 + 34
437 437 + 32 + 22 + 47
425
400 414
411 408 412
Without PROEF the decrease would reach 101 kbpd 405
398
350
jan/12 feb/12 mar/12 apr/12 may/12 june/12 july/12 aug/12 sep/12 oct/12 nov/12 dec/12 Without With
PROEF PROEF
Operational Efficiency in 2012 (%)
PROEF start-up
Operational Efficiency (%)
at UO-BC +11p.p.
80
75 +1.9 p.p.
70
65 69.8 71.7
75 76 78
73 74 71 71 74
60
67 70 69 67
55
50
jan/12 feb/12 mar/12 apr/12 may/12 june/12 july/12 aug/12 sep/12 oct/12 nov/12 dec/12 Without With
PROEF PROEF
5

6. Exploratory Activity
Proven Reserves 16.4 Bi boe at year end. In Brazil, Reserve Replacement Ratio (RRR) above 100% for the 21st
consecutive year. New discoveries, especially in new exploratory frontiers.
2012 Proven Reserves 2012 Discoveries in Brazil / Basins
Campos Santos Sergipe - Alagoas
16.4 Bi boe
Pre-salt Post-salt Post-salt
16% Baúna and Piracaba
Barra, Moita Bonita,
Pão de Açúcar
Pre-salt Farfan, Muriú, Cumbe
4% 96%
Franco NW, Carioca
Sela, Carioca Norte,
84% Espírito Santo Nordeste de Tupi, Solimões / Ceará
Carcará, Iara Oeste,
Post-salt Post-salt
Dolomita Sul, Sul de
Brazil Natural Gas Tambuatá and Grana Guará, Franco SW e Igarapé Chibata /
International Oil + NGL Padano Júpiter Nordeste Pecém
Success Rate (Onshore and Offshore) Brazil Highlights
85%
Pre-salt: 82%  RRR Brazil: 103% / R/P =19.3 years
80%
 RRR Brazil above 100% for the 21st consecutive year
75%
70% 64%  Offshore exploratory wells: Post-salt (38) + Pre-salt (19)
65%
58% 59%  Finding costs in 2012 of US$1.96/bbl
60%
55%  In 2012, R$ 11.6 billion invested in exploration
50%
2010 2011 2012 6

7. Domestic Output of Oil Products: Focus on Diesel and Gasoline
Increase of 82 kbpd in throughput using more domestic crude oil while improving the production profile.
Increases in diesel and gasoline production minimized import needs.
Oil Products Output Throughput 2012 Start up of Major Units
and Utilization (Refineries / Units)
2.500 96% 100 RECAP – Cracked naphtha HDS
+5% 92%
90 REPAR – Diesel HDT
1,997
1,896 2.000 1,944 80
196 1,862 RLAM – Diesel HDT
Others 183
238 351 70
Fuel Oil 340
234 93 REPAR – Coke Naphtha HDT
Throughput (kbpd)
Jet Fuel 93 1.500 60
Utilization (%)
kbpd
Naphtha
106
109 143 50
REVAP – Cracked naphtha HDS
LPG 137
Gasoline 395
+11% 438 1.000 40 REFAP – Cracked naphtha HDS
+5%
1,527
1,523 1,594
1,594
1.594
1.527 30 REPAR – Reform
500 20
Diesel 745 +5% 782 REPAR – Coke
10
REPAR – Cracked naphtha HDS
0 0
2011 2012 2011 2012 REPLAN – Cracked naphtha HDS
Utilization(%) Imported Oil Domestic Oil
7

8. Oil Products Sales in Brazil
Increase of 81 kbpd in gasoline sales and 57 kbpd in diesel sales due to economic growth, especially retail.
Oil Products Sales in Brazil
+7%
2,285 Oil products sales in Brazil were 7% higher compared to
2,131 199 2011:
Others 84
188
Fuel Oil 82 106
Jet Fuel 101 165  Gasoline (+17%): increase in the flex-fuel automotive
Naphtha 167 224 fleet along with price advantage relative to ethanol;
LPG 224
kbpd
+17%
570  Diesel (+6%): increase in the retail sector, along with
Gasoline 489 higher thermoelectric consumption in the northern region
of Brazil;
+6%
 Jet fuel (+5%): higher demand in the aviation sector.
Diesel 880 937
2011 2012
8

9. Oil Products Price - Brazil vs International
• Price adjustments were not enough to close the gap between domestic and international prices due to the
increase in the oil price and, especially, FX rate fluctuation.
• Petrobras continues to pursue price parity, which is an assumption of the Business and Management Plan.
ARP in Brazil* x ARP in USGC**
2011 2012 2013
∆ FX Rate: 14%
∆ Brent: 6%
260 FX Rate: R$ 1.99/US$
Brent: US$ 115.94/bbl
240
FX Rate: R$ 1.75/US$
220 ARP in USGC Brent: US$ 108.91/bbl
Prices (R$/bbl)
200
180 Jan/30
Jul/16 Adjustment:
Jun/25
160 Adjustment: Adjustment: Gasoline: 6.6%
Nov/01
Adjustment: Gasoline: 7.83% Diesel: 6% Diesel: 5.4%
140 ARP in Brazil Diesel: 3.94%
Gasoline: 10%
Diesel: 2%
120
100
may/11
may/12
mar/11
apr/11
aug//11
mar/12
apr/12
aug//12
jan/11
feb/11
june//11
july/11
Sep/11
oct/11
nov/11
jan/12
Dec/11
feb/12
june//12
july/12
Sep/12
oct/12
nov/12
Dec/12
*
jan/13
feb/13
*
* Forecast
* Weighted Average Realization Price of Diesel, Gasoline, Naphtha, LPG, Jet Fuel and Fuel Oil
** Average Realization Price in United States Gulf Coast, considering the same volumes and products sold in Brazil
9

10. Trade Balance of Oil and Oil Products
Market growth exceeded production, leading to higher gasoline and diesel imports. Increase in domestic feedstock
and lower crude oil production reduced oil exports in 2012.
Exports Imports Balance
+4%
749 779
-13%
631
548 346
362
428 364 +16%
kbpd
164 190
43 87 +96%
160 153 +102%
43 31 180 156 66 18
-184 -249
Oil Fuel Oil Other Oil Products Diesel Gasoline Oil Products
-118
-231
2011 2012 2011 2012 2011 2012
10

11. Natural Gas Demand and Supply
Increase of 22% in natural gas demand in 2012 (74.5 MM m³/d), largely due to higher thermal power generation
(+119%). Demand was met through higher domestic supply and LNG imports. The increase in domestic natural
gas production reduced the need for LNG imports.
DEMAND
2011 vs 2012 3Q12 vs 4Q12
+26%
+22%
89.4
74.5
million m³/d
61.1 71.0
Non Thermal 38.3
39.3
39.9 Thermal 40.3
23.0 Refineries / E&P 38.6
10.5 18.7
12.1 Fertllizer plants
10.8 12.1 12.4
2011 2012 3Q12 4Q12
SUPPLY
2011 vs 2012 3Q12 vs 4Q12
+26%
+22%
74.9 90.1
71.6
million m³/d
61.2
Domestic 43.5
39.5 39.6
33.5
Bolivia 30.8
27.0 24.6
1.6 26.1 8.4 LNG 7.4 16.0
2011 2012 4Q12
3Q12
11

12. 2012 Investments
Investments of R$ 84 billion, 16% above 2011.
Annual Investment Investment by Segment Main Projects
1.6%
2% 0.4%
+16% 5%  E&P: Production Development Projects of Baleia
84.1 6% Azul (Cid. de Anchieta), Sapinhoá (Cid. de São
72.5 Paulo), Roncador Modules 3 and 4 (P-55 and P-62)
51% and Papa-Terra (P-61 and P-63).
R$ billion
34%  Downstream: Abreu e Lima Refinery and Comperj.
 G&P: UFN-3, Bahia Regasification Terminal and
UPGN Cabiúnas.
 International: Production Development Projects of
E&P Corporate Cascade and Saint-Malo.
2011 2012 Downstream Distribution
International Biofuel
G&P
Physical and financial monitoring of 174 individualized projects (S-Curves):
average physical realization of 104.8% and financial realization of 110.6%.
12

13. Net Result by Segment - 2011 vs 2012
Exploration and Production Downstream
R$ 40.6 Bi vs R$ 45.4 Bi - R$ 9.9 Bi vs - R$ 22.9 Bi
↑ g Higher realization prices due to the FX devaluation (17%).
rate. ↑  Increase in7,8% no preço da utilizationefrom10,2%to 96%.
Reajuste de refining capacity gasolina de 92% no el.
↑  Increase of 7.8% in gasoline and 10.2% in diesel prices.
Ddddddddddddd fflfdldljfdjdfjlkfjfjgjfg dsfkjldfldfjdlkfjdflj
↓ d Increase in Government Take (+15%). dslfkdfjldfjj
↓ 1 Higher lifting cost (+28%). Higher oil products sales (+7%).
↑  Depreciação cambial ampliou a defasagem em relação a
↓ H Higher dry hole expenses. ↓  Crescimento das vendasthede derivados em international
FX devaluation increased differential versus +7%.
dfdgffdglkfdgl
prices.
↓  Higher imports of gasoline (+102%)(+102%) e (+16%).
Maiores importações de gasolina and diesel de diesel
(+16%).
↓ Crescimento dos custos de aquisição Reais (+21%).
Higher crude oil acquisition costs in do óleo em Reais em
+21%.Aumento do
Gas & Power International
R$ 3.1 Bi vs R$ 1.6 Bi rate. R$ 1.9 Bi vs R$ 1.3 Bi
↓ d Impairment generated losses of R$ 487 milliion in 2012.
 Increase in domestic natural gas supply (+18%).
↑ Aumento da oferta de gás nacional em +18%.
 Increase thermoelectric dispatch associated with higher ↓ 1
↔Aumento doofdespacho termelétrico, associado ao aumento  Scheduled maintenance in Akpo field (Nigeria).
dopreço da prices (‘PLD’) accompanied by higher LNG and ↓ H Start up of Cascade and Chinook fields, in deepwater GoM,
energy energia (PLD), atendido pela
Bolivian gas imports.
NL e gás boliviano.
with higher lifting costs due to initial production costs.
 In 2011, recognition of tax fiscais no the net amount of 928
↓ Reconhecimento de créditos credits in valor líquido de R$
R$ 928 million (non recuring gain).
milhões em 2011
13

14. 2011 vs 2012 Operating Income
(R$ million)
37,203
45,403
(43,533) 32,397
(1,849)
(4,827)
2011 Sales COGS SG&A Other 2012
Operating Revenues Expenses Operating
Income Income
 Higher sales revenues reflecting growth in domestic demand, as well as higher prices for domestic products and exports.
 Increase in COGS due to higher sales volumes supplied by imports, and effect of FX devaluation on imports and production taxes.
 Increase in SG&A expenses primarily reflecting higher personnel costs.
 Other operating expenses increased due to higher dry hole expense.
14

15. 2011 vs 2012 Net Income
(R$ million)
33,313
4,447 20 21,182
(13,006) 555
(3,845) (302)
2011 Operating Financial Equity in Profit Income Tax / Minority 2012
Net Income Income Result earnings of Sharing Social Interest Net Income
investments Contribution
 Lower operating income due to higher demand largely supplied by imports, and domestic prices below international levels.
 Financial results decreased primarily due to the devaluation of the Real and higher net liabilities denominated in dollars.
 Decrease in taxes as a result of reduced taxable income.
15

16. 3Q12 vs 4Q12 Operating Income
(R$ million)
8,864
(388) 6,120
(1,136) (98)
(1,318)
3Q12 Sales COGS SG&A Other 4Q12
Operating Revenue Expenses Operating
Income Income
 Revenue: higher demand and prices offset by reduced exports (income from exports in transit not yet recognized).
 Increase in COGS as higher sales volumes were broadly supplied by imports.
 Increase in Other Expenses due to higher dry hole expense and impairments of international assets.
16

17. 3Q12 vs 4Q12 Net Income
(R$ million)
1,646 48 7,747
3,357
5,567
(10) (117)
(2,744)
3Q12 Operating Financial Equity Profit Income Tax / Minority 4Q12
Net Income Income Results Income Sharing Social Interest Net Income
Contribution
 Higher net financial results from the sale of Government securities (NTN-B) and income from deposits for legal provisions.
 Income tax reduction due to fiscal benefit related to provisions of interest on own capital.
17

18. Capital Structure
Net Debt/EBITDA Net Debt/Net Capitalization1
5 40%
28% 28% 30%
4 24% 24% 30%
20%
3
10%
2.77 2
2 2.46 2.42
0%
1 1.66 1.61
-10%
0 -20%
4Q11 1Q12 2Q12 3Q12 4Q12
R$ Billion 12/31/12 12/31/11
Short-term Debt 15.3 19.0  Lower operating cash flow and higher capex
Long-term Debt 181.0 136.6 resulted in net debt increase.
Total Debt 196.3 155.6
(-) Cash and Cash Equivalents 3 48.5 52.5  The devaluation of the Real (9%4) also
increased net debt.
= Net Debt 147.8 103.0
US$ Billion
Net Debt 72.3 54.9
1) Net Debt / (Net Debt + Shareholder’s Equity)
2) Refers to the adjusted EBITDA which excludes equity income and impairment.
3) Includes tradable securities maturing in more than 90 days
4) Period-end commercial selling rate for U.S. dollar 18

19. Dividends
Proposed Dividends
PN = R$ 0.96 / share and R$ 1.92 / ADR
ON = R$ 0.47 / share and R$ 0.94 / ADR
Note: 1 ADR = 2 shares
General Rules
 Companies with two classes of shares must pay a minimum amount of dividends
 Minimum amount to be distributed (common + prefs): 25% of Adjusted Net Income
 Priority to preferred shareholders, who will receive the higher of:
 25% of Adjusted Net Income
 3% of the PN’s proportional book value of shareholder’s equity
 5% of the PN’s proportional paid-in capital
19

20. 2013 Outlook
Management Oil Production in Brazil
 PROCOP: program implementation to achieve first  Average production flat as compared to 2012.
results in 2013.  Lower production in 1H13 due to higher concentration of
scheduled stoppages and the smaller contribution from new
 PROEF: continuing activities to recover operational systems. On the other hand, in 2H13 the ramp-up of
efficiency. Sapinhoá, Baúna e Piracaba, Lula NE, Papa-Terra P-63
and Roncador P-55 will support the production increase
 PRODESIN: intensification of the Divestment Program. forecasted for 2014.
Total Capacity/
6 News Production Units
Investments in 2013
Start-Up Petrobras Interest
(kbpd)
Sapinhoá Pilot
 Capital budget: R$ 97.7 billion, of which 53% to E&P and FPSO Cid. São Paulo
Jan-13 120 / 54
33% to Downstream.
Baúna and Piracaba
Feb-13 80 / 80
FPSO Cid. Itajaí
Downstream and Oil Products Market Lula NE Pilot
May-13 120 / 78
FPSO Cid. Paraty
 Oil products market’s growth of 4%, lower than 2012 Papa Terra
July-13 140 / 87,5*
(8%). P-63
 Flat refining output despite higher scheduled Roncador Mod. III
maintenance. Sep-13 180 / 180
P-55
 Increase in diesel production (5%), to the detriment of Papa Terra * processing capacity of
other products. Dec-13
P-61 P-63
 Higher participation of domestic oil in throughput (84% vs
82% in 2012).  Franco’s EWT Start-up (Transfer of Rights).
 Sapinhoá North’s EWT Start-up.
20

21. Announcement of the
Results
END
4th Quarter and Year End 2012 Results
Conference Call / Webcast
February 5th, 2013