Petrobras (PBR)

PETROBRAS RELEASES THIRD-QUARTER 2005 RESULTS

(Rio de Janeiro – November 11, 2005) – PETRÓLEO BRASILEIRO S.A. – PETROBRAS releases its consolidated results today, expressed in millions of reais, according to Brazilian GAAP.

PETROBRAS reported consolidated net income of R$ 5.632 million in 3Q-2005, 27% higher than net income reported in 3Q-2004 (R$ 4.440 million), excluding the effect of the fiscal benefit from declaration of interest on own capital in 3Q-2004. Consolidated net operating revenues were R$ 35.711 million, 18% higher than in the same period of 2004 (R$ 30.170 million). EBITDA in 3Q-2005 reached R$ 12.488 million, which result was 31% higher than the R$ 9.548 million reported in 3Q-2004. The Company’s market value on September 30, 2005, reached R$ 168.035 million.

• Net income in 3Q-2005 was 27% higher than net income in 3Q-2004, excluding the effect of the fiscal benefit from the declaration of interest on own capital in 3Q-2004. Higher net income was a result of the profitability obtained in the period due to the increase in prices and volumes sold in the domestic and external markets. These effects were partially offset by growth in cost of goods sold, where higher expenses related to government take are highlighted, and in expenses with oil products imports, technical services and materials.
  
  
• In 3Q-2005, consolidated gross and net revenues were R$ 46.555 million and R$ 35.711 million, respectively. Growth in consolidated gross and net revenues in comparison to 3Q-2004 was R$ 5.980 million (15%) and R$ 5.541 million (18%), respectively.
  
• Total production of oil, NGL and natural gas rose 10% over 3Q-2004, reaching an average of 2,257 thousand barrels of oil equivalent per day, due in part to the coming on line of Platforms P-43 (Barracuda) and P-48 (Caratinga) in December 2004 and February 2005, respectively. Production of oil and NGL in Brazil reached an average of 1,725 thousand bpd, with 84% coming from the Campos Basin (1,445 thousand bpd).
  
• Net financial debt of the PETROBRAS System fell from R$ 33.316 million on June 30, 2005, to R$ 26.203 million on September 30, 2005, reflecting the appreciation of the real against the dollar in the quarter.
  
• The Company’s market value on September 30, 2005, was R$ 168.035 million, a 54% increase over September 30, 2004 (R$ 109.152 million).
  
  
• From January through September 2005, the PETROBRAS System invested R$ 16.921 million, with R$ 8.907 million in development of oil and natural gas production capacity. These investments include those made by Special Purpose Companies (SPCs), which totaled R$ 1.914 million.
  
  
• The value added by the PETROBRAS System in the period from January through September 2005 was R$ 81.003, 19% higher than in the same period of 2004, with R$ 46.946 million destined to government take and to federal, state and municipal taxes, R$ 10.798 million to financial institutions and suppliers for payment of expenses related to financing, rent and freight, R$ 17.170 million to shareholders, and R$ 6.089 million to salaries and benefits.

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PETROBRAS SYSTEM

PETROBRAS RELEASES SECOND QUARTER 2005 RESULTS

(Rio de Janeiro – August 15, 2005) – PETRÓLEO BRASILEIRO S.A. – PETROBRAS releases its consolidated results expressed in millions of reais today, according to generally accepted accounting principles in Brazil (Brazilian GAAP).

PETROBRAS reported a consolidated net income of R$ 4.930 million in 2Q-2005, 49% higher than the net income reported in 2Q-2004. Consolidated net operating income was R$ 32.359 million, with exports being responsible for R$ 5.765 million, 40% higher than in 2Q-2004. EBITDA in 2Q-2005 was R$ 11.809 million, a result 36% higher than the R$ 8.652 million registered in 2Q-2004. In 2Q-2005, the PETROBRAS System invested R$ 5.709 million, a 12% growth in relation to 2Q-2004.

• Net income in 2Q-2005 was R$ 4.930 million, due to the profitability obtained in the period, which corresponded to a gross margin of 45% (39% in 2Q-2004), as a result of the average realization prices in the internal market in the second quarter of 2004 of some oil products, mainly gasoline and diesel oil, and to the increases in exports, which was a reflection of higher oil prices in the international market and greater volumes sold.
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  This increase was reduced, in part, by growth in the cost of products sold, where higher expenses with oil products imports and government take, technical services and salaries and benefits stood out.
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  In the consolidated balance sheet, the 12% appreciation of the real against the dollar in 2Q-2005, resulted in a gain over net monetary liabilities linked to the dollar from the controlled companies headquartered in Brazil. The Controller’s exchange rate losses on net monetary assets from operations with controlled companies abroad are not eliminated in the consolidation process.
  
  
• In 2Q-2005, the consolidated gross and net revenues were R$ 42.646 million and R$ 32.359 million, respectively. Growth in consolidated gross and net revenues over 2Q-2004 was R$ 4.873 million (13%) and R$ 4.353 million (16%), respectively.
  
  
• Total production of oil, LNG and natural gas rose 15% over 2Q- 2004, reaching an average of 2,279 thousand barrels of oil equivalent per day, due in part to the start-up of FPSO-MLS (Marlim Sul) in June 2004, and of platforms P-43 (Barracuda) and P-48 (Caratinga), in December 2004 and February 2005, respectively. The production of oil and LNG in the country reached an average of 1,730 thousand barrels/day, with 84% coming from the Campos basin (1,446 thousand barrels/day). Production of oil products in the country in 2Q-2005 remained stable in relation to 2Q-2004, reaching an 83% nominal capacity utilization rate in the refineries.

• Net financial debt of the PETROBRAS System fell from R$ 39.883 million on March 31, 2005 to R$ 33.316 million on June 30, 2005, reflecting the appreciation of the real against the dollar in the quarter. In 2Q-2005, the net debt corresponded to 48% of the shareholders’ equity. The Net Debt/EBITDA ratio was 0.75.
  
  
• In 2Q-2005, the generation of operating cash (measured by EBITDA) was R$ 11.809 million, a 36% growth over 2Q-2004 (R$ 8.652 million).
  
  
• The Company’s market value on June 30, 2005 was R$ 126.543 million, a 40% increase over June 30, 2004, and was representative of 176% of the Holding Company’s shareholders’ equity (R$ 71.877 million).
  
  
• In 1H-2005, the PETROBRAS System invested R$ 10.990 million, with R$ 5.786 million of that going towards the development of its oil and natural gas production capacity. These investments include those incurred by Special Purpose Entities (SPEs) totaling R$ 1.008 million.
  
  
• In 1H-2005, the PETROBRAS System generated an added value of R$ 53.641 million (R$ 45.482 million in 1H-2004), with R$ 29.706 million (R$ 27.815 million in 1H-2004) destined towards government take and federal, state and municipal taxes, R$ 8.532 million (R$ 7.347 million in 1H-2004) to financial institutions and suppliers for payment of financial expenses, rent and freight, R$ 11.284 million (R$ 7.360 million in 1H-2004) to the shareholders and R$ 4.119 million (R$ 2.960 million in 1H-2004) to salaries and benefits.

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PETROBRAS SYSTEM