1. Conference call / Webcast
RESULTS ANNOUCEMENT
3rd Quarter 2009
(Brazilian Corporate Law)
Almir Guilherme Barbassa
CFO and Investor Relations Officer
November 17th, 2009
1

2. DISCLAIMER
The presentation may contain forecasts CAUTIONARY STATEMENT
about future events. Such forecasts merely FOR US INVESTORS
reflect the expectations of the Company's
management. Such terms as "anticipate", The United States Securities and Exchange
"believe", "expect", "forecast", "intend", Commission permits oil and gas companies,
"plan", "project", "seek", "should", along with in their filings with the SEC, to disclose only
similar or analogous expressions, are used proved reserves that a company has
to identify such forecasts. These predictions demonstrated by actual production or
evidently involve risks and uncertainties,
whether foreseen or not by the Company. conclusive formation tests to be
Therefore, the future results of operations economically and legally producible under
may differ from current expectations, and existing economic and operating conditions.
readers must not base their expectations We use certain terms in this
exclusively on the information presented presentation, such as oil and gas
herein. The Company is not obliged to resources, that the SEC’s guidelines
update the presentation/such forecasts strictly prohibit us from including in
in light of new information or future filings with the SEC.
developments.
2

3. CONTINUED GROWTH OF DOMESTIC AND
INTERNATIONAL PRODUCTION
TWO CONSECUTIVE MONTHS WITH DOMESTIC OIL
PRODUCTION ABOVE 2 MILLION BPD
Total Production (Oil, NGL and Domestic Production - 3Q09 VS 3Q08
Natural Gas) - 3Q09 VS 3Q08
2,213 2,293
2,437 2,534 -3 %
+8 % 241 330 319
224
Thousand bpd
Thousand bpd
+4% +5%
2,213 2,293 1,883 1,974
3Q08 3Q09 3Q08 3Q09
Domestic International Oil and NGL Natural Gas
• Increase in total production due to higher domestic production and the start-up of Akpo field, in
Nigeria
• 5% increase in domestic oil production due to increased output from P-52 and P-54, coupled with
the start-up of P-51, P-53, FPSO Cidade de Niterói and FPSO Cidade de São Vicente
• Natural gas production restricted by the decrease in demand, specially from thermo-electric plants
3

4. NEW PRODUCTION UNITS WILL CONTINUE
RAMP-UP TO INCREASE PRODUCTION
P-51
AVERAGE
PLATFORM/ CAPACITY 3Q09
NUMBER OF EXPECTED
FIELD (thous. bpd) WELLS WELLS
(thous. bpd)
P-51
P-53 / Marlim 7 producers 13 producers
Leste
180 90
3 injectors 8 injectors
P-53
P-51 / Marlim 5 producers 10 producers
Sul
180 88
6 injectors 9 injectors
FPSO-Cidade 9 producers (oil)
FPSO Cidade de Niterói de Niterói / 100 38 2 producers (oil)
Marlim Leste 1 producer (gas)
FPSO Cidade de
Niterói
Total 460 216 - -
4

5. PRE-SALT ACTIVITIES ACCELERATING, REAFIRMING
POTENTIAL AND INCREASING UNDERSTANDING
Drilling of the 4th well of the
BM-S-10 BM-S-11 Evaluation Plan of Tupi was
BR 65% BR 65% concluded, confirming the
potential of the area
Iara
BM-S-8
Parati
BR 66% Iracema Excellent performance of
Tupi EWT, with production
Tupi NE of approximately 20
Tupi Júpiter
thousand bpd
Extensão - Tupi
Carioca Tupi P1 Formation Test in wells Iara,
Bem-te-vi
Guará
Iracema and Tupi Northeast
Iguaçu BM-S-24
Abaré BR 80% Drilling and completion of the
1st well in the Tupi pilot
Guarani
Azulão BM-S-9
Caramba
BR 45% Legend:
BM-S-21
BM-S-22 Drilled Wells
BR 80%
BR 20%
Formation Test
Next steps: new wells in the Tupi pilot; new exploratory wells in BMS-9, BMS-11
and BMS-10 Drilling and
Rigs: 3 new drilling rigs until 1H/2010 Completion
Ongoing biddings: (i) FPSO chartered for the Guará pilot; (ii) 8 hulls for the Pre-salt
project in Santos Basin
5

6. REDUCED HEAVY OIL DISCOUNT
IMPROVES MARGINS
121.37 114.78
(US$/barrel)
96.9
88.69
74.87 105.46
86.13 100.58 68.28
76.75 54.91 58.79
44.40
64.42
64.00
47.95 48.68
15.91 14.20 32.23
10.45 11.94 10.77
6.96 12.17 10.11 4.28
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
Petrobras Oil Price (average) Brent (average) Discount
• Decrease in global supply of heavy oil contributed to the significant reduction in the
Brent discount
• Improvement in relative price for Petrobras export basket increased export revenues
6

7. LIFTING COSTS STABLE, IN SPITE OF
HIGHER OIL PRICES
R$/barrel US$/barrel
114.78
68.28
54.40 54.91 58.79
41.62 44.40
41.48 38.86
36.79 34.24
22.39 16.33 21.28 24.78 30.27 22.86
20.06 18.11 14.69 19.50
17.61 19.09 17.91 17.58 16.84 9.87 6.87 10.78 13.84
10.21 8.24 7.82 8.72 9.02
3Q08 4Q08 1Q09 2Q09 3Q09 3Q08 4Q08 1Q09 2Q09 3Q09
Lifting Cost Gov. Take
Lifting Cost Gov. Take Brent
• Lower lifting costs without government take, in Reais, despite increase in international
oil prices
• In Dollars, the increase was due to FX rate appreciation
• Increase in the government take due to higher international oil prices and increase in
tax rates applied to certain fields, especially Marlim Sul e Marlim Leste
7

8. SUCCESSFUL LONG TERM PRICING POLICY
US$/bbl
US$/bbl R$/bbl
R$/bbl
3Q08 2Q09 3Q09
3Q08 2Q09 3Q09 R$/bbl
US$/bbl
160
129.81 250 215.62
140
120 200
112.49 160.79
100
187.02 152.65
150
80 77.34 81.54
60 70.37 100 128.41 131.52
40
62.23
50
20
0 0
Mar-07Jun-07Sep-07Dec-07Mar-08Jun-08Sep-08Dec-08Mar-09Jun-09Sep-09 Mar-07Jun-07Sep-07
Dec-07Mar-08Jun-08Sep-08
Dec-08Mar-09Jun-09Sep-09
ARP Petrobras ARP EUA
• Comparing with the 2Q09 the ARP decreased in Reais due to reduction of gasoline
and diesel price and the strengthening of the Real
• Express in Dollars, average sales price increased 5,4% due to strengthening of Real
8

9. INCREASE IN SALES VOLUMES, IN LINE
WITH ECONOMIC RECOVERY
Oil Products and Natural Gas in Brazilian Market
-2 %
-13% +3 %
2,118 +10%
2,085 1,998 2,054
337 302 1,824 244
244
Thousand bpd
215
404 498 456 492
453
224 211 212 222
195
354 329 331 327
303
799 755 +2 % 769
745 658
3Q08 4Q08 1Q09 2Q09 3Q09
Diesel Gasoline GLP Others Oil Products Natural Gas
• Oil product sales increased with resumption of Brazilian economic growth,
accentuated by seasonal aspects
• Natural gas sales decreased due to lower thermoelectric demand, partially
compensated by higher industrial consumption
9

10. IMPROVING OPERATIONS REFLECTED IN
GROWING TRADE BALANCE
(thousand barrel/day) Oil products
9M08 vs 9M09 Oil
633 628 714
234 222 562
231
157
399 406 152
483
405
5
Exports Imports Net Exports
Exports Imports Net Exports
Financial Volume (US$ Million)
• Boost in oil production led to higher
- US$ 1,813
oil export
+ US$ 1,795
19,920 18,107 • Imports decreased (specially diesel
8,845 10,640
imports) due to economic slow down,
lower thermoelectric generation and
9M08 9M09 increase in production of domestic oil
Im ports Exports products (diesel)
10

11. AVERAGE COST METHODOLOGY INFLUENCES
COST OF GOODS SOLD
150
Inventory Turnover Effect - R$/million
2,500
100
1,500
1,050
Brent (US$/bbl)
863 50
621
260 373 323
500
0
-500 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 -50
-1,500 (1,140)
-100
(1,856)
-2,500 -150
-
• Inventories acquired in previous quarters affected the company’s operating
results (inventories’ average cost methodology).
11

12. OPERATING INCOME IMPACTED BY SPECIAL
PARTICIPATION PROVISIONING
NET REVENUE
(IN MILLION R$ - 2Q09 VS 3Q09)
3,272 (4,401)
13,896
(2,520) 12,295
P.E. MARLIM = 2,048
10,247
2Q09 Net Operating Operating 3Q09
COGS Expenses Operating Income
Operating Income Revenue
• Higher oil prices, lower spread between light and heavy oil and increase in oil
products sale generated higher net operating revenue
• Higher sales volumes and higher import prices led to increase in COGS
• Decline in operating income is explained by a provisioning for special
participation tax related to Marlim field (R$ 2.05 billion)
12

13. NET INCOME FLAT, AFTER
ADJUSTING FOR FX VARIATIONS
NET INCOME
(R$ MILLION – 2Q09 VS 3Q09)
7,734 (3,649) 3,168 (63) (836) 949 7,303
Hedge
533
1,677 Net
Monetary
Variation
2Q09 Operating Financial Equity Minority 3Q09
Net Income Taxes
Income Result Income Interest Net Income
• Better financial result due to lower FX rate appreciation and net monetary variation
from the BNDES loan (R$ 1.7 Billion)
• Counterpart of hedge gains was higher COGS
• Taxes Increased due to the higher fiscal benefit from interest on equity along with
higher recovery of fiscal credits in exploratory activities abroad in 2Q09
• Reduction in minority interest due to lower FX gains on SPCs debts
13

14. EXPLORATION AND PRODUCTION –
SOLID OPERATING PERFORMANCE
EXPLORATION & PRODUCTION – OPERATING INCOME
(R$ MILLION – 2Q09 VS 3Q09)
2,806 (820)
(425) 418 (2,419)
8,246 7,806
2Q09 Oper. Price Effect Volume Effect Cost Effect Volume Effect Operational 3Q09 Oper.
Income on Revenues on Revenues on average on COGS Expenses Income
COGS
• Reduced spread between light and heavy oil contributed to the increase in revenues
• Increase in inventories caused slight reduction in sales volumes
• Increase in COGS due to higher production taxes due to higher oil prices
• Increase in operating expenses due to the extraordinary provision for Marlim field
Government take
14

15. DOWNSTREAM – INCOME NORMALIZING WITH
INCREASES IN INTERNATIONAL PRICES
DOWNSTREAM – OPERATING INCOME
(R$ MILLION – 2Q09 VS 3Q09)
2,911 (5,278)
7,914 (636)
(2,316)
205 2,800
2Q09 Oper. Price Effect Volume Effect Cost Effect Volume Effect Operational 3Q09 Oper.
Income on Revenues on Revenues on average on COGS Expenses Income
COGS
• Despite reduction in ARP in Reais (2Q09: R$ 160.79; 3Q09: R$ 152.75), increase
in the volumes sold, led by economic growth, increased revenues
• Higher oil and oil products import costs and reduced heavy/ light oils spread led
to increase in COGS
15

16. INCREASING CONTRIBUTIONS FROM GAS & ENERGY,
INTERNATIONAL AND DISTRIBUTION (2Q09 VS 3Q09)
Gas & Energy 2Q09 3Q09
VS.
Operating Result: R$ 576 million R$ 651 million
• Higher volumes sold in non-thermo electric markets
• Decrease in natural gas imports/transfer costs, following
the levels of international reference prices
• Reduction in the energy generation income partially offset
by better results from power sales
Operating Result : 2Q09 3Q09
International VS.
R$ 224 million R$ 363 million
• Higher realization prices and increase in production
contributed to higher operating income
• Akpo start-up in Nigeria was main contributor to the trend
of increasing production
Distribution
2Q09 VS. 3Q09
Operating result: R$ 466 million R$ 620 million
• 7% increase in sales margins and 9% in volumes
supported continued strength for our distribution
segment
16

17. CONTINUED GROWTH IN CAPEX,
CONSISTENT WITH BUSINESS PLAN
Capex 9M09 - R$ 50.7 billions vs Capex 9M08 - R$ 34.1 billions
7% 11%
2% 3%
3% 0,5
1% 0.9
1,1 1.2
3.8 0,4 3.7
2%
0,4 1.5 0.7
0,1 0.4 1% 0.3
11% 1,0 5.5
46% 4.1 15.8 46%
23.2 12%
1,5 4.5 7,1 2.2
9%
2,8d 6.4
10.6 6%
21% 19%
E&P Doestream G&E International Distribution Corporate SPE Projects under Negociation
Capex in line with the Company´s opportunities
17

18. SUCCESSFUL EFFORTS TO RAISE CAPITAL
FROM LONG TERM SOURCES
Market Capital Bond issuance + Others Loans
6.75 US$ 28.05 billions
6.5 Oct-30 (Maturity 2040) U S Eximbank
1.5 Yield: 7.00%
BNDES Others
(US$ bilion)
2
Oct-30 (Maturity 2020)
2.75
2.5 Yield: 5.875%
(*)
13.3
1.25 Jul-09 (Maturity 2019)
10
Yield: 6.875%
China
1.5 Development
0
Feb-11 (Maturity 2019) Bank
Brigde Loan Bond issue Yield: 8.125%
(*) R$ 25 billions converted by FX tax in 07.30.09
In 2009, US$ 34.8 billion were raised
with an average life of 10.6 years
18

19. LIQUIDITY STRENGTHENED, LEVERAGE
WITHIN TARGETS
R$ million 09/30/2009 06/30/2009
27% 28% 28%
23% 25% 26% 26%
Short Term Debt 10,639 13,086
21% 21% 21% 22% Long Term Debt 79,588 55,782
18% 19% 19%
21% Total Debt 90,227 68,868
19%
18%
Cash and Cash
30,088 10,072
12% Equivalents
Short Term Debt 60,139 58,796
30/09/2007 31/03/2008 30/09/2008 31/03/2009 30/09/2009 Capital Structure 49% 49%
Net Debt/Net Capt. US$ million 09/30/2009 06/30/2009
Short Term Debt/Total Debt
Total Debt 50,743 35,288
• Increase in liquidity due to the increase in cash and decrease in short term debt.
• Net Debt/Net Capitalization stable and within the target range (25%-35%)
19

20. STABLE CASH FLOWS SUPPORT
INVESTMENT PLAN
R$ million Jan-Sep2008 Jan-Sep 2009 3Q09
Cash at the beginning of period 13,071 15,889 10,072
Operating Cash Flow 34,337 38,180 16,681
Investment (34,534) (50,622) (18,446)
Free Cash Flow (198) (12,442) (1,765)
Dividends (6,187) (9,835) (3,426)
Financing 3,581 36,987 25,441
Cash at the end of period 10,776 30,088 30,088
Average Life of Debt (years)* 4.21 6.38 6.38
Net Debt/ EBITDA 0.85 1,00 1.11**
Average Brent (R$/bbl) 187.62 118.87 127.68
Average Exchange Rate (R$/US$) 1.69 2.08 1.87
Higher operating cash flow, despite lower oil prices
Increasing CAPEX supported by higher borrowings during the year
New loans improved average life of debt stock
* End of period
20 ** last 12 months

21. For more information:
Investor Relations
www.petrobras.com.br/ri
+55 21 3224-1510
21 petroinvest@petrobras.com.br