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Net income totals R$13.894 billion in the first half of 2013

• In the first half of 2013, net income increased by 77% over the previous six-month period, due to the higher operating result, and the lower impact of exchange rates on the financial result. The 23% operating income upturn was chiefly due to higher diesel and gasoline prices, increased oil product output, lower write-offs of dry and economically unviable wells and divestments.
• In the quarter, operating income was 13% higher than in the first quarter of 2013, mainly reflecting gains from the sale of assets in Africa. Net income was 19% lower, chiefly due to the negative financial result, impacted by the depreciation of the Brazilian Real against the U.S. dollar.
• Total oil and natural gas production averaged 2.553 million bpd in the first half of 2013, 3% less than in the previous six-month period, associated with natural decline (10-12% p.a.) and the concentration of scheduled stoppages in the first half of 2013. In quarter-on-quarter terms, production was flat, in line with the Company's plan.
• Domestic oil product output increased by 8% in the first six months of 2013, as refineries improved their operating performance and were therefore able to meet the 6% increase in domestic demand, leading to a 19% in oil product imports.
• Positive results of structuring programs: 74% and 93% of operational efficiency in the Campos Basin and Rio operating units, respectively, in line with the goals of the Program for Increasing the Operating Efficiency of Campos Basin Operations (PROEF); R$2.9 billion in savings through the Operating Cost Optimization Program (Procop), in addition to a R$1.906 billion increase in results and the R$3.364 billion in cash from the sale of assets in Africa as part of the Divestment Program (PRODESIN).
• Extension of hedge accounting to protect future exports, in mid-May, allowing exchange rate losses of R$7.982 billion related to approximately 70% of net debt exposed to exchange rate fluctuations to be recorded in Shareholders' Equity.
• Total net funding of US$15.1 billion in the second quarter of 2013, led by the US$11 billion global notes issued in May.
• Investments totaled R$44.113 billion, 54% of which in Exploration and Production activities.

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