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Table of contents

The table below shows the amount by which each of these variables has changed during the last three years. When the U. The apprecia on of the U. As a consequence, the following comparison between our results of opera ons in and in is impacted by the deprecia on of the real against the U.

This decrease was principally a result of the apprecia on of the U.

In RE: Petrobras Securities Litigation: Exhibit

This increase was principally a result of higher costs due to increased losses on legal and administra ve proceedings. The following is a discussion of the net income of our six business segments at December 31, , compared to December 31, Explora on and Produc on Our Explora on and Produc on segment includes our explora on, development and produc on ac vi es in Brazil, sales and transfers of crude oil in domes c and foreign markets, transfers of natural gas to our Gas and Power segment and sales of oil products produced at natural gas processing plants. Explora on and Produc on net income decreased by 3.

Addi onally, this segment includes the petrochemical division, which comprises investments in domes c petrochemical companies and also extrac on and processing of shale. Addi onally, RTM purchases oil products in the interna onal markets to meet excess product demand in the domes c market.

For some of our products, principally gasoline, diesel and residen al LPG, however, the prices in Brazil can lag the interna onal markets. Our RTM segment net losses increased by Gas and Power Our Gas and Power segment covers ac vi es of transporta on and trading of natural gas produced in or imported into Brazil, transporta on and trading of LNG, genera on and trading of electric power, as well as corporate interests in local natural gas distribu on companies, natural gas transporta on companies and in thermoelectric power sta ons in Brazil, and fer lizer business.

Our Gas and Power segment net income decreased by Our biofuel opera ons net losses increased by The Distribu on segment accounted for However, the apprecia on of the real against the U.

As a consequence, the following comparison between our results of opera ons in and in is impacted by the apprecia on of the real against the U. See Note 2. The growth in domes c demand was met by higher crude oil and oil products import volumes to support the domes c market, purchased at prevailing interna onal prices, which increased during the year. The principal produc on taxes and charges are as follows: o royal es, which increased from U. The increase in produc on taxes and charges in was due to an increase of We also hold U. S dollar deposits.


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In we had net liabili es in reais subject to exchange rate varia on. Addi onally, the value of the real against the U. As a result, exchange rate movements on our debt generated an exchange varia on expense of U. In the Selic rate was Higher cash and equivalents denominated in reais also contributed to the higher interest income. Net Income Loss by Business Segment We measure performance at the segment level on the basis of net income.

As a producer of rela vely heavy oil, on average, this reduced our income rela ve to the increase in the Brent price. For and beyond, we believe internally generated funds, divestments and increases in debt, together with a reduc on of our cash and cash equivalents posi on, will con nue to allow us to meet our current capital requirements. In , our major cash needs are for our budgeted capital expenditures of U. Following review by these agencies, the Brazilian Congress must approve the budget.

All of our foreign currency denominated debt, as well as the foreign currency denominated debt of our Brazilian subsidiaries, requires registra on with the Central Bank. However, the issuance of debt by our interna onal subsidiaries is not subject to registra on with the Central Bank or approval by the Na onal Treasury Secretariat. Borrowings that exceed the approved budgeted amount for any year also require approval of the Brazilian Senate. We typically pay dividends in the year following the announcement of the corresponding results.

Of the total capital expenditures in , U. We expect that U. Our actual capital expenditures may vary substan ally from the projected numbers set forth above as a result of market condi ons and the cost and availability of the necessary funds. Our shareholders will hold an Annual General Mee ng on April 29, to deliberate about such total dividend distribu on.

We paid U. Upon delibera on of our Annual General Mee ng, the remaining U.


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    • For more informa on on our dividend policy, including a descrip on of the minimum preferred dividend to which our preferred shareholders are en tled under our bylaws, see "Mandatory Distribu on" and "Payment of Dividends and interest on Capital" in Item For addi onal informa on about natural gas supply agreements entered into by us, please refer to Item 4. The accoun ng es mates we make in these contexts require us to make assump ons about ma ers that are highly uncertain.

    These es mates require the applica on of judgment and are subject to ongoing revisions, either upward or downward, based on new informa on that becomes available. Oil and gas reserves include both proved and unproved reserves. Developed oil and gas reserves are reserves that can be expected to be recovered through exis ng wells with exis ng equipment and opera ng methods. At December 31, , proved developed reserves represented The depreciable amount is the cost of the asset, less its residual value, if material. Revisions of the Company's proved developed and undeveloped reserves impacts prospec vely the amounts: of deprecia on and deple on charged in the results of opera ons and the carrying amounts of oil and gas proper es assets.

    Impact of Oil and Gas Reserves and Prices on Tes ng for Impairment Oil and gas producing proper es are tested for impairment whenever there is any indica on that the carrying amounts may not be recoverable. We perform asset valua on analyses on an ongoing basis as a part of our management program by reviewing whether the carrying amounts of any of our assets may not be recoverable.

    In addi on to es ma ng oil and gas reserve volumes in conduc ng these analyses, it is also necessary to es mate future oil and gas prices. In general, we do not view temporarily low oil prices as a trigger event for conduc ng impairment tests. Although prices will occasionally drop precipitously, industry prices over the long term will con nue to be driven by market supply and demand fundamentals.

    These are the same price assump ons that are used in our planning and budge ng processes and our capital investment decisions, and they are considered to be reasonable, conserva ve es mates given market indicators and past experience.

    We have an investment in Braskem S. The carrying value of this investment at December 31, was U. The quoted market value at December 31, , was U. If the common shares were valued at the same share price as the preferred, the quoted market value would have been U. Given the opera onal rela onship between Petrobras and Braskem, we did not look to the quoted market price to determine if there was an impairment. Using this method we concluded that the value in use is higher than the carrying value. For more detailed informa on about our impairment policies, please refer to Notes 4. Li ga on, Tax Assessments and Other Con ngencies We are a defendant in numerous legal proceedings involving civil, tax, labor, corporate and environmental issues arising from the normal course of our business.

    We are also some mes held liable for spills and releases of oil products and chemicals from our opera ng assets. Dismantling of Areas and Environmental Remedia on Under various contracts, permits and regula ons, we have material legal obliga ons to remove equipment and restore the land or seabed at the end of opera ons at produc on sites.

    We accrue the es mated discounted decommissioning costs for dismantling and removing these facili es at the me of installa on of the assets. In , we reviewed and revised our es mated costs associated with well abandonment and the demobiliza on of oil and gas produc on areas.

    As a result, our provision for decommissioning costs increased by U. The company is constantly conduc ng studies to incorporate technologies and procedures seeking to op mize the opera ons of abandonment, considering the industry best prac ces.


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      • We have a history of successfully developing and implemen ng innova ve technologies, including the means to drill, complete and produce wells in increasingly deep water. We are one of the largest investors in research and development among the world's major oil companies, and we spend a large percentage of revenues in research and development.

      In , we spent U. Our por olio of patents covers all of our areas of ac vi es. We have operated a dedicated research and development facility in Rio de Janeiro, Brazil since As of December 31, , this facility has 1, employees, 1, of which are exclusively dedicated to research, development and basic engineering. In support of this goal we plan total capital expenditures of U. Of this total, approximately We expect that the demand for oil products in Brazil will con nue to increase rapidly driven primarily by economic growth and the increase in purchasing power of the middle class.

      This increase in imports increased our cost of sales and decreased our margins in The Brent benchmark price experienced greater varia on in as compared to , with a minimum price of U. The economic outlook and con nuing poli cal turmoil in the Middle East and in North Africa will remain the key determinants of oil price trends in the short term. In addi on, recent geopoli cal concerns may persist, poten ally driving prices higher in the short term.

      Southern District of New York, nysd-1:2014-cv-09662

      The guidance provided by our board of directors is instrumental in this review process. Item 6. The members of the board of directors are elected at the annual general mee ng of shareholders, including the employee representa ve previously selected by means of a separate vo ng procedure. Our bylaws provide that, regardless of the rights above granted to minority shareholders, the Brazilian federal government always has the right to elect the majority of our directors, independently of their number.

      In addi on, under Law 10,, dated May 28, , one of the board members elected by the Brazilian federal government must be indicated by the Minister of Planning, Budget and Management. Following an elec on of board members under the cumula ve vote procedure, the removal of any board member by an extraordinary mee ng of shareholders will result in the removal of all the other members, a er which new elec ons must be held. Farrapos, no. Mantega has been our Chairman of the board of directors since March 19, , a er being a member of this board since April 3, He is also a member of the board of directors of Petrobras Distribuidora S.

      Mantega was a member of the Remunera on and Succession Commi ee of our board of directors from October 15, to April 30, She is also a member of our board of directors, the board of directors of Petrobras Distribuidora S. Foster is also chairperson of the boards of directors of Petrobras Transporte S. From May to September , Ms. During that period, Ms. Belchior has been a member of our board of directors since July 22, , and is also a member of the board of directors of Petrobras Distribuidora S.

      She was appointed as a member of the Environment Commi ee of our board of directors on December 22, He has been a member of the Audit Commi ee and the Remunera on and Succession Commi ee of our board of directors since April 13, , and October 15, , respec vely. He received a bachelor's degree in civil engineering from the Universidade Federal de Minas Gerais Federal University of Minas Gerais , a law degree from Faculdades Milton Campos Milton Campos Facul es and a master's degree in business administra on from Vanderbilt University, where he received the Founder's Medal in recogni on of his academic achievement.

      Johannpeter has been a member of our board of directors since October 19, , and is also a member of the board of directors of Petrobras Distribuidora S. He was appointed a member of the Remunera on and Succession Commi ee of our board of directors on October 15, and a member of the Environment Commi ee on December 22, Zimmermann has been a member of our board of directors since March 22, and is also a member of the board of directors of Petrobras Distribuidora S.

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      He has been the President of the Remunera on and Succession Commi ee of our board of directors since April 29, Cou nho has been a member of our board of directors since April 4, , and is also a member of the board of directors of Petrobras Distribuidora S. In addi on, Mr. Cou nho is a member of the board of directors of Vale S. Cou nho has a Ph. Quintella has been a member of our board of directors since April 8, , and is also a member of the board of directors of Petrobras Distribuidora S.

      He has been a member of the Audit Commi ee of our board of directors since November 13, and was appointed its president on November 11, Sinedino has been a member of our board of directors since March 20, , and is the representa ve of our employees.