FORWARD-LOOKING STATEMENTS for Petrobras (PBR)

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PBR » Topics » FORWARD-LOOKING STATEMENTS

This excerpt taken from the PBR 20-F filed May 22, 2009.

FORWARD-LOOKING STATEMENTS

Many statements made in this annual report are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), that are not based on historical facts and are not assurances of future results. Many of the forward-looking statements contained in this annual report may be identified by the use of forward-looking words, such as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimate” and “potential,” among others. We have made forward-looking statements that address, among other things, our:


	•	regional marketing and expansion strategy;

	•	drilling and other exploration activities;

	•	import and export activities;

	•	projected and targeted capital expenditures and other costs, commitments and revenues;

	•	liquidity; and

	•	development of additional revenue sources.

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, among other things:


	•	our ability to obtain financing;

	•	general economic and business conditions, including crude oil and other commodity prices, refining margins and prevailing exchange rates;

	•	global economic conditions and the current global credit crisis;

	•	our ability to find, acquire or gain access to additional reserves and to successfully develop our current ones;

	•	uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves;

	•	competition;


	•	technical difficulties in the operation of our equipment and the provision of our services;

	•	changes in, or failure to comply with, laws or regulations;

	•	receipt of governmental approvals and licenses;

	•	international and Brazilian political, economic and social developments; military operations, acts of terrorism or sabotage, wars or embargoes;

	•	the cost and availability of adequate insurance coverage; and

	•	other factors discussed below under “Risk Factors.”

These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially from those expressed or forecast in any forward-looking statements as a result of a variety of factors, including those in “Risk Factors” set forth below.

All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this annual report. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

The crude oil and natural gas reserve data presented or described in this annual report are only estimates and our actual production, revenues and expenditures with respect to our reserves may materially differ from these estimates.

This is the annual report of both Petróleo Brasileiro S.A.—PETROBRAS (Petrobras) and its direct wholly owned Cayman Islands subsidiary, Petrobras International Finance Company (PifCo). PifCo’s operations, which consist principally of purchases and sales of crude oil and oil products, are described in further detail below.

Unless the context otherwise requires, the terms “Petrobras,” “we,” “us,” and “our” refer to Petróleo Brasileiro S.A.—PETROBRAS and its consolidated subsidiaries and special purpose companies, including Petrobras International Finance Company. The term “PifCo” refers to Petrobras International Finance Company and its subsidiaries.

This excerpt taken from the PBR 20-F filed Jun 30, 2005.

FORWARD-LOOKING STATEMENTS

Many statements made in this annual report are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not based on historical facts and are not assurances of future results. Many of the forward-looking statements contained in this annual report may be identified by the use of forward-looking words, such as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimate” and “potential,” among others. We have made forward-looking statements that address, among other things, our:

•

regional marketing and expansion strategy;

•

drilling and other exploration activities;

•

import and export activities;

•

projected and targeted capital expenditures and other costs, commitments and revenues;

•

liquidity; and

•

development of additional revenue sources.

•

general economic and business conditions, including crude oil and other commodity prices, refining margins and prevailing exchange rates;

•

international and Brazilian political, economic and social developments;

•

our ability to find, acquire or gain access to additional reserves and to successfully develop our current ones;

•

uncertainties inherent in making estimates of our reserves;

•

our ability to obtain financing;

•

competition;

•

technical difficulties in the operation of our equipment and the provision of our services;

•

changes in, or failure to comply with, governmental regulations;

•

receipt of governmental approvals and licenses;

•

military operations, terrorists acts, wars or embargoes;

•

the cost and availability of adequate insurance coverage; and

•

other factors discussed below under “Risk Factors.”

Unless the context otherwise requires, the terms “Petrobras”, “we”, “us”, and “our” refer to Petróleo Brasileiro S.A.-Petrobras and its consolidated subsidiaries, including Petrobras International Finance Company. The term “PIFCo” refers to Petrobras International Finance Company and its subsidiaries.

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20-F	May 22, 2009

20-F	Jun 30, 2005

Petrobras (PBR)

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