Petrobras provides an overview and highlights of its operations in the first half of 2018. Key points include a net income of $17 billion, an 18% increase in operating income, and starting production from the first system in the Transfer of Rights area of the Buzios field. Petrobras also anticipates increasing production through 2022 by starting up 19 new production units and expanding its exploratory portfolio by 31% since 2017. The company aims to reduce debt levels through divestments and maintain its 2018-2022 capex at $74.5 billion, focusing investments on pre-salt areas and projects with higher profitability.

1. PETROBRAS
OVERVIEW
—
September, 2018

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 2018 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.

3. TOTAL RECORDABLE INJURIES – TRI
NET DEBT/ADJUSTED EBITDA
per million man-hour frequency rate
* Excluding the
Class Action
agreement
Focus on top metrics
—
2.15
1.63
1.24 1.11 1.09 1.08 0.95 1.06
2015 2016 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18
5.11
3.54
3.24 3.23 3.16
3.67 3.52
3.23
2015 2016 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18
3.07*3.20* 2.86*
3

4.  Net income of R$ 17 billion, growth of 257% and best result since 2011
 Operating income of R$ 34.5 billion, 18% higher than 1H17
 Start of operation of the 1st production system in the Transfer of Rights area in Búzios
field, with the P-74, and a new production system in Campos Basin, in the Tartaruga
Verde field
 Arrival in Brazil of P-67, that will operate in Lula field
 Expansion of exploratory portfolio by 31% since 2017
 Anticipation of Interest on Capital: R$ 0.05 per share (Preferred and Common),
totaling R$ 652 million
1H18 Main Highlights
—
Constant improvement
in financial results
Shareholders
remuneration
4
 Lowest level of debt since 2012: Gross of US$ 92 billion and Net of US$ 74 billion
 Reduction of R$ 1.6 billion in financial expenses in the first half
Evolution of the
deleveraging process
Operations

5. 158.9 Sales Revenue
58.4 Gross Profit
55.8 Adjusted EBITDA
17.0 Net Income
29.4 Free Cash Flow
Financial performance 1H18
—
(R$ billion)
5
5

6. Shareholder Remuneration
The anticipation of interest on capital for shareholders was approved by the Board of Directors
—
6
Interest on Capital for
ON and PN
Amount
Date of
payment
1st Quarter
2nd Quarter
R$0.05 per share
R$0.05 per share
Total
R$ 652.2 millions
R$ 652.2 millions
R$ 1,304.4 millions
05/29/2018
08/23/2018

7. B3’ Segment Level 2
(Requires a Public Offering in case of segment change)
New governance and compliance processes brought the company to a
new level
—
Related Party Transactions Policy
(Transactions with the government entities
must be approved by 2/3 of the BD members)
R
Elimination of all material weaknessesR
Employees Minority ShareholdersCEO
B3’ State Owned Companies Certification
R
R81% of independent members (minimum of 40%)
• Brazilian State Owned Companies’ Law (13.303): prohibition of political
indications
• Independent members nominated by the Government: selected from a
triple list
• Individual assessment of members
Board of Directors
7
Board of Directors Committees
Executive Bodies

8. Reduction of our net debt and increase of free cash flow
—
37
55
72
95
106 100 96
85
69
-15.2
-7.6 -12.8 -18.9
-8.1
4.5
12.4 13.9 15.0
2010 2011 2012 2013 2014 2015 2016 2017 2018E
US$ billion
Net debt
Free cash flow
8

9. —
9
AMORTIZATION SCHEDULE
2015 vs 2018
Liability Management
14.1
5.5
Cash available
in 08/31/2018
Revolving credit
lines
US$ Billion
CASH
16.1
22.6
15.3
10.6
4.2
8.0
5.7
2.7 1.8
0.8 0.9 1.11.6
2.5
5.4
7.7
11.7
12.8
9.9
7.8
6.0
5.0
6.0
2.8
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Dec/15 Aug/18

10. Lifting cost
US$/boe
Refining cost in Brazil
11.7
10.3 11.3 10.5
2015 2016 2017 1H18
US$/bbl
• Optimization of E&P logistic costs
(10% reduction in the last year)
• Efficiency in the use of drilling rig
fleet
• Renegotiation of contracts 10
• Maintenance Optimization
• Reduction in personnel expenses
General and
Administrative Expenses
US$ billion
• Reduction in employees and
outsourced staff
• Reduction in managerial
positions
• Zero-based budgeting
2.5 2.6 2.9 2.6
2015 2016 2017 1H18
3.4 3.3 2.9
1.3
2015 2016 2017 1H18
Control of operating costs
—

11. 11
Production in line with the target set for 2018
—
* Production target – BMP 2018-2022
OIL AND GAS PRODUCTION (MMboed)
2.2 2.1
0.5 0.5
0.1 0.1
2.8 2.7
1H17 1H18
2.1
0.5
0.1
2.7
2018*
Oil + Gas Abroad Gas Brazil Oil Brazil
Operated production in
the Pre-salt exceeds
1.5 MMbpd
In the last days of April
-4%

12. 83
74
65
79 77 79
84 87
2016 2017 JAN FEB MAR APR MAY JUN
90
83 80 77 80 85 83 85
2016 2017 JAN FEB MAR APR MAY JUN
Higher utilization of assets due to Market Share increase
—
Gasoline (%)
Diesel (%)
81 77
71 73 72
79 82 81
2016 2017 JAN FEB MAR APR MAY JUN
Utilization Factor (%)
12

13. —
Diesel prices aligned to the international market
13

14. Partnerships and divestments
Total cash-in in the first half: US$ 5 billion
—
Non-binding phase Binding phase Closed
Piranema e
Piranema Sul fields (SE)
Tartaruga Verde and Mestiça and
Module 3 Espadarte Fields (50%)
Pasadena Refinery
Paraguai assets*
Maromba field (RJ)
Petrobras Oil & Gas B.V.
(“POGBV”)
Onshore fields
Shallow water fields
(RJ, SP e SE)
Shallow water fields
(CE e RN)
BSBIOS
Roncador field (25%)
Azulão
Suape e Citepe
São Martinho
Liquigás (Fine)
Carcará (2nd installment)
Lapa e Iara
* Pending external approvals
Sergipe Alagoas – deep water
Suspended processes: Araucária Nitrogenados, TAG, Refiniries (South and Northeast
Memorandum of
Understanding on
renewable energy
Letter of Intent to
promote investments
in the Comperj
Refinery and in
Marlim field
Strategic Partnerships
Competitive Processes
Baúna Field
14

15. 30 OPERATING CASH FLOW
7 DIVESTMENTS
15 INVESTMENTS
6 INTEREST PAYMENTS
(US$ billion)
15
16
Outlook 2018
—
15

16. 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 16

17. Start-up of 19 new production units by 2022
2018 2019 2020 2021 2022
LULA EXTREMO SUL
P-69
BÚZIOS 2
P-75
BÚZIOS 1
P-74
BÚZIOS 3
P-76
BERBIGÃO
P-68
BÚZIOS 4
P-77
ATAPU 1
P-70
LULA NORTE
P-67
EGINA
Egina FPSO
TARTARUGAS VERDE
E MESTIÇA
POS-SALT
TRANSFER OF RIGHTS
PRE–SALT (CONCESSION)
OWNED
PSA
Completion (%)
LEASED
BÚZIOS 5
MERO 1
REVIT. DE MARLIM
MÓD. 1
REVIT. DE MARLIM
MÓD. 2
MERO 2
ITAPU
INTEGRADO PARQUE
DAS BALEIAS
SÉPIA
SERGIPE – DEEP
WATERS
17

18. Growth expected due to the startup of new systems
93% of wells for 2018 have been completed
—
Búzios
FPSO P-75
• Oil Cap.: 150 kbpd
• WI Petrobras: 100%
• Arrival at location 3Q18
Lula Norte
FPSO P-67
• Oil Cap.: 150 kbpd
• WI Petrobras: 65%
• Arrival at location 3Q18
Lula Extremo Sul
FPSO P-69
• Oil Cap.: 150 kbpd
• WI Petrobras: 65%
• Leaving shipyard 3Q18
Búzios
FPSO P-76
• Oil Cap.: 150 kbpd
• WI Petrobras: 100%
• Leaving shipyard 4Q18
Rio GrandeGuanabara Bay Angra dos Reis Pontal do Paraná
Egina • FPSO Egina
Oil Cap.: 200 kbpd
4Q18
Berbigão • FPSO P-68
Oil Cap.: 150 kbpd
2019
18

19. 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
US$ billion
19

20. 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
20

21. Source: Bain, Rystad, EIA, IEA 21
25 50 75 100
OPEC
North America
Tight Oil Tier 1
pre-salt
Oil Sands
Rest of the
World
Conv.
North America Conv.
Asia Shallow Water
North America
Tight Oil Tier 2
South America Conv.
North America
Deep Water
Russia
International Tight Oil
Rest of the
World
Shallow Water
Rest of the World
Deep Water
North America
Tight Oil Tier 4
North America
Tight Oil Tier 4
North America
Shale
Tier 4
Others
125
100
75
50
25
0
Breakeven Cost (US$/bbl)
Accumulated Production (MMBD)
Pre-salt projects are world-class

22. 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
$
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. Main
Projects

25. Main Projects
25

26. 26
31% expansion in exploratory area
• We acquired 20 new blocks of high potential
• 90% of the assets contracted in partnership,
sharing risks and combining expertise
Sector SC-AP3
Dois Irmãos
Alto de Cabo
Frio Central
Três Marias
Peroba
Uirapuru
Sector SC-AP5
Entorno
de Sapinhoá
Sudoeste de
Tartaruga
Verde
4th Round (operator)
Pre-emption Right for the 5th
Round of Production Sharing
Santos
Basin
Campos
Basin
Non-operator
Operator
Improvement in the regulatory environment led
to new dynamics in the oil and gas sector in Brazil
Peroba marks a new dynamics of the
exploratory phase
• Only 9 months between the signing of the
acquisition agreement of the area (January
2018) and the drilling of the 1st well (October
2018)
26
—

27. We completed 10 years of pre-salt production
—
Petrobras Parceiros
2008 Jun/2018
1.5 million
barrels/day
Record
04/27/18
2.0 billion
barrel of oil equivalent
Accumulated
Production
1.38 million
barrels/day
Average production in
the first half of 2018
of
In these 10 years ...
... we produced through
21 production systems
... we put about 150 wells
into operation
... we reduced the lifting
cost by 40%
... we applied new
technologies and project
concepts to achieve
higher productivity
27
Partners

28. —
Lula is the largest field in production in Brazil
Lula/
Cernambi
US$ 6 billion
2018-2022 Capex
(Petrobras WI only)
28
Cumulative production exceeds 1 billion
boe
• 7 FPSOs operating at maximum capacity
and 2 additional units in 2018
• 90 interconnected wells, with 50 producers
• Most productive well> 40 kbpd
• Average well productivity: 27 kbpd
• 5th Brazilian field to reach the mark of
accumulated 1.0 billion boe
• Lifting cost less than US$ 7/boe

29. —
Búzios is the first field to produce in the Tranfer of Rights area
Búzios
US$ 12
billions
2018-2022 Capex
Búzios 5
Unit in
procurement
process
Others ToR
Buzios
Next projects in the
Transfer of Rights area
Atapu
Sépia
Itapu
29
• P-74: Current
production of 30
thousand bpd
• Two more units
starting
operations in
2018
Production
Development

30. d
Campos Basin: accumulated production exceeds 11 billion barrels
—
Reduction of production decline and
operation of the systems at full
capacity
Marlim, Marlim Sul, Roncador and
Albacora fields have already produced
more than 1 billion barrels each
Production fields
Exploratory blocks
30

31. WELLS
35%
PLATAFORM
35%
SUBSEA
30%
INCREASED EFFICIENCY
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016 2017
month
s
Ramp-up time of
new production units
Typical pre-salt project
—
CAPEX
150.000 bpd production unit
8 production wells
7 injections wells
11 months ramp-up
25-30 years of production
0
100
200
300
days
Lessons learned accelerates
well construction
(drilling + completion)
• Project setup and risers optimization
• Integration between disciplines
• Standardization and long-term contracts
25% average capex reduction in Subsea
31