Conference call about Operational and Financial Results: 1st Quarter of 2013. April 29th, 2013

1. Operational and
Financial Results
1st Quarter of 2013
Conference Call / Webcast
April 29th, 2013

2. 2
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
2013 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.
DISCLAIMER

3. 3
Quarter Highlights
Positive financial and operating results
Results
» Net Income of R$ 7,693 million, Operating Income of R$ 9,849 million, and EBITDA of R$ 16,231 million.
» Net Debt/EBITDA of 2.32x as of 1Q13, below target of 2.5x.
Exploration
& Production
» Within expectations, oil production in Brazil was 1,910 kbpd (-4% vs. 4Q12).
» Domestic production of natural gas was 400 kboed (+1% vs. 4Q12).
» Pre-salt production in Santos and Campos Basins reached 311 mbpd on Apr 17th.(Petrobras portion: 256 kbpd).
» Production start-up of FPSOs:
» Cid. de São Paulo (120 kbpd) on Jan 5th. Petrobras Production (45%) Apr 25th: 11.3 kbpd with 1 well. Expected
peak: 1H14.
» Cid. de Itajaí (80 kbpd) on Feb 16th. Petrobras Production (100%) Apr 25th: 24.1 kbpd with 2 wells. Expected
peak: 2H13.
» Cid. de Paraty (120 kbpd) is currently being anchored at location. Expected peak: 2H14.
» Before year end, expected start-up of an additional 4 new platforms with a combined capacity of 500 kbpd.
» Contracting of two new leased FPSOs for delivery by 2016 in Lula field of the pre-salt Santos Basin.
» New Discoveries: Sul de Tupi and Florim in areas of the Transfer of Rights; Sagitário in the pre-salt Santos Basin
and Mandarim, in the post-salt Marlim Sul field of Campos Basin.
Downstream
» Record daily output in Brazilian refineries on April 7th: 2.149 million barrels.
» In 1Q13, 2 price increases for diesel, totalling +10,7%, and 1 for gasoline, +6,6%.
Gas &
Energy
» Met all domestic demand for natural gas: 88 million m3/d.
» Power generation of 5,120 MW in our thermoelectric plants.
Management
» PROCOP: Global results of Jan-Mar/13 higher than expected, resulting in savings of R$ 1.3 billion.
» PROEF: Gains of 34 kbpd in oil & LNG production in 1Q13. 3

4. 4
As anticipated, Petrobras’ oil and LNG production in 1Q13 was lower than 4Q12: down 4% to 1,910 kbpd.
The 2013 production target was maintained (stable relative to the 2012 average).
Petrobras: Oil & LNG Production in Brazil
Scheduled maintenance in Campos Basin impacted quarterly production
» 4% lower production in 1Q13 vs. 4Q12 (- 70 kbpd), primarily due to:
» Scheduled Stoppages: -23 kbpd.
» End of Early Production Systems (SPAs) and EWTs (SS-11, P-34 and Oliva): -36 kbpd.
» Natural Decline of Production (10-11% p.y.) and operating problems: -11 kbpd.
» The target for the year is maintained. Production will grow sustainably as of July, due to the reduction of scheduled
maintenance and the ramp-up of new production units.
2.300
2.250
2.200
2.150
2.100
2.050
2.000
1.950
1.900
1.850
50
1.846
1.920
1.965
2.032
1.968
1.940
1.843
1.9281.940
1.960
1.989
1.961
1.993
2.0982.110
1Q12
Avg. 2,066
1Q13
Avg 1,910
kbpd
20132012
4Q12
Avg. 1,980
Mar-13Feb-13Jan-13Dec-12Nov-12Oct-12Sep-12Aug-12Jul-12Jun-12May-12Apr-12Mar-12Feb-12Jan-12

5. 5
PROEF UO-BC: Program to Increase Operational Efficiency
Oil & NGL production in 1Q13: gain of 14 kbpd
Average 1Q13 Expected for 2013
» Since the start of PROEF on April/2012 the operational efficiency in UO-BC increased from 66% to 74% in March/2013.
» Lower PROEF benefit in the 1Q13 due to the higher concentration of scheduled stoppages, which will increase operational
efficiency in the future.
» PROEF UO-BC: Total expenditure by Feb/13 of US$ 1 billion. NPV of US$ 542 million.
395
431
+36 kbpd
With
PROEF
Without
PROEF
+7.4 p.p.
With
PROEF
76.4
Without
PROEF
69.0
Operational Efficiency (%)
Oil + NGL Production
(kbpd)
+ 14 kbpd
With
PROEF
Without
PROEF
+5.9 p.p.
75.7
With
PROEF
Without
PROEF
69.8
404
418
Operational Efficiency (%)Oil + NGL Production
(kbpd)
» Gain of 20 kbpd in 1Q13 with average efficiency of 91%.
» Expected gains from PROEF UO-RIO for 2013 is 26 kbpd.
PROEF UO-RIO

6. 6
Lifting Costs
Lower production increased per barrel lifting costs in 1Q13
R$/Barrel
» Total lifting costs were marginally lower, declining by 1% as compared to 4Q12.
» However, there was an increase in the per barrel lifting cost in 1Q13, due to lower oil production as a result of higher maintenance.
» The decrease in government take is due primarily to lower production in fields that pay Special Participation tax.
22.57 26.39 30.79 28.33 29.49
39.03
38.48
38.68 39.54 37.59
1Q12 2Q12 3Q12 4Q12 1Q13
Lifting Cost Government Take
69.47
64.87
61.60
67.87 67.08

7. 7
0
500
1.000
1.500
2.000
2.500
3.000
3.500
Exploration & Drilling Expenses: Brazil
18 wells write-offs in 1Q13: All post-salt
1Q13
1,237
4Q12
1,728
3Q12
1,116
2Q12
3,294
1Q12
921
4Q11
1,238
3Q11
603
2Q11
943
1Q11
859
R$million
2011
R$ 3,643 MM
2012
R$ 7,058 MM
Geology, Geophysics and Dry /Subcommercial Wells
Exploration and drilling expenses in 1Q13 were lower than those in 4Q12.
97
Wells
16
Wells
41
Wells
21
Wells
19
Wells
81
Wells
1Q13
R$ 1,237 MM
18
Wells
18
Wells
2013
Reasons for Write-offs Exploratory Area
 7 Dry Wells
 6 Effectively Dry
 1 Mechanical accident
8 Subcommercial wells
 3 Projects Cancelled
 4 Offshore
 4 Post-salt
 0 Pre-salt
 11 Onshore
 3 Projects Cancelled
1Q13
» Expected costs of dry wells and/or subcommercial for
2013 at a level below that of 2012.

8. 8
757 785 839
431 441 453
141
86 113
95 93
98
Oil Product Production
181
224
114
1,942 2,010 2,127
+6%
+10%
140
264
201
4Q121Q12 1Q13
197
288
140
Refining Costs Throughput and Utilization
6,60
6,98
6,24
Domestic Production of Oil Products
Oil Processing Records: 2,149 kbpd (Apr. 7), 2,137 (Mar. 30) and 2,125 (Mar. 3)
1,534 1,633 1,722
350
337
360
93% 97% 98%
0
10
20
30
40
50
60
70
80
90
100
0
500
1.000
1.500
2.000
2.500
4Q121Q12 1Q134Q121Q12 1Q13
(kbpd)(R$/barrel)(kbpd)
» 6% increase (117 kbpd) in production of oil products when compared to 4Q12, mainly diesel, due to increased utilization of
distillation capacity, coking and HDT units in REVAP and REPAR, and restart of distillation operations in REFAP.
» 11% decrease in Refining Costs due to lower expenses with scheduled maintenance and higher throughput.
Imported OilUtilization (%) Domestic Oil
Diesel Gasoline
Jet Fuel
LPG Naphtha
Fuel Oil Others
2,083
1,970
1,884
6.60
6.98
6.24

9. 9
Oil Products Sales in Brazil
7% year over year growth in sales
Oil Products Sales – Brazil
(*) Others – Lubricants, Asphalt, Coke, Propene, Solvent, Benzene, Querosene e Intermediates.
When compared to 4Q12, there was a reduction of 3% in oil products sales in the domestic market mainly due to the seasonality of
diesel and gasoline demand, partially offset by the increase in sales of naphtha and fuel oil.
864 986 921
545
610
580
106
106
10575
108
118
1Q13
-3%
2,313
213
180
196
4Q12
2,391
223
156
202
1Q12
2,168
214
173
191
kbpd
1Q13 x 4Q12
1Q13 x 1Q12
» Diesel (+7%): Economy growth and thermo consumption, as well as
increase in the summer grains crop (corn and soy).
» Gasoline (+6%): Increase in family consumption and car fleet growth, as
well as the advantage of gasoline price when compared to ethanol in most
states.
+7%
» Diesel (-7%): Lower demand in the 1Q13 due to lower industrial and
agricultural activity in the period (seasonality). Part of the reduction was
compensated by higher thermoelectric demand.
» Gasoline (-5%): Decrease due to the seasonality of sales in the 4Q12
related to the vacation period.
Diesel Gasoline
Jet Fuelk
LPG Naphtha
Fuel Oil Others*

10. 10
100
120
140
160
180
200
220
240
260
2013
jan/13
feb/13
mar/13
Oil Products Price - Brazil vs International
Price adjustments in the last 10 months: +21.9% in diesel and +14.9% in gasoline
Jun/25
Jul/16
2011 2012
Mar/05
Adjustment :
Diesel: 5.0%
Jan/30
1Q13: 2 price increases in diesel, totaling +10.7%, and 1 in gasoline of +6.6%.
The Company seeks convergence to international parity.
∆ Fx Rate: 10%
FX Rate: R$ 1.82/US$
FX Rate: R$ 2.01/US$
ARP in Brazil* x ARP in USGC**
ARP in USGC
ARP in Brazil
Adjustment:
Gasoline: 10%
Diesel: 2%
Nov/01
Adjustment:
Gasoline: 7.83%
Diesel: 3.94%
Adjustment:
Diesel: 6%
Adjustment:
Gasoline: 6.6%
Diesel: 5.4%
Prices(R$/bbl)
jul/12
jun/12
may/12
apr/12
mar/12
feb/12
jan/12
dec/12
nov/12
oct/12
sep/12
aug//12
jul/11
Jun/11
may/11
apr/11
mar/11
feb/11
jan/11
dec/11
nov/11
oct/11
sep/11
aug//11
* Weighted Average Realization Price of Diesel, Gasoline, Naphtha, LPG, Jet Fuel and Fuel Oil
** Average Realization Price in United States Gulf Coast, considering the same volumes and products sold in Brazil

11. 11
Exports Imports Balance
Higher net imports in 1Q13, mainly due to higher oil imports as a consequence of increasing refinery throughput and lower
domestic oil production.
kbpd
-189 -65
-364
-185
88 131
52
167
206
188
35 29 36
-269
-429
1Q12
-50
139
860
136
484
4Q12
+6%
+8%
+7%
1Q13
-454
806
168
301
764
151
358
1Q13
406
155
215
4Q12
377
112
236
1Q12
714
182
497
Oil ProductsGasolineDieselOther Oil ProductsFuel OilOil
-43%
+13%
+794%
Trade Balance of Oil and Oil Products
Higher imports of crude oil and reduced imports of oil products
» Lower oil exports as a result of lower E&P production and increase of refinery throughput, requiring higher imports of lighter oil.
» Gasoline and diesel imports decreased, due to higher refinery output.
» Higher oil products exports, particularly fuel oil, due to lower thermoelectric demand during 1Q13.
1Q134Q121Q12

12. 12
39,9
Natural Gas Demand and Supply
Continued high demand for thermal power generation
millionm³/day
Domestic
Bolivia
LNG
Non Thermal
Thermal
Refineries / E&P
Fertilizer plants
SUPPLYDEMAND
12.1 12.5 10.8
40.2
37.0
4Q12
89.4
38.6
38.3
1Q12
63.1
11.7
39.3
-1%
1Q13
88.0
+39%
0.9 15.9 14.1
-2%
88.1
30.7
25.5
63.5
43.343.6
90.2
30.7
37.1
+39%
» Thermo-electric demand remained high and above non thermo-electric consumption throughout 1Q13, due to higher thermo-
electric dispatch caused by low levels of water in hydroelectric reservoirs.
» Lower demand for LNG in 1Q13 as compared to 4Q12, as non thermo-electric demand and domestic consumption were
reduced.
» Thermo-electric generation remained above 5 GW.
4Q121Q12 1Q13

13. Planned
Accomplished as planned or higher
High risk of not achieving the annual target
Attention points that can put the achievement of the annual target at risk
PROCOP: Monitoring of Outcomes– Mar/13
Accomplishment higher than expected. Attention points addressed
90%
70%
100%
80%
OperationalExecution(%)
60%
50%
40%
30%
20%
10%
0%
2013 Target: R$ 3.8 billion
Jan-Mar/13
Cost Savings Expected : R$ 646 million (17%)
Cost Savings Accomplished: R$ 1,260 million (33%)
100%
Exploration & Production Downstream
Engineering,
Technology
& Materials
Corporate
& Services
Transpetro
Gas & Energy
Onshore
Production Administration
and Support Building Mngt,
Travels and
Lodging
Offshore
Production
Support
Services
Wells
Intervention
Refining Oil and Oil Products
Logistics
Commercialization
Supplies
and Stocks
ITC HSE
MngtNG Logistics
Fertilizers
13

14. 14
Operating Income – 4Q12 vs 1Q13
Better prices and lower COGS
R$Million
5,739 (870)
3,164 210
1,606 9,849
4Q12
Operating Income
Sales Revenues COGS SG&A Other Expenses 1Q13
Opearting Income
» Reduction in sales revenues, mainly due to lower volumes of oil products sold in the domestic market.
» The decrease in COGS is explained by the lower participation of imported oil products in the sales mix, as a
result of a higher operational output/efficiency from refineries, and reduced consumption of oil products.
» Lower expenses due to lower dry hole expense, and the absence of impairments during the quarter.

15. 15
Net Income – 4Q12 vs 1Q13
Stable as compared to prior quarter
R$Million
7,747
4,110
(1,398) (26)
( 2,618) (122)
7,693
4Q12
Net Income
Operating Income Financial Result Equity in earnings
of investments
Income Tax/Social
Contribution
Minority Interest 1Q13
Net Income
» Net Income remained stable, because the increase in the operating income was compensated
by lower financial result and by higher income tax in the absence of the fiscal benefits
generated from the provision of interest on own capital (R$ 2.1 Billion in 4Q12)

16. 16
Exploration & Production - 4Q12 vs 1Q13
As expected, lower production in the quarter
R$Million
17,474
(277)
(2,976)
(1,146)
1,388 621 15,084
4Q12
Operational Results
Price Effect on
Revenue
Volume Effect on
Revenue
Average Cost Effect
on COGS
Volume Effect on
COGS
Operating
Expenses
1Q13
Operational Results
» E&P operating income was negatively impacted by the lower production of oil in Brazil (-4%).
» Realization price for oil sold was slightly lower.
» The decrease in operating expenses was mainly due to reduction in dry hole expense.

17. 17
Downstream – 4Q12 vs 1Q13
Higher oil products prices
R$million
(8,715)
1,651
(-2,440) (81)
3,378
(330) (6,537)
4Q12
Operating Income
Price Effect on
Revenues
Volume Effect on
Revenues
Average Costs
Effect on COGS
Volume Effect on
COGS
Operating
Expenditures
1Q13
Operating Income
» Downstream improvement was due to price increases in diesel and gasoline as well as lower
participation of imported oil products in the sales mix, as a result of higher refinery output and
decreased seasonal demand.

18. 18
Exploration and Production
Net Result by Segment: 4Q12 vs 1Q13
R$ 11.5 Bn vs R$ 10.0 Bn
Downstream
R$ -5.7 Bn vs R$ -4.2 Bn
 price increase of diesel and gasoline
 lower share of imported oil products in sales due to lower
demand of domestic market
 higher oil products production with maintenance of output
yeld (diesel and gasoline)
International
R$ -0.6 Bn vs R$ 0.7 Bn
 higher sales volume, mainly of oil products (from 182 to
195 kbpd), and higher oil and NGL production (from 133
to 143 kbpd)
 impairment of R$ 487 million in 4Q12, of which R$ 464
million related to Pasadena refinery in USA.
 dry well write-off of Ogonga (Block 26 Angola), Kabeljou
(Namibia), Mapalé e Katmandu (Colombia), adding
R$ 243 million in 4Q12. Only small amounts were written-
off in 1Q13 (R$ 3 million).
 lower accounting losses of inventory write-down,
especially in USA (R$ 52 million in 1Q13 versus R$ 231
million in 4Q12).
 decrease of oil and NGL production in Brazil
 lower dry or subcommercial wells write-offs
 lower total lifting cost
Gas & Energy
R$ 0.5 Bn vs R$ 0.9 Bn
 higher power generation revenues due to energy prices
(PLD)
 flat volume supply of domestic gas
 larger acquisition price of LNG in international market,
despite lower demand volume

19. 19
Investments
Tracking physical and financial progress of projects – S Curves
Investments of R$ 19.8 billion in 1Q13, 10% higher than that of 1Q12.R$Billion
Investments: 1Q12 x 1Q13 Investments 1Q13 by segment
Physical and financial tracking for each of 160 projects (S Curve):
Average physical accomplishment of 98.9% and 97.8% for financial progress
18.0
19.8
1Q131Q12
+10%
54%
R$ 10,7 bi35%
R$ 6,9 bi
1%
1%
0%
35%
54%
5%
4%
Biofuel
Distribution
G&E
E&P
Corporate
International
Downstream

20. 20
1) Net Debt / (Net Debt + Shareholder’s Equity)
2) Refers to the adjusted EBITDA which excludes equity income and impairment
3) Includes tradable securities maturing in more than 90 days
Capital Structure
Net debt remained stable
R$ Billion 03/31/13 12/31/12
Short-term Debt 14.6 15.3
Long-term Debt 182.4 181.0
Total Debt 196.9 196.3
(-) Cash and Cash Equivalents 3 46.3 48.5
= Net Debt 150.7 147.8
US$ Billion
Net Debt 74.8 72.3
1,66 1,61
2,46 2,42
2,77
2,32
24% 24%
28% 28%
31% 31%
-20%
-10%
0%
10%
20%
30%
40%
0,0
1,0
2,0
3,0
4,0
5,0
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Net Debt/EBITDA Net Debt/Net Capitalization1
2
2
» The ratio of Net Debt/Ebitda declined to 2.32X, as a
result of higher cash generation and limited increase
in net debt during 1Q13.

21. Operational and
Financial Results
Information:
Investor Relations
+55 21 3224-1510
investors@petrobras.com