Petrobras and ExxonMobil Form Strategic Alliance

IRVING, Texas–(BUSINESS WIRE)–Petrobras and ExxonMobil
today signed a memorandum of understanding regarding a strategic
alliance to jointly identify and evaluate potential business
opportunities.

The memorandum of understanding was signed in Rio de Janeiro today by
Pedro Parente, president of Petrobras, Brad Corson, president of
ExxonMobil Upstream Ventures, and Stephen Greenlee, president of
ExxonMobil Exploration Company.

Petrobras and ExxonMobil will evaluate areas of mutual interest that can
bring together their world-class experience across all sectors of the
oil and gas production value chain, including opportunities for
cooperation in exploration, production, gas and chemicals both inside
and outside Brazil.

For Petrobras, the formation of alliances is an important strategy in
the Business and Management Plan 2017-2021, bringing significant
potential benefits, such as risk sharing, augmented investment capacity
in the oil and gas chain, technology sharing and strengthening of
corporate governance.

This agreement both exemplifies and reinforces ExxonMobil’s strategic
relationship with Petrobras and continuing emphasis on growing this
relationship and its business in Brazil, building on its more than 100
years in the country.

In September, Petrobras and ExxonMobil jointly acquired six offshore
blocks in the Campos Basin in the Brazil National Agency of Petroleum’s
14th tender round.

About Petrobras:

Petrobras is an integrated energy company with focus in oil and gas,
recognized as a leader in deep and ultra-deep water exploration and
production, operating mainly in Brazil. Currently, Petrobras produces
close to 2.8 million barrels of oil equivalent a day. The company’s core
values are respect for life, people and the environment; ethics and
transparency; market orientation; excellence and trust; and results. For
more information, visit www.petrobras.com.br.

About ExxonMobil:

ExxonMobil, the largest publicly traded international energy company,
uses technology and innovation to help meet the world’s growing energy
needs. ExxonMobil holds an industry leading inventory of resources, is
one of the largest refiners and marketers of petroleum products and its
chemical company is one of the largest in the world. For more
information, visit www.exxonmobil.com
or follow us on Twitter www.twitter.com/exxonmobil.

Cautionary Statement: Statements of future
events or conditions in this release are forward-looking statements.
Actual future results, including project plans and schedules could
differ materially due to changes in market conditions affecting the oil
and gas industry or long-term oil and gas price levels; political or
regulatory developments; the outcome of commercial negotiations
including the ability to acquire attractive interests; the actions of
competitors; the outcome of future exploration and development efforts;
technical or operating factors; and other factors cited under the
caption “Factors Affecting Future Results” on the Investors page of our
website at exxonmobil.com. Closing of the acquisition is subject to
satisfaction of conditions precedent specified in the applicable
agreement. References to barrels of oil include amounts that are not yet
classified as proved reserves under SEC definitions but that we believe
will ultimately be produced and moved into the proved reserve category.

Contacts

For Petrobras:
Investor Relations Department
Tel. +55
(21) 3224-1510 / 3224-9947
[email protected]
www.petrobras.com.br/ir
or
For
ExxonMobil:
Media Relations, +1-972-940-6007
[email protected]
www.exxonmobil.com