Petrobras has announced that, as of mid-May 2013, it began using the practice known as Hedge Accounting for export business.

This practice, regulated in Brazil by means of accounting pronouncement CPC38 – Financial Instruments: Recognition and Measurement, allows companies to reduce impacts to their periodic results caused by exchange rate fluctuations, provided that they generate foreign currency future cash flows that are equivalent and in opposite directions.

For Petrobras, this mechanism initially covers around 70% of the total net debt exposed to exchange rate fluctuations, safeguarding some 20% of exports over a seven-year period.

By implementing hedge accounting, gains or losses arising from debt in US dollars and resulting from exchange rate fluctuations will affect Petrobras earnings only in relation to exports. Until these exports materialize, fluctuations will accumulate in the company's equity account.

Using hedge accounting, Petrobras accounting results will be better aligned with the real economic and operating situation.