• Petrobras posted net income of R$ 5.3 billion in 1Q15, 1% down on 1Q14, influenced by the increase in the company’s net financial expense, especially due to the higher depreciation of the real against the U.S. dollar.

• Operating income totaled R$ 13.3 billion, 76% up on 1Q14, chiefly due to the expansion in oil and gas production, higher margins from the sale of oil products and lower expenses with the government take and imports. In addition, the 1Q14 result was impacted by the provisioning for the Program to Encourage Voluntary Severance (PIDV) (R$ 2.4 billion), which did not occur in 2015.

• First-quarter adjusted EBITDA amounted to R$ 21.5 billion, 50% up year-on-year, fueled by the increase in diesel and gasoline prices in 2014, as well as the higher operating income mentioned above.

• Investments totaled R$ 17.8 billion, 13% less than in 1Q14, mostly allocated to the Exploration and Production segment in Brazil, which absorbed 79% of the funds, mainly allocated to projects to increase capacity.

• Petrobras ended the quarter with a cash position of R$ 68.2 billion.

Operating highlights

• Petrobras’ oil and natural gas output in Brazil and abroad grew by 11% over 1Q14, averaging 2 million 803 thousand barrels of oil equivalent per day (boed). In April, the company reached a record monthly oil production in the pre-salt area of 715 thousand barrels per day.

• In 1Q15, the company launched the operation of the anticipated production system in the Búzios field (Santos Basin); of P-61, in the Papa-Terra field (Campos Basin); and in the Hadrian South field, in ultra-deep waters in the Gulf of Mexico (USA).

• In Refining, oil product output totaled 2 million 119 thousand bpd, 8% down on the same period in 2014. The lower domestic production reflects the scheduled stoppage of the Landulpho Alves Refinery (RLAM), in Bahia, partially offset by the contribution from RNEST’s output.