巴西石油 (PBR.A) 2024 Q1 法說會逐字稿

Good morning, and welcome to Petrobras' earnings call for analysts and investors. We're going to discuss our results for the first quarter of 2024. It's a pleasure to have you here. This event will be held in Portuguese, but it is being simultaneously translated into English. You may access the links to both language webcasts on our investor relations website. (Operator Instructions) You may send your questions via email, petroinvest@petrobras.com.br.

早安，歡迎參加巴西國家石油公司面向分析師和投資人的財報電話會議。我們將討論 2024 年第一季的業績。活動將以葡萄牙語舉行，但同時被翻譯成英語。您可以在我們的投資者關係網站上存取兩種語言網路廣播的連結。 （操作員說明）您可以透過電子郵件發送您的問題，petroinvest@petrobras.com.br。

We have with us Carlos Travassos, Executive Engineering, Technology and Innovation Director; Clarice Coppetti, Executive Director of Corporate Affairs; Claudia Schlosser, Executive Director for Logistics, Trade and Markets; Joelson Mendes, Executive Director for Production and Exploration; Mario Spinelli, Executive Director for Governance and Compliance; Mauricio Tolmasquim, Executive Director for Energy Transition and Sustainability; Sergio Caetano Leite, Executive Financial and Investor Relations Director; and William Franca, Executive Director for Processes and Products.

與我們一起的還有執行工程、技術和創新總監 Carlos Travassos； Clarice Coppetti，公司事務執行董事； Claudia Schlosser，物流、貿易和市場執行董事；喬爾森門德斯 (Joelson Mendes)，生產和勘探執行董事； Mario Spinelli，治理與合規執行董事； Mauricio Tolmasquim，能源轉型和永續發展執行董事； Sergio Caetano Leite，執行財務與投資者關係總監；以及流程和產品執行董事 William Franca。

We will begin with a video message of our CEO, Jean Paul Prates.

我們將從執行長 Jean Paul Prates 的視訊致詞開始。

Good morning, ladies and gentlemen. Today, we're going to go into the financial results for the first quarter of 2024. The main message I would like to leave you with before presenting the figures is our commitment to executing and financing our investment plan with capital discipline and generating value for shareholders and society.

早安，女士們，先生們。今天，我們將討論 2024 年第一季的財務表現。股東和社會。

We maintained consistent cash generation this quarter, which gives us security in relation to future investments, including those for production growth. This quarter and also in comparison to the previous quarter, we had a drop in oil and gas production, which was already expected because we have scheduled maintenance downtimes on platforms. Therefore, it's a planned movement, which does not impact our production curve set out in the strategic plan.

本季我們維持了穩定的現金生成，這為我們未來的投資（包括產量成長的投資）提供了保障。本季以及與上一季相比，我們的石油和天然氣產量有所下降，這已經在預料之中，因為我們安排了平台維護停機時間。因此，這是一個有計劃的行動，不會影響我們戰略計劃中規定的生產曲線。

I would like to point out that this is a short-term variation because when we compare it to the first quarter of 2023, Petrobras' production grew by 3.7%. In other words, we have increased production in the last 12 months and we are on a growing curve projected in our '24 to '28 strategic plan. In the E&P segment, we had an excellent performance from the FPSOs Almirante Barroso in Buzios and P-71 in Itapu, which reached peak production at the end of last year. And we are increasing production from the FPSOs Sepetiba in Mero and Anita Garibaldi in the Campos Basin.

我想指出的是，這是一個短期變化，因為與 2023 年第一季相比，巴西國家石油公司的產量增加了 3.7%。換句話說，我們在過去 12 個月中增加了產量，並且正處於「24 至 28」策略計畫中預期的成長曲線上。在勘探生產領域，布基亞斯的Almirante Barroso和伊塔普的P-71 FPSO表現出色，已於去年底達到產量高峰。我們正在增加位於梅羅的 FPSO Sepetiba 和坎波斯盆地的 Anita Garibaldi 的產量。

In the second half of the year, we're going to start operating the Marechal Duque de Caxias FPSO, which will be the third definitive production system for the Mero field, with the capacity to produce up to 80,000 -- excuse me, 180,000 barrels per day and 12 million cubic meters of natural gas.

今年下半年，我們將開始營運 Marechal Duque de Caxias FPSO，這將是 Mero 油田的第三個最終生產系統，產能可達 80,000 桶——對不起，180,000 桶每天和1200萬立方米天然氣。

Talking about the downstream, you know the first quarter is always weaker in terms of sales volume due to seasonality. We took advantage of this period to make scheduled maintenance stoppages at the refineries. And even with important scheduled stoppages at Repar and Replan, the utilization factor of our refining park remains high, reaching 92% in this first quarter of 2024, 7 percentage points above the utilization factor of a year ago. It's important to say that this increase in the level of refinery processing is taking place with value generation and total safety.

說到下游，大家都知道，由於季節性原因，第一季銷售總是較弱。我們利用這段時間對煉油廠進行了預定的停工維護。即使 Repar 和 Replan 發生重要的計畫停工，我們煉油園區的利用率仍然很高，在 2024 年第一季達到 92%，比一年前的利用率高出 7 個百分點。值得一提的是，煉油加工水準的提升伴隨著價值創造和整體安全。

Diesel, gasoline and jet fuel in total production was 67% in the first quarter. We're also keeping an eye on low-carbon markets. In this quarter, we expanded our offer of more sustainable products, starting to sell R5 diesel with renewable content at RPBC, which, like REPAR, is already able to sell R5 diesel. We also signed a partnership with the second largest asphalt retailer in the country to sell CAP Pro-W, a more sustainable type of asphalt.

柴油、汽油和航空燃油佔第一季總產量的67%。我們也密切關注低碳市場。在本季度，我們擴大了更永續的產品範圍，開始在 RPBC 銷售含有再生成分的 R5 柴油，與 REPAR 一樣，RPBC 已經能夠銷售 R5 柴油。我們還與該國第二大瀝青零售商簽署了合作夥伴關係，銷售 CAP Pro-W，一種更永續的瀝青類型。

This is a summary of our operating performance in the first quarter, which led us to a net profit of $4.8 billion, adjusted EBITDA of $12.1 billion, and an operating cash flow of $9.4 billion. An important highlight is our financial debt, which has been falling every quarter. We ended the first quarter with a financial debt of $27.7 billion, the lowest quarterly level since 2010.

這是我們第一季經營業績的總結，我們的淨利潤為 48 億美元，調整後 EBITDA 為 121 億美元，營運現金流為 94 億美元。一個重要的亮點是我們的金融債務，每個季度都在下降。第一季結束時，我們的金融債務為 277 億美元，是自 2010 年以來的最低季度水準。

We should also point out that the return to our shareholders taking into account share appreciation and dividend payment continues to be the highest in the industry over the last 12 months. And considering only the first quarter of 2024, our public return in taxes and other government participations reached BRL 68 billion. These are consistent figures that demonstrate Petrobras' financial health. This robustness underpins the ambition of a company that wants to keep growing, innovating and transforming itself.

我們還應該指出，考慮到股票增值和股息支付，我們的股東回報在過去 12 個月中仍然是行業中最高的。僅考慮 2024 年第一季度，我們的稅收和其他政府參與的公共回報就達到 680 億雷亞爾。這些一致的數據顯示巴西國家石油公司的財務狀況良好。這種穩健性支撐著一家希望不斷發展、創新和轉型的公司的雄心壯志。

Beyond our recent success, we also want to emphasize that our investment case is a long-term one. We're building the Petrobras of the future, a more efficient company committed to generating value with total attention to people and connected to a just energy transition.

除了我們最近的成功之外，我們還想強調我們的投資案例是長期的。我們正在建立未來的巴西國家石油公司，這是一家更有效率的公司，致力於創造價值，全面關注以人為本，並與公正的能源轉型相關。

Thank you all for your participation, and I wish you a great event.

感謝大家的參與，預祝活動圓滿成功。

We will now start the presentation of the earnings of the first quarter of 2024. To begin, I'd like to give the floor to Clarice Coppetti, Director of Corporate Affairs.

我們現在將開始介紹 2024 年第一季的收益。

Thank you, Ana Paula, and good morning to everybody. It is a huge pleasure to be here with you today to go over our financial results for the first quarter and also to give you information about our actions and our activities in Rio Grande do Sul state.

謝謝安娜·保拉，大家早安。今天很高興與您一起回顧我們第一季的財務業績，並向您提供有關我們在南里奧格蘭德州的行動和活動的資訊。

At this moment when the state is going into its third week of a climate catastrophe, since May 1, we've been giving shelter to more than 600 people inside our center in Canoas -- it's basically adjacent to the Alberto Pasqualini refinery -- giving every possible condition to everybody that lost their homes and providing them with food, shelter, hygiene and protection throughout the day, and also the possibility of spending the night and providing them with as much comfort as we can.

自5 月1 日以來，當該州進入氣候災難的第三週時，我們一直在卡諾阿斯中心為600 多人提供庇護所——該中心基本上毗鄰阿爾貝托·帕斯誇里尼煉油廠－為每個失去家園的人提供一切可能的條件，為他們提供食物、住所、衛生和全天保護，以及過夜的可能性，並為他們提供盡可能多的舒適。

This is an amazing work done not only with the involvement of our local team, but also it's being fully supported by the donations that we've been providing. You can see that we donated over BRL 7,600,000 to the impacted communities. Our operations are extremely strong in Canoas and Esteio, where our main asset is located in Rio Grande do Sul, refinery Alberto Pasqualini. Also, fuel. Over 500,000 liters have been donated. And always catering to the demands of the civil defense and the state government and other public institutions.

這是一項了不起的工作，不僅有我們當地團隊的參與，而且得到了我們一直提供的捐款的全力支持。您可以看到我們向受影響的社區捐贈了超過 7,600,000 雷亞爾。我們在卡諾阿斯和埃斯蒂奧的業務非常強大，我們的主要資產位於南里奧格蘭德州的 Alberto Pasqualini 煉油廠。還有，燃料。已捐贈超過 500,000 公升。並且始終滿足民防、州政府和其他公共機構的需求。

Also, freshwater. There is a freshwater supply crisis in the state. This has been a constant effort. Providing also chemical toilets and logistics, lending our helicopters to transport food, and also vessels that work for our Environmental Defense Center that have been made available to the civil defense of the state to rescue the victims.

還有淡水。該州存在淡水供應危機。這是我們不斷努力的成果。也提供化學廁所和後勤，借用我們的直升機來運輸食品，以及為我們的環境保護中心工作的船隻，這些船隻已可供國家民防部門救援受害者。

And very briefly, our Alberto Pasqualini refinery has been operating, catering to the fuel demands. It's extremely important to the state. We've been demanded by the national operator of the electric system, ONS, that we should start dispatching electricity from the thermal power plant of Canoas. So the company has been making every effort, and not only being solidary, but also making every effort to keep its assets intact and working. We know that they are required right now for the population and also for the recovery of the state.

簡而言之，我們的阿爾貝托·帕斯誇里尼煉油廠一直在運營，以滿足燃料需求。這對國家來說極為重要。國家電力系統營運商 ONS 要求我們開始從卡諾阿斯熱電廠調度電力。所以公司一直在盡一切努力，不僅要團結一致，而且要盡一切努力保持資產完好無損並正常運作。我們知道，現在人民和國家的恢復都需要它們。

Here we see information, some corporate highlights, an important part of our businesses to give support to all of our departments. So this shows not only the recruitment and selection process that we've been working on this year, we've been hiring new employees. And along with that, we're also launching our biggest call for the Young Apprentices Program, with over 1,000 positions open. We're also working with many of these apprentices that have been formally hired with all of the formal benefits. A few others are also being formally trained.

在這裡我們看到資訊、一些企業亮點、我們業務的重要組成部分，為我們所有部門提供支援。因此，這不僅顯示了我們今年一直在進行的招募和選拔流程，而且我們一直在招募新員工。同時，我們也啟動了最大規模的青年學徒計畫徵集活動，該計畫有 1,000 多個職缺。我們也與許多已被正式僱用並享有所有正式福利的學徒合作。其他一些人也正在接受正式培訓。

And we're also setting aside some positions for people with disabilities. And that is important not only for us to have a close relationship with the universities and the technology institutes, but also to develop the Petrobras brand as a major employing brand in Brazil. And obviously, throughout this process at Petrobras, every worker that is hired goes through a very solid onboarding process in the first quarter. Over 700 new employees were hired and onboarded at the company, and they're now going through their formal training processes.

我們也為殘疾人預留了一些職位。這不僅對我們與大學和科技機構建立密切關係很重要，而且對將 Petrobras 品牌發展成為巴西的主要就業品牌也很重要。顯然，在巴西國家石油公司的整個流程中，每位受聘的員工都會在第一季經歷非常紮實的入職流程。該公司僱用併入職了 700 多名新員工，他們現在正在接受正式的培訓流程。

I can't fail to mention that the Petrobras Board has been investing in initiatives to encourage the increase of diversity among the company's leaders. Our leaders are comprised 17% of women, and most of them are working on shifts and go on hitches. We've also been investing on male workers for those positions, but we've been investing on females for the leadership positions.

我不能不提到，巴西國家石油公司董事會一直在投資鼓勵公司領導層多元化的措施。我們的領導者中有 17% 是女性，其中大多數都是輪班工作並且經常出差。我們也一直在投資擔任這些職位的男性員工，但我們一直在投資擔任領導職位的女性員工。

Also, I want to talk about a recently launched project that has a huge impact on Brazil in our areas of operation, which is our Autonomy and Income Program, that's offering 20,000 positions for professional training courses for people in a situation of social vulnerability, without a formal employment relationship. And of course, this program is integrated with our 2024 to 2028 strategic planning projects and it intends to train the workforce, since our '24-'28 period will require lots of downtimes and that requires a qualified workforce.

另外，我想談談最近啟動的一個項目，它對我們業務領域的巴西產生了巨大影響，這就是我們的自治和收入計劃，該計劃為社會弱勢群體提供20,000 個專業培訓課程職位，而無需任何培訓。當然，該計劃與我們的 2024 年至 2028 年戰略規劃項目相結合，旨在培訓員工，因為我們的“24-”28 期間將需要大量停機時間，這需要合格的員工隊伍。

Also, I should mention that our investors and market analysts are aware of this global mental health problem inside companies. We were just awarded the U.N. Award. Mind in focus -- in one year, we've engaged with almost 6,000 leaders of the company and we've given them formal training across all areas to try not only to identify mental health issues, but also to deal with them inside the company.

另外，我應該要提到，我們的投資人和市場分析師都意識到公司內部有這種全球性的心理健康問題。我們剛剛榮獲聯合國獎。專注於心靈——在一年內，我們與近 6,000 名公司領導層進行了接觸，並為他們提供了各個領域的正式培訓，不僅嘗試識別心理健康問題，而且在公司內部解決這些問題。

We also launched the human rights and corporate citizenship supplement, and it highlights all of the progress that we've made so far in this regard. It poses a huge challenge and that we have to be well positioned in terms of human rights by 2030. And that's a challenge not only to the corporate social responsibility areas, but also each and every department.

我們也推出了人權和企業公民補充品，它強調了我們迄今為止在這方面取得的所有進展。這是一個巨大的挑戰，我們必須在2030年之前在人權方面做好準備。

And with that, I'm sure you're eager to listen to him. I'll give the floor to Sergio Leite, Chief Financial and Investor Relations Officer. He will speak about the financial highlights. Thank you for your attention.

有了這個，我相信你很想聽他的。我將請首席財務和投資者關係長 Sergio Leite 發言。他將談論財務亮點。感謝您的關注。

Thank you, Clarice. Good morning, everybody. We are solidary with our brothers and sisters from the south of Brazil in such difficult times.

謝謝你，克拉麗絲。大家早安。在如此困難的時刻，我們與巴西南部的兄弟姐妹站在一起。

In terms of our results for the first quarter, I want to highlight a few operational aspects. In Buzios, we reached a production of 1 billion barrels of oil. 2P, 15 years of operation of our largest field with the production of 2.6 billion BOEs. And additionally, several of our units are now undergoing a ramp-up process, of which I should mention the FBSOs Almirante Barroso, P-71, Anna Nery, Anita Garibaldi and Sepetiba.

就我們第一季的業績而言，我想強調一些營運方面的內容。在布齊奧斯，我們的石油產量達到了 10 億桶。 2P，我們最大的油田運作了 15 年，產量為 26 億桶油當量。此外，我們的幾個單位現在正在進行升級過程，其中我應該提到 FBSO Almirante Barroso、P-71、Anna Nery、Anita Garibaldi 和 Sepetiba。

And for the second half of 2024, Marechal Duque de Caxias will start production. It's a very important unit that will add 180,000 barrels of oil per day and 12 million cubic meters of gas. It's an important asset that's located in the Mero field.

Marechal Duque de Caxias 將於 2024 年下半年開始生產。這是一個非常重要的裝置，每天將增加18萬桶石油和1,200萬立方公尺天然氣。這是位於梅羅油田的重要資產。

Also, speaking about the impacts on our quarterly results, the E&P team adopted the strategy to induce important downtimes in the first quarter. And never before in the history of the company have we had a first quarter that's been better than the fourth of the previous year. So it's just natural that this is a slower quarter. And in that regard, the team decided to introduce important downtimes in production. And the impact of that vis-a-vis the first quarter of 2023 is twice as high. These downtimes have produced a relevant impact on production. In spite of that, if we compare the first quarter of 2024 with that of 2023, our production grew by 3%.

此外，在談到對我們季度業績的影響時，勘探與生產團隊採取了在第一季引發重要停機的策略。在公司歷史上，我們的第一季從未比去年第四季更好。因此，本季成長放緩是很自然的。在這方面，團隊決定在生產中引入重要的停機時間。與 2023 年第一季相比，其影響是其兩倍。這些停機時間對生產產生了相關影響。儘管如此，如果我們將 2024 年第一季與 2023 年進行比較，我們的產量增加了 3%。

The refinery farms have been delivering high utilization rates at 92%. We've delivered utilization factors that were significant in 2023 in refineries for Replan and Repar. And even with the downtimes, we've delivered high productions of aviation fuel and lubricants and 92 kbpd for jet fuel and 11 for lubricants, even higher than 2020 and 2019. The production of oil products is concentrated in high-value products. The participation -- the share of diesel, gasoline and jet fuel in total production is 67%, which is very important for the entire company.

煉油廠的利用率一直高達 92%。我們已經交付了 2023 年 Replan 和 Repar 煉油廠的重要利用率係數。即使在停工期間，我們仍實現了航空燃油和潤滑油的高產量，其中航空燃油產量為92 kbpd，潤滑油產量為11 kbpd，甚至高於2020 年和2019 年。產品。參與－柴油、汽油和航空燃油佔總產量的份額為67%，這對整個公司來說非常重要。

The refinery farms -- we should also highlight the efficiency and energy transition. Our numbers have improved in these areas as well. Pre-salt oil processing has reached a new record of 2 percentage points above those of the fourth quarter. That's very important for logistics in that it gives us flexibility and allows for gains of scale. R5 diesel, it's a co-processed Petrobras product that started being produced and it started being distributed over highways and roads, and the first refinery started distributing it into the system.

煉油廠－我們也應該強調效率和能源轉型。我們在這些領域的人數也有所改善。鹽下石油加工再創歷史新高，較第四季提高2個百分點。這對物流來說非常重要，因為它為我們提供了靈活性並允許擴大規模。 R5 柴油是巴西國家石油公司的協同加工產品，開始生產並開始在高速公路和道路上分銷，第一家煉油廠開始將其分銷到系統中。

Another highlight is our energy transition area. Petrobras has posted a reduction in emissions of 55%. So it was an expressive amount. Another important piece of data, from 2015 until now, we reduced our greenhouse gas emissions by 40%. So this is a transition that is affecting the entire company. In order to have a reduction of this level, we had to go through changes in the RP area and downstream. We also saw a reduction in the amount of CO2 produced per barrel. So this transition area will definitely have some more news in the future, but it is going very well. It's a great area at Petrobras that is doing very well. It's close to innovation, and that's one of our main qualities.

另一個亮點是我們的能源轉型領域。 Petrobras 已公佈排放量減少了 55%。所以這是一個富有表現力的金額。另外一個重要的數據是，從2015年至今，我們的溫室氣體排放量減少了40%。所以這是一個影響整個公司的轉變。為了降低這個水平，我們必須在RP區域和下游進行改變。我們也看到每桶產生的二氧化碳量減少。所以這個過渡區以後一定還會有一些消息，但進展的非常順利。這是巴西國家石油公司 (Petrobras) 的一個很棒的領域，目前表現非常出色。它接近創新，這是我們的主要品質之一。

We've talked about HISEP, a system that is on the ocean floor injecting gas. And this was only possible with Petrobras technology due to the constant investments we've made into technology. We have $3.6 billion in our RP, nearly $1 billion a year on average. And most of this investment, at least in the last few years, have been focusing on energy transition. It was this kind of investment, it was this drive for innovation that allowed us to have these results in Pre-Salt. It's a very important area at Petrobras, and we're always seeking innovation and technology.

我們已經討論過 HISEP，這是一個位於海底注入氣體的系統。由於我們對科技的不斷投資，這只有透過巴西國家石油公司的技術才能實現。我們的 RP 資金為 36 億美元，平均每年接近 10 億美元。至少在過去幾年，大部分投資都集中在能源轉型上。正是這種投資、這種創新動力讓我們能夠在 Pre-Salt 中取得這些成果。這是巴西國家石油公司非常重要的領域，我們一直在尋求創新和技術。

Looking at our financial highlights, we've seen many of them during our CEO's video, but these are some important highlights. Our adjusted EBITDA was $12.1 billion, the eighth highest in the company's history, nearly BRL 60 billion; $9.4 billion operational cash flow, which is about BRL 46.5 billion; net income at $4.8 billion, close to BRL 23.7 billion. And later on, we're going to go over some of these values. We did see an impact from foreign exchange affecting us by about $2 billion or BRL 11 billion in our net income, but still it was significant. Free cash flow was $6.5 billion or BRL 32.4 billion, and taxes paid were BRL 68.2 billion.

看看我們的財務亮點，我們在執行長的影片中看到了其中的許多亮點，但這些是一些重要的亮點。我們調整後的 EBITDA 為 121 億美元，在公司歷史上排名第八，接近 600 億雷亞爾； 94億美元的營運現金流，約465億雷亞爾；淨利潤為 48 億美元，接近 237 億雷亞爾。稍後，我們將討論其中一些值。我們確實看到外匯對我們的淨利潤產生了約 20 億美元或 110 億雷亞爾的影響，但影響仍然很大。自由現金流為 65 億美元，即 324 億雷亞爾，繳納的稅金為 682 億雷亞爾。

So our company has been growing. But besides these expressive figures, Petrobras is starting to see its operations through indexes, which often translate the company's efficiency and the space that we have to grow in generating value for our shareholders. We consider that the company's share values is still short of what it should be if we look at the company's value over the proved reserve. And that's very important, measuring the value of oil and gas companies around the world. If we look at the enterprise value, the company value and the proved reserve, majors grew 3.2% from 22.2% to 22.9%. And this was all in the first quarter of 2024.

所以我們的公司一直在成長。但除了這些富有表現力的數字之外，巴西國家石油公司也開始透過指數來了解其營運情況，這些指數通常會轉化為公司的效率以及我們在為股東創造價值方面必須成長的空間。如果我們考慮公司的價值與探明儲量，我們認為該公司的股票價值仍然低於應有的水準。衡量世界各地石油和天然氣公司的價值非常重要。如果我們看企業價值、公司價值和探明儲量，專業公司成長了3.2%，從22.2%成長到22.9%。而這一切都發生在2024年第一季。

If we look at Petrobras comparing quarter-to-quarter, we're growing 10x that amount. So in this index, enterprise value to proved reserve, we grew 3.3% -- excuse me, 33.3%, which is 10x what we see in the majors' average. So not only did we grow a lot, but we still have a lot to add. We also had a case considering enterprise value to EBITDA. So majors grew 48.5% and Petrobras 75%.

如果我們比較一下 Petrobras 的季度與季度，我們的成長率是這個數字的 10 倍。因此，在這個指數中，企業價值與探明儲量的比值，我們成長了 3.3%——對不起，是 33.3%，這是我們看到的各大公司平均值的 10 倍。所以我們不僅成長了很多，而且還有很多東西需要補充。我們還有一個考慮企業價值對 EBITDA 的案例。因此，各大石油公司成長了 48.5%，巴西石油公司成長了 75%。

We were expressive in providing shareholder value. Considering PN ADRs, in 12 months, March to March, we had a TSR of 107.3% in U.S. dollars. In ordinary shares, it was close to 84% or 83.9%. So not only are we providing added value, but we are providing it on the middle and long term. If we consider 10 years, our average major values dropped 5%. But Petrobras -- excuse me, majors had a 5%, but Petrobras grew 22% despite all of the variations we saw. So that's very important for institutional investors, pension funds, long-term funds and investors who want their resources safe on the long run. And we're dealing with an adverse external environment during the first quarter.

我們在提供股東價值方面表現出色。考慮到 PN ADR，在 3 月至 3 月的 12 個月內，我們的美元股東總回報率為 107.3%。在普通股中，這一比例接近84%或83.9%。因此，我們不僅提供附加價值，而且提供中長期附加價值。如果考慮 10 年，我們的平均主要價值下降了 5%。但巴西國家石油公司——對不起，各大石油公司的成長率為 5%，但儘管我們看到了各種變化，巴西國家石油公司還是成長了 22%。因此，這對於機構投資者、退休基金、長期基金和希望其資源長期安全的投資者來說非常重要。第一季我們正在應對不利的外部環境。

You can see some of the highlights here on the screen, but I'd like to draw your attention to something that is very important, the crack spread for diesel. So the margin between the value of the barrel and how much it is sold. If we look at it on a quarterly basis, it went down 26%. So again, this is a refined product that is the most significant for our revenue, diesel, and it had a margin reduction of 26%. From the fourth quarter of '23 to the first quarter of '24, it reduced by 14%, which impacts not only Petrobras, but all majors. It's important to keep this variation in mind.

您可以在螢幕上看到一些亮點，但我想提請您注意非常重要的事情，即柴油的裂解價差。因此，桶的價值與其銷售量之間的差額。如果我們按季度來看，它下降了 26%。再說一次，柴油是對我們收入最重要的精煉產品，利潤率下降了 26%。從 23 年第四季到 24 年第一季度，下降了 14%，這不僅影響了巴西國家石油公司，也影響了所有主要石油公司。記住這種變化很重要。

As we said, we have been affected by seasonality from the fourth quarter to the first. It's easy to understand, because in the fourth quarter, you have a harvest, cargo movements due to the holiday season. It's a growing curve from the first to the fourth quarter. But we didn't see a significant reduction in the first quarter. Again, in our history, we never had a first quarter that sold more in fuel than the previous fourth quarter. So this is normal behavior. However, we did see some factors impacting sales besides the seasonal factors. So a higher production of ethanol in the case of gasoline. So this pressured our sales and made some drivers choose ethanol.

正如我們所說，從第四季度到第一季度，我們一直受到季節性的影響。這很容易理解，因為在第四季度，由於假期，你有收穫，貨物流動。從第一季到第四季度，這是一條不斷成長的曲線。但我們沒有看到第一季出現大幅下降。同樣，在我們的歷史上，我們從未有過第一季的燃料銷售超過前第四季的情況。所以這是正常行為。然而，除了季節性因素外，我們確實看到了一些影響銷售的因素。因此在汽油的情況下乙醇的產量更高。因此，這給我們的銷售帶來了壓力，並使一些司機選擇了乙醇。

In the case of diesel, we also were pressured by an increased mandate in diesel usage. And although some refineries were stopped, we still were able to post a cash generation of USD 9.4 billion. And this is also important. Our free cash flow was $6.5 billion. All the resources generated in our cash during the first quarter allowed us to satisfy our needs and have some leftover at the end. So the company is still healthy, robust, and is still posting significant profits.

就柴油而言，我們也面臨柴油使用授權增加的壓力。儘管一些煉油廠停產，我們仍然能夠創造 94 億美元的現金。這也很重要。我們的自由現金流為 65 億美元。第一季產生的所有現金資源使我們能夠滿足我們的需求，並在最後有一些剩餘。因此，該公司仍然健康、強勁，並且仍然實現可觀的利潤。

Now let's look at our financial debt. Our gross debt is going down and our financial debt is going down as well. We have the lowest financing debt at Petrobras since 2010. That's the lowest financing debt we've had in the company. And the total gross debt is also going down.

現在讓我們來看看我們的金融債務。我們的總債務正在下降，我們的金融債務也在下降。自 2010 年以來，我們巴西國家石油公司的融資債務是最低的。總債務也在下降。

Next slide, please. Here we see our net profit. As I said, it was impacted by a currency devaluation. Our net profit was $4.8 billion in the first quarter. If we compare the fourth quarter of '23 to the first of '24, it was a 16% reduction. But if we compare it to the first quarter of 2023, the reduction was slightly lower. But the reduction reflects currency devaluation, meaning that dollar prices were lower during the end of the quarter.

請下一張投影片。在這裡我們看到我們的淨利潤。正如我所說，它受到貨幣貶值的影響。第一季我們的淨利潤為 48 億美元。如果我們將 23 年第四季與 24 年第一季進行比較，就會發現下降了 16%。但如果與 2023 年第一季相比，減少幅度略低。但減少反映了貨幣貶值，這意味著美元價格在本季末較低。

Petrobras has increased its contribution to society. 66% of its cash generation is returned to society as dividends to controlling shareholders, as government participations and taxes at all levels. So this is a significant highlight for the company as well.

巴西國家石油公司增加了對社會的貢獻。其現金產生的66%作為控股股東的分紅、各級政府的參與和稅收等形式回歸社會。因此，這對公司來說也是一個重大亮點。

We approved a payout of $13.45 billion. The company is actually generating $14.6 billion in dividends when we apply the formula to ordinary dividends. $1.15 billion is deducted from our buyback program, which is a very successful program. On average, they deliver 70% of what was programmed and we're at 86% of what is scheduled. This buyback program, as you know, is included in the shareholder remuneration policy and should end at the end of August. It started with a buyback proposal of 157 million preferred shares. So this is a way of remunerating our shareholders and out of the total that was approved, in dividends and interest on owned capital, we're going to pay BRL 13.45 billion deducted from that 11.15 used for distribution. So our long-term investment theory is still being upheld.

我們批准了 134.5 億美元的支出。當我們將該公式應用於普通股息時，該公司實際上產生了 146 億美元的股息。我們的回購計畫扣除了11.5億美元，這是一個非常成功的計畫。平均而言，他們完成了計畫任務的 70%，而我們完成了計畫任務的 86%。如您所知，該回購計畫已包含在股東薪酬政策中，並應於八月底結束。首先是回購 1.57 億股優先股的提案。因此，這是一種回報股東的方式，在已批准的股息和自有資本利息總額中，我們將支付從用於分配的 11.15 雷亞爾中扣除的 134.5 億雷亞爾。所以我們的長期投資理論還是堅持的。

The first quarter was impacted by some strategic decisions with maintenance downtime in some of the refinery parks. They had -- we had fewer of them during the last term, but now we're doing them again. We had higher utilization rates last year, so it required more maintenance downtime. So we had twice as much of an impact in January from this. The production curve that we presented in our strategic plan will be maintained though, meaning that we're going to recover production levels. Next quarter, we're still going to have some downtime, but we will gradually return to our previous production level. We hope to achieve that curve as we presented in our strategic plan.

第一季受到一些策略決策的影響，一些煉油廠園區出現維修停機。他們在上個學期做了較少的事情，但現在我們又做了一次。去年我們的利用率較高，因此需要更多的維護停機時間。因此，一月份我們受到的影響是原來的兩倍。不過，我們在戰略計畫中提出的生產曲線將保持不變，這意味著我們將恢復生產水準。下個季度，我們仍然會有一些停機時間，但我們將逐漸恢復到先前的生產水準。我們希望實現我們在戰略計劃中提出的曲線。

Now I'll give the floor to Carlos Trevazos, and he'll talk about our investments.

現在我請卡洛斯·特雷瓦索斯發言，他將談論我們的投資。

Thank you, Sergio. Good morning, everybody. I'll give you a short update of a few investments that are scheduled to start operating in 2024-2025, starting with the upstream segment. The first unit is scheduled to start operations in 2024, Duque de Caxias in the Mero field, adding 180,000 barrels of oil per day, as was said before. And this project, once it's been implemented, will increase the Mero capacity of production to 500,000 barrels of oil per day.

謝謝你，塞爾吉奧。大家早安。我將向您簡要介紹一些計劃於 2024 年至 2025 年開始營運的投資，首先是上游領域。第一個裝置計劃於 2024 年開始運營，位於 Mero 油田的 Duque de Caxias，如前所述，每天可增加 18 萬桶石油。該計畫一旦實施，將使梅羅石油日產量提高到50萬桶。

This unit will receive the ISEP that's scheduled to start operating in the second half of 2028. We're now going through the technical details phase, according to the contract that we entered into in December last year. Now talking about the units that will start operating next year in chronological order, the first one is Maria Quiteria that left the shipyard on the 6th, and it's on its way to Brazil with a production capacity of 100,000 barrels of oil per day with a gas compression capacity of 5 million cubic meters per day. This unit will incorporate the combined cycle technology, being the first offshore production unit of Petrobras to combine the 2 cycles, which will increase the efficiency and consequently will reduce the emissions of the unit.

該裝置將獲得 ISEP，計劃於 2028 年下半年開始運營。現在按時間順序談論明年將開始運營的裝置，第一個是6日離開造船廠的Maria Quiteria，正在前往巴西的途中，產能為每天10萬桶石油和天然氣壓縮能力為每天500萬立方米。該裝置將採用聯合循環技術，是巴西國家石油公司第一個將兩個循環結合的海上生產裝置，這將提高效率，從而減少裝置的排放。

Speaking of the next units, Buzio 7, the Almirante Tamandare FPSO that completed the installation of the modules on the deck of the unit and is now in the integration phase. It is scheduled to depart from the shipyard on the second half of 2024 and will start operating in 2025. Alexandre de Gusmao, the FPSO, is now at the final stage where it's lifting the modules, and it's the fourth unit to enter the Mero field. And the last one, P-78, that's already in Singapore for the lifting stage. I just heard that they received the last modules yesterday. Modules built in Brazil, they're at the shipyard and are ready to be lifted. And once the lifting phase has started, we will then initiate the integration of the unit that's scheduled to start operating in the last quarter of next year.

說到下一個裝置，Buzio 7，Almirante Tamandare FPSO，已完成裝置甲板上模組的安裝，目前正處於整合階段。該船計劃於 2024 年下半年離開造船廠，並於 2025 年開始運營。最後一架 P-78 已經在新加坡進行提升階段。我剛剛聽說他們昨天收到了最後一個模組。模組在巴西製造，已在造船廠並準備好吊裝。一旦提升階段開始，我們將啟動裝置的整合，該裝置計劃於明年最後一個季度開始運作。

Now, talking about our investments in downstream, I'll start with RNEST. The first one is SNOX. Our emission reduction unit that will increase the capacity of the refinery at 27,000 barrels of oil per day. And it will start operating in the second quarter of 2024. And the refinery capacity will be increased by 15,000. We're calling it the revamp of Train 1. We're now manufacturing equipment and doing inspections and all that. And also, we are now with the auction of Train 2 extension. We received the proposals in March, and we're now assessing the proposals and negotiating with the stakeholders.

現在，談論我們在下游的投資，我將從 RNEST 開始。第一個是SNOX。我們的減排裝置將使煉油廠的產能提高到每天 27,000 桶石油。將於2024年第二季投產，新增煉油產能1.5萬座。我們稱之為 1 號列車的改造。此外，我們現在正在拍賣 2 號列車延長線。我們在三月收到了這些提案，現在正在評估這些提案並與利害關係人進行談判。

And now, talking about Route 3, now it's moving towards its final stage, and it's scheduled to start operating in the second half of 2024. We will start the reverse pressurization operation, as we call it. We will pressurize from the inland segment to the offshore segment, the onshore to offshore segments. And we are also building a unit to start manufacturing lubricating oil with the production capacity of 12,000 barrels of lube oil per day. In the same process, we have the HCC and HDT units for the production of S10 diesel and jet fuel.

現在，說到3號線，現在它已經進入了最後階段，計劃在2024年下半年開始運營。我們會從內陸向海上加壓，從陸上向海上加壓。我們也正在建造一個潤滑油生產裝置，產能為每天 12,000 桶潤滑油。在同一流程中，我們還擁有用於生產 S10 柴油和航空燃油的 HCC 和 HDT 裝置。

Now, about our PBC, we are now closing the blowdown system, providing relief to the lube valves and also for the coke production units. That's scheduled for 2024, and that's an environmental condition that we are meeting. We are also increasing our tankage capacity for a diesel S10 in Goias in the Canedo Senador Terminal in Goiania. And lastly, our hydrotreatment project at REPLAN, adding a production capacity of 63,000 barrels per day. This is a summary of our infrastructure investments.

現在，關於我們的 PBC，我們正在關閉排污系統，為潤滑油閥和焦炭生產裝置提供洩壓。計劃於 2024 年實現，這也是我們正在滿足的環境條件。我們還增加了戈亞斯州 Canedo Senador 碼頭的柴油 S10 的儲槽容量。最後，我們在 REPLAN 的加氫處理項目，增加了每天 63,000 桶的產能。這是我們基礎設施投資的摘要。

And with that, I'll give the floor back to Sergio.

接下來，我將把發言權交還給塞爾吉奧。

Thank you, Travassos. So that was the end of our presentation. We'll now start the Q&A session. And before that, I'd like to highlight a few important aspects of our performance for the first quarter. Firstly, we've delivered consistent results that were impacted by external aspects, the Brent price and the FX variation. These are the biggest external factors.

謝謝你，特拉瓦索斯。我們的演講到此結束。我們現在開始問答環節。在此之前，我想強調一下我們第一季業績的幾個重要面向。首先，我們提供了受到外部因素、布蘭特原油價格和外匯變化影響的一致結果。這些是最大的外部因素。

In refined products produced from oil, we've already gone over the external factors that impacted it, but the results were consistent with our plans, reflecting the well-thought-out management decisions to deliver our results. So the results are consistent, the trajectory is in line with our plans, the numbers and results are very significant for the first quarter. And certainly, Petrobras is among the two biggest producers of results for its investors in the world.

在石油精煉產品中，我們已經研究了影響它的外部因素，但結果與我們的計劃一致，反映了為實現我們的結果而經過深思熟慮的管理決策。所以結果是一致的，軌跡符合我們的計劃，第一季的數字和結果非常重要。當然，巴西國家石油公司是全球為其投資者帶來最大收益的兩家公司之一。

And we're on a growth trajectory with positive results to be added in the near future, as the figures show. Our investment proposition at Petrobras is for the medium and long term, and that's worth mentioning. So we are above average as investors in the oil and gas industry. That's an indication of our belief in the future and resilience. And this has been producing expressive results for investors. The ADRs of 84%, 107 for TSRs in dollar. The EBITDA grew by 75% with financial discipline and debt control, and above all, placing all our bets on people.

正如數據所示，我們正處於成長軌道，在不久的將來將會取得積極成果。我們對巴西國家石油公司的投資主張是中長期的，這點值得一提。因此，作為石油和天然氣行業的投資者，我們高於平均水平。這顯示了我們對未來的信心和韌性。這已經為投資者帶來了富有成效的結果。 ADR 為 84%，其中美元 TSR 為 107。由於財務紀律和債務控制，最重要的是，我們把所有的賭注都押在了人身上，EBITDA 增加了 75%。

Now let's start the Q&A session.

現在我們開始問答環節。

The first one comes from Bruno Montanari from Morgan Stanley.

第一個來自摩根士丹利的布魯諾·蒙塔納裡。

My first question goes to Sergio. It's concerning payments to shareholders. If we think about potential additional distributions of the profits that were retained in 2023, how can we think about a timeline for the distribution of these assets, assuming that the cash generation keeps strong and the levels are maintained at the current levels? Does it make sense to think that additional distributions could occur along with the results of the second or third quarter of 2024, or would that only happen at the end of the year?

我的第一個問題是問塞爾吉奧。這是關於向股東付款的。如果我們考慮 2023 年保留的利潤的潛在額外分配，假設現金產生保持強勁且水平維持在當前水平，我們如何考慮這些資產分配的時間表？認為額外的分配可能與 2024 年第二季或第三季的業績一起發生是否有意義，還是只會在年底發生？

And the second question is about the fuel prices. If I'm not mistaken, it's been almost 7 months since there was an adjustment to fuel prices, both gasoline and diesel. The market is quite volatile, but it's been maintaining the price in the range of $80 per barrel. How do you see this market behavior considering its methodology, RAC and VM?

第二個問題是關於燃油價格。如果我沒記錯的話，汽油和柴油的燃料價格調整已經快7個月了。市場波動較大，但價格一直維持在每桶80美元的區間。考慮到其方法、RAC 和 VM，您如何看待這種市場行為？

I'll try to be brief. Concerning the extraordinary dividends from fiscal year 2023, what the General Assembly decided is that 50% should be paid and that by the end of fiscal year 2024 that we would then reassess the outstanding balance in the account. We didn't set a date, as you know, but Petrobras delivers monthly outlooks to the Board and in every meeting, we go over these outlooks and the profit distribution. So I would say that this could happen sometime along this year or next year. There's no preset date, either the first, the second, the fourth, or before the end of the year.

我會盡量簡短。關於2023財年的特別股息，大會決定支付50%，並在2024財年年底前重新評估帳戶中的未清餘額。如您所知，我們沒有設定日期，但巴西國家石油公司向董事會提交每月展望，並且在每次會議上，我們都會審查這些展望和利潤分配。所以我想說這可能會在今年或明年的某個時候發生。沒有預設的日期，要嘛是第一天、第二天、第四天，要嘛是年底之前。

The only date that we've set so far is that it will be reassessed within this fiscal year. And as you know, the resources in the account will be allocated to the payment of dividends. And the Board keeps on reviewing the situation constantly. We are now amidst an international crisis making for a very volatile situation with surprises along the way. And the surprises are not impacting only the barrel price. As we know, the latest occurrence led to changes to shipping prices and shipping routes. So this is an obscure scenario that the council keeps on reviewing on an ongoing basis. But as I said, there is no set date for the distribution.

到目前為止，我們設定的唯一日期是在本財年內重新評估。如您所知，帳戶中的資源將被分配用於支付股利。董事會不斷審查情況。我們現在正處於一場國際危機之中，局勢非常不穩定，而且一路上都充滿意外。這些意外事件不僅影響每桶價格。據我們所知，最近的事件導致了航運價格和航線的變化。因此，這是一個晦澀難懂的場景，理事會一直在不斷審查。但正如我所說，分發的日期並沒有確定。

Picking up on that and speaking about prices since they're related, our commercial strategy is now completing its first anniversary. And Director Schlosser is the parent of this strategy, so to speak. The business strategy, and it's important to highlight that it is a business strategy and not a price policy, even though it also talks about prices. But it also talks about other aspects such as supply and risks of shortage of supply, auctions, reviewing the quantities purchased by our main customers.

考慮到這一點並談論價格，因為它們是相關的，我們的商業策略現在已經完成一周年了。可以說，施洛瑟總監就是這項策略的始祖。商業策略，重要的是要強調它是商業策略而不是價格政策，儘管它也談論價格。但它也談到了其他方面，例如供應和供應短缺的風險、拍賣、審查我們主要客戶的購買數量。

So it is a strategy that covers several different aspects differently from what used to occur in the past where Petrobras used to have a pricing strategy. But this new strategy has created, as you probably all know, a minimum or marginal price at which we should sell our fuels and the customer's alternative price. To simplify things, the marginal price is the price at which Petrobras will stop negotiating. Below these amounts, the company is not interested in negotiating. And of course, these amounts include margins for dividends, for investments. But the marginal prices are the prices below which Petrobras will no longer be interested in negotiating.

因此，該策略涵蓋了多個不同方面，與過去巴西國家石油公司的定價策略不同。但正如你們可能都知道的那樣，這項新策略已經制定了我們銷售燃料的最低或邊際價格以及客戶的替代價格。簡單來說，邊際價格就是巴西國家石油公司停止談判的價格。低於這些金額，該公司沒有興趣進行談判。當然，這些金額包括股息和投資的利潤。但邊際價格是指低於該價格，巴西國家石油公司將不再有談判興趣的價格。

On the other end, you have the customer alternative price, which is the price above which customers are no longer interested in negotiating or buying, for that matter. But some people used to say, well, the customer alternative price is not what we call the PP. No, it's not. The customer alternative price gives us certainty that the supply will be enough. Petrobras has a huge capacity to deliver fuels anywhere in Brazil. And oftentimes, customers will prefer to pay prices above the PPE and to make sure that they will maintain their fuel supply. So the customer alternative price encompasses the marginal price of the last drop at the end of the chain, the price above which customers will stop negotiating.

另一方面，您有客戶替代價格，即客戶不再有興趣談判或購買的價格。但有些人過去常說，好吧，客戶替代價格不是我們所說的PP。不，這不對。客戶的替代價格使我們確信供應充足。巴西國家石油公司擁有巨大的能力，可以在巴西任何地方運送燃料。通常，客戶更願意支付高於個人防護裝備的價格，以確保維持燃料供應。因此，客戶替代價格包含了供應鏈末端最後一滴的邊際價格，高於該價格客戶將停止談判。

What I'd like to remind you is that a significant part of the diesel cost is impacting the market. In some centers like Paranagua, Parana and Santos, then definitely the alternative cost will be affected by these prices. So we still haven't seen a structural change, a variation between VM and CAC. We see that oil is at 83, at 87. It's been close to 88 for an entire week. And then it was at 83 to 84 for 2 weeks. So imagine if we had done this, we would have transferred a lot of volatility to our clients. And that's terrible for our inventory management and logistics management. At the current price, Petrobras is still able to make a profit in good market conditions, and we're keeping our eye on the market. We need to see if there are going to be any structural changes that require a change to the price. I hope I answered that question well because Director Schlosser is the person who knows about these things.

我想提醒您的是，柴油成本的很大一部分正在影響市場。在巴拉那瓜、巴拉那和桑托斯等一些中心，替代成本肯定會受到這些價格的影響。因此，我們仍然沒有看到結構性變化，即 VM 和 CAC 之間的變化。我們看到油價在83、87。然後兩週內溫度一直保持在 83 到 84 之間。所以想像一下，如果我們這樣做，我們就會將大量的波動性轉移給我們的客戶。這對於我們的庫存管理和物流管理來說非常糟糕。按照目前的價格，巴西國家石油公司在良好的市場條件下仍然能夠獲利，我們正在密切關注市場。我們需要看看是否會發生任何需要改變價格的結構性變化。我希望我能很好地回答這個問題，因為施洛瑟主任是了解這些事情的人。

Let me just add something here. First, I'd like to just give my condolences to my fellow citizens of Rio Grande do Sul. As was said, the most important thing is to make sure that they have a supply of byproducts because I know that they are essential for the calamity there. And we're also getting prepared to rebuild the state. We know that there will be high demands for asphalt in the future, so we're all working on that.

讓我在這裡添加一些內容。首先，我謹向南里奧格蘭德州的同胞表示哀悼。正如我所說，最重要的是確保他們有副產品供應，因為我知道它們對於那裡的災難至關重要。我們也正在準備重建國家。我們知道未來對瀝青的需求將會很高，所以我們都在為此努力。

So just to comment on what Sergio said, thank you for your question, Bruno. As you said, it's been seven months since we readjusted prices, and the last ones were readjustments to gasoline prices in October, a reduction, and diesel prices also went down in December. What we have seen is due to global factors and geopolitical tensions due to the war in Ukraine and in the Middle East, we have been seeing an effect in our production and logistical costs to sell oil and oil byproducts.

因此，只是對塞爾吉奧所說的話發表評論，謝謝你的問題，布魯諾。正如你所說，我們調整價格已經有七個月了，最後一次是10月份汽油價格調整，有所下調，12月份柴油價格也有所下降。我們所看到的是，由於全球因素以及烏克蘭和中東戰爭造成的地緣政治緊張局勢，我們已經看到了銷售石油和石油副產品的生產和物流成本的影響。

To give you an idea, and Sergio has mentioned this, it's great to have a financial director that understands the commercial strategies so well. So I was happy with what Sergio said. But just to give you an example, if we look at Brent, in April it reached $93. And now it's at $83, $84 and even below that. So, as you said very well, Bruno, yes, apparently there is some support for these $80. And this may have happened in a couple of ways, either being generated by increased tension from one of the parties or due to cuts in production. So this also seems to be a support price.

為了給你一個想法，塞爾吉奧已經提到了這一點，有一位如此了解商業策略的財務總監真是太好了。所以我對塞爾吉奧的話很滿意。但舉個例子，如果我們看看布蘭特原油，4 月它達到了 93 美元。現在價格是 83 美元、84 美元甚至更低。所以，正如你說得很好，布魯諾，是的，顯然這 80 美元有一些支持。這種情況可能以多種方式發生，要么是由於其中一方的緊張局勢加劇，要么是由於減產。所以這似乎也是一個支撐價。

You mentioned the commercial strategy, and Sergio mentioned that as well. And alternative costs for the client, which is not only importation data, but it might -- there are substitutes in the market. If we look at gasoline, we have substitutes like ethanol, Sergio mentioned Russian diesel that has also gone into the market. And another relevant factor in commercial strategy is to not pass on market volatility from the international market to our domestic clients.

你提到了商業策略，塞爾吉奧也提到了。客戶的替代成本不僅是進口數據，而且市場上可能有替代品。如果我們看看汽油，我們有乙醇等替代品，塞爾吉奧提到俄羅斯柴油也已進入市場。商業策略中的另一個相關因素是不要將國際市場的市場波動傳遞給我們的國內客戶。

So our commercial strategy has been very successful at doing that. And this has allowed us to continue with a successful strategy by introducing the marginal value that you mentioned, Bruno, which shows the alternatives that Petrobras has. It allows us to compete much more. It gives us the flexibility to be profitable while we're competing. And our vision is to be the best alternative for the client, not only on the short term, but also on the long term.

所以我們的商業策略在這方面非常成功。這使我們能夠繼續實施成功的策略，引入您提到的邊際價值，布魯諾，這顯示了巴西國家石油公司擁有的替代方案。它使我們能夠進行更多競爭。它使我們能夠在競爭時靈活地實現盈利。我們的願景是成為客戶的最佳選擇，不僅是短期的，而且是長期的。

So in some moments where you have some lower alternative prices for clients, we have the possibility of competing because we have the infrastructure. We have good installations, and that's a great factor to execute our commercial strategy. Thank you for your question. And another thing that I can add is that REPAR and REPLAN downtimes were very successful. And now as we're going back to our operations, this also makes us much more competitive because of this reduction in the marginal value. So thank you for your question once again.

因此，在某些時候，如果您為客戶提供較低的替代價格，我們就有競爭的可能性，因為我們擁有基礎設施。我們擁有良好的設施，這是執行我們商業策略的重要因素。謝謝你的問題。我可以補充的另一件事是 REPAR 和 REPLAN 停機時間非常成功。現在，當我們恢復營運時，由於邊際價值的減少，這也使我們更具競爭力。再次感謝您的提問。

The next question will be asked by Luiz Carvalho from UBS.

下一個問題將由瑞銀集團 (UBS) 的路易斯卡瓦略 (Luiz Carvalho) 提出。

Sergio, my question is for you. Your '24 to '28 strategic plan brought some changes in some of the areas of the company's strategies, especially looking at the investment levels. I know that it might be early, but if we look on a 4 to 5-year horizon, Petrobras is focusing more on energy transition. So are we expecting any structural changes besides this energy transition in the current plan? And if we can look at this current plan, if you could, after 6 months, give us an assessment of how discussions have been going for implementation, how have conversations around acquisitions and renewable assets been going? So that's my first question about your strategic plan, looking ahead and also analyzing the last few months.

塞爾吉奧，我的問題是問你的。你們的「24 至 28」策略計畫為公司策略的某些領域帶來了一些變化，特別是在投資水準方面。我知道現在可能還為時過早，但如果我們放眼 4 到 5 年的時間，巴西國家石油公司將更加關注能源轉型。那麼，除了目前計劃中的能源轉型之外，我們是否期待任何結構性變化？如果我們可以看看目前的計劃，如果您可以在 6 個月後向我們評估討論的實施情況，圍繞收購和可再生資產的對話進行得如何？這是我關於你們戰略計劃的第一個問題，展望未來並分析過去幾個月。

My next question is about internationalization. You've always been very vocal, and some assets have been found recently in the Atlantic Basin. We've heard some in the media. And we have some expertise on our side as well. So I'd just like to understand what is your analysis process for these upstream assets in other countries? Are we focusing on exploration, or is there farm in production development? You have many partners where you're operators. So do you want to be, or do you accept being operators or nonoperators in these investments outside of Brazil?

我的下一個問題是關於國際化。您一直非常直言不諱，最近在大西洋盆地發現了一些資產。我們從媒體上聽到了一些消息。我們也有一些專業知識。所以我想了解一下你們對其他國家的這些上游資產的分析流程是怎麼樣的？我們是專注於勘探，還是有農場在生產開發？您有許多合作夥伴，您是營運商。那麼，您想成為還是接受成為巴西境外這些投資的營運商或非營運商？

Since these are questions that require a longer answer, I'm going to propose this. I'm going to introduce, I'm going to address your 2 questions briefly, and then I'll let Mauricio Tolmasquim talk about transition. About internationalization, I'll let Joelson, our Director, answer.

由於這些問題需要更長的答案，所以我將提出這個。我將介紹一下，我將簡要回答您的兩個問題，然後我將讓 Mauricio Tolmasquim 談論過渡。關於國際化，我請我們的總監 Joelson 來回答。

First of all, Luis, I don't know if you saw in our webcast that we saw some indexes. This was a suggestion from another webcast. It was suggested that we work on our indexes. It was made by a certain analyst, and I hope you liked it.

首先，路易斯，我不知道您是否在我們的網路廣播中看到我們看到了一些索引。這是另一個網路廣播的建議。有人建議我們研究我們的索引。它是由某位分析師製作的，希望您喜歡。

So let's start with CapEx. We delivered a PE with confirmed CapEx and a CapEx under analysis. This one is based on the transition, and there's a reason why. Our Board was organized last year with Mauricio Tolmasquim. He's been organizing his team, understanding the company. So if you think about it, he had 6 months last year and this year, and it was a peculiar task, having an energy transition area in a company as big as Petrobras. So since it's a new topic, at least, at this extent in the company, that's why most of the transition investments have been in the analysis CapEx. And for that, we defined an additional governance where we look at financial ability, impact, and as projects mature, they move from analysis CapEx to confirmed CapEx.

讓我們從資本支出開始。我們交付了已確認資本支出的 PE 和正在分析的資本支出。這是基於轉變的，這是有原因的。我們的董事會是去年與 Mauricio Tolmasquim 一起組成的。他一直在組織他的團隊，了解公司。所以如果你想一想，他去年和今年都有 6 個月的時間，這是一項特殊的任務，在像巴西國家石油公司這樣大的公司中擁有一個能源轉型領域。因此，由於這是一個新主題，至少在公司的這個程度上是如此，這就是為什麼大部分轉型投資都用於分析資本支出。為此，我們定義了額外的治理，我們專注於財務能力、影響力，並且隨著專案的成熟，它們從分析資本支出轉向確認資本支出。

During these 6 months last year and the first 3 months of the year, our energy transition area analyzed a huge portfolio of projects. So if you work at a bank, how long it takes to analyze an investment possibility, right? You need to look at the case. And with the thing, we had to filter a number of projects. We reduced it to a number of projects on the table, and several of them, we have NDAs. Or confidentiality agreements, which are very restricted. So we can't mention names or values. The ones we can will be mentioned, but most of them are under this NDA.

去年這六個月和今年前三個月，我們的能源轉型領域分析了大量的專案組合。那麼，如果您在銀行工作，分析投資可能性需要多長時間，對嗎？你需要看看案例。有了這個東西，我們必須過濾一​​些項目。我們把它減少到了一些擺在桌面上的項目，其中有幾個我們有保密協議。或者是保密協議，這是非常有限的。所以我們不能提及名稱或值。我們可以提及的內容將會被提及，但大多數都在本保密協議之下。

So we hope that for the next months, we can shed more light on what projects we're referring to. We consider our area to be very positive. We have the acquisition area, but as I said, we've been presenting very important decarbonization results. So 41% reduction in the company. That's a significant feat. In the last years, we've reduced our emissions with the technology we've been using in the field. And we have to highlight something here. Petrobras has won for the fifth time in OTC. What's curious about this is that two of these awards are in the Marlin field. The first was 32 years ago. So it shows how consistent we have been in improving the company's investments.

因此，我們希望在接下來的幾個月裡，我們能夠更了解我們所指的項目。我們認為我們的領域非常積極。我們有收購領域，但正如我所說，我們一直在展示非常重要的脫碳成果。所以公司減少了41%。這是一項重大壯舉。在過去的幾年裡，我們透過在該領域使用的技術減少了排放。我們必須在這裡強調一些事情。巴西國家石油公司第五次在場外交易中獲勝。令人好奇的是，其中兩個獎項都在馬林魚領域。第一次是32年前。這顯示我們在改善公司投資方面的一致性。

But looking at transition again, this is an area that has made the company very optimistic about the future. Everyone knows that in the marketplace, everyone knows that in the market, people were not happy with this investment. At Petrobras, we have some pillars, and we know that we need to have the right dimension because Petrobras is a big company. We need to have partners of the same level because there's compliance, there's corporate security and that requires partners of that size. And projects need to be done in a partnership. So we're very happy. And we believe that in the next months, we can give you more information on these projects.

但再看轉型，這是一個讓公司對未來非常樂觀的領域。每個人都知道，在市場上，每個人都知道，在市場上，人們對這項投資並不滿意。在巴西國家石油公司，我們有一些支柱，我們知道我們需要有正確的規模，因為巴西國家石油公司是一家大公司。我們需要擁有相同等級的合作夥伴，因為有合規性、有公司安全，而這需要這種規模的合作夥伴。專案需要透過合作來完成。所以我們很高興。我們相信，在接下來的幾個月裡，我們可以為您提供有關這些項目的更多資訊。

We've published so many things that I don't even remember. MOUs, green hydrogen plants. But in the case of internationalization for IP, specifically, you're right. It would be in the Atlantic Basin. This is an area that the company understands very well. And this area is probably the most competitive one, where competition is fierce. So we need to be confidential about our strategies. But if we want to be operators or not, or what assets, I'll leave up to our Director. But let's start with Mauricio, who will add to that answer.

我們發表了很多東西，我什至不記得了。諒解備忘錄，綠色氫氣工廠。但就智慧財產權國際化而言，你是對的。它將位於大西洋盆地。這是公司非常了解的領域。而這領域可能是競爭最激烈的領域，競爭非常激烈。因此，我們需要對我們的策略保密。但如果我們想不想成為營運商，或是什麼資產，我會留給我們的總監。但讓我們從毛里西奧開始，他將對這個答案進行補充。

In terms of energy transition, as Sergio was saying, well, it is a new subject. And in addition to the entire team, we've had to set up the governance strategy to make sure that investments in energy transition are robust and aligned with the aggregation of value to the company. Of course, our intention is to add value to Petrobras, just like every other department does. When we announced the creation, that had a huge impact. And we were positively flooded with offers from banks and investors. To give you an idea, the total installed capacity for wind is 30 gigawatts and for solar, another 30 gigawatts.

就能源轉型而言，正如塞爾吉奧所說，這是一個新主題。除了整個團隊之外，我們還必須制定治理策略，以確保能源轉型投資穩健並與公司價值聚合一致。當然，我們的目的是為巴西國家石油公司增加價值，就像其他部門一樣。當我們宣布創建時，產生了巨大的影響。我們收到了大量來自銀行和投資者的報價。舉個例子，風電總裝置容量為 30 吉瓦，太陽能總裝置容量為 30 吉瓦。

If we talk about the projects that were offered by banks and investors, then our full installed capacity in Brazil is 76 gigawatts. And that led to a question from the Board when they asked us, how do we select that? We have a huge capacity of 76 gigawatts. And, of course, our goal is 5 gigawatts in a 5-year period. And there are small and large and committed and not so committed companies. And we are a public company, a publicly traded company, so our criteria for negotiating and making decisions have to be really strict. That's how we came up with standards by which to categorize companies in terms of rating and investment expertise and all that. And we then deepened these analyses, which is fundamental if we want to make sure that the partners selected are really aligned with our commitment standards. So why are we talking about partnerships in wind and solar?

如果我們談論銀行和投資者提供的項目，那麼我們在巴西的總裝置容量為 76 吉瓦。當董事會問我們時，這導致了一個問題，我們該如何選擇？我們擁有 76 吉瓦的巨大容量。當然，我們的目標是在 5 年內實現 5 吉瓦。公司有小有大，有忠誠的公司，也有不那麼忠誠的公司。我們是一家上市公司，一家上市公司，所以我們的談判和決策標準必須非常嚴格。這就是我們如何制定標準，根據評級和投資專業知識等對公司進行分類的標準。然後我們深化了這些分析，如果我們想確保所選的合作夥伴真正符合我們的承諾標準，這是至關重要的。那我們為什麼要談論風能和太陽能領域的合作關係呢？

Well, we're talking about partnerships because it's not an industry where Petrobras traditionally operates, and we consider that in the beginning it would be beneficial for us to share experiences and CapEx and whatnot with these partners. So we're making progress in these analyses. We've presented several possibilities to the Board. Some of these possibilities were negotiated. Some others were not mature enough and we disconsidered, and others are advancing in terms of governance. And we have to understand that we cannot disclose who we're analyzing these proposals with, and we cannot disclose any deadlines either. Of course, that leads to a certain unrest in the market because you would like to know that. But we cannot, unfortunately, disclose this information.

好吧，我們談論合作夥伴關係是因為這不是巴西國家石油公司傳統上經營的行業，我們認為一開始與這些合作夥伴分享經驗和資本支出等對我們來說是有益的。所以我們在這些分析方面正在取得進展。我們已經向董事會提出了幾個可能性。其中一些可能性是經過協商的。有的還不夠成熟，我們沒有考慮，有的在治理上正在進步。我們必須明白，我們不能透露我們正在與誰一起分析這些提案，我們也不能透露任何截止日期。當然，這會導致市場出現一定的動盪，因為你想知道這一點。但不幸的是，我們不能透露這些資訊。

I just want to reassure you, though, that this has been going well in terms of M&A. And as you know very well, we're looking at portfolios with partners. Some partners have more mature projects that are in operation. Some projects are in the development stage and some greenfield projects. So when we negotiate these portfolios, all of these different projects will come with it.

不過，我只是想向您保證，併購方面進展順利。如您所知，我們正在與合作夥伴一起尋找投資組合。一些合作夥伴有更成熟的專案正在運作。有些專案處於開發階段，有些專案處於綠地專案。因此，當我們協商這些投資組合時，所有這些不同的項目都會隨之而來。

And in parallel to that, we're also looking into some other possibilities of organic developments, most of them being led by Director William as they encompass biofuels, which are an important part of Petrobras' energy transition. And there are other less mature areas that are very promising, though, which is hydrogen and carbon capture or CCUS that -- and also offshore wind. However, there are not yet as mature as onshore solar, wind and biofuels. I hope I've answered your question.

同時，我們也正在研究有機開發的其他一些可能性，其中大多數由威廉總監領導，因為它們包含生物燃料，而生物燃料是巴西國家石油公司能源轉型的重要組成部分。不過，還有其他不太成熟的領域非常有前途，其中包括氫和碳捕獲或 CCUS，以及離岸風電。然而，目前還沒有像陸上太陽能、風能和生質燃料那樣成熟。我希望我已經回答了你的問題。

Good afternoon, Luiz and colleagues. I'm Joelson from the exploration department. Luiz, I'll try to answer your question, which is a very interesting one. You asked us what the process of analyzing opportunities is like. Well, we spent a few years not involved with these processes. And now having said that, we need to rebuild our databases.

下午好，路易斯和同事們。我是勘探部門的喬爾森。路易斯，我會盡力回答你的問題，這是一個非常有趣的問題。您問我們分析機會的過程是什麼樣的。好吧，我們花了幾年時間沒有參與這些​​過程。話雖如此，我們需要重建我們的資料庫。

New wells are being drilled and new seismic studies are being done. So we're now in the process of rebuilding our database for seismic and wells. And our teams, both in exploration and portfolio management, they are in constant contact with our main shareholders. So the opportunities that we analyze on average, they all involve our main partners. We also receive proposals from other companies. We only negotiate with holders of rights. We've done dozens of studies in the last few years. And one opportunity that was selected has become a concrete endeavor in Saint Thomas and Prince.

正在鑽探新井並進行新的地震研究。因此，我們現在正在重建地震和油井資料庫。我們的勘探和投資組合管理團隊都與我們的主要股東保持持續的聯繫。所以我們平均分析的機會，都牽涉到我們的主要合作夥伴。我們也收到其他公司的建議。我們只與權利持有者談判。過去幾年我們做了數十項研究。所選的一個機會已成為聖托馬斯和普林斯的一項具體努力。

And there are several other opportunities that are reasonably mature that are now undergoing our analysis process by our technical staff. Some of them have already moved from the technical staff to the management. And eventually, they might be submitted to the administration council to go to any new country.

還有其他幾個相當成熟的機會，目前正在由我們的技術人員進行分析過程。他們中的一些人已經從技術人員轉到了管理人員。最終，他們可能會被提交給管理委員會去任何新的國家。

Of course, we need the authorization of the Administration Board. We've been talking to Board members, and we've been telling them about why we should go international in addition to the big opportunities that you mentioned and discoveries in the Atlantic. This interaction with other big players is extremely positive. It's happening in areas where we already have expertise. We have a huge expertise in deep and ultra-deep waters, but there is always something to learn. And sharing risks -- business risks, exploration risks, financial risks with other players is also beneficial for us.

當然，我們需要行政委員會的授權。我們一直在與董事會成員交談，除了您提到的巨大機會和大西洋的發現之外，我們一直在告訴他們為什麼我們應該走向國際。這種與其他大公司的互動是非常正面的。它發生在我們已經擁有專業知識的領域。我們在深水和超深水領域擁有豐富的專業知識，但總有一些東西需要學習。與其他參與者分擔風險－商業風險、勘探風險、財務風險也對我們有利。

So we are quite happy with the interactions that we've been having. And as we mentioned, this data is confidential. But since you talked about the process, well, this is what the process looks like. The process is born in the technical departments from the proposals that they receive and also from the opportunities.

所以我們對我們一直以來的互動感到非常滿意。正如我們所提到的，這些數據是保密的。但既然你談到了這個過程，那麼，這就是這個過程的樣子。這個流程是技術部門從收到的提案和機會中誕生的。

Now, once they know about the status of the other countries, they come up with proposals to the partners. So both in areas where we already produce and in areas where we are at the exploration phase, we are making progress in the analysis of data. So the process starts with the increase of our database, technical and administrative analysis and submission to the decision makers.

現在，一旦他們了解了其他國家的狀況，他們就會向合作夥伴提出建議。因此，無論是在我們已經生產的領域還是在我們處於探索階段的領域，我們都在數據分析方面取得了進展。因此，這個過程從增加我們的資料庫、技術和管理分析以及提交給決策者開始。

The next question comes from Pedro Soares from BTG Pactual.

下一個問題來自 BTG Pactual 的 Pedro Soares。

My question goes to Joelson. It's about production. In the first quarter, it was marginally above the expected average for the entire year in spite of all the downtimes, as you mentioned during the presentation. I'd like to hear from you if you're positively surprised with the production level reached thus far. If it's possible to say that with the perspective of normalizing the production in the next 2 quarters, if it's safe to say that the production level will be above that of the level preestablished in your guides?

我的問題是問喬爾森的。這是關於生產的。正如您在演示中提到的，儘管出現了所有停機時間，但第一季的業績仍略高於全年預期平均值。如果您對迄今為止所達到的生產水平感到非常驚訝，我希望收到您的來信。如果可以說，從未來兩季生產正常化的角度來看，是否可以肯定地說，生產水準將高於你們指南中預先設定的水準？

And the second question goes to Sergio about the CapEx. We saw that the investment level of the first quarter was below what we usually see, even if you consider that the first quarter is usually lower than the other quarters. So I'd like to hear your take on the delays that led to that. And also, if you see any risks that these numbers might be lower than those indicated in the business plan for 2024.

第二個問題是關於資本支出的 Sergio。我們看到第一季的投資水平低於我們通常看到的水平，即使你認為第一季通常低於其他季度。所以我想聽聽您對導致延誤的看法。此外，如果您發現任何風險，這些數字可能會低於 2024 年業務計劃中指出的數字。

Well, we are optimistic, but we can't say that we are going to deliver production higher than what we had planned. The production for the first quarter and what has occurred in April is quite in line with what we had planned. There's also the natural complexities of dozens of production systems, some of them in new, some of them in older fields at different efficiency levels, and also with wells with different maintenance requirements.

嗯，我們很樂觀，但我們不能說我們的產量會高於計劃。第一季的生產和四月的情況與我們的計劃非常一致。還有數十個生產系統的自然複雜性，其中一些是新的，一些是舊油田，效率水平不同，油井的維護要求也不同。

We talk about the maintenance of rigs, but we also have to do maintenance on the wells. So there's other factors that may push our production up or down. We published the production guidance for 2024 and 2025 with levels similar to those of 2023. And we can explain that with the new wells and with the decline in production and the several different efficiency systems. We do a very accurate risk analysis of our production curve, as we always like to say. So yes, we are optimistic that we are going to maintain the same levels of 2023 for 2024 and 2025.

我們談論鑽機的維護，但我們也必須對油井進行維護。因此，還有其他因素可能會推動我們的產量上升或下降。我們發布了 2024 年和 2025 年的產量指導，其水準與 2023 年相似。正如我們總是喜歡說的那樣，我們對生產曲線進行了非常準確的風險分析。所以，是的，我們樂觀地認為 2024 年和 2025 年我們將保持 2023 年的相同水準。

Slight variations, 2% either up or down, are natural. And the chances that we are going to remain within that range is -- are huge. You didn't ask that, but I'd like to mention this. We are seeing things happen at IBAMA that will or may affect our production. It may be affected by 2% depending on what will happen with the licensing of new wells and new rigs arriving, things that naturally occur and that cause an impact.

輕微的變化，無論是上升或下降 2%，都是很自然的。我們保持在這個範圍內的可能性是巨大的。你沒有問這個，但我想提一下。我們看到 IBAMA 發生的事情將會或可能影響我們的生產。它可能會受到 2% 的影響，具體取決於新井和新鑽井平台獲得許可後會發生什麼、自然發生並造成影響的事情。

So all of that is within the so-called risk tunnel. And we will probably deliver a production at the end of the year that's highly aligned with our initial plans, much to the pleasure of our Financial Director that is able to plan our accounts very well.

所以這一切都在所謂的風險隧道內。我們可能會在年底交付與我們最初計劃高度一致的作品，這讓我們的財務總監非常高興，因為他能夠很好地規劃我們的帳目。

And like I did with the previous one, I'll give you a brief introduction, and then I'll give the floor to Director Travassos, the Engineering and Technology Director that's in charge of the implementation of the projects.

就像我在上一篇中所做的那樣，我將向您做一個簡短的介紹，然後我將請 Travassos 總監發言，他是負責專案實施的工程和技術總監。

Last year, we published a plan of $102 billion, BRL 0.5 trillion in investments, the biggest campaign. And we're above the average of our peers. And when you invest that kind of amounts, deviations can also occur in expressive amounts. And when we thought about this plan, we also devised a methodology to monitor the deviations from the actual and -- between the actual and the planned deviations. We will probably start monitoring that on a monthly basis. And we try to understand the root causes.

去年，我們公佈了一項規模最大的投資計劃，投資額達 1,020 億美元（約 5 兆雷亞爾）。我們高於同行的平均。當你投資這種金額時，表現金額也可能會出現偏差。當我們考慮這個計劃時，我們還設計了一種方法來監控實際偏差以及實際偏差和計劃偏差之間的偏差。我們可能會開始每月進行監控。我們試圖了解根本原因。

Last year, for instance, our CapEx -- our actual CapEx was below the planned one. This is often seen as an inefficiency. Over 50% of what was not done, so nearly 1 billion, is due to good boring contracts. So we would need to extend contracts for these probes, making them more reliable with fees within market levels. And as a consequence, this would require fewer investments from the company in the last quarter, especially the last quarter at the end of the year.

例如，去年我們的資本支出——我們的實際資本支出低於計劃。這通常被視為效率低下。超過 50% 的未完成工作（即近 10 億美元）是由於良好的無聊合約造成的。因此，我們需要延長這些探測器的合同，使它們在市場水平的費用下更加可靠。因此，這將需要公司在最後一個季度，特別是年底的最後一個季度進行更少的投資。

So an efficiency movement in this case created a lower CapEx for the last quarter. So this was very striking for our management because Petrobras is usually judged by the amount of investments it makes. But we shouldn't just invest on everything. That's not discipline in capital. Whenever you can reach the same goals or even higher goals that are more in line with what you need and investing less, that's efficiency, and that's what happened at the end of last year.

因此，本例的效率變動導致上季的資本支出較低。因此，這對我們的管理層來說非常引人注目，因為巴西國家石油公司通常是根據其投資金額來判斷的。但我們不應該只投資一切。這不是資本的紀律。每當你能以更少的投入，達到同樣的目標，甚至更高的更符合自己所需的目標，那就是效率，去年年底就是這樣。

Despite that, as you know, supply chain is pressured around the world. It's dealing with trouble, keeping up with the demand, some challenges in liquidity in some cases. We have huge projects that require liquidity, financing structure. We have a support program for small and medium investors. So we need to reduce this gap and try to help our suppliers. We need them.

儘管如此，如您所知，全球供應鏈仍面臨壓力。它正在處理麻煩，滿足需求，在某些情況下應對流動性的一些挑戰。我們有龐大的專案需要流動性和融資結構。我們有針對中小型投資者的支援計劃。所以我們需要縮小這個差距並盡力幫助我們的供應商。我們需要他們。

Similarly to other oil companies in the world, this financing program is taken very seriously here. And we can go into details about that in another opportunity. But yes, as Joelson said, we're investing a lot and very quickly, and sometimes suppliers have trouble keeping up with our pace.

與世界上其他石油公司類似，該融資計劃在這裡受到非常重視。我們可以在另一個機會中詳細討論這一點。但是，正如喬爾森所說，我們正在快速投入大量資金，有時供應商難以跟上我們的步伐。

It's important to say that lower investments don't mean that we are reducing our efficiency or our production curve. But to tell you about this in detail, I'm going to pass it over to Travassos, who is the person who runs this area in Petrobras.

重要的是，投資減少並不意味著我們正在降低效率或生產曲線。但為了詳細告訴您這一點，我將把它交給 Travassos，他是巴西國家石油公司該區域的負責人。

It's important to look at the figures. When we compare to the first quarter of 2024, our investments were 23% higher than that, USD 3 billion for the first quarter of 2024. So 23% higher. And we continue to grow. For the next quarters, we also have the expectation of seeing higher investments in comparison to the previous year.

看數字很重要。與 2024 年第一季相比，我們的投資比 2024 年第一季高出 23%，即 2024 年第一季為 30 億美元。 因此高出 23%。我們不斷成長。對於接下來的幾個季度，我們預計投資將比上一年增加。

But 2024 -- I mean, the plan for 2024 to '29 is significant. I mean we're the oil company that is investing the most with the 14 production systems that we announced. But when you look at the plan, especially on the short term, as I mentioned in my presentation, the 4 production -- or rather out of the 5 production systems that we have for this year and next year, we are absolutely in line with what was planned. So 1 in 2024 and 4 in 2025.

但 2024 年——我的意思是，2024 年到 29 年的計畫意義重大。我的意思是，我們是對我們宣布的 14 個生產系統進行投資最多的石油公司。但是，當您查看該計劃時，尤其是短期計劃，正如我在演講中提到的那樣，我們今年和明年的 4 個生產系統，或者更確切地說，我們擁有 5 個生產系統，我們絕對符合計劃是什麼。所以 2024 年 1 個，2025 年 4 個。

But we do have challenges in CapEx. We have challenges related to environmental licensing. Joelson mentioned those. So we'll see some impact from the strike at IBAMA. We also have the probe index and some construction milestones for FPSOs.

但我們在資本支出方面確實面臨挑戰。我們面臨與環境許可相關的挑戰。喬爾森提到了這些。因此，我們將看到 IBAMA 罷工帶來的一些影響。我們也有 FPSO 的探測指數和一些建設里程碑。

But just as we have a risk in our CapEx, we also see potential delays considered in our production curve. So the most important thing is what we're going to carry out. So we don't really see an impact to that in our strategical plan. We don't see an impact to our production curves. So that's a summary of what we have for our CapEx for 2024.

但正如我們的資本支出存在風險一樣，我們也看到生產曲線中考慮了潛在的延遲。所以最重要的是我們要做什麼。因此，我們並沒有真正看到我們的戰略計劃對此產生影響。我們沒有看到對我們的生產曲線的影響。這是我們 2024 年資本支出的總結。

The next question will be asked by Lilyanna Yang from HSBC.

下一個問題將由匯豐銀行的 Lilyanna Yang 提出。

We seem to be having an audio issue, so we will pass it over to Bruno Amorim from Goldman Sachs. We're going to pass it over to Gabriel Barra from Citibank.

我們似乎遇到了音訊問題，因此我們會將其轉交給高盛的 Bruno Amorim。我們將把它交給花旗銀行的 Gabriel Barra。

I'll stick to the 2-question limit. The first is, we heard some news this week and last week about Braskem. This is not the first time I'm asking this, but what I would like to understand is -- we've heard about this in some interviews. So I'd just like to understand, Sergio and Petro's team, a view on how you see Braskem -- this Braskem issue on a couple of points.

我會遵守 2 個問題的限制。首先，我們本週和上週聽到了一些有關 Braskem 的消息。這不是我第一次問這個問題，但我想了解的是——我們在一些採訪中聽說過這個問題。所以我想了解 Sergio 和 Petro 的團隊對 Braskem 的看法——這個 Braskem 問題有幾個要點。

First, looking at what was said, that potential purchase of the stake and sale, how would you absorb Braskem in Petrobras' balance and in dividends, because Braskem has a level of debt? And it might -- if we add it to Petrobras' debt, go above the 60 billion that we have as a cap. So how do you see that? Would there be any changes to the dividend policies? And also that strategy of buying Braskem, was that included in your current investment plan?

首先，看看所說的，潛在的股權購買和出售，你將如何將 Braskem 吸收到 Petrobras 的餘額和股息中，因為 Braskem 有一定程度的債務？如果我們將其添加到巴西國家石油公司的債務中，它可能會超過我們設定的 600 億美元的上限。那你怎麼看？股利政策是否會改變？還有收購 Braskem 的策略，這是否包含在您目前的投資計畫中？

My second point continues on a point that Sergio mentioned in his interview on the buyback plan. We know that Petrobras has already met this plan to a certain extent. And at the current pace, it seems to be closing before the deadline in August. So I'd just like to hear from Sergio what is your take on that, if this plan will be postponed? If you think that this buyback plan will be increased? So what do you think about buybacks in the company's investment theory?

我的第二點延續了塞爾吉奧在回購計畫的訪談中提到的一點。我們知道，巴西國家石油公司已經在一定程度上實現了這項計畫。按照目前的速度，它似乎將在八月的截止日期之前結束。所以我想聽聽塞爾吉奧的意見，如果這個計劃會被推遲，你對此有何看法？您認為本次回購計畫是否會增加？那麼您如何看待公司的回購投資理論呢？

I'm going to answer that in reverse order. So first, I'll answer about the buyback plan and then I'll let William answer your question on Braskem. He is the Director of industrial processes. So he is in charge of that asset in the company.

我將以相反的順序回答這個問題。首先，我將回答有關回購計劃的問題，然後我將讓 William 回答您有關 Braskem 的問題。他是工業流程總監。所以他負責公司的這項資產。

So starting with buyback. As you know, our aim was to rebuy 170 preferential shares. It was a pilot project, because there were several situations that we had to comply to. I mean, in this area, we are under Brazilian and U.S. legislation, SEC, SEC in Brazil. And Petrobras is the company that has the most communications to the market through material facts and any other communication methods. And whenever there's a buyback, this needs to be communicated. So we had a lot of experience there.

所以從回購開始。如您所知，我們的目標是回購 170 股優先股。這是一個試點項目，因為我們必須遵守幾種情況。我的意思是，在這個領域，我們受到巴西和美國立法、美國證券交易委員會（SEC）、巴西證券交易委員會（SEC）的監管。巴西國家石油公司是透過重要事實和任何其他溝通方式與市場進行最多溝通的公司。每當有回購時，都需要溝通。所以我們在那裡有很多經驗。

So we never received any questions from the authorities or investors. So more than the value or amount, this pilot project is testing a number of things for the next stage. So we are concluding some impact studies. As I said, we have looked at 86% of the program, which is successful. On average, it's 70%. And we've purchased over 70 million preferred shares.

所以我們從未收到當局或投資者的任何詢問。因此，除了價值或金額之外，該試點計畫還在測試下一階段的許多內容。因此，我們正在總結一些影響研究。正如我所說，我們已經查看了該計劃的 86%，這是成功的。平均來說，是70%。我們已經購買了超過 7000 萬股優先股。

Immediate results might seem like a lot, but it's not as much for Petrobras. It's a small amount. But it produced one of the effects that we wanted. We're getting closer to the major index on the buyback analysis. So little-by-little, we were able to be successful. All of these positive points will be in our report, which will be produced by the Board of Directors when we propose a new plan. These plans have dates. Whenever you have a plan at Petrobras, we have a starting and ending date. I mean you might end at before that date. But we have a date in August at the end of this plan. And then we will refer back to this report and give a proposal for a new share buyback plan, which will need to go through the company's internal committees, the executive directors and everyone else. And the end -- the final word will be by the Board.

立竿見影的結果可能看起來很多，但對巴西國家石油公司來說卻沒有那麼多。這是一個小金額。但它產生了我們想要的效果之一。我們越來越接近回購分析的主要指數。就這樣，我們一點一點地取得了成功。所有這些積極的觀點都將包含在我們的報告中，當我們提出新計劃時，董事會將製作該報告。這些計劃都有日期。每當您在巴西國家石油公司製定計劃時，我們都會有開始和結束日期。我的意思是你可能會在那個日期之前結束。但我們在這個計劃結束時有一個八月的日期。然後我們會回顧這份報告，提出新的股票回購計畫的建議，這需要經過公司內部委員會、執行董事和其他所有人的批准。最後——最終的決定將由董事會做出。

We see buyback as a complement to the value generation strategy and shareholder compensation strategy. And Petrobras is now coming closer and closer to the international standards. So yes, a proposal will be made. The deadline will end in August, and we'll propose a new buyback program that will have to go through this entire trajectory that I mentioned. And the Administrative Board will have decision-making power.

我們將回購視為價值創造策略和股東薪酬策略的補充。巴西國家石油公司現在越來越接近國際標準。所以是的，將會提出一項提案。最後期限將於八月結束，我們將提出一個新的回購計劃，必須經歷我所提到的整個軌跡。行政委員會將擁有決策權。

About Braskem public information about its debt, that it's in the range of $6 million. And Petrobras owns around 47% of the company's stock. The model that is closest to Petrobras' preferred option is one of a co-management, where Petrobras is not a majority shareholder in the operation. And if we increase from 47% to 49% or 50%, the impact on the debt of the company is insignificant. It will be basically the same -- in the same range as it is today. So we don't have major concerns about that.

關於 Braskem 的債務公開訊息，債務金額約為 600 萬美元。巴西國家石油公司 (Petrobras) 擁有該公司約 47% 的股份。最接近巴西國家石油公司首選方案的模式是共同管理模式，其中巴西國家石油公司不是該業務的大股東。而如果我們從47%增加到49%或50%，對公司債務的影響微乎其微。它將與今天基本相同——在相同的範圍內。所以我們對此沒有什麼大的擔憂。

And consequently, we wouldn't have any impacts on dividends. And it's important to highlight that Braskem's operations are part of the CapEx in the published plan. So it's a small part of it, but it is part of the CapEx under analysis. So it's within -- it's in line with our forecast. What we saw over the course of this entire process initiated with Braskem was a series of nonbinding proposals.

因此，我們不會對股利產生任何影響。需要強調的是，Braskem 的營運是已發布計畫中資本支出的一部分。所以它只是其中的一小部分，但它是所分析的資本支出的一部分。所以它在——這符合我們的預測。在 Braskem 發起的整個過程中，我們看到的是一系列不具約束力的提案。

Since the beginning -- since Petrobras has the tag-along rights or the rights to sell for the best price and also to offer counterproposals if it decides to, we decided to do a due diligence in governance with over 200 people ranging from the technical to the environmental department. Pretty exhaustive work.

從一開始，由於Petrobras 擁有跟售權或以最優惠價格出售的權利，並且如果決定的話還可以提出反建議，因此我們決定與200 多名從技術人員到技術人員的人員一起進行治理方面的盡職調查。相當詳盡的工作。

So the technical team went to each plant at Braskem in the U.S., in Brazil, in Mexico. Of course, we already had this close contact with Braskem as shareholders, but now we have a much clearer perspective of their situation and their potential developments. So about the technical aspects and all that, that is -- that will depend on the owner of the asset at Petrobras, and that's Director William.

因此，技術團隊走訪了美國布拉斯科姆、巴西、墨西哥的各個工廠。當然，我們作為股東已經與 Braskem 進行了密切接觸，但現在我們對他們的情況和潛在發展有了更清晰的了解。因此，關於技術方面以及所有其他方面，這將取決於巴西國家石油公司資產的所有者，即威廉董事。

So as I said, it involves due diligence and a possible operation. We've been talking about a possible acquisition of Braskem's capital at 100%, a full acquisition of the company. And indeed, this is not the ideal scenario for Petrobras. This situation would only occur in case of extreme need, because it is a relevant asset and it's a basis for internationalizing the company's downstream.

正如我所說，這涉及盡職調查和可能的操作。我們一直在討論可能收購 Braskem 100% 的資本，即全面收購該公司。事實上，這對巴西國家石油公司來說並不是理想的情況。這種情況只有在極端需求的情況下才會出現，因為它是相關資產，也是公司下游國際化的基礎。

And as a reminder, Braskem is a leader in more than one resin in the U.S. market with an enviable position in Europe and with a brand-new terminal in Mexico. So for downstream and for the Department of Industrial Processes of Petrobras, it's an internationalization platform that's ready. So in case of an extreme risk, of course, we will not let that asset deteriorate.

需要提醒的是，Braskem 是美國市場上多種樹脂的領導者，在歐洲擁有令人羨慕的地位，並在墨西哥擁有全新的終端。因此，對於下游和巴西國家石油公司工業流程部門來說，這是一個已經準備好的國際化平台。因此，如果出現極端風險，我們當然不會讓該資產惡化。

If and only if this extreme risk comes to pass, the business will be restructured financially to protect it from the impact of indebtedness at the company. This is not the time for us to talk about an increase in the indebtedness window. It's between $50 million and $60 million. And we will remain like that because there is no reason for us to increase it and also because it keeps us on the right path.

當且僅當這種極端風險發生時，企業才會進行財務重組，以保護其免受公司債務的影響。現在不是我們談論債務窗口增加的時候。價格在 5000 萬美元到 6000 萬美元之間。我們將保持這種狀態，因為我們沒有理由增加它，也因為它讓我們走在正確的道路上。

Now I'll give the floor to William. He will talk about Braskem in greater depth.

現在我請威廉發言。他將更深入地談論布拉斯科姆。

To reinforce what Director Sergio said, we did this due diligence at Braskem with over 50 specialists. We visited our plant in Germany and U.S., in Texas and Pennsylvania, in Mexico and the ethane terminal and the plants in Brazil. So it was a very thorough due diligence that gave us in-depth information about Braskem, including information about Maceio, with the participation of CENPES.

為了強化 Sergio 總監所說的內容，我們在 Braskem 與 50 多名專家進行了盡職調查。我們參觀了我們在德國和美國、德克薩斯州和賓夕法尼亞州、墨西哥的工廠以及乙烷終端和巴西的工廠。因此，這是一次非常徹底的盡職調查，在 CENPES 的參與下，為我們提供了有關 Braskem 的深入信息，包括有關 Maceio 的信息。

So we are pretty sure about the operational integrity of Braskem. On average, it's pretty good. We should also highlight that we have great synergy. We are discussing the cracks and the synergy with the refining department, so that if we take over Braskem with a new partner, so that we can give a better structure to the operations.

因此，我們對 Braskem 的營運完整性非常有信心。平均而言，這相當不錯。我們也應該強調，我們擁有巨大的協同作用。我們正在與煉油部門討論裂縫和協同效應，這樣如果我們與新合作夥伴一起接管 Braskem，我們就可以為營運提供更好的結構。

And one example of that is REDUC. It's a refinery that's adjacent to the [GasChem] hub. And we provide them with raw materials and we receive hydrogen from cracking operations. And we also have the possibility with ethanes and propanes that we can use for possible expansion of the chemical gas hub of Rio. So there are several possibilities. We've also been talking to our Logistics and Trading Director about establishing an optimized operation with a focus on the synergy between logistics and petrochemicals.

REDUC 就是一個例子。這是一家毗鄰 [GasChem] 中心的煉油廠。我們為他們提供原料，並從裂解操作中獲得氫氣。我們也可以利用乙烷和丙烷來擴大裡約化學天然氣中心的規模。所以有幾種可能性。我們也與我們的物流和貿易總監討論建立優化運營，重點關注物流和石化產品之間的協同作用。

The next question comes from Regis Cardoso from XP.

下一個問題來自 XP 的 Regis Cardoso。

I'd like to understand the details of RLAM and specifically about the Mataripe refinery, a transaction that involves Petrobras going back to that refining unit. What are Petrobras' goals? Or what would they be? Is it important to have operational control or to focus on the trading aspects or pricing aspects? And maybe if we compare Mataripe with what Refap was in a distant past. I think Petrobras bought it back in 2007. Maybe to make a comparison between the models, if possible?

我想了解 RLAM 的詳細信息，特別是有關馬塔里佩煉油廠的詳細信息，該交易涉及巴西國家石油公司返回該煉油廠。巴西國家石油公司的目標是什麼？或者它們會是什麼？營運控制重要還是關注交易方面或定價方面重要？也許如果我們將馬塔里佩與遙遠過去的雷法普進行比較。我認為巴西國家石油公司 (Petrobras) 在 2007 年買回了它。

And then a second question is about the renewables projects that are already mature. And we've talked about wind and solar onshore. And maybe we could talk about that in greater detail about which industries, which departments Petrobras intends to develop internally or establish partnerships.

第二個問題是關於已經成熟的再生能源專案。我們也討論了陸上風能和太陽能。也許我們可以更詳細地討論巴西國家石油公司打算內部發展哪些產業、哪些部門或建立合作關係。

I mean, what are the possible instruments? For example, green renewable diesel that is -- that might be a basis for internal development. And on the other hand, onshore projects will occur through acquisition, probably a non-operated minority stake, and onshore wind, maybe the JV. So I'd like to hear you. And also, if you allow me, I'd like to pick up on the IBAMA subject. I'd like to hear if there's any medium and short-term impacts.

我的意思是，可能的工具是什麼？例如，綠色再生柴油可能是內部發展的基礎。另一方面，陸上專案將透過收購（可能是非經營性少數股權）和陸上風電（可能是合資企業）進行。所以我想聽聽你的意見。另外，如果您允許的話，我想談談 IBAMA 主題。我想聽聽是否有任何中短期影響。

This involves all of us. So anyway, let's start with RLAM and the biofuels and the future synthetic, renewable fuels, I'd like to ask Director William for help and in terms of what you mentioned in terms of generation of renewables in onshore, et cetera, I'll ask Mauricio to answer your question and about IBAMA, I'll ask Joelson and Travassos to answer you.

這涉及我們所有人。所以無論如何，讓我們從 RLAM 和生物燃料以及未來的合成可再生燃料開始，我想向威廉主任尋求幫助，就您提到的陸上可再生能源發電等方面而言，我將請Mauricio 回答你的問題，關於IBAMA，我會請Joelson 和Travassos 回答你。

So starting with the RLAM acquisition process, well, at the end of 2023, we received a letter from this major fund that you all know well, inviting Petrobras to review 2 specific projects that are interconnected, but they're not mandatory and they are not self-excluding and one of them is RLAM, it's an iconic historical refinery -- the foundation of Petrobras was signed in Rio de Janeiro, but it works because it's from Bahia.

因此，從RLAM 收購流程開始，嗯，在2023 年底，我們收到了一封來自你們都熟知的大型基金的信函，邀請巴西國家石油公司審查兩個相互關聯的具體項目，但它們不是強制性的，而是RLAM 就是其中之一，它是一家標誌性的歷史煉油廠——巴西國家石油公司的基礎是在裡約熱內盧簽署的，但它之所以有效，是因為它來自巴伊亞。

Actually, Petrobras found oil in Bahia. Anyway, President Jean Paul, and that's something that we always discuss. He says that going back to an asset that once belongs to Petrobras is not only it doesn't simply involve press the button and going back to a reality that already existed, especially because the global scenario has changed, the world has changed and our businesses have changed.

事實上，巴西國家石油公司在巴伊亞發現了石油。不管怎樣，讓·保羅總統，這是我們經常討論的事情。他說，回到曾經屬於巴西國家石油公司的資產不僅僅是按下按鈕並回到已經存在的現實，特別是因為全球局勢已經改變，世界已經改變，我們的業務也發生了變化。

So going back to refineries, does not necessarily mean going back to something that already existed. It means reviewing an asset and answering a very important question, which is why should we go back to that refinery. What benefits are we going to extract from going back to that situation? What's in it for us?

因此，回到煉油廠並不一定意味著回到已經存在的東西。這意味著審查一項資產並回答一個非常重要的問題，這就是我們為什麼要回到那個煉油廠的原因。回到那種情況我們會得到什麼好處？這對我們有什麼好處？

Of course, there is this emotional aspect, but we have to set emotions aside, sometimes and be more rational. So these aspects are now being looking to with a positive outlook, but we haven't completed the review yet. We are in the stage of doing due diligence for this business.

當然，也有情感的一面，但有時候我們必須拋開情感，多一點理性。因此，現在正在以積極的態度看待這些方面，但我們尚未完成審查。我們正處於對該業務進行盡職調查的階段。

Of course, we want to make progress as fast as possible. And in the due diligence, we have to analyze the business model, the possibilities. The refineries work jointly from an operational standpoint.

當然，我們希望盡快取得進展。在盡職調查中，我們必須分析商業模式和可能性。從營運角度來看，煉油廠是共同工作的。

And from a partnership perspective, they belong to Petroleo Brasileiro S.A. And what refines to -- or what happened to Repsol in the past, the fact that it didn't work, it gives us many lessons learned in terms of what to do, what not to do, but not obstacles.

從合作夥伴的角度來看，他們屬於 Petroleo Brasileiro S.A. 以及 Repsol 過去發生的事情，事實上它不起作用，它給了我們很多教訓，告訴我們該做什麼，做什麼不做，但不障礙。

Of course, if based on previous failures, we were to decide our current situations, we won't be drive along the roads because all of us have crashed our cars before. Anyway, to answer your questions, why -- what's in it for us? Why should we go back to that refinery? That will also define the business model. There is no barriers right now. We will analyze the studies, like President Jean Paul said, we're trying to remain within schedule. And we're trying to complete these analysis by the end of the first half, at which point we'll have clarity about the proposals for this business.

當然，如果根據以前的失敗，我們決定目前的情況，我們就不會在路上開車，因為我們都曾經撞過車。不管怎樣，回答你的問題，為什麼──這對我們有什麼好處？我們為什麼要回到那個煉油廠？這也將定義商業模式。目前沒有任何障礙。我們將分析這些研究，正如總統讓·保羅所說，我們正在努力按計劃進行。我們正努力在上半年末完成這些分析，屆時我們將明確該業務的建議。

Of course, Petrobras is interested in it. It's a huge refinery, and it's not only about the refinery. It has several integrated assets in the entire region of Bahia terminals, pipelines, it's a huge complex. So of course, Petrobras is interested in it. And the other project is a project of biorefining, Macauba. It's an oleaginous plant with the purpose of offering aviation kerosene from a bio renewable source. And Petrobras has demands for that every day. And the market is eager to buy this field. So we're talking about something quite concrete, producing biofuel to supply a real market that's in need of this type of fuel.

當然，巴西國家石油公司對此很感興趣。這是一座巨大的煉油廠，而且不僅僅是煉油廠。它在整個巴伊亞地區擁有多個綜合資產碼頭、管道，是一個龐大的綜合體。所以，巴西國家石油公司當然對此有興趣。另一個項目是生物煉製項目Macuba。它是一種油質植物，旨在從生物可再生來源提供航空煤油。巴西國家石油公司每天都有這樣的需求。而市場對這領域的搶購熱情也很高。因此，我們正在談論一些非常具體的事情，即生產生質燃料來供應需要此類燃料的實際市場。

Quality is also being analyzed. This is a complex project. So quality is being analyzed. It will be integrated with refineries, but one doesn't exclude the other. So we might only down one of the projects or both or maybe neither. It's being analyzed. So these are very interesting products.

質量也在分析中。這是一個複雜的項目。因此正在分析品質。它將與煉油廠整合，但不排除另一個。因此，我們可能只會放棄其中一個項目，也可能同時放棄兩個項目，也可能都不放棄。正在對其進行分析。所以這些都是非常有趣的產品。

And we believe that at the end of the first quarter, we'll be able to finish analyzing it without any issues with the business model. And passing it over to William, who's going to tell us about biorefineries. And then we'll hear from Tolmasquim and Travassos.

我們相信，在第一季末，我們將能夠完成分析，而商業模式不會有任何問題。並將其交給威廉，他將向我們介紹生物精煉廠。然後我們會聽到托爾馬斯奎姆和特拉瓦索斯的消息。

That was a great question. So we are advancing in other areas. For example, biorefineries. As Sergio said, there's the possibility of biorefinery. The HEFA plant, [ex-HSVO] and SAF. In Bahia, we have 2 plants which are doing very well in a partnership with the Ultra Group and Braskem and Riograndense, which is a biorefinery that at the end of 2027 will begin its operations.

這是一個很好的問題。所以我們正在其他領域取得進展。例如，生物精煉廠。正如塞爾吉奧所說，生物精煉是有可能的。 HEFA 工廠、[ex-HSVO] 和 SAF。在巴伊亞，我們有 2 家工廠，與 Ultra Group 以及 Braskem 和 Riograndense 合作，運作狀況良好，這是一家生物精煉廠，將於 2027 年底開始運作。

And when it does, it will only process renewable raw materials because it's a small refinery, 16,000 barrels. And normally HEFA plants are at that site. In there, you have access to markets in Argentina and Uruguay. So for example, soybean oil, canola. And the port of Rio Grande is very close, and that really helps with cabotage of exports. So that's Phase 1 -- excuse, we're at Phase 2. So we're going to have HEFA and [HDTT], and we'll produce basically diesel and SAF.

屆時，它只會處理可再生原料，因為它是一家小型煉油廠，只有 16,000 桶。通常 HEFA 工廠都位於該地點。在那裡，您可以進入阿根廷和烏拉圭的市場。例如，大豆油、菜籽油。裡奧格蘭德港非常近，這確實有助於出口的沿海運輸。這就是第一階段——抱歉，我們正處於第二階段。

This year, we're also having a second test to sell green FCC, where we'll process plant-based oils to produce CO2 and hydrogen. And that's the unit that basically produces green gasoline and naphtha and even BTX. That's the second stage of the project. We'll use CO2 and hydrogen and combine it with hydrogen to produce methanol. So this project is very advanced at Riograndense.

今年，我們也進行了第二次銷售綠色 FCC 的測試，我們將加工植物油來生產二氧化碳和氫氣。這就是基本上生產綠色汽油和石腦油甚至 BTX 的裝置。這是該專案的第二階段。我們將使用二氧化碳和氫氣，並將其與氫氣結合以生產甲醇。所以這個專案在 Riograndense 是非常先進的。

We also have a neutral carbon project. This is at Phase 0. And this is Tolmasquim's area. And at LUBNOR, we hope to adapt our lubricant plant there to neutral carbon and use green hydrogen and biomethane in using natural gas. Besides that -- and I think Tolmasquim will be able to add to this answer -- we have several initiatives and partnerships for [Alk 2] jet and other kinds of technologies along the same line, as you said. So it's much broader. So I'll pass it over to Tolmasquim.

我們還有一個中性碳項目。這是第 0 階段。在 LUBNOR，我們希望將那裡的潤滑油工廠改造為中性碳，並在使用天然氣時使用綠氫和生物甲烷。除此之外，我認為 Tolmasquim 能夠補充這個答案，正如您所說，我們在 [Alk 2] 噴射機和其他類型的技術方面有多項倡議和合作夥伴關係。所以它更廣泛。所以我會把它交給托爾馬斯奎姆。

So adding to what was said in terms of business model. So M&A, soil and onshore. In all areas, we can use organic investments. So for example, in [CCOS] -- so for example, we have saline areas close to land. So we provide services there, and Petrobras is very competent at doing that. So it would make sense that it would be an operator and have CapEx there. If there are other investors interested in it, of course, that doesn't rule out that possibility.

因此，補充一下商業模式方面的內容。因此，併購、陸地併購和在岸併購。在所有領域，我們都可以使用有機投資。例如，在[CCOS]中－例如，我們有靠近陸地的鹽鹼地。所以我們在那裡提供服務，而巴西國家石油公司非常有能力做到這一點。因此，它是一家運營商並擁有資本支出是有道理的。當然，如果還有其他投資者對此感興趣，也不排除這種可能性。

In terms of offshore wind, we've announced several projects -- so we don't necessarily need to be the operator, and we also have some projects with Equinor. So green hydrogen -- we are looking at plants, demo plants in the Northeast and Southeast. So we have an R&D reserve by ourselves. And in terms of investment, we're looking at a few partnerships, but nothing really is preventing us from doing it by ourselves. Petrobras has that skill. We are the biggest producer or consumer of gray hydrogen. So there's no mystery there in producing green hydrogen if we have to as well.

在離岸風電方面，我們已經宣布了幾個項目——所以我們不一定需要成為運營商，而且我們也與 Equinor 合作了一些項目。因此，綠氫－我們正在尋找位於東北部和東南部的工廠、示範工廠。所以我們自己有研發儲備。在投資方面，我們正在尋找一些合作夥伴，但沒有什麼真正可以阻止我們自己做這件事。巴西國家石油公司擁有這種技能。我們是最大的灰氫生產商或消費者。因此，如果我們有必要的話，生產綠氫也沒有什麼神秘的。

Concerning the e-methanol, we're starting new partnership with a European company in the Northeast. And the biggest advantage of doing it with them is that they have tried the technology and they also have a PPA with a major consumer. We're looking at biomethane as well and in that area, we will probably be off takers. These are distributed investments. So we hope to buy biomethane and put it in our gas pipeline in a certain percentage and transported or consume and obtain a certificate as an equivalent of decarbonization and then use it in one of our refineries to produce some renewable product.

關於電子甲醇，我們正在與東北部的一家歐洲公司建立新的合作關係。與他們合作的最大優勢是他們已經嘗試過這項技術，並且還與主要消費者簽訂了購電協議。我們也在研究生物甲烷，在該領域，我們可能會成為承購商。這些都是分散式投資。所以我們希望購買生物甲烷，將其按一定比例放入我們的天然氣管道中，然後運輸或消耗並獲得相當於脫碳的證書，然後在我們的煉油廠中使用它來生產一些可再生產品。

We also have biofuel and most of them will be operators, and they are a major investors. So we've mentioned co-processing, REPAR, REPLAN and REDUC, and we also have HVO and others. So I would say that besides onshore, we will probably not be an operator.

我們也有生物燃料，他們中的大多數將是營運商，他們是主要投資者。所以我們提到了協同處理、REPAR、REPLAN 和 REDUC，我們還有 HVO 等。所以我想說，除了陸上，我們可能不會成為營運商。

With all others, Petrobras would want to operate. But if we have a partnership or not, I mean if we have investors who want to share that CapEx, then, of course, we are open to analyzing that.

與其他所有公司一樣，巴西國家石油公司也希望運作。但無論我們是否有合作關係，我的意思是，如果我們有投資者想要分享資本支出，那麼我們當然願意對此進行分析。

Sergio, I could add some information here about IBAMA. I was asked about the impacts of that IBAMA strike. But we're not expecting to be impacted in any major projects. We can prioritize some activities with IBAMA, but we have been impacted in some areas in an isolated area. So we can have an impact to the magnitude of 2% of our yearly production if the situation continues.

Sergio，我可以在這裡添加一些有關 IBAMA 的信息。我被問及 IBAMA 罷工的影響。但我們預計任何重大項目都不會受到影響。我們可以與 IBAMA 一起優先考慮一些活動，但我們在偏遠地區的某些領域受到了影響。因此，如果這種情況持續下去，我們的年產量可能會受到 2% 的影響。

Okay. I'll add some information to what Joelson said. Recently, we were authorized by IBAMA to install Maria Quiteria. This was a meeting that was led by Maria [Clarice]. And what we're doing is we're prioritizing some areas. We have an open line of conversation with IBAMA.

好的。我將在喬爾森所說的基礎上添加一些資訊。最近，我們獲得IBAMA授權安裝Maria Quiteria。這是一次由瑪麗亞[克拉麗斯]主持的會議。我們正在做的是優先考慮某些領域。我們與 IBAMA 進行開放式對話。

Like I said, we're finishing the pre-installation and the anchoring line in Duque de Caxias. And in Maria Quiteria, we also have the authorization to begin. This is the one that just left the Chinese shipyard. So, well drilling, some seismic activities. Sometimes we need licenses and approval from authorities. But as I showed in my presentation, we have 5 production systems coming into line between 2024 and 2025, and none of them will be impacted by this change in IBAMA.

就像我說的，我們正在完成卡希亞斯公爵城的預安裝和錨固線。在 Maria Quiteria，我們也獲得了開始的授權。這是剛離開中國造船廠的一艘。所以，鑽井，一些地震活動。有時我們需要當局的許可和批准。但正如我在演示中所示，我們有 5 個生產系統將在 2024 年至 2025 年間投入使用，並且它們都不會受到 IBAMA 的這一變化的影響。

We're going to have to continue with the last question from Rodolfo Angele from JPMorgan.

我們必須繼續回答摩根大通的 Rodolfo Angele 提出的最後一個問題。

My first question is, I just want to refer back to extraordinary dividends. In the last quarter, we discussed that decision from the Board to not pay out extraordinary dividends, but that was reversed. So I don't know, Sergio, if you could tell us a little bit about what this process was like? What's changed and what we should expect for the future? If we should retire that account or what should we expect for the future?

我的第一個問題是，我只想回顧一下特別股息。在上個季度，我們討論了董事會不支付特別股息的決定，但後來被推翻了。所以我不知道，Sergio，你能否告訴我們一些這個過程是怎麼樣的？發生了什麼變化以及我們對未來應該期待什麼？我們是否應該註銷該帳戶，或者我們對未來應該期待什麼？

And my second question is, we've been talking about the production curve, and this is something that investors have asked us about. Depletion rates at Petrobras for the next year. So can you tell us a little bit more about what you expect specifically pre- and post-salt. And the question comes from the fact that some fields -- well, there are many FPSOs that are new and some spectacular ones like Buzios.

我的第二個問題是，我們一直在談論生產曲線，這是投資者問我們的問題。巴西國家石油公司明年的消耗率。那麼您能告訴我們更多關於您對鹽前和鹽後的期望嗎？問題來自於這樣一個事實：有些油田——嗯，有很多新的 FPSO，還有像 Buzios 這樣的壯觀油田。

So what should we expect -- it should be lower than average, right? Or at least have a risk of being lower than the historical level. So if you can tell us about that, then we can break for lunch?

那麼我們應該期待什麼——它應該低於平均水平，對吧？或至少有低於歷史水準的風險。那麼如果你能告訴我們這一點，那我們可以休息一下吃午餐嗎？

It's great to hear from you. That's a very relevant information. Rodolfo is not only one of the -- journalists have been covering Petrobras for the longest time, but he's also a great musician. He plays the drums, the guitar. So you can ask him to share pictures and videos. It's really worth it. But I'll share this answer with you also Travassos starting with dividends.

很高興收到你的來信。這是一個非常相關的資訊。魯道夫不僅是報導巴西國家石油公司時間最長的記者之一，而且他還是一位偉大的音樂家。他打鼓、彈吉他。所以你可以要求他分享圖片和影片。真的很值得。但我也會從股息開始與您分享這個答案 Travassos。

So Rodolfo, you asked about the future of extraordinary dividends and our reserve utilization. Well, since the reserve was created, many doubts appeared. We sent to CA this communication of the reserve, and that's a request from 2019. So this was made by the previous administrators. And it follows a practice that 8 out of the 10 biggest companies in Bovespa that do. Vale, Bradesco they all have reserves like this.

魯道夫，您詢問了特別股息的未來和我們的儲備金利用率。那麼，自從保護區建立以來，就出現了許多質疑。我們向 CA 發送了這份保護區通訊，這是 2019 年的請求。 Bovespa 最大的 10 家公司中有 8 家遵循這種做法。淡水河谷、布拉德斯科都有這樣的儲量。

So at the time, we didn't think it was pertinent to create a reserve, but when we changed our dividend payment plan last year, we felt the need from that research group that started the dividend policy. And this topic arose again.

因此，當時我們認為建立準備金沒有必要，但當我們去年改變股利支付計畫時，我們覺得啟動股利政策的研究小組有必要。而這個話題又出現了。

Since we proposed the creation, it created a lot of controversy, which was surprising to us, and I'm going to tell you why. But the initial name of the reserve was a reserve for the equalization of dividend payments, which is self-explanatory in our opinion. However, at Petrobras' governance, the Administrative Committee, the Board of Directors decided to change the name of that reserve, which then became reserve for capital compensation. And that's when things got confusing for the general public and investors.

自從我們提出這個創作以來，它引起了很多爭議，這讓我們感到驚訝，我將告訴你原因。但該準備金最初的名稱是股息支付均等準備金，我們認為這是不言自明的。然而，在巴西國家石油公司的治理中，管理委員會、董事會決定更改該儲備金的名稱，而儲備金隨後成為資本補償儲備金。就在那時，事情變得令公眾和投資者感到困惑。

And why did I say that we were surprised by the controversy that was created for one, because Petrobras had already a reserve for investments in capital. It's part of Petrobras' balance sheet. And there are some resources allocated in that reserve. And that reserve was allocated to investments that are not par excellence included in the strategic planning.

為什麼我說我們對由此引發的爭議感到驚訝，因為巴西國家石油公司已經有資本投資儲備。它是巴西國家石油公司資產負債表的一部分。該儲備中分配了一些資源。此儲備金被分配給策略規劃中未包含的卓越投資。

Petrobras has this reserve that was created in '18 or '19, if I'm not mistaken, to be allocated and investments. And that is to be called a reserve for investments in capital. And now the new one is called a reserve for capital compensation. The first time we published that, the first reaction was, well, Petrobras wants to allocate resources that should be allocated to redistribution of dividends and allocated to investments. And that's why they created that reserve.

如果我沒記錯的話，巴西國家石油公司擁有在 18 或 19 年創建的儲備金，用於分配和投資。這就是所謂的資本投資儲備。現在新的一項稱為資本補償準備金。我們第一次發表這項消息時，第一個反應是，巴西國家石油公司希望分配本應分配給股利重新分配和投資的資源。這就是他們創建該保護區的原因。

And for -- since the beginning, we said that it wouldn't make sense since that reserve already existed, we won't have to create a new reserve. If the intention was that, the council and the Board would only have to get together and allocate these funds to these purposes. So we tried to explain that in the beginning, it was not so easy, but then things got settled.

從一開始，我們就說這沒有意義，因為該儲備已經存在，我們不必創建一個新的儲備。如果是這樣的話，理事會和董事會只需聚在一起，將這些資金用於這些目的。所以我們試著解釋說，一開始，事情並不那麼容易，但後來事情就解決了。

In the beginning of the year, we were doing the previous year's analysis, and we recommended that 50% be paid as dividend distribution and another 50% would -- should be maintained in the reserve. The administrative board, it was the first time that the reserve was being used. That was something new in Petrobras, and it's also important to say that the money that's left in the reserve could only be allocated to the payment of dividends. So what we were saying was that the extraordinary results would be 100% distributed as dividend payment.

今年年初，我們在做上一年度的分析，我們建議50%作為股利分配，另外50%應該保留在儲備金中。管理委員會，這是第一次使用儲備金。這對巴西國家石油公司來說是新鮮事，同樣重要的是，儲備金中剩下的錢只能分配用於支付股息。所以我們想說的是，非凡的業績將 100% 作為股息分配。

However, our proposal is that initially only 50% should be distributed and the remaining 50% should remain in the reserve. If we didn't use the reserve for the SA would have to redistribute 100%. So we're still keeping this assumption that a 100% will be distributed, but 50% would be distributed initially and the other 50% would be distributed later. And we went over our reasons for that.

但我們的建議是，最初只分配50%，剩下的50%保留在儲備金中。如果我們不使用 SA 的儲備，則必須 100% 重新分配。所以我們仍然保留這個假設，即 100% 將被分配，但 50% 將首先分配，另外 50% 將在稍後分配。我們回顧了這樣做的原因。

So in hindsight and with all of the controversy that occurred as a reaction to that, what happened in this process at Petrobras was yet another demonstration that governance that's under Director Pinelli's administration worked really well. The Board said, we should pay 50% and maintain 50% and submit the reviews. And the administrative council received the analysis and said, "Well, wait, we need to look into this more closely. The external scenario is changing, so we need to have more information." Don't we already have a reserve that's allocated to the payment of dividends? Yes, we do. So that reserve will be dedicated to the payment of dividends, and we have to look into this a bit further. And as we all know, a huge controversy emerged.

因此，事後看來，以及隨之而來的所有爭議，巴西國家石油公司這一過程中發生的事情再次證明，皮內利主管領導下的治理確實運作良好。董事會說，我們應該支付50%並維持50%並提交審查。行政委員會收到分析後說：“好吧，等等，我們需要更仔細地研究這個問題。外部情況正在發生變化，所以我們需要更多資訊。”我們不是已經有分配用於支付股利的儲備金了嗎？是的，我們願意。因此，該準備金將專門用於支付股息，我們必須進一步研究這一點。眾所周知，一場巨大的爭議出現了。

And at the end, the Board came back with more information and the administrative board was comfortable with the explanations and submitted the matter to the general assembly for the final decision. So in hindsight, this governance worked, and it's just as well that this double verification occurred, which only proves that the decision was correct and well grounded. So this is my decision. And if now we have this 2020 vision in hindsight, of course, that was not the case during the process, but in hindsight, the governance worked to protect the investors' interests. And what was decided back then in terms of what to expect for the future, it was that by the end of this fiscal year 2024 -- that is. It could happen at any time that DR and the administrative board should monitor the external scenario and the market status and the externalities and that they should define when the reserve would be distributed. So there is no set date for that. We have decided though that this will happen before the end or by the end of the fiscal year. It could happen at any time between now and then.

最後，董事會返回了更多信息，管理委員會對這些解釋感到滿意，並將此事提交給大會做出最終決定。所以事後看來，這種治理是有效的，而且還好發生了這種雙重驗證，這只能證明這個決定是正確的、有充分依據的。所以這是我的決定。如果現在我們事後看來有這個2020年的願景，當然，過程中並非如此，但事後看來，治理工作是為了保護投資者的利益。當時就對未來的預期做出的決定是，到 2024 年本財年結束時——也就是說。 DR 和管理委員會隨時可能會監控外部情況、市場狀況和外部性，並確定何時分配儲備金。因此，目前還沒有確定的日期。不過，我們已決定這將在年底前或本財年結束前發生。從現在到那時，這一切都可能發生。

So what should we expect from this reserve? Well, but it works whenever it's necessary, whenever it's safer for Petrobras, it will work. It is a tool created to make sure that in years where we have a lot of net profit and the cash flow is impaired or the other way around, that it can be used to make sure that the policy will always work in good conditions, regardless of any external factors.

那我們應該對這個儲備有什麼期望呢？嗯，但只要有必要，只要對巴西國家石油公司來說更安全，它就會起作用。它是一種工具，旨在確保在我們擁有大量淨利潤而現金流受損的年份，或者反之亦然，它可以用來確保保單始終在良好的條件下發揮作用，無論情況如何任何外部因素。

So in terms of what to expect through the future is that it works and will continue to work well. This is a process of greater transparency that we've been implementing at Petrobras since last year. And the deep dive that we did in New York will also happen in Asia this year.

因此，就未來的預期而言，它會發揮作用並將繼續發揮作用。這是我們自去年以來在巴西國家石油公司實施的一個更透明的流程。我們在紐約所做的深入研究今年也將在亞洲進行。

On the 27th, we will be receiving 48 investors and analysts and CENPES. And our intention is to understand the production curve. There'll be a lot of technical staff there, but invites have been sent to investors as well.

27日，我們將接待48位投資者、分析師和CENPES。我們的目的是了解生產曲線。那裡將有很多技術人員，但邀請函也已發送給投資者。

Of course, there'll be people from reservoirs speaking in technical lingo, but we want to have the analysts with us so that we can give you a perspective about our production curve, and that will be maintained. The dividend calculation will also be scrutinized. So this reserve will continue to work, and that is the decision of the administrative board. So we should wait for their review and for their decision on what to do with the balance by the end of the fiscal year. I mean the review is supposed to happen by the end of the fiscal year.

當然，會有來自水庫的人用技術術語說話，但我們希望分析師和我們在一起，以便我們可以讓您了解我們的生產曲線，並且這一點將得到維持。股息計算也將受到審查。所以這個儲備將繼續發揮作用，這是管理委員會的決定。因此，我們應該等待他們的審查以及他們在本財年結束前決定如何處理餘額的決定。我的意思是審查應該在本財年結束前進行。

Concerning the completion rates and the other range regarding E&P, I'll give the floor to Director Joelson.

關於勘探與生產的完成率和其他範圍，我將請喬爾森主任發言。

It gives us the opportunity to go over. But why we've been seeing a decline rate of around 10% in the last few years and why we don't think anything too different from that will happen. Each field goes through a natural decline once it starts production, of course, you're decreasing the pressure of that reservoir and the amount of gas. So it's just natural that you can extract less hydrocarbons from it. That's just natural. It happens differently at a different rate in each field.

它給了我們過去的機會。但為什麼我們在過去幾年中看到了 10% 左右的下降率，以及為什麼我們認為不會發生與此有太大不同的情況。每個油田一旦開始生產就會經歷自然衰退，當然，你會降低儲層的壓力和天然氣量。因此，您可以從中提取較少的碳氫化合物，這是很自然的。這很自然。在每個領域，這種情況以不同的速度發生。

But in order for our projects to be profitable, especially for deep and ultra-deep waters, we attempt to recover the total volume of hydrocarbons as soon as possible. So we are increasingly more seeing wider pipeline projects with wider wells. And it's not by chance that with fewer wells, we've been having the same extraction rates so that the net present value of these projects is also high.

但為了使我們的項目能夠獲利，特別是深水和超深水項目，我們試圖盡快回收碳氫化合物的總量。因此，我們越來越多地看到更寬的管道項目和更寬的井。由於井數較少，我們的開採率卻保持不變，因此這些項目的淨現值也很高，這並非偶然。

But with that, of course, this decline is also expedited because you're removing more hydrocarbon. And there is another natural aspects as wells age, they present problems from time to time. In Buzios, for instance, one of our biggest fields, we have dozens of wells that have been producing for 4 or 5 years now.

但當然，這種下降也會加速，因為你正在清除更多的碳氫化合物。隨著水井年齡的增長，還有另一個自然方面，它們會不時出現問題。例如，在我們最大的油田之一佈齊奧斯 (Buzios)，我們有數十口油井，目前已經生產了 4 到 5 年。

In 2P, we have hundreds of wells in production that have been producing for 12 or 13 or 15 years. So from time to time, we have to intervene in certain wells, and we have a pool of tools and vessels and rigs for these interventions, but they're not available immediately overnight. We have a great fleet of equipment, but when a well needs to be taken out of operation for any reason, it might take us anything between weeks and months to intervene in it or the intervention may not be feasible at all.

在 2P 中，我們有數百口正在生產的井，這些井已經生產了 12、13 或 15 年。因此，我們有時必須對某些油井進行幹預，我們擁有用於這些幹預的工具、船隻和鑽機庫，但它們無法在一夜之間立即使用。我們擁有大量設備，但當一口井因任何原因需要停止運作時，我們可能需要數週至數月的時間進行幹預，或者乾預可能根本不可行。

For all interventions we have to do the math and see if it's feasible or not. So that contributes to this escalation of the decline rate because we are removing hydrocarbons from the wells as fast as we can, and we have to rely on extremely expensive tools and resources, rigs that cost somewhere in the range of 300 to 500 -- $300,000, and this affects this decline. And I would very much like to have a decline rate below 10%, but that's not what we've been seeing, and we believe that it will remain like that even though we are working against that.

對於所有乾預措施，我們都必須進行數學計算，看看是否可行。因此，這導致了遞減率的上升，因為我們正在盡可能快速地從油井中去除碳氫化合物，而且我們必須依賴極其昂貴的工具和資源，鑽機的成本在 300 到 500 - 300,000 美元之間。這會影響這種下降。我非常希望下降率低於 10%，但這不是我們所看到的，我們相信即使我們正在努力反對這種情況，情況也會保持不變。

Thanks, everybody. This is the end of our Q&A session. If there are additional questions, you may send your questions to our Investor Relations team. Now I'll give the floor to Director Sergio for his final comments. Sergio?

謝謝大家。我們的問答環節到此結束。如果還有其他問題，您可以將問題發送給我們的投資者關係團隊。現在我請塞爾吉奧主任發表最後的評論。塞爾吉奧？

Thank you for your participation. It's always important to have these meetings. Our take-home message is that we're having consistent results, expressive figures, some of which we've been measuring and monitoring at Petrobras. We've been monitoring the deviation of the gap between the planned and year-to-date numbers.

感謝您的參與。召開這些會議總是很重要。我們要傳達的訊息是，我們獲得了一致的結果和富有表現力的數字，其中一些我們一直在巴西國家石油公司進行測量和監控。我們一直在監測計畫數字與年初至今數字之間差距的偏差。

Some of them, such as the EBITDA are within very small deviation ranges and others are hard to predict such as net profit. These have a greater deviation. We've already been hearing news about forwarded expectations, but we are now facing an adverse scenario, and we've been analyzing the current status as we did last year with the certainty that the company is solid, that the numbers are going to be reversed and that we are going to deliver our production curve.

其中一些指標（例如 EBITDA）的偏差範圍非常小，而其他指標（例如淨利潤）則難以預測。這些都有較大的偏差。我們已經聽到有關遠期預期的消息，但我們現在面臨著不利的情況，我們一直在分析當前狀況，就像我們去年所做的那樣，確信公司是可靠的，數字將是逆轉，我們將交付我們的生產曲線。

Profits are going to remain solid. We're going to keep on paying dividends and contributing to society like we've been doing with the south of Brazil amidst the tragedy and adding value to the oil and gas industry. So it is -- it's been a challenging first quarter. The company has responded well to these actions. So with that, I'd like to say thank you for your participation, and have a great day.

利潤將保持穩定。我們將繼續支付股息並為社會做出貢獻，就像我們在悲劇中對巴西南部所做的那樣，並為石油和天然氣行業增加價值。事實就是如此——這是一個充滿挑戰的第一季。該公司對這些行動做出了良好的回應。因此，我想對您的參與表示感謝，並祝您有美好的一天。

Thank you, Sergio. This presentation is already available on the Investor Relations website, and we will soon make the audio portion of this webcast available as well. Thank you, and have a great day.

謝謝你，塞爾吉奧。該簡報已在投資者關係網站上發布，我們很快也會提供該網路廣播的音訊部分。謝謝您，祝您有美好的一天。