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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 2017 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.
In addition, this presentation also contains certain financial measures that are
not recognized under Brazilian GAAP or IFRS. These measures do not have
standardized meanings and may not be comparable to similarly-titled measures
provided by other companies. We are providing these measures because we use
them as a measure of company performance; they should not be considered in
isolation or as a substitute for other financial measures that have been disclosed
in accordance with Brazilian GAAP or IFRS.
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.
2
that evolves
with society
An
integrated
company
of energy,
with focus
on oil and
gas
with a
unique
technical
capability
ACTIVE PORTFOLIO
MANAGEMENT
RESTRUCTURING OF
THE ELECTRIC
ENERGY BUSINESS
EXPLORATORY
PORTFOLIO
E&P PROJECTS
PORTFOLIO
EXIT FROM NON-CORE
BUSINESSES
MAXIMIZATION OF GAS
VALUE
STRENGTHENING OF
GOVERNANCE
RECOVERY OF
CREDIBILITY
LOW CARBON
ECONOMY
DIGITAL
TRANSFORMATION
TECHNOLOGICAL
COMPETENCIES
DEEP WATER
PRODUCTION
DEVELOPMENT
LOW BREAKEVEN
PRICE PROJECTS
creating high
value
COST DISCIPLINE
BEST PRACTICES
PROCUREMENT WITH
A VALUE FOCUS
MERITOCRACY
RESERVES
INCORPORATION
PRICING POLICY
FINANCIAL AND RISK
MANAGEMENT
Continuous strategic monitoring: long term focus and 3 new strategies
3
Developing high value
businesses for
renewable energies
Reducing carbon
emissions on our
production processes
Investing and
promoting new
technologies to
reduce impacts on
climate changes
Preparing the company for a futurebasedon a low carbon economy
4
Value generation through digital
solutions for reservoir management
and geological processes (geophysics,
geochemistry and petrophysics)
Automation
Big data
Cloud computing
Artificial intelligence
High performance computing
Capturing opportunities generated by
the digital transformation
5
Improvement on cash management, increasing
predictability and optimizing size and allocation
Reduction on risks associated to the company’s cash flow
Optimizing the company’s financial and
risk management
6
OUR MAIN METRICS
NET DEBT/ADJUSTED EBITDA
FinancialSafety
1.0 in 2018 2.5 in 2018
Anticipated in 2 years Target maintained
TOTAL RECORDABLE INJURY
FREQUENCY RATE (TRI)*
*Number of reportable injuries per million man-hours
7
Peers average
Actual
1.13Q17
1.0in 2018
Actual
2.22015
TOTAL RECORDABLE INJURY FREQUENCY RATE
(TRI)*
50% reduction
2.2
1.6
1.1 1.0
2015 2016 2017 2018
TRI
Safety
8
By 2022: metric converges to
the global average of the
main oil and gas companies
rated as investment grade
Actual
3.23Q17
2.5in 2018
Actual
5.12015
NET DEBT / ADJUSTED EBITDA
40% reduction
5.1
3.2
2.5
4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q18
Net Debt / Adjusted Ebitda
Financial
9
Main planning assumptions
Brent Prices
(US$/barrel)
Nominal exchange rate
(R$/US$)
46
53 53
58
66
70
73
0,0
20,0
40,0
60,0
80,0
100,0
2016 2017 2018 2019 2020 2021 2022
Range of Estimates
3.48
3.17
3.44
3.55
3.62
3.69
3.80
2016 2017 2018 2019 2020 2021 2022
Focus Range (11/03/2017)
Source of estimates: IHS – Jul/2017 (Scenarios Rivalry and Autonomy), PIRA – Sept/2017 (Scenario Reference, High and Low), EIA – International Energy Outlook
Sept/2017 (High Price, Low Price, Reference). 2017 values represent the average until Nov 7, 2017.
10
1,5
2
2,5
3
3,5
4
4,5
45 55 65 75
NetDebt/Ebitda
Brent
(US$/bbl) 62.4
Monthly average values for
ICE Brent futures contracts
for 2018 (Feb to Dec/18)
Net Debt/EBITDA Sensitivity to Brent
BRENT
US$/BBL
Net Debt
Adjusted Ebitda
50.0 3.7
53.0 3.3
60.0 2.7
62.4 2.5
64.0 2.4
70.0 2.0
Futures
prices*
Planning
assumption
Spot
Prices*
*Data from December 20, 2017
11
Continuous reduction and improvement in debt profile
123
118
115 114 114
102
100
96 95
89 88
77
3Q16 4Q16 1Q17 2Q17 3Q17 4Q18
Gross debt Net debt
Indebtedness (US$ billion)
7.33 7.46 7.61
7.88
8.36
6.3 6.2 6.2 6.1 5.9
3Q16 4Q16 1Q17 2Q17 3Q17
Maturity Average rate
Average maturity (years) and
Average rate (% p.y.)
48.1
27.5
Position in 12/31/2014 Position in 11/30/2017*
Total amortizations of principal in
2018, 2019 and 2020 (US$ billion)
* Does not include pre-payment of US$ 2.8 billion with CDB (due in 2019)
12
Additional initiatives with impacts on cash flow
Increase in market-share through an active pricing policy
Additional reduction in disbursements (opex and capex)
Acceleration in divestments with a US$ 5 billion increase in
potential portfolio
13
Start- up of 19 new production units by 2022
2018 2019 2020 2021 2022
LULA EXTREMO SUL
P-69 (91%)
BÚZIOS 2
P-75 (92%)
BÚZIOS 1
P-74 (96%)
BÚZIOS 3
P-76 (93%)
BERBIGÃO
P-68 (88%)
BÚZIOS 4
P-77 (90%)
ATAPU 1
P-70 (88%)
LULA NORTE
P-67 (99%)
EGINA
Egina FPSO (85%)
TARTARUGAS VERDE
E MESTIÇA (99%)
POS-SALT
TRANSFER OF RIGHTS
PRE–SALT (CONCESSION)
OWNED
PSA
Completion (%)
LEASED
14
BÚZIOS 5
MERO 1
REVIT. DE MARLIM
MÓD. 1
REVIT. DE MARLIM
MÓD. 2
MERO 2
ITAPU
INTEGRADO PARQUE
DAS BALEIAS
SÉPIA
SERGIPE-ÁGUAS
PROFUNDAS
Increase in oil and gas production
2.1
2.9
2.6
3.4
2.7
3.5
2018 2019 2020 2021 2022
OIL BRAZIL
NATURAL GAS BRAZIL
OIL + GAS INTERNATIONAL
Millionboe/d
Note: Considers divestments
15
Note: incorporates reductions from divestments
Focus on the most profitable invesment projects
81%
18%
1%
CAPEX 2018-2022
Refining and
Natural Gas
E&P
74.5
US$ billion
Other segments
Capex was maintained at the same level of the
previous plan
14.2
11.9
8.4
12.0
13.9
2.9
3.8
1.9
2.0
2.6
2018
17.3
15.8
2019 2020
10.5
2022
16.6
2021
14.2
Annual Capex
16
11%
77%
12%
CAPEX 2018-2022 E&P
Exploration
Production Development
Infrastructure + R&D
Pre-salt
58%
Post-
Salt
42%
E&P Investments
60.3
US$ billion
Investments
by layer
58% of the 2018-2022 capex will
be deployed on the pre-salt,
which presents a higher
profitability relative to post-salt
assets
Active portfolio
management
Reduction on
break-even
Brent
Risk
Return
BMP
14-18
43
BMP
17-21
30
BMP
18-22
29
Focus on the most profitable
projects
More competitive costs
Resilience to price levels
Increase in value associated to
capex allocation, strategic
partnerships and divestments
17
Refining and Natural Gas Investments
66%
28%
6%
CAPEX 2018-2022 RNG
Refining, Transportation and Marketing
Natural Gas and Power
Distribution and Biofuels
13.1
US$ billion
Natural Gas
Logistics
Investments in pipelines, gas
pipelines and natural gas
processing units to offload
pre-salt production
Diesel Quality and
Refining Expansion
Operational
Maintenance
Investments focused on diesel
quality and the 2nd phase of
the RNEST refinery, for which
partnerships are still being
sought
Investments in safety,
maintenance and focus on
the assets’ operational
efficiency
$
18
IPO of Petrobras
Distribuidora
Partnership in the
Roncador field in
the Campos Basin
Sale of Azulão Field
R$ 5 billion US$ 2.9 billion US$ 55 million
Total of US$ 4.5 billion in 2017
Divestment ProgramStrategic AlliancesIPO
Maintenance of our partnership and divestment program, with a target of
US$ 21 billion until 2018
19
 Partnership in Lapa and
Iara fields
 Partnership in
Termobahia
 Agreement for alliances
in the upstream and
downstream segments
and technological
cooperation covering
the areas of operation,
research and
technology
 Signed deals of US$ 2.2
billion
 Partnership in the
Roncador field in
Campos Basin
 Strategic agreement
for technical
cooperation in order to
increase recoverable
volumes
 Sharing of gas exports
infrastructure
 Signed deals of US$ 2.9
billion
 Consortium to explore
the area of Peroba
 MOU for cooperation
in opportunities in
Brazil and abroad in
all segments of the oil
and gas chain,
including potential
financing
arrangements.
 Consortium to explore
the areas of Peroba
and Alto de Cabo Frio
Central
 LOI for cooperation on
exploration,
production, refining,
gas transportation and
marketing, LNG, oil
trading, lubricants, jet
fuel, power generation
and distribution,
renewables,
technology and low
carbon initiatives
 Consortium to
explore 6 off-shore
blocks in Campos
Basin
 MOU for cooperation
in exploration,
production, gas and
chemicals both inside
and outside Brazil.
Strategic Alliances
20
Ongoing divestment processes
 70 onshore fields
 31 shallow water fields
 Distribution in Paraguay
 North/Northeast Gas Pipelines
New process for partnerships and divestitures
 Fertilizer Units
 Upstream assets in Africa
 Divestment of BSBios
ClosingBinding phaseNon-binding phase *Teaser
* If aplicacble
Sale of 90% of Transportadora
Associada de Gás S.A. ("TAG")G
Divestment of 100% equity
interest of Petrobras Oil & Gas
B.V. (“POGBV”)
Assignment of all rights in three
sets of onshore fields (RN e BA)
Assignment of all rights in
shallow-water fields
Assignment of all rights in five
sets of onshore fields
(CE, RN e SE)
Sale of 100% of PBIO’s stake
in BSBIOS
Approval by Top Management and contracts signing
Sale of Assets in Paraguay
Sale of Azulão Field (AM)
US$ 54.5 million
Divestments in the Fertilizer
Sector
(Ansa e UFN-III)
Sale of Maromba Field (RJ)
21
We will keep our pricing policy
 Alignment to
international prices
 Quest for
competitiveness
Key Drivers
22
Operational costs and expenses 2018-2022
OPEX 2018-2022
(US$ Billion)
 Operational costs at the same level
of the previous business plan
 2018 forecast for operational costs
and expenses is US$ 74.4 billion (38%
in E&P)
Manageable operational
Costs (35%)
Government take (14%)
Purchase of feedstock (33%)
394
US$ billion
Others (3%)
Depreciation (15%)
*Average cost of the BMP – Brazil and abroad **average cost of the BMP - Brazil
131
57
10
137
59
23
With costs under control
Corporate
RNG
136.8US$ billion
MANAGEABLE OPERATING COSTS
2018-2022
(US$ billion)
E&P
62.2
62.9
11.7
* Brazil
**Average of 2018-2022 BMP
Lifting costs
(US$/bbl)
Refining costs*
(US$/bbl)
3.0
2.6
9M17 2018-2022**
11.0
9.9
9M17 2018-2022**
24
21.0
8.1
25.7
54.2
74.5
162.5
Source
141.5
Uses
162.5
Partnerships and Divestments
Operating Cash Flow (after dividends)
Cash Buildup
Financial Expenses
Amortizations
Investments
Sources and Uses
US$ billion
25
Main
Projects
26
Main Projects
27
LULA: two new systems to start production in 2018,
totaling 9 production systems
DISCOVERY
2006
2010 2013 2014 2015 2016 2017 2018
P-67P-66
Cid. de
Mangaratiba
Cid. de
Saquarema
Cid. de
Maricá
Cid. de
Itaguaí
Cid. de
Paraty
Cid. de Angra
dos Reis P-69
Daily Operated Production
> 1.0 MMboe/d
Accumulated Production
> 800 MMboe
Wells
> 120 drilled
> 40 in production
* Petrobras WI only
CAPEX from 2018 to 2022*
> US$ 4.5 Billion
0.03
1.06
2010 2011 2012 2013 2014 2015 2016 2017
Oil Gas Highest Monthly Production
1.2
1.0
0.8
0.6
0.4
0.2
0.0
28
MERO: 1st field under production sharing regime will have 2 systems until 2022
Mero Field
Recoverable Volume
3.3 billion oil barrels
Good quality oil with high commercial value and
expressive presence of associated gas
Breakeven Price
~ US$ 35/barrel
Mero 2
2022Mero 1
2021
Libra Area
Exploratory activity
continues
Period extended for
additional 27 months
12 exploratory
wells drilled
+2 until 2019
CAPEX from 2018 to 2022*
US$ 2.3 Billion
* Petrobras WI only
29
BÚZIOS: 5 new production systems within the plan period
CAPEX from 2018 to 2022*
US$11.4 Billion
5 FPSOs with capacities of:
750 kbpd OIL
Wells:
45 production
40 injection
with intensive application of WAG
technology (Water Alternate Gas Injection)
Búzios 3.058
MMboe
2018 2019 2021
P-76 Leased FPSOP-77P-75P-74
* 100% Petrobras WI
30
CAMPOS BASIN: value maximization for the basin responsible for 50% of
our production
6 Under negotiation3 Signed off
Extension of Concessions
4 new systems until 2022
Tartaruga Verde & Mestiça
2018
Integrated Parque das Baleias
2021
Revit. Marlim 1 2021
Revit. Marlim 2 2021
91 projects to increase the recovery factor
6 new exploratory blocks
Blocks acquired during ANP 14th Bidding Round,
contiguous to the Pre-Salt polygon
CAPEX from 2018 to 2022*
US$ 18.9 billion
* Petrobras WI only. Includes all investments in the Basin
Partnership with Statoil in Roncador
Technology sharing and increase of recovery factor
31
Integrated Project Route 3: Infrastructure Project for offloading and
processing of natural gas from Santos Basin Pre-Salt
 Gas Pipeline
355 Km extension for drainage of up to 18 millions m3/day.
The conclusion is planned for 2019.
 Natural Gas Processing Unit
Total capacity to process 21 million m3/day of natural gas,
increasing the offer to the market. The operational start up
of this unit is forecasted to 2020. Located at Comperj.
 Additional Natural Gas Treating Unit at
Cabiúnas Terminal (TECAB)
Located at Macaé.
32
Paving the
future
33
Petrobras is recomposing its exploratory portfolio
NEW AREAS ACQUIRED
RETURN OF EXPLORATORY
ACTIVITIES
NEW DISCOVERIES ON CAMPOS
BASIN PRE-SALT
15
29
2016-2017 2018-2022
Average of
exploratory wells per
year
14th Concession Round + 2nd e 3rd
Production Sharing Rounds
• 10 new exploratory blocks
• 11.4 thousand km2 of
exploratory area (increase in 17%
of our actual portfolio)
• R$ 2.9 billion invested in
signature bonus
Poraquê
Alto
Carimbé
Tracajá
Brava (RDA* in 2018)
Forno (APS** in 2019)
* RDA: Reservoir data acquisition ** APS: Anticipated production system
By 2019
+ 4 bidding rounds
+ 2 rounds for marginal accumulations
34
Keep strengthening its governance
Incentive for improvement of
partners´ compliance
programs
DDI
Integrity Due Diligence
Development of collective
actions against corruption in
Brazil
BRAZILIAN NETWORK OF
GLOBAL PACT
Signatories of the Business
Pact for Integrity and against
Corruption
ETHOS INSTITUTE
Discussion forum for
compliance and integrity
policies
IBP´s COMPLIANCE
COMISSION
Improvement of Business Environment High Administration Compromise
Participation and incentive to the
training realization
LEADERSHIP THROUGH
EXAMPLE
Approval of Politics and revision of
the Conduction Guide, amplifying
it´s comprehensiveness for all
Petrobras´ system
DOCUMENT APPROVAL
Internal commissions for investigations
Independent denunciation channel
Correction Committee
CONSEQUENCES
MANAGEMENT
Mandatory trainings about
compliance and ethics
IMPROVEMENT OF
COMPLIANCE CULTURE
35
The initiative intends to improve
corporate governance practices in listed
state-owned.
Petrobras has complied with all the
compulsory measures of the Program
and obtained 56 points among others
required measures.
And being recognized by the improvements implemented
A continuous monitoring instrument for
measuring compliance with Law
13.303/16, with the aim of monitoring the
performance of the governance quality of
the state-owned companies.
The company scored 10 in all items and
reached Level 1 of Governance.
Ranking developed by Grupo Estado in
partnership with Austin Rating and FIA
(FEA/USP) elected the most efficient
companies in 22 sectores of the economy
and by region, with the best Corporate
Governance practices.
The Board of Directors of Petrobras won
the 1st place in its category.
B3: Certification in the Corporate
Governance Program for State-
Owned Companies
August/2017 November/2017September/2017
Estadão Empresas Mais Award
IG-SEST: Certificate of Excellence
in Governance Program for State-
Owned Companies
Petrobras request for joining the special listing segment Level 2
of Corporate Governance of B3
36
Improve Relationship Model with Stakeholders
Intensify mobility to balance staff
New working arrangements
New Program of Meritocracy
Trails of technical and managerial knowledge
Career and Managerial Succession
Executive Talent Base
HR
POLICY
Valuing people
Merit
as a basis for
recognition
CULTURAL
MANAGEMENT
Results-oriented
transformation
In a process of cultural transformation oriented to results
Upgrade of the Remuneration and Carreer
Models
37
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Apresentacao png-2018-2022-webcast-ingles

  • 1.
  • 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 2017 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. In addition, this presentation also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS. These measures do not have standardized meanings and may not be comparable to similarly-titled measures provided by other companies. We are providing these measures because we use them as a measure of company performance; they should not be considered in isolation or as a substitute for other financial measures that have been disclosed in accordance with Brazilian GAAP or IFRS. 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. 2
  • 3. that evolves with society An integrated company of energy, with focus on oil and gas with a unique technical capability ACTIVE PORTFOLIO MANAGEMENT RESTRUCTURING OF THE ELECTRIC ENERGY BUSINESS EXPLORATORY PORTFOLIO E&P PROJECTS PORTFOLIO EXIT FROM NON-CORE BUSINESSES MAXIMIZATION OF GAS VALUE STRENGTHENING OF GOVERNANCE RECOVERY OF CREDIBILITY LOW CARBON ECONOMY DIGITAL TRANSFORMATION TECHNOLOGICAL COMPETENCIES DEEP WATER PRODUCTION DEVELOPMENT LOW BREAKEVEN PRICE PROJECTS creating high value COST DISCIPLINE BEST PRACTICES PROCUREMENT WITH A VALUE FOCUS MERITOCRACY RESERVES INCORPORATION PRICING POLICY FINANCIAL AND RISK MANAGEMENT Continuous strategic monitoring: long term focus and 3 new strategies 3
  • 4. Developing high value businesses for renewable energies Reducing carbon emissions on our production processes Investing and promoting new technologies to reduce impacts on climate changes Preparing the company for a futurebasedon a low carbon economy 4
  • 5. Value generation through digital solutions for reservoir management and geological processes (geophysics, geochemistry and petrophysics) Automation Big data Cloud computing Artificial intelligence High performance computing Capturing opportunities generated by the digital transformation 5
  • 6. Improvement on cash management, increasing predictability and optimizing size and allocation Reduction on risks associated to the company’s cash flow Optimizing the company’s financial and risk management 6
  • 7. OUR MAIN METRICS NET DEBT/ADJUSTED EBITDA FinancialSafety 1.0 in 2018 2.5 in 2018 Anticipated in 2 years Target maintained TOTAL RECORDABLE INJURY FREQUENCY RATE (TRI)* *Number of reportable injuries per million man-hours 7
  • 8. Peers average Actual 1.13Q17 1.0in 2018 Actual 2.22015 TOTAL RECORDABLE INJURY FREQUENCY RATE (TRI)* 50% reduction 2.2 1.6 1.1 1.0 2015 2016 2017 2018 TRI Safety 8
  • 9. By 2022: metric converges to the global average of the main oil and gas companies rated as investment grade Actual 3.23Q17 2.5in 2018 Actual 5.12015 NET DEBT / ADJUSTED EBITDA 40% reduction 5.1 3.2 2.5 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q18 Net Debt / Adjusted Ebitda Financial 9
  • 10. Main planning assumptions Brent Prices (US$/barrel) Nominal exchange rate (R$/US$) 46 53 53 58 66 70 73 0,0 20,0 40,0 60,0 80,0 100,0 2016 2017 2018 2019 2020 2021 2022 Range of Estimates 3.48 3.17 3.44 3.55 3.62 3.69 3.80 2016 2017 2018 2019 2020 2021 2022 Focus Range (11/03/2017) Source of estimates: IHS – Jul/2017 (Scenarios Rivalry and Autonomy), PIRA – Sept/2017 (Scenario Reference, High and Low), EIA – International Energy Outlook Sept/2017 (High Price, Low Price, Reference). 2017 values represent the average until Nov 7, 2017. 10
  • 11. 1,5 2 2,5 3 3,5 4 4,5 45 55 65 75 NetDebt/Ebitda Brent (US$/bbl) 62.4 Monthly average values for ICE Brent futures contracts for 2018 (Feb to Dec/18) Net Debt/EBITDA Sensitivity to Brent BRENT US$/BBL Net Debt Adjusted Ebitda 50.0 3.7 53.0 3.3 60.0 2.7 62.4 2.5 64.0 2.4 70.0 2.0 Futures prices* Planning assumption Spot Prices* *Data from December 20, 2017 11
  • 12. Continuous reduction and improvement in debt profile 123 118 115 114 114 102 100 96 95 89 88 77 3Q16 4Q16 1Q17 2Q17 3Q17 4Q18 Gross debt Net debt Indebtedness (US$ billion) 7.33 7.46 7.61 7.88 8.36 6.3 6.2 6.2 6.1 5.9 3Q16 4Q16 1Q17 2Q17 3Q17 Maturity Average rate Average maturity (years) and Average rate (% p.y.) 48.1 27.5 Position in 12/31/2014 Position in 11/30/2017* Total amortizations of principal in 2018, 2019 and 2020 (US$ billion) * Does not include pre-payment of US$ 2.8 billion with CDB (due in 2019) 12
  • 13. Additional initiatives with impacts on cash flow Increase in market-share through an active pricing policy Additional reduction in disbursements (opex and capex) Acceleration in divestments with a US$ 5 billion increase in potential portfolio 13
  • 14. Start- up of 19 new production units by 2022 2018 2019 2020 2021 2022 LULA EXTREMO SUL P-69 (91%) BÚZIOS 2 P-75 (92%) BÚZIOS 1 P-74 (96%) BÚZIOS 3 P-76 (93%) BERBIGÃO P-68 (88%) BÚZIOS 4 P-77 (90%) ATAPU 1 P-70 (88%) LULA NORTE P-67 (99%) EGINA Egina FPSO (85%) TARTARUGAS VERDE E MESTIÇA (99%) POS-SALT TRANSFER OF RIGHTS PRE–SALT (CONCESSION) OWNED PSA Completion (%) LEASED 14 BÚZIOS 5 MERO 1 REVIT. DE MARLIM MÓD. 1 REVIT. DE MARLIM MÓD. 2 MERO 2 ITAPU INTEGRADO PARQUE DAS BALEIAS SÉPIA SERGIPE-ÁGUAS PROFUNDAS
  • 15. Increase in oil and gas production 2.1 2.9 2.6 3.4 2.7 3.5 2018 2019 2020 2021 2022 OIL BRAZIL NATURAL GAS BRAZIL OIL + GAS INTERNATIONAL Millionboe/d Note: Considers divestments 15
  • 16. Note: incorporates reductions from divestments Focus on the most profitable invesment projects 81% 18% 1% CAPEX 2018-2022 Refining and Natural Gas E&P 74.5 US$ billion Other segments Capex was maintained at the same level of the previous plan 14.2 11.9 8.4 12.0 13.9 2.9 3.8 1.9 2.0 2.6 2018 17.3 15.8 2019 2020 10.5 2022 16.6 2021 14.2 Annual Capex 16
  • 17. 11% 77% 12% CAPEX 2018-2022 E&P Exploration Production Development Infrastructure + R&D Pre-salt 58% Post- Salt 42% E&P Investments 60.3 US$ billion Investments by layer 58% of the 2018-2022 capex will be deployed on the pre-salt, which presents a higher profitability relative to post-salt assets Active portfolio management Reduction on break-even Brent Risk Return BMP 14-18 43 BMP 17-21 30 BMP 18-22 29 Focus on the most profitable projects More competitive costs Resilience to price levels Increase in value associated to capex allocation, strategic partnerships and divestments 17
  • 18. Refining and Natural Gas Investments 66% 28% 6% CAPEX 2018-2022 RNG Refining, Transportation and Marketing Natural Gas and Power Distribution and Biofuels 13.1 US$ billion Natural Gas Logistics Investments in pipelines, gas pipelines and natural gas processing units to offload pre-salt production Diesel Quality and Refining Expansion Operational Maintenance Investments focused on diesel quality and the 2nd phase of the RNEST refinery, for which partnerships are still being sought Investments in safety, maintenance and focus on the assets’ operational efficiency $ 18
  • 19. IPO of Petrobras Distribuidora Partnership in the Roncador field in the Campos Basin Sale of Azulão Field R$ 5 billion US$ 2.9 billion US$ 55 million Total of US$ 4.5 billion in 2017 Divestment ProgramStrategic AlliancesIPO Maintenance of our partnership and divestment program, with a target of US$ 21 billion until 2018 19
  • 20.  Partnership in Lapa and Iara fields  Partnership in Termobahia  Agreement for alliances in the upstream and downstream segments and technological cooperation covering the areas of operation, research and technology  Signed deals of US$ 2.2 billion  Partnership in the Roncador field in Campos Basin  Strategic agreement for technical cooperation in order to increase recoverable volumes  Sharing of gas exports infrastructure  Signed deals of US$ 2.9 billion  Consortium to explore the area of Peroba  MOU for cooperation in opportunities in Brazil and abroad in all segments of the oil and gas chain, including potential financing arrangements.  Consortium to explore the areas of Peroba and Alto de Cabo Frio Central  LOI for cooperation on exploration, production, refining, gas transportation and marketing, LNG, oil trading, lubricants, jet fuel, power generation and distribution, renewables, technology and low carbon initiatives  Consortium to explore 6 off-shore blocks in Campos Basin  MOU for cooperation in exploration, production, gas and chemicals both inside and outside Brazil. Strategic Alliances 20
  • 21. Ongoing divestment processes  70 onshore fields  31 shallow water fields  Distribution in Paraguay  North/Northeast Gas Pipelines New process for partnerships and divestitures  Fertilizer Units  Upstream assets in Africa  Divestment of BSBios ClosingBinding phaseNon-binding phase *Teaser * If aplicacble Sale of 90% of Transportadora Associada de Gás S.A. ("TAG")G Divestment of 100% equity interest of Petrobras Oil & Gas B.V. (“POGBV”) Assignment of all rights in three sets of onshore fields (RN e BA) Assignment of all rights in shallow-water fields Assignment of all rights in five sets of onshore fields (CE, RN e SE) Sale of 100% of PBIO’s stake in BSBIOS Approval by Top Management and contracts signing Sale of Assets in Paraguay Sale of Azulão Field (AM) US$ 54.5 million Divestments in the Fertilizer Sector (Ansa e UFN-III) Sale of Maromba Field (RJ) 21
  • 22. We will keep our pricing policy  Alignment to international prices  Quest for competitiveness Key Drivers 22
  • 23. Operational costs and expenses 2018-2022 OPEX 2018-2022 (US$ Billion)  Operational costs at the same level of the previous business plan  2018 forecast for operational costs and expenses is US$ 74.4 billion (38% in E&P) Manageable operational Costs (35%) Government take (14%) Purchase of feedstock (33%) 394 US$ billion Others (3%) Depreciation (15%) *Average cost of the BMP – Brazil and abroad **average cost of the BMP - Brazil 131 57 10 137 59 23
  • 24. With costs under control Corporate RNG 136.8US$ billion MANAGEABLE OPERATING COSTS 2018-2022 (US$ billion) E&P 62.2 62.9 11.7 * Brazil **Average of 2018-2022 BMP Lifting costs (US$/bbl) Refining costs* (US$/bbl) 3.0 2.6 9M17 2018-2022** 11.0 9.9 9M17 2018-2022** 24
  • 25. 21.0 8.1 25.7 54.2 74.5 162.5 Source 141.5 Uses 162.5 Partnerships and Divestments Operating Cash Flow (after dividends) Cash Buildup Financial Expenses Amortizations Investments Sources and Uses US$ billion 25
  • 28. LULA: two new systems to start production in 2018, totaling 9 production systems DISCOVERY 2006 2010 2013 2014 2015 2016 2017 2018 P-67P-66 Cid. de Mangaratiba Cid. de Saquarema Cid. de Maricá Cid. de Itaguaí Cid. de Paraty Cid. de Angra dos Reis P-69 Daily Operated Production > 1.0 MMboe/d Accumulated Production > 800 MMboe Wells > 120 drilled > 40 in production * Petrobras WI only CAPEX from 2018 to 2022* > US$ 4.5 Billion 0.03 1.06 2010 2011 2012 2013 2014 2015 2016 2017 Oil Gas Highest Monthly Production 1.2 1.0 0.8 0.6 0.4 0.2 0.0 28
  • 29. MERO: 1st field under production sharing regime will have 2 systems until 2022 Mero Field Recoverable Volume 3.3 billion oil barrels Good quality oil with high commercial value and expressive presence of associated gas Breakeven Price ~ US$ 35/barrel Mero 2 2022Mero 1 2021 Libra Area Exploratory activity continues Period extended for additional 27 months 12 exploratory wells drilled +2 until 2019 CAPEX from 2018 to 2022* US$ 2.3 Billion * Petrobras WI only 29
  • 30. BÚZIOS: 5 new production systems within the plan period CAPEX from 2018 to 2022* US$11.4 Billion 5 FPSOs with capacities of: 750 kbpd OIL Wells: 45 production 40 injection with intensive application of WAG technology (Water Alternate Gas Injection) Búzios 3.058 MMboe 2018 2019 2021 P-76 Leased FPSOP-77P-75P-74 * 100% Petrobras WI 30
  • 31. CAMPOS BASIN: value maximization for the basin responsible for 50% of our production 6 Under negotiation3 Signed off Extension of Concessions 4 new systems until 2022 Tartaruga Verde & Mestiça 2018 Integrated Parque das Baleias 2021 Revit. Marlim 1 2021 Revit. Marlim 2 2021 91 projects to increase the recovery factor 6 new exploratory blocks Blocks acquired during ANP 14th Bidding Round, contiguous to the Pre-Salt polygon CAPEX from 2018 to 2022* US$ 18.9 billion * Petrobras WI only. Includes all investments in the Basin Partnership with Statoil in Roncador Technology sharing and increase of recovery factor 31
  • 32. Integrated Project Route 3: Infrastructure Project for offloading and processing of natural gas from Santos Basin Pre-Salt  Gas Pipeline 355 Km extension for drainage of up to 18 millions m3/day. The conclusion is planned for 2019.  Natural Gas Processing Unit Total capacity to process 21 million m3/day of natural gas, increasing the offer to the market. The operational start up of this unit is forecasted to 2020. Located at Comperj.  Additional Natural Gas Treating Unit at Cabiúnas Terminal (TECAB) Located at Macaé. 32
  • 34. Petrobras is recomposing its exploratory portfolio NEW AREAS ACQUIRED RETURN OF EXPLORATORY ACTIVITIES NEW DISCOVERIES ON CAMPOS BASIN PRE-SALT 15 29 2016-2017 2018-2022 Average of exploratory wells per year 14th Concession Round + 2nd e 3rd Production Sharing Rounds • 10 new exploratory blocks • 11.4 thousand km2 of exploratory area (increase in 17% of our actual portfolio) • R$ 2.9 billion invested in signature bonus Poraquê Alto Carimbé Tracajá Brava (RDA* in 2018) Forno (APS** in 2019) * RDA: Reservoir data acquisition ** APS: Anticipated production system By 2019 + 4 bidding rounds + 2 rounds for marginal accumulations 34
  • 35. Keep strengthening its governance Incentive for improvement of partners´ compliance programs DDI Integrity Due Diligence Development of collective actions against corruption in Brazil BRAZILIAN NETWORK OF GLOBAL PACT Signatories of the Business Pact for Integrity and against Corruption ETHOS INSTITUTE Discussion forum for compliance and integrity policies IBP´s COMPLIANCE COMISSION Improvement of Business Environment High Administration Compromise Participation and incentive to the training realization LEADERSHIP THROUGH EXAMPLE Approval of Politics and revision of the Conduction Guide, amplifying it´s comprehensiveness for all Petrobras´ system DOCUMENT APPROVAL Internal commissions for investigations Independent denunciation channel Correction Committee CONSEQUENCES MANAGEMENT Mandatory trainings about compliance and ethics IMPROVEMENT OF COMPLIANCE CULTURE 35
  • 36. The initiative intends to improve corporate governance practices in listed state-owned. Petrobras has complied with all the compulsory measures of the Program and obtained 56 points among others required measures. And being recognized by the improvements implemented A continuous monitoring instrument for measuring compliance with Law 13.303/16, with the aim of monitoring the performance of the governance quality of the state-owned companies. The company scored 10 in all items and reached Level 1 of Governance. Ranking developed by Grupo Estado in partnership with Austin Rating and FIA (FEA/USP) elected the most efficient companies in 22 sectores of the economy and by region, with the best Corporate Governance practices. The Board of Directors of Petrobras won the 1st place in its category. B3: Certification in the Corporate Governance Program for State- Owned Companies August/2017 November/2017September/2017 Estadão Empresas Mais Award IG-SEST: Certificate of Excellence in Governance Program for State- Owned Companies Petrobras request for joining the special listing segment Level 2 of Corporate Governance of B3 36
  • 37. Improve Relationship Model with Stakeholders Intensify mobility to balance staff New working arrangements New Program of Meritocracy Trails of technical and managerial knowledge Career and Managerial Succession Executive Talent Base HR POLICY Valuing people Merit as a basis for recognition CULTURAL MANAGEMENT Results-oriented transformation In a process of cultural transformation oriented to results Upgrade of the Remuneration and Carreer Models 37