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First Quarter 2016 Results

Read our announcement:

Petrobras posted losses of R$1.2 billion in 1Q16, mainly due to:

• higher interest costs, and negative monetary and exchange rate variations;

• 7% reduction in oil and natural gas production (in Brazil and abroad);

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Credit Facility with China Exim Bank

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Petrobras has signed a term sheet with China Exim Bank (Export-Import Bank of China) containing the main terms and conditions for a US$1 billion loan. The final loan agreement is already being negotiated, anticipating the funding planned for 2017.

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Sale of Petrobras Argentina

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Petrobras has completed negotiations with Pampa Energía on the main terms and conditions of the sale of its stake in Petrobras Argentina (PESA), owned by Petrobras Participaciones S.L. ("PPSL").

Pampa Energía, a public traded company, is an integrated energy company in Argentina operating in the oil and gas sector as well as in the generation, transmission and distribution of electric energy sector.

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Sale of distribution assets in Chile

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Petrobras has completed negotiations with the Southern Cross Group on the main terms and conditions for the sale of 100% of Petrobras Chile Distribución Ltda. (“PCD”), owned through Petrobras Caribe Ltd.

Southern Cross Group is a private equity fund, founded in 1988, with USD 2.9 billion of assets under management and focuses on investments in Latin America, in companies in the manufacturing, services, logistics and consumer goods sectors.

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Composition of the new Executive Board is approved

senadoRead our announcement:

This Wednesday (March 30th) the Petrobras Board of Directors approved the names put forward for executive posts at the company, in line with the new administrative structure that was outlined in January. With the company’s new governance and organizational management model, there will be a 43% cut in the approximately 5,300 administrative posts in non-operational areas, well over the initial target of 30%.

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2015 fiscal year result announcement

resultadoIn 2015, we posted a 25 percent increase in adjusted EBITDA; however, due to the write-offs we had a loss. Read the announcement we disclosed on Monday (Mar. 21).

Consolidated net loss was R$ 34,836 million in 2015 and R$ 36,938 million in the 4Q-2015, due to:

i) impairment of assets and investments, mainly generated by decreased crude oil prices and by higher discount rate, attributable to an increase in Brazil’s risk premium, resulting from a credit risk downgrade (losing its investment grade status (R$ 49,748 million); and

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We started the early production system in the Sépia area

FPSO Cidade de São VicenteWe have started the Sépia Anticipated Production System, previously the Northeastern area of Tupi, in the pre-salt cluster of the Santos Basin. The operation got underway with vessel platform FPSO Cidade de São Vicente, the output of which will be about 20,000 barrels of oil per day during the test period.

Installed in waters where depth is approximately 2,200 meters, the platform was connected to the 1-RJS-691 well and will remain in place for a period of 180 days.

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Negotiations for the sale of stakes in Petrobras Argentina

We announced to the market on Wednesday (Mar. 02) that insofar as the sale of stakes in Petrobras Argentina is concerned, announced through a Material Fact on 01/20/2016, our Executive Board approved the conducting of negotiations with Pampa Energia, on an exclusive basis, for 30 days - a term that may be extended for an equal period.

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New well in Libra confirms extension of the discovery in the pre-salt block

LibraWe have concluded the drilling of well 3-BRSA-1305A-RJS (3-RJS-739A), located in the northwestern area of the Libra block, in the Santos Basin pre-salt cluster, and confirmed the discovery of oil of good quality in reservoirs of excellent productivity.

The well found an oil column measuring approximately 270 meters and high quality reservoirs in communication with other wells that had already been drilled in the area. Two formation tests, carried out in two separate intervals, confirmed these reservoirs' excellent productivity and the good quality of the oil (28º API), similar to what was found in wells 2-ANP-2A-RJS and 3-RJS-731.

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FPSO Cidade de Maricá goes into operation in the Santos Basin pre-salt cluster

Cidade MaricáThis February we kicked off operations, in the Lula field Lula Alto area, at the seventh large definitive production system in the Santos Basin pre-salt cluster. Output there is being processed by vessel-platform (FPSO) Cidade de Maricá, which is capable of lifting up to 150,000 barrels of oil and 6 million cubic meters of gas per day. The unit will produce, store, and offload oil anchored at a depth of 2120 meters and at about 270 kilometers from the coast.

With this production system, the pre-salt layer in the Santos and Campos basins already accounts for 35 percent of the Brazilian oil production. Among the companies active in the Brazilian pre-salt, only those members of consortia led by Petrobras have a stake in this production.

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