SlideShare a Scribd company logo
__
Petrobras
General Overview
STRATEGIC PLAN
2017-2021 BUSINESS AND MANAGEMENT PLAN
—
3
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.
Disclaimer
—
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 2016 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.
General - February 2017
An integrated energy company
focused on oil and gas that
evolves with society, creating
high value, with a unique
technical capability
OUR VISION
4
OUR VALUES
Ethics and
transparency
Market
driven
Results
oriented
Overcoming
and confidence
5
Respect for life,
people and
environment
Main Metrics of Strategic Plan (SP) and Business and Management Plan (BMP)
—
SAFETY FINANCIAL
Reduction of
36%In the Total Recordable Injury
Frequency Rate (TRIFR*)
Reduction in
LEVERAGE
Net Debt/EBITDA
* TRIFR = number of reportable injuries per million man-
hours
TO
2.5
by 2018
FROM
5.3
in 2015
TO
1.4
in 2018
FROM
2.2
in 2015
6
Highlights of the Plan
—
main metrics drive the strategy
Unified Plan
New management system
with targets up to supervisory level
Disciplined execution: systematic monitoring of
goals with mid-course corrections
New tools of
cost management
Meritocracy
2
(SP and BMP)
7
Engagement of the leadership
EVOLUTION
8
Main variables in the base case scenario
—
48
Brent Prices
(US$/bbl - base year 2016)
Nominal exchange rate
(R$/US$)
56
68
71
0
40
80
120
2016 2017 2018 2019 2020 2021
Source: Petrobras; IHS, PIRA, IEA, Focus report
Range of estimates(IHS, PIRA and IEA)
71
45
9
Petrobras
3.48 3.55
3.71 3.72 3.74 3.78
2,20
2,70
3,20
3,70
4,20
4,70
2016 2017 2018 2019 2020 2021
Intervalo Focus Petrobras
4.70
4.20
3.70
3.20
2.70
2.20
Market forecast
Range of estimates (IHS,PIRA and IEA)
Brazilian market for oil products resumes growth
—
10
0
500
1000
1500
2000
2500
2017 2021
917 997
529 476
863 956
Brazilian oil products market
(Million bpd)
Diesel OthersGasoline
2.3 2.4
+5.2%
Cost reductions
—
142
126
2015-2019
BMP
2017-2021
Estimates
2017-2021
BMP
-18%
53%
37%
10%
E&P RGN Demais áreas
Manageable operating costs*
(US$ Billion)
11
153
Other segmentsRefining & Natural Gas (RNG)
* Manageable operating costs: lifting, refining, logistics and distribution costs, overhead and others
Partnerships and divestments
—
2015-2016 2017-2018
19.5
15.1
Amount in US$ Billion
12
Benefits of the partnerships
 Risk sharing
 Capex reduction
 Increased capacity to invest along the value chain
 Technological exchange
 Strengthening of corporate governance
The partnerships and divestments program of
Petrobras leverages third parties investments
that might surpass US$ 40 Billion* in the next
10 years.
* Does not consider investment of suppliers to increase capacity
Investment spending by Petrobras (Capex)
—
13
2017 Capex
US$ 19.2 Billion
0,00
20,00
40,00
60,00
80,00
100,00
PNG 2015-2019
(revisão JAN 2016)
PNG 2017-2021
81%
82%
17%
17%
2%
1%
Comparison of total capex
(US$ Billion)
Exploration & Production (E&P) Other segmentsRefining & Natural Gas (RNG)
98.4
74.1
-25%
2015-2019 BMP
(Jan 2016 review)
2017-2021 BMP
72initiatives
Main themes
—
21strategies
Implantation of
Zero Based
Budgeting
Strengthening
of internal
controls
Merit-based
performance
management
Strengthening
of the safety
culture
Streamlining
decision
making
Improvement of
risk
management
14
Reinforcing
prevention
against
corruption
EXPLORATION
& PRODUCTION
—
15
Pre-Salt Post-Salt
34% 66%
Production Development
+ Exploration
Total E&P
US$ 60.6 billion
Upstream Capex Breakdown
—
Suporte Operacional Exploração
13% 11%
76%
16
Development of productionExploration Operational support
Concession
Transfer of Rights
Production Sharing (Libra)
17
Greater well productivity
in concessions
Experience acquired
in well construction
Fewer wells to top capacity
3 times faster
Shorter well construction time
in concessions
2016
2010
26
20
2016
2010
6
8
kbpd/well
Until 2016
Until 2010
124
3
2016
2010
89
310
Days construction
per well
Efficiency gains: Santos Basin pre-salt case
—
+ 30% productivity - 25% wells
204 wells drilled
Lower capex
for the same
production
Number of wells built
(drilled and completed)
Producing wells
Lula field: faster well construction and connection
—
2010 2016
60%
reduction in well
construction and
connection times
6 units in
 Angra dos Reis
 Paraty
 Itaguaí
 Mangaratiba
 Maricá
 Saquarema
1 unit in
Angra dos Reis
18
 Increased share of pre-salt in the
portfolio, with lower lifting costs
 Gains from contractual renegotiations
 Management of drilling rig idleness
 Optimization of support vessel logistics
 Reduction in labor costs
Reduction in operating costs
—
Lifting Cost (US$/boe)
0
2
4
6
8
10
12
14
16
2014 2015 2016 2017-2021*
14.6
12
11
9.6
* Average for the period
19
0
250
500
750
1000
1250
1500
1750
2000
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
Oil production in the Campos
Basin (kbpd)
Stable decline of
around 9*%
Opportunities in the Campos Basin
—
• Operations with
emphasis on strategic
partnerships, seeking
to increase recovery
• Extension of
concessions
• Revitalization of
Marlim project
*Below the industry average of 12% for deepwater wells
Bacia de
Campos
20
21
0
1
2
3
4
2017 2021
Produção Óleo, LGN e Gás
Oil+ NGL Brazil
Oil + gas International
2.52
3.34
2.07
2.77
Natural gas Brazil
2.62
3.41
Production profile
—
Oil , NGL* and Gas production
(million boed)
* Natural Gas Liquids
LEGEND
CONCESSION
PSA
TRANSFER OF
RIGHTS
22
Start-up of new production units
—
2017 2018 2019 2020 2021
TARTARUGA
VERDE E MESTIÇA
LULA NORTE
LULA SUL
TLD DE LIBRA
BÚZIOS 2
BÚZIOS 1
BÚZIOS 3
BÚZIOS 4 BÚZIOS 5
PILOTO LIBRA
REVIT. DE MARLIM
MÓD. 1
REVIT. DE MARLIM
MÓD. 2
LIBRA 2 NW
ITAPU
INTEGRADOPARQUE
DASBALEIAS
BERBIGÃO
LULA EXT. SUL
ATAPU 1
SÉPIA
REFINING &
NATURAL GAS
—
23
33%
25%
11%
24%
7%
RTC - Operational continuity RTC - Capital investments
G&E - Operational continuity G&E - Capital investments
Others (Petrobras Distribuidora, PBIO and R&D)
Total RNG
U$S 12.4 Billion
24
RTC: Refining, Transportation and Commercialization; G&E: Gas & Energy; PBIO: Petrobras Biocombustível; R&D: Research & Development.
Refining and Natural Gas Capex Breakdown
—
2014 2015 2016 2017-2021
0.49
0.37
0.31
0.29
 Integration of common and
interdependent activities among the
refineries
 Optimization in the use of support
resources
 Optimization of the consumption of
energy, catalyzers and chemicals
 Optimization in maintenance
expenditures
Reduction of operating costs
—
Refining Cost
(US$ thousand/UEDC1)
251. Unit of equivalent destilation capacity
2. Average for the period
2
Main Projects
—
26SNOX: emission reduction unit;
UTGCA: Monteiro Lobato Gas Treatment Unit .
Seeking partnership
Seeking partnership
In final stages
100 kbpd 130 kbpd
SNOX unit
(under procurement)
1st Refining set
(Train I)
2nd Refining set
(Train II)
Gas Processing
Unit
Refinery
RNEST (Abreu e Lima)
COMPERJ
Expansion of UTGCA
under study
Route 1
Pre-salt gas flow
Gas pipeline and Gas Processing
Unit implementation
Route 3
26
Reduction in personnel expenses
—
employees already left of
which 2470 in the 2016 Program
9,670 employees expected to leave by mid-
2017 of which 400 in the 2014 Program
9,270
27
Decrease of own employees
(Voluntary Severance Incentive Programs 2014-2016)
Decrease of service contractors
114,000 were dismissed
since 2014*
* Service contractors of worksite and assembly, administrative, operations, schedule stoppages and abroad.
 Due diligence counterparty
 Integrity background check for
candidates to key positions
 Adherence to the Code of Ethics and
the Guide to Ethical Conduct for 100%
of employees
 Board of Directors and Executive
Board are selected exclusively by
technical criteria
 Independent whistleblower channel
 Correction Committee
Foreign Corrupt Practices Act
DOJ and SEC
UK Bribery Act
Brazilian Law 12.846/2013
Brazilian Decree-Law 8.420/2015
Brazilian Law 13.303/2016
CORRUPTION
PREVENTION
Program
Code of
ETHICS
28
Measures adopted to strengthen compliance
—
Review of the decision-making process
Elimination of approvals by single individuals
Creation of statutory technical committees
Statutory Audit Committee
New Advisories Committees for the Board of Directors
Alignment of guidelines for all companies in Petrobras System
Definition of succession process for managerial and executive positions
Reorganization of the structure of the company
29
Measures adopted to strengthen governance
—
FINANCE
—
30
Sources and Uses
—
158
19
2
Sources
74
73
32
Uses
Partnerships and divestments are
essential to enable the planned
capex
179 179
31
Investments
Amortizations
Financial Expenses Operating Cash Flow (after dividends)
Use of Cash
Partnerships and Divestments
Sources and Uses 2017-2021
(US$ billion)
No requirement for new net debt
during the 2017-2021 period
Main risks*
—
Material changes to market conditions
Divestments and partnerships below plan
Judicial disputes
Renegotiation of the Transfer of Rights terms
Impact of Local Content on costs and timing of the projects
Delays in the construction of platforms
Higher than expected capex
*These risks are not exhaustive
Risks and mitigating activities
managed by accountable
people
3Q16 Results
—
33
34
Production continues in an upward trend
Production increases 2.5% in the period
Production (MMboe/d)
2.14 2.12 1.98 2.13 2.22
0.10 0.10
0.09
0.09 0.08
0.57 0.56
0.55
0.58 0.57
2.80 2.78
2.62
2.80 2.87
3Q15 4Q15 1Q16 2Q16 3Q16
Oil Brazil Oil International Natural Gas
+4%+8% Oil production
in Brazil
Oil and gas
production
Operated
production
Production Records
2.22
MMbbl/d
2.87
MMboe/d
3.17
MMboe/d
Seven of the eight Pre-Salt platforms in
Campos Basin have reached full capacity
+2.5%
+2.3%
35
Lifting cost keeps downward trend
12.1
10.4
9M15 9M16
Lifting Cost*
(US$/boe)
Pre-Salt Lifting Cost
Below 8 Dollars per barrel
< 8.0
US$ boe
11.0
10.6 10.5
3Q15 2Q16 3Q16
Lifting Cost 3Q15 vs 3Q16
We reduced by 20% the
maneageble operating costs in
the same period in which
production grew by 2,5%
* Lifting Cost in Brazil and abroad
Lifting Cost*
(US$/boe)
-14%
36
Lower sales volume* due to reduced oil product demand in the domestic market
Demand impacted by the slowdown in the domestic economy
953 811 804
540
541 521
789
757 763
Diesel
Gasoline
Others
3Q16
2,088
2Q16
2,109
3Q15
2,282
-1.0%
kbbl/day
-6%
928 804
550
542
776
738
9M16
-8%
2,084
9M15
2,254
* Includes Downstream and BR Distribuidora sales
37
Net balance of oil and oil products exports of 210 kbpd in the quarter
313
122 154
365 341
419
218
237 198
145 174
143
-55-63-73
265
219
52
352
531
3Q16
210
2Q16
515
3Q153Q162Q16
359
3Q15
562
510
2Q16
156
3Q15
-21
3Q16
Imports Exports Net Balance
Oil
Oil Products
kbbl/day
38
Positive free cash flow for the sixth quarter in a row
Operating Cash Flow
Free Cash FlowInvestments2
Adjusted EBITDA1
3Q15
15.5
21.6
3Q162Q16
20.3
3Q15
18.0
11.2
3Q16
10.3
2Q16
3.8
3Q163Q15
10.8
2Q16
16.4
3Q16
26.7
2Q163Q15
21.921.8
1. Adjusted EBITDA is the sum of EBITDA, share of earning in equity-accounted investments and cumulative translation adjustments – CTA.
2. Cash basis
R$ Billion
19 28 33
+11%
63.0
9M16
56.8
9M15
24 30
+8%
9M15
66.0
9M16
61.1
36.3
52.8
9M15
-31%
9M16
+256%
9M169M15
8.3
29.6
Adjusted
EBITDA Margin
(%)
39
Results affected by non-recurring itens
Operating Income
Net IncomeNet Financial Results
Gross Income
3Q16
-7.1
2Q16
-6.1
3Q15
-11.4
3Q16
-16.5
2Q16
0.4
3Q15
-3.8
3Q16
-10.0
2Q16
7.2
3Q15
6.0
3Q16
23.3
2Q16
22.8
3Q15
23.8
R$ Billion
-6%
9M16
67.2
9M15
71.7
-81%
9M16
5.3
9M15
28.5
+5%
9M16
-21.9
9M15
-23.1
-925%
9M16
-17.3
9M15
2.1
40
Main projects and reasons for impairment in 3Q16
R$ 15.7 billion in 3Q16
R$ Billion
7.00
6.00
5.00
4.00
3.00
2.00
mai/15 jul/15 set/15 nov/15 jan/16 mar/16 mai/16 jul/16 set/16mar/15jan/15
+23%
4.8
3.9
Country Risk Premium
(% p.a.)
2.0
2.5
2.8
5.6 Some fields, which had already been impacted by impairment in 2015, had their cash flows more
pressuredby the exchange rate and the discount rate.
Uncertainty in the delivery of the hulls of FPSOs P-71, P-72 and P-73
Postponement of 2nd train of RNEST to 2023
Review of business plan’s assumptions, such as the reduction in the market for resins and
exchange rate
Oil and Gas Production fields in Brazil
Equipmentrelated to oil and gas production
activities
2nd train of Abreu and Lima refinery - RNEST
Suape PetrochemicalComplex
Increase in discount
rate for every segment
41
In 3Q16, Petrobras did not provision
nor closed settlements related to
the class action and other individual
actions.
The ongoing discussions encompass
very complex issues and are subject
to substantial uncertainties.
Individual Actions – New York
In October 2016, Petrobras reached
an agreement to settle four
individual actions, with the plaintiffs
below:
• Dodge & Cox Int'l Stock Fund;
• Janus Overseas Fund;
• PIMCO Total Return Fund;
• Al Shams Investments.al.
In 3Q16, Petrobras provisioned for
individual actions under
negotiation, for which settlements
were not yet reached.
Settlement in 3Q16
Provision in 3Q16
Settlement in 3Q16
Provision in 3Q16
Settlement in 3Q16
Provision in 3Q16
Individual actions
(negotiated)
Individual actions
(under negotiation)
Class action
+ other individual
actions
Provision of R$ 1.2 billion in 3Q16
42
We announced the new diesel and gasoline pricing policy
We will practice competitive prices using as a benchmark Import Parity Prices (IPP) plus a margin
Import price
(market alternative)
Taxes
Margin and risks
IPP
Considers the competitiveness of Petrobras’ products and the risks associated to
imports operations, such as exchange rate and oil and oil products price volatility,
delays and changes in quality specification.
Competitiveness will be a function of commercial and financial objectives
CIDE, PIS and COFINS, ICMS
Refinery Gate Price
43
Partnerships and Divestments reached 90% of the target of the 2015-16 Plan
Transactions signed amount to US$ 13.6 Bi
Partnerships and divestments
with signed contracts
 Bacia Austral assets in Argentina, with
Compañia General de Combustibles
 49% Gaspetro with Mitsui
 66.7% PESA with Pampa Energia
 Petrobras Chile Distribuición with
Southern Cross Group
 66% BM-S-8 (Carcará) with Statoil
 90% of Nova Transportadora do
Sudeste (NTS) with Brookfield
 Nansei refinery with Taiyo
 Liquigás with Ultrapar
 PetroquímicaSuape/Citepe with Alpek
 Guarani with Tereos Participations
 Master Agreement with Total
Partnerships and divestments
In final stages of negotiation
already announced
 Baúna and Tartaruga Verde fields
with Karoon
Strategic Partnerships
already announced
 MoU with Statoil – focus on
revitalization of Post-Salt fields
 MoU with GALP – focus on
partnerships in regions worldwide in
which the companies have a shared
interest, besides training and
deepwater reservoir research
 MoU with TOTAL – focus in the E&P,
Gas, Energy and Refining segments in
Brazil and abroad
Ongoing Divestments
already announced
 Partnership in Petrobras Distribuidora
(BR)
 Onshore shallow waters fields
 LNG Terminals
 Thermal power plants
44
We reduced by 10% the Manageable Operating Costs in 2016
Sales, general and administrative expenses decreased, despite the wage readjustment due to the 2016 Collective Bargaining Agreement
-6%
3Q16
19.9
2Q16
21.1
3Q15
25.2
-21%
-10%
9M16
62.7
9M15
69.7
-7%
3Q16
71,152
2Q16
76,613
3Q15
79,113
-10%
Petrobras Workforce
Evolution
Manageable Operating
Costs
R$ Billion
-4%
+9%
9M16
19.3
9M15
17.7
-2%
3Q16
6.4
2Q16
6.5
3Q15
6.6
Sales, General and
Administrative Expenses
R$ Billion
45
Lower debt in line with 2017-2021 BMP targets
398,2397,8
450,0
493,0506,6
325,6332,4
369,5
392,1402,3
122,7123,9126,4126,3127,5
100,3103,6103,8100,4101,3
Net Debt
(US$ billion)
Total Debt
(US$ billion)
Net Debt
(R$ billion)
Total Debt
(R$ billion)
2Q161Q164Q153Q15 3Q16
3Q15 2Q16 3Q16
Cost of Debt(% a.a.) 6.1 6.3 6.3
Maturity (years) 7.49 7.30 7.33
Leverage (%) 58 55 55
46
DEBT PROFILE – AS OF SEPTEMBER 30, 2016
By Category By Currency
Note: Brazilian State Banks: BNDES, Banco do Brasil and Caixa Econômica Federal
44%
24%
6%
22%
4%
Brazilian State Banks
Other Brazilian Banks
Bond Markets
Foreign Financial Institutions
Foreign Development Banks and ECA
74%
19%
1%6%
EUR
USD
BRL
Others
Liability Management
3 successful liability management between May 2016 and January 2017
—
US$ Bilhões
47
 US$ 14 billion in issuances and US$ 15 billion in tender helped to reduce the cost of debt and to extend maturity
 We were awarded “Corporate Liability Management of the Year” by LatinFinance magazine.
Estimated Cost of Debt per Year
Maturity February 9th 1 month ago 1 year ago Max.
5 years 5.5 % 6.1% 13.6% 15.9%
10 years 6.9% 7.4% 12.9% 14.4%
30 years 8.1% 8.2% 12.4% 13.2%
6.8
Issuance
6.3
TenderBookbuilding
19.0
May 2016
3.0
Issuance
3.0
TenderBookbuilding
7.0
July 2016
4.0
Issuance
5.9
TenderBookbuilding
19.0
January 2017
US$ Billion
Source: Bloomberg
Debt maturity between 2017 and 2020
Includes January 2017 tender offer
—
13
23
17
12
14
18
11
8
201920182017 2020
As of Feb/2015
As of Feb/2017
US$ Billion
48
49
2016 Cash Flow reflects divestments and debt management
US$ Billion
Judicial
Guarantees
Borrowings
-9.3 1.8
Roll-overs
11.9
Divestments
6.5
Investment
-14.5
Dividends,
Interest
and
Amortizations
-22.6
-3.6
Operating
Cash Flow
26.5
2016
Initial Cash
Position
25.8
22.5
2016
Final Balance
Financial
Expenses and
Amortizations
Tender Offer
50
And evolving with a focus on the main metrics of the 2017-21 BMP
Net Debt / EBITDA**
2Q162015
4.1
5.3
4.5
3Q16
-9%
2Q16
1.6
2.2
3Q16
-12%
1.8
2015
Total Recordable Injury Frequency Rate*
SAFETY
* TRIFR = Number of reportable injuries per million man-hours
FINANCIAL
-24%
-27%
** LTM Adjusted EBITDA
STRATEGIC PLAN
2017-2021 BUSINESS AND MANAGEMENT PLAN
—

More Related Content

What's hot

Petrobras at a Glance - 2015
Petrobras at a Glance - 2015Petrobras at a Glance - 2015
Petrobras at a Glance - 2015
Petrobras
 
Material Fact: Petrobras 2030 Strategic Plan and 2014-2018 Business and Manag...
Material Fact: Petrobras 2030 Strategic Plan and 2014-2018 Business and Manag...Material Fact: Petrobras 2030 Strategic Plan and 2014-2018 Business and Manag...
Material Fact: Petrobras 2030 Strategic Plan and 2014-2018 Business and Manag...
Petrobras
 
Petrobras at Glance
Petrobras at GlancePetrobras at Glance
Petrobras at Glance
Petrobras
 
Petrobras at a Glance
Petrobras at a GlancePetrobras at a Glance
Petrobras at a Glance
Petrobras
 
2012-2016 Business and Management Plan
2012-2016 Business and Management Plan2012-2016 Business and Management Plan
2012-2016 Business and Management Plan
Petrobras
 
2030 Strategic Plan and 2014-25018 Business Plan
2030 Strategic Plan and 2014-25018 Business Plan2030 Strategic Plan and 2014-25018 Business Plan
2030 Strategic Plan and 2014-25018 Business Plan
Petrobras
 
Webcast 4Q15
Webcast 4Q15Webcast 4Q15
Webcast 4Q15
Petrobras
 
Petrobras Strategic & Business Plan 2009 2013 Otc 20091
Petrobras Strategic & Business Plan 2009 2013 Otc 20091Petrobras Strategic & Business Plan 2009 2013 Otc 20091
Petrobras Strategic & Business Plan 2009 2013 Otc 20091
drihansen
 
Presentation to Analysts: 2030 Strategic Plan and 2014-2018 Business Plan
Presentation to Analysts: 2030 Strategic Plan and 2014-2018 Business PlanPresentation to Analysts: 2030 Strategic Plan and 2014-2018 Business Plan
Presentation to Analysts: 2030 Strategic Plan and 2014-2018 Business Plan
Petrobras
 
2015-2019 Business and Managment Plan-press-conference
2015-2019 Business and Managment Plan-press-conference2015-2019 Business and Managment Plan-press-conference
2015-2019 Business and Managment Plan-press-conference
Petrobras
 
Webcast 2Q15
Webcast 2Q15Webcast 2Q15
Webcast 2Q15
Petrobras
 
2015-2019 Business and Managment Plan
2015-2019 Business and Managment Plan2015-2019 Business and Managment Plan
2015-2019 Business and Managment Plan
Petrobras
 
4th Quarter and 2013 Year end Results
4th Quarter and 2013 Year end Results4th Quarter and 2013 Year end Results
4th Quarter and 2013 Year end Results
Petrobras
 
Visão Geral da Petrobras
Visão Geral da PetrobrasVisão Geral da Petrobras
Visão Geral da Petrobras
Petrobras
 
Webcast about 1st Quarter of 2013
Webcast about 1st Quarter of 2013Webcast about 1st Quarter of 2013
Webcast about 1st Quarter of 2013
Petrobras
 
Webcast 3T15
Webcast 3T15Webcast 3T15
Webcast 3T15
Petrobras
 
2012-2016 Business Plan
2012-2016 Business Plan2012-2016 Business Plan
2012-2016 Business Plan
Petrobras
 
Webcast 1Q09 BR GAAP
Webcast 1Q09 BR GAAPWebcast 1Q09 BR GAAP
Webcast 1Q09 BR GAAP
Petrobras
 
Webcast 2 q12
Webcast 2 q12Webcast 2 q12
Webcast 2 q12
Petrobras
 
Brazilian Pre-Salt: Update
Brazilian Pre-Salt: UpdateBrazilian Pre-Salt: Update
Brazilian Pre-Salt: Update
Petrobras
 

What's hot (20)

Petrobras at a Glance - 2015
Petrobras at a Glance - 2015Petrobras at a Glance - 2015
Petrobras at a Glance - 2015
 
Material Fact: Petrobras 2030 Strategic Plan and 2014-2018 Business and Manag...
Material Fact: Petrobras 2030 Strategic Plan and 2014-2018 Business and Manag...Material Fact: Petrobras 2030 Strategic Plan and 2014-2018 Business and Manag...
Material Fact: Petrobras 2030 Strategic Plan and 2014-2018 Business and Manag...
 
Petrobras at Glance
Petrobras at GlancePetrobras at Glance
Petrobras at Glance
 
Petrobras at a Glance
Petrobras at a GlancePetrobras at a Glance
Petrobras at a Glance
 
2012-2016 Business and Management Plan
2012-2016 Business and Management Plan2012-2016 Business and Management Plan
2012-2016 Business and Management Plan
 
2030 Strategic Plan and 2014-25018 Business Plan
2030 Strategic Plan and 2014-25018 Business Plan2030 Strategic Plan and 2014-25018 Business Plan
2030 Strategic Plan and 2014-25018 Business Plan
 
Webcast 4Q15
Webcast 4Q15Webcast 4Q15
Webcast 4Q15
 
Petrobras Strategic & Business Plan 2009 2013 Otc 20091
Petrobras Strategic & Business Plan 2009 2013 Otc 20091Petrobras Strategic & Business Plan 2009 2013 Otc 20091
Petrobras Strategic & Business Plan 2009 2013 Otc 20091
 
Presentation to Analysts: 2030 Strategic Plan and 2014-2018 Business Plan
Presentation to Analysts: 2030 Strategic Plan and 2014-2018 Business PlanPresentation to Analysts: 2030 Strategic Plan and 2014-2018 Business Plan
Presentation to Analysts: 2030 Strategic Plan and 2014-2018 Business Plan
 
2015-2019 Business and Managment Plan-press-conference
2015-2019 Business and Managment Plan-press-conference2015-2019 Business and Managment Plan-press-conference
2015-2019 Business and Managment Plan-press-conference
 
Webcast 2Q15
Webcast 2Q15Webcast 2Q15
Webcast 2Q15
 
2015-2019 Business and Managment Plan
2015-2019 Business and Managment Plan2015-2019 Business and Managment Plan
2015-2019 Business and Managment Plan
 
4th Quarter and 2013 Year end Results
4th Quarter and 2013 Year end Results4th Quarter and 2013 Year end Results
4th Quarter and 2013 Year end Results
 
Visão Geral da Petrobras
Visão Geral da PetrobrasVisão Geral da Petrobras
Visão Geral da Petrobras
 
Webcast about 1st Quarter of 2013
Webcast about 1st Quarter of 2013Webcast about 1st Quarter of 2013
Webcast about 1st Quarter of 2013
 
Webcast 3T15
Webcast 3T15Webcast 3T15
Webcast 3T15
 
2012-2016 Business Plan
2012-2016 Business Plan2012-2016 Business Plan
2012-2016 Business Plan
 
Webcast 1Q09 BR GAAP
Webcast 1Q09 BR GAAPWebcast 1Q09 BR GAAP
Webcast 1Q09 BR GAAP
 
Webcast 2 q12
Webcast 2 q12Webcast 2 q12
Webcast 2 q12
 
Brazilian Pre-Salt: Update
Brazilian Pre-Salt: UpdateBrazilian Pre-Salt: Update
Brazilian Pre-Salt: Update
 

Viewers also liked

Visão Geral 2017 fevereiro
Visão Geral   2017 fevereiro Visão Geral   2017 fevereiro
Visão Geral 2017 fevereiro
Petrobras
 
Plano Estratégico e Plano de Negócios e Gestão 2017-2021
Plano Estratégico e Plano de Negócios e Gestão 2017-2021Plano Estratégico e Plano de Negócios e Gestão 2017-2021
Plano Estratégico e Plano de Negócios e Gestão 2017-2021
Petrobras
 
Visão Geral Petrobras
Visão Geral PetrobrasVisão Geral Petrobras
Visão Geral Petrobras
Petrobras
 
Petrobras
PetrobrasPetrobras
Petrobras
Andrew Manson
 
Webcast 1Q16
Webcast 1Q16Webcast 1Q16
Webcast 1Q16
Petrobras
 
Webcast 1T16
Webcast 1T16Webcast 1T16
Webcast 1T16
Petrobras
 
Presidente José Sergio Gabrielli de Azevedo. Apresentação para The Brazil-Tex...
Presidente José Sergio Gabrielli de Azevedo. Apresentação para The Brazil-Tex...Presidente José Sergio Gabrielli de Azevedo. Apresentação para The Brazil-Tex...
Presidente José Sergio Gabrielli de Azevedo. Apresentação para The Brazil-Tex...
Petrobras
 
Petrobras slides (1)
Petrobras slides  (1)Petrobras slides  (1)
"Somos Físicos" O Petróleo na Economia
"Somos Físicos" O Petróleo na Economia"Somos Físicos" O Petróleo na Economia
"Somos Físicos" O Petróleo na Economia
Vania Lima "Somos Físicos"
 
The World Money Show
The World Money ShowThe World Money Show
The World Money Show
Petrobras
 
Edição 36 - Petrobras em Ações - nº 01/2011
Edição 36 - Petrobras em Ações - nº 01/2011Edição 36 - Petrobras em Ações - nº 01/2011
Edição 36 - Petrobras em Ações - nº 01/2011
Petrobras
 
Apresentação petrobras
Apresentação petrobrasApresentação petrobras
Apresentação petrobras
Jornal do Commercio
 
Petrobrás power point
Petrobrás power pointPetrobrás power point
Petrobrás power point
Cristina Nascimento
 
Petrobras presentation
Petrobras presentationPetrobras presentation
Petrobras presentation
Manu Caddie
 
Petrobras Plano Estategico 2009 2013
Petrobras Plano Estategico 2009 2013Petrobras Plano Estategico 2009 2013
Petrobras Plano Estategico 2009 2013
Marcos Gomes de Melo
 
Webcast 1Q15
Webcast 1Q15Webcast 1Q15
Webcast 1Q15
Petrobras
 
Apresentação petrobras port 01 03-11
Apresentação petrobras port 01 03-11Apresentação petrobras port 01 03-11
Apresentação petrobras port 01 03-11
Petrobras
 
Gestao estrategica pessoas
Gestao estrategica pessoasGestao estrategica pessoas
Gestao estrategica pessoas
adair-2012
 
Webcast 2T15
Webcast 2T15Webcast 2T15
Webcast 2T15
Petrobras
 
Mba gestão em_pessoas
Mba gestão em_pessoasMba gestão em_pessoas
Mba gestão em_pessoas
khassadhor
 

Viewers also liked (20)

Visão Geral 2017 fevereiro
Visão Geral   2017 fevereiro Visão Geral   2017 fevereiro
Visão Geral 2017 fevereiro
 
Plano Estratégico e Plano de Negócios e Gestão 2017-2021
Plano Estratégico e Plano de Negócios e Gestão 2017-2021Plano Estratégico e Plano de Negócios e Gestão 2017-2021
Plano Estratégico e Plano de Negócios e Gestão 2017-2021
 
Visão Geral Petrobras
Visão Geral PetrobrasVisão Geral Petrobras
Visão Geral Petrobras
 
Petrobras
PetrobrasPetrobras
Petrobras
 
Webcast 1Q16
Webcast 1Q16Webcast 1Q16
Webcast 1Q16
 
Webcast 1T16
Webcast 1T16Webcast 1T16
Webcast 1T16
 
Presidente José Sergio Gabrielli de Azevedo. Apresentação para The Brazil-Tex...
Presidente José Sergio Gabrielli de Azevedo. Apresentação para The Brazil-Tex...Presidente José Sergio Gabrielli de Azevedo. Apresentação para The Brazil-Tex...
Presidente José Sergio Gabrielli de Azevedo. Apresentação para The Brazil-Tex...
 
Petrobras slides (1)
Petrobras slides  (1)Petrobras slides  (1)
Petrobras slides (1)
 
"Somos Físicos" O Petróleo na Economia
"Somos Físicos" O Petróleo na Economia"Somos Físicos" O Petróleo na Economia
"Somos Físicos" O Petróleo na Economia
 
The World Money Show
The World Money ShowThe World Money Show
The World Money Show
 
Edição 36 - Petrobras em Ações - nº 01/2011
Edição 36 - Petrobras em Ações - nº 01/2011Edição 36 - Petrobras em Ações - nº 01/2011
Edição 36 - Petrobras em Ações - nº 01/2011
 
Apresentação petrobras
Apresentação petrobrasApresentação petrobras
Apresentação petrobras
 
Petrobrás power point
Petrobrás power pointPetrobrás power point
Petrobrás power point
 
Petrobras presentation
Petrobras presentationPetrobras presentation
Petrobras presentation
 
Petrobras Plano Estategico 2009 2013
Petrobras Plano Estategico 2009 2013Petrobras Plano Estategico 2009 2013
Petrobras Plano Estategico 2009 2013
 
Webcast 1Q15
Webcast 1Q15Webcast 1Q15
Webcast 1Q15
 
Apresentação petrobras port 01 03-11
Apresentação petrobras port 01 03-11Apresentação petrobras port 01 03-11
Apresentação petrobras port 01 03-11
 
Gestao estrategica pessoas
Gestao estrategica pessoasGestao estrategica pessoas
Gestao estrategica pessoas
 
Webcast 2T15
Webcast 2T15Webcast 2T15
Webcast 2T15
 
Mba gestão em_pessoas
Mba gestão em_pessoasMba gestão em_pessoas
Mba gestão em_pessoas
 

Similar to Petrobras General Overview

Q22015 investorupdatepsxpsxp
Q22015 investorupdatepsxpsxpQ22015 investorupdatepsxpsxp
Q22015 investorupdatepsxpsxp
investor_phillips66
 
bp 3Q 2020 financial results
bp 3Q 2020 financial resultsbp 3Q 2020 financial results
bp 3Q 2020 financial results
bp
 
Mdr day1-ir presentation final 051018 230 pm cst
Mdr day1-ir presentation final 051018 230 pm cstMdr day1-ir presentation final 051018 230 pm cst
Mdr day1-ir presentation final 051018 230 pm cst
investorcbi
 
Mdr day1-ir presentation final 053118
Mdr day1-ir presentation final 053118Mdr day1-ir presentation final 053118
Mdr day1-ir presentation final 053118
investorcbi
 
Phillips 66 ubs austin 2014 final 2014-08-14
Phillips 66   ubs austin 2014 final 2014-08-14Phillips 66   ubs austin 2014 final 2014-08-14
Phillips 66 ubs austin 2014 final 2014-08-14
investor_phillips66
 
BP 1Q 2019 presentation slides
BP 1Q 2019 presentation slides BP 1Q 2019 presentation slides
BP 1Q 2019 presentation slides
bp
 
Petrobras at Glance
Petrobras at GlancePetrobras at Glance
Petrobras at Glance
Petrobras
 
Trc q1 2017 earnings slides final2
Trc q1 2017 earnings slides final2Trc q1 2017 earnings slides final2
Trc q1 2017 earnings slides final2
trcsolutions
 
BP second quarter 2016 results presentation slides
BP second quarter 2016 results presentation slidesBP second quarter 2016 results presentation slides
BP second quarter 2016 results presentation slides
bp
 
Webcast 4Q14
Webcast 4Q14Webcast 4Q14
Webcast 4Q14
Petrobras
 
BP 3Q 2019 results presentation
 BP 3Q 2019 results presentation BP 3Q 2019 results presentation
BP 3Q 2019 results presentation
bp
 
BP 2Q 2019 results presentation
BP 2Q 2019 results presentationBP 2Q 2019 results presentation
BP 2Q 2019 results presentation
bp
 
BP 1Q 2020 Financial results
BP 1Q 2020 Financial results BP 1Q 2020 Financial results
BP 1Q 2020 Financial results
bp
 
bp 1Q 2021 financial results
bp 1Q 2021 financial resultsbp 1Q 2021 financial results
bp 1Q 2021 financial results
bp
 
2015 citi may presentation-final
2015 citi  may presentation-final2015 citi  may presentation-final
2015 citi may presentation-final
investor_phillips66
 
BP 4Q and full year results presentation
BP 4Q and full year results presentationBP 4Q and full year results presentation
BP 4Q and full year results presentation
bp
 
4Q18 Results Presentation - CPFL Energia
4Q18 Results Presentation - CPFL Energia4Q18 Results Presentation - CPFL Energia
4Q18 Results Presentation - CPFL Energia
CPFL RI
 
4Q17/2017 Results Presentation - CPFL Energia
4Q17/2017 Results Presentation - CPFL Energia4Q17/2017 Results Presentation - CPFL Energia
4Q17/2017 Results Presentation - CPFL Energia
CPFL RI
 
Webinar slides: What does climate-related financial disclosure really look like
Webinar slides: What does climate-related financial disclosure really look likeWebinar slides: What does climate-related financial disclosure really look like
Webinar slides: What does climate-related financial disclosure really look like
CDSB
 
2018 annual meeting of shareholders final
2018 annual meeting of shareholders final2018 annual meeting of shareholders final
2018 annual meeting of shareholders final
greif2015
 

Similar to Petrobras General Overview (20)

Q22015 investorupdatepsxpsxp
Q22015 investorupdatepsxpsxpQ22015 investorupdatepsxpsxp
Q22015 investorupdatepsxpsxp
 
bp 3Q 2020 financial results
bp 3Q 2020 financial resultsbp 3Q 2020 financial results
bp 3Q 2020 financial results
 
Mdr day1-ir presentation final 051018 230 pm cst
Mdr day1-ir presentation final 051018 230 pm cstMdr day1-ir presentation final 051018 230 pm cst
Mdr day1-ir presentation final 051018 230 pm cst
 
Mdr day1-ir presentation final 053118
Mdr day1-ir presentation final 053118Mdr day1-ir presentation final 053118
Mdr day1-ir presentation final 053118
 
Phillips 66 ubs austin 2014 final 2014-08-14
Phillips 66   ubs austin 2014 final 2014-08-14Phillips 66   ubs austin 2014 final 2014-08-14
Phillips 66 ubs austin 2014 final 2014-08-14
 
BP 1Q 2019 presentation slides
BP 1Q 2019 presentation slides BP 1Q 2019 presentation slides
BP 1Q 2019 presentation slides
 
Petrobras at Glance
Petrobras at GlancePetrobras at Glance
Petrobras at Glance
 
Trc q1 2017 earnings slides final2
Trc q1 2017 earnings slides final2Trc q1 2017 earnings slides final2
Trc q1 2017 earnings slides final2
 
BP second quarter 2016 results presentation slides
BP second quarter 2016 results presentation slidesBP second quarter 2016 results presentation slides
BP second quarter 2016 results presentation slides
 
Webcast 4Q14
Webcast 4Q14Webcast 4Q14
Webcast 4Q14
 
BP 3Q 2019 results presentation
 BP 3Q 2019 results presentation BP 3Q 2019 results presentation
BP 3Q 2019 results presentation
 
BP 2Q 2019 results presentation
BP 2Q 2019 results presentationBP 2Q 2019 results presentation
BP 2Q 2019 results presentation
 
BP 1Q 2020 Financial results
BP 1Q 2020 Financial results BP 1Q 2020 Financial results
BP 1Q 2020 Financial results
 
bp 1Q 2021 financial results
bp 1Q 2021 financial resultsbp 1Q 2021 financial results
bp 1Q 2021 financial results
 
2015 citi may presentation-final
2015 citi  may presentation-final2015 citi  may presentation-final
2015 citi may presentation-final
 
BP 4Q and full year results presentation
BP 4Q and full year results presentationBP 4Q and full year results presentation
BP 4Q and full year results presentation
 
4Q18 Results Presentation - CPFL Energia
4Q18 Results Presentation - CPFL Energia4Q18 Results Presentation - CPFL Energia
4Q18 Results Presentation - CPFL Energia
 
4Q17/2017 Results Presentation - CPFL Energia
4Q17/2017 Results Presentation - CPFL Energia4Q17/2017 Results Presentation - CPFL Energia
4Q17/2017 Results Presentation - CPFL Energia
 
Webinar slides: What does climate-related financial disclosure really look like
Webinar slides: What does climate-related financial disclosure really look likeWebinar slides: What does climate-related financial disclosure really look like
Webinar slides: What does climate-related financial disclosure really look like
 
2018 annual meeting of shareholders final
2018 annual meeting of shareholders final2018 annual meeting of shareholders final
2018 annual meeting of shareholders final
 

More from Petrobras

Plano Estratégico 2040 || Plano de Negócios e Gestão 2019-2023
Plano Estratégico 2040 || Plano de Negócios e Gestão 2019-2023Plano Estratégico 2040 || Plano de Negócios e Gestão 2019-2023
Plano Estratégico 2040 || Plano de Negócios e Gestão 2019-2023
Petrobras
 
Apresentação Investor Day, São Paulo, 2018
Apresentação Investor Day, São Paulo, 2018Apresentação Investor Day, São Paulo, 2018
Apresentação Investor Day, São Paulo, 2018
Petrobras
 
Sustentabilidade 2017
Sustentabilidade 2017Sustentabilidade 2017
Sustentabilidade 2017
Petrobras
 
Apresentação PNG 2018-2022
Apresentação PNG 2018-2022Apresentação PNG 2018-2022
Apresentação PNG 2018-2022
Petrobras
 
Apresentação de Pedro Parente no Investor Day São Paulo
Apresentação de Pedro Parente no Investor Day São PauloApresentação de Pedro Parente no Investor Day São Paulo
Apresentação de Pedro Parente no Investor Day São Paulo
Petrobras
 
Plano de Negócios e Gestão 2015 – 2019
Plano de Negócios e Gestão 2015 – 2019 Plano de Negócios e Gestão 2015 – 2019
Plano de Negócios e Gestão 2015 – 2019
Petrobras
 
Webcast 4T15
Webcast 4T15Webcast 4T15
Webcast 4T15
Petrobras
 
Webcast 3T15
Webcast 3T15Webcast 3T15
Webcast 3T15
Petrobras
 
Visão Geral
Visão GeralVisão Geral
Visão Geral
Petrobras
 
Fact Sheet 2015
Fact Sheet 2015Fact Sheet 2015
Fact Sheet 2015
Petrobras
 
2015 Fact Sheet
2015 Fact Sheet2015 Fact Sheet
2015 Fact Sheet
Petrobras
 

More from Petrobras (11)

Plano Estratégico 2040 || Plano de Negócios e Gestão 2019-2023
Plano Estratégico 2040 || Plano de Negócios e Gestão 2019-2023Plano Estratégico 2040 || Plano de Negócios e Gestão 2019-2023
Plano Estratégico 2040 || Plano de Negócios e Gestão 2019-2023
 
Apresentação Investor Day, São Paulo, 2018
Apresentação Investor Day, São Paulo, 2018Apresentação Investor Day, São Paulo, 2018
Apresentação Investor Day, São Paulo, 2018
 
Sustentabilidade 2017
Sustentabilidade 2017Sustentabilidade 2017
Sustentabilidade 2017
 
Apresentação PNG 2018-2022
Apresentação PNG 2018-2022Apresentação PNG 2018-2022
Apresentação PNG 2018-2022
 
Apresentação de Pedro Parente no Investor Day São Paulo
Apresentação de Pedro Parente no Investor Day São PauloApresentação de Pedro Parente no Investor Day São Paulo
Apresentação de Pedro Parente no Investor Day São Paulo
 
Plano de Negócios e Gestão 2015 – 2019
Plano de Negócios e Gestão 2015 – 2019 Plano de Negócios e Gestão 2015 – 2019
Plano de Negócios e Gestão 2015 – 2019
 
Webcast 4T15
Webcast 4T15Webcast 4T15
Webcast 4T15
 
Webcast 3T15
Webcast 3T15Webcast 3T15
Webcast 3T15
 
Visão Geral
Visão GeralVisão Geral
Visão Geral
 
Fact Sheet 2015
Fact Sheet 2015Fact Sheet 2015
Fact Sheet 2015
 
2015 Fact Sheet
2015 Fact Sheet2015 Fact Sheet
2015 Fact Sheet
 

Recently uploaded

TriStar Gold Corporate Presentation - June 2024
TriStar Gold Corporate Presentation - June 2024TriStar Gold Corporate Presentation - June 2024
TriStar Gold Corporate Presentation - June 2024
Adnet Communications
 
Prescriptive analytics BA4206 Anna University PPT
Prescriptive analytics BA4206 Anna University PPTPrescriptive analytics BA4206 Anna University PPT
Prescriptive analytics BA4206 Anna University PPT
Freelance
 
L'indice de performance des ports à conteneurs de l'année 2023
L'indice de performance des ports à conteneurs de l'année 2023L'indice de performance des ports à conteneurs de l'année 2023
L'indice de performance des ports à conteneurs de l'année 2023
SPATPortToamasina
 
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
dpbossdpboss69
 
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdfPDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
HajeJanKamps
 
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian MatkaDpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
➒➌➎➏➑➐➋➑➐➐Dpboss Matka Guessing Satta Matka Kalyan Chart Indian Matka
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
The Steadfast and Reliable Bull: Taurus Zodiac Sign
The Steadfast and Reliable Bull: Taurus Zodiac SignThe Steadfast and Reliable Bull: Taurus Zodiac Sign
The Steadfast and Reliable Bull: Taurus Zodiac Sign
my Pandit
 
Discover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling ServiceDiscover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling Service
obriengroupinc04
 
AI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your BusinessAI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your Business
Arijit Dutta
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...
Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...
Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...
Herman Kienhuis
 
8328958814KALYAN MATKA | MATKA RESULT | KALYAN
8328958814KALYAN MATKA | MATKA RESULT | KALYAN8328958814KALYAN MATKA | MATKA RESULT | KALYAN
8328958814KALYAN MATKA | MATKA RESULT | KALYAN
➑➌➋➑➒➎➑➑➊➍
 
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
Cambridge Product Management Network
 
High-Quality IPTV Monthly Subscription for $15
High-Quality IPTV Monthly Subscription for $15High-Quality IPTV Monthly Subscription for $15
High-Quality IPTV Monthly Subscription for $15
advik4387
 
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
valvereliz227
 
Kalyan Chart Satta Matka Dpboss Kalyan Matka Results
Kalyan Chart Satta Matka Dpboss Kalyan Matka ResultsKalyan Chart Satta Matka Dpboss Kalyan Matka Results
Kalyan Chart Satta Matka Dpboss Kalyan Matka Results
Satta Matka Dpboss Kalyan Matka Results
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
➒➌➎➏➑➐➋➑➐➐Dpboss Matka Guessing Satta Matka Kalyan Chart Indian Matka
 
list of states and organizations .pdf
list of  states  and  organizations .pdflist of  states  and  organizations .pdf
list of states and organizations .pdf
Rbc Rbcua
 

Recently uploaded (20)

TriStar Gold Corporate Presentation - June 2024
TriStar Gold Corporate Presentation - June 2024TriStar Gold Corporate Presentation - June 2024
TriStar Gold Corporate Presentation - June 2024
 
Prescriptive analytics BA4206 Anna University PPT
Prescriptive analytics BA4206 Anna University PPTPrescriptive analytics BA4206 Anna University PPT
Prescriptive analytics BA4206 Anna University PPT
 
L'indice de performance des ports à conteneurs de l'année 2023
L'indice de performance des ports à conteneurs de l'année 2023L'indice de performance des ports à conteneurs de l'année 2023
L'indice de performance des ports à conteneurs de l'année 2023
 
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
 
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdfPDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
 
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian MatkaDpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
The Steadfast and Reliable Bull: Taurus Zodiac Sign
The Steadfast and Reliable Bull: Taurus Zodiac SignThe Steadfast and Reliable Bull: Taurus Zodiac Sign
The Steadfast and Reliable Bull: Taurus Zodiac Sign
 
Discover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling ServiceDiscover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling Service
 
AI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your BusinessAI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your Business
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...
Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...
Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...
 
8328958814KALYAN MATKA | MATKA RESULT | KALYAN
8328958814KALYAN MATKA | MATKA RESULT | KALYAN8328958814KALYAN MATKA | MATKA RESULT | KALYAN
8328958814KALYAN MATKA | MATKA RESULT | KALYAN
 
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
 
High-Quality IPTV Monthly Subscription for $15
High-Quality IPTV Monthly Subscription for $15High-Quality IPTV Monthly Subscription for $15
High-Quality IPTV Monthly Subscription for $15
 
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
 
Kalyan Chart Satta Matka Dpboss Kalyan Matka Results
Kalyan Chart Satta Matka Dpboss Kalyan Matka ResultsKalyan Chart Satta Matka Dpboss Kalyan Matka Results
Kalyan Chart Satta Matka Dpboss Kalyan Matka Results
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
 
list of states and organizations .pdf
list of  states  and  organizations .pdflist of  states  and  organizations .pdf
list of states and organizations .pdf
 

Petrobras General Overview

  • 2. STRATEGIC PLAN 2017-2021 BUSINESS AND MANAGEMENT PLAN —
  • 3. 3 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. Disclaimer — 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 2016 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. General - February 2017
  • 4. An integrated energy company focused on oil and gas that evolves with society, creating high value, with a unique technical capability OUR VISION 4
  • 5. OUR VALUES Ethics and transparency Market driven Results oriented Overcoming and confidence 5 Respect for life, people and environment
  • 6. Main Metrics of Strategic Plan (SP) and Business and Management Plan (BMP) — SAFETY FINANCIAL Reduction of 36%In the Total Recordable Injury Frequency Rate (TRIFR*) Reduction in LEVERAGE Net Debt/EBITDA * TRIFR = number of reportable injuries per million man- hours TO 2.5 by 2018 FROM 5.3 in 2015 TO 1.4 in 2018 FROM 2.2 in 2015 6
  • 7. Highlights of the Plan — main metrics drive the strategy Unified Plan New management system with targets up to supervisory level Disciplined execution: systematic monitoring of goals with mid-course corrections New tools of cost management Meritocracy 2 (SP and BMP) 7 Engagement of the leadership
  • 9. Main variables in the base case scenario — 48 Brent Prices (US$/bbl - base year 2016) Nominal exchange rate (R$/US$) 56 68 71 0 40 80 120 2016 2017 2018 2019 2020 2021 Source: Petrobras; IHS, PIRA, IEA, Focus report Range of estimates(IHS, PIRA and IEA) 71 45 9 Petrobras 3.48 3.55 3.71 3.72 3.74 3.78 2,20 2,70 3,20 3,70 4,20 4,70 2016 2017 2018 2019 2020 2021 Intervalo Focus Petrobras 4.70 4.20 3.70 3.20 2.70 2.20 Market forecast Range of estimates (IHS,PIRA and IEA)
  • 10. Brazilian market for oil products resumes growth — 10 0 500 1000 1500 2000 2500 2017 2021 917 997 529 476 863 956 Brazilian oil products market (Million bpd) Diesel OthersGasoline 2.3 2.4 +5.2%
  • 11. Cost reductions — 142 126 2015-2019 BMP 2017-2021 Estimates 2017-2021 BMP -18% 53% 37% 10% E&P RGN Demais áreas Manageable operating costs* (US$ Billion) 11 153 Other segmentsRefining & Natural Gas (RNG) * Manageable operating costs: lifting, refining, logistics and distribution costs, overhead and others
  • 12. Partnerships and divestments — 2015-2016 2017-2018 19.5 15.1 Amount in US$ Billion 12 Benefits of the partnerships  Risk sharing  Capex reduction  Increased capacity to invest along the value chain  Technological exchange  Strengthening of corporate governance The partnerships and divestments program of Petrobras leverages third parties investments that might surpass US$ 40 Billion* in the next 10 years. * Does not consider investment of suppliers to increase capacity
  • 13. Investment spending by Petrobras (Capex) — 13 2017 Capex US$ 19.2 Billion 0,00 20,00 40,00 60,00 80,00 100,00 PNG 2015-2019 (revisão JAN 2016) PNG 2017-2021 81% 82% 17% 17% 2% 1% Comparison of total capex (US$ Billion) Exploration & Production (E&P) Other segmentsRefining & Natural Gas (RNG) 98.4 74.1 -25% 2015-2019 BMP (Jan 2016 review) 2017-2021 BMP
  • 14. 72initiatives Main themes — 21strategies Implantation of Zero Based Budgeting Strengthening of internal controls Merit-based performance management Strengthening of the safety culture Streamlining decision making Improvement of risk management 14 Reinforcing prevention against corruption
  • 16. Pre-Salt Post-Salt 34% 66% Production Development + Exploration Total E&P US$ 60.6 billion Upstream Capex Breakdown — Suporte Operacional Exploração 13% 11% 76% 16 Development of productionExploration Operational support Concession Transfer of Rights Production Sharing (Libra)
  • 17. 17 Greater well productivity in concessions Experience acquired in well construction Fewer wells to top capacity 3 times faster Shorter well construction time in concessions 2016 2010 26 20 2016 2010 6 8 kbpd/well Until 2016 Until 2010 124 3 2016 2010 89 310 Days construction per well Efficiency gains: Santos Basin pre-salt case — + 30% productivity - 25% wells 204 wells drilled Lower capex for the same production Number of wells built (drilled and completed) Producing wells
  • 18. Lula field: faster well construction and connection — 2010 2016 60% reduction in well construction and connection times 6 units in  Angra dos Reis  Paraty  Itaguaí  Mangaratiba  Maricá  Saquarema 1 unit in Angra dos Reis 18
  • 19.  Increased share of pre-salt in the portfolio, with lower lifting costs  Gains from contractual renegotiations  Management of drilling rig idleness  Optimization of support vessel logistics  Reduction in labor costs Reduction in operating costs — Lifting Cost (US$/boe) 0 2 4 6 8 10 12 14 16 2014 2015 2016 2017-2021* 14.6 12 11 9.6 * Average for the period 19
  • 20. 0 250 500 750 1000 1250 1500 1750 2000 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Oil production in the Campos Basin (kbpd) Stable decline of around 9*% Opportunities in the Campos Basin — • Operations with emphasis on strategic partnerships, seeking to increase recovery • Extension of concessions • Revitalization of Marlim project *Below the industry average of 12% for deepwater wells Bacia de Campos 20
  • 21. 21 0 1 2 3 4 2017 2021 Produção Óleo, LGN e Gás Oil+ NGL Brazil Oil + gas International 2.52 3.34 2.07 2.77 Natural gas Brazil 2.62 3.41 Production profile — Oil , NGL* and Gas production (million boed) * Natural Gas Liquids
  • 22. LEGEND CONCESSION PSA TRANSFER OF RIGHTS 22 Start-up of new production units — 2017 2018 2019 2020 2021 TARTARUGA VERDE E MESTIÇA LULA NORTE LULA SUL TLD DE LIBRA BÚZIOS 2 BÚZIOS 1 BÚZIOS 3 BÚZIOS 4 BÚZIOS 5 PILOTO LIBRA REVIT. DE MARLIM MÓD. 1 REVIT. DE MARLIM MÓD. 2 LIBRA 2 NW ITAPU INTEGRADOPARQUE DASBALEIAS BERBIGÃO LULA EXT. SUL ATAPU 1 SÉPIA
  • 24. 33% 25% 11% 24% 7% RTC - Operational continuity RTC - Capital investments G&E - Operational continuity G&E - Capital investments Others (Petrobras Distribuidora, PBIO and R&D) Total RNG U$S 12.4 Billion 24 RTC: Refining, Transportation and Commercialization; G&E: Gas & Energy; PBIO: Petrobras Biocombustível; R&D: Research & Development. Refining and Natural Gas Capex Breakdown —
  • 25. 2014 2015 2016 2017-2021 0.49 0.37 0.31 0.29  Integration of common and interdependent activities among the refineries  Optimization in the use of support resources  Optimization of the consumption of energy, catalyzers and chemicals  Optimization in maintenance expenditures Reduction of operating costs — Refining Cost (US$ thousand/UEDC1) 251. Unit of equivalent destilation capacity 2. Average for the period 2
  • 26. Main Projects — 26SNOX: emission reduction unit; UTGCA: Monteiro Lobato Gas Treatment Unit . Seeking partnership Seeking partnership In final stages 100 kbpd 130 kbpd SNOX unit (under procurement) 1st Refining set (Train I) 2nd Refining set (Train II) Gas Processing Unit Refinery RNEST (Abreu e Lima) COMPERJ Expansion of UTGCA under study Route 1 Pre-salt gas flow Gas pipeline and Gas Processing Unit implementation Route 3 26
  • 27. Reduction in personnel expenses — employees already left of which 2470 in the 2016 Program 9,670 employees expected to leave by mid- 2017 of which 400 in the 2014 Program 9,270 27 Decrease of own employees (Voluntary Severance Incentive Programs 2014-2016) Decrease of service contractors 114,000 were dismissed since 2014* * Service contractors of worksite and assembly, administrative, operations, schedule stoppages and abroad.
  • 28.  Due diligence counterparty  Integrity background check for candidates to key positions  Adherence to the Code of Ethics and the Guide to Ethical Conduct for 100% of employees  Board of Directors and Executive Board are selected exclusively by technical criteria  Independent whistleblower channel  Correction Committee Foreign Corrupt Practices Act DOJ and SEC UK Bribery Act Brazilian Law 12.846/2013 Brazilian Decree-Law 8.420/2015 Brazilian Law 13.303/2016 CORRUPTION PREVENTION Program Code of ETHICS 28 Measures adopted to strengthen compliance —
  • 29. Review of the decision-making process Elimination of approvals by single individuals Creation of statutory technical committees Statutory Audit Committee New Advisories Committees for the Board of Directors Alignment of guidelines for all companies in Petrobras System Definition of succession process for managerial and executive positions Reorganization of the structure of the company 29 Measures adopted to strengthen governance —
  • 31. Sources and Uses — 158 19 2 Sources 74 73 32 Uses Partnerships and divestments are essential to enable the planned capex 179 179 31 Investments Amortizations Financial Expenses Operating Cash Flow (after dividends) Use of Cash Partnerships and Divestments Sources and Uses 2017-2021 (US$ billion) No requirement for new net debt during the 2017-2021 period
  • 32. Main risks* — Material changes to market conditions Divestments and partnerships below plan Judicial disputes Renegotiation of the Transfer of Rights terms Impact of Local Content on costs and timing of the projects Delays in the construction of platforms Higher than expected capex *These risks are not exhaustive Risks and mitigating activities managed by accountable people
  • 34. 34 Production continues in an upward trend Production increases 2.5% in the period Production (MMboe/d) 2.14 2.12 1.98 2.13 2.22 0.10 0.10 0.09 0.09 0.08 0.57 0.56 0.55 0.58 0.57 2.80 2.78 2.62 2.80 2.87 3Q15 4Q15 1Q16 2Q16 3Q16 Oil Brazil Oil International Natural Gas +4%+8% Oil production in Brazil Oil and gas production Operated production Production Records 2.22 MMbbl/d 2.87 MMboe/d 3.17 MMboe/d Seven of the eight Pre-Salt platforms in Campos Basin have reached full capacity +2.5% +2.3%
  • 35. 35 Lifting cost keeps downward trend 12.1 10.4 9M15 9M16 Lifting Cost* (US$/boe) Pre-Salt Lifting Cost Below 8 Dollars per barrel < 8.0 US$ boe 11.0 10.6 10.5 3Q15 2Q16 3Q16 Lifting Cost 3Q15 vs 3Q16 We reduced by 20% the maneageble operating costs in the same period in which production grew by 2,5% * Lifting Cost in Brazil and abroad Lifting Cost* (US$/boe) -14%
  • 36. 36 Lower sales volume* due to reduced oil product demand in the domestic market Demand impacted by the slowdown in the domestic economy 953 811 804 540 541 521 789 757 763 Diesel Gasoline Others 3Q16 2,088 2Q16 2,109 3Q15 2,282 -1.0% kbbl/day -6% 928 804 550 542 776 738 9M16 -8% 2,084 9M15 2,254 * Includes Downstream and BR Distribuidora sales
  • 37. 37 Net balance of oil and oil products exports of 210 kbpd in the quarter 313 122 154 365 341 419 218 237 198 145 174 143 -55-63-73 265 219 52 352 531 3Q16 210 2Q16 515 3Q153Q162Q16 359 3Q15 562 510 2Q16 156 3Q15 -21 3Q16 Imports Exports Net Balance Oil Oil Products kbbl/day
  • 38. 38 Positive free cash flow for the sixth quarter in a row Operating Cash Flow Free Cash FlowInvestments2 Adjusted EBITDA1 3Q15 15.5 21.6 3Q162Q16 20.3 3Q15 18.0 11.2 3Q16 10.3 2Q16 3.8 3Q163Q15 10.8 2Q16 16.4 3Q16 26.7 2Q163Q15 21.921.8 1. Adjusted EBITDA is the sum of EBITDA, share of earning in equity-accounted investments and cumulative translation adjustments – CTA. 2. Cash basis R$ Billion 19 28 33 +11% 63.0 9M16 56.8 9M15 24 30 +8% 9M15 66.0 9M16 61.1 36.3 52.8 9M15 -31% 9M16 +256% 9M169M15 8.3 29.6 Adjusted EBITDA Margin (%)
  • 39. 39 Results affected by non-recurring itens Operating Income Net IncomeNet Financial Results Gross Income 3Q16 -7.1 2Q16 -6.1 3Q15 -11.4 3Q16 -16.5 2Q16 0.4 3Q15 -3.8 3Q16 -10.0 2Q16 7.2 3Q15 6.0 3Q16 23.3 2Q16 22.8 3Q15 23.8 R$ Billion -6% 9M16 67.2 9M15 71.7 -81% 9M16 5.3 9M15 28.5 +5% 9M16 -21.9 9M15 -23.1 -925% 9M16 -17.3 9M15 2.1
  • 40. 40 Main projects and reasons for impairment in 3Q16 R$ 15.7 billion in 3Q16 R$ Billion 7.00 6.00 5.00 4.00 3.00 2.00 mai/15 jul/15 set/15 nov/15 jan/16 mar/16 mai/16 jul/16 set/16mar/15jan/15 +23% 4.8 3.9 Country Risk Premium (% p.a.) 2.0 2.5 2.8 5.6 Some fields, which had already been impacted by impairment in 2015, had their cash flows more pressuredby the exchange rate and the discount rate. Uncertainty in the delivery of the hulls of FPSOs P-71, P-72 and P-73 Postponement of 2nd train of RNEST to 2023 Review of business plan’s assumptions, such as the reduction in the market for resins and exchange rate Oil and Gas Production fields in Brazil Equipmentrelated to oil and gas production activities 2nd train of Abreu and Lima refinery - RNEST Suape PetrochemicalComplex Increase in discount rate for every segment
  • 41. 41 In 3Q16, Petrobras did not provision nor closed settlements related to the class action and other individual actions. The ongoing discussions encompass very complex issues and are subject to substantial uncertainties. Individual Actions – New York In October 2016, Petrobras reached an agreement to settle four individual actions, with the plaintiffs below: • Dodge & Cox Int'l Stock Fund; • Janus Overseas Fund; • PIMCO Total Return Fund; • Al Shams Investments.al. In 3Q16, Petrobras provisioned for individual actions under negotiation, for which settlements were not yet reached. Settlement in 3Q16 Provision in 3Q16 Settlement in 3Q16 Provision in 3Q16 Settlement in 3Q16 Provision in 3Q16 Individual actions (negotiated) Individual actions (under negotiation) Class action + other individual actions Provision of R$ 1.2 billion in 3Q16
  • 42. 42 We announced the new diesel and gasoline pricing policy We will practice competitive prices using as a benchmark Import Parity Prices (IPP) plus a margin Import price (market alternative) Taxes Margin and risks IPP Considers the competitiveness of Petrobras’ products and the risks associated to imports operations, such as exchange rate and oil and oil products price volatility, delays and changes in quality specification. Competitiveness will be a function of commercial and financial objectives CIDE, PIS and COFINS, ICMS Refinery Gate Price
  • 43. 43 Partnerships and Divestments reached 90% of the target of the 2015-16 Plan Transactions signed amount to US$ 13.6 Bi Partnerships and divestments with signed contracts  Bacia Austral assets in Argentina, with Compañia General de Combustibles  49% Gaspetro with Mitsui  66.7% PESA with Pampa Energia  Petrobras Chile Distribuición with Southern Cross Group  66% BM-S-8 (Carcará) with Statoil  90% of Nova Transportadora do Sudeste (NTS) with Brookfield  Nansei refinery with Taiyo  Liquigás with Ultrapar  PetroquímicaSuape/Citepe with Alpek  Guarani with Tereos Participations  Master Agreement with Total Partnerships and divestments In final stages of negotiation already announced  Baúna and Tartaruga Verde fields with Karoon Strategic Partnerships already announced  MoU with Statoil – focus on revitalization of Post-Salt fields  MoU with GALP – focus on partnerships in regions worldwide in which the companies have a shared interest, besides training and deepwater reservoir research  MoU with TOTAL – focus in the E&P, Gas, Energy and Refining segments in Brazil and abroad Ongoing Divestments already announced  Partnership in Petrobras Distribuidora (BR)  Onshore shallow waters fields  LNG Terminals  Thermal power plants
  • 44. 44 We reduced by 10% the Manageable Operating Costs in 2016 Sales, general and administrative expenses decreased, despite the wage readjustment due to the 2016 Collective Bargaining Agreement -6% 3Q16 19.9 2Q16 21.1 3Q15 25.2 -21% -10% 9M16 62.7 9M15 69.7 -7% 3Q16 71,152 2Q16 76,613 3Q15 79,113 -10% Petrobras Workforce Evolution Manageable Operating Costs R$ Billion -4% +9% 9M16 19.3 9M15 17.7 -2% 3Q16 6.4 2Q16 6.5 3Q15 6.6 Sales, General and Administrative Expenses R$ Billion
  • 45. 45 Lower debt in line with 2017-2021 BMP targets 398,2397,8 450,0 493,0506,6 325,6332,4 369,5 392,1402,3 122,7123,9126,4126,3127,5 100,3103,6103,8100,4101,3 Net Debt (US$ billion) Total Debt (US$ billion) Net Debt (R$ billion) Total Debt (R$ billion) 2Q161Q164Q153Q15 3Q16 3Q15 2Q16 3Q16 Cost of Debt(% a.a.) 6.1 6.3 6.3 Maturity (years) 7.49 7.30 7.33 Leverage (%) 58 55 55
  • 46. 46 DEBT PROFILE – AS OF SEPTEMBER 30, 2016 By Category By Currency Note: Brazilian State Banks: BNDES, Banco do Brasil and Caixa Econômica Federal 44% 24% 6% 22% 4% Brazilian State Banks Other Brazilian Banks Bond Markets Foreign Financial Institutions Foreign Development Banks and ECA 74% 19% 1%6% EUR USD BRL Others
  • 47. Liability Management 3 successful liability management between May 2016 and January 2017 — US$ Bilhões 47  US$ 14 billion in issuances and US$ 15 billion in tender helped to reduce the cost of debt and to extend maturity  We were awarded “Corporate Liability Management of the Year” by LatinFinance magazine. Estimated Cost of Debt per Year Maturity February 9th 1 month ago 1 year ago Max. 5 years 5.5 % 6.1% 13.6% 15.9% 10 years 6.9% 7.4% 12.9% 14.4% 30 years 8.1% 8.2% 12.4% 13.2% 6.8 Issuance 6.3 TenderBookbuilding 19.0 May 2016 3.0 Issuance 3.0 TenderBookbuilding 7.0 July 2016 4.0 Issuance 5.9 TenderBookbuilding 19.0 January 2017 US$ Billion Source: Bloomberg
  • 48. Debt maturity between 2017 and 2020 Includes January 2017 tender offer — 13 23 17 12 14 18 11 8 201920182017 2020 As of Feb/2015 As of Feb/2017 US$ Billion 48
  • 49. 49 2016 Cash Flow reflects divestments and debt management US$ Billion Judicial Guarantees Borrowings -9.3 1.8 Roll-overs 11.9 Divestments 6.5 Investment -14.5 Dividends, Interest and Amortizations -22.6 -3.6 Operating Cash Flow 26.5 2016 Initial Cash Position 25.8 22.5 2016 Final Balance Financial Expenses and Amortizations Tender Offer
  • 50. 50 And evolving with a focus on the main metrics of the 2017-21 BMP Net Debt / EBITDA** 2Q162015 4.1 5.3 4.5 3Q16 -9% 2Q16 1.6 2.2 3Q16 -12% 1.8 2015 Total Recordable Injury Frequency Rate* SAFETY * TRIFR = Number of reportable injuries per million man-hours FINANCIAL -24% -27% ** LTM Adjusted EBITDA
  • 51. STRATEGIC PLAN 2017-2021 BUSINESS AND MANAGEMENT PLAN —