SlideShare a Scribd company logo
RESULTS ANNOUNCEMENT
3rd Quarter 2015
Conference Call / Webcast
November 13th, 2015
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 2015 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.
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
9M14 FX Rate – End of Period
R$ 2.45
Exchange Rate
FX Rate (R$/US$) 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Average 2.37 2.23 2.27 2.54 2.87 3.07 3.54
End of Period 2.26 2.20 2.45 2.66 3.21 3.10 3.97
R$ / US$
Source: Bloomberg – PTAX Exchange Rate
9M15 FX Rate – End of Period
R$ 3.97
+ 62 %
2,00
2,50
3,00
3,50
4,00
4,50
28%
4
9M15 Average Brent
US$ 55.39
9M14 Average Brent
US$ 106.57
40
50
60
70
80
90
100
110
120
130
140
Oil Prices - Brent
Average Brent 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
R$ 256.48 244.47 231.56 193.73 154.89 190.09 177.38
US$ 108.22 109.63 101.85 76.27 53.97 61.92 50.26
US$ / bbl
Source: Platts
- 48%
-19%
5
Results Highlights
 Higher oil, NGL and natural gas production (6%, +163 kboed), amounting 2,790 kboed
 Free cash flow of R$ 8.3 bn
 Improvement on oil and oil products trade balance (from -424 to -89 kbpd)
 Lower imports and government take expenses
 Pre-salt daily production* record of 1 million and 120 thousand barrels on September 15th
9M15
Highlights
3Q15
Highlights
 Higher oil, NGL and natural gas production (1%, +35 kboed), amounting 2,800 kboed
 Free cash flow of R$ 3.8 bn
 Higher domestic oil products demand (1%, +32 kbpd)
 Improvement of oil and oil products trade balance (from -27 to -21 kbpd)
*Petrobras + Partners production
6
9M15 Net Results: R$ 2,102 Million
R$ Billion 9M15 9M14 ∆%
Sales Revenues 236.5 252.2
Cost of Sales -164.8 -193.8
Gross Profit 71.7 58.4 23
Operational Expenses -43.1 -46.9
Operating Income 28.6 11.5 149
Financial Results -23.1 -2.1
Share of earning in equity-accounted investments 0.5 1.0
Profit-sharing -0.1 -0.8
Net income (loss) before income taxes 5.9 9.6 -38
Income Taxes -5.5 -4.6
Non-controlling interest 1.7 0.0
Net Income/Loss 2.1 5.0 -58
Net Income (US$ Billion) 1.0 2.4 -59
Adjusted EBITDA 56.8 39.1 45
Investments 55.5 62.5 -11
Free Cash Flow* 8.3 -12.3 167
 Decrease of oil products sales volume in the domestic market
 Lower oil products exports
 Lower export prices
 Lower oil and oil products imports
 Lower government take expenses
 2014 events: write-off of overpayments incorrectly capitalized, impairment of
trade receivables from the electricity sector, write-off of Premium I and II and
Voluntary Separation Incentive Plan (PIDV)
 Lower dry/subcommercial wells expenses
 Increase in tax expenses due to REFIS agreements
 Provisions for legal contingencies (labor and tax claims)
 Higher expense with pension and medical plan due to actuarial revision
 Impairments
 Higher exchange rate loss over foreign currency debt
 Higher financial expenses due to the increase in debt and lower interest
capitalization
* Free Cash Flow = Operating Cash Flow minus Investing Cash Flow
7
Operating Expenses without Special Items
9M14 x 9M15
7.2
1.2
Other Operating Expenses
Taxes
Pension and Medical Plan
Research and Development
9M15
Exploration costs
Sales
+6%
General and Administrative
35.7
10.1
8.2
2.8
1.7
4.6
2.0
6.1
9M14
33.7
8.5
7.8
1.5
1.9
5.6
Amounts recovered - overpayments
incorrectly capitalized
+4%
+19%*
REFIS Agreement and
State Tax Amnesty Program
(ICMS)
Provision for legal contingencies
Asset sales
Impairment
Reversal of allowance for impairment
of trade receivables – electricity sector
* Higher logistical costs, mainly due to exchange rate variation
R$ Billion
Operating Expenses
-8%
Overpayments
incorrectly capitalized
Allowance for impairment of
trade receivables
Electricity Sector
PIDV - Voluntary Separation Plan
Impairment and Premium I and II
Legal contingencies
Asset Sales
9M15
5.8
1.1
2.5
-2.2
3.8
35.7
3.0
6.2
33.7
9M14
1.3
43.1
-0.9
46.9
8
EBITDA without Special Items
9M14 x 9M15
Premium I and II
Legal Contingencies and
Asset Sales
9M15
62.9
56.8
-0.9
+37%
5.8
9M14
45.8
39.1
3.8
1.1
2.7
-2.2
EBITDA
PIDV - Voluntary Separation Plan 2.5
24
15
27
18
0
5
10
15
20
25
30
9M159M14
%
EBITDA
Without Special Items
EBITDA Margin
EBITDA Margin Without Special Items
EBITDA Margin
Without Special Items
+45%
R$ Billion
Amounts recovered - overpayments
incorrectly capitalized
Reversal of allowance for impairment
of trade receivables – electricity sector
REFIS Agreement and
State Tax Amnesty Program
(ICMS)
Provision for legal contingencies
Asset sales
Allowance for impairment of
trade receivables - Electricity Sector
9
3Q15 Net Result: - R$ 3,759 Million
R$ Billion 3Q15 2Q15 ∆%
Sales Revenues 82.2 79.9
Cost of Sales -58.5 -54.4
Gross Profit 23.8 25.6 -7
Operational Expenses -17.9 -16.1
Operating Income 5.8 9.5 -39
Financial Results -11.4 -6.0
Share of earning in equity-accounted investments 0.2 0.2
Profit-sharing 0.2 0.0
Net income (loss) before income taxes -5.2 3.6 -245
Income Taxes 0.2 -2.7
Non-controlling interest 1.3 -0.4
Net Income/Loss -3.8 0.5 -808
Net Income (US$ Billion) -1.1 0.2 -721
Adjusted EBITDA 15.5 19.8 -22
Investments 19.3 18.3 5
Free Cash Flow* 3.8 5.7 -33
 Higher exchange rate losses over FX-denominated debt
 Higher demand for domestic oil products
 Higher oil export prices
 Higher oil import costs
 Higher oil products sales
 Legal contingencies (labor and tax claims)
 Higher dry/subcommercial wells expenses
* Free Cash Flow = Operating Cash Flow minus Investing Cash Flow
10
9M14 Average
2,627
9M15 Average
2,790
Exploration & Production
400 411
441 453 467 463 476
2,799
2,150
106
90
4Q14
2,746
2,090
119
+1%
3Q14
2,765
2,111
102
89
1Q15
2,803
100
87
2,149
118
91
96
2Q14
2,600
1,972
122
95
1Q14
2,531
1,922Oil and NGL Brazil
Natural Gas Brazil
Oil and NGL Abroad
Natural Gas Abroad
3Q15
2,800
2,136
98
90
2Q15
Oil and Natural Gas Production – Brazil and Abroad
kboed
+6%
+7%
418
469
2.132
9M14
2.413
1.995
+8%
9M15
2.600
Oil and Natural Gas
Production Brazil
23,7% of total production of 9M15
comes from pre-salt
11
Exploration & Production
Pre-Salt Production
Pre-Salt Average Monthly Production
(kpd)
0
100
200
300
400
500
600
700
800
900
1.000
Monthly Record on August 2015: 859
kbpd
February 2013: 300
kbpd
2.9 x
1,120 kboed
901 kbpd
Daily Production Record
09/15/2015
2008 2009 2010 2011 2012 2013 2014 September
2015
*Petrobras + Partners production
12
Exploration & Production
Connection of New Wells in Brazil
30 34
61
35
12
17
26
17
20
42
2014
87
2013
51
2012 4Q159M15
52
Producers
Injectors
72
13
9M14 Average
2,170
9M15 Average
2,049
Downstream
kbpd
822 857 865 867 796 870 889
483 496 507 490
423
437 429
819 827 832 814
745
790 767
2,124
3Q15
2,180
1Q14
2,098
1Q15
-1%
Diesel
Gasoline
Others
2Q15
2,204
2Q14
2,171
3Q14
2,085
1,964
4Q14
-6%
Oil Products Output in Brazil
14
Downstream
Sales Volume in Brazil
kbpd
947 999 907 923 953
601
619 616 644
573 537 540
823
825
868 833
750 790 789
2Q15
2,250
3Q14
2,533
1,049
Others
Gasoline
Diesel
1Q15
2,230
4Q14
2,487
1,010
1Q14
2,371
2Q14
2,443
+1%
3Q15
2,282
9M14 Average
2,449
9M15 Average
2,254
-8%
15
Downstream
Trade Balance Evolution
(kbpd)
(21)(27)
(225)
(390)
(222)
(633)
(417)
3Q152Q151Q154Q143Q142Q141Q14
Trade Balance:
Oil and Oil Products
(kbpd)
414 292
219 351
399
298
(142)
150170
(180)
53
(244)
9M14
389
9M15
-89
9M14
-424
9M15
590
9M14
813
9M15
501
Oil ProductsOil
Exports Imports Balance
16
R$ Billion
Income taxes
-0.9
Financial
Results
-21.0
Operating
Expenses
3.8
COGS 9M15
Net Income
-58%
Others
2.1
1.9
29.0
Sales Revenues
-15.7
9M14
Net Income
5.0
Net Income Evolution 9M14 x 9M15
17
R$ Billion
Others* 9M15
Operating
Income
28.6
Elimination
+149%
-0.6
Corporate
-4.9
-0.6
Gas and Power
4.8
Exploration
and
Production
-28.7
Downstream
47.1
9M14
Operating
Income
11.5
Operating Income Evolution per Segment 9M14 x 9M15
*Others: Distribution, Biofuels and International Activities.
18
R$ Billion
-39%
3Q15
Operating
Income
5.8
Elimination
9.5
3.0
Corporate
1.6
Others*
-1.6
Gas and Power
1.4
Exploration
and
Production
-4.7
Downstream
-3.4
2Q15
Operating
Income
Operating Income Evolution per Segment 2Q15 x 3Q15
*Others: Distribution, Biofuels and International Activities.
19
Costs Evolution in Brazil
Refining Cost
Lifting Cost*
+6%
3Q15
40.82
11.24
2Q15
38.49
12.71
1Q15
38.13
13.27
R$/boeUS$/boe
-1%
3Q15
7.89
2.12
2Q15
7.98
2.64
1Q15
8.16
2.84
Lower throughput and higher
personnel expenses
* Does not include government take
12,4014,70
39,16
33,59
+17%
9M159M14
-16%
2,52
2,96
8,01
6,80
+18%
9M159M14
-15%
 Excluding the impact of FX
variation, lifting costs increased
by 4%
 Higher expenses with well
intervention and subsea
engineering and maintenance in
Campos Basin
20
Indebtedness
Indebtedness
Indebtedness (R$ Billion) 12/31/2014 09/30/2015
Short-term Debt 31.6 53.4
Long-term Debt 319.5 453.2
Total Indebtedness 351.0 506.6
(-) Cash and Cash Equivalents¹ 68.9 104.2
= Net Debt 282.1 402.3
Indebtedness (US$ Billion)
Net Debt 106.2 101.3
1) Includes government securities and time deposits (maturity longer than 90 days)
21
4,8 4,8
5,0
4,6
5,2
43%
48%
52% 51%
58%
0%
10%
20%
30%
40%
50%
60%
70%
2,0
3,0
4,0
5,0
6,0
7,0
8,0
3Q14 4Q14 1Q15 2Q15 3Q15
Net Debt / LTM Adjusted EBITDA¹ Net Debt / Net Capitalization²
Financial Ratios - Indebtedness
1) As of the 2Q15, the adjusted EBITDA used to calculate the ratio is the sum of the last 12 months
2) Net Debt / (Net Debt + Shareholders Equity)
22
2015-2019 Business and Management Plan Adjustments
27
28
19
25
20162015
-10.7%
-29.6%
Revised on 10/05/152015-2019 BMP
CAPEX
(US$ Billion)
2015-2019
BMP
Revised on
10/08/15
Brent
(US$/bbl)
2015 60 54
2016 70 55
FXRate
(R$/US$)
2015 3.10 3.28
2016 3.26 3.80
Assumptions
23
Free Cash Flow
US$ Billion
* *
7.5
-5.6
2Q15 3Q15
1.9
-0.9 bi
6.1
-5.1
1.0
Operational Cash Flow
-26.0Investments
+7.8 bi
20.7
-5.3
9M159M14
2.5
19.3
-16.8
2Q15 x 3Q159M14 x 9M15
24
2015 Cash Flow
US$ Billion
* Realized in 9M15. Operating Cash Flow excludes tax contingencies
26
22
11
21
3
4
InvestmentsOperating
Cash Flow
-17
2015
Initial Cash
Position
-23
-6
25
0,7
-20
Divestments
0,5
RolloversInterest,
Amortizations,
Tax
Contingencies
and Others
5
Funding Needs
-26
14
2015 Final
Cash Position
-6
0,2
* *
*
*
*
*
RESULTS ANNOUNCEMENT
3rd Quarter 2015

More Related Content

What's hot

Petrobras at a Glance
Petrobras at a GlancePetrobras at a Glance
Petrobras at a Glance
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 1Q09 BR GAAP
Webcast 1Q09 BR GAAPWebcast 1Q09 BR GAAP
Webcast 1Q09 BR GAAP
Petrobras
 
Strategic Plan and 2017-2021 Business & Management Plan
Strategic Plan and 2017-2021 Business & Management PlanStrategic Plan and 2017-2021 Business & Management Plan
Strategic Plan and 2017-2021 Business & Management Plan
Petrobras
 
Webcast - 1Q14 Results
Webcast - 1Q14 ResultsWebcast - 1Q14 Results
Webcast - 1Q14 Results
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
 
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 2Q14
Webcast 2Q14Webcast 2Q14
Webcast 2Q14
Petrobras
 
Webcast 2Q13
Webcast 2Q13Webcast 2Q13
Webcast 2Q13
Petrobras
 
Webcast 3Q13
Webcast 3Q13Webcast 3Q13
Webcast 3Q13
Petrobras
 
Petrobras General Overview
Petrobras General OverviewPetrobras General Overview
Petrobras General Overview
Petrobras
 
Webcast 3 t14-nao-revisado-ingles
Webcast 3 t14-nao-revisado-inglesWebcast 3 t14-nao-revisado-ingles
Webcast 3 t14-nao-revisado-ingles
Petrobras
 
Strategic Plan 2040 || Business and Management Plan 2019-2023
Strategic Plan 2040 || Business and Management Plan 2019-2023Strategic Plan 2040 || Business and Management Plan 2019-2023
Strategic Plan 2040 || Business and Management Plan 2019-2023
Petrobras
 
Webcast 2 q12
Webcast 2 q12Webcast 2 q12
Webcast 2 q12
Petrobras
 
Petrobras Investor Day - London 2018
Petrobras Investor Day - London 2018Petrobras Investor Day - London 2018
Petrobras Investor Day - London 2018
Petrobras
 
Overview 2013
Overview 2013Overview 2013
Overview 2013
Petrobras
 
Apresentacao png-2018-2022-webcast-ingles
Apresentacao png-2018-2022-webcast-inglesApresentacao png-2018-2022-webcast-ingles
Apresentacao png-2018-2022-webcast-ingles
Petrobras
 
Petrobras Overview - September 2018
Petrobras Overview - September 2018Petrobras Overview - September 2018
Petrobras Overview - September 2018
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
 
Webcast inglês 2 t11
Webcast   inglês 2 t11Webcast   inglês 2 t11
Webcast inglês 2 t11
Petrobras
 

What's hot (20)

Petrobras at a Glance
Petrobras at a GlancePetrobras at a Glance
Petrobras at a Glance
 
Webcast about 1st Quarter of 2013
Webcast about 1st Quarter of 2013Webcast about 1st Quarter of 2013
Webcast about 1st Quarter of 2013
 
Webcast 1Q09 BR GAAP
Webcast 1Q09 BR GAAPWebcast 1Q09 BR GAAP
Webcast 1Q09 BR GAAP
 
Strategic Plan and 2017-2021 Business & Management Plan
Strategic Plan and 2017-2021 Business & Management PlanStrategic Plan and 2017-2021 Business & Management Plan
Strategic Plan and 2017-2021 Business & Management Plan
 
Webcast - 1Q14 Results
Webcast - 1Q14 ResultsWebcast - 1Q14 Results
Webcast - 1Q14 Results
 
2012-2016 Business and Management Plan
2012-2016 Business and Management Plan2012-2016 Business and Management Plan
2012-2016 Business and Management 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 2Q14
Webcast 2Q14Webcast 2Q14
Webcast 2Q14
 
Webcast 2Q13
Webcast 2Q13Webcast 2Q13
Webcast 2Q13
 
Webcast 3Q13
Webcast 3Q13Webcast 3Q13
Webcast 3Q13
 
Petrobras General Overview
Petrobras General OverviewPetrobras General Overview
Petrobras General Overview
 
Webcast 3 t14-nao-revisado-ingles
Webcast 3 t14-nao-revisado-inglesWebcast 3 t14-nao-revisado-ingles
Webcast 3 t14-nao-revisado-ingles
 
Strategic Plan 2040 || Business and Management Plan 2019-2023
Strategic Plan 2040 || Business and Management Plan 2019-2023Strategic Plan 2040 || Business and Management Plan 2019-2023
Strategic Plan 2040 || Business and Management Plan 2019-2023
 
Webcast 2 q12
Webcast 2 q12Webcast 2 q12
Webcast 2 q12
 
Petrobras Investor Day - London 2018
Petrobras Investor Day - London 2018Petrobras Investor Day - London 2018
Petrobras Investor Day - London 2018
 
Overview 2013
Overview 2013Overview 2013
Overview 2013
 
Apresentacao png-2018-2022-webcast-ingles
Apresentacao png-2018-2022-webcast-inglesApresentacao png-2018-2022-webcast-ingles
Apresentacao png-2018-2022-webcast-ingles
 
Petrobras Overview - September 2018
Petrobras Overview - September 2018Petrobras Overview - September 2018
Petrobras Overview - September 2018
 
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...
 
Webcast inglês 2 t11
Webcast   inglês 2 t11Webcast   inglês 2 t11
Webcast inglês 2 t11
 

Similar to Webcast 3T15

Webcast 4Q14
Webcast 4Q14Webcast 4Q14
Webcast 4Q14
Petrobras
 
dt-investor-presentation-q223.pdf
dt-investor-presentation-q223.pdfdt-investor-presentation-q223.pdf
dt-investor-presentation-q223.pdf
aigo85
 
1 Q15 Activity and Results Banco Santander
1 Q15 Activity and Results Banco Santander1 Q15 Activity and Results Banco Santander
1 Q15 Activity and Results Banco Santander
BANCO SANTANDER
 
2014 Activity & Results
2014 Activity & Results2014 Activity & Results
2014 Activity & Results
BANCO SANTANDER
 
Earnings presentation 3Q16
Earnings presentation 3Q16Earnings presentation 3Q16
Earnings presentation 3Q16
BANCO SANTANDER
 
Q215 investor call slides final
Q215 investor call slides finalQ215 investor call slides final
Q215 investor call slides final
broadwind
 
Petrobras at Glance
Petrobras at GlancePetrobras at Glance
Petrobras at Glance
Petrobras
 
Seadrill Q2 2013 results presentation
Seadrill Q2 2013 results presentationSeadrill Q2 2013 results presentation
Seadrill Q2 2013 results presentation
TradeWindsnews
 
Q3 2015 Investor Call Slides
Q3 2015 Investor Call Slides Q3 2015 Investor Call Slides
Q3 2015 Investor Call Slides
broadwind
 
Q1 2009 Earning Report of Rockwood Holdings, Inc.
Q1 2009 Earning Report of Rockwood Holdings, Inc.Q1 2009 Earning Report of Rockwood Holdings, Inc.
Q1 2009 Earning Report of Rockwood Holdings, Inc.
earningreport earningreport
 
Du pont 1q15 slides final
Du pont 1q15 slides finalDu pont 1q15 slides final
Du pont 1q15 slides final
DupontInv
 
Presentation 2Q15 - CPFL Energia
Presentation 2Q15 - CPFL EnergiaPresentation 2Q15 - CPFL Energia
Presentation 2Q15 - CPFL Energia
CPFL RI
 
Flextronics International Ltd. earning presentation
Flextronics International Ltd. earning presentationFlextronics International Ltd. earning presentation
Flextronics International Ltd. earning presentation
investorrelation
 
Fy16 q1 earnings-presentation
Fy16 q1 earnings-presentationFy16 q1 earnings-presentation
Fy16 q1 earnings-presentation
maxim2015ir
 
Du pont 2q15 slides final
Du pont 2q15 slides finalDu pont 2q15 slides final
Du pont 2q15 slides final
DupontInv
 
Evine investor-presentation-q4 final
Evine investor-presentation-q4 finalEvine investor-presentation-q4 final
Evine investor-presentation-q4 final
evine2015
 
9M 2020 Consolidated Results Presentation
9M 2020 Consolidated Results Presentation9M 2020 Consolidated Results Presentation
9M 2020 Consolidated Results Presentation
Terna SpA
 
Q418 earnings presentation final2
Q418 earnings presentation final2Q418 earnings presentation final2
Q418 earnings presentation final2
maxim2015ir
 
Third Quarter 2015 Investor Presentation
Third Quarter 2015 Investor PresentationThird Quarter 2015 Investor Presentation
Third Quarter 2015 Investor Presentation
evine2015
 
Evine investor-presentation-q3-v final
Evine investor-presentation-q3-v finalEvine investor-presentation-q3-v final
Evine investor-presentation-q3-v final
evine2015
 

Similar to Webcast 3T15 (20)

Webcast 4Q14
Webcast 4Q14Webcast 4Q14
Webcast 4Q14
 
dt-investor-presentation-q223.pdf
dt-investor-presentation-q223.pdfdt-investor-presentation-q223.pdf
dt-investor-presentation-q223.pdf
 
1 Q15 Activity and Results Banco Santander
1 Q15 Activity and Results Banco Santander1 Q15 Activity and Results Banco Santander
1 Q15 Activity and Results Banco Santander
 
2014 Activity & Results
2014 Activity & Results2014 Activity & Results
2014 Activity & Results
 
Earnings presentation 3Q16
Earnings presentation 3Q16Earnings presentation 3Q16
Earnings presentation 3Q16
 
Q215 investor call slides final
Q215 investor call slides finalQ215 investor call slides final
Q215 investor call slides final
 
Petrobras at Glance
Petrobras at GlancePetrobras at Glance
Petrobras at Glance
 
Seadrill Q2 2013 results presentation
Seadrill Q2 2013 results presentationSeadrill Q2 2013 results presentation
Seadrill Q2 2013 results presentation
 
Q3 2015 Investor Call Slides
Q3 2015 Investor Call Slides Q3 2015 Investor Call Slides
Q3 2015 Investor Call Slides
 
Q1 2009 Earning Report of Rockwood Holdings, Inc.
Q1 2009 Earning Report of Rockwood Holdings, Inc.Q1 2009 Earning Report of Rockwood Holdings, Inc.
Q1 2009 Earning Report of Rockwood Holdings, Inc.
 
Du pont 1q15 slides final
Du pont 1q15 slides finalDu pont 1q15 slides final
Du pont 1q15 slides final
 
Presentation 2Q15 - CPFL Energia
Presentation 2Q15 - CPFL EnergiaPresentation 2Q15 - CPFL Energia
Presentation 2Q15 - CPFL Energia
 
Flextronics International Ltd. earning presentation
Flextronics International Ltd. earning presentationFlextronics International Ltd. earning presentation
Flextronics International Ltd. earning presentation
 
Fy16 q1 earnings-presentation
Fy16 q1 earnings-presentationFy16 q1 earnings-presentation
Fy16 q1 earnings-presentation
 
Du pont 2q15 slides final
Du pont 2q15 slides finalDu pont 2q15 slides final
Du pont 2q15 slides final
 
Evine investor-presentation-q4 final
Evine investor-presentation-q4 finalEvine investor-presentation-q4 final
Evine investor-presentation-q4 final
 
9M 2020 Consolidated Results Presentation
9M 2020 Consolidated Results Presentation9M 2020 Consolidated Results Presentation
9M 2020 Consolidated Results Presentation
 
Q418 earnings presentation final2
Q418 earnings presentation final2Q418 earnings presentation final2
Q418 earnings presentation final2
 
Third Quarter 2015 Investor Presentation
Third Quarter 2015 Investor PresentationThird Quarter 2015 Investor Presentation
Third Quarter 2015 Investor Presentation
 
Evine investor-presentation-q3-v final
Evine investor-presentation-q3-v finalEvine investor-presentation-q3-v final
Evine investor-presentation-q3-v 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 Nova York
Apresentação de Pedro Parente no Investor Day Nova YorkApresentação de Pedro Parente no Investor Day Nova York
Apresentação de Pedro Parente no Investor Day Nova York
Petrobras
 
Apresentação de Pedro Parente no Investor Day Londres
Apresentação de Pedro Parente no Investor Day LondresApresentação de Pedro Parente no Investor Day Londres
Apresentação de Pedro Parente no Investor Day Londres
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
 
Visão Geral 2017 fevereiro
Visão Geral   2017 fevereiro Visão Geral   2017 fevereiro
Visão Geral 2017 fevereiro
Petrobras
 
Visão Geral Petrobras
Visão Geral PetrobrasVisão Geral Petrobras
Visão Geral Petrobras
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
 
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 1T16
Webcast 1T16Webcast 1T16
Webcast 1T16
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 (17)

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 Nova York
Apresentação de Pedro Parente no Investor Day Nova YorkApresentação de Pedro Parente no Investor Day Nova York
Apresentação de Pedro Parente no Investor Day Nova York
 
Apresentação de Pedro Parente no Investor Day Londres
Apresentação de Pedro Parente no Investor Day LondresApresentação de Pedro Parente no Investor Day Londres
Apresentação de Pedro Parente no Investor Day Londres
 
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
 
Visão Geral 2017 fevereiro
Visão Geral   2017 fevereiro Visão Geral   2017 fevereiro
Visão Geral 2017 fevereiro
 
Visão Geral Petrobras
Visão Geral PetrobrasVisão Geral Petrobras
Visão Geral 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
 
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 1T16
Webcast 1T16Webcast 1T16
Webcast 1T16
 
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

l'ambassadeur de l'Afrique Newsletter, he official report and newsletter of R...
l'ambassadeur de l'Afrique Newsletter, he official report and newsletter of R...l'ambassadeur de l'Afrique Newsletter, he official report and newsletter of R...
l'ambassadeur de l'Afrique Newsletter, he official report and newsletter of R...
SFXMedia1
 
About Ambassador Olloh Anthony Chinedu, CEO, RoadCEO Liberia Investments
About Ambassador Olloh Anthony Chinedu,  CEO, RoadCEO Liberia InvestmentsAbout Ambassador Olloh Anthony Chinedu,  CEO, RoadCEO Liberia Investments
About Ambassador Olloh Anthony Chinedu, CEO, RoadCEO Liberia Investments
SFXMedia1
 
Bath Spa University degree Cert diploma offer
Bath Spa University degree Cert diploma offerBath Spa University degree Cert diploma offer
Bath Spa University degree Cert diploma offer
hfyyb
 
Trump Grazed and Unfazed t shirts Trump Grazed and Unfazed t shirts
Trump Grazed and Unfazed t shirts Trump Grazed and Unfazed t shirtsTrump Grazed and Unfazed t shirts Trump Grazed and Unfazed t shirts
Trump Grazed and Unfazed t shirts Trump Grazed and Unfazed t shirts
exgf28
 
CITY degree offer diploma Transcript
CITY degree offer diploma TranscriptCITY degree offer diploma Transcript
CITY degree offer diploma Transcript
fyncacy
 
GeShiDo Foundation Investor Package-v3 June 2024
GeShiDo Foundation Investor Package-v3 June 2024GeShiDo Foundation Investor Package-v3 June 2024
GeShiDo Foundation Investor Package-v3 June 2024
Place2Give Foundation/Karma & Cents Inc.
 
Osisko Gold Royalties Ltd -Corporate Presentation, July 2024
Osisko Gold Royalties Ltd -Corporate Presentation, July 2024Osisko Gold Royalties Ltd -Corporate Presentation, July 2024
Osisko Gold Royalties Ltd -Corporate Presentation, July 2024
Osisko Gold Royalties Ltd
 
20240709 CDB Investor Deck_Jul24_vF_Website.pdf
20240709 CDB Investor Deck_Jul24_vF_Website.pdf20240709 CDB Investor Deck_Jul24_vF_Website.pdf
20240709 CDB Investor Deck_Jul24_vF_Website.pdf
yihong30
 
High Profile Girls Call Vadodara 🛵🚡9920725232 💃 Choose Best And Top Girl Serv...
High Profile Girls Call Vadodara 🛵🚡9920725232 💃 Choose Best And Top Girl Serv...High Profile Girls Call Vadodara 🛵🚡9920725232 💃 Choose Best And Top Girl Serv...
High Profile Girls Call Vadodara 🛵🚡9920725232 💃 Choose Best And Top Girl Serv...
6459astrid
 
Exclusive Girls Call Navi Mumbai 🛵🚡9820252231 💃 Choose Best And Top Girl Serv...
Exclusive Girls Call Navi Mumbai 🛵🚡9820252231 💃 Choose Best And Top Girl Serv...Exclusive Girls Call Navi Mumbai 🛵🚡9820252231 💃 Choose Best And Top Girl Serv...
Exclusive Girls Call Navi Mumbai 🛵🚡9820252231 💃 Choose Best And Top Girl Serv...
902basic
 
OP biyezheng degree offer diploma Transcript
OP biyezheng degree offer diploma TranscriptOP biyezheng degree offer diploma Transcript
OP biyezheng degree offer diploma Transcript
yecvuxa
 
Thane Girls Call WhatsApp Numbers 🫦9910780858🫦 List For Friendship Girls Service
Thane Girls Call WhatsApp Numbers 🫦9910780858🫦 List For Friendship Girls ServiceThane Girls Call WhatsApp Numbers 🫦9910780858🫦 List For Friendship Girls Service
Thane Girls Call WhatsApp Numbers 🫦9910780858🫦 List For Friendship Girls Service
krishi sain
 
UCL degree offer diploma Transcript
UCL degree offer diploma TranscriptUCL degree offer diploma Transcript
UCL degree offer diploma Transcript
fyncacy
 
WRN_Corporate_Presentation_July_2024.pdf
WRN_Corporate_Presentation_July_2024.pdfWRN_Corporate_Presentation_July_2024.pdf
WRN_Corporate_Presentation_July_2024.pdf
sclegg
 
The impact of foreign direct investment on sustainable growth in Nigeria
The impact of foreign direct investment on sustainable growth in NigeriaThe impact of foreign direct investment on sustainable growth in Nigeria
The impact of foreign direct investment on sustainable growth in Nigeria
olabimpeveronical
 
LBS degree offer diploma Transcript
LBS degree offer diploma TranscriptLBS degree offer diploma Transcript
LBS degree offer diploma Transcript
fyncacy
 
Deutsche EuroShop | Company Presentation | 07/24
Deutsche EuroShop | Company Presentation | 07/24Deutsche EuroShop | Company Presentation | 07/24
Deutsche EuroShop | Company Presentation | 07/24
Deutsche EuroShop AG
 
Coimbatore Girls Call Coimbatore 0X0000000X Provide Best And Top Girl Service...
Coimbatore Girls Call Coimbatore 0X0000000X Provide Best And Top Girl Service...Coimbatore Girls Call Coimbatore 0X0000000X Provide Best And Top Girl Service...
Coimbatore Girls Call Coimbatore 0X0000000X Provide Best And Top Girl Service...
jafsa9823#S07
 
20240709 CDB Investor Deck_Jul24_vF_Website.pdf
20240709 CDB Investor Deck_Jul24_vF_Website.pdf20240709 CDB Investor Deck_Jul24_vF_Website.pdf
20240709 CDB Investor Deck_Jul24_vF_Website.pdf
yihong30
 
Big Ass Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service A...
Big Ass Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service A...Big Ass Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service A...
Big Ass Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service A...
sharonblush
 

Recently uploaded (20)

l'ambassadeur de l'Afrique Newsletter, he official report and newsletter of R...
l'ambassadeur de l'Afrique Newsletter, he official report and newsletter of R...l'ambassadeur de l'Afrique Newsletter, he official report and newsletter of R...
l'ambassadeur de l'Afrique Newsletter, he official report and newsletter of R...
 
About Ambassador Olloh Anthony Chinedu, CEO, RoadCEO Liberia Investments
About Ambassador Olloh Anthony Chinedu,  CEO, RoadCEO Liberia InvestmentsAbout Ambassador Olloh Anthony Chinedu,  CEO, RoadCEO Liberia Investments
About Ambassador Olloh Anthony Chinedu, CEO, RoadCEO Liberia Investments
 
Bath Spa University degree Cert diploma offer
Bath Spa University degree Cert diploma offerBath Spa University degree Cert diploma offer
Bath Spa University degree Cert diploma offer
 
Trump Grazed and Unfazed t shirts Trump Grazed and Unfazed t shirts
Trump Grazed and Unfazed t shirts Trump Grazed and Unfazed t shirtsTrump Grazed and Unfazed t shirts Trump Grazed and Unfazed t shirts
Trump Grazed and Unfazed t shirts Trump Grazed and Unfazed t shirts
 
CITY degree offer diploma Transcript
CITY degree offer diploma TranscriptCITY degree offer diploma Transcript
CITY degree offer diploma Transcript
 
GeShiDo Foundation Investor Package-v3 June 2024
GeShiDo Foundation Investor Package-v3 June 2024GeShiDo Foundation Investor Package-v3 June 2024
GeShiDo Foundation Investor Package-v3 June 2024
 
Osisko Gold Royalties Ltd -Corporate Presentation, July 2024
Osisko Gold Royalties Ltd -Corporate Presentation, July 2024Osisko Gold Royalties Ltd -Corporate Presentation, July 2024
Osisko Gold Royalties Ltd -Corporate Presentation, July 2024
 
20240709 CDB Investor Deck_Jul24_vF_Website.pdf
20240709 CDB Investor Deck_Jul24_vF_Website.pdf20240709 CDB Investor Deck_Jul24_vF_Website.pdf
20240709 CDB Investor Deck_Jul24_vF_Website.pdf
 
High Profile Girls Call Vadodara 🛵🚡9920725232 💃 Choose Best And Top Girl Serv...
High Profile Girls Call Vadodara 🛵🚡9920725232 💃 Choose Best And Top Girl Serv...High Profile Girls Call Vadodara 🛵🚡9920725232 💃 Choose Best And Top Girl Serv...
High Profile Girls Call Vadodara 🛵🚡9920725232 💃 Choose Best And Top Girl Serv...
 
Exclusive Girls Call Navi Mumbai 🛵🚡9820252231 💃 Choose Best And Top Girl Serv...
Exclusive Girls Call Navi Mumbai 🛵🚡9820252231 💃 Choose Best And Top Girl Serv...Exclusive Girls Call Navi Mumbai 🛵🚡9820252231 💃 Choose Best And Top Girl Serv...
Exclusive Girls Call Navi Mumbai 🛵🚡9820252231 💃 Choose Best And Top Girl Serv...
 
OP biyezheng degree offer diploma Transcript
OP biyezheng degree offer diploma TranscriptOP biyezheng degree offer diploma Transcript
OP biyezheng degree offer diploma Transcript
 
Thane Girls Call WhatsApp Numbers 🫦9910780858🫦 List For Friendship Girls Service
Thane Girls Call WhatsApp Numbers 🫦9910780858🫦 List For Friendship Girls ServiceThane Girls Call WhatsApp Numbers 🫦9910780858🫦 List For Friendship Girls Service
Thane Girls Call WhatsApp Numbers 🫦9910780858🫦 List For Friendship Girls Service
 
UCL degree offer diploma Transcript
UCL degree offer diploma TranscriptUCL degree offer diploma Transcript
UCL degree offer diploma Transcript
 
WRN_Corporate_Presentation_July_2024.pdf
WRN_Corporate_Presentation_July_2024.pdfWRN_Corporate_Presentation_July_2024.pdf
WRN_Corporate_Presentation_July_2024.pdf
 
The impact of foreign direct investment on sustainable growth in Nigeria
The impact of foreign direct investment on sustainable growth in NigeriaThe impact of foreign direct investment on sustainable growth in Nigeria
The impact of foreign direct investment on sustainable growth in Nigeria
 
LBS degree offer diploma Transcript
LBS degree offer diploma TranscriptLBS degree offer diploma Transcript
LBS degree offer diploma Transcript
 
Deutsche EuroShop | Company Presentation | 07/24
Deutsche EuroShop | Company Presentation | 07/24Deutsche EuroShop | Company Presentation | 07/24
Deutsche EuroShop | Company Presentation | 07/24
 
Coimbatore Girls Call Coimbatore 0X0000000X Provide Best And Top Girl Service...
Coimbatore Girls Call Coimbatore 0X0000000X Provide Best And Top Girl Service...Coimbatore Girls Call Coimbatore 0X0000000X Provide Best And Top Girl Service...
Coimbatore Girls Call Coimbatore 0X0000000X Provide Best And Top Girl Service...
 
20240709 CDB Investor Deck_Jul24_vF_Website.pdf
20240709 CDB Investor Deck_Jul24_vF_Website.pdf20240709 CDB Investor Deck_Jul24_vF_Website.pdf
20240709 CDB Investor Deck_Jul24_vF_Website.pdf
 
Big Ass Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service A...
Big Ass Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service A...Big Ass Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service A...
Big Ass Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service A...
 

Webcast 3T15

  • 1. RESULTS ANNOUNCEMENT 3rd Quarter 2015 Conference Call / Webcast November 13th, 2015
  • 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 2015 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. 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 9M14 FX Rate – End of Period R$ 2.45 Exchange Rate FX Rate (R$/US$) 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Average 2.37 2.23 2.27 2.54 2.87 3.07 3.54 End of Period 2.26 2.20 2.45 2.66 3.21 3.10 3.97 R$ / US$ Source: Bloomberg – PTAX Exchange Rate 9M15 FX Rate – End of Period R$ 3.97 + 62 % 2,00 2,50 3,00 3,50 4,00 4,50 28%
  • 4. 4 9M15 Average Brent US$ 55.39 9M14 Average Brent US$ 106.57 40 50 60 70 80 90 100 110 120 130 140 Oil Prices - Brent Average Brent 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 R$ 256.48 244.47 231.56 193.73 154.89 190.09 177.38 US$ 108.22 109.63 101.85 76.27 53.97 61.92 50.26 US$ / bbl Source: Platts - 48% -19%
  • 5. 5 Results Highlights  Higher oil, NGL and natural gas production (6%, +163 kboed), amounting 2,790 kboed  Free cash flow of R$ 8.3 bn  Improvement on oil and oil products trade balance (from -424 to -89 kbpd)  Lower imports and government take expenses  Pre-salt daily production* record of 1 million and 120 thousand barrels on September 15th 9M15 Highlights 3Q15 Highlights  Higher oil, NGL and natural gas production (1%, +35 kboed), amounting 2,800 kboed  Free cash flow of R$ 3.8 bn  Higher domestic oil products demand (1%, +32 kbpd)  Improvement of oil and oil products trade balance (from -27 to -21 kbpd) *Petrobras + Partners production
  • 6. 6 9M15 Net Results: R$ 2,102 Million R$ Billion 9M15 9M14 ∆% Sales Revenues 236.5 252.2 Cost of Sales -164.8 -193.8 Gross Profit 71.7 58.4 23 Operational Expenses -43.1 -46.9 Operating Income 28.6 11.5 149 Financial Results -23.1 -2.1 Share of earning in equity-accounted investments 0.5 1.0 Profit-sharing -0.1 -0.8 Net income (loss) before income taxes 5.9 9.6 -38 Income Taxes -5.5 -4.6 Non-controlling interest 1.7 0.0 Net Income/Loss 2.1 5.0 -58 Net Income (US$ Billion) 1.0 2.4 -59 Adjusted EBITDA 56.8 39.1 45 Investments 55.5 62.5 -11 Free Cash Flow* 8.3 -12.3 167  Decrease of oil products sales volume in the domestic market  Lower oil products exports  Lower export prices  Lower oil and oil products imports  Lower government take expenses  2014 events: write-off of overpayments incorrectly capitalized, impairment of trade receivables from the electricity sector, write-off of Premium I and II and Voluntary Separation Incentive Plan (PIDV)  Lower dry/subcommercial wells expenses  Increase in tax expenses due to REFIS agreements  Provisions for legal contingencies (labor and tax claims)  Higher expense with pension and medical plan due to actuarial revision  Impairments  Higher exchange rate loss over foreign currency debt  Higher financial expenses due to the increase in debt and lower interest capitalization * Free Cash Flow = Operating Cash Flow minus Investing Cash Flow
  • 7. 7 Operating Expenses without Special Items 9M14 x 9M15 7.2 1.2 Other Operating Expenses Taxes Pension and Medical Plan Research and Development 9M15 Exploration costs Sales +6% General and Administrative 35.7 10.1 8.2 2.8 1.7 4.6 2.0 6.1 9M14 33.7 8.5 7.8 1.5 1.9 5.6 Amounts recovered - overpayments incorrectly capitalized +4% +19%* REFIS Agreement and State Tax Amnesty Program (ICMS) Provision for legal contingencies Asset sales Impairment Reversal of allowance for impairment of trade receivables – electricity sector * Higher logistical costs, mainly due to exchange rate variation R$ Billion Operating Expenses -8% Overpayments incorrectly capitalized Allowance for impairment of trade receivables Electricity Sector PIDV - Voluntary Separation Plan Impairment and Premium I and II Legal contingencies Asset Sales 9M15 5.8 1.1 2.5 -2.2 3.8 35.7 3.0 6.2 33.7 9M14 1.3 43.1 -0.9 46.9
  • 8. 8 EBITDA without Special Items 9M14 x 9M15 Premium I and II Legal Contingencies and Asset Sales 9M15 62.9 56.8 -0.9 +37% 5.8 9M14 45.8 39.1 3.8 1.1 2.7 -2.2 EBITDA PIDV - Voluntary Separation Plan 2.5 24 15 27 18 0 5 10 15 20 25 30 9M159M14 % EBITDA Without Special Items EBITDA Margin EBITDA Margin Without Special Items EBITDA Margin Without Special Items +45% R$ Billion Amounts recovered - overpayments incorrectly capitalized Reversal of allowance for impairment of trade receivables – electricity sector REFIS Agreement and State Tax Amnesty Program (ICMS) Provision for legal contingencies Asset sales Allowance for impairment of trade receivables - Electricity Sector
  • 9. 9 3Q15 Net Result: - R$ 3,759 Million R$ Billion 3Q15 2Q15 ∆% Sales Revenues 82.2 79.9 Cost of Sales -58.5 -54.4 Gross Profit 23.8 25.6 -7 Operational Expenses -17.9 -16.1 Operating Income 5.8 9.5 -39 Financial Results -11.4 -6.0 Share of earning in equity-accounted investments 0.2 0.2 Profit-sharing 0.2 0.0 Net income (loss) before income taxes -5.2 3.6 -245 Income Taxes 0.2 -2.7 Non-controlling interest 1.3 -0.4 Net Income/Loss -3.8 0.5 -808 Net Income (US$ Billion) -1.1 0.2 -721 Adjusted EBITDA 15.5 19.8 -22 Investments 19.3 18.3 5 Free Cash Flow* 3.8 5.7 -33  Higher exchange rate losses over FX-denominated debt  Higher demand for domestic oil products  Higher oil export prices  Higher oil import costs  Higher oil products sales  Legal contingencies (labor and tax claims)  Higher dry/subcommercial wells expenses * Free Cash Flow = Operating Cash Flow minus Investing Cash Flow
  • 10. 10 9M14 Average 2,627 9M15 Average 2,790 Exploration & Production 400 411 441 453 467 463 476 2,799 2,150 106 90 4Q14 2,746 2,090 119 +1% 3Q14 2,765 2,111 102 89 1Q15 2,803 100 87 2,149 118 91 96 2Q14 2,600 1,972 122 95 1Q14 2,531 1,922Oil and NGL Brazil Natural Gas Brazil Oil and NGL Abroad Natural Gas Abroad 3Q15 2,800 2,136 98 90 2Q15 Oil and Natural Gas Production – Brazil and Abroad kboed +6% +7% 418 469 2.132 9M14 2.413 1.995 +8% 9M15 2.600 Oil and Natural Gas Production Brazil 23,7% of total production of 9M15 comes from pre-salt
  • 11. 11 Exploration & Production Pre-Salt Production Pre-Salt Average Monthly Production (kpd) 0 100 200 300 400 500 600 700 800 900 1.000 Monthly Record on August 2015: 859 kbpd February 2013: 300 kbpd 2.9 x 1,120 kboed 901 kbpd Daily Production Record 09/15/2015 2008 2009 2010 2011 2012 2013 2014 September 2015 *Petrobras + Partners production
  • 12. 12 Exploration & Production Connection of New Wells in Brazil 30 34 61 35 12 17 26 17 20 42 2014 87 2013 51 2012 4Q159M15 52 Producers Injectors 72
  • 13. 13 9M14 Average 2,170 9M15 Average 2,049 Downstream kbpd 822 857 865 867 796 870 889 483 496 507 490 423 437 429 819 827 832 814 745 790 767 2,124 3Q15 2,180 1Q14 2,098 1Q15 -1% Diesel Gasoline Others 2Q15 2,204 2Q14 2,171 3Q14 2,085 1,964 4Q14 -6% Oil Products Output in Brazil
  • 14. 14 Downstream Sales Volume in Brazil kbpd 947 999 907 923 953 601 619 616 644 573 537 540 823 825 868 833 750 790 789 2Q15 2,250 3Q14 2,533 1,049 Others Gasoline Diesel 1Q15 2,230 4Q14 2,487 1,010 1Q14 2,371 2Q14 2,443 +1% 3Q15 2,282 9M14 Average 2,449 9M15 Average 2,254 -8%
  • 15. 15 Downstream Trade Balance Evolution (kbpd) (21)(27) (225) (390) (222) (633) (417) 3Q152Q151Q154Q143Q142Q141Q14 Trade Balance: Oil and Oil Products (kbpd) 414 292 219 351 399 298 (142) 150170 (180) 53 (244) 9M14 389 9M15 -89 9M14 -424 9M15 590 9M14 813 9M15 501 Oil ProductsOil Exports Imports Balance
  • 16. 16 R$ Billion Income taxes -0.9 Financial Results -21.0 Operating Expenses 3.8 COGS 9M15 Net Income -58% Others 2.1 1.9 29.0 Sales Revenues -15.7 9M14 Net Income 5.0 Net Income Evolution 9M14 x 9M15
  • 17. 17 R$ Billion Others* 9M15 Operating Income 28.6 Elimination +149% -0.6 Corporate -4.9 -0.6 Gas and Power 4.8 Exploration and Production -28.7 Downstream 47.1 9M14 Operating Income 11.5 Operating Income Evolution per Segment 9M14 x 9M15 *Others: Distribution, Biofuels and International Activities.
  • 18. 18 R$ Billion -39% 3Q15 Operating Income 5.8 Elimination 9.5 3.0 Corporate 1.6 Others* -1.6 Gas and Power 1.4 Exploration and Production -4.7 Downstream -3.4 2Q15 Operating Income Operating Income Evolution per Segment 2Q15 x 3Q15 *Others: Distribution, Biofuels and International Activities.
  • 19. 19 Costs Evolution in Brazil Refining Cost Lifting Cost* +6% 3Q15 40.82 11.24 2Q15 38.49 12.71 1Q15 38.13 13.27 R$/boeUS$/boe -1% 3Q15 7.89 2.12 2Q15 7.98 2.64 1Q15 8.16 2.84 Lower throughput and higher personnel expenses * Does not include government take 12,4014,70 39,16 33,59 +17% 9M159M14 -16% 2,52 2,96 8,01 6,80 +18% 9M159M14 -15%  Excluding the impact of FX variation, lifting costs increased by 4%  Higher expenses with well intervention and subsea engineering and maintenance in Campos Basin
  • 20. 20 Indebtedness Indebtedness Indebtedness (R$ Billion) 12/31/2014 09/30/2015 Short-term Debt 31.6 53.4 Long-term Debt 319.5 453.2 Total Indebtedness 351.0 506.6 (-) Cash and Cash Equivalents¹ 68.9 104.2 = Net Debt 282.1 402.3 Indebtedness (US$ Billion) Net Debt 106.2 101.3 1) Includes government securities and time deposits (maturity longer than 90 days)
  • 21. 21 4,8 4,8 5,0 4,6 5,2 43% 48% 52% 51% 58% 0% 10% 20% 30% 40% 50% 60% 70% 2,0 3,0 4,0 5,0 6,0 7,0 8,0 3Q14 4Q14 1Q15 2Q15 3Q15 Net Debt / LTM Adjusted EBITDA¹ Net Debt / Net Capitalization² Financial Ratios - Indebtedness 1) As of the 2Q15, the adjusted EBITDA used to calculate the ratio is the sum of the last 12 months 2) Net Debt / (Net Debt + Shareholders Equity)
  • 22. 22 2015-2019 Business and Management Plan Adjustments 27 28 19 25 20162015 -10.7% -29.6% Revised on 10/05/152015-2019 BMP CAPEX (US$ Billion) 2015-2019 BMP Revised on 10/08/15 Brent (US$/bbl) 2015 60 54 2016 70 55 FXRate (R$/US$) 2015 3.10 3.28 2016 3.26 3.80 Assumptions
  • 23. 23 Free Cash Flow US$ Billion * * 7.5 -5.6 2Q15 3Q15 1.9 -0.9 bi 6.1 -5.1 1.0 Operational Cash Flow -26.0Investments +7.8 bi 20.7 -5.3 9M159M14 2.5 19.3 -16.8 2Q15 x 3Q159M14 x 9M15
  • 24. 24 2015 Cash Flow US$ Billion * Realized in 9M15. Operating Cash Flow excludes tax contingencies 26 22 11 21 3 4 InvestmentsOperating Cash Flow -17 2015 Initial Cash Position -23 -6 25 0,7 -20 Divestments 0,5 RolloversInterest, Amortizations, Tax Contingencies and Others 5 Funding Needs -26 14 2015 Final Cash Position -6 0,2 * * * * * *