Petrobras announced strong financial results for the 2nd quarter of 2009. Oil production increased 6% compared to the first half of 2008 due to new platform startups. Lifting costs remained stable in US dollars despite higher oil prices. Net income doubled compared to the first quarter due to higher oil prices and sales volumes as well as cost cutting efforts. Capex continued to grow significantly, supported by expanding access to development banks and the capital market.

1. Conference call / Webcast
RESULTS ANNOUCEMENT Almir Guilherme Barbassa
2nd Quarter 2009 CFO and Investor Relations Officer
(Brazilian Corporate Law) August 18, 2009
Pre‐salt reservoir
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2. Disclaimer
Disclaimer
The presentation may contain forecasts about future events. Such forecasts merely reflect the
expectations of the Company's management. Such terms as "anticipate", "believe", "expect",
"forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are
used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether
foreseen or not by the Company. Therefore, the future results of operations may differ from current
expectations, and readers must not base their expectations exclusively on the information presented
herein. The Company is not obliged to update the presentation/such forecasts in light of new
information or future developments.
CAUTIONARY STATEMENT FOR US INVESTORS
The United States Securities and Exchange Commission permits oil and gas companies, in their filings
with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally producible under existing economic and
operating conditions. We use certain terms in this presentation, such as oil and gas resources, that
the SEC’s guidelines strictly prohibit us from including in filings with the SEC.
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3. SIGNIFICANT PRODUCTION GROWTH
Oil & Natural Gas Domestic Average Production
1H08 VS 1H09 1Q09 VS 2Q09
+6 % 2,272 +1 % 2,283
2,147 2,261
319
Thous. bpd
309
Thous. bpd
314
312
1,835 1,958 1,952 1,964
1H08 1H09 1Q09 2Q09
Oil & NGL Natural Gas Oil & NGL Natural Gas
• 6% increase in production due to:
• production boost in platforms P-52 e P-54 (Roncador);
•P-51 (Marlim Sul), P-53 (Marlim Leste) and FPSO Cidade de Niterói initiated production.
• Mantaining target of 2,050 thousand bpd, with a range of plus or minus 2.5%;
• Reduction of natural gas production due to limited demand.
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4. INCREASING ACTIVITY IN SANTOS PRE SALT
• Drilling 3 new wells – IRACEM A
and TUPI NORDESTE in BM S-11
and ABARÉ in BMS-9
• 2 Formation Tests – IAR A E
GUARÁ
• 2 new rigs will be allocated to the
pre salt cluster this year;
• 6 new rigs in 2010;
• Contracting 2 Pilots for 2013-14
and 8 FPSOs hulls by the end of
this year.
Wells Drilled
Drilling
Formation Test
Extended Well Test
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5. OIL PRICES ARE RISING
(US$ per barrel)
121.37 114.78
96.9 Average 2Q09
88.69 105.46
74.87
68.76 86.13 100.58 Average 1Q09
76.75 58.79
64.42 54.91
57.04 44.40 48.68
47.95
32.23
2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
Average Sales Price Brent (average)
• The increase in oil price and the decrease of light-heav y differential contributed to a substantial
improvement in our upstream segment’s margins and income .
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6. STABLE LIFTING COSTS
R$/barrel US$/barrel
121.37
114.78
51.14 54.40
54.91 58.79
41.48 38.86 44.40
34.80 36,.9 34.24
22.39 16.33 21.28 31.08 30.27
21.20 20.06 18.11 14.69 19.50
16.34 17.61 19.09 17.91 17.58 9.87 6,87 10.78
9.88 10.21 8.24 7,82 8.72
2Q08 3Q08 4Q08 1Q09 2Q09 2Q08 3Q08 4Q08 1Q09 2Q09
Lifting Cost Gov. Take Lifting Cost Gov. Take Brent
In the 2Q09, the increase in the price of oil and the strengthening of the Real caused a small increase in
lifting costs in US. Dollars.
Reflecting the influence of the exchange rate, lifting costs were flat when expressed in Reais.
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7. SUCCESFUL LONG TERM PRICE POLICY
2Q08 1Q09 2Q09 2Q08 1Q09 2Q09
US$/bbl R$/bbl
219.26
160 132.49 250
178.03
140 107.46
120
200 163.59 160.79
77.34 135.56
100 70.53 65.79 150 122.82
80 53.09
60 100
40
50
20
0 0
Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09
ARP USA ARP Petrobras ARP USA ARP Petrobras
Differential between international and domestic prices have recovered with price s near parity;
Stable prices, in the long run, have benefited Brazilian consumers.
Long term price policy has stabilized cash flows;
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8. IMPORTAÇÃO E SALES VOLUMES IN DOMESTIC MARKET
RECOVERY OF EXPORTAÇÃO DE PETRÓLEO E DERIVADOS
Natural Gas Oil Products
1,765 1,763
1,609 Others*
170 218
95 128 89 Fuel Oil
75 97 76
152 76 Jet Fuel
152 165 Naphtha
Thous. boed
Thous. boed
217 212
195 LPG
302 Gasoline
303 288
Diesel
315
215 235
754 658 715
2Q08 1Q09 2Q09 2Q08 1Q09 2Q09
Growth in sales volume of diesel followed the recovery of GDP in the quarter and seasonal effects;
Small reduction in sales of gasoline due to increased de mand for ethanol;
Replace ment of fuel oil for natural gas, which had lower prices and greater volume offered.
* Others: Coke, Asphalt, Propylene Lubricant, otherss liquified gas and others oil products. 8

9. OPTIMIZING THE REFINING SYSTEM
Feedstock Oil Products Production
1,783 1,753 -2,0%
1,811 1,775
385 363 141 147 Diesel
70 73 Gasoline
288 237 Naphtha
LPG
144 137
Thous. bbl/d
Jet Fuel
Thous. bbl/d
146 136 Fuel Oil
Others*
1,398 1,390 346 333
4,9%
710 40%
37% 677
1H/2008 1H/2009
International Oil Feed Stock 1H/2008 1H/2009
Domestic Oil Feed Stock
• Refining syste m improve ments enhancing margins and trade balance ;
• Total diesel production growing as a result of the Diesel Maximization Program
•In 1st se mester of ´09, national diesel production surpassed domestic de mand.
* Others: Coke, Asphalt, Propylene Lubricant, otherss liquified gas and others oil products. 9

10. SIGNIFICANT IMPROVEMENTS IN THE TRADE BALANCE
1H08 (thousand barrels/day) 1H09 (thousand barrels/day)
621 708
594
226 524
252 198
131
369 396 482
393
184
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Exports Impo rts Net Exports
Exports Impo rts Net Exports
Oil Oil Products Oil Oil Products
Financial Volume (US$ Million)
- US$ 567 + US$ 1,302
• Positive net exports and financial
12,067 11,500 surplus driven by higher oil
6,208 production, improvements to our
4,906 refining system and reduced internal
demand.
1H08 1H09
Im ports Exports
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11. SOLID OPERATING PERFORMANCE IN THE QUARTER
OPERATING INCOME CHANGE (R$ MILLION – 1Q09 VS 2Q09)
500 13,896
1,166
2,010
10,220
1Q08 Operating 2Q09
Operating Income Revenues COGS Expenses Operating Income
• Increase Net Operating Revenue due to higher in sales volume s and prices;
• COGS decreased due to inventories formed in the first quarter;
• Operating expense s were reduced from the prior quarter by a decline in freight costs, lower G&A due to cost
cutting efforts, as well as reduced write-offs for dry hole s, no inventory reductions, and no other
impairme nts.
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12. SUBSTANTIAL NET INCOME
NET INCOME CHANGE (R$ MILLION – 1Q09 VS 2Q09)
3,676 (1,612) 645 (1,535)
744
7,734
5,816
1Q09 Operating Financial Equity Minority 2Q09
Taxes
Net Income Income Result Income Interest Net Income
• Higher financial expense due to the Real’s appreciation against Dollar and commercial hedge;
• Decrease in taxes due to fiscal benefits regarding provision of interest on capital in 2Q09;
• Negative effect on minority interest due to FX variation over SPE debt obligation in Dollars.
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13. SIGNIFICANT GROWTH OF OPERATING INCOME IN UPSTREAM
EXPLORATION AND PRODUCTION - EVOLUTION OF OPERATING INCOME (R$ MILLION – 1Q09 VS 2Q09)
714 (400)
(451) 451 8,246
4,239
3,693
1Q09 Oper. Price Effect Volume Effect Cost Effect Volume Effect Operational 2Q09 Oper.
Income on Revenues on Revenues on average on COGS Expenses Income
COGS
• Doubling of Operating Income due targets to increase in realization prices;
• Raise in production and international oil prices explain the increased of COGS with govern. take.
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14. CONTINUING RECOVERY OF OPERATING INCOME IN DOW NSTREAM
DOWNSTREAM- EVOLUTION OF OPERATING PROFIT (R$ MILLIONS – 1Q09 VS 2Q09)
866 (404) (607)
894 50 7,914
7,115
1Q09 Oper. Price Effect Volume Effect Cost Effect Volume Effect Operational 2Q09 Oper.
Income on Revenues on Revenues on average on COGS Expenses Income
COGS
• Increasing domestic demand accompanied by the stability of Average Realization Price;
• Realization of inventories at lower prices in the previous quarter positively impacted COGS.
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15. GAS & ENERGY, INTERNATIONAL and DISTRIBUTION (1Q09 VS 2Q09)
1Q09 2Q09
VS.
Operating Result: (R$ 99 million) R$ 576 milion
Gas & Energy
• Growing capacity based on greater supply of natural gas and
completed infrastructure;
• Elimination of contractual penalties.
1Q09 2Q09
Operating Result: VS.
R$ 25 million R$ 224 million
International
• Higher international oil prices;
• Growing oil production in Nigéria (Akpo started up last March)
and gas in Bolívia ( higher supply for thermo-eletric generation).
1Q09 VS. 2Q09
Operating Result: R$ 386 million R$ 466 million
Distribution
•Costs Reduction resulted an increase of 9% in the sales
margins;
• 5% upturn in the sales volume (higher demand).
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16. CONTINUED GROWTH IN CAPITAL SPENDING
Capex in 1H08 – R$ 20.9 billion Capex in 1H09 – R$ 32.7 billion
12% 3% 8%
2%
2% 0,7
1 % 1,1 2,6 0,4
5,3
2% 2,5 0,4 0,7
0,1 0,2
1% 0,4
1,0
0,2
13% 4,2 4 5%
47% 14,8
2,7 9,7
1,5 7,1
13% 3,1
1,1 9% 2,8
3,7 6,4
4%
18% 20%
Upstream
Corporate
EBITDA (R$ million)
Dowstream
SPE
Gas & Energy
Projects under Negociation
32,814 30,936 International
Distribution
Increase in the Company’s capex supported
by a cash generation.
1H08 1H09
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17. WIDE ACCESS TO FINACIAL SOURCES
(1)
Development Banks/Export Promotion Agencies
Date Lender Value Term
April 29 US EximBank US$ 2 billions 5 - 10 years
May 19 China Development Bank US$ 10 billions 10 years
July 30 BNDES US$ 13.3 billions (2) 19 years e 8 months
(1) Values not disbursed up to 07/31//09
(2) R$ 25 billion converted by the FX rate in 07/30/09
Capital Market
US$ 6,5 billions, acquired in the first half, to be changed to bonds issues, with two years
Bridge Loan
maturity.
Yield to
Conclusion Date Issue type Value Maturity
investor
Bonds
Issues February 11 Global Notes US$ 1.5 billion 8.125% March 15, 2019
July 09 Global Notes US$ 1.25 billion 6.875% March 15, 2019
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18. COMMITMENT TO SOUND FINANCIAL STRUCTURE
R$ million 06/30/2009 03/31/2009
28% Short Term Debt 13,086 15,609
26% 26% Long Term Debt 55,782 54,698
Total Debt 68,868 70,307
21% Cash and Cash
19% 10,072 19,532
19% Equivalents
17% 21%
Short Term Debt 58,796 50,775
18%
Capital Structure 49% 49%
6/30/2007 12/31/2007 30/6/2008 12/31/2008 6/30/2009
US$ million 6/30/2009 3/31/2009
Net Debt/ Net Capt.
Total Debt 35,288 30,368
• Financial leverage well within our financial targets;
• Cash and cash equivalents reducted to fund capex (R$18,329 millions) and dividends (R$ 6,398
millions).
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19. For more information:
Investor Relations
www.petrobras.com.br/ri
+55 21 3224-1510
petroinvest@petrobras.com.br
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