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This excerpt taken from the PBR 6-K filed Sep 9, 2009. Distribution Our Distribution segment comprises the oil product and ethanol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A.-BR, in Brazil. The decrease in net income from Distribution segment in the first half of 2009 was primarily due to the reduction in the average realization price and increased selling, general and administrative expenses. This effect was partially offset by the upturn in sales volume, reflecting the consolidation of Alvo Distribuidora. This segment accounted for 38.4% of the total Brazilian fuel distribution market in the first half of 2009, compared to 35.2% in the first half of 2008. 12
This excerpt taken from the PBR 6-K filed Jun 1, 2009. Distribution Our Distribution segment comprises the oil product and ethanol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A., in Brazil. The decrease in net income from Distribution in the first quarter of 2009 compared to the first quarter of 2008 was primarily due to a reduction in the average realization price. This effect was partially offset by a 7,9% upturn in sales volume, reflecting the consolidation of Alvo Distribuidora. This segment accounted for 38.8% of the total Brazilian distribution market in the first quarter of 2009 compared to 35.9% in the first quarter of 2008. 12 This excerpt taken from the PBR 20-F filed May 22, 2009. Distribution
Our Distribution segment comprises oil product and ethanol
distribution activities conducted by our majority owned
subsidiary, Petrobras Distribuidora S.A.—BR, in Brazil.
Consolidated net income for our Distribution segment increased
49.7% to U.S.$446 million for 2007 compared to
U.S.$298 million for 2006.
This result reflected a U.S.$4,639 million increase in net
operating revenues, primarily resulting from higher sales
volumes.
These effects were partially offset by a U.S.$4,157 million
increase in cost of sales, mainly due to higher sales volumes.
This excerpt taken from the PBR 6-K filed Mar 30, 2009. Distribution Our Distribution segment comprises the oil product and ethanol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A.-BR, in Brazil. Net income for our Distribution segment increased 88.1% in 2008 due to higher sales volumes and the reduction in operating expenses thanks to the elimination of CPMF, a tax payable in connection with certain bank account transactions, and gains from reversed accruals for legal proceedings in 2007. This segment accounted for 34.9% of the total Brazilian fuel distribution market in 2008 compared to 34.3% in 2007. 14
This excerpt taken from the PBR 6-K filed Nov 28, 2008. Distribution Our Distribution segment comprises the oil product and ethanol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A., in Brazil. Net income for our Distribution segment increased 65.0% in the nine-month period ended September 30, 2008, due to higher sales volumes. This segment accounted for 35.0% of the total Brazilian fuel distribution market in the nine-month period ended September 30, 2008, compared to 34.1% in the same period of 2007. 13
This excerpt taken from the PBR 6-K filed Sep 4, 2008. Distribution Our Distribution segment comprises the oil product and ethanol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A., in Brazil. The net income for our Distribution segment increased 72.9% in the first half of 2008, resulting from higher sales volumes. This performance represented a 35.2% share of the Brazilian national fuel distribution market in the first half of 2008, as compared to 33.8% in the first half of 2007. 11
This excerpt taken from the PBR 6-K filed May 22, 2008. Distribution Our Distribution segment comprises the oil product and ethanol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A., in Brazil. The increase in net income from our Distribution segment in the first quarter of 2008 was primarily due to the reduction in tax expenses due to the elimination of the CPMF tax and the ongoing efforts to reduce selling, general and administrative expenses. The segment represented a 35.9% share of the national fuel distribution market in the first quarter of 2008, versus 33.6% in the first quarter of 2007. 12
This excerpt taken from the PBR 6-K filed Mar 18, 2008. Distribution Our Distribution segment comprises oil product and ethanol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A., in Brazil. Our market share in the Brazilian fuel distribution market in 2007 was 34.3% as compared to 32.3% in 2006. This years’ share reflects a change in criteria to the ethanol market; using the previous criteria, this years’ share would have been 33.6% Consolidated net income for our Distribution segment increased 49.7% to U.S.$446 million for 2007, compared to U.S.$298 million for 2006. This result was reflected an increase of U.S.$4,639 million in net operating revenues, primarily resulting from higher sales volumes. These effects were partially offset by an increase of U.S.$4,157 million in cost of sales, mainly due to higher sales volumes. 12
This excerpt taken from the PBR 6-K filed Dec 21, 2007. DISTRIBUTION About R$ 691 million in direct investments will be made in the distribution segment, of which R$ 572 million will be allocated to BR Distribuidora and R$ 119 million to Liquigás Distribuidora. The resources allocated to BR are to be largely concentrated on the expansion and modernization of the company’s service station network, in the support of industrial and commercial customers, in safety, environmental and health programs, and logistics and operations. The investments are designed to ensure leadership in the distribution of oil products and biofuels in the Brazilian market and the maximization of market share on a profitable basis. In addition, the company will seek to increase the number of consumers and the network of service stations, both through organic means as well as the incorporation of assets. The highlight of investments at Liquigás is the Rio Project on which about R$ 35.5 million will be expended during the course of 2008. In general, this project envisages the construction of an operations center and the acquisition of bottled gas cylinders and vehicles in the state of Rio de Janeiro, the third largest LPG consumer market in Brazil. The purpose is to increase Liquigás’ market share through the introduction of innovative processes and practices.
www.petrobras.com.br/ri/english 
This document may contain forecasts that merely reflect the expectations of the Company’s management. Such terms as “anticipate”, “believe”, “expect”, “forecast”, “intend”, “plan”, “project”, “seek”, “should”, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
This excerpt taken from the PBR 6-K filed Nov 29, 2007. Distribution Our Distribution segment represents the oil product and fuel alcohol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A., in Brazil. Our participation in the Brazilian fuel distribution market, in accordance with the new criteria relating to the volume of the alcohol market, in the nine-month period ended September 30, 2007, represented 34.5% of all sales as compared to 31.9% in the nine-month period ended September 30, 2006 (equivalent to 33.1% as calculated using the previous criteria). Consolidated net income for our Distribution segment increased 54.5% to U.S.$ 346 million for the nine-month period ended September 30, 2007, as compared to U.S.$ 224 million for the nine-month period ended September 30, 2006. This result was affected by an increase of U.S.$ 2,708 million in net operating revenues, primarily resulting from the increase in the sales volumes; and the effects of the 8.3% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2007, as compared to the nine-month period ended September 30, 2006. These effects were partially offset by an increase of U.S.$ 2,426 million in costs of sales, mainly due to the increase in the sales volumes; and the 8.3% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2007, as compared to the nine-month period ended September 30, 2006. 12
This excerpt taken from the PBR 6-K filed Sep 6, 2007. Distribution Our Distribution segment represents the oil product and fuel alcohol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A., in Brazil. Our participation in the Brazilian fuel distribution market, in accordance with the new criteria relating to the volume of the alcohol market, in the first half of 2007, represented 34.1% of all sales as compared to 31.4% in the first half of 2006 (equivalent to 32.5% as calculated using the previous criteria). Consolidated net income for our Distribution segment increased 38.1% to U.S.$ 203 million for the first half of 2007, as compared to U.S.$ 147 million for the first half of 2006. This result was affected by an increase of U.S.$ 1,577 million in net operating revenues, primarily resulting from the increase in the sales volumes; and the effects of the 6.6% increase in the value of the Real against the U.S. dollar in the first half of 2007, as compared to the first half of 2006. These effects were partially offset by an increase of U.S.$ 1,429 million in costs of sales, mainly due to the increase in the sales volumes; and the 6.6% increase in the value of the Real against the U.S. dollar in the first half of 2007, as compared to the first half of 2006. 17 This excerpt taken from the PBR 6-K filed Jun 13, 2007. Distribution Our Distribution segment represents the oil product and fuel alcohol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A., in Brazil. Our participation in the Brazilian fuel distribution market, in accordance with the new criteria relating to the volume of the alcohol market, in the first quarter of 2007, represented 33.9% of all sales as compared to 31.6% in the first quarter of 2006 (equivalent to 32.7% as calculated using the earlier criteria). Consolidated net income for our Distribution segment increased 28.0% to U.S.$ 96 million for the first quarter of 2007, as compared to U.S.$ 75 million for the first quarter of 2006. This result was affected by an increase of U.S.$ 515 million in net operating revenues, primarily resulting from the increase in the sales volume; and the effects of the 3.9% increase in the value of the Real against the U.S. dollar in the first quarter of 2007, as compared to the first quarter of 2006. These effects were partially offset by an increase of U.S.$ 474 million in costs of sales, mainly due to the increase in the sales volume and the 3.9% increase in the value of the Real against the U.S. dollar in the first quarter of 2007, as compared to the first quarter of 2006. 18
This excerpt taken from the PBR 6-K filed Apr 10, 2007. Distribution Our distribution segment represents the oil product and fuel alcohol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A. - BR in Brazil. Our participation in the Brazilian fuel distribution market in 2006 represented 33.6% of all sales as compared to 33.8% in 2005. Consolidated net income for our distribution segment decreased 4.2% to U.S.$ 298 million for 2006, as compared to U.S.$ 311 million for 2005. This result was affected by: • a U.S.$ 2,861 million increase in costs and expenses, primarily as result of: (1) an increase of U.S.$ 2,610 million in costs of sales, mainly due to the increase in the average price of oil products and the 10.7% increase in the value of the Real against the U.S. dollar in 2006, as compared to 2005; (2) an increase in the commercial and distribution expenses for provisioning related to contingency reserves of a civil nature; and (3) due to the effect of the 10.7% increase in the value of the Real against the U.S. dollar in 2006, as compared to 2005. These effects were partially offset by the following items: • an increase of U.S.$ 2,814 million increase in net operating revenues, primarily resulting from an increase in the average price of oil products; and the effects of the 10.7% increase in the value of the Real against the U.S. dollar in 2006, as compared to 2005. 19
This excerpt taken from the PBR 6-K filed Nov 28, 2006. Distribution Our distribution segment represents the oil product and fuel alcohol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A. - BR in Brazil. Our participation in the Brazilian fuel distribution market in the nine-month period ended September 30, 2006 represented 33.1% of all sales as compared to 33.8% in the nine-month period ended September 30, 2005. Consolidated net income for our distribution segment increased 5.1% to U.S.$ 225 million for the nine-month period ended September 30, 2006, as compared to U.S.$ 214 million for the nine-month period ended September 30, 2005. This result was affected by: (1) a U.S.$ 2,489 million increase in net operating revenues, primarily resulting from an increase in the average price of oil products; and (2) the effects of the 12.6% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2006, as compared to the nine-month period ended September 30, 2005. These effects were partially offset by the following items:
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This excerpt taken from the PBR 6-K filed Sep 6, 2006. Distribution Our distribution segment represents the oil product and fuel alcohol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A. - BR in Brazil. Our participation in the Brazilian fuel distribution market in the first half of 2006 represented 32.5% of all sales as compared to 33.9% in the first half of 2005. Consolidated net income for our distribution segment increased 54.7% to U.S.$ 147 million for the first half of 2006, as compared to U.S.$ 95 million for the first half of 2005. This result was effected by: (1) a U.S.$ 1,777 million increase in net operating revenues, primarily resulting from an increase in the average price of oil, despite a decline in market share; and (2) the effects of the 15.0% increase in the value of the Real against the U.S. dollars in the first half of 2006, as compared to the first half of 2005. These effects were partially offset by the following items: • an increase of U.S.$ 1,629 million in cost of sales, mainly due to the increase in the average price of oil products and the 15.0% increase in the value of the Real against the U.S. dollars in the first half of 2006, as compared to the first half of 2005; and • an increase of U.S.$ 100 million in selling, general and administrative expenses, primarily related to higher personnel expenses and transportation costs, an increase in the commercial and distribution expenses for products, and due to the effect of the 15.0% increase in the value of the Real against U.S.$ dollars, in the first half of 2006, as compared to the first half of 2005. 18 
This excerpt taken from the PBR 6-K filed Jun 28, 2006. Distribution Our distribution segment represents the oil product and fuel alcohol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A. - BR in Brazil. In accordance with our strategic objectives to increase market share in the LPG distribution segment and consolidate the automotive fuels distribution market in certain regions of Brazil, our distribution business now includes the operations of Liquigás Distribuidora S.A, acquired on August 9, 2004. 17 Our participation in the Brazilian fuel distribution market in the first quarter of 2006 represented 32.7% of all sales as compared to 34.1% in the first quarter of 2005. Consolidated net income for our distribution segment remained relatively constant, amounting to U.S.$ 75 million for the first quarter of 2006, as compared to U.S.$ 72 million for the first quarter of 2005. This result was effected by: (1) a U.S.$ 1,082 million increase in net operating revenues, primarily resulting from an increase in the average price of oil products, despite a decline in market share; and (2) the effects of the 17.7% increase in the value of the Real against the U.S. dollars in the first quarter of 2006, as compared to the first quarter of 2005. These effects were partially offset by the following items:
This excerpt taken from the PBR 6-K filed Nov 23, 2005. Distribution Our distribution segment represents the oil product and fuel alcohol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A. - BR in Brazil. In accordance with our strategic objectives to increase market share in the LPG distribution segment and consolidate the automotive fuels distribution market in certain regions of Brazil, our distribution business includes the operations of Liquigás Distribuidora S.A (formerly known as Sophia do Brasil S.A. and Agip do Brasil S.A.), which was acquired on August 9, 2004. Our participation in the Brazilian fuel distribution market in the nine-month period ended September 30, 2005 represented 33.8% of all sales as compared to 34.1% in the nine-month period ended September 30, 2004. Consolidated net income for our distribution segment increased 82.5% to U.S.$ 188 million for the nine-month period ended September 30, 2005, as compared to U.S.$ 103 million for the nine-month period ended September 30, 2004, with highlight for the following aspects: • an increase of U.S.$ 4,358 million in the net operating revenues, mainly attributable to the 19.4% increase in sales volume and due to the effects of the 16.0% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2005, as compared to the nine-month period ended September 30, 2004. These effects were partially offset by the following items: • the increase of U.S.$ 3,939 million in the cost of sales, mainly due to the 19.4% increase in sales volume, an increase in the cost to refineries of acquiring oil products and the effects of the 16.0% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2005, as compared to the nine-month period ended September 30, 2004; and Page: 17 • the U.S.$ 253 million increase in selling, general and administrative expenses, mainly due to increased expenses for distribution of products and the effects of the 16.0% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2005, as compared to the nine-month period ended September 30, 2004. This excerpt taken from the PBR 6-K filed Aug 25, 2005. Distribution Our distribution segment represents the oil product and fuel alcohol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A. - BR in Brazil. In accordance with our strategic objectives to increase market share in the LPG distribution segment and consolidate the automotive fuels distribution market in certain regions of Brazil, our distribution business includes the operations of Liquigás Distribuidora S.A (formerly known as Sophia do Brasil S.A. and Agip do Brasil S.A.), which was acquired on August 9, 2004. Our participation in the Brazilian fuel distribution market in the first half of 2005 represented 34.7% of all sales as compared to 32.3% in the first half of 2004. Consolidated net income for our distribution segment decreased 7.9% to U.S.$ 70 million for the first half of 2005, as compared to U.S.$ 76 million for the first half of 2004, with highlight for the following aspects: • the increase of U.S.$ 2,599 million in the cost of sales, mainly due to the 23.0% increase in sales volume, and the effects of the 13.4% increase in the value of the Real against the U.S. dollar in first half of 2005, as compared to the first half of 2004; • the U.S.$ 190 million increase in selling, general and administrative expenses, mainly due to increased expenses for distribution of products and the effects of the 13.4% increase in the value of the Real against the U.S. dollar in first half of 2005, as compared to the first half of 2004; and • an increase of U.S.$ 2,862 million in the net operating revenues, mainly attributable to the 23.0% increase in sales volume and due to the effects of the 13.4% increase in the value of the Real against the U.S. dollar in the first half of 2005, as compared to the first half of 2004. This excerpt taken from the PBR 20-F filed Jun 30, 2005.
Summary and Strategy
Through BR, we distribute oil products, fuel alcohol and natural gas to retail, commercial and industrial customers throughout Brazil. Our retail customers in Brazil include Shell Brasileira de Petróleo S.A., Esso Brasileira de Petróleo S.A., Companhia de Petróleo Ipiranga S.A. and Texaco do Brasil S.A. Our operations are supported by tankage capacity of approximately 8.0 million boe, at 115 storage facilities and 102 aviation product depots at airports throughout Brazil.
Our main strategies in distribution and marketing are to:
On August 9, 2004, BR acquired Agip do Brasil S.A. from its parent company ENI B.V. for approximately U.S.$511 million. Agip do Brasil S.A. is a liquefied petroleum gas (LPG), fuel and lubricant distributor operating in Brazil under the Liquigás, Novogás and Tropigás brands for LPG distribution and the Agip, Companhia São Paulo de Petróleo and Ipê brands for fuel distribution. This acquisition should enable us to increase BR’s share of the LPG distribution market as well as consolidate its presence in the automotive fuel distribution market in certain regions of the country. On January 1, 2005, we changed the name of Agip do Brasil to Liquigás Distribuidora S.A. Liquigás will be responsible for our LPG segment, which will also include LPG’s commercialization in bulk. Agip’s fuel and lubricant distribution business will be operated by BR.
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Table of ContentsIn 2004, we sold 175.1 million barrels of oil products to wholesale customers, with gasoline and diesel fuel representing approximately 85.4% of these sales. Of our total sales in 2004, 145.1 million barrels of oil products were supplied to BR for retail marketing. The following table sets forth our oil product sales to wholesale customers and retail distributors for each of 2004, 2003 and 2002:
This excerpt taken from the PBR 6-K filed Jun 13, 2005. Distribution
Our distribution segment represents the oil product and fuel alcohol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A. - BR in Brazil. In accordance with our strategic objectives to increase market share in the LPG distribution segment and consolidate the automotive fuels distribution market in certain regions of Brazil, our distribution business now includes the operations of Liquigás Distribuidora S.A (formerly known as Sophia do Brasil S.A. and Agip do Brasil S.A.), which was acquired on August 9, 2004.
Our participation in the Brazilian fuel distribution market in the first quarter of 2005 represented 35.1% of all sales as compared to 32.1% in the first quarter of 2004.
Consolidated net income for our distribution segment increased 55.3% to U.S.$ 59 million for the first quarter of 2005, as compared to U.S.$ 38 million for the first quarter of 2004,
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Table of Contentsprimarily attributable to the U.S.$ 1,223 million increase in net operating revenues, which resulted from the 22.0% increase in sales volume and the effects of the 8.0% increase in the value of the Real against the U.S. dollar in first quarter of 2005, as compared to the first quarter of 2004.
These effects were partially offset by the following items:
This excerpt taken from the PBR 6-K filed Jun 8, 2005. Distribution
Our distribution segment represents the oil product and fuel alcohol distribution activities conducted by our majority owned subsidiary, Petrobras Distribuidora S.A. - BR in Brazil. In accordance with our strategic objectives to increase market share in the LPG distribution segment and consolidate the automotive fuels distribution market in certain regions of Brazil, our distribution business now includes the operations of Liquigás Distribuidora S.A (formerly known as Sophia do Brasil S.A. and Agip do Brasil S.A.), acquired on August 9, 2004.
Our participation in the Brazilian fuel distribution market in 2004 represented 35.6% of all sales, including Liquigás Distribuidora S.A., which represented 2.8% of total sales, as compared to 31.5% in 2003.
Consolidated net income for our distribution segment increased 44.9% to U.S.$ 200 million for 2004, as compared to U.S.$ 138 million for 2003, primarily attributable to the:
These effects were partially offset by the following items:
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