巴西石油 (PBR.A) 2025 Q2 法說會逐字稿

Good morning. Welcome to Petrobras' earnings webcast for analysts and investors for earnings of 2025. It's a pleasure to be with you today to discuss our earnings. We'll be presenting this conference in Portuguese. It will be translated into English. The links for both languages are on our Investor Relations website. (Operator Instructions)

早安.歡迎收聽巴西石油公司面向分析師和投資者的 2025 年收益網絡廣播。我很高興今天能和大家一起討論我們的收益。我們將用葡萄牙語介紹這次會議。它將被翻譯成英文。兩種語言的連結都在我們的投資者關係網站上。（操作員指示）

Today, we have Magda Chambriard, President of Petrobras; Angélica Laureano, Executive Director for Energy Transition and Sustainability; Clarice Coppetti, Executive Director of Corporate Affairs; Claudio Schlosser, Executive Director of Logistics, Commercialization and Markets; Fernando Melgarejo, Executive Director of Finance and Investor Relations; and Ricardo Wagner, Director of Governance and Compliance; Renata Baruzzi, Executive Director for Engineering, Technology and Innovation; Sylvia dos Anjos, Executive Director for Exploration and Production; and William Franca, Executive Director for Industrial Processes and Other Products.

今天，我們邀請了巴西國家石油公司總裁 Magda Chambriard、能源轉型和永續發展執行董事 Angélica Laureano、企業事務執行董事 Clarice Coppetti、物流、商業化和市場執行董事 Claudio Schlosser、財務和投資者關係執行董事 Fernando Melgarejo、治理和合規總監 Ricardo Wagner、財務和投資者關係執行董事 Fernando Melgarejo、治理和合規總監 Ricardo Wagner、工程董事、技術創新執行董事 Fernando Melgarejo、治理和合規總監 Ricardo Wagner、工程董事、技術創新執行董事 Fernando Melgarejo、治理和合規總監 Ricardo Wagner、工程董事、技術創新執行董事 Fernando Melgarejo、治理和合規性總監 Ricardo Wagner、工程董事、技術創新執行董事 Fernando Melgarejo、治理和合規總監 Ricardo Wagner、專案、技術創新和執行董事 Fernando Melgarejo、治理和合規總監 Ricardo Wagner、專案、技術創新和執行董事 Fernando Melgarejo、治理和合規總監 Ricardo Wagner、專案製作技術和工業流程和其他產品執行董事 William Franca。

I'll now turn it over to our President, Magda Chambriard for her initial remarks. You may proceed, Mrs. President.

現在我將把時間交給我們的主席瑪格達·尚布里亞爾 (Magda Chambriard)，請她發表初步演講。總統女士，您可以繼續。

Good morning, everyone. I will extend my salutation to all of you, including Fernando Melgarejo, our Finance Executive Director; Clarice Coppetti, Executive Director of Corporate Affairs; Renata Baruzzi, Executive Director of Engineering; Ricardo Wagner, our Governance and Compliance Director; Claudio Schlosser, our Director of Logistics, Commercialization.

大家早安。我向大家致以敬意，包括我們的財務執行董事 Fernando Melgarejo、企業事務執行董事 Clarice Coppetti、工程執行董事 Renata Baruzzi、我們的治理與合規總監 Ricardo Wagner 以及我們的物流、商業化總監 Claudio Schlosser。

William Franca, Director for Industrial Processes and Products; and our newest Executive Director, that's Angélica Laureano, who now is in charge of Gas and Energy Transition and Sustainability. I also greet Eduardo Nardi, our Executive Manager for Investor Relations, and everyone who is attending this conference online. I'm really happy to inform you that it is a pleasure to have you here in this quarterly conference. We are really proud of the earnings we have achieved.

工業流程和產品總監 William Franca；以及我們最新的執行董事 Angélica Laureano，她目前負責天然氣和能源轉型和永續性。我還要向我們的投資者關係執行經理 Eduardo Nardi 以及在線參加本次會議的所有人表示歡迎。我很高興地通知大家，我們非常榮幸能夠邀請大家參加本季會議。我們對於所取得的收益感到非常自豪。

In the second quarter of 2025, our greatest highlight was the increase in our oil production. I'd like to remind you that in quarter four of 2024, we produced 2,090,000 barrels of oil a day. I'm not talking about barrel equivalent, but rather barrels of oil. And the CapEx, additional CapEx was a very important issue. We got many questions about this, why we had decreased our CapEx in the middle of the year.

2025年第二季度，我們最大的亮點是石油產量的成長。我想提醒大家，2024 年第四季，我們每天生產 209 萬桶石油。我所說的不是桶當量，而是石油桶數。而資本支出，額外的資本支出是一個非常重要的議題。我們對此有很多疑問，為什麼我們在年中減少了資本支出。

And then we executed it a little over the cut that you had made in the middle of the year. I'd like to remind you that in the last quarter of last year, we had -- the company was there for six months. So when we cut our CapEx in the middle of the year, we were meeting a demand and following an investment trajectory that was conducted in the first quarter of 2024. So after all of these issues, after they were all addressed, these were very, very relevant issues, we are now unequivocally giving you an answer to what we did at that time. So we increased our CapEx in quarter four.

然後，我們執行的金額比你在年中所做的削減金額略高一些。我想提醒大家，去年最後一個季度，我們公司已經在那裡待了六個月。因此，當我們在年中削減資本支出時，我們滿足了需求並遵循了 2024 年第一季的投資軌跡。因此，在解決了所有這些問題之後，這些都是非常非常相關的問題，我們現在可以毫不含糊地向您回答我們當時所做的事情。因此我們在第四季增加了資本支出。

We took our CapEx to our guidance, and we are now showing you that everything resulted in an increased production level. In the second quarter of 2025, we produced 2.3 million barrels of oil a day on average. For those that haven't made the calculation, I think you should make these calculations. It means 230,000 barrels of oil a day additionally to the average of quarter four 2024. And this means an increase of 5% as compared to the first quarter of this year and also up 8% compared to the same period last year.

我們將資本支出納入指導範圍，現在我們向您展示，一切都導致了生產水準的提高。2025年第二季度，我們平均每天生產230萬桶石油。對於那些還沒有進行過計算的人，我認為你們應該進行這些計算。這意味著在2024年第四季的平均產量基礎上，每天還要增加23萬桶石油。與今年第一季相比成長了5%，與去年同期相比成長了8%。

So when compare this to the same period last year or the previous quarter, what I can tell you is that we have 230,000 barrels of oil a day in addition to the average production of quarter four last year. At that time, we got many questions. We were challenged about the use of our CapEx.

因此，與去年同期或上一季相比，我可以告訴你的是，除了去年第四季的平均產量外，我們每天還生產 23 萬桶石油。當時，我們收到了很多問題。我們對資本支出的運用提出了質疑。

I'll now share -- give you a spoiler alert. We further increased our production in July. So our average in July is 2,470,000 barrels of oil a day in addition to gas that has been produced. And this means -- that means 380,000 barrels of oil a day, additional barrels in our production with regard to the same quarter four, the one I've just mentioned. So you see a production ramp-up that's unequivocal when you consider 2,090,000 barrels a day in quarter four, 2,300,000 in quarter two, 2,470,000 in the first month of the third quarter.

我現在就來分享——給你一個劇透警告。七月我們進一步提高了產量。因此，除了已生產的天然氣外，我們七月的平均日產量為 2,470,000 桶石油。這意味著——這意味著每天生產 38 萬桶石油，與我剛才提到的第四季相比，我們的產量增加了一桶。因此，如果考慮到第四季度每天的產量為 2,090,000 桶、第二季度每天的產量為 2,300,000 桶、第三季度第一個月每天的產量為 2,470,000 桶，那麼產量毫無疑問會上升。

So this is an unequivocal ramp-up and the use of CapEx that resulted in greater production in the short run. This increased production is a concrete result of our commitment in this administration with our government shareholders and also our private sector shareholders, the commitment to seek robust execution of our planning. So we have the guidance of our production. We are at close to the top of our guidance for the year. And we are absolutely within the guidance when it comes to production and also when it comes to investment.

因此，這是一個明確的成長，資本支出的使用會在短期內帶來更大的產量。產量的增加是我們本屆政府與政府股東以及私部門股東共同承諾的具體成果，我們承諾大力執行我們的計畫。這樣我們的生產就有了指導。我們已接近今年預期的最高水準。我們在生產和投資方面都完全遵循指導方針。

We are speeding up our deliveries. You are witness, you can bear witness to this. And this can be translated into value generation to all our stakeholders, and I repeat both government -- as both government and private sector stakeholders.

我們正在加快交貨速度。你是見證人，你可以見證這一點。這可以轉化為我們所有利害關係人的價值創造，我重申一下，包括政府和私營部門的利害關係人。

Increasing production in 380,000 barrels a day in only seven months required a lot of effort, a lot of cooperation between our teams and also improving our internal procedures as well as a lot of cooperation overall. Achieving this feat in such a short period of time is not an easy task. An additional 380,000 barrels a day is more than the production of some countries.

在短短七個月內將日產量提高 38 萬桶，需要付出大量努力，需要我們團隊之間進行大量合作，還需要改進我們的內部程序，以及整體上進行大量合作。在如此短的時間內實現這項壯舉並非易事。每天額外增加38萬桶石油，比一些國家的產量還多。

So this is a consequence of our commitment, our effort and dedication that was really significant in cooperating and improving our management and a result of very hard work of our entire teams. This increased production, as I said, was only possible because we executed our CapEx, and we are also speeding up everything that can be sped up, making sure that we do this safely and also respecting the environment and with a lot of responsibility.

因此，這是我們的承諾、努力和奉獻的結果，這對於合作和改善我們的管理非常重要，也是我們整個團隊辛勤工作的結果。正如我所說，產量的增加是因為我們執行了資本支出，而且我們也在加快一切可以加快的進程，確保我們安全地完成這項工作，同時也尊重環境並承擔很大的責任。

Now I'll mention and give you examples of some of our deliveries. These deliveries are the result and they ensure that you have Petrobras' investors active and they are aware -- they can become aware that we are reaching the results that we wanted. We increased our top production volume in the Duque de Caixas platform. This platform has a capacity of 180,000 barrels a day -- barrels of oil in addition to gas. We also anticipated the beginning of our -- of the production of the Alexandre de Gusmao platform over two months.

現在我將提及並向您提供一些我們的交付範例。這些交付就是結果，它們確保巴西石油公司的投資者活躍起來，並且他們意識到——他們可以意識到我們正在實現我們想要的結果。我們增加了 Duque de Caixas 平台的最高產量。該平台的日產量為 18 萬桶——除了天然氣，還有石油。我們也預計亞歷山大·德·古斯芒平台的生產將在兩個月內開始。

This is a platform of 180,000 barrels of oil a day in capacity. We've also anticipated and delivered within this period, the greatest largest platform in Brazil that started operating in February, and it has only four pre-salt production wells and 200 million -- sorry, 200,000 barrels of oil a day. Only four wells -- oil wells are producing 200,000 barrels a day. That's an additional example of that investment and all the effort that was put into this feat by the entire team. This platform in the next few weeks and following weeks will reach 225,000 barrels a day.

這是一個日產18萬桶石油的平台。我們還預計並在此期間交付了巴西最大的平台，該平台於 2 月開始運營，它只有 4 口鹽下生產井，日產量為 2 億——抱歉，是 20 萬桶石油。僅四口油井每天產油20萬桶。這是整個團隊為實現這項壯舉所付出的投資和努力的另一個例子。該平台在未來幾週及之後的幾週內產量將達到每天225,000桶。

And there will be a fifth pre-salt oil produced production well. So I really think about what does that mean to 225,000 barrels a day only with five pre-salt oil wells. These efforts by Petrobras are on. We are considering increased production, the needs for increased production and also our cost reduction needs. We are aware that we made our strategic planning last year considering an oil price level of $83 per barrel.

並將有第五口鹽下油生產井投產。所以我真的在想，僅靠五口鹽下油井每天生產 225,000 桶石油意味著什麼。巴西石油公司正在繼續努力。我們正在考慮增加產量、增加產量的需求以及降低成本的需求。我們知道，我們去年制定策略規劃時考慮的是每桶 83 美元的油價水準。

And today, the price is 70 -- $67 per barrel. We are absolutely aware of this fact, and we are ready to respond by increasing production and reducing cost. And as for production increases, this year, we have linked over 50 wells. What does that mean? This means that by the middle of the year, we had already linked more oil wells and also started production of more oil wells than in the entire year of 2024.

如今，油價為每桶 70-67 美元。我們完全意識到了這一事實，並準備好透過增加產量和降低成本來應對。至於產量的增加，今年我們已經連接了 50 多口油井。這意味著什麼？這意味著，到今年年中，我們已經連接了比2024年全年更多的油井，並且開始生產更多的油井。

This was only possible because of our joint efforts and a great partnership between all top -- our executive suite members with lots of processes, collaboration and processes, partnership analysis and also inventory optimization. From the perspective of our C-suite and their teams, we have delivered more and spent less. So we are congratulating all teams. We are expressing our total support and incentive for them to continue on this very good track. We are also presenting a new question.

這是因為我們的共同努力以及所有高階管理人員之間的良好合作才得以實現的——我們的高階主管團隊擁有大量流程、協作和流程、合作夥伴關係分析以及庫存優化。從我們的高階主管及其團隊的角度來看，我們交付了更多成果，但花費卻更少。因此，我們向所有隊伍表示祝賀。我們對他們表示全力支持和鼓勵，希望他們繼續沿著這條非常好的道路前進。我們也提出了一個新問題。

We will be soon presenting the beginning of the P-78 platform operation that will work with pre-salt with a capacity of an additional 180 barrels a day. I'd like to remind you that these platforms, they were inhabited or vacant they were -- they had no crew. So we changed this procedure. So now they have a crew. They go straight to their locations or their sites, and that also anticipates production and operation of more oil, again, to benefit our investors, government or private sector investors.

我們很快將開始 P-78 平台的運營，該平台將使用鹽下油田，每天的產能為額外 180 桶。我想提醒大家的是，這些平台不是有人居住，就是空置，沒有船員。所以我們改變了這個程序。所以現在他們有一個團隊。他們直接前往他們的位置或站點，這也預示著更多的石油的生產和運營，再次使我們的投資者、政府或私營部門投資者受益。

That's another improved procedure that ultimately means more oil in the tanks -- in our tanks. We also had more natural gas supply offered to the market. We increased our gas production by 15% to the market. And this was a result of our Route 3 reaching the state of Rio de Janeiro in the Boaventura complex. And this also means that in addition to Route 3, there has been a lot of effort put into processing this gas in a gas processing unit in the Boaventura complex in the Itaborai hub.

這是另一項改進的程序，最終意味著我們的油箱中將有更多的石油。我們也向市場提供了更多的天然氣供應。我們將天然氣產量提高了 15% 以供應市場。這是我們的 3 號路線到達裡約熱內盧州博阿文圖拉綜合體的結果。這也意味著，除了 3 號路線外，還在伊塔博萊樞紐的 Boaventura 綜合設施中的天然氣處理裝置中投入了大量精力來處理這種天然氣。

Ladies and gentlemen, we are really happy to have all this good news to you. These deliveries are under our control. We're totally in control of them. So we are delivering them. We're improving on them, and you can rest assured that in our daily work, that means continuous improvement.

女士們、先生們，我們非常高興能帶給你們這些好消息。這些交付均在我們的控制之下。我們完全控制了它們。所以我們正在交付它們。我們正在對其進行改進，您可以放心，在我們的日常工作中，這意味著持續改進。

And this is done when the company realizes that there's a challenging scenario, geopolitical challenges that are ahead of us when we consider the price of our final product, crude oil and gas. As I said, these factors are not controlled. The price of crude oil is not under our control. However, mitigating effects of these price variations, this is indeed under our control. So we are responding by increasing production with also increased production and also a very strong perspective in cost reduction.

當公司意識到，當我們考慮最終產品原油和天然氣的價格時，我們面臨嚴峻的情況和地緣政治挑戰時，我們就會採取這種措施。正如我所說，這些因素是不受控制的。原油價格不受我們控制。然而，減輕這些價格變化的影響，這確實在我們的控制範圍內。因此，我們透過增加產量來應對，同時也非常重視降低成本。

In the second quarter, the second quarter was impacted by a falling oil price that was around USD68 per barrel. That was 10% down as compared to last year, last semester. And we responded by increasing our production by 5%, and that mitigated that effect considerably the effect of oil price falls in our balance sheets. We are now working hard, and you can rest assured that we are doing this to make our projects increasingly more competitive in this scenario of uncertainty and in this scenario of prices falls of our final project -- product. And the major product is crude oil.

第二季度，受油價下跌影響，油價跌至68美元/桶左右。與去年上學期相比下降了 10%。我們的應對措施是將產量提高 5%，這大大減輕了油價下跌對我們資產負債表的影響。我們現在正在努力工作，您可以放心，我們這樣做是為了讓我們的專案在這種不確定的情況下以及在我們的最終專案產品價格下跌的情況下越來越具有競爭力。主要產品為原油。

You will see that we will have more earnings in our next business plan that will be presented by the end of the year. So we are analyzing all possibilities of simplifying and optimizing our projects to reduce costs and also to increase efficiency gains. Having said that, I'd like to repeat what I mentioned in the previous webcast and what I have been saying since the beginning of my speech today, we are absolutely committed to looking for the best possible results for our investors and for the Brazilian society as a whole. We will generate value even in challenging scenarios in terms of oil prices. Our projects will be profitable and valuable for the portfolio of our company.

您將會看到，在我們年底提出的下一個商業計劃中，我們將獲得更多的收益。因此，我們正在分析簡化和優化專案的所有可能性，以降低成本並提高效率。話雖如此，我想重複我在之前的網路廣播中提到的內容以及我今天從演講開始以來一直在說的內容，我們絕對致力於為我們的投資者和整個巴西社會尋求最好的結果。即使在油價面臨挑戰的情況下，我們也能創造價值。我們的項目將為我們公司的投資組合帶來利潤和價值。

We will dedicate to the things we do best, which is to explore and produce oil and gas and its products, selling these products efficiently and with quality, always reconciling all these efforts considering our needs to provide a fair energy transition.

我們將致力於我們最擅長的事情，即勘探和生產石油和天然氣及其產品，高效、優質地銷售這些產品，並始終協調所有這些努力，考慮到我們的需求，實現公平的能源轉型。

Thank you very much for joining us. And now we will proceed to the presentation of our CFO, Fernando Melgarejo, who will talk about the financial results of our company. Fernando, the floor is yours.

非常感謝您加入我們。現在我們將繼續聽取我們的財務長 Fernando Melgarejo 的演講，他將介紹我們公司的財務表現。費爾南多，現在請你發言。

Good morning, everyone. Good morning to those who are listening to us and I'd like also to greet everyone from this panel. Thank you for joining us for another Petrobras earnings webcast and I'll begin by presenting the key figures for the second quarter of 2025. Well, Magda has already highlighted in her opening remarks, the remarkable growth in our production this quarter. On this slide, you can see that while Brent prices declined by 10% quarter-over-quarter, going from 75.7% -- from 60.7% to 75%, we had an increase of 5% with new production systems and improved operational efficiency across our fields.

大家早安。各位聽眾早安，我也想向小組裡的各位問好。感謝您收看另一場巴西石油公司收益網路廣播，我將首先介紹 2025 年第二季的關鍵數據。嗯，瑪格達在開場白中已經強調了我們本季產量的顯著成長。在這張投影片上，您可以看到，雖然布蘭特原油價格較上季下降了 10%，從 60.7% 下降到 75%，但隨著新生產系統的推出和油田營運效率的提高，我們的原油價格卻增加了 5%。

As our CEO mentioned in the first half of the year, we already reached the midpoint of our 2025 production target, which is 2.3 million barrels per day. Commercial gas production also grew significantly Petrobras increased its gas supply to the market by 15%, mainly due to the progress of the Route 3 pipeline and the Boaventura gas processing unit. When considering total production, we reached a new record of 4.2 million barrels of oil equivalent per day.

正如我們的執行長在今年上半年所提到的那樣，我們已經達到了 2025 年生產目標的中點，即每天 230 萬桶。商業天然氣產量也大幅成長，巴西石油公司向市場的天然氣供應量增加了 15%，這主要得益於 3 號管線和 Boaventura 天然氣處理裝置的進展。從總產量來看，我們達到了每天420萬桶油當量的新紀錄。

This increased production volume in quarter two was key to delivering financial results in line with the previous quarter. It was only made possible through consistent CapEx execution and strong engagement from our workforce. And our CapEx has been discussed in many situations. If it would be productive, it would have an impact on our production, and this is being presented now.

第二季產量的增加是實現與上一季持平的財務表現的關鍵。這只有透過持續的資本支出執行和員工的積極參與才有可能實現。我們的資本支出已在多種情況下被討論過。如果它富有成效，它就會對我們的生產產生影響，現在正在提出這一點。

Let's move on to Slide 6. Our operational -- slide 6. So we reported net income, excluding one-off events of USD4.1 billion and EBITDA, also excluding one-off events of USD10.2 billion. These figures are on par with the previous quarter when Brent prices were 10% higher. In other words, our strong operational results offset external factors which were beyond our control.

讓我們繼續看投影片 6。我們的營運--幻燈片 6。因此，我們報告了淨收入，不包括 41 億美元的一次性事件和 EBITDA，也不包括 102 億美元的一次性事件。這些數字與上一季布蘭特原油價格上漲 10% 時的數字持平。換句話說，我們強勁的經營績效抵銷了我們無法控制的外部因素。

For example, the price of the commodities. Efficient management of our commercial strategy also positively contributed to the results. We implemented 3 diesel price reductions in the quarter two and one gasoline price reduction during the period, maintaining competitive margins and profitable operations and also the company's share.

例如商品的價格。我們商業策略的有效管理也對業績產生了正面貢獻。我們在本季度實施了三次柴油降價和一次汽油降價，保持了競爭利潤率和盈利運營以及公司的份額。

Operating cash flow was USD7.5 billion. Here, we saw a decline compared to the previous quarter, mainly due to known events such as PIS/COFINS tax credit related to last year's tax transaction, which had positively impacted quarter one '25 results, but was not the case for this quarter. Additionally, the payment of variable remuneration, which had a higher rent, which is the basis to payment to government shareholders and payment of variable remuneration, which usually impacts company cash flow in the quarter two after the shareholders' meeting. All events that will not happen in the next quarter -- additionally, in quarter two, we had higher selling expenses, mainly due to increased crude oil export volumes because of our production. slide 7.

經營現金流為75億美元。在這裡，我們看到與上一季相比有所下降，主要是由於與去年稅收交易相關的 PIS/COFINS 稅收抵免等已知事件，這些事件對 25 年第一季的業績產生了積極影響，但本季度的情況並非如此。此外，支付浮動薪酬，其租金較高，這是向政府股東支付的基礎，支付浮動薪酬通常會影響股東大會後第二季的公司現金流。所有不會在下個季度發生的事件——此外，在第二季度，我們的銷售費用增加，這主要是因為我們的生產導致原油出口量增加。幻燈片 7。

Here, we present our debt history. Here, you can see that both financial debt and chartering remain under control and that over 60% of total indebtedness relates to leases of platforms, vessels and rigs, which according to accounting standards must be recognized as debt. It is important to remember that this lease portion refers to assets generated production and consequently revenue for the company.

這裡，我們介紹一下我們的債務歷史。在這裡，您可以看到金融債務和租賃都仍在控制之中，並且超過 60% 的總債務與平台、船舶和鑽井平台的租賃有關，根據會計準則，這些必須確認為債務。重要的是要記住，這部分租賃是指資產產生的生產，從而為公司帶來收入。

When we commissioned this year, the FPSOs, Alexandre de Gusmao and Almirante Tamandaré, both chartered platforms, we had to record lease liabilities as debt. These two platforms added BRL3.7 billion to our debt this year. But on the other hand, we added 207,000 barrels per day of production capacity for our company. Considering other vessels and amortizations, leases added approximately USD5 billion to our debt in the first half of 2025. So these leases are associated with more capacity, more production and therefore, they add revenue to our company.

當我們今年委託 FPSO、Alexandre de Gusmao 和 Almirante Tamandaré（兩個都是租賃平台）時，我們必須將租賃負債記錄為債務。這兩個平台今年使我們的債務增加了37億巴西雷亞爾。但另一方面，我們為公司增加了20.7萬桶/天的產能。考慮到其他船舶和攤銷，租賃在 2025 年上半年使我們的債務增加了約 50 億美元。因此，這些租賃與更大的產能、更大的產量有關，因此，它們為我們公司增加了收入。

Well, regarding financial debt, this quarter, we highlight a successful public offering of debentures totaling BRL3 billion. It was successful with high demand and allowed us to raise funds in the local market, something we hadn't done for eight years with competitive costs in line with our liabilities management strategy.

關於金融債務，本季度，我們重點介紹了成功公開發行總額為 30 億巴西雷亞爾的債券。由於需求旺盛，該專案取得了成功，並使我們能夠在當地市場籌集資金，這是我們八年來從未做過的事情，而且成本具有競爭力，符合我們的負債管理策略。

Slide 8, we are going to talk about CapEx. We invested USD4.4 billion in quarter two, which added to the first quarter leads to USD18.5 billion for this year. We are according to our plan of our guidance, which is $18.5 billion for the year.

投影片 8，我們將討論資本支出。我們在第二季投資了44億美元，加上第一季的投資，今年的投資總額達到了185億美元。我們按照指導計畫進行，今年的預算為 185 億美元。

We have a firm commitment to the market to execute what we planned, accelerating value generating deliveries and logistics revenue. Due to these efforts, we started production from the FPSO Alexandre de Gusmao starting over two months ahead of schedule. As our CEO has already mentioned, the Almirante Tamandaré, a huge platform began operating in February, has already reached 200,000 barrels with only four producing wells. Soon, we will reach peak of production.

我們堅定地致力於市場執行我們的計劃，加速創造價值的交付和物流收入。由於這些努力，我們提前兩個多月開始 FPSO Alexandre de Gusmao 的生產。正如我們的執行長已經提到的，Almirante Tamandaré 是一個大型平台，於二月份開始運營，僅用四口生產井就已經達到了 200,000 桶的產量。很快，我們就會達到生產的高峰。

In 2025, we have already connected more wells than in the entire previous years, 48 wells, including 30 producing and 18 injecting wells. In the same period last year, we had 31, 12 producers and 19 injectors. This is, therefore, a CapEx that is very much focused on production.

2025年，我們連接的油井數量超過了前幾年的總和，達到48口油井，其中包括30口生產井和18口注水井。去年同期，我們有 31 個油田，其中生產井 12 個，注入井 19 個。因此，這是一項非常注重生產的資本支出。

Let's now proceed to slide number 9. Petrobras investment has been bringing benefits to the company, its shareholders and society. We are talking here about more production and consequently more operational cash flow. And we are now important exporter of commodities computing to Brazil's trade balance. It's not just investment in new projects.

現在我們來看第 9 張投影片。巴西石油的投資一直為公司、股東和社會帶來利益。我們在這裡談論的是更多的產量以及隨之而來的更多的營運現金流。現在我們是巴西貿易平衡中重要的商品出口國。這不僅僅是對新項目的投資。

We are improving efficiency, adjusting our maintenance schedules and managing reservoirs efficiently. All this contributes to the production curve growth. Our CEO mentioned in her opening remarks, production in July, which exceeded the previous quarter. We are talking here about -- an increase of 380,000 barrels per day only in seven months. With this trend and ongoing efforts, we expect average oil and gas production in 2025 to be at the upper end of the target range, representing about 100,000 barrels per day above the midpoint at a price of USD70, we will have an additional USD2.5 billion revenue. And this current planned production curve carries less risk today than when the plan was approved. In other words, for the same confidence level, we would have a higher curve today.

我們正在提高效率，調整維護計劃並有效管理水庫。所有這些都促進了生產曲線的成長。我們的執行長在開幕致詞中提到，7月的產量超過了上一季。我們在這裡談論的是──短短七個月的時間，每天的產量就增加了38萬桶。依照這一趨勢和持續努力，我們預計 2025 年的平均石油和天然氣產量將達到目標範圍的上限，即以 70 美元的價格計算，每天比中點高出約 10 萬桶，我們將額外獲得 25 億美元的收入。目前計劃的生產曲線比計劃批准時的風險要小。換句話說，在相同的置信水準下，我們今天的曲線會更高。

Slide number 10. We have talked about CapEx, production, and now we will talk about dividends. I want to remind you of the strength of our shareholders' remuneration policy. The formula ensures dividends aligned with different oil prices without compromising the company's financial robustness. Accordingly, we apply the formula set forth in our policy, and we will distribute 45% of our free cash flow from quarter two. Therefore, the Board approved a distribution of BRL8.7 billion, equivalent to BRL0.67 per share to be paid in two equal installments in November and December this year.

投影片編號 10。我們已經討論了資本支出、生產，現在我們將討論股利。我想提醒你們我們的股東薪酬政策的力道。此公式確保股利與不同的油價一致，同時不損害公司的財務穩健性。因此，我們應用政策中規定的公式，並從第二季開始分配 45% 的自由現金流。因此，董事會批准分配87億雷亞爾，相當於每股0.67雷亞爾，分兩次於今年11月及12月等額支付。

Well, this concludes my presentation, and thank you all again for your attention. So along with the other directors, I'm available to answer your questions. Now I hand over to Eduardo, who will then continue with the Q&A session.

好了，我的演講到此結束，再次感謝大家的關注。因此，我和其他董事都可以回答你們的問題。現在我把時間交給愛德華多，他將繼續問答環節。

Thank you, Fernando. Thank you, Magda. So let's start with the Q&A session.

謝謝你，費爾南多。謝謝你，瑪格達。那麼就讓我們先從問答環節開始吧。

[Medani], can you hear us? You can proceed with the question.

[Medani]，你聽得到我們說話嗎？你可以繼續提問。

Good morning. Thank you very much for the call. So I will align CapEx results with the -- what you mentioned yesterday so that you work with natural gas distribution. As CEO mentioned, Petrobras has been focusing CapEx, particularly on upstream, delivering operational results. We'd like to understand what we can expect in terms of new advancements in the next few years and how this is generated? Is this integrated to the business plan, including strategy from the Board and timing for this operation?

早安.非常感謝您的來電。因此，我會將資本支出結果與您昨天提到的內容相結合，以便您能夠進行天然氣分銷工作。正如執行長所提到的，巴西石油公司一直專注於資本支出，特別是上游，以取得營運成果。我們想了解未來幾年我們可以期待哪些新的進步以及這些進步是如何產生的？這是否與業務計劃相結合，包括董事會的策略和此次營運的時間表？

Thank you for the question. We are a company that started already integrated. So Petrobras is 71 years old, and it started and it became what it is because it is a company that is integrated all over. So with that, we are looking at the possibility of reaching synergy. When we look at an increase in gas production, for example, we are looking at what it represents, for example, in terms of more LNG for the market.

謝謝你的提問。我們是一家已開始整合的公司。巴西石油公司已有 71 年歷史，它的成立和發展是因為它是一家綜合公司。因此，我們正在研究實現協同效應的可能性。例如，當我們觀察天然氣產量的增加時，我們關注的是它代表著什麼，例如，市場上液化天然氣的增加。

We import LNG, and we will deliver more. These margins related to our product, they also need to be captured. So what we did yesterday was to say the following. Well, here, we have the product that will have an increase in production. And if it's a good business for the company, if that's profitable and if this is properly attractive, why not have this additional synergy.

我們進口液化天然氣，並且我們還將供應更多。這些利潤與我們的產品有關，也需要被捕獲。因此，我們昨天所做的就是說以下內容。好吧，我們現在有產量將會增加的產品。如果這對公司來說是一項好業務，如果這是有利可圖的，並且如果這是相當有吸引力的，那麼為什麼不產生這種額外的協同效應呢？

So we have nothing in sight right now. No project to acquire LNG. There is nothing in Petrobras portfolio, but we guarantee and make sure -- we wanted to make sure that the doors were open for a possibility if the project is good and profitable and if the project attractiveness is in line with what Petrobras demands.

所以我們現在什麼也看不見。沒有收購液化天然氣的項目。巴西石油公司的投資組合中沒有任何內容，但我們保證並確保——如果項目良好且有利可圖，並且項目吸引力符合巴西石油公司的要求，那麼我們希望確保可能性的大門是敞開的。

Well, maybe we can say, basically, Petrobras has already been working to be the best choice to our customers and being the best choice to our customers means to have competitive prices to really have availability where there's demand for the products. So we have already been doing that to the extent that we have direct sales. We have been trying to have direct sales to big customers. So we are doing that already. We have tried to access terminals, channels and advancing in a way obviously, this is a way of distributing.

好吧，也許我們可以說，基本上，巴西石油公司一直在努力成為我們客戶的最佳選擇，而成為我們客戶的最佳選擇意味著擁有具有競爭力的價格，以便在有產品需求的地方真正有供應。因此，我們已經在直銷領域開展了這項工作。我們一直在嘗試直接向大客戶銷售。我們已經在這麼做了。我們嘗試去接入終端、通路，很明顯的以一種方式去推進，這是一種分銷的方式。

We will get to the source. It's something that is natural. As our CEO has mentioned, we will have a significant production of diesel. We will have an increase in production of LNG. So all -- well, for that, we need market. So the market is the way to monetize and it's the most profitable thing for our company. This is where our efforts go to. And in this regard, we have been advancing in direct sales, in direct sales of LNG where we have infrastructure available. We are talking with big customers to supply LNG directly to them, capturing a margin. As our CEO said, I would say that this vision is very natural.

我們將找到源頭。這是很自然的事。正如我們的執行長所提到的，我們將大量生產柴油。我們將增加液化天然氣的產量。所以，為此，我們需要市場。所以市場是貨幣化的途徑，也是我們公司最賺錢的地方。這就是我們努力的方向。在這方面，我們在直接銷售方面取得了進展，在有基礎設施的地方直接銷售液化天然氣。我們正在與大客戶洽談直接向他們供應液化天然氣，以獲取利潤。正如我們的執行長所說，我認為這個願景非常自然。

So we have a driver here. I think it's on the table for discussion, and we will look at it. And obviously, finding this economic rationale, as our CEO mentioned, and we are going to look at it, and this will be considered for approval going through our Board.

所以我們這裡有一名司機。我認為這個問題已經擺在討論的桌面上，我們會研究它。顯然，正如我們的執行長所提到的那樣，找到這個經濟理由，我們會對其進行研究，並將考慮提交董事會批准。

Well, just adding to that, from the point of view of governance, as we've already said, we will follow all the assessment by governance, availability of funds in order to make investments when needed. So we are really sure that any project, it will be implemented if it creates value for our shareholders and if there is discipline in the capital to be used in the project. So it has to do with the debt limit we have, and we have been strongly managing our debt, and we intend to reach the target we presented in our strategic plan for 2025, 2029.

好吧，補充一點，從治理的角度來看，正如我們已經說過的，我們將遵循治理的所有評估，資金的可用性，以便在需要時進行投資。因此，我們確信，任何項目，只要能為我們的股東創造價值，並且項目所用資本有紀律，就一定會實施。所以這與我們的債務限額有關，我們一直在嚴格管理我們的債務，我們打算實現我們在 2025 年、2029 年戰略計劃中提出的目標。

Bruno Montanari, Morgan Stanley.

摩根士丹利的布魯諾蒙塔納裡。

Good afternoon. Thank you for taking my question. I'd like to congratulate the company for the significant increase in production in such a short period of time. It's very clear the ramp-up of the new platform in the pre-salt layer. I'd like to understand about the risk factors that is less than leading to a more conservative curve and connecting to a better execution, try to advance a potential revitalization of [Itaborai] so that you have even greater production in the midterm. Thank you very much.

午安.感謝您回答我的問題。我要祝賀公司在如此短的時間內產量大幅提高。鹽下層新平台的上升過程非常清晰。我想了解導致更保守的曲線並與更好的執行相關的風險因素，嘗試推進 [Itaborai] 的潛在振興，以便您在中期獲得更大的產量。非常感謝。

Good morning, everyone. We are in a very special quarter. We had increase in our production reduction -- well, we spent less, we produced more, and we also strongly reduced our costs. So the issue of production in this field, we are talking about this growth and -- this really refers to the reservoir. We have a reservoir in the pre-salt layer and the effective response of this reservoir is only given when the field is connected. We have had very good surprises.

大家早安。我們正處於一個非常特殊的時期。我們的產量減少了——我們的支出減少了，產量增加了，而且我們的成本也大幅降低了。因此，我們討論的這個油田的產量問題，就是成長問題──這其實指的是儲層問題。我們在鹽下層有一個儲層，只有當油田連通時才能給予該儲層的有效反應。我們得到了非常驚喜的結果。

Expectations have been confirmed in terms of increasing production and wells that are really very productive. We have four wells with over 200,000 production. And by the end of the year, we are planning to increase production, but we'd like to remind you that we will have this issue of platforms. We have started some big platforms, and we will have the planned shutdowns. So this increase will level off.

在產量增加和油井產量確實非常高方面，預期已經得到證實。我們有四口井，產量超過20萬桶。到今年年底，我們計劃增加產量，但我們想提醒您，我們將面臨平台問題。我們已經啟動了一些大型平台，我們將按計劃關閉它們。因此，這一增長將會趨於平穩。

But anyway, by the end of this year, we will have an increase reaching our target as for plan. But at the upper portion of our target, we are looking at Itaborai and Tupi, improving optimization with new units to increase production there.

但無論如何，到今年年底，我們的增幅將達到計畫的目標。但在我們目標的上部，我們正在關注伊塔博萊和圖皮，透過新單位進行最佳化以提高那裡的產量。

Now adding to the question, you mentioned Tupi in particular, right?

現在補充一下問題，您特別提到了 Tupi，對嗎？

So as Sylvia mentioned, Tupi is being -- is having at least another two projects revitalizing Tupi and what we call complementary Tupi. Our challenge is to make Tupi reach the level of 1 million barrels of oil a day.

正如西爾維亞所提到的，圖皮島正在實施至少另外兩個項目來振興圖皮島，以及我們所說的補充圖皮島。我們的挑戰是讓圖皮達到每天100萬桶石油的水平。

Vicente, Bradesco.

維森特，布拉德斯科。

Good afternoon, everyone. Thank you for taking my question. I'd like to discuss the GLP release -- or LPG release that you published last night. So any movements in this sector, they need to be approved in the November plant first and only then you would do any -- make any transactions. Then you also mentioned on the release that you would have partnership -- distribution partnerships according to provisional -- contract provisions. So what kind of partnership is this? What are these contract provisions? Thank you.

大家下午好。感謝您回答我的問題。我想討論一下您昨晚發布的 GLP 版本或 LPG 版本。因此，該領域的任何舉措都需要先在 11 月工廠獲得批准，然後才能進行任何交易。然後您也在新聞稿中提到，您將根據臨時合約條款建立合作夥伴關係—分銷合作夥伴關係。那麼，這是什麼樣的合作關係呢？這些合約條款是什麼？謝謝。

As Executive Director, Claudio Schlosser mentioned, as our production increases, our greatest challenge is really to put these products onto the market and also to widen our market base. We have increasing production that means extending our refinery facility or refinery system. We want to increase diesel S10, which is highly profitable and at least an additional 200,000 barrels a day. As a result, there's more pressure for increasing our markets. So what are we -- what have we been doing?

正如執行董事 Claudio Schlosser 所說，隨著產量的增加，我們面臨的最大挑戰實際上是將這些產品推向市場並擴大我們的市場基礎。我們要提高產量，這意味著要擴大我們的煉油設施或煉油系統。我們希望增加利潤豐厚的 S10 柴油產量，每天至少增加 20 萬桶。因此，我們擴大市場的壓力更大了。那我們在做什麼？我們一直在做什麼？

We knock at the door of our largest consumers, including agribusiness in Brazil, agribusiness consumers. We are now having LPG, not only industrial, but also domestic. In other words, we are expanding our natural gas market. As you can see, our efforts to have natural gas in Brazil's free market meant that a large number of companies that are now part of this movement by Petrobras. This is why we extended this gas market by 15%.

我們敲開了我們最大消費者的大門，包括巴西的農業綜合企業和農業綜合企業消費者。我們現在不只工業用液化石油氣，還有家用液化石油氣。換句話說，我們正在擴大我們的天然氣市場。正如您所看到的，我們為將天然氣引入巴西自由市場所做的努力意味著現在有大量公司加入了巴西石油公司的這項運動。這就是我們將這個天然氣市場擴大 15% 的原因。

Now what we cannot have is limitations to make strides to make progress in this area. So whatever is needed, B2B or sales to large consumers, sales to final consumers in gas stations or even in terms of gas. What we want is to have open doors to make choices to choose the best company that will add the most value possible and in the most efficient way of really placing our product in the market.

現在，我們不能受到限制，必須大步向前，在這個領域取得進步。因此無論需要什麼，B2B 或向大消費者銷售，還是向加油站的最終消費者銷售，甚至是汽油銷售。我們希望能夠敞開大門來選擇最好的公司，以便能夠以最有效的方式將我們的產品推向市場，創造最大的價值。

Now after we understood that Petrobras over time, Petrobras has chosen to leave some markets behind. We had this duty. So why having this duty of leaving some markets? Why can't we leave the door open so that this door may be used in the best possible way. And this is what we did yesterday.

現在我們了解到，隨著時間的推移，巴西石油公司選擇放棄一些市場。我們有這個責任。那為什麼要有退出某些市場的義務呢？為什麼我們不能把門打開，以便可以以最佳方式利用這扇門。這就是我們昨天所做的。

Gabriel Barra, Citi.

花旗銀行的加布里埃爾·巴拉 (Gabriel Barra)。

Thank you Magda, Fernado. Thank you for taking my question. My point here is just one. One of the major topics that has been discussed with investors are, of course, your investment plan for next year. We have a perspective and taking the queue of the last commitment when you discussed efficiency gains and the difficulty we have today hiring new personnel in a tighter industry environment, we have a softer price movement for probes.

謝謝你，瑪格達，費爾納多。感謝您回答我的問題。我在這裡只有一個觀點。與投資者討論的主要話題之一當然是您明年的投資計劃。我們有一個觀點，並且在您討論效率提高以及我們今天在更嚴格的行業環境中招聘新員工所面臨的困難時，我們對探針的價格變動較為溫和。

But I think what I need to understand better is about what's going to happen, what can we expect next year when you look at our plans for the future and also considering your previous CapEx data. So how flexible are you for next year?

但我認為我需要更好地了解將會發生什麼，當您查看我們未來的計劃並考慮您之前的資本支出數據時，我們可以期待明年發生什麼。那麼明年您的彈性如何？

And what solutions could you provide or improve for 2026? And what are NMAs and also LPG or other fuels. So how does that mean more CapEx efficiency for a market that is a little more uncertain in terms of oil price in the next few months or even the next few years?

您能為 2026 年提供或改進哪些解決方案？什麼是 NMA、LPG 或其他燃料？那麼，對於未來幾個月甚至幾年油價更不確定的市場來說，這意味著更高的資本支出效率嗎？

Okay. I'll start answering and then I'll give the floor to Fernando and also Sylvia and Renata, if they believe they should also comment on the question. Well, what we've been telling you is that we do have extremely relevant business opportunities in exploration and production of oil. The company has the major focus -- its major focus is exploration and production with highly profitable projects. You saw the profitability level of these projects.

好的。我會開始回答，然後我會讓費南多、西爾維亞和雷娜塔發言，如果他們認為他們也應該對這個問題發表評論的話。嗯，我們一直在告訴你們的是，我們在石油勘探和生產方面確實擁有極其相關的商業機會。該公司的主要重點是高利潤項目的勘探和生產。您看到了這些項目的獲利水準。

So when we show results in the second quarter, we have decreased prices that were offset by increased production levels. So when we look at these projects, First, we will check whether they're profitable. And number two, whether their profitability level is desired. If this is the case, then we move on.

因此，當我們公佈第二季的業績時，我們降低了價格，但產量卻增加了。因此，當我們審視這些項目時，首先，我們會檢查它們是否有利可圖。第二，他們的獲利水準是否達到預期。如果情況確實如此，那麼我們就繼續前進。

In other words, we will not destroy value. Rather, we will move on with profitable projects. And in a way, we should also inform you that for the first time in all Petrobras' life, a project changed its phase. So we had projects that were progressing in our portfolio advancing in their phases, moving on in their phases. You have zero, one, two, three and four assigned to our projects. Four means the project is totally mature.

換句話說，我們不會破壞價值。相反，我們將繼續開展有利可圖的項目。從某種程度上來說，我們也應該告訴您，這是巴西石油公司歷史上第一次專案改變階段。因此，我們的投資組合中的項目正在按階段推進、按階段推進。您在我們的專案中分配了零、一、二、三和四。四代表專案已經完全成熟。

So we had projects that were expected to migrate from Phase 3 to Phase 4. Now when we look at them with this new level, they went back to Level 2. The idea was that these projects should be optimized. In other words, we won't leave these projects behind. They are still profitable. They used to be profitable before, but the profitability level that they had at that time with the current oil price, we decided to put a few phases back to the drawing board so that these projects to be better optimized. I'll now give the floor to Fernando and then Renata so that they can give you a little more details.

因此，我們的專案預計將從第 3 階段遷移到第 4 階段。現在，當我們以這個新的層次來看待它們時，它們又回到了第 2 級。我們的想法是，這些項目應該要優化。換句話說，我們不會放棄這些項目。他們仍然盈利。他們以前是盈利的，但是考慮到當時的盈利水平和目前的油價，我們決定重新制定幾個階段，以便更好地優化這些項目。現在我將請費爾南多和雷娜塔發言，以便他們能夠向你們提供更多細節。

Thank you, Gabriel, for your question. First, I should stress that the current scenario is more challenging and that reflects in our business plan. And as we have this commitment with capital discipline, all our business plan structure needs to be adequate to reflect the needs for this new scenario. In other words, we'll be able to restructure all our CapEx that will then meet the needs of our investing capacity, considering our new production curve that we will deliver until potentially even above the margin, but within the margin or even in the upper range, the Brent is lower. So we need to offset that. And then the cash flow generation that is possible.

加布里埃爾，謝謝你的提問。首先，我要強調的是，目前的情況更具挑戰性，這反映在我們的商業計劃中。由於我們對資本紀律做出了承諾，因此我們所有的業務計劃結構都需要充分反映這一新情況的需求。換句話說，我們將能夠重組所有資本支出，以滿足我們的投資能力需求，考慮到我們的新生產曲線，我們將交付甚至可能高於利潤率，但在利潤率內甚至在上限範圍內，布蘭特原油價格較低。所以我們需要抵消這一點。然後就可以產生現金流。

So I believe the greatest goal, our greatest commitment is really to reduce cost for the company and also optimizing projects that our President mentioned. It's the first time we went back to Phase 1 to consider engineering aspects and then also productivity. So all these factors together, they are integrated in our business plan. The idea is for us to devise a business plan that shows all this capital discipline with adjusted debt adjusted to our size. We do not want to increase our debt for no reason, of course. Our target is still $65 billion. This will remain. So we want to create a portfolio and a business plan that is safe and secure and adapted to the current situation and scenario.

因此，我相信我們最大的目標、最大的承諾實際上是降低公司成本並優化我們總裁提到的專案。這是我們第一次回到第一階段，考慮工程方面以及生產力。因此，所有這些因素都融入了我們的商業計劃中。我們的想法是製定一個商業計劃，展示所有這些資本紀律，並根據我們的規模調整債務。當然，我們不想無緣無故增加債務。我們的目標仍然是650億美元。這一點將會保留下來。因此，我們希望創建一個安全可靠且適應當前情況和情境的投資組合和商業計劃。

Hello, Gabriel, I think they said everything that had to be said, but I'd just like to add one more point. Whatever the value of our business plan in 2026, rest assured that we will realize, make it happen this year. In the first quarter of last year, it was at 30%. And this quarter, it is aligned to what we had planned. It was 30% below the expected level.

你好，加布里埃爾，我想他們已經說了所有該說的話，但我只想補充一點。無論我們 2026 年的商業計劃價值幾何，請放心，我們今年一定會實現它。去年第一季度，這一比例為30%。本季度，一切與我們的計劃一致。比預期水準低了30%。

So whatever the value, we will execute as planned.

因此無論價值如何，我們都會按計劃執行。

Lilyanna Yang, HSBC.

匯豐銀行的 Lilyanna Yang。

Hello, and thank you for the opportunity. Can you please tell us about how different the results are today as compared to what you promised in your strategic plan? Of course, it's better than expected. You probably at the top of the guidance. But again, can you please make comments about your CapEx, your $18.5 billion investment plan?

您好，感謝您給我這個機會。您能否告訴我們，今天的結果與您在策略計畫中承諾的結果有何不同？當然，比想像中好。您可能處於指導的頂部。但是，您能否對您的資本支出，即 185 億美元的投資計畫發表評論？

So in summary, is it safe to say that today, there's a higher likelihood of this CapEx be higher this year? Are you feeling pressure from providers, suppliers? Can you expect Petrobras to put more money into Braskem and that might be a good consumer of your gas? Thank you.

所以總而言之，今天是否可以肯定地說，今年的資本支出增加的可能性更高？您是否感受到來自供應商、供貨商的壓力？您是否可以預期巴西石油公司會向巴西石化公司投入更多資金，而巴西石化公司可能會成為您的天然氣的好消費者？謝謝。

Hello, Lilyanna, thank you for your question. All contracts for our 2025 plan and part of 2026, they are already -- the contracts have already been signed. So there's no possibility of -- or any idea of really exceeding our guidance. We will meet whatever was set on our guidance. Our commitment is assured. There are no surprises ahead. Now, as for next year, with a lot of planning and discipline, we also want to do -- work in the same way as we did this year.

你好，Lilyanna，謝謝你的提問。我們的 2025 年計劃和 2026 年部分計劃的所有合約都已經簽署。因此，根本不存在超出我們預期的可能性，或者說根本不存在超出我們預期的想法。我們將滿足指導方針中設定的一切要求。我們的承諾是肯定的。未來不會有任何意外。現在，對於明年，經過大量的規劃和紀律，我們也希望以與今年相同的方式開展工作。

Regis Cardoso, XP.

雷吉斯·卡多佐，XP。

Thank you De Na, Magda, Fernando, thank you everyone who are entire Petrobras team. If you allow me to just go out of protocol and pinpoint some of the things you've discussed, you have [470] -- that was the production number for July and then new platforms this year. So I'd like to confirm something that you said earlier -- that the curve with 2,470,000 is still growing. And then there's the effect of scheduled shutdowns. Maybe you can give me more details.

感謝 De Na、Magda、Fernando，感謝巴西石油團隊的每一個人。如果您允許我超出常規並指出您所討論的一些事情，那麼您可以看到[470]——這是 7 月份的生產數量，然後是今年的新平台。因此我想確認一下您之前說的一點——2,470,000 的曲線仍在增長。然後還有計劃關閉的影響。也許您可以提供我更多細節。

This, I think, has to do with previous comments. I wanted to repeat these points and maybe if you could clarify them a little bit more. And then the question is about the last auction with the Amazonas blocks. And in particular, what is that partnership with Exxon like? Do you believe there's synergy with the Guyana and Suriname? Thank you.

我認為這與之前的評論有關。我想重複這些觀點，也許您可以進一步澄清。然後問題是關於亞馬遜區塊的上次拍賣。具體來說，與埃克森美孚的合作關係如何？您認為圭亞那和蘇利南之間有協同作用嗎？謝謝。

Okay, Regis. With regard to the ramp-up, there was indeed a production increase in our reports. You can see that you have efficiency in the linking of the wells -- of the well (inaudible) level you said 470 and the reservoir then responded well, and we had a rapid production increase. But this growth, it will be offset by the other large platforms that are programmed to start production. So I can confirm that there's safety.

好的，雷吉斯。關於產量提升，我們的報告顯示產量確實增加。您可以看到，您在連接油井方面非常有效率 - 油井（聽不清楚）等級您說是 470，然後油藏反應良好，我們的產量迅速增加。但這種成長將被計劃投產的其他大型平台所抵消。所以我可以確認那裡是安全的。

We want our platform to have a long life. And also, we want to make sure that we have future operations. So scheduled shutdowns are essential. They need to be done, but we are within our planned goal and in fact, in the upper range, that's about four. So we will have a very positive result.

我們希望我們的平台能夠長久存在。而且，我們也想確保我們未來的營運。因此，定期停機至關重要。這些都需要完成，但我們已經達到了計劃目標，事實上，在上限範圍內，大約是四個。因此我們將會得到非常正面的結果。

It is important to mention that the pre-salt layer is really surprising in terms of productivity. It's been a very positive surprise with very good results and earnings. We have an oil column that's as high as the Pao de Acucar Mountain and the size of the Guanabara Bay boost as twice as large as the Guanabara Bay. And this is only confirmed when you start producing.

值得一提的是，鹽下層的生產力確實令人驚訝。這是一個非常正面的驚喜，取得了非常好的業績和收益。我們擁有與 Pao de Acucar 山一樣高的油柱，瓜納巴拉灣的面積是瓜納巴拉灣的兩倍。而這只有當你開始生產時才能得到確認。

As for the auction, yes, we did have the auction and define the 10 blocks. We now have 16 blocks in the -- in Amapa, -- we're just waiting for environmental licensing to test our productivity out. I should stress that the blocks we have there, they're very similar to the one that we have in Venezuela, Guyana and very similar to what we have here in the Campus basin as well. So we know them really well. And then the partnership with Exxon and Shell, we have over 30 partners here. Petrobras has over 30 partners.

至於拍賣，是的，我們確實進行了拍賣並確定了 10 個區塊。我們現在在阿馬帕有 16 個區塊，我們正在等待環境許可證來測試我們的生產力。我應該強調的是，我們在那裡發現的區塊與我們在委內瑞拉、圭亞那發現的區塊非常相似，也與我們在 Campus 盆地發現的區塊非常相似。所以我們非常了解他們。然後是與埃克森美孚和殼牌的合作，我們在這裡有超過 30 個合作夥伴。巴西石油公司擁有 30 多個合作夥伴。

So choosing this choice of working with Exxon, which is a great operator, has meant very significant results at Guyana, and that's very similar to the Equatorial margin results. So it's the best operator for us to share risks and knowledge.

因此，選擇與埃克森美孚這樣的優秀營運商合作，對圭亞那來說意味著非常顯著的成果，這與赤道邊緣的成果非常相似。因此，它是我們共享風險和知識的最佳營運商。

Monique Greco, Itau.

莫妮克·格雷科，伊塔烏。

Hello, good afternoon, and thank you for taking my question. By the way, congratulations for your operating performance. It's really impressive. Congratulations to the entire team. I have one question only. The message that your CapEx and gas was very -- that message was very clear.

您好，下午好，感謝您回答我的問題。順便說一句，恭喜你的經營業績。這確實令人印象深刻。祝賀整個團隊。我只有一個問題。您的資本支出和天然氣資訊非常明確。

Now we know that there are some potential movements on the radar on the horizon in the next few months, like President Magda Chambriard mentioned, movements in ethanol, for instance. That the government will hold auctions for areas -- pre-salt areas that were not hired this year still. So can you clarify about what we're expecting in terms of CapEx execution in addition to the $18.5 billion when you consider these additional movements that are on the short-term horizon. Can you maybe explain, especially in the non-hired areas? Thank you.

現在我們知道，未來幾個月內會出現一些潛在的動向，就像主席瑪格達·尚布里亞爾提到的那樣，例如乙醇方面的動向。政府將對今年尚未租用的鹽下油田區域進行拍賣。那麼，當您考慮到短期內的這些額外變動時，您能否澄清一下，除了 185 億美元之外，我們對資本支出執行的預期是什麼？你能解釋一下嗎，特別是在非僱用區域？謝謝。

Hello, Monique, thank you for your question. Okay. Petrobras will always be present when we discuss any opportunity of auctions. The Brazilian territory is our home. In other words, when pre-salt areas are being offered, we will always be present at such auctions.

你好，莫妮克，謝謝你的提問。好的。當我們討論任何拍賣機會時，巴西石油公司總是會在場。巴西領土是我們的家。換句話說，當有鹽下油田出售時，我們總會出席這樣的拍賣會。

This is really in our interest. However, irrespective of any other factor, this will only happen if it makes economic sense to us. No one is considering embarking on a wild adventure, of course. If the project is worth it and if it is on our business plan, this is the direction we'll be taking. The same thing applies to ethanol.

這確實符合我們的利益。然而，無論其他因素如何，這只有在對我們來說具有經濟意義的情況下才會發生。當然，沒有人會考慮踏上瘋狂的冒險之旅。如果該專案值得並且它在我們的商業計劃中，這就是我們將採取的方向。同樣的情況也適用於乙醇。

Our project portfolio includes investment in renewable fuels. In energy transition and also in biofuels, it also expects considerable effort, for instance, in electricity, including thermal power plants. So again, we will do it provided the project is profitable and attractive, provided the project meets the attractiveness and expectations of our company in terms of economic returns.

我們的項目組合包括對再生燃料的投資。在能源轉型和生物燃料方面，它也期望付出相當大的努力，例如在電力方面，包括火力發電廠。所以，只要專案有利可圖、有吸引力，只要專案在經濟回報上符合我們公司的吸引力和期望，我們就會去做。

Luiz Carvalho, BTG.

路易斯·卡瓦略，BTG。

Good afternoon. Thank you for taking my question. I would like to congratulate you for your production ramp-up. It's really nice to see it. I have a question. I'd like to reconcile it. I don't know, maybe to our CEO, Magda or Fernando, the initial estimates for the year.

午安.感謝您回答我的問題。我想祝賀你們的產量提高。看到它真的很高興。我有一個問題。我想調解一下。我不知道，也許對我們的執行長瑪格達 (Magda) 或費爾南多 (Fernando) 來說，這是今年的初步估計。

So this year had planned oil of $83 per barrel. As Fernando said, now it's around $67, $68, that's the oil price right now. And in this scenario, you have a gap, a delta for cash generation that is below what was initially planned. When we look at that graph, we know that it's a five years plan. But this year, cash generation should be less than planned.

因此今年的計畫油價為每桶83美元。正如費爾南多所說，現在的油價大約是 67 美元、68 美元。在這種情況下，就會出現差距，即現金產生的增量低於最初的計劃。當我們看到該圖表時，我們知道這是一個五年計劃。但今年的現金產生量應該會低於計畫。

And you are keeping the CapEx guidance for this year and also for next year. So my question is, what is the flexibility depending on oil prices and changes in oil prices vis-a-vis this investment plan and also vis-a-vis the debt or indebtedness limit the company has. Of course, considering also the payment of dividends. So in this scenario with lower oil prices, you are talking a lot about profitability of projects. They have to show that they are profitable to be approved. But what -- in which level of oil prices could we see not cancellation of projects, but maybe postponing projects towards the end of the plan because of lower cash generation more in the short term.

並且您將保留今年和明年的資本支出指導。所以我的問題是，根據油價和油價變化，該投資計劃的靈活性如何，以及公司債務或負債限額如何。當然，也考慮支付股息。因此，在油價較低的情況下，您談論的重點是專案的盈利能力。他們必須證明自己能夠獲利才能獲得批准。但是，在油價處於什麼水平時，我們可能不會看到項目被取消，而可能會因為短期內現金產生量較低而將項目推遲到計劃結束時。

Thank you, Luiz. Well, let's talk a bit about this topic. I think that the first thing is that last year, we adjusted our debt level so that we could have a little bit more flexibility, so that we could consider the scenario that occurred reduction in Brent prices and thus reduction in revenue. So still at the limit of our debt, we can still take some investments in the short term, meaning for this year, we have this CapEx of $18.5 million. We have many contracts that have already been signed.

謝謝你，路易斯。好吧，我們來談談這個話題。我認為首先，去年我們調整了債務水平，以便我們能夠擁有更多的靈活性，這樣我們就可以考慮布蘭特原油價格下跌從而導致收入減少的情況。因此，在我們的債務限額內，我們仍然可以在短期內進行一些投資，這意味著今年我們的資本支出為 1850 萬美元。我們已經簽署了許多合約。

So we have scheduled that, and this should happen. The flexibility will take place when we build the strategic plan for '26, 2030. There we have to reevaluate some projects. Actually, we will look again at all assumptions and include these assumptions on the projects and see which was feasible. Those who are not, they will be along the way or maybe they will be postponed or we will look for engineering alternatives that will lead to lower CapEx so that it's financially feasible.

我們已經安排好了，這件事應該會發生。當我們制定 2026 年和 2030 年的策略計畫時，彈性就會顯現出來。我們必須重新評估一些項目。實際上，我們將重新審視所有假設，並將這些假設納入項目，看看哪些是可行的。那些沒有這樣做的人，他們將繼續前進，或者可能會被推遲，或者我們會尋找能夠降低資本支出的工程替代方案，以使其在財務上可行。

As our CEO said, we had one project and the first time it went back so that we could rethink how our engineering would work and whether there would be more profitable alternatives because we understand that at the current price levels with this very volatile world scenario, we should have some flexibility for that.

正如我們的執行長所說，我們有一個項目，第一次回溯是為了重新思考我們的工程如何運作，以及是否有更有利可圖的替代方案，因為我們知道，在當前價格水平和這種非常動蕩的世界形勢下，我們應該對此有一定的靈活性。

Well, dividends will continue at the same levels. There are no discussions going on in terms of changes regarding the ordinary. Now for the extraordinary with lower revenue, we would have a harder time paying extraordinary dividends, even though we would really like very much to have surplus cash in order to pay extraordinary dividends. But I think the probability for this year is pretty low.

那麼，股息將繼續保持在同一水平。目前還沒有關於普通事物變化的討論。現在，對於收入較低的特別股息，我們將更難支付特別股息，儘管我們非常希望擁有剩餘現金以支付特別股息。但我認為今年的可能性相當低。

I would like to add and then give the floor to Director Renata to further elaborate on that. But often, we are dealing not only with the engineering of the project, but how we contract projects. So when we look, for example, this issue of contracting RNEST. So the mere change in the way we contract and publicizing the price and the dilution of the lots in a larger number of lots, this meant a saving of BRL1 billion for our company. So we had a work for bidding, we changed how these packages would be contracted, and we diluted in a larger number of packages to have more competition. And with that, we could save BRL1 billion. And we are multiplying this effort in other works. And I'll give the floor to Renata to further elaborate on that because after all, this is a major effort being carried out for her team.

我想補充一下，然後請雷娜塔主任進一步闡述這一點。但通常，我們不僅要處理專案的工程，還要處理如何承包專案。例如，當我們研究收縮 RNEST 這個問題時。因此，僅僅改變我們的簽約方式和公佈價格以及將地塊稀釋為更多的地塊，就意味著我們公司節省了 10 億巴西雷亞爾。因此，我們進行了招標工作，改變了這些合約包的簽訂方式，並稀釋了更多的合約包數量以增強競爭。這樣，我們就可以節省 10 億巴西雷亞爾。我們正在其他工作中加倍努力。我將請雷娜塔進一步闡述這一點，因為畢竟這是她團隊所做的重大努力。

So we really have been thinking out of the box when the CEO invited us to take this position, she said you should do it differently. And this is what we have been doing. And one of the things we have been doing differently, which is BOT. Just to give you an idea, BOT enables us to change specifications during the bidding process, because this is a conceptual concept, it's designed, so you can change requirements in this conceptual design. With this initiative and with a lot of discussions with the market, we -- in the past, we had some restrictions.

因此，當執行長邀請我們擔任這個職位時，我們確實一直在跳出固有的思維模式，她說，你們應該以不同的方式去做。這正是我們一直在做的事。我們一直在做不同的事情之一就是 BOT。只是為了給你一個想法，BOT 使我們能夠在投標過程中更改規格，因為這是一個概念性概念，它是設計好的，所以你可以在這個概念設計中更改要求。透過這項舉措以及與市場的大量討論，我們——過去，我們受到了一些限制。

But only with this move alone, we could reduce the weight of [CR] platforms between 15% to 20%. That alone represents a cost reduction that is very significant. We will open these packages in September 30. And we expect that with that, we will really have a significant reduction in prices. As our CEO said, depending on the market, on the scenario, depending on the demand, depending on how the world is, depending on geopolitics, every contract has a different strategy so that we can take the most -- the best of all our contracts.

但僅透過此舉措，我們就可以將[CR]平台的重量減輕15%到20%。僅此一項就意味著成本的大幅降低。我們將於 9 月 30 日打開這些包裹。我們預計，這樣一來，價格將真正大幅下降。正如我們的執行長所說，根據市場、情境、需求、世界狀況、地緣政治，每個合約都有不同的策略，以便我們能夠從所有合約中獲得最大收益。

Thank you, Magda. Thank you, Fernando and Renata. Thank you, Luiz for your question. So we are coming to the end of our webcast. We will close the Q&A session. If you have any additional questions, you can send it to our Investor Relations team, and we will answer them later.

謝謝你，瑪格達。謝謝你，費爾南多和雷娜塔。謝謝路易斯提出的問題。我們的網路直播即將結束。我們將結束問答環節。如果您有任何其他問題，可以將其發送給我們的投資者關係團隊，我們稍後會為您解答。

So I'd like to thank you all for having joined our webcast. And I'll give the floor to Fernando and to Magda for their final remarks. Fernando, Magda, the floor is yours.

因此，我要感謝大家參加我們的網路廣播。現在請費爾南多和瑪格達做最後的發言。費爾南多、瑪格達，現在請你們發言。

Well, I would like to thank you all for joining us. I'd like to say that our team is really available if you have any further questions. We are always at your disposal. Well, to close, I would like to say that we are really happy because we could show what a proper, well thought of and planned CapEx can do, which was to increase production. In our view, this will really stay for a very long time with very positive prospects looking forward.

好吧，我想感謝大家加入我們。我想說的是，如果您有任何其他問題，我們的團隊將竭誠為您服務。我們隨時為您服務。好吧，最後，我想說我們真的很高興，因為我們可以展示適當的、經過深思熟慮和計劃的資本支出可以做什麼，那就是提高產量。我們認為，這種狀況將會持續很長一段時間，而且前景非常樂觀。

And with new equipment coming, with new production equipment starting up. So I think that our increase will be more than our decrease. And in the next five years, we are really sure that this will take place. Production was better. And with that, it offset reduction in Brent prices.

隨著新設備的到來，新生產設備的啟動。所以我認為我們的成長將會大於下降。在未來五年內，我們確信這將會實現。生產效果更好。這也抵消了布蘭特原油價格的下跌。

And this was very important for our earnings so that we could complete our strategic plan as we planned, and all contracts regarding distribution will be complied with, we have contracts. So there is no discussion, no argument. We will comply with all these contracts. This is a commitment we have. So thank you all very much, and we are available -- and also during the this week to discuss any issues you deem necessary.

這對我們的收益非常重要，這樣我們就可以按計劃完成我們的戰略計劃，並且所有與分銷有關的合約都將得到遵守，我們有合約。因此沒有討論，沒有爭論。我們將遵守所有這些合約。這是我們的承諾。非常感謝大家，我們隨時可以討論您認為必要的任何問題。

Well, to close, I would like to thank you all for joining us in this webcast. And thank you all for the attention you give to Petrobras and Petrobras businesses. I agree with Fernando. And I would like to again say that we are really willing to meet everything that has been planned, offering our investors, be it government or private investors, making sure that Petrobras really want to have profitable projects, optimizing it projects portfolio and really making investments and projects that are as efficient as possible.

好吧，最後，我要感謝大家參加這次網路廣播。感謝大家對巴西石油公司和巴西石油公司業務的關注。我同意費爾南多的觀點。我想再次說，我們確實願意滿足所有已計劃好的要求，為我們的投資者（無論是政府投資者還是私人投資者）提供服務，確保巴西石油公司真正希望擁有盈利的項目，優化其項目組合，並真正進行盡可能高效的投資和項目。

We have wonderful actions from exploration and production, very attractive projects, including refining and sales. We are making money. We have 24% renewable energy in Asia, expanding our market. We are making money. We are expanding production of diesel with profitability, very high levels of profitability.

我們在勘探和生產方面採取了出色的行動，項目非常有吸引力，包括煉油和銷售。我們正在賺錢。我們在亞洲擁有24%的再生能源，這擴大了我們的市場。我們正在賺錢。我們正在擴大柴油生產，獲利能力非常高。

So you can all be reassured that Petrobras is making an effort and that this Board is really making an effort so that we can achieve the best results possible. Thank you all very much. Our doors are open. And our Investor Relationship and Eduardo is available so that we can answer all the questions you may have. And so whatever questions you have, you just ask. Thank you all very much, and have a nice day.

因此，大家可以放心，巴西石油公司正在努力，董事會也真正努力，以便我們能夠取得最好的結果。非常感謝大家。我們的大門敞開著。我們的投資者關係部門和 Eduardo 可以隨時解答您的所有問題。所以無論你有什麼問題，儘管問。非常感謝大家，祝大家有個愉快的一天。

Thank you, Magda. Thank you, Fernando. So the presentation will be made available at the Investor Relationship website. And soon, we will also make the audio available. Thank you all very much for having joined us and see you in the next webcast.

謝謝你，瑪格達。謝謝你，費爾南多。因此，該簡報將在投資者關係網站上發布。很快，我們還將提供音訊。非常感謝大家的參與，下次網路直播再見。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。