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
Continuous strategic monitoring: long term focus and 3 new strategies

of energy, with a
An unique
with focus that evolves creating high
integrated technical
on oil and with society value
company capability
gas

ACTIVE PORTFOLIO EXPLORATORY STRENGTHENING OF COST DISCIPLINE TECHNOLOGICAL

MANAGEMENT PORTFOLIO GOVERNANCE COMPETENCIES
BEST PRACTICES

RESTRUCTURING OF E&P PROJECTS RECOVERY OF PROCUREMENT WITH DEEP WATER

THE ELECTRIC PORTFOLIO CREDIBILITY A VALUE FOCUS PRODUCTION
ENERGY BUSINESS DEVELOPMENT
MERITOCRACY
EXIT FROM NON-CORE LOW CARBON
BUSINESSES ECONOMY RESERVES LOW BREAKEVEN
INCORPORATION PRICE PROJECTS
MAXIMIZATION OF GAS DIGITAL
PRICING POLICY
VALUE TRANSFORMATION
FINANCIAL AND RISK
MANAGEMENT
3
Preparing the company for a future based on a low carbon economy

Reducing carbon Investing and Developing high value

emissions on our promoting new businesses for
production processes technologies to renewable energies
reduce impacts on
climate changes

4
Capturing opportunities generated by
the digital transformation

Value generation through digital

solutions for reservoir management
and geological processes (geophysics,
geochemistry and petrophysics)

Automation

Big data

Cloud computing

Artificial intelligence

High performance computing

5
Optimizing the company’s financial and
risk management

Improvement on cash management, increasing

predictability and optimizing size and allocation

Reduction on risks associated to the company’s cash flow

6
OUR MAIN METRICS

Safety Financial
Anticipated in 2 years Target maintained

1.0 in 2018 2.5 in 2018

TOTAL RECORDABLE INJURY
NET DEBT/ADJUSTED EBITDA
FREQUENCY RATE (TRI)*

*Number of reportable injuries per million man-hours

7
 Safety

TRI
2.2
TOTAL RECORDABLE INJURY FREQUENCY RATE
(TRI)* 1.6

1.1
Actual Actual 1.0

2.2 1.1 1.0

2015 3Q17 in 2018 2015 2016 2017 2018

Peers average
50% reduction

8
 Financial

Net Debt / Adjusted Ebitda

5.1

NET DEBT / ADJUSTED EBITDA 3.2

2.5

Actual Actual

5.1 3.2 2.5

2015 3Q17 in 2018
4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q18

By 2022: metric converges to

40% reduction the global average of the
main oil and gas companies
rated as investment grade

9
Main planning assumptions

Brent Prices Nominal exchange rate

(US$/barrel) (R$/US$)
100,0

80,0
73
3.80
66
70 60,0 3.62
3.69
3.55
58 3.48 3.44
53 53
46 40,0
3.17
20,0

0,0
2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022
Range of Estimates
Focus Range (11/03/2017)

Source of estimates: IHS – Jul/2017 (Scenarios Rivalry and Autonomy), PIRA – Sept/2017 (Scenario Reference, High and Low), EIA – International Energy Outlook
Sept/2017 (High Price, Low Price, Reference). 2017 values represent the average until Nov 7, 2017.

10
Net Debt/EBITDA Sensitivity to Brent

BRENT Net Debt

4,5 US$/BBL Adjusted Ebitda

4 50.0 3.7
Net Debt/Ebitda

3,5 Planning
53.0 3.3
assumption
3
60.0 2.7
2,5
Futures
prices*
62.4 2.5
2
Spot
Prices*
64.0 2.4
1,5
45 55 65 75
70.0 2.0
Brent
(US$/bbl) 62.4 *Data from December 20, 2017

Monthly average values for

ICE Brent futures contracts
for 2018 (Feb to Dec/18)
11
Continuous reduction and improvement in debt profile
Average maturity (years) and
Indebtedness (US$ billion)
Average rate (% p.y.)
8.36
7.88
7.46 7.61
123 7.33
118
115 114 114
6.3 6.2 6.2 6.1 5.9
102 3Q16 4Q16 1Q17 2Q17 3Q17
Maturity Average rate
100
96 95 Total amortizations of principal in
89 88 2018, 2019 and 2020 (US$ billion)
48.1
77
27.5
3Q16 4Q16 1Q17 2Q17 3Q17 4Q18

Gross debt Net debt Position in 12/31/2014 Position in 11/30/2017*

* Does not include pre-payment of US$ 2.8 billion with CDB (due in 2019)

12
Additional initiatives with impacts on cash flow

Increase in market-share through an active pricing policy

Additional reduction in disbursements (opex and capex)

Acceleration in divestments with a US$ 5 billion increase in

potential portfolio

13
Start- up of 19 new production units by 2022

TARTARUGAS VERDE
E MESTIÇA (99%)

LULA NORTE
P-67 (99%)

BERBIGÃO REVIT. DE MARLIM

P-68 (88%) MÓD. 1

LULA EXTREMO SUL REVIT. DE MARLIM

P-69 (91%) MÓD. 2

OWNED LEASED
BÚZIOS 1 INTEGRADO PARQUE
P-74 (96%) DAS BALEIAS
POS-SALT

BÚZIOS 2 SERGIPE-ÁGUAS PRE–SALT (CONCESSION)

P-75 (92%) MERO 1
PROFUNDAS
TRANSFER OF RIGHTS

PSA
BÚZIOS 3 ATAPU 1
BÚZIOS 5 MERO 2
P-76 (93%) P-70 (88%) Completion (%)

EGINA BÚZIOS 4 ITAPU

SÉPIA
Egina FPSO (85%) P-77 (90%)

2018 2019 2020 2021 2022 14

 Increase in oil and gas production

OIL + GAS INTERNATIONAL 3.5

3.4

NATURAL GAS BRAZIL

2.7 2.9
2.6

2.1

OIL BRAZIL
Million boe/d

2018 2019 2020 2021 2022

Note: Considers divestments

15
Focus on the most profitable invesment projects

CAPEX 2018-2022 Annual Capex

17.3
16.6
15.8
18% 2.9
1% 14.2 2.6
3.8
2.0

74.5
E&P 10.5
Refining and 1.9
Natural Gas
US$ billion 14.2 13.9
Other segments
11.9 12.0
8.4
81%

Note: incorporates reductions from divestments 2018 2019 2020 2021 2022

Capex was maintained at the same level of the

previous plan
16
E&P Investments

CAPEX 2018-2022 E&P Post-

58% of the 2018-2022 capex will
be deployed on the pre-salt,
Investments Salt
Pre-salt which presents a higher
by layer 42% 58% profitability relative to post-salt
12% 11% assets

60.3 Active portfolio Increase in value associated to

Return
US$ billion capex allocation, strategic
management partnerships and divestments

Risk
77%

Focus on the most profitable

BMP
Reduction on 14-18
projects
Exploration BMP BMP
Production Development
break-even 43 17-21 18-22 More competitive costs
Brent 30 29
Infrastructure + R&D Resilience to price levels

17
Refining and Natural Gas Investments

CAPEX 2018-2022 RNG Investments in pipelines, gas

Natural Gas pipelines and natural gas
Logistics processing units to offload
pre-salt production
6%

13.1
28% Investments focused on diesel
Diesel Quality and quality and the 2nd phase of
the RNEST refinery, for which
US$ billion Refining Expansion partnerships are still being
66% sought

$
Investments in safety,
Refining, Transportation and Marketing Operational maintenance and focus on
Natural Gas and Power Maintenance the assets’ operational
efficiency
Distribution and Biofuels

18
Maintenance of our partnership and divestment program, with a target of
US$ 21 billion until 2018

Total of US$ 4.5 billion in 2017

IPO Strategic Alliances Divestment Program

Partnership in the
IPO of Petrobras Roncador field in Sale of Azulão Field
Distribuidora the Campos Basin

R$ 5 billion US$ 2.9 billion US$ 55 million

19
Strategic Alliances

 Partnership in Lapa and  Consortium to explore  Consortium to explore  Consortium to  Partnership in the
Iara fields the area of Peroba the areas of Peroba explore 6 off-shore Roncador field in
and Alto de Cabo Frio blocks in Campos Campos Basin
 Partnership in  MOU for cooperation
Central Basin
Termobahia in opportunities in  Strategic agreement
Brazil and abroad in  LOI for cooperation on  MOU for cooperation for technical
 Agreement for alliances
all segments of the oil exploration, in exploration, cooperation in order to
in the upstream and
and gas chain, production, refining, production, gas and increase recoverable
downstream segments
including potential gas transportation and chemicals both inside volumes
and technological
financing marketing, LNG, oil and outside Brazil.
cooperation covering  Sharing of gas exports
arrangements. trading, lubricants, jet
the areas of operation, infrastructure
fuel, power generation
research and
and distribution,  Signed deals of US$ 2.9
technology
renewables, billion
 Signed deals of US$ 2.2 technology and low
billion carbon initiatives

20
Ongoing divestment processes

 70 onshore fields  Fertilizer Units

 31 shallow water fields  Upstream assets in Africa
 Distribution in Paraguay  Divestment of BSBios
 North/Northeast Gas Pipelines

Assignment of all rights in

shallow-water fields

Divestment of 100% equity Divestments in the Fertilizer

interest of Petrobras Oil & Gas Sector
B.V. (“POGBV”) (Ansa e UFN-III)

Sale of 100% of PBIO’s stake Sale of 90% of Transportadora

Sale of Maromba Field (RJ)
in BSBIOS Associada de Gás S.A. ("TAG")G

Assignment of all rights in five

Assignment of all rights in three Sale of Azulão Field (AM)
sets of onshore fields Sale of Assets in Paraguay
sets of onshore fields (RN e BA) US$ 54.5 million
(CE, RN e SE)

Teaser Non-binding phase * Binding phase Closing

New process for partnerships and divestitures Approval by Top Management and contracts signing

* If aplicacble
21
We will keep our pricing policy

Key Drivers

 Alignment to
international prices

 Quest for
competitiveness

22
 Operational costs and expenses 2018-2022

OPEX 2018-2022
(US$ Billion)

59
Purchase of feedstock (33%)
131

394
Government take (14%)  Operational costs at the same level
of the previous business plan
Depreciation (15%)
Manageable operational  2018 forecast for operational costs
US$ billion and expenses is US$ 74.4 billion (38%
137 Costs (35%)
in E&P)
57 Others (3%)
10

*Average cost of the BMP – Brazil and abroad **average cost of the BMP - Brazil
23
With costs under control

Lifting costs
MANAGEABLE OPERATING COSTS (US$/bbl)
2018-2022
(US$ billion) 11.0
9.9

11.7
E&P
RNG

136.8
Corporate 9M17 2018-2022**
62.2
Refining costs*
(US$/bbl)
US$ billion
62.9 3.0
2.6

9M17 2018-2022**

* Brazil
**Average of 2018-2022 BMP 24
Sources and Uses

US$ billion 162.5 162.5

21.0

74.5

141.5
54.2

25.7
8.1
Uses Source

Investments Cash Buildup

Amortizations Partnerships and Divestments
Financial Expenses Operating Cash Flow (after dividends)

25
Main
Projects

26
Main Projects

27
 LULA: two new systems to start production in 2018,
totaling 9 production systems

CAPEX from 2018 to 2022*

> US$ 4.5 Billion
1.2
1.06
Daily Operated Production
> 1.0 MMboe/d
1.0

0.8

Accumulated Production
0.6

> 800 MMboe 0.4

Wells 0.03
0.2

> 120 drilled 2010 2011 2012 2013 2014 2015 2016 2017 0.0

> 40 in production Oil Gas Highest Monthly Production

Cid. de Angra Cid. de Cid. de Cid. de Cid. de Cid. de

dos Reis Paraty Mangaratiba Itaguaí Maricá Saquarema P-66 P-67 P-69
DISCOVERY

2006
2010 2013 2014 2015 2016 2017 2018
* Petrobras WI only
28
 MERO: 1st field under production sharing regime will have 2 systems until 2022

Mero Field Mero 1

Mero 2
2022 Libra Area
2021
Exploratory activity
continues
Recoverable Volume

3.3 billion oil barrels Period extended for

Good quality oil with high commercial value and additional 27 months
expressive presence of associated gas

12 exploratory
CAPEX from 2018 to 2022* wells drilled
US$ 2.3 Billion

Breakeven Price +2 until 2019

~ US$ 35/barrel

* Petrobras WI only
29
 BÚZIOS: 5 new production systems within the plan period

CAPEX from 2018 to 2022*

US$11.4 Billion

5 FPSOs with capacities of:

750 kbpd OIL
Wells:
45 production
40 injection
with intensive application of WAG
technology (Water Alternate Gas Injection)

P-74 P-75 P-76 P-77 Leased FPSO

3.058
Búzios MMboe
2018 2019 2021
* 100% Petrobras WI
30
 CAMPOS BASIN: value maximization for the basin responsible for 50% of
our production
CAPEX from 2018 to 2022*
US$ 18.9 billion
Integrated Parque das Baleias
2021
4 new systems until 2022

6 new exploratory blocks

Blocks acquired during ANP 14th Bidding Round,
contiguous to the Pre-Salt polygon

Partnership with Statoil in Roncador

Technology sharing and increase of recovery factor
Revit. Marlim 1 2021
Revit. Marlim 2 2021
Extension of Concessions
3 Signed off 6 Under negotiation

Tartaruga Verde & Mestiça

2018 91 projects to increase the recovery factor
* Petrobras WI only. Includes all investments in the Basin 31
Integrated Project Route 3: Infrastructure Project for offloading and
processing of natural gas from Santos Basin Pre-Salt

 Gas Pipeline
355 Km extension for drainage of up to 18 millions m3/day.
The conclusion is planned for 2019.

 Natural Gas Processing Unit

Total capacity to process 21 million m3/day of natural gas,
increasing the offer to the market. The operational start up
of this unit is forecasted to 2020. Located at Comperj.

 Additional Natural Gas Treating Unit at

Cabiúnas Terminal (TECAB)
Located at Macaé.

32
Paving the
future

33
Petrobras is recomposing its exploratory portfolio

RETURN OF EXPLORATORY NEW DISCOVERIES ON CAMPOS

NEW AREAS ACQUIRED
ACTIVITIES BASIN PRE-SALT

Average of Forno (APS** in 2019)

14th Concession Round + 2nd e 3rd
Production Sharing Rounds exploratory wells per
Brava (RDA* in 2018)
year
• 10 new exploratory blocks

• 11.4 thousand km2 of 29

exploratory area (increase in 17%
of our actual portfolio)

• R$ 2.9 billion invested in 15

signature bonus

Poraquê
Alto

By 2019 Carimbé
2016-2017 2018-2022
+ 4 bidding rounds Tracajá
+ 2 rounds for marginal accumulations

* RDA: Reservoir data acquisition ** APS: Anticipated production system 34

Keep strengthening its governance
Improvement of Business Environment
DDI Incentive for improvement of
Integrity Due Diligence partners´ compliance
programs
Development of collective
BRAZILIAN NETWORK OF
actions against corruption in
GLOBAL PACT
Brazil
Discussion forum for
IBP´s COMPLIANCE
compliance and integrity
COMISSION
policies
Signatories of the Business
ETHOS INSTITUTE Pact for Integrity and against
Corruption
High Administration Compromise
LEADERSHIP THROUGH Participation and incentive to the
EXAMPLE training realization
Approval of Politics and revision of
the Conduction Guide, amplifying
DOCUMENT APPROVAL
it´s comprehensiveness for all
Petrobras´ system
IMPROVEMENT OF Mandatory trainings about
COMPLIANCE CULTURE compliance and ethics
Internal commissions for investigations
CONSEQUENCES
Independent denunciation channel
MANAGEMENT
Correction Committee
35
And being recognized by the improvements implemented

B3: Certification in the Corporate IG-SEST: Certificate of Excellence

Governance Program for State- Estadão Empresas Mais Award in Governance Program for State-
Owned Companies Owned Companies

August/2017 September/2017 November/2017

The initiative intends to improve
corporate governance practices in listed
state-owned.
Petrobras has complied with all the
compulsory measures of the Program
and obtained 56 points among others
required measures.
Ranking developed by Grupo Estado in
partnership with Austin Rating and FIA
(FEA/USP) elected the most efficient
companies in 22 sectores of the economy
and by region, with the best Corporate
Governance practices.
The Board of Directors of Petrobras won
the 1st place in its category.
A continuous monitoring instrument for
measuring compliance with Law
13.303/16, with the aim of monitoring the
performance of the governance quality of
the state-owned companies.
The company scored 10 in all items and
reached Level 1 of Governance.

Petrobras request for joining the special listing segment Level 2

of Corporate Governance of B3
36
In a process of cultural transformation oriented to results
Career and Managerial Succession
Executive Talent Base

New Program of Meritocracy

Trails of technical and managerial knowledge

HR CULTURAL
POLICY Upgrade of the Remuneration and Carreer MANAGEMENT
Valuing people Results-oriented
Models
transformation
Merit
as a basis for
recognition
New working arrangements

Intensify mobility to balance staff

Improve Relationship Model with Stakeholders

37