PETROBRAS NET INCOME R$ 5,031 MLN

PETROBRAS - Net Income of R$ 5,031 million in 9M-2017, compared to a loss of R$ 17,334 million in 9M-2016, as a result of:

• higher export revenues, with higher average prices;
• reduction in margins and sales volumes of oil products in Brazil;
• lower expenses with personnel and with write-off of dry and/or sub commercial wells;
• gain on the sale of the Company's interest in Nova Transportadora do Sudeste (NTS) in 2Q-2017;
• reduction of impairments; and
• higher expenses with adherence to Brazilian Federal Settlement Programs.

• Net Income reached R$ 266 million in the 3Q-2017, same level as 2Q-2017.
• Stable Adjusted EBITDA* of R$ 63,571 million in 9M-2017, reflecting lower operational expenses and increase in exports compensated lower oil products margins. Adjusted EBITDA Margin* was 31% in 9M-2017.
• In 9M-2017, Free Cash Flow* reached R$ 37,456 million, 26% higher than 9M-2016. This result reflects the combination of improvement in operating activities and reduction in investments. Free Cash Flow* in 3Q-2017 was positive for the tenth quarter in a row.
• Gross debt decreased 7%, from R$ 385,784 million as of December 31, 2016 to R$ 359,412 million and Net Debt* decreased 11%, from R$ 314,120 million as of December 31, 2016 to R$ 279,237 million as of September 30, 2017.
• In dollars, the decrease was of 9% (US$ 8,238 million) in Net Debt*, from US$ 96,381 million as of December 31, 2016 to US$ 88,143 million as of September 30, 2017. In addition, the liquidity management led to a weighted average maturity of outstanding debt to increase from 7.46 years as of December 31, 2016 to 8.36 years as of September 30, 2017.
• Reduction of the ratio between Net Debt* and LTM Adjusted EBITDA*, from 3.54 as of December 31, 2016 to 3.16 as of September 30, 2017. During the same period, Leverage* decreased from 55% to 51%.
• Petrobras employees as of September 30, 2017 were 62,258, a decrease of 12% compared to September 30, 2016, due to the voluntary separation incentive plan.

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Earlier:

2017, August, 12, 12:26:00 PETROBRAS NET INCOME R$ 4,765 MLN PETROBRAS - Net Income of R$ 4,765 million in 1H-2017, compared to a loss of R$ 876 million in 1H-2016

2016, December, 22, 15:45:00 PETROBRAS SELLS ASSETS Petroleo Brasileiro SA said on Wednesday it will sell $2.2 billion worth of assets to France's Total SA, including stakes in oilfields and two thermal power stations.

2016, November, 12, 12:04:00 PETROBRAS NET LOSS R$ 16,458 MLN PETROBRAS - Net loss of R$ 16,458 million, compared to net income of R$ 370 million in the 2Q-2016,

2016, September, 21, 18:30:00 PETROBRAS CUTS 25% Petróleo Brasileiro SA, as Petrobras is formally known, pledged up to $74.1 billion in capital spending for the 2017-2021 period compared with a $98.4 billion target in the prior four-year 2015-2019 plan, according to a securities filing.

2016, September, 5, 18:35:00 PETROBRAS CUTS 11,704 JOBS In April, the company said it expected up to 12,000 employees to leave as part of the layoff program.