Exhibit 1

B3: PETR3 (ON) | PETR4 (PN)

NYSE: PBR (ON) | PBRA (PN)

www.petrobras.com.br/ir

petroinvest@petrobras.com.br

+ 55 21 3224-1510

Disclaimer

This presentation contains some financial indicators that are not recognized by GAAP or the IFRS. The indicators presented herein do not have standardized meanings and may not be comparable to indicators with a similar description used by others. We provide these indicators because we use them as measures of company performance; they should not be considered in isolation or as a substitute for other financial metrics that have been disclosed in accordance with IFRS. See definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA from Continuing operations, LTM Adjusted EBITDA, LTM Adjusted EBITDA from Continuing operations, LTM Adjusted EBITDA from Discontinued operations, Adjusted cash and cash equivalents, Net Debt, Gross Debt, Free cash flow, Leverage in the Glossary and their reconciliations in the Liquidity and Capital Resources, Reconciliation of Adjusted EBITDA and Consolidated Debt sections.

TABLE OF CONTENTS

CONSOLIDATED RESULTS

The main functional currency of the Petrobras Group is the Brazilian real, which is the functional currency of the parent company and its Brazilian subsidiaries. As the presentation currency of the Petrobras Group is the U.S. dollar, the results of operations in Brazilian reais are translated into U.S. dollars using the average exchange rates prevailing during the period.

* Sales revenues from operations outside of Brazil, including trading and excluding exports.

Sales revenues were US$ 26,624 million for the period Jan-Jun/2020, a 28.6% decrease (US$ 10,681million) when compared to US$ 37,305 million for the period Jan-Jun/2019, mainly due to:

These decreases were partially compensated by increased export revenues (US$ 625 million), mainly driven by higher crude oil export volumes, following increased domestic crude oil production, and by higher oil products export volumes, mainly fuel oil.

* It includes short-term leases and inventory turnover.

Cost of sales was US$ 15,943 million for the period Jan-Jun/2020, a 30.7% decrease (US$ 7,070 million) when compared to US$ 23,013 million for the period Jan-Jun/2019, mainly due to

Selling expenses were US$ 2,581 million for the period Jan-Jun/2020, a 40.4% increase (US$ 743million) compared to US$ 1,838 million for the period Jan-Jun/2019, mainly due to higher transportation charges, as consequence of the payment of tariffs for the use of third party gas pipelines, following the sale of Transportadora Associada de Gás SA - TAG in June 2019 and also by higher logistical expenses due higher shipping costs and higher crude oil export volumes.

General and administrative expenses were US$ 702 million for the period Jan-Jun/2020, a 37.5% decrease (US$ 419 million) compared to US$ 1,123 million for the period Jan-Jun/2019, mainly from lower employee expenses due to reduction of headcount and currency depreciation.

Impairment of assets represented a US$ 13,371 million loss for the period Jan-Jun/2020, US$ 13,351 million higher compared to a US$ 20 million loss for the period Jan-Jun/2019, mainly due to revision in the assumption of long-term Brent price from 65 US$/bbl to 50 US$/bbl. Moreover, 62 shallow waters production platforms were mothballed.

Other income and expenses totaled US$ 242 million in income for the period Jan-Jun/2020, an US$ 2,640 million decrease compared to the US$ 2,882 in income for the period Jan-Jun/2019, mainly due to:

These effects were partly offset by an US$ 859 million increase in expenses related to voluntary severance programs.

Net finance income (expense)

Net finance expense was US$ 6,808 million for the period Jan-Jun/2020, a 54% increase (US$ 2,386 million) compared to the expense of US$ 4,422 million for the period Jan-Jun/2019, mainly due to:

These effects were partially offset by a US$ 1,780 gain relating to the inflation indexation on the amount recovered from the exclusion if the ICMS (VAT tax) from the basis of calculation of PIS and COFINS, and by a US$ 693 million decrease in interest on finance debt (US$ 1,854 million expense for the period Jan-Jun/2020 compared to US$ 2,547 million for the period Jan-Jun/2019).

Income tax expenses

Income tax presented an income of US$ 3,331 million for the period Jan-Jun/2020, a US$ 6,780 million positive change compared to a US$ 3,449 million expense for the period Jan-Jun/2019, mainly due to the loss for the period Jan-Jun/2020 compared to a net income in the comparative period.

Net Income (loss) attributable to shareholders of Petrobras

Net income (loss) attributable to shareholders of Petrobras presented a US$ 10,131 million loss for the period Jan-Jun/2020, a US$ 16,012 million decrease compared to a US$ 5,881 million income for the period Jan-Jun/2019, mainly due to US$ 13,371 million impairment losses arising from the revision of our long-term Brent prices projections and the current lower price and depressed demand environment.

CAPITAL EXPENDITURES (CAPEX)

Capital expenditures, or CAPEX, based on the cost assumptions and financial methodology adopted in our strategic plans, which includes acquisition of intangible assets and property, plant and equipment, investment in investees and other items that do not necessarily qualify as cash flows used in investing activities, comprising geological and geophysical expenses, research and development expenses, pre-operating charges, purchase of property, plant and equipment on credit and borrowing costs directly attributable to works in progress.

In Jan-Jun/2020, CAPEX totaled US$ 4,370 million, 10.3% lower than Jan-Jun/2019.

We invested a total of US$ 4,370 million in the period Jan-Jun/2020, of which 85.8% was in E&P business, a 10.3% decrease when compared to our Capital Expenditures of US$ 4,873 million in the period Jan-Jun/2019. In line with our Strategic Plan, our Capital Expenditures were primarily directed toward the most profitable investment projects relating to oil and gas production.

In Jan-Jun/2020, investments in the E&P segment totaled US$ 3.7 billion, mainly concentrated on: (i) the development of ultra-deep water production in the Santos Basin pre-salt complex (US$ 0.8 billion); (ii) exploratory investments in the pre and post-salt (US$ 0.2 billion) and (iii) development of new projects in deep water (US$ 0.2 billion).

As of June 30, 2020, the balance of cash and cash equivalents was US$ 19,470 million and adjusted cash and cash equivalents totaled US$ 20,009 million. Our goal is to adopt measures to preserve cash during this crisis.

The first half of 2020 had net cash provided by operating activities of US$ 13,234 million, proceeds from disposal of assets (divestments) of US$ 434 million and proceeds from financing of US$ 15,796 million. Those resources were allocated to debt prepayments and to amortizations of principal and interest due in the period of US$ 8,919 million, repayment of lease liability of US$ 2,971 million and to acquisition of PP&E and intangibles assets and investments in investees of US$ 4,311 million.

In the first half of 2020, proceeds from financing amounted to US$ 15,796 million, principally reflecting: (i) funds raised from banking market (in Brazil and abroad), in the amount of US$ 3,044 million; (ii) use of revolving credit lines, in the amount of US$ 8,010 million and (iii) global notes issued in the capital market in the amount of US$ 3,207 million, of which US$ 1,495 million relates to the issue of new bonds maturing in 2031 and US$ 1,712 million to new bonds issued maturing in 2050.

The Company repaid several finance debts, in the amount of US$ 8,919 million notably: (i) pre-payment of banking loans in the domestic and international market totaling US$ 2,885 million; and (ii) US$ 1,404 million relating to repurchase of bonds previously issued by the Company in the open market, with net premium paid to bond holders amounting to US$ 262 million. In addition, the Company carried out, in the international banking market, operations to improve its debt profile and to extend its maturity, not involving financial settlements, in the total amount of US$ 2,490 million.

The unprecedented event of the COVID-19 pandemic, with its effect on oil prices and economic activity encouraged us to take several measures to preserve our cash position. One of the most important action was to draw down the Revolving Credit Facilities, that we had signed with several banks, in order to have an increase in available funds during this period of crisis.

In addition, liability management helped the average interest rate to be reduced to 5.6% as of June 30, 2020, from 5.9% as of December 31, 2019. The average maturity of outstanding debt as of June 30, 2020 is 10.12 years compared to 10.80 years as of December 31, 2019.

Despite the crisis, deleveraging still is a priority for Petrobras. In April, the Board of Directors approved the revision of the top metrics included in the 2020-2024 Strategic Plan and the net debt/adjusted EBITDA indicator was replaced by the gross debt. The target for 2020 is US$ 87 billion, the same level of the end of 2019. It is important to highlight that the company continues to pursue the reduction of gross debt to US$ 60 billion, in line with our dividend policy.

Gross debt increased 4.7% (US$ 4,106 million) due to proceeds from financing of US$ 15,796 million, principally reflecting: (i) funds raised from banking market (in Brazil and abroad), in the amount of US$ 3,044 million; (ii) use of revolving credit lines, in the amount of US$ 8,010 million and (iii) global notes issued in the capital market in the amount of US$ 3,207 million, offset by the repayment of debt (US$ 8,919 million) and lower lease liabilities.

RECONCILIATION OF LTM ADJUSTED EBITDA AND GROSS DEBT/ LTM ADJUSTED EBITDA AND NET DEBT/LTM ADJUSTED EBITDA METRICS

LTM Adjusted EBITDA reflects the sum of the last twelve months of Adjusted EBITDA, which is computed by using the EBITDA (net income before net finance income (expense), income taxes, depreciation, depletion and amortization) adjusted by items not considered part of the Company’s primary business, which include results in equity-accounted investments, impairment, cumulative foreign exchange adjustments reclassified to the statement of income and results from disposal and write-offs of assets and on remeasurement of investment retained with loss of control.

Adjusted EBITDA, reflecting the sum of the last twelve months (Last Twelve Months), represents an alternative to the company's operating cash generation. This measure is used to calculate the metric Gross Debt/LTM Adjusted EBITDA and Net Debt/LTM Adjusted EBITDA, to support management’s assessment of liquidity and leverage.

EBITDA, Adjusted EBITDA from continuing operations, Adjusted EBITDA, LTM adjusted EBITDA, LTM Adjusted EBITDA from continuing operations, LTM Adjusted EBITDA from discontinued operations, Net debt, Gross debt, Gross debt/LTM Adjusted EBITDA and Net debt/LTM Adjusted EBITDA are not defined in the International Financial Reporting Standards – IFRS. Our calculation may not be comparable to the calculation of other companies and it should not be considered in isolation or as a substitute for any measure calculated in accordance with IFRS. These measures must be considered together with other measures and indicators for a better understanding of the Company's financial conditions.

Gross Debt/LTM Adjusted EBITDA and Net Debt/LTM Adjusted EBITDA Metrics

The Gross Debt/LTM Adjusted EBITDA ratio and Net debt/LTM Adjusted EBITDA ratio are important metrics that support our management in assessing the liquidity and leverage of Petrobras Group. These ratios are important measures for management to assess the Company’s ability to pay off its debt, mainly because gross debt became a top metric of the Company in April 2020.

The following table presents the reconciliation for those metrics to the most directly comparable GAAP measure in accordance with IFRS, which is in this case the Gross Debt Net of Cash and Cash Equivalents/Net Cash provided by operating activities ratio:

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In the period Jan-Jun/2020, gross profit for the E&P segment amounted to US$ 6,630 million, a 36.3% reduction compared to the period Jan-Jun/2019, due to lower sales revenue, which reflects lower sales prices despite the increase in oil and natural gas production, partially offset by lower lifting costs.

The US$ 6,749 million operating loss in the period Jan-Jun/2020 reflects the impairment losses due to the reduction in expected Brent price and hibernation of shallow water platforms.

In the period Jan-Jun/2020, the reduction in production taxes was caused by lower Brent prices, compared to the period Jan-Jun/2019.

Operational information

Production of crude oil, NGL and natural gas was 2,855 mboed in the period Jan-Jun/2020, representing an increase in

production of 14.6%, due to the ramp-up of the seven systems that started-up in 2018 and 2019 in Búzios (P-74, P-75, P-76 and P-77), Tupi area (P-67 and P-69) and Berbigão and Sururu fields (P-68).

For the period Jan-Jun/2020, Refining, Transportation and Marketing gross profit was US$ 915 million, US$ 1.9 billion lower in relation to the period Jan-Jun/2019. Losses with devaluation of inventories were the main cause for this reduction in the segment result. The refining cost was US$ 0.6/bbl lower than in 2019, primarily due to the exchange rate variation in the period (R$/US$ 3.85 in the period Jan-Jun/2019 and R$/US$ 4.92 in the period Jan-Jun/2020).

For the period Jan-Jun/2020, there were higher margins of oil products in the domestic market, specifically LPG and Naphtha, almost completely offset by lower margins of Diesel, reflecting the lower international margins due the effects arising from the COVID-19 pandemic. Additionally, there was lower sales volumes in the domestic market of Diesel, Jet Fuel and Gasoline, due the restrictions of mobility caused by the COVID-19 pandemic. On the other hand, exports of fuel oil showed higher margins and volumes, due to the implementation of the IMO – 2020 standards, as well as higher volume of crude oil exports compared to the period Jan-Jun/2019.

The operating loss for the period Jan-Jun/2020 reflects the lower gross profit and the higher operating expenses due to higher sales expenses, voluntary severance programs and unscheduled stoppages in refineries, partially offset by lower impairment losses.

Operational information

Total production of oil products for the period Jan-Jun/2020 was 1,739 mbpd, 0.8% lower when compared to the period Jan-Jun/2019. Despite the drop in demand caused by the pandemic, optimizations were carried out in our refineries, in order to adapt the production of oil products to variations in demand and a series of logistical and commercial actions were carried out to increase our oil and oil products exports.

Domestic sales in the period Jan-Jun/2020 were 1,563 mbpd, a drop of 10.2% compared to Jan-Jun/2019, reflecting the strong contraction in demand caused by the COVID-19 pandemic. However, there was a recovery in demand for diesel and gasoline in May and June compared to the previous two months, which were impacted by social isolation actions. Thus, we had increased sales and market share in these products in the period mentioned above. LPG and Naphtha were the only oil products with a higher sale in Jan-Jun/2020 compared to Jan-Jun/2019. In the case of LPG, mainly due to the effect of social isolation that led to the increase in the consumption in the residential segment and, in relation to naphtha, the increase occurred due to the growth in demand from Braskem.

Processed feedstock for the period Jan-Jun/2020 was 1,669 mbpd, with a utilization factor of 75%. The decrease of 1.2% in relation to the period Jan-Jun/2019 occurred due to the strong processing reduction in April, but at the end of June the utilization factor had already returned to 77%, a level equivalent to the months before the pandemic and above the period Jan-Jun/2019.

For the period Jan-Jun/2020, the gross profit of the Gas and Power segment was US$ 1.9 billion, an increase of 2.8% when compared to the period Jan-Jun/2019, due to a better result in the natural gas commercialization (expenses related to the pipeline transportation tariff is not considered, as it is recorded in selling expenses), despite lower sales of natural gas due to COVID-19 pandemic, and no negative impact from the FAFEN fertilizer plants in the period Jan-Jun/2020, after mothballing these units. These positive effects surpassed the negative impact from the reduction in contracts in the regulated environment (ACR), reduction in contracts in the Free Contracting Environment (ACL) at the Chamber of Commercialization of Electric Energy (CCEE), and lower volume of electricity generation due to lower load on the Electric System and better hydrological conditions.

For the period Jan-Jun/2020, the operating income was US$ 5,685 million lower than for the period Jan-Jun/2019, due to the US$ 5,458 million gain from the sale of a 90% interest in TAG in June 2019 and due to higher selling expenses with payment of TAG’s tariff in the period Jan-Jun/2020.

Operational information

For the period Jan-Jun/2020, the regulated contracting market sales (ACR) and free contracting market electricity sales (ACL) decreased by 13.8% and 38.8%, respectively, when compared to the period Jan-Jun/2019, due to reduction in contracts in December 2019.

The volume of electricity generation varied negatively by 18.3% due to better hydrologic conditions and COVID-19 pandemic.

Lower volume of natural gas sold due to impact of COVID-19 pandemic, which mainly affected the non-thermoelectric segment. As a result, there was a reduction in production of national natural gas and regasification of liquefied natural gas (LNG).

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