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Petrobras Investor Day - London 2018

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Petrobras
Petrobras

- Petrobras held its annual investor day in 2018 to discuss the company's performance and future plans - The CEO highlighted improvements in safety, debt reduction, cash generation, governance, and exploration successes in recent years - Executives provided details on ongoing debt management initiatives, production increases, cost savings, and new deepwater project startups - The company aims to further strengthen its financial position while preparing for a low-carbon future through technology investments and portfolio optimization

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Ivan Monteiro CEO PETROBRAS DAY 2018 —
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 2017 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. 2
Summary — • Petrobras became stronger • Business and Management Plan deliveries • Highlights in Exploration and Production • Setting the company for the future 3
SAFETY 2.2 1.6 1.1 1.06 2015 2016 2017 2T18 TOTAL RECORDABLE INJURIES (TRI)Performed 2.2 4Q15 PNG 18-22 1.0 in 2018 Safety remains our greatest value — 4
We continue reducing our net debt and increasing our 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 5
— 59 62 53 63 59 77 89 77 56 80 111 112 109 99 52 44 54 71 2010 2011 2012 2013 2014 2015 2016 2017 1H 2018 28% 25% 19% 21% 18% 24% 31% 27% 35% Brent Adjusted EBITDAR$ billion While delivering sustainable results 6 US$/bbl Adjusted EBITDA margin Note: In 2017, excluding the Class Action settlement, the adjusted EBITDA would be R$ 88 billion
Towards our leverage target and with growing profit -8.6 -4.3 0.2 4.9 2015 2016 2017 1H 2018 Net Profit (US$ billion) PNG 18-22 2.5 in 2018 Performed 5.1 4Q15 Net Debt / Adjusted EBITDA — 7 5.11 3.54 3.67 3.23 2015 2016 2017 1H 2018 3.20* 2.86* * Excluding Class Action setttlement
— as Confidence Recovery New management system Efficient governance mechanisms We overcame “car wash” More than R$ 2.5 billion recovered Class Action settlement agreement Value creation Dividends distribution Focus on return on capital The crisis is over Solid Liquidity Robust cash generation ✓ Active portfolio management Acquisitions and divestments as opportunities Greater competition in the Brazilian market Debt reduction After Net Debt / EBITDA of 2.5x in 2018, we will continue to reduce to the peers level ✓ ✓ 8 but the challenges continue... The company became stronger...
Deliveries of our Business and Management Plan — 9 Rafael Grisolia Chief Financial and Investor Relations Officer
Traded at B3’ Level 2 New governance and compliance measures took the company to a higher level — Related Party Transactions PolicyR Elimination of all material weaknessesR Employee Minority ShareholdersCEO B3’ State-owned Companies Certification R R81% of independent members (minimum of 40%) • Banning of political indications • Independent members nominated by the Union: selected from a triple list • Assessment of individual members Board of Directors 10 Board of Directors Committees Executive Bodies
— US$ billion International Capital Markets 2016-2018 Banking Market* 2016-2018 * Includes commercial banks and BNDES 22 28 7 Issuances Repurchases Exchange* * Exchange of securities with maturities in 2019, 2020 and 2021 for securities with maturities in 2025 and 2028 A large liability management program was implemented Note: Considers the position of transactions up to 8/31/2018. US$ billion 11 Exchange* 24 36 6 Fundraising Pre-payments Maturities Extension
— 12 AMORTIZATION SCHEDULE 2015 vs 2018 Which improved our debt profile 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 14.1
— Prices aligned to the international market 13
14 Reduction in break-even (point forward) PNG 2014-2018 43 PNG 2018-2022 29 • Pre-salt learning curve • Focus on the most profitable projects • Rig fleet optimization • Low oil price resilience • Competitive costs • Technology development US$/bbl PNG 2017-2021 30 Capex efficiency focusing on deep water —
Pre-salt stands out by its global competitiveness — Source: Bain, Rystad, EIA, IEA 15 25 50 75 100 OPEC North America Tight Oil Tier 1 pre-salt Oil Sands North America Conv. North America Tight Oil Tier 2 North America Deep Water Russia Rest of the World Shallow Water Rest of the World Deep Water North America Tight Oil Tier 4 North America Tight Oil Tier 4 North America Shale Tier 4 125 100 75 50 25 0 Breakeven Cost (US$/bbl) Cumulative Production (MMBD)
Operating costs under control — Lifting cost US$/boe Refining cost 11.7 10.3 11.3 10.5 2015 2016 2017 1S18 US$/bbl • Upstream logistic cost optimization • Rig fleet efficiency and optimization • Renegotiation of contracts 16 • Maintenance Optimization • Reduction in personnel expenses G&A US$ billion • Reduction in staff • Cut in managerial positions • Zero based budget 2.5 2.6 2.9 2.6 2015 2016 2017 1S18 3.4 3.3 2.9 1.3 2015 2016 2017 1S18
US$ 11.5 bi cashed-in from partnerships and divestments since 2017 — • Guarani • Distribution Chile • BR IPO • Roncador (1st stage) 0.6 4.2 1.7 2.5 2.5 2.0 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 13.5 • Iara and Lapa • São Martinho • Liquigás (fine) • Carcará (2nd stage) • NTS • Suape/Citepe • Azulão • Roncador (2nd stage) Projected Strategic Partnerships Note: Cash inflow amounts Maintaining the goal of US$ 21 billion in signing US$ billion 17
18 Financial discipline — • Towards an optimal capital structure • With continuous cost control • Efficient capex allocation • Active portfolio management • Adequate remuneration to our shareholders
Exploration & Production Highlights — Hugo Repsold Chief Production Development and Technology Officer 19
20 31% expansion in exploratory area • 20 new blocks of high potential • 90% of the assets in partnership 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) 5th PSA Round: pre-emption right Santos Basin Campos Basin Non-operator Operator Improvement in the regulatory framework Peroba exploratory effort • Record: 9 months between signing and drilling 20 —
— 10 years of pre-salt production — Petrobras Parceiros2008 Jun/2018 1.5 million bpd Record 04/27/18 2.0 billion boe Cumulative Production Average production 1H2018 1.38 million bpd • 21 FPSOs • 150 wells • lifting cost down by 40% • new technologies and project conception • high productivity 21 Partners
d Campos Basin: cumulative production exceeds 11 billion barrels — Management of production decline and systems operating at full capacity Marlim, Marlim Sul, Roncador and Albacora fields have already produced more than 1 billion barrels each Production fields Exploratory blocks 22
2017 2.1 2.1 2.2 2.1 0.5 0.5 0.5 0.5 0.2 0.2 0.1 0.1 2.8 2.8 2.8 2.7 2015 2016 2017 2018E Brazil Oil Brazil Gas Abroad Target delivered for 3 consecutive years Production Records BRAZIL OIL 2.6 MMBBL/D GAS 110 MMm3/D Millionsboed 23 May 2018 Delivering production targets in recent years —
WELLS 35% FPSO 35% SUBSEA 30% INCREASED EFFICIENCY 5 10 15 20 25 2010 2011 2012 2013 2014 2015 2016 2017 months Ramp-up time Typical pre-salt project — CAPEX 150,000 bpd 8 production wells 7 injection wells 11 months ramp-up 25-30 years of production 0 100 200 300 2010 2011 2012 2013 2014 2015 2016 2017 days Well construction time Completação PerfuraçãoDrilling 25% average capex reduction 24 Completion
Búzios 1 - FPSO P-74 • Start of operation: April/2018 • 7 completed wells (88% expected for 2018) • Current production: 30 kbpd (1 well) Tartaruga Verde e Mestiça FPSO Cid. de Campos • Start of operation: June/2018 • 7 completed wells (83% expected for 2018) • Current production: 25 kbpd (2wells) Lula Norte - FPSO P-67 • Baia de Guanabara (RJ) • Start of operation: 4Q18 • 11 completed wells (100% expected for 2018) Lula Extremo Sul - FPSO P-69 • At location • Start of operation: 4Q18 • 8 completed wells (100% expected for 2018) Búzios 2 - FPSO P-75 • At location • Start of operation: 4Q18 • 4 completed wells (100% expected for 2018) Búzios 3 - FPSO P-76 • Techint Shipyard (Pontal do Paraná) • Start of operation: 4Q18 • 3 completed wells (100% expected for 2018) Startup of six systems in 2018 — 25
Mero 1 Sépia Under procurement Mero 2 Integrated Parque das Baleias Búzios 5 Marlim 1 Revitalization Marlim 2 Revitalization And ten new systems in the next years — 26 Búzios 4 FPSO P-77 Lula Extremo SulBerbigão FPSO P-68 Atapu 2021+FPSO Carioca 150,000 bpd 180,000 bpd150,000 bpd FPSO Guanabara 180,000 bpdFPSO P-70 150,000 bpd
15 Preparing the company for the future — Nelson Silva Chief Strategy and Performance Officer 27
Moving towards a low carbon economy — • Technology driving 30% reduction of NOx emissions • Investments in CCUS • 15% reduction in GHG since 2015 28 28
— Developing high performance products — • Gasoline: components for high performance • Lubricant oil: reduction of frictional power losses and engine wear • Transmission fluid: increase durability and performance Partnership with McLaren and Renault 29
• Improved safety and governance • Substantial debt reduction • Solid cash generation • Creating value for society and shareholders • Active portfolio management, with great exploratory opportunities and strengthening partnerships • Preparing the company for a low carbon future and digital transformation Setting the company for the future — 30
PETROBRAS DAY 2018 —www.petrobras.com.br/ir petroinvest@petrobras.com.br 31

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Petrobras Investor Day - London 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 2017 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. 2
  • 3. Summary — • Petrobras became stronger • Business and Management Plan deliveries • Highlights in Exploration and Production • Setting the company for the future 3
  • 4. SAFETY 2.2 1.6 1.1 1.06 2015 2016 2017 2T18 TOTAL RECORDABLE INJURIES (TRI)Performed 2.2 4Q15 PNG 18-22 1.0 in 2018 Safety remains our greatest value — 4
  • 5. We continue reducing our net debt and increasing our 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 5
  • 6. — 59 62 53 63 59 77 89 77 56 80 111 112 109 99 52 44 54 71 2010 2011 2012 2013 2014 2015 2016 2017 1H 2018 28% 25% 19% 21% 18% 24% 31% 27% 35% Brent Adjusted EBITDAR$ billion While delivering sustainable results 6 US$/bbl Adjusted EBITDA margin Note: In 2017, excluding the Class Action settlement, the adjusted EBITDA would be R$ 88 billion
  • 7. Towards our leverage target and with growing profit -8.6 -4.3 0.2 4.9 2015 2016 2017 1H 2018 Net Profit (US$ billion) PNG 18-22 2.5 in 2018 Performed 5.1 4Q15 Net Debt / Adjusted EBITDA — 7 5.11 3.54 3.67 3.23 2015 2016 2017 1H 2018 3.20* 2.86* * Excluding Class Action setttlement
  • 8. — as Confidence Recovery New management system Efficient governance mechanisms We overcame “car wash” More than R$ 2.5 billion recovered Class Action settlement agreement Value creation Dividends distribution Focus on return on capital The crisis is over Solid Liquidity Robust cash generation ✓ Active portfolio management Acquisitions and divestments as opportunities Greater competition in the Brazilian market Debt reduction After Net Debt / EBITDA of 2.5x in 2018, we will continue to reduce to the peers level ✓ ✓ 8 but the challenges continue... The company became stronger...
  • 9. Deliveries of our Business and Management Plan — 9 Rafael Grisolia Chief Financial and Investor Relations Officer
  • 10. Traded at B3’ Level 2 New governance and compliance measures took the company to a higher level — Related Party Transactions PolicyR Elimination of all material weaknessesR Employee Minority ShareholdersCEO B3’ State-owned Companies Certification R R81% of independent members (minimum of 40%) • Banning of political indications • Independent members nominated by the Union: selected from a triple list • Assessment of individual members Board of Directors 10 Board of Directors Committees Executive Bodies
  • 11. — US$ billion International Capital Markets 2016-2018 Banking Market* 2016-2018 * Includes commercial banks and BNDES 22 28 7 Issuances Repurchases Exchange* * Exchange of securities with maturities in 2019, 2020 and 2021 for securities with maturities in 2025 and 2028 A large liability management program was implemented Note: Considers the position of transactions up to 8/31/2018. US$ billion 11 Exchange* 24 36 6 Fundraising Pre-payments Maturities Extension
  • 12. — 12 AMORTIZATION SCHEDULE 2015 vs 2018 Which improved our debt profile 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 14.1
  • 13. — Prices aligned to the international market 13
  • 14. 14 Reduction in break-even (point forward) PNG 2014-2018 43 PNG 2018-2022 29 • Pre-salt learning curve • Focus on the most profitable projects • Rig fleet optimization • Low oil price resilience • Competitive costs • Technology development US$/bbl PNG 2017-2021 30 Capex efficiency focusing on deep water —
  • 15. Pre-salt stands out by its global competitiveness — Source: Bain, Rystad, EIA, IEA 15 25 50 75 100 OPEC North America Tight Oil Tier 1 pre-salt Oil Sands North America Conv. North America Tight Oil Tier 2 North America Deep Water Russia Rest of the World Shallow Water Rest of the World Deep Water North America Tight Oil Tier 4 North America Tight Oil Tier 4 North America Shale Tier 4 125 100 75 50 25 0 Breakeven Cost (US$/bbl) Cumulative Production (MMBD)
  • 16. Operating costs under control — Lifting cost US$/boe Refining cost 11.7 10.3 11.3 10.5 2015 2016 2017 1S18 US$/bbl • Upstream logistic cost optimization • Rig fleet efficiency and optimization • Renegotiation of contracts 16 • Maintenance Optimization • Reduction in personnel expenses G&A US$ billion • Reduction in staff • Cut in managerial positions • Zero based budget 2.5 2.6 2.9 2.6 2015 2016 2017 1S18 3.4 3.3 2.9 1.3 2015 2016 2017 1S18
  • 17. US$ 11.5 bi cashed-in from partnerships and divestments since 2017 — • Guarani • Distribution Chile • BR IPO • Roncador (1st stage) 0.6 4.2 1.7 2.5 2.5 2.0 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 13.5 • Iara and Lapa • São Martinho • Liquigás (fine) • Carcará (2nd stage) • NTS • Suape/Citepe • Azulão • Roncador (2nd stage) Projected Strategic Partnerships Note: Cash inflow amounts Maintaining the goal of US$ 21 billion in signing US$ billion 17
  • 18. 18 Financial discipline — • Towards an optimal capital structure • With continuous cost control • Efficient capex allocation • Active portfolio management • Adequate remuneration to our shareholders
  • 19. Exploration & Production Highlights — Hugo Repsold Chief Production Development and Technology Officer 19
  • 20. 20 31% expansion in exploratory area • 20 new blocks of high potential • 90% of the assets in partnership 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) 5th PSA Round: pre-emption right Santos Basin Campos Basin Non-operator Operator Improvement in the regulatory framework Peroba exploratory effort • Record: 9 months between signing and drilling 20 —
  • 21. — 10 years of pre-salt production — Petrobras Parceiros2008 Jun/2018 1.5 million bpd Record 04/27/18 2.0 billion boe Cumulative Production Average production 1H2018 1.38 million bpd • 21 FPSOs • 150 wells • lifting cost down by 40% • new technologies and project conception • high productivity 21 Partners
  • 22. d Campos Basin: cumulative production exceeds 11 billion barrels — Management of production decline and systems operating at full capacity Marlim, Marlim Sul, Roncador and Albacora fields have already produced more than 1 billion barrels each Production fields Exploratory blocks 22
  • 23. 2017 2.1 2.1 2.2 2.1 0.5 0.5 0.5 0.5 0.2 0.2 0.1 0.1 2.8 2.8 2.8 2.7 2015 2016 2017 2018E Brazil Oil Brazil Gas Abroad Target delivered for 3 consecutive years Production Records BRAZIL OIL 2.6 MMBBL/D GAS 110 MMm3/D Millionsboed 23 May 2018 Delivering production targets in recent years —
  • 24. WELLS 35% FPSO 35% SUBSEA 30% INCREASED EFFICIENCY 5 10 15 20 25 2010 2011 2012 2013 2014 2015 2016 2017 months Ramp-up time Typical pre-salt project — CAPEX 150,000 bpd 8 production wells 7 injection wells 11 months ramp-up 25-30 years of production 0 100 200 300 2010 2011 2012 2013 2014 2015 2016 2017 days Well construction time Completação PerfuraçãoDrilling 25% average capex reduction 24 Completion
  • 25. Búzios 1 - FPSO P-74 • Start of operation: April/2018 • 7 completed wells (88% expected for 2018) • Current production: 30 kbpd (1 well) Tartaruga Verde e Mestiça FPSO Cid. de Campos • Start of operation: June/2018 • 7 completed wells (83% expected for 2018) • Current production: 25 kbpd (2wells) Lula Norte - FPSO P-67 • Baia de Guanabara (RJ) • Start of operation: 4Q18 • 11 completed wells (100% expected for 2018) Lula Extremo Sul - FPSO P-69 • At location • Start of operation: 4Q18 • 8 completed wells (100% expected for 2018) Búzios 2 - FPSO P-75 • At location • Start of operation: 4Q18 • 4 completed wells (100% expected for 2018) Búzios 3 - FPSO P-76 • Techint Shipyard (Pontal do Paraná) • Start of operation: 4Q18 • 3 completed wells (100% expected for 2018) Startup of six systems in 2018 — 25
  • 26. Mero 1 Sépia Under procurement Mero 2 Integrated Parque das Baleias Búzios 5 Marlim 1 Revitalization Marlim 2 Revitalization And ten new systems in the next years — 26 Búzios 4 FPSO P-77 Lula Extremo SulBerbigão FPSO P-68 Atapu 2021+FPSO Carioca 150,000 bpd 180,000 bpd150,000 bpd FPSO Guanabara 180,000 bpdFPSO P-70 150,000 bpd
  • 27. 15 Preparing the company for the future — Nelson Silva Chief Strategy and Performance Officer 27
  • 28. Moving towards a low carbon economy — • Technology driving 30% reduction of NOx emissions • Investments in CCUS • 15% reduction in GHG since 2015 28 28
  • 29. — Developing high performance products — • Gasoline: components for high performance • Lubricant oil: reduction of frictional power losses and engine wear • Transmission fluid: increase durability and performance Partnership with McLaren and Renault 29
  • 30. • Improved safety and governance • Substantial debt reduction • Solid cash generation • Creating value for society and shareholders • Active portfolio management, with great exploratory opportunities and strengthening partnerships • Preparing the company for a low carbon future and digital transformation Setting the company for the future — 30