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PBR » Topics » Market derivatives of oil and oil products

This excerpt taken from the PBR 6-K filed Nov 12, 2008.

Market derivatives of oil and oil products

    Consolidated 
   
    Notional value in thousand 
of bbl* 		   Fair value 
R$ thousand 		   Maturity 
       
 
    09.30.2008    06.30.2008    09.30.2008    06.30.2008     
           
 
Futures contracts    (3.298)   (3.799)   39.320    (47.275)   2008 
           
Purchase commitments    21.911    15.845             
Sale commitments    (25.209)   (19.644)            
Options contracts            (120.010)   (22.777)   2008 
           
Purchase    (13.000)   (29.050)   (23.130)   (17.321)    
           
Bidding position    16.935    44.625             
Short sale    (29.935)   (73.675)            
Sale    (28.820)   (45.700)   (96.880)   (5.455)    
           
Bidding position    9.680    37.150             
Short sale    (38.500)   (82.850)            
Forward contracts    (2.978)   (1.438)   24.583    (31.016)   2008 
           
Long position    3.685    7.422             
Short position    (6.663)   (8.860)            
           

*A negative notional amount represents a short position

Oil and oil product derivatives operations were reduced by approximately 90% at the beginning of October. In addition, in that month there was a drop of approximately 40% in prices on the oil market. Accordingly, a stress scenario analysis with respect to the prices and the volume exposed at September 30, 2008 is not representative of the Company’s current risk in these operations.

The accumulated results of the net derivative operations for oil and oil products as of September 30, 2008 generated a gain in the Parent company of R$ 63.926 thousand and in Consolidated of R$ 44.662 thousand.

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