1

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christmas

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2019 Performance

—Webcast

February 20, 2020

Disclaimer—

The presentation may contain forward-lookingstatements about future events that are notbased on historical facts and are notassurances of future results. Such forward-looking statements merely reflect theCompany’s current views and estimates offuture economic circumstances, industryconditions, company performance andfinancial results. Such terms as "anticipate","believe", "expect", "forecast", "intend","plan", "project", "seek", "should", along withsimilar or analogous expressions, are used toidentify such forward-looking statements.Readers are cautioned that these statementsare only projections and may differ materiallyfrom actual future results or events. Readersare referred to the documents filed by theCompany with the SEC, specifically theCompany’s most recent Annual Report onForm 20-F, which identify important riskfactors that could cause actual results todiffer from those contained in the forward-looking statements, including, among otherthings, risks relating to general economic andbusiness conditions, including crude oil andother commodity prices, refining margins andprevailing exchange rates, uncertaintiesinherent in making estimates of our oil andgas reserves including recently discovered oiland gas reserves, international and Brazilianpolitical, economic and social developments,

receipt of governmental approvals andlicenses and our ability to obtain financing.

We undertake no obligation to publiclyupdate or revise any forward-lookingstatements, whether as a result of newinformation or future events or for any otherreason. Figures for 2020 on are estimates ortargets.

All forward-looking statements are expresslyqualified in their entirety by this cautionarystatement, and you should not place relianceon any forward-looking statement containedin this presentation.

In addition, this presentation also containscertain financial measures that are notrecognized under Brazilian GAAP or IFRS.These measures do not have standardizedmeanings and may not be comparable tosimilarly-titled measures provided by othercompanies. We are providing these measuresbecause we use them as a measure ofcompany performance; they should not beconsidered in isolation or as a substitute forother financial measures that have beendisclosed in accordance with Brazilian GAAPor IFRS.

Non-sec compliant oil and gas reserves:

cautionary statement for us investors

We present certain data in this

presentation, such as oil and gas

resources, that we are not

permitted to present in

documents filed with the United

States Securities and Exchange

Commission (SEC) under new

Subpart 1200 to Regulation S-K

because such terms do not qualify

as proved, probable or possible

reserves under Rule 4-10(a) of

Regulation S-X

2

2019 Highlights

—Implementing a transformational agenda

3

Growth of low sulphur fuel oil

production (IMO 2020)

Acquisition of Búzios and Itapu in the

Transfer of Rights Surplus Auction

Investments of US$ 27.4 billion*

Divestments of US$ 16.3 billion

in non-core assets

Production record in the pre-salt, reaching

59% of total production in Brazil

Oil production in Brazil reached 2.172

Mbpd, exceeding the target of 2.1 Mbpd

Gross debt reduction

of US$ 24 billion

Remarkable net income

and EBITDA

Upgrade in stand-alone credit profile by S&P, Moody’s and Fitch

Agreement with CADE to open the

refining and natural gas markets

*including participation in ANP auction

4

Inserir foto

Ajustar layout

TRITotal recordable injuries (M MHRS*))

Focus on safety

—Safety as top priority

2.15

1.63

1.081.01

0.76

2015 2016 2017 2018 2019

» 2020-2024 top metric is TRI < 1.0

» Lowest historical level and below peer group benchmark (0.80)

Ambition of zero fatalities

* Per million man-hours

5

Financial

highlights

—

6

Operating

cash flow

US$ 25.6 bi

Dividends

US$ ~2.5 bi

Net

income

US$ 10.2 bi

Adjusted

EBITDA

US$ 32.7 bi

Free

cash flow

US$ 18.4 bi

2019 Financial performance—Focus on value generation

Brent

US$/bbl

7

Oil prices and exchange rate—Brent apreciation and depreciation of the Real

Average

exchange rate R$/US$

67.7663.20

68.82

61.94 63.25

4Q18 1Q19 2Q19 3Q19 4Q19

3.81 3.773.92 3.97

4.12

4Q18 1Q19 2Q19 3Q19 4Q19

Continuous focus on deleveraging

—US$ 24 billion debt reduction

US$ billion

8

79%

60%57%

46% 44%

Leverage

5.11

3.54 3.67

2.341.99

2.46

2015 2016 2017 2018 2019

Net Debt/ Adjusted EBITDA

with IFRS 16

without IFRS 16

Leverage Ratio*Gross Debt

126118

109

84

63

111

87

2015 2016 2017 2018 2019

with IFRS 16

without IFRS 16

*Calculated in Reais

Solid EBITDA—Resilient to price environment

9

US$ billion

2019 X 2018 4T19 x 3T19

33.7 34.131.5

32.7

2018 2019

Recurring adjusted EBITDA Adjusted Ebitda

+1%

8.9 9.08.2 8.9

3Q19 4Q19

Recurring adjusted EBITDA Adjusted EBITDA

+2%

» Production costs reduction and lower contingencies » Lower production costs, Brent appreciation and price

improvement of our oil and fuel oil in relation to Brent

US$ billion

10

EBITDA by business segment—Highlighting E&P and Refining segments results

Adjusted EBITDA US$ billion

» Realization of inventories

formed at lower costs

» Improved margins on natural gas

sales offset by higher operating

expenses

» Brent price recovery and higher

production

8.18.8

3Q19 4Q19

Exploration &Production

0.9

1.6

3Q19 4Q19

Refining

0.5

0.2

3Q19 4Q19

Gas & Power

+9%-63%

+68%

11

Strong cash generation—Cash generation and divestments enabled acquisitions in bidding rounds and debt prepayment

*Includes borrowings, prepayments and goodwill on repurchase of securities

**Includes dividends received and non-controlling interests

8.97.5

5.6

-5,4 -6.5

-1.8

8.4

-3.2

-0.5-0.9

1.3

-3.5 -0.6-1.6

0.6

Pre-payments*

Cash flow in 4Q19US$ billion

EBITDA

4Q19

Judicial

deposits Others

OCF

4Q19

Invest-

ments

FCF 4Q19

Signaturebonus

Transfer of

Rights

agreement

Divest-

ments

Net

Financing Interest Leasing Others**

FCFE

4Q19

-16.7

Amortization profileUS$ bilhões

Efficient liability management—Debt extension at lower costs and reduction of minimum cash balance

12

7.43.6 4.2 4.8

8.1 8.6

35.9

9

5.9 5 3.5

2.6 2.2

13.1

2020 2021 2022 2023 2024 2025+

Revolving creditfacilities

Cash

Note: Managerial view

9.4 9.28.3

10.7 10.8

49.0

Year 2018 2019

Average interest rate (% p.y.) 6.2 5.9

Average Maturity (years) 9.1 10.8

12

New level of minimum

cash balance at

US$ 5.5 billion

55% of debt maturity

after 2024

Loans

Leasings

(IFRS 16)

Main transactions in capital markets—Efficient liability management contributed to the continuous improvement of the company's risk perception

Pre-payments Securities

exchange offer

Receivables from

Eletrobras

Issuance

of debentures

US$ 24.9 biUS$ 3.7 bi

US$ 2.1 bi US$ 1.7 bi

Financial transactions in 2019 Risk perception improvement

513 bps

230 bps

jan-17 jan-18 jan-19 jan-20

283 bps

10-year Petrobras bond spread over Treasury (bps)

We have been awarded the Corporate Liability

Management of the Year, from Latin Finance, in

recognition of the results of two global bond offers:

Mar/19: Securities issuing and repurchase

Sep/19: Securities exchange offer

13

Follow on transactions—Significant growth in the shareholder base with higher free float and lower stake in BR

CAIXA BNDES BR DISTRIBUIDORA

US$ 2.6 bi

393,187,500

common shares

71.25% 37.5%

» 1st privatization of a state-owned

company through the Brazilian capital

market

US$ 1.9 bi

241,340,371

common shares

US$ 5.2 bi

734,202,699

common shares

06/26/2019 02/05/2020

+37%

07/23/2019

Petrobras' stake in BR's capital:Date May/19(Before Caixa

transaction)

Jun/19(After Caixa

transaction)

Jan/20(Before BNDES

transaction)

Feb/20(After BNDES

transaction)

Free float 36.40% 39.64% 39.64% 49.50%

# Shareholders 350,134 350,320 430,342 478,548

14

38

1012

4

33

117

2

Tax Labor Civil/commercial Environmental

2018

2019

US$ billion

Significant reduction in contingencies—Reduction of US$ 11 billion even after the effects of monetary adjustment (US$ 4.2 billion)

15

Contingencies by category

Note: Amounts converted to end period FX. Remote contingencies are not considered. Only possible and probable losses are considered. Tax contingencies include social

security contingencies.

Total

64

53

2018 2019

-18%

US$ billion

» Deficit above R$ 30 billion in Dec/19*

» Additional contribution payments for 18 years

» 100% of the deficit allocated to Petrobras'

balance sheet, but half of the deficit paid by

participants

» Petrobras' annual contribution is less than R$ 1

billion and decreases gradually

» Defined benefit plans closed to new participants

since 2002

Update on Petros—Focus on deficit balancing and new equalization plan

16

» Improvements in Petros management and

governance

» Defined benefit plans being restructured to

solve the deficit: reduction of future benefits,

new levels of additional contribution and

extension of extraordinary payments

» Launch of a new pension plan (PP3), with

defined contribution and voluntary enrollment

Current situation Solutions in progress

* Petros vision

Investments within the 2019 target—Investments focusing on pre-salt exploration and production development

17* without bids

2019 target of

US$10 -11 bi* achieved

CAPEX 2019*

12.6 10.7

120.8

16.7

2018 2019 2020E*

78%

Exploration &

Production

14%

Refining

8%

Others

» Investments considering the acquisition bonus in 2019

totaled US$ 27.4 billion, with highlight to Transfer of

Rights Surplus auction

US$ billion

Bids Investments without bids

13.4

27.4

Annual CAPEX%

Net income—Increase in recurring net income in 4Q19

18

US$ billion

10.09.3

7.2

2018 2019

2.5

3.1

2.31.9

3Q19 4Q19

Recurring net income Net income

2019 x 2018 4Q19 x 3Q19

Recurring net income Net income

+25%

-7%

» Brent devaluation (-9.5%) impacted oil margins in 2019

» Increased production in the pre-salt, lower costs and

better margins in natural gas sales mitigated this effect

» Higher impairments and lower capital gain on asset sale

» Disregarding non-recurring items the result increased by

25%

10.2

US$ billion

Common SharePreferred Share

Shareholder remuneration—Growth of dividend distribution

19

1.8

2.5

3

2018 2019 2020E

US$ 0.17/share(R$ 0.738/share)

» Expected growth in shareholder remuneration when

gross debt reaches US$ 60 bi under the new policy

2019 RemunerationDividends*

US$ billion

US$ 0.22/share(R$ 0.925/share)

* Including interest on capital (IOC)

-20

-10

0

10

20

30

40

2017 2018 2019

Total shareholder return

33% PBR/A

25% PBR

%

peers

Source: Bloomberg

Portfolio

Management

—

20

Divestments evolution—Total of US$16.3 billion in asset sales in 2019

21

TAG (90%)

Shallow water field

Maromba Field - RJ

Shallow water field

Baúna Field - SP

Paraguay assets

Closed

in 2019 and 2020

Pasadena Refinery

Shallow water fields

Pargo Cluster - RJ

Signed

waiting for closing

Lapa - 10% additional

Signed in 2019

Signed in 2018

BR Distribuidora

Shallow water fields

Pampo and Enchova Clusters - RJ Onshore fields

AM, CE, SE, BA e ES

Shallow water fields

ES e RJ

Deep water fields

SE

Teaser and non binding

phase

Binding

phase

MEGALiquigás

Eólicas Mangue Seco 1 and 2 Uruguay assets (PUDSA)

Onshore fields

Lagoa Parda Cluster - ES Belem Bioenergia Brasil

Onshore fields

Macau Cluster - RN

Note: The amount of US$ 16,3 billion includes transactions signed in 2019 and until February 5th, 2020.

Cash inflow in the same period totals US$ 14,7 billion, including closed transactions and advance

payments of non concluded transactions.

Ponta do Mel and

Redonda Fields - RN

TAG (10%)

Refining and natural gas

assets

Exploration and production

assets

Note:

Change of project phase

since 3Q19

Golfinho and Camarupim Clusters

ES

Papa-Terra Field

RJ Refining assets

REGAP, REMAN, LUBNOR e SIX

Refining assets

RNEST, RLAM, REPAR e REFAP

Tartaruga Verde and Módulo 3

Espadarte Fields (50%) - RJ

Frade Field - RJ

Onshore fields

Riacho da Forquilha Cluster - RN

Petrobras Oil & Gas B.V. –

POG BV

Closed in 2019

Closed in 2020

Exploratory Concessions (ES)

Exploratory Concessions

(PA-MA, RS)

22

Exploration &

production

highlights

—

Oil and gas production—14% growth over 4Q18

Oil and gas productionmillion boed

2.63

2.77

2018 2019

+5%

+2.5%

-2.5%2.70TARGET

2.12 2.02 2.10 2.32 2.45

0.55 0.52 0.530.56 0.58

2.66 2.54 2.632.88 3.03

4Q18 1Q19 2Q19 3Q19 4Q19

Oil Gas

+5%

+14%

23

Oil and gas productionmillion boed

Focus on pre-salt production—44% growth over 4Q18

24

1.281.64

1.84

4Q18 3Q19 4Q19

10%

39%

51%

4Q18

8%

28%

64%

4Q19

8%

31%

60%

3Q19

+44%

+12%

2018 2019

Lula Other Pre-salt Búzios

3%

20%1.2

1.5

Pre-salt productionmillion boed

Oil production in Brazilshare (%)

Pre-salt Post-salt

Onshore and shallow water

Búzios gains relevance in

Pre-saltmillion boed

Production records

P-74

novas

plataformas

P-75

25

Pre-saltPetrobras + partners

Daily

3.3million boed

December

Daily

2.3million boed

November

Monthly

1.9million boed

November

Total productionPetrobras

P-76Ramp-up

pre-salt record

7.7months

Ramp-upPetrobras

Monthly

3.1million boed

November

Total Operated

3.8million boed

December

Production records—We keep breaking production records

Oil and gas production 2020—

Production 2020 in line with operational targets for the year

*

Note: Includes POG and Tartaruga divestments

*Stress corrosion cracking

40%Inspection and

maintenance of subsea

pipelines

(SCC* CO2 effect)

40%Production stoppages

Pre-salt platforms

20%Production stoppages

Post-salt platforms

*3.0

December 2019

2.7

2020 Target

-0.2

Decline

-0.2

Reliability,Integrity and

Safety

Million boed

Ramp-up

Berbigão/Sururu

(P-68), Atapu (P-70)

and Lula (P-67)

+100Mboed0.1

Oil and gas production in the Campos Basin

Kboed

Campos Basin—2024* production returns to 2019 level through new wells in installed systems and new platforms

0

200

400

600

800

1.000

2019 2024

Production Maintenance New Oil

New Oil

(2020-2024)60%

40%

* Not included divestments in the period 2020-24

New wells in installed systems

Marlim revitalization

Parque das Baleias

49%

30%

21%

Pre-salt was determinant for reduction of lifting cost—12% reduction in lifting cost compared to 2018

Lifting cost – Brazil

US$/boe

6.55.6

12.6 12.5

25.7

30.3

20.018.9

2018 2019

8.97.8

2.0

1.8

10.9

9.6

2018 2019

Lifting Cost

Leasing Cost

-12%

Pre-salt

Onshore

Deep water

Shallow

water

28

Production

development

—

29

30

Ramp-up of new systems ensuring production growth

Tartaruga Verde

and Mestiça Post-salt

Cidade de

Campos9 production wells

P-74 5 production wells

P-75 4 production wells

P-76 4 production wells

P-77 4 production wells

Búzios Pre-salt

Berbigão and Sururu Pre-salt

P-68 2 production wells

Lula Pre-salt

P-67 4 production wells

P-69 6 production wells

Ramp-up of 8 platforms in 2019• Start-up of 4 new units

(P-67, P-68, P-76, P-77)

• 4 units reached the production capacity

(P-69, P-74, P-75, P-76)

• Well with record flow of 63 kbpd at P-75

• December production in 8 platforms reached

870 kboed, being 540 kboed in Búzios

Outlook for 2020• P-77 reached production capacity in January

• P-67 to reach production capacity

• Start-up of P-70

31

Chartered

20212020

ITAPU120 kbpd3 Mm3/

d gas

SEAP 100 kbpd

10.5 Mm3/

d gas

INTEGRADO

PQ BALEIAS100 kbpd

5 Mm3/

d gas

MERO 3180 kbpd

12 Mm3/

d gas

BÚZIOS 6Capacity

under study

In execution Under procurement

Start-up

2022 2023 2024

ATAPU 1P-70

150 kbpd

6 Mm3/

d gas

SÉPIAFPSO

CARIOCA180 kbpd

6 Mm3/

d gas

MERO 1FPSO

GUANABARA180 kbpd

12 Mm3/

d gas

Lula RF

150 kbpd

5 MMm3/

d gas

BÚZIOS 5FPSO

Alm. Barroso150 kbpd

6 Mm3/

d gas

MARLIM 2Anna

Nery70 kbpd

4 Mm3/

d gas

MERO 2FPSO

Sepetiba180 kbpd

12 Mm3/

d gas

MARLIM 1Anita

Garibaldi80 kbpd

7 Mm3/

d gas

Own

Under planning

Schedule of the new platforms—New systems support production growth in coming years

Under study

First optimized 20 mooring

lines system in ultra-

deepwater

First 8” production flexible line

in an ultra-deepwater definitive

project with controlled annulus system (CAS)

World largest ultra deep

water Ocean Bottom

Nodes survey acquired

globally

First intensive use of intelligent

completion for total fluid loss scenario Adoption of GLR virtual meter

New riser system

configuration

development approach

First water and gas

simultaneous injection

through manifold ready to

operate in ultra-

deepwater

4 FPSOs deployment in

Búzios within eleven months

Búzios technological advancements—OTC award enshrines a legacy to the offshore oil and gas industry

33

Replan

Refining and

natural gas

highlights—

Production and sale of oil products

—

34

736 710 683

379 416 380

622 690 730

4Q18 3Q19 4Q19

Sales volumethousand bpd

Production of oil productsthousand bpd

1,816 1,793

782 770 697

405 377 383

661 658 649

4Q18 3Q19 4Q19

1,7291,848

Others Gasoline Diesel

1,805 1,736

Participation of the domestic

oil in the processed feedstock

%

90 90 92

4Q18 3Q19 4Q19

Operational availability in

the refineries

%

94 97 96

4Q18 3Q19 4Q19

35

Market share and assets utilization

—

88% 82% 77%

4Q18 3Q19 4Q19

87% 78% 76%

4Q18 3Q19 4Q19

Diesel Gasoline

75% 80% 76%

4Q18 3Q19 4Q19

Utilization factor

Record exports in 2019

—Petrobras as a global player in oil trading

36

-119 39 16

321

430493

4Q18 3Q19 4Q19

158218 219

468

583647

4Q18 3Q19 4Q19

277

179 203

147

153154

4Q18 3Q19 4Q19

Kbpd Kbpd Kbpd

Oil Oil products

424357

626

866

202

509

332

801 469

Imports Exports Net balance

For two consecutive months, Petrobras has surpassed its record daily volume of exported oil in a single month

In 2019, the trading of fuel oil abroad

generated additional value of US$ 150 million

for Petrobras

Opportunities under IMO 2020—Higher production of low sulphur fuel oil

37

162

197

249

4Q18 3Q19 4Q19

» Our refining facilities and logistics infrastructure are well

positioned to capture opportunities, especially in Asia, Europe and

the United States markets

» Increase in bunker 0.5% production whose appreciation allowed

fuel oil exports to grow under more advantageous conditions

» Growing increase in export premiums in 2H19, with Singapore

being the main destination for the company's exports

» In Dec/2019, product sale premiums on the Asian market rose to

levels comparable to diesel

+54%

Total fuel oil productionkbpd

38

1.0 0.7 1.6

38.9 38.5 37.4

17.125.8 29.2

14.913.5 13.3

4Q18 3Q19 4Q19

RTM/Fertilizers Thermoelectric

Non-thermoelectric System gas38

51.2 51.5 50.8

19.2 14.026.4

1.5 13.0

4.3

4Q18 3Q19 4Q19

Domestic Bolivia LNG

71.9 78.5 81.571.9

78.5 81.5

Natural gas supply Natural gas demandMm3/day Mm3/day

Gas supply and demand

—Increased natural gas demand for power generation

38

39

Perspectives for Refining—Petrobras' refining capacity will be reduced by 50%: from 2.2 to 1.1 Mbpd

SALE OF 8 REFINERIES

1st group: RNEST, RLAM, REPAR, REFAP

2nd group: REGAP, REMAN, LUBNOR and SIX

All in binding phase

Expected receipt of all binding proposals between

April and June/2020

Market opening is under way according to the CADE’s agreement, signed in 2019

Digital twin: enhance operational efficiency

Augmented reality: safety and efficiency

Artificial intelligence, applied to asset management

Digital refinery of the future

Efficient and low-cost refining, with a focus on the Southeast region

REPLAN

RECAP

RPBC

REVAP

REDUCRJ

SP

1

2

3

4

5

12

3

45

FU

TU

RE

CU

RREN

T

Opening the gas market

—Full compliance with the commitments signed with

CADE, anticipating the deadlines initially agreed

40

• Leasing process of the Regasification

Terminal in Bahia has started

• Negotiation with YPFB to change trade

conditions regarding the acquisition of

natural gas

• Sale of a 10% stake in TAG and NTS

• Definition of the model for full divestment in

Gaspetro and TBG

• Negotiation of access to the gas flow for

contracting of firm capacities

• Negotiation of access to gas treatment plants

ACTIONS IN PROGRESS2020 and 2021

Completed actions

JUL/19 End of exclusive natural gas transportation contracts

SEP/19 Indication of Petrobras' injection and withdrawal capacities in the

Transport System

DEC/19 Gas treatment units processing services contract draft made available

Execution of the Commitment Agreement with ANP within the scope

of the TBG Public Call

Transition Agreement under the natural gas supply contract with YPFB

Disclosure of the teaser to sell 10% stake in TAG

JAN/20 Appointment of independent board members of TAG, TBG, Gaspetro,

NTS and TSB

Hiring a Monitoring Trustee to track compliance with the CADE terms

41

Commitments to Sustainability—Absolute GHG emissions M tCO2e

23 22 22 21 22

29 28 27 26 26

2616 16 14 12

0

20

40

60

80

100

2015 2016 2017 2018 2019

E&P RTC G&E

-23%

» Focus on decarbonization of operations and strengthening the resilience of our

businesses

» Total GHG emissions in 2019 were well below the zero growth emission target

65 62 606778

Note: In addition to emissions from the E&P, RTC and G&E segments, emissions from administrative services,

distribution and biofuels are also included in the total, which correspond to less than 1% of the annual total

* Carbon commitments in relation to 2015

Zero growth in absolute operational emissions until 2025*

42

2019 Performance—Webcast

Investor Relations

petroinvest@petrobras.com.br