Webcast 2Q14

OPERATIONAL AND
FINANCIAL RESULTS
2nd Quarter 2014
__
Conference Call / Webcast
August, 11th 2014

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 2014 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.

3
Petrobras: Oil and NGL production in Brazil
Production operated by Petrobras in 2Q14 was 2,072 th. bpd
FPSO Cid. São Paulo
(Sapinhoá)
2,300
1,950
1,900
2,350
1,850
2,050
2,400
2,250
2,200
2,000
2,150
2,100
2,019
Mar-14
2,017
Feb-14
2,152
Jun-14
2,120
May-14
2,078
Jul-14Apr-14
2,025
Aug-13
1,954
Jul-13
1,932
2,012
Jan-14
1,990
Dec-13
2,029
Nov-13
2,012
Oct-13
1,997
Sep-13
1,977
Mar-13
1,893
Feb-13
1,957
Jun-13
2,024
May-13
1,925
Apr-13Jan-13
1,996
Th. bpd 2013: 1.977 th. bpd
1Q13
Average 1.948
2Q13
Average 1.975
4Q13
Average 2.013
2Q14
Average 2.072
3Q13
Average 1.969
P-58
(Parque das Baleias)
P-55
(Roncador)
P-63
(Papa-Terra)
11/NovFPSO Cid. Paraty
(Piloto de Lula NE)
FPSO Cidade de Itajaí
(Baúna)
16/Fev
5/Jan
17/Mar
31/DezCapacity:
120 th. bpd (45% Petrobras)
2013 – 11 th. bpd
2Q14 – 40 th. bpd
Capacity :
2013 – 36 th. bpd
2Q14 – 69 th. bpd
Capacity :
2013 – 10 th. bpd
2Q14 – 28 th. bpd
Capacity :
140 th. bpd (62,5% Petrobras)
2013 – 1 th. bpd
2Q14 – 17 th. bpd
Capacity :
180 th. bpd
(100% Petrobras)
2Q14 – 18 th. bpd
Capacity :
180 th. bpd
(100% Petrobras)
2Q14 – 38 th. bpd
Production Operated by Petrobras
6/Jun
1Q14
Average 2.006
P-62
(Roncador)
12/Mai
Capacity :
180 th. bpd
(100% Petrobras)
2Q14 – 8 th. bpd

4
Petrobras: Oil and NGL production in Brazil
Petrobras Production in 2Q14 was 1,972 th. bpd, an increase of 50 th. bpd over 1Q14
Main factors influencing 2Q14 oil production, as compared to 1Q14
 Start-up of production for P-62 (Roncador)
 Contribution from new wells for P-55 (Roncador), P-58 (Parque das Baleias) and FPSO Cidade de São Paulo (Sapinhoá).
 Sustainable production growth (from 1,926 th. bpd in March to 2008 th. bpd in July), i.e., +82 th. bpd production throughout 2Q14.
(Sapinhoá)
2,050
2,150
2,100
1,900
2,400
2,200
2,250
1,850
2,300
1,950
2,350
2,000
2,024
May-13
1,892
1,925
Apr-13
1,977
Mar-13
1,846
1,893
Feb-13
2,120
1,920
1,957
Jan-13
1,924
1,996 1,997
Jun-14
2,008
Sep-13
1,979
2,025
Aug-13
2,152
1,965
2,049
1,908
Jul-14
1,954
Jul-13
1,888
1,932
Jun-13
1,979
May-14
1,975
2,078
Apr-14
1,933
2,019
Mar-14
1,926
2,017
Feb-14
1,923
2,012
Jan-14
1,917
1,990
Dec-13
1,964
2,029
Nov-13
1,957
2,012
Oct-13
1,960
Th. bpd 2013: 1,931 th. bpd
1Q13
Average 1,910
2Q13
Average 1,931
4Q13
Average 1,960
2Q14
Average 1,972
3Q13
Average 1,924
P-58
(Parque das Baleias)
P-55
(Roncador)
P-63
(Papa-Terra)
11/NovFPSO Cid. Paraty
(Piloto de Lula NE)
(Baúna)
16/Fev
5/Jan
17/Mar
31/DezCapacity:
2013 – 11 th. bpd
2Q14 – 40 th. bpd
Capacity:
2013 – 36 th. bpd
2Q14 – 69 th. bpd
Capacity:
2013 – 10 th. bpd
2Q14 – 28 th. bpd
Capacity:
140 th. bpd (62,5% Petrobras)
2013 – 1 th. bpd
2Q14 – 17 th. bpd
Capacity:
180 th. bpd
(100% Petrobras)
2Q14 – 18 th. bpd
Capacity:
180 th. bpd
(100% Petrobras)
2Q14 – 38 th. bpd
6/Jun
1Q14
Average 1,922
P-62
(Roncador)
12/Mai
Capacity:
180 th. bpd
(100% Petrobras)
2Q14 – 8 th. bpd
Petrobras ProductionProduction Operated by Petrobras

5
302
169
119
41
153
546
0
50
100
150
200
250
300
350
400
450
500
550
201420132012201120102009200820072006200520042003
Oil Production in the Pre-Salt
Daily Record of 546 th. bpd on July/13 with 25 wells
Th. bpd
High productivity of Pre-salt wells contributed to lower lifting costs (LF) for these projects.
Lula field has a lifting cost of US$ 9/boe (2013), whereas Petrobras LF was US$ 14.76/boe.
Sequential records in Pre-Salt production:
 February 18th: connection of the 1st buoy (BSR1) to FPSO Cid. São Paulo, with 36 th. Bpd (best well in the country);
 March 17th: P-58 1st oil;
 April 3rd: interconnection of the 2nd well to BSR1, with 35 th. Bpd;
 April 15th: Start-up of gas exports from FPSO Cid. São Paulo;
 May 9th: interconnection of the 1st well to BSR2 (FPSO Cid. Paraty), with 31 th. bpd;
 May 9th: Installation of BSR4 finalized, the last of the 4 Buoyancy Supported Risers;
 June 25th: Start-up of gas exports from FPSO-Cid. Paraty;
 June 28th: Start-up of gas exports from P-58.
Note: 2014 value refers to daily record reached on 07/13/2014
P-58FPSO Cidade de São Paulo
Capacity: 180 th. bpd
(100% Petrobras)
1Q14: 2 th. bpd
2Q14: 38 th. bpd
Capacity: 120 th. bpd (45% Petrobras)
Total Production:
2013: 24 th. bpd / 1Q14: 44 th. bpd / 2Q14: 89 th. bpd(01/05/13) (03/17/14)
)

6
3Q14 4Q14
2014 Average: 2.075 th. bpd +/- 1%
Factors that support production growth:
 New systems: P-61/TAD (4Q14), FPSO Cidade de Ilhabela (4Q14) and FPSO Cidade de Mangaratiba (4Q14).
 Planned connection of 33 production wells in 2H14. 30 were connected in 1H14.
- PLSV FLEET INCREASE: 11 vessels in 1Q14, 13 in 2Q14, 16 in 3Q14 and 19 in 4Q14.
- PRODUCTIVITY INCREASE: from 84 km / PLSV / year in 2Q13 to 114 km / PLSV / year in 2Q14 (+36%).
- READINESS: Reduction in PLSV downtime: from 33% in 2Q13 to 31% in 2Q14 (-2 p.p.).
Th bpd
2,400
2,600
2,500
2,300
2,200
2,100
2,000
1,900
1,800
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
2,103
Jul-14
2,049
Jun-14
2,008
May-14
1,975
Apr-14
1,933
Mar-14
1,926
Feb-14
1,923
Jan-14
1,917
Dec-13
1,964
Nov-13
1,957
Oct-13
1,960Sep-131,979
Aug-13
1,908
Jul-13
1,888
Jun-13
1,979
May-13
1,892
Apr-13
1,924
Mar-13
1,846
Feb-13
1,920
Jan-13
1,965
2Q13
Average 1,931
3Q13
Average 1,924
4Q13
Average 1,960
2013 Average: 1,931 th. bpd
1Q13
Average 1,910
1Q14
Average 1,922
P-62
Actual
FPSO Cid. Paraty
Jun/6
Feb/16
Jan/5 P-55
P-63
Nov/12
Dec/31
4Q
4Q
P-61
TAD
P-58
Mar/17
Illustration
2Q14
Average 1,972
Cid. Ilhabela
Cid. Mangaratiba
4Q
4Q
Oil and NGL production in Brazil – 2014 projection
Production target of 7.5 (± 1 p.p.) maintained
May/12
* Actual on August (preliminary)
*
As of
08/09

7
Oil and Natural Gas Production Costs in Brazil
Higher productivity leads to stable lifting cost
2Q14
Cost reduction in Reais when compared to 1Q14, due to the increase in total production (+2.6%), resulting from ramp-up of
new systems (P-58, P-55, P-62 and FPSO São Paulo). Small increase in cost when expressed in US$, due to FX appreciation
11.38
13.12
12.49 12.91 13.28
15.24 14.76 15.02 14.96
14.33 14.57
14.16
9
12
15
18
13.37 13.80 14.15
2012 20132011
19.00
20.93 22.31 22.47 22.57
30.79
28.33 29.49
31.25
34.28 32.66 33.14 32.30
32.57
10
20
30
40
26.39
2014
US$/boe
2014
Projection
R$/boe
Average: US$ 12.59 /boe Average: US$ 13.79 /boe Average: US$ 14.76 /boe
+9% +7%
US$ 14.57 /boe
2012 20132011 2014
Projection
Average: R$ 21.19 /boe Average: R$ 26.97 /boe Average: R$ 31.94 /boe
+27% +18%
R$ 32.30 /boe
2011 2012 2013 1Q14 2Q14
Average FX (R$/US$) 1.67 1.96 2.16 2.37 2.23
% of Costs in US$ 18 18 32 35 33
Oil Production (th. bpd) 2,022 1,980 1,931 1,922 1,972
Pre-salt production (th. bpd) 100 138 249 299 347
# of production units in operation 121 122 124 124 125
Days of workovers (PROEF) 1,402 2,966 3,479 872 647
2Q14
+3%
-3%
+2%
-4%
4Q13 1Q141Q134Q123Q122Q121Q124Q113Q112Q111Q11 3Q132Q13 2Q14

8
Oil Products Sales - Brazil
Considers only Downstream sales
(*) Others – Lubricants, Asphalt, Coke, Propene, Solvent, Benzene, Kerosene and Intermediates.
*
Oil Products Output and Sales in Brazil
2Q14 production up 3% when compared to 1Q14, due to higher diesel and gasoline output
Oil Products Output
Th. bpd
+2%
855 822 857
501 483 496
146 135
245 290 284
203 208 219
125
879288
102105100
+3%
2Q14
2,180
1Q14
2,124
2Q13
2,138
2Q14 x 1Q14
 Oil products output grew 3% due to the production of REPLAN’s
destillation unit, following scheduled turnaround in 1Q14.
 Higher utilization factor (from 96% to 98%).
2Q14 x 1Q14
 Diesel (5% growth) – seasonality effect, following reduction of
industrial and agricultural activity at the beginning of the year.
 Gasoline (3% growth) – increase in light vehicles fleet and increasing
competitiveness to ethanol.
 LPG (7% growth) – lower average temperatures and increase in
economic activity.
Diesel
Gasoline
LPG
Naphtha
Jet Fuel
Fuel Oil
Others
978 947 999
583 601 619
233 222
237
170 178 162
201 202 204
108111104
114110103
+3%
2.443
2Q141Q14
2.371
2Q13
2.372
+3%
5%
3%
+4,3%
+2,6%
July/14:
Output: 2,236 th. bpd
(500 Gasoline and 896 Diesel)

9
Oil Products Output Record in Brazil: 12 Refineries
Throughput of 2,172 th. bpd of oil in June
2,100
2,150
2,200
1,850
2,050
2,000
1,950
1,900
1,800
1,750
1,700
1,650
1,600
1,550
2013
2,074
2012
1,944
2011
1,862
2010
1,798
2009
1,799
2008
1,765
2007
1,779
2014
1,746
2005
1,727
2004 20062003
1,588
2,172
+228 th. Bpd
+12%
1,704
Note: 2014 value refers to the monthly record achieved in June/14.
Th. bpd
New production records in the refining segment
• Excellent efficiency levels: utilization factor of 98% in 2Q14.
• New monthly record of 2,172 th. bpd in June, 21 th. bpd above the previous record achieved in March 2014
Paulínia Refinery – REPLAN
Capacity: 415 th. bpd
The significant increase in the level of output resulted from better performance achieved by the start-up of new quality
and conversion units, as well as the optimization of refining processes and the removal of logistics bottlenecks.

10
Trade Balance: Oil and Oil Products
2Q14 vs. 1Q14: Higher oil imports lowers gasoline imports
2Q14 vs. 1Q14
 Reduction in oil exports due to export cargos in transit (and therefore not yet recognized) and higher refining throughput.
 Lower product imports as a result of higher gasoline production.
 Higher oil imports during 2Q14, particularly in June, based on market conditions that should favor refining higher
volumes of imported oil. Additionally, REPLAN’s stoppage in 1Q14 distorts basis for comparison.
-396
-164
-285
-237
-253-64
200200180
2858
13
17916668
534
359
447
343638 136135159
138195162
941
-417
2Q13 2Q14
366
1Q14
359
783
2Q13
708
308
1Q14
-16%
2Q14
-633
-349
1Q14
+52%
+20%
2Q132Q14
th.bpd
-14%
+33%
+82%
Oil Oil ProductsGasolineDieselOthers Oil ProductsFuel Oil
Exports Imports Balance
July/14: Oil exports 321 th. bpd
Oil imports 193 th. bpd

11
3.47 3.91
4.20
3.83
3.14
3.37
3.14 3.08
3.26
2.88 2.75 2.94
.3,03
2
3
4
5
6
3.50
3.74
2012 20132011
5.80
6.25
7.00 6.94
6.60
6.25
6.98
6.24 6.37 6.62 6.48 6.56
6.95
4
6
8
10
4Q13 1Q14 20141Q134Q123Q12
7.07
2Q121Q124Q113Q112Q111Q11
7.45
3Q132Q13
US$/bbl
R$/bbl
Average: US$ 3.86 /bbl Average: US$ 3.44 /bbl Average: US$ 3.09 /bbl
-11% -10%
US$ 2.94 / bbl
2012 20132011
Average: R$ 6.51 /bbl Average: R$ 6.73 /bbl Average: R$ 6.67 /bbl
+3% 0%
R$ 6.56 /bbl
Refining Cost in Brazil
Reduction in costs due to the increases in productivity and throughput
2011 2012 2013 1T14 2T14
Average FX (R$/US$) 1,67 1.96 2.16 2.37 2.23
Headcount 9,231 9,289 9,078 9,017 8,938
Throughput (th. bpd) 1,866 1,944 2,074 2,058 2,101
Utilization Factor (%) 91 94 97 96 98
Complexity (UEDC/d) 12.94 14.39 15.02 16.16 16.58
2Q14
2Q14
+7%
+1,2%
2014
Projection
2014
Projection
In Reais, unit cost stable. Increase of 7% in US$ due to FX appreciation. Cost stability a result of optimizing operational costs
(PROCOP) and from increasing sustainable levels of throughput (PROMEGA).
2Q14
+4%
-2%

12
2Q14 x 1Q14
 Gas supply to the market totaled 96 million m3/day, a 6% growth over 1Q14. Increase in supply led primarily by LNG
imports to meet higher thermoelectric demand.
 Petrobras power generation reached 4.7 GW (4.1 GW in 1Q14), with margin gains, since spot price for energy was
stable (approximately R$ 650/MWh) while unit cost of imported LNG was 8% lower than 2Q14.
Natural Gas Supply and Demand
Increase in thermoelectric demand in 2Q14 when compared to 1Q14 and 2Q13
39,9
Million m³/dia
National
Bolivia
LNG
Non-thermoelectric
Thermoelectric
Downstream/Fertilizers
SUPPLYDEMAND
40,2
37,0
11,7
39,3
+6% +6%
+6%
2Q14
96.3
2.013.4
41.9
38.9
1Q14
91.1
1.913.0
37.8
38.4
2Q13
91.2
1.812.1
38.1
39.2
18.8
32.8
39.5
2Q13
91.2
18.3
31.6
41.2
22.1
33.0
41.2
1Q14
91.1
+6%
2Q14
96.3
+11%
+18%
+4%+1%
Gas to the System*
July/14:
 Demand: 94.3 MM m³/d
Thermoelectric: 41,3 MM m³/d
 Supply: 94.3 MM m³/d
National: 45,8 MM m³/d

13
Growth in 2Q14 Operating Income mainly due to the absence of the provision in 1Q14 for Voluntary Separation Incentive
Plan (PIDV)
7.6 +17%
8.8
1Q14 2Q14
R$ Billion
2Q14 Results
Operating Income up 17% from 1Q14
2Q14 x 1Q14 Operating Income
 Lower unit import costs due to the appreciation of the Real
 Absence of the PIDV provision in 1Q14
 Lower oil exports volumes
 Lower asset sales gains
 Write-downs of E&P projects
Operating Income

14
5.4
7.6
-8%
+17%
5.0
8.8
1Q14 2Q14
R$ Billion
Growth in 2Q14 Operating Income due mainly to the absence of the provision for Voluntary Separation Incentive Plan
(PIDV) in 1Q14. Reduction in Net Income due to change in net financial results and a higher effective income tax rate.
2Q14 Results
Operating Income up 17% on 1Q14. Net Income down 8%.
2Q14 x 1Q14 Net Income
 Lower unit import costs due to the appreciation of the Real
 Absence of the PIDV provision in 1Q14
 Lower oil exports volumes
 Lower gains from asset sales
 Write-offs of E&P projects
 Lower net financial results, due to the increase in interest
expense and the reduction in financial revenue
 Higher effective income tax rate due to 1Q14 fiscal credits
Operating Income
Net Income

15
Structuring Programs and Net Income Impact
Positive effect of R$ 3.1 Billion in 2Q14
PROCOP
1.6
2Q14 Net Income
5.0
0.3
R$ -3.1 Billion
(-63%)
2Q14 Net Income Without
Structuring Programs
1.9
PROEF
1.2
PRODESIN
Outcome 2.4 0.3 1.8
Income Tax -0.8 - -0.6
Net Income 1.6 0.3 1.2
R$ Billion
PROCOP (R$ 1.6 Billion), PRODESIN (R$ 0.3 Billion) and PROEF (R$ 1.2 Billion) positively impacted Net Income by 63%
(R$ 3.1 Billion).
Structuring Programs
PROCOP: Operating Costs Optimization Program. PRODESIN: Divestment Program. PROEF: Program to Increase Operational Efficiency

16
3.5 3.6 3.5 3.5 3.5 3.6 3.1
R$Million
+1.6%
+7.8%
+15.8%
1H14
5,140
2H13
5,691
1H13
5,060
2H12
5,146
1H12
4,696
2H11
4,589
1H11
4,057
2012 2013 1H14
General and Administrative Expenses
Strong slowdown of the growth rate due to Procop and PIDV
2011
+1.6%
Petrobras
Holding
Others
1H14
5,140
3,552
(69%)
1,587
1H13
5,060
3,507
(69%)
1,554
% of
Revenue
+1%
Personnel
1H14
3,552
1,891
(53%)
1,661
(47%)
1H13
3,507
1,856
(53%)
1,651
(47%)
Typeof
Expenditure
Data Processing,
Services, Rentals,
Training,
Consulting and
Depreciation
Flight Tickets
Ground Transportation
Building Management
ICT
Evolution from 2011 to 2014
Petrobras System
Holding
Initiatives PROCOP
PIDV*: 581 employees departured
from Apr/14 to Jun/14
Jan-14
-7%
7.6
May-14
7.9
Apr-14
8.2
Mar-14
8.2
Feb-14
8.3
Jan-14
8.2
Dec-13
8.2
thous emp.
* PIDV: Voluntary Separation Incentive Plan

17
4,00 3,94
39% 40%
0%
10%
20%
30%
40%
50%
1,5
2,5
3,5
4,5
1Q14 2Q14
Net Debt / EBITDA ¹
Net Debt / Net Capitalization ²
LEVERAGE
ND/EBITDA
Financial Ratios
 Total debt stable
 Decrease of cash and cash equivalents due to
yearly dividend payment and investments during
the period.
 Leverage steady, at 40%.
 ND/EBITDA decreases from 4.00x to 3.94x due to
the dilution of 1Q14 PIDV provision
Indebtedness
Debt Ratios
R$ Billion 03/31/14 06/30/14
Short-term Debt 21.8 23.5
Long-term Debt 286.3 284.2
Total Debt 308.1 307.7
(-) Cash and Cash Equivalent3 78.5 66.4
= Net Debt 229.7 241.3
US$ Billion
Net Debt 101.5 109.6
1) Net Debt / (adjusted EBITDA 1H14 x 2). Adjusted EBITDA= EBITDA excluding earnings of equity-accounted investments and impairments
2) Net debt / (Net Debt + Shareholders Equity)
3) Includes tradable securities maturing in more than 90 days

18
2014 Projections
Oil Products Output (th. bpd)
Yield improvement: more Diesel and Gasoline in 2H14
850 840 917
491 489 520
783 823 803
+4%
Diesel
Gasoline
Others
2H14
Forecast
2,240
1H14
2,152
2013
2,124
Oil Production (th. bpd)
Production target maintained
2014
Forecast
2013
1,931
7,5%
+/- 1p.p.
Oil Exports (th. bpd)
Sustainable growth of oil exports
250
166
207
+51%
2S14
Forecast
1S142013
9%
6%
th. bpd
th. bpd
th. bpd
Domestic Natural Gas Supply (MM m³/day)
Higher domestic supply to reduce LNG imports
40
49
41
+21%
2H14
Forecast
1H142013
MM m³/day

OPERATIONAL AND
FINANCIAL RESULTS
2nd Quarter 2014
__
Information:
Investor Relations
+55 21 3224-1510
investors@petrobras.com

Webcast 2Q14

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Webcast 2Q14