Petrobras – Divestment Plan U$13.7 billion to 2016
Rio de Janeiro, March 2, 2015 – Petróleo Brasileiro S.A. – Petrobras announces that its Executive Board, convened on February 26, 2015, has approved the company’s two-year (2015/2016) divestment plan. Divestitures total US$ 13.7 billion, and include Exploration & Production assets in Brazil and abroad (30%), as well as assets in the Downstream (30%) and Gas & Energy (40%) segments. The approved divestment amounts represent a rise when compared to the US$ 5 – 11 billion allocated in the 2014-2018 Business & Management Plan, as released in February 2014. This plan is part of Petrobras’s financial planning aimed at reducing leverage, preserving cash and focusing on priority investments, mainly oil and gas production in Brazil in areas of high productivity and return. Please note that the approved amount of US$ 13.7 billion is Petrobras’s best estimate, however, it is susceptible to changes in the market, including but not limited to, Brent barrel price, exchange rate, and economic growth in Brazil and abroad. Market changes may lead Petrobras to adjust its divestment target accordingly. The appropriate Governance authorities, including the Executive Board and the Board of Directors, will review and approve each asset sale transaction. These operations are also subject to approval by the relevant Brazilian and international regulatory agencies, as applicable. New announcements deemed relevant will be made to the market in a timely manner.