The document provides highlights from Petrobras' 3rd quarter 2011 results. Key points include: - Operating income and EBITDA were stable compared to the previous quarter. Net income was affected by a 19% devaluation of the Brazilian Real. - Production of the P-56 platform in the Marlim Sul field is expected to reach peak production in Q1 2012. - Developments in pre-salt areas include the start-up of the Lula-Mexilhão gas pipeline and tests confirming the potential of the Franco field. - Production increased 1.2% year-over-year for the first nine months but declined 1% compared to the previous quarter due to scheduled and unscheduled

1. Results Announcement
3rd Quarter 2011
(IFRS)
Conference Call/Webcast
Almir Guilherme Barbassa
CFO and Investor Relations Officer
November 16th, 2011
1

2. DISCLAIMER
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements We undertake no obligation to publicly update or
about future events within the meaning of Section 27A of revise any forward-looking statements, whether as
the Securities Act of 1933, as amended, and Section 21E a result of new information or future events or for
of the Securities Exchange Act of 1934, as amended, that any other reason. Figures for 2011 on are
are not based on historical facts and are not assurances of estimates or targets.
future results. Such forward-looking statements merely
reflect the Company’s current views and estimates of
future economic circumstances, industry conditions, All forward-looking statements are expressly
company performance and financial results. Such terms qualified in their entirety by this cautionary
as "anticipate", "believe", "expect", "forecast", "intend", statement, and you should not place reliance on
"plan", "project", "seek", "should", along with similar or any forward-looking statement contained in this
analogous expressions, are used to identify such forward- presentation.
looking statements. Readers are cautioned that these
statements are only projections and may differ materially
from actual future results or events. Readers are referred NON-SEC COMPLIANT OIL AND GAS RESERVES:
to the documents filed by the Company with the SEC,
specifically the Company’s most recent Annual Report on CAUTIONARY STATEMENT FOR US INVESTORS
Form 20-F, which identify important risk factors that could We present certain data in this presentation, such
cause actual results to differ from those contained in the as oil and gas resources, that we are not permitted
forward-looking statements, including, among other to present in documents filed with the United
things, risks relating to general economic and business States Securities and Exchange Commission (SEC)
conditions, including crude oil and other commodity under new Subpart 1200 to Regulation S-K because
prices, refining margins and prevailing exchange rates, such terms do not qualify as proved, probable or
uncertainties inherent in making estimates of our oil and possible reserves under Rule 4-10(a) of Regulation
gas reserves including recently discovered oil and gas S-X.
reserves, international and Brazilian political, economic
and social developments, receipt of governmental
approvals and licenses and our ability to obtain financing.
2

3. 3Q11 HIGHLIGHTS
o Operating income (+2%) and EBITDA (+3%) stable in 3Q11.
o Net income of R$ 6,336 million in 3Q11, affected by the Real devaluation of 19% at quarter end.
o Start-up of P-56, in Marlim Sul field (Campos Basin), projected to reach peak production in 1Q12.
o Pre-salt: Lula-Mexilhão Gas Pipeline start-up, conclusion of Guará EWT (Extended Well Test), start-
up of Carioca NE EWT, and 2nd well of Franco, confirming the potential of the area.
o Petrobras was included in the Dow Jones Sustainability Index (DJSI) for the sixth consecutive year.
P-56 Lula-Mexilhão
Gas Pipeline
Dynamic Producer
3

4. MAIN INDICATORS
∆%
3Q11 2Q11 3Q10
(3Q11 x 2Q11)
EBITDA (R$/million) 16,672 16,139 +3% 14,736
OPERATING INCOME¹ (R$/million) 12,322 12,047 +2% 10,673
NET INCOME² (R$/million) 6,336 10,942 -42% 8,566
AVG. REALIZATION PRICE - ARP (R$/bbl) 166.78 167.15 - 158.28
AVG. REALIZATION PRICE - ARP (US$/bbl) 102.66 105.05 -2% 92.54
Brent (US$/bbl) 113.46 117.36 -3% 76.86
Average dollar Realization Price (R$) 1.64 1.60 +2% 1.75
Production (thousand bbl/day) 2,572 2,598 -1% 2,570
Domestic sales (thousand bbl/day) 2,627 2,503 +5% 2,497
¹ Income before financial result, profit sharing and taxes
² Net income attributable to Petrobras shareholders
4

5. OIL AND GAS PRODUCTION – 9M11 vs. 9M10
Scheduled and unprogrammed stoppages affecting production in the quarter
Total Production Domestic Production
(daily average) (daily average)
+1.2% +1.8%
2,568 2,599 2,322 2,363
246 236 327 350
(thousand bpd)
(thousand bpd)
2,322 2,363 1,995 2,013
9M 2010 9M 2011 9M 2010 9M 2011
Brasil
Brazil Internacional
International Petróleo e LGN
Oil and LNG Gás Natural
Natural Gas
o Main contributors to the increase of domestic production in 2011: Marlim Leste, Cachalote/Baleia Franca, Jubarte,
Uruguá, Lula Pilot and EWTs of Tiro, Sidon, Guará, Lula Nordeste and Aruanã.
o International production declined 4% YoY due to the initiation of tax oil in Nigeria (Agbami field) and the
termination of E&P agreements in Ecuador.
5

6. PRODUCTION BEHAVIOR
Reservoirs and equipments set production over time
bbl/d
Natural decline of reservoir *
Potential1 Possible causes:
- decrease in reservoir pressure
Production1 - increase jn water production
Potential2
* Assuming 100% efficiency of the
Production2 equipment installed
Actual production, a combination of:
- Natural decline of the reservoir and
- Equipment efficiency
- problems with lift;
hydrate formation in the collection line;
compression failures;
t1 t2 power outages;
Time
equipment failures;
scheduled and unscheduled maintenance
etc...
o 2011 production decline in some fields above historical rates was due to reduced
equipment efficiency, not geology.
o On average, reservoir decline was below expected.
6

7. PRODUCTION IN MARLIM FIELD
An example of production losses due to equipment
700.000 400.000
Sep/Oct 2010 Events
(ANP/Navy interdictions) 3Q 2011
300.000
500.000
200.000
300.000
100.000
100.000 0
jul…
jul…
jul…
jul…
jul…
jul…
jul…
jul…
jul…
jul…
jan…
jan…
jan…
jan…
jan…
jan…
jan…
jan…
jan…
jan…
jan/
jan/
jan/
jul/0
jul/1
jul/1
09
10
11
9
0
1
300.000
Increase of
20 kbpd
after
250.000 maintenance
- 79 kbpd: maintenance and operational problems
- 52 kbpd
200.000
+ 27 kbpd: improvement in well’s performance
150.000
1T 2010 2Q10
1Q10 2T 2010 3T 2010 1T 2011 2Q11
3Q10 1Q11 2T 2011 3T2011
3Q11
7

8. PRODUCTION - 2011
Production below target mostly explained by unplanned maintenance
Production loss due to operational causes – effect on annual production
25.000
Unprogrammed Stoppages
20.000 Programmed Stoppages Unplanned maintenance
and additional time for
15.000 planned maintenance in the
(thousd. bpd)
9M11 lowered production
10.000
by an average of 44
5.000 thousand bpd in the year
0
1Q 2Q 3Q
Other factors that reduced production relative to targets
o Delays in the completion and connection of wells, due to the late arrival of new rigs from
international shipyards.
o Logistical and market restrictions reduced production of natural gas, in turn reducing oil
production by 20 thousand. Bpd during 9M11 (Uruguá: 10 thousd. bpd; Lula: 10 thousd. bpd)
8

9. PRODUCTION TARGETS 2011
New wells expected to increase production during the 4th quarter
2,150 (+2.5%)
Offshore Production wells 2011
• 35 wells on 9M11
2,100 (target) – 15 wells on 3Q11
• 4 wells in October with 38 thousd. bpd potential
• Expectations for November/December:
2,050 (-2.5%) – 16 wells (with a total potential of 175 thousd.bpd)
2,013 (Production 9M11: -4%) • P-57 and P-56 expected to be producing at 80% of
capacity by year end
Minimizing Unprogrammed Stoppages
• Commitment Agreement with ANP, related to
schedule of supervision
• Flotels (floting hotels)/UMS - 3 operating
UMS Cidade de Arraial do Cabo
9

10. NEW PRODUCTION UNITS 2012
Production capacity growth above 400 thousand bpd during the period
Capacity
Development Project
(thousd. bpd)
Petrobras % Forecast
Tambaú Natural Gas 100% PBR 1Q 2012
Pilot Baleia Azul (Pre-salt) 100 100% PBR 3Q 2012
Tiro Sidon 80 100% PBR 3Q2012
Roncador mod. 3 SS P-55 180 100% PBR 4Q 2012
Pilot Guará (Pre-salt) 120 45% PBR 4Q 2012
Additional Total Capacity - Petrobras: 414 thousand bpd
o 8 ultra deepwater rigs have arrived during 2011. 15 more contracted to arrive by end of 2012.
o Additional rigs will accelerate ramp-up of new systems.
10

11. PRE-SALT ACTIVITY
E&P results confirming the potential of the area
CAMPOS BASIN
 Jubarte: 14,000 bpd (ESS-103)
 Baleia Franca: 25,000 bpd (BRF-1 + BRF-6)
 Brava: 7,000 bpd (MRL-199D)
 Carimbé: 21,000 bpd (CRT-43)
 Tracajá: 20,000 bpd (MLL-70)
TOTAL (Nov/11): 87,000 bpd
PRE-SALT CLUSTER IN SANTOS BASIN
 EWT Carioca NE: 24,000 bpd (SPS-74)
 EWT Lula NE: 14,000 bpd (RJS-662A)
 Lula Pilot: 53,000 bpd (RJS-660 + RJS-646)
TOTAL (Nov/11): 91,000 bpd
INTENSIFYING DEVELOPMENT CAMPAIGN IN THE PRE- SALT SANTOS BASIN
 34 wells drilled through Oct 11 (27 Exploratory), with an additional 5 new wells by year end 2011
 Lula Pilot: 1st well - 28 thous. bpd, 2nd well - 25 thous. bpd and 3rd well to start producing at the end of Nov.
 The number of rigs in the area will double by the end of 2012 ( currently 10 rigs operating)
Average production in all Pre-salt wells approximately 20,000 bpd , with no evidence of decline
11

12. AVERAGE REALIZATION PRICE (ARP)
Pricing policy avoids short term international volatility
Average Average Average
US$/bbl US$/bbl 2Q11 3Q11
3Q10
180
117
120.00 113 160
105
140 122.62
100.00 109
86 103 118.00
94 120
80.00 75 76 78 77
68 100 92.54
80 105.05 102.66
70 73 74 72
60.00 80
64 82.42
60
40.00
40
20.00 20
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Petrobras (average) Brent US ARP Petrobras ARP
o Decrease of ARP Brazil at the end of 3Q11 due to FX rate depreciation. ARP expressed in
Reais was stable.
o Adjustments to gasoline (+10%) and diesel (+2%) prices, effective as of November 1st.
o Petrobras oil price decreased US$ 6/bbl in the 3Q11, US$ 2/bbl more than Brent, due to
increase in international light/heavy oil spread.
12

13. LIFTING COSTS
Costs pressured by a combination of factors during first nine months of 2011
R$/barril US$/barril 117.36
113.46
187.78 186.07
175.30 104.97
147.02 86.48
55.14 54.11 35.00
134.51 50.66 76.86 31.25
30.48
42.72 43.47
24.67 25.58
34.21 31.80 21.88
31.66 17.88
19.10
24.26 26.13 15.29
14.07
18.46 19.00 20.93 22.31 13.12 13.37
17.34 10.60 10.29 11.38
3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11
Brent Government take Lifting cost
o In 3Q11 lifting costs increased by provisioning for 2011 Collective Bargaining Agreement, under negotiation.
o Increasing lifting cost trend in 2011 as a result of start-up of new production systems, increase in planned and
unplanned stoppages and higher oil prices affecting service and energy costs.
13

14. PRODUCTION AND SALES
Adapting the refining system to supply growing domestic market
Production Sales
+4 % +9 %
2,098
1,878 1,928
1,805
(Thousandl barrels/day)
425 576
434 552
227 82
243 103
469
343 397 388
829 885 971
786
9M10 9M11 9M10 9M11
Diesel + Jet Fuel Gasoline Fuel Oil Other
o 9% increase of oil products sales in the domestic market , driven by diesel (+9%) and gasoline (+21%) during
first nine months of 2011.
o Operational improvements: Utilization of installed capacity at 92, with higher output of middle distillates and
gasoline, using more domestic oil.
14

15. NATURAL GAS
Growing non-thermoelectric demand supported by increasing domestic production
Production * Supply
+2 % +8%
47 48
1
11 9 5
27
Million cu.m/d
Million cu.m/d
27
37 39
38
30
9M10 9M11 9M10 9M11
Non Thermoelectrical Thermoelectrical National Import Bolivia Import LNG
o Increase of non-thermoelectric consumption due to higher industrial demand (+12%).
o Lower thermoelectric demand due to high levels in hydroelectric reservoirs.
* Sales do not consider internal transfers (refineries, thermoelectrical units, fertilizer units ) as well as sales done by BR 15

16. OPERATING INCOME 3Q11 vs 2Q11 (CONSOLIDATED)
R$ MilIion
2,710 (2,594)
12,047 (60) 219 12,322
2Q11 Sales Revenue COGS Expenses Other Expenses 3Q11
Operating Income Operating Income
o Revenue increase due to higher sales, mainly diesel, but also gasoline and natural gas.
o Higher COGS due to the increase of import and sales volumes.
o Operating expenses stable despite the increase of sales.
16

17. NET INCOME 3Q11 vs 2Q11 (CONSOLIDATED)
R$ Million
10,942 275 (8,179)
1,530 6,336
2,406
(638)
2Q11 Operating Income Financial Results Interest in Taxes Minority Interest 3Q11
Net Income Investments Net Income
oThe depreciation of Real against dollar (19%) caused a financial expense in the amount of US$ 6.6
billion.
o Lower income tax and social contribution due to a lower net income.
o Minority Interest variation as a result of the impact of the FX variation on the SPC s debt.
17

18. EXPLORATION AND PRODUCTION: OPERATING INCOME 3Q11 vs 2Q11
R$ Million
16,017 (1,039) 15,680
745 (313) 691
(421)
2Q11 Price Effect on Cost Effect on COGS Volume Effect on Volume Effect on Operat. Expenses 3Q11
Operating Income Revenue Revenue COGS Operating Income
o Lower oil price (2Q11: US$ 108.97/3Q11: US$ 102.86) and reduction in light/heavy oil
differential.
o Higher sales volume due to the numbers of days and inventory utilization in the quarter.
o Reduction in exploration expenses (R$ 414 million) and Indemnification from an arbitration
dispute (R$339 million) related to P-48.
18

19. DOWNSTREAM: OPERATING INCOME 3Q11 vs 2Q11
R$ Million
2Q11 Price Effect on Volume Effect on Volume Effect on 3Q11
Operating Income Revenue Cost Effect on COGS Revenue COGS Operat. Expenses Operating Income
(3,618) 1,915 (2,046)
(133) (4,122)
(993) 753
o Reduction in average export prices and ARP in Brazil.
o COGS reflecting increase in total domestic oil products sales volume and higher import volumes,
partially offset by lower oil acquisition cost.
o Sales revenue 4% higher due to economic activity in domestic market (diesel +9% and jet fuel +6%).
19

20. GAS & POWER, INTERNATIONAL AND DISTRIBUITION (3Q11 vs 2Q11)
GAS & POWER INTERNACIONAL DISTRIBUTION
Operating Income Operating Income Operating Income
(R$ milllion) (R$ milllion) (R$ milllion)
3Q11 VS. 2Q11 3Q11 VS. 2Q11 3Q11 VS. 2Q11
R$ 2,055 R$ 1,131 R$ 377 R $ 649 R$ 467 R $ 336
Higher income due to increasing Income reduction due to adjustment Higher income due to 7% and 12%
natural gas demand from industry of inventories to market value and increase, respectively, in sales
and recognition of fiscal credits. lower realization prices for oil volume and margin
production.
20

21. CAPEX
Investment stable after adjusting for the exchange rate
9M2010 9M2011
R$ 56.5 billion R$ 50.8 billion
0.9 0.5 1.0 0.3 0.7 0.8
3.4
E&P *
2.9
5.4 RTM 2.9
Gas&Power *
24.3 International 24.3
Biofuels
21.0 18.9
Distribution*
Corporate
o Stable investments in 9M11 vs 9M10. Lower spending in Reais is largely due to appreciation
of the Real against the Dollar (+6%).
o Gas&Power investments in complementary phase of the investment’s cycle in infrastructure.
*Includes projects developed by SPCs 21

22. LEVERAGE AND LIQUIDITY
Exchange rate was the main reason for leverage increase
Net Debt/EBITDA Net Debt/Net Cap.
50%
5,5
34% 40%
4,5
22% 30%
3,5 16% 17% 17% 17%
20%
2,5 10%
1.52 1.41
1,5 0.94 1.03 1.07
1.03 0%
0,5 -10%
-0,5 -20%
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
R$ Billion 09/30/11 06/30/11
Short-term debt 20.0 16.7
o Higher net debt, mainly due to the
Long-term debt 126.8 111.6 depreciation of the Real against the Dollar. The
Total Debt 146.8 128.3 exchange rate effect was responsible for 3 p.p
increase in leverage, in 3Q11 vs 2Q11
Cash and Cash Equivalents 33.7 34.7 comparison.
Tradeable Securities
21.4 24.8 o Net Debt/EBITDA increased due to stable cash
(maturing in more than 90 days)
generation and higher net debt.
Adjusted Cash and Cash Equivalents 55.0 59.5
Net Debt 91.8 6.8 o Maintenance of high cash and equivalents
position.
Net Debt/EBITDA 1.41X 1.07X
US$ Billion 09/30/11 06/30/11
Net Debt 49.5 44.1
22

23. Information:
Investor Relations
+55 21 3224-1510
petroinvest@petrobras.com.br
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