Petrobras Announces Voluntary Severance Program
Rio de Janeiro, April 24, 2019 Petróleo Brasileiro S.A. Petrobras reports that its Board of Directors has approved a new Voluntary
Severance Program PDV. Employees of Petrobras holding who are retired through the INSS (Brazilian Social Security Institute) by June 2020, when the enrollment ends, will be eligible.
The purpose of the Program is to promote renewal in the companys staff when identified the need. Its regulation also provides for retention actions in
key processes, in order to guarantee the continuity of operations and maximum security in the execution of the companys activities.
In conjunction
with other actions, the program is one of the levers for value generation of the Resilience Plan, announced on 03/08/2019.
PDV was developed taking into
consideration the cost of replacing company staff, preservation of the workforce required for operational continuity and adherence to the Business and Management Plan in force. For an estimated participation of around 4,300 employees, the
anticipated cost for the Programs implementation is R$ 1.1 billion with an expected return of R$ 4.1 billion during the period of 2019-2023.
The
cost and return values may vary based on actual accession, as well as other variables, since these estimates are based on assumptions and criteria currently applicable.
The impact on the financial statements will occur as the accessions takes place.
www.petrobras.com.br/ir
Contacts:
PETRÓLEO BRASILEIRO S.A.
PETROBRAS | Investor Relations Department I
e-mail:
petroinvest@petrobras.com.br
Av. República do
Chile, 65 10th floor, 1002 B
20031-912
Rio de Janeiro, RJ | Phone: 55 (21) 3224-1510 / 3224-9947
FORWARD-LOOKING STATEMENTS
This release includes
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 subject to risks and uncertainties. The forward-looking
statements, which address the Companys expected business and financial performance, among other matters, contain words such as believe, expect, estimate, anticipate, optimistic,
intend, plan, aim, will, may, should, could, would, likely, and similar expressions. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date on which they are made. There is no assurance that the expected events, trends or results will actually occur. 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 Companys actual results
could differ materially from those expressed or forecast in any forward-looking statements as a result of a variety of assumptions and factors. These factors include, but are not limited to, the following: (i) failure to comply with laws or
regulations, including fraudulent activity, corruption, and bribery; (ii) the outcome of ongoing corruption investigations and any new facts or information that may arise in relation to the Lava Jato Operation; (iii) the
effectiveness of the Companys risk management policies and procedures, including operational risk; and (iv) litigation, such as class actions or proceedings brought by governmental and regulatory agencies. A description of other factors
can be found in the Companys Annual Report on Form
20-F
for the year ended December 31, 2017, and the Companys other filings with the U.S. Securities and Exchange Commission.