Webcast about 2nd Quarter 2013 Results.

1. Operational and
Financial Results
2nd Quarter of 2013
Conference Call / Webcast
August 12th, 2013

2. 2
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
2013 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.
DISCLAIMER

3. 3
1.957 1.764 1.792 1.677 1.691
1.855
240
233
188
140
115
109
+1%
1.931
1.910
1.980
2.066 1.904
1.970
Oil and NGL Production (kbpd)
» Oil and NGL Production 1.1% higher than 1Q13 (+21 kbpd):
• Scheduled Stoppages and operating problems: +18 kbpd.
• New wells and abandoned wells impact offset by natural decline: 3 kbpd.
» NG Production of 61.8 thousand m³/day or 389 kboed (-3% vs. 1Q13).
» Expected production for the 3Q13 in line with 2Q13.
Pre-Salt Production (kbpd)
» 9 production units operating in the Pre-Salt, 4 of which started up after the 2Q12:
Cidade de Anchieta (Baleia Azul, Sep/12), Cidade de São Paulo (Sapinhoá,
Jan/13), Cidade de São Vicente (TLD Sapinhoá Norte, Feb/13) and Cidade de
Paraty (Lula NE, Jun/13).
Production Units Start Up (Brazil)
Since the 2Q12, 4 new definitive systems started up, with total capacity of
420 kbpd, of which 312 kbpd of Petrobras
Capacity
120 kbpd
45% Petrobras
Capacity
80 kbpd
100% Petrobras
Capacity
120 kbpd
65% Petrobras
Pre-Salt Record (Petrobras+Partners): 326 kbpd in 06/22/13
Other Fields
Pre-Salt
2012 = 1 2013 = 4 until June
Connected Wells
9
7
5
9
3
4
7
4
8
4
Old Systems
New Systems
» 15 wells connected in the 1H13.
» 36 wells planned to be connected in the 2H13, adding approximately 440 kbpd of
potential production.
Capacity
140 kbpd
62,5% Petrobras
*
291
1Q13
277
4Q12
218
3Q12
176
2Q12
146
1Q12
135
2X
2Q13
Pre-Salt Production (Petrobras+Partners)
Records
* P-63 left Quip/Honório Bicalho Shipyard on June 18 and will be taken to its definitive location on August 23rd.
Record
326 kbpd
Oil and NGL Production in Brazil
Production in the Quarter as expected. New Pre-Salt Record: 326 kbpd.
FPSO Cid. São
Paulo (Sapinhoá)
Jan/13
FPSO Cid.
Anchieta (Baleia
Azul) Sep/12
FPSO Cid. Itajaí
(Baúna)
Feb/13
FPSO Cid. Paraty
(Piloto de Lula NE)
Jun/13
P-63*
(Papa-Terra)
Jun/13 – Leave Shipyard
Capacity
100 kbpd
100% Petrobras
» 4 new systems will initiate production by the end of the year: P-63, P-58, P-55 and
P-61/TAD.
* New Systems: FPSOs Cid. São Paulo, Cid. São Vicente, Cid. Itajaí and Cid. Paraty.
1Q13
4Q12
3Q12
2Q12
1Q12 2Q13
1Q13
4Q12
3Q12
2Q12
1Q12 2Q13

4. 4
Operating Performance in Brazil – E&P
PROEF 2Q13: contribution to production of 62 kbpd, 15 kbpd in UO-BC and 47 kbpd in UO-RIO
Drilling Expenses (R$ million)
1.146
1.237
1.728
1.116
3.294
921
-63%
Exploratory Policy (2H12)
» Drilling rigs migrating from exploration to production development.
» Selection of exploration wells with lower risk.
» 2Q13: 13 wells write offs, none in Pre-Salt (41 in the 2Q12, 2 in the Pre-Salt)
Discoveries
3
4 3
4
1
2
1
7
4
5
1
8
5
4
4
4
Post-Salt Pre-Salt/Transfer of Rights
» 1H13: Exploratory success ratio of 70% (64% in 2012) and 100% only in the Pre-
Salt (82% in 2012).
» Discovery of good quality oil in Iara Surrounding (Transfer of Rights), announced
on May 7th.
» Graph above shows the 30 most relevant discoveries announced to the market, all
offshore, except for Igarapé Chibata (Amazonas).
55 discoveries in the last 18 months, 16 in Pre-Salt.
Operating Efficiency (%)
Oil + NGL Production
(kbpd)
+47 kbpd
887
840
+2.4 p.p.
92.8
90.4
389
374
+15 kbpd
66.1 74.3
+8.2 p.p.
PROEF UO-BC: 2Q13 PROEF UO-RIO: 2Q13
» Additional production of 15 kbpd.
» Focus on wells recuperation and subsea systems.
» NPV of US$ 626 million.
» Total expenses of US$ 1.2 billion until May/13.
1Q13
4Q12
3Q12
2Q12
1Q12 2Q13
1Q13
4Q12
3Q12
2Q12
1Q12 2Q13
Without PROEF
With PROEF
Without PROEF
With PROEF
Operating Efficiency (%)
Oil + NGL Production
(kbpd)
» Additional production of 47 kbpd.
» Focus on management, integrity improvement and optimization of the use
of resources.
» NPV of US$ 596 million.
» Total expenses of US$ 3.2 million until Jun/13.

5. 5
26.39
61.60
22.57
67.08 67.88
31.25
28.33
30.79
64.87 67.87
69.47
29.49
3Q13 4Q13
Lifting Cost
New units still ramping up in 2Q13: 138 kbpd x 312 kbdp capacity
Lifting
Cost
R$/Barrel
» Full impact of new units costs, without production counterpart (gradual ramp up).
» Impact of personnel costs due to actuarial revision of pension and health plans.
» 3% FX devaluation (2Q13 vs. 1Q13) impacted costs in Reais.
» Key levers from PROCOP that contributed to the lifting costs optimization: onshore intervention costs, chemicals consumption during the production
process and optimization of the use of maintenance resources.
» Reduction in government take due to lower average reference price, linked to international prices. Brent, in Reais, 6% lower than in 1Q13.
» E&P Net Income: R$ 8.9 billion on 2Q13 x R$ 10.0 billion on 1Q13.
Cid. Itajaí
Feb/13
Cid. São Paulo
Jan/13
Lifting Cost, Oil Production and New Production Units Start-up
Capacity¹: 54 kbpd
2Q13: 11 kbpd
Capacity¹: 80 kbpd
2Q13: 31 kbpd
Capacity¹: 78 kbpd
2Q13: 3 kbpd
Cid. Paraty
Jun/13
3Q12
2Q12
1Q12 2Q13
1Q13
4Q12
Lifting Cost Oil and LNG Production
Government Take
¹ Production capacity related to Petrobras working interest.
Cid. Anchieta
Sep/12
Capacity:¹ 100 kbpd
2Q13: 93 kbpd
Oil
and
NGL
Production
kbpd

6. 6
26.39
61.60
22.57
67.08 67.88
31.25
28.33
30.79
64.87 67.87
69.47
29.49
3Q13 4Q13
Lifting
Cost
R$/Barrel
Cid. Itajaí
Feb/13
Cid. São Paulo
Jan/13
Lifting Cost, Oil Production and New Production Units Start-up
Capacity¹: 54 kbpd
2Q13: 11 kbpd
Capacity¹: 80 kbpd
2Q13: 31 kbpd
Capacity¹: 78 kbpd
2Q13: 3 kbpd
Cid. Paraty
June/13
3Q12
2Q12
1Q12 2Q13
1Q13
4Q12
Lifting Cost Oil and LNG Production
Government Take
¹ Production capacity related to Petrobras working interest.
Cid. Anchieta
Sep/12
Capacity:¹ 100 kbpd
2Q13: 93 kbpd
P-63
P-55
P-58
P-61
TAD
Capacity¹:
448 mbpd
» Sustained production growth in 2nd semester:
• Ramp up of production units that began operating in the 1st semester.
• Start up of production units P-55, P-58, P-63, P-61/TAD (Tender Assisted Drilling) in 4Q13.
• Throughout the 2nd semester, connection of 36 offshore wells with production potential of approximately 440 kbpd.
2013 Production
Stronger Growth in 4Q13 due to the start up of 4 news production systems
Example

7. 7
Operation Performance in Brazil – Downstream
Refining throughput, product output and sales, and costs
Oil Products Sale in Brazil (kbpd)
Oil Products Production in Brazil (kbpd)
» Focus on increasing production of oil products that generate higher value,
especially gasoline (+48 kbpd) and diesel (+16 kbpd), while reducing low
margin products such as naphtha (-25 kbpd) and fuel oil (-43 kbpd).
» Oil products production 196 kbpd higher than 1Q12, comparable to the
capacity of COMPERJ’s 1st train (165 kbpd)
» Diesel production maximization planned for 2H13.
802 785 839 855
754 782 785
785
757
784 782
835
+6% +1%
2Q13
2,138
501
1Q13
2,127
453
4Q12
2,010
441
3Q12
2,026
439
2Q12
2,008
441
1Q12
1,942
431
Diesel
Gasoline
Others
Throughput (kbpd) and Utilization (%)
Refining Cost (R$/bbl)
1,884 1,974 1,970
1,534 1,589 1,633
2,102
1,666
2,083
1,722
1,936
1,585
Domestic Oil + NGL
Imported Oil
Utilization
» Oil processing record: 2,200 kbpd (June 29th and 30th)
» Utilization of 99% in 2Q13: ongoing efforts to maximize refineries’ utilization
contributed to higher throughput.
984
864 986 978
921
914
797
759 795
+6% +3%
2,372
583
811
2,313
580
812
2,237
557
766
569
2,350
2,168
545 610
2,391
Gasoline
Diesel
Others
» Domestic market sales increased by 3%, led by diesel (+6% vs 1Q13).
» Diesel: +57 kbpd comparing to 1Q13 due to higher seasonal activities of
industry and agriculture.
» Gasoline: +3 kbpd compared to 1Q13 related to light vehicles fleet increase in
Brazil.
+2%
+2%
» 2Q13 x 1Q13: higher refining cost due to actuarial revision of pension and
health plans, partially offset by higher throughput (+1%) and PROCOP
results.
» Key levers of PROCOP that contributed to optimization of Refining Costs:
standardization of scope on refining maintenance and increase of energy
efficiency.
+11%
+2%
+6%
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
+196 mbpd

8. 8
Domestic and International Price Comparison
In 2Q13, the lowest differential to international prices since Jan/12
Average Brazil Price* x Average USGC Price**
The differential decreased in 2Q13 due to price adjustments of diesel (Jan 30th, Mar 6th) and gasoline (Jan 30th) as well as decrease of
international prices. Devaluation of Real in the second half of the quarter reversed the convergence to international prices.
Diesel Imports
Gasoline Imports
Prices
(R$/bbl)
* Considers Diesel, Gasoline, LPG, Jet Fuel and Fuel Oil.
** USGC price with domestic market prices.
Imported
Volumes
(Thousand
bbl
/
d)
0
100
200
300
400
500
600
700
800
900
100
120
140
160
180
200
220
240
260
Jun/12
Jan/12
Oct/12
Aug/12
May/12
Jul/12
Sep/12
Apr/12
Mar/12
Feb/12
Jun/13
May/13
Apr/13
Mar/13
Feb/13
Jan/13
Dec/12
Nov/12
Average Sales Price Brazil
Jun 25th
Adjustments
Jul 16th
2013
2012
Adjustments
Jan 30th
+5.4% diesel
+6.6% gasoline
Mar 6th
+5% diesel
2Q13 x 2Q12
Gasoline: -31 kbpd
Diesel: -127 kbpd
• Sales Price Increase
• International Prices Decrease
• Lower Imports
Average Sales Price
USGC
Losses

9. 9
Trade Balance of Oil and Oil Products
Domestic production increase improves the result of 2Q13 compared with 1Q13
Lower net imports in 2Q13 due to lower oil products imports (-115 kbpd) as a consequence of higher Gasoline (+48 kbpd)
and Diesel (+16 kbpd) production.
» Reduction of 31% of oil products imports (2Q13 vs. 1Q13), despite higher sales (+3%), led by diesel and gasoline imports decrease (-
66%):
» Lower Gasoline imports (-75%) due to higher domestic production and increase of ethanol in gasoline blend.
» Lower Diesel imports (-64%) due to higher domestic production along with decrease of inventory built in 1Q13.
» Decrease of heavy crude oil exports to build inventories of domestic oil.
» Lower light oil imports due to utilization of inventories built during the previous period.
» Increased imports of diesel and gasoline imports expected in the second half of the year due to seasonal demand and lower domestic
output as a result of scheduled stoppages.
» Downstream Net Income: -R$ 2.5 billion in 2Q13 x –R$ 4.2 billion in 1Q13
Balance Exports Imports
kbpd
68
188
195
13
52
44
38
37
31
341
359
215
554
172 159
162
406
155
-12%
-18%
708
180
447
860
136
484
724
144
351
Diesel
Gasoline
Others Oil Products
Fuel Oil
Oil
-35%
-2%
+105%
-185
-180
-64
10
2Q13
-349
-285
1Q13
-454
-269
2Q12
-170
-23%
Diesel and Gasoline Imports
195 188
68
13
-66%
81
240
52
-66%
239
44
2Q13
1Q13
2Q12 2Q13
1Q13
2Q12 2Q13
1Q13
2Q12

10. 10
Operational Performance in Brazil – Gas and Energy
Natural Gas supply and demand balance, fertilizers and power generation
Power Generation (GWavg)
Fertilizers Production (thous. ton)
» Utilization factor of 82%, highest average level since 1Q12.
» Acquisition of fertilizer plant in Paraná (FAFEN-PR) on June 1st,13 with
production capacity of Ammonia (1,303 tons / day) and Urea (1,975 tons / day).
» 2Q13 production does not consider FAFEN-PR.
+43%
405
221
184
417
225
192
293
156
137
455
252
203
+38%
419
231
188
304
166
138
FUT
(%)
87% 57% 80% 78% 60% 82%
8.2
4.2
2.1
0.3
1.6
9.3
4.6
2.3
0.6
1.9
8.8
4.9
1.8
1.7
3.4
2.0
1.1
4.1
2.6
1.3
1.9
0.9
0.8
0.4
Atend.
ONS (%)
98% 99% 99%
99% 98% 99%
» Supply of natural gas and oil for power generation of 8.2 GW avg,
representing14% of Integrated National System (SIN).
» Decrease of 12% of power generation compared with 1Q13 due to higher level of
hydropower reservoirs.
» Petrobras´ power generation reached 4.5 GW avg.
FUT = Utilization Factor
Ammonia
Urea
18.3
16.0 14.1
7.3
9.5
0.9
+21% +2%
88.1
30.4
90.1
24.6
43.3
37.0
43.5
63.5
71.5
25.5
39.6
74.5
27.2
37.8
41.4
90.3
30.7
30.8
12.1
10.8
12.4
12.2
11.7
12.1
89.3
38.3
11.7
39.3
63.1
18.6
40.3
71.0
38.6
37.0
1QT12
39.5
3Q12
74.2
23.0
2Q12 4Q12
39.3
+2%
87.7
39.9
1Q13
89.4
38.0
2Q13
+20%
Natural Gas Supply (million m³/day)
Natural Gas Demand (million m³/day)
LNG
Bolivia
Domestic
Thermoelectric
Downstream
E&P/Fertilizers
Non-thermoelectric
+6%
» Non-thermoelectric demand increased 6% in 2Q13 due to higher industrial
consumption.
» Decrease of 5% in thermoelectric demand compared with 1Q13 due to lower
level of power generation by NG (-7%).
» Total supply of Natural Gas reached 90 milllion m³/day
» Lower domestic NG supply (2Q13 x 1Q13) due to scheduled stoppages for
maintenance in Manati, Mexilhão, Uruguá and Lula fields led to higher LNG
imports.
1QT12 3Q12
2Q12 4Q12 1Q13 2Q13
1QT12 3Q12
2Q12 4Q12 1Q13 2Q13
1QT12 3Q12
2Q12 4Q12 1Q13 2Q13
Petrobras Gas Plant
Third-Parties Gas Plant
Petrobras Oil Plant
Third-Parties Oil Plant
» Gas and Energy Net Income: R$ 0.6 billion in 2Q13 x R$ 0.9 billion in 1Q13

11. 11
PROCOP: Monitoring of Outcomes – Jun/13
Accomplishment of R$ 2.9 billion, 78% of annual target of operating cost optimization
Planned
Accomplished as planned or higher
2013 Target: R$ 3.8 billion
Exploration & Production Downstream
Engineering,
Technology
& Materials
Corporate
& Services
Transpetro
Gas & Energy
Onshore
Production Administration
and Support Building Mngt,
Travels and
Lodging
Offshore
Production
Support
Services
Wells
Intervention
Refining Oil and Oil Products
Logistics
Commercialization
Supplies
and Stocks
ITC HSE
Mngt
NG Logistics
Fertilizers
Incorporation of additional targets, including subsidiaries Liquigas, BR and PBIO, will bring additional
savings of R$ 151 million in 2013 and R$ 1.9 billion by 2016.
High risk of not achieving the annual target
Attention points that can put the achievement of the annual target at risk
70%
30%
90%
110%
40%
20%
100%
10%
50%
130%
150%
160%
140%
120%
80%
60%
100%
Operational
Execution
(%)
Jan-Jun/13
Cost Savings Expected : R$ 1.6 billion (43%)
Cost Savings Accomplished: R$ 2.9 billion (78%)

12. 12
Financial Highlights of 2nd Quarter
»Higher Operating Profit with significant increase in Cash Generation.
»PRODESIN: Sale of 50% of assets in Africa, generating a gain of R$ 1.9 billion, with a cash increase of R$ 3.4 billion.
»As of June 30th, divestments during the year total US$ 1.8 billion.
»International Net Income: R$ 2.0 billion in 2Q13 x R$ 0.7 billion in 1Q13.
»Net borrowings of $ 15.1 billion, including the issuance of US$ 11 billion in global notes (May/13).
»Extension of hedge accounting to protect future exports:
»FX losses of R$ 8.0 billion, related to approximately 70% of total net debt exposed to FX variations (end of
2Q13), were recorded in Shareholders’ Equity account.
»Transfer to Income Statement as exports occur over a 7 year period.
-1.346
7.693 6.201
2Q12 1Q13 2Q13
Net Income
5.282
9.849 11.107
2Q12 1Q13 2Q13
Operating Income
10.599
16.231 18.091
2Q12 1Q13 2Q13
EBITDA
-19%
+561%
+13%
+110%
+11%
+71%
R$
million
R$
million
R$
million

13. 13
Operating Income – 1Q13 vs 2Q13
Increase in oil product prices and domestic demand
R$
million
9,849
1,092 (1,240)
(377)
1,783 11,107
1Q13
Operating Income
Sales Revenue COGS SG&A Other Expenses 2Q13
Operating Income
» Higher Sales Revenue due to the full effect of diesel and gasoline prices adjustments in 1Q13 and
increased demand in the domestic market.
» Increase in COGs driven by higher sales volume in the domestic market, higher processing of imported oil
and higher LNG imports.
» Improvement in Other Expenses mainly due to the sale of assets in Africa.

14. 14
Net Income – 1Q13 vs 2Q13
Lower than previous quarter due to financial results
R$
million
7,693
1,258
(4,941)
234
1,293
664 6,201
1Q13
Net Income
Operational
Income
Financial Result Earnings of
equity
investments
Taxes Minority Interest 2Q13
Net income
» Lower net income as a result of the FX depreciation effect over net debt, partially offset by
higher operational income
» Financial results already factor in the smaller FX exposure due to the extension of hedge
accounting to future exports.
» Lower taxes as a result of lower quarterly income.

15. 15
Investments: Physical progress in line with financial progress
Tracking physical and financial progress – S-Curves
Tracking of physical and financial progress of 155 individual projects (S-curves):
Average physical progress: 98.4%. Average financial progress: 97.7%.
R$
Billion
Investments: 1H12 x 1H13
R$ 44.1 billion in investments during the 1H13, 14% up on 1H12.
When calculated in dollars, investments grew 5%
44.1
38.7
+14%
1H13
1H12
1H13 investments by business segment
54%
R$ 10,7 bi
35%
R$ 6,9 bi
1%
1%
0%
5%
6%
G&P
International
Distribution
Biofuel
Corporate
Downstream
E&P

16. 16
1) Net debt / (adjusted EBITDA 1S13 x 2)
2) Net debt / (net debt + shareholders equity)
3) Adjusted EBITDA (EBITDA excluding earnings of equity-accounted investments and impairments)
4) Includes tradable securities maturing in more than 90 days
Capital Structure
Borrowings at competitive costs to fund 2013-2017 BMP
R$ Billion 06/31/13 03/31/13
Short-term Debt 18.2 14.6
Long-term Debt 230.8 182.4
Total Debt 249.0 196.9
(-) Cash and Cash Equivalents 3 72.8 46.3
= Net Debt 176.3 150.7
US$ Billion
Net Debt 79.6 74.8
1.61
2.46 2.42
2.77
2.32
2.57
24%
28% 28%
31% 31%
34%
-20%
-10%
0%
10%
20%
30%
40%
0,0
1,0
2,0
3,0
4,0
5,0
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Net Debt/EBITDA Net debt / Net Capitalization2
3
3
» US$ 15.1 billion in net borrowings during 2Q13.
» Cash and Cash equivalents of R$ 72.8 billion
(US$ 32.8 billion) as of 2Q13.
3
1

17. Operational and
Financial Results
Information:
Investor Relations
+55 21 3224-1510
investors@petrobras.com