Petrobras has adjusted its 2015 and 2016 financial planning, given new Brent crude oil prices and the exchange rate (R$/US$).

When the Company first disclosed its 2015-2019 Business and Management Plan (PNG 2015-2019), it said that carrying out the Plan was subject to risk factors that may adversely impact projections, including changes in market variables such as oil prices and the exchange rate.

Consequently, to maintain its fundamental goals of deleveraging the Company and creating value for shareholders, Petrobras is adjusting its projections for investment and manageable operating expenses as follows:

Investments (US$ billion)

Manageable operating expenses total costs and expenses, excluding raw material purchase (US$ billion)

The 2015-2016 projections for disinvestments remains at US$15.1 billion, with around US$700 million in 2015 and US$14.4 billion in 2016. 

The average daily production targets for oil and LGN in Brazil provided for in the 2015-2019 BMP (2.125 million barrels per day in 2015 and 2.185 million barrels per day in 2016) remain unchanged. 

Petrobras reaffirms its commitment to operating with strict control over its capital and profitability. 

1 Manageable operating expenses - total costs and expenses, excluding raw material purchase (US$ billion)