The document summarizes Petrobras' 1st quarter 2016 results. Net income decreased 123% to a loss of R$1.2 billion due to lower oil prices, weaker demand, and higher financial expenses. Oil and gas production declined 6% to 2.6 million boed. Lifting costs fell 21% in Brazil and 37% abroad. Refining costs decreased slightly. Downstream sales volumes declined 5-8% while refining utilization remained stable. Cash flow from operations fell 2% to US$6 billion. Investments declined 13% to R$15.6 billion.

1. RESULTS ANNOUNCEMENT
1st Quarter 2016
Conference Call / Webcast
May, 13th 2016

2. 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 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.

3. 3
1Q15 Average
FX Rate
R$ 2.87
1Q16 Average
FX Rate
R$ 3.90
36%
Exchange Rate
FX (R$/US$) 1Q15 2Q15 3Q15 4Q15 1Q16
Average 2.87 3.07 3.54 3.84 3.90
End of Period 3.21 3.10 3.97 3.90 3.56
R$ / US$
Source: Bloomberg – PTAX Exchange Rate
-9%
2,00
2,50
3,00
3,50
4,00
4,50
5,00
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
.
.
.
.
.
.
.

4. 4
1Q15 Average
Brent
US$ 54
1Q16 Average
Brent
US$ 34
20
30
40
50
60
70
80
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
Oil Prices - Brent
Average Brent 1Q15 2Q15 3Q15 4Q15 1Q16
R$ 155 190 177 168 132
US$ 54 62 50 44 34
US$ / bbl
Source: Platts
- 37%
-22%

5. 5
Results Highlights
Operating Income
Net IncomeNet Financial Results
Gross Income
1Q15
-5.6
4Q15 1Q16
-4.9
-8.7
-55%
1Q16
-1.2
1Q15
-36.9
4Q15
5.3
13.0
1Q15
-37%
1Q16
-40.9
4Q15
8.1
26.8
1Q15
22.4
-6%
1Q164Q15
21.0
R$ Billion

6. 6
Results Highlights
Operating Cash Flow
Free Cash FlowInvestments2
Adjusted EBITDA1
21.5
1Q15
-2%
17.1
4Q15
21.1
1Q16
1Q15
18.017.7
-16%
14.9
4Q15 1Q16 -1.3
4Q15
7.3
1Q15 1Q16
2.4
+5%
17.3
1Q15 4Q15
16.4
25.3
1Q16
1. Adjusted EBITDA is the sum of EBITDA, share of earnings in equity-accounted investments, impairments and overpayments incorrectly capitalized
2. Cash basis
R$ Billion
EBITDA Margin (%) 29 20 30

7. 7
Indebtedness
369.5
450.0
4Q15
100.4
126.2
392.0
492.8
3Q15
101.3
127.5
402.3
506.6
2Q15
104.4
133.9
323.9
Total Debt
(R$ Billion)
Net Debt
(US$ Billion)
Total Debt
(US$ Billion)
Net Debt
(R$ Billion)
126.4
1Q16
103.8
400.6
332.5
1Q15
124.9
103.6
415.5
1Q15 4Q15 1Q16
Cost of Debt (in USD) 5.5% p.y. 6.3% p.y. 6.0% p.y.
Average Maturity (years) 5.66 7.14 7.04
Net Debt/ EBITDA
(%)
1Q16
-5%
1Q15 4Q15
5.035.315.01
52
60 58
4Q15
-3%
1Q161Q15
Leverage
(%)
Indebtedness Evolution

8. 8
1Q16 Consolidated Net Results: (-) R$ 1.2 Billion
R$ Billion 1Q16 1Q15 ∆%
Sales Revenues 70.3 74.4 -5
Cost of Sales -49.3 -51.9 -5
Gross Result 21.0 22.4 -6
Operational Expenses -12.9 -9.4 37
Operating Result 8.1 13.0 -37
Financial Results -8.7 -5.6 -55
Share of earning in equity-accounted investments 0.4 0.2 124
Net Result before income taxes -0.2 7.6 -102
Income Taxes -0.2 -3.0 -93
Non-controlling interest -0.9 0.8 -208
Net Result -1.2 5.3 -123
Net Income (US$ Billion) -0.3 1.9 -117
Adjusted EBITDA 21.1 21.5 -2
Investments¹ 15.6 17.8 -13
Brent (US$/bbl) 34 54 -37
Average Exchange Rate (R$/US$) 3.90 2.87 36
End of Period Exchange Rate (R$/US$) 3.56 3.21 11
Lower demand for oil products, natural gas and electricity
Lower oil export prices
Idle equipment
Reversal of impairment of trade receivables in the electricity
sector in the 1Q15
Higher interest expenses
Higher hedge accounting reclassification
Lower costs with imports and government take
Higher depreciation
1. Accrual basis

9. 9
Exploration & Production
Oil and Natural Gas Production – Brazil and Abroad
467 468
455
100
Oil and NGL Brazil
Oil and NGL Abroad
Natural Gas Abroad
1Q16
2,616
1,980
88
94
4Q15
2,777
2,117
97
95
1Q15
2,803
2,149
87
Natural Gas Brazil
-6%
-1%
kboed
-6%
-7%
* NGL – Natural Gas Liquids

10. 10
Pre-Salt
Start-up of 3 plataforms in 2016 and lower lifting costs
299
347
401
474 488 519
600 597 597
80
98
113
151
178
210
233 237 262
379
445
514
625
666
729
833 834
859
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Petrobras Stake Partners Stake
Operated Oil Production in Pre-Salt
(kbpd)
FPSO Cidade de Saquarema
Field: Lula
Oil Capacity: 150 kbpd
FPSO Cidade de Caraguatatuba
Field: Lapa
Oil Capacity: 100 kbpd
FPSO Cidade de Maricá
Field: Lula
Oil Capacity: 150 kbpd
1st Quarter
2016
3rd Quarter
2016
Pre-Salt Lifting Costs Reduction
(4Q15 Vs 1Q16) < US$8/boe

11. 11
Lifting Cost¹ Evolution
-37%
1Q16
5.62
4Q15
8.90
1Q15
8.86
10.49
4Q15 1Q16
-1%
1Q15
10.58
13.27
Brazil
(US$ / boe)
Abroad
(US$ / boe)
1. Lifting Cost without Government Take
Petrobras Lifting Cost
(Brazil + Abroad)
US$ 10.13/boe
-21% -37%

12. 12
Downstream
Utilization Factor (%) 86 85 84
Yield (%)
(Diesel, Gasolina and Jet Fuel)
67 70 70
796 835 824
422
448 451
746 671 683
Gasoline
Diesel
Others
1Q164Q15
1,955 1,958
1Q15
1,964
Oil Products Output in Brazil
kbpd

13. 13
Downstream
Sales Volumes in Brazil
907 907 798
573 562
564
750 702
694
4Q15
2,171
Gasoline
2,056
1Q15
Diesel
Others
-5%
2,230
1Q16
Naphtha: lower demand, mainly from
Braskem
Oil Fuel: lower thermoelectric demand
Diesel: lower demand, increase in sales
by third parties and lower generation
by diesel thermal power plants
kbpd
% Imported 15 10 11
-8%

14. 14
Downstream
277
215 199
281
387
307
345
150
287 116
145
146
-141
-5
-229
4 108
172
-33
167
622
532
365
4Q151Q15 1Q15
486
1Q16 4Q15 1Q16 1Q15 4Q15 1Q16
397
453
-225
Imports Exports Net Balance
Oil
Oil Products
Trade Balance
kbpd

15. 15
Refining Cost Evolution
-2%
1Q16
4.01
4Q15
4.09
1Q15
3.90
2.27
0%
1Q164Q15
2.26
1Q15
2.84
Brazil
(US$ / bbl)
Abroad
(US$ / bbl)
-20% +3%

16. 16
Expenses
General and Administrative Expenses
(R$ Billion)
2.7
-5%
1Q15 1Q16
2.8
4Q15
2.65
-2%

17. 17
Operating Income
Contribution by Business Segment
8,1
0,5
1,1
11,5
Operating
Income
1Q16
EliminationsCorporate
-4,0
Biofuels
-0,1
Distribution
-0.05
Gas & PowerExploration
& Production
-0,8
Downstream
R$ Billion

18. 18
2016 Cash Flow
US$ Billion
1
26
24
14
21
-20
Judicial
Guarantees
Dividends,
Interest and
Amortization
0
Investments
-19
Divestments Rollovers
1
Borrowings
1
2016
Final Cash
Position
-6
Operating
Cash Flow
2016
Initial Cash
Position
Dividends
Financial
Expenses and
Amortizations

19. RESULTS ANNOUNCEMENT
1st Quarter 2016
Information:
Investor Relations
+55 21 3224-1510
investors@petrobras.com