巴西石油 (PBR.A) 2021 Q3 法說會逐字稿

Good morning, everyone. Welcome to Petrobras' webcast with analysts and investors about the third quarter 2021 results. It's great to have you here with us today.

大家，早安。歡迎觀看巴西國家石油公司與分析師和投資者一起觀看的有關 2021 年第三季業績的網路廣播。很高興今天您能和我們在一起。

We'd like to inform you that all participants will follow the transmission by listeners. After introduction, a Q&A session will begin. You can send us questions by email at petroinvest@petrobras.com.br. We also inform you that all executives are participating in the event remotely in their individual rooms, respecting all security protocols.

我們想通知您，所有參與者都將遵循聽眾的傳輸。介紹完畢後，將開始問答環節。您可以透過電子郵件向我們發送問題：petroinvest@petrobras.com.br。我們也通知您，所有高階主管都在各自的房間遠端參加活動，遵守所有安全協議。

Today, we have with us Cláudio Mastella, Chief Trading & Logistics Officer; Nicolas Simone, Chief Digital Transformation & Innovation Officer; Roberto Ardenghy, Chief Institutional Relations & Sustainability Officer; Rodrigo Araujo, Chief Financial and Investor Relations Officer; Rodrigo Costa, Chief Refining & Natural Gas Officer; Salvador Dahan, Chief Governance & Compliance Officer; André Cordeiro, Executive Manager for Subsea Systems; and João Jeunon, Executive Manager for E&P Integrated Asset Management.

今天，我們邀請了首席貿易和物流官 Cláudio Mastella； Nicolas Simone，首席數位轉型與創新長； Roberto Ardenghy，首席機構關係與永續發展長； Rodrigo Araujo，財務與投資者關係長； Rodrigo Costa，首席煉油和天然氣官；薩爾瓦多‧達漢 (Salvador Dahan)，首席治理與合規官； André Cordeiro，海底系統執行經理； João Jeunon，E&P 綜合資產管理執行經理。

To initiate, I will pass to our CFO, Rodrigo Araujo. Rodrigo, please go ahead.

首先，我將邀請我們的財務長羅德里戈·阿勞霍 (Rodrigo Araujo) 發言。羅德里戈，請繼續。

Thank you, Carla. Hello, everyone. Good morning. It's a pleasure to be here with you today, and I hope you're all well and safe.

謝謝你，卡拉。大家好。早安.很高興今天能和你們在一起，希望你們一切順利、安全。

So we can start with the next slide, please. Thank you. So as we see, our rate of total recordable injuries per million man-hours has been continually decreasing. And when we look at the first 9 months of 2021, we're at a 0.56 level that is below our level of alert of 0.7. And of course, the company has been doing significant work in terms of continually improving its safety, and safety is a main value and priority for us.

那我們可以從下一張投影片開始。謝謝。正如我們所看到的，每百萬工時可記錄總傷害率一直在持續下降。當我們觀察 2021 年前 9 個月時，我們處於 0.56 的水平，低於 0.7 的警戒水平。當然，公司在不斷提高安全性方面一直在做大量工作，安全是我們的主要價值和優先事項。

But of course, we're not only comfortable with such rate, we're focused on having 0 fatalities. And unfortunately, we had 2 fatalities in the third quarter of 2021. So we're highly focused on improving safety in our operations and meeting our ambition of 0 fatalities.

當然，我們不僅對這樣的死亡率感到滿意，我們也專注於零死亡人數。不幸的是，2021 年第三季我們有 2 人死亡。因此，我們高度重視提高營運安全性並實現零死亡的目標。

Next slide, please. In terms of our emissions and our commitment to the energy transition, we've announced in September of this year our ambition to achieve emissions neutrality in the time frame compatible with the Paris Agreement. And of course, is focused on the neutrality of activities under our control, Scopes 1 and 2.

請下一張投影片。在我們的排放和對能源轉型的承諾方面，我們已於今年 9 月宣布了在符合《巴黎協定》的時間框架內實現排放中和的目標。當然，重點是我們控制下的活動的中立性，範圍 1 和 2。

And we're also committed to influence our partners in our upstream joint ventures to achieve the same ambition in nonoperated assets. This ambition is aligned of course with the OGCI, The Oil and Gas climate Initiative, of which we've been a member since 2018, and reinforces our commitment in reducing emissions in our operations.

我們也致力於影響上游合資企業的合作夥伴，以在非營運資產方面實現相同的目標。這項雄心壯志當然與 OGCI（石油和天然氣氣候倡議）一致，我們自 2018 年以來一直是該倡議的成員，並強化了我們在營運中減少排放的承諾。

Next, please. In terms of the results with respect to emissions in the year 2021, our results are coming as expected, and we -- our outlooks for 2021 are very healthy, and we expect to achieve the goals that we set for 2021 in terms of kilos per CO2 per barrel of emissions in the upstream segment. Our carbon intensity is 15.7 compared to our target of 17, our acceptable maximum limit of 17. So we're comfortably below the target that we set for 2021.

下一個。就 2021 年排放量的結果而言，我們的結果符合預期，我們對 2021 年的前景非常健康，我們預計將實現我們為 2021 年設定的每公斤排放量目標上游部分每桶二氧化碳排放量。我們的碳強度為 15.7，而我們的目標為 17，即我們可接受的最高限值 17。因此，我們遠低於我們為 2021 年設定的目標。

And in terms of the emissions in our refining operations, we're also below. We have 39.9 kilos of CO2 equivalent per ton of complexity weighted in our refining operations and our acceptable maximum limit is 40. So we're below the target set for 2021. And in terms of absolute GHG emissions for 2021, we're also -- we've emitted 46 million tons of CO2 in this year and is also compatible with the targets that we set for 2021 as well.

就我們煉油業務的排放量而言，我們也低於此水準。在我們的煉油作業中，每噸複雜性加權的二氧化碳當量為 39.9 公斤，可接受的最大限值為 40。因此，我們低於 2021 年設定的目標。就 2021 年的絕對溫室氣體排放量而言，我們今年排放了 4,600 萬噸二氧化碳，也符合我們為 2021 年設定的目標。

Next, please. In terms of CO2 emissions -- in terms of CO2 reinjection, sorry, we've been focused on reinjecting a relevant portion of our CO2 emissions. And when we look at the -- what we've done since 2008, we've already reinjected 28.1 million tons of CO2. And only in 2021, we've already reinjected 6.7 million tons, which is very close to the level of reinjections of 2020. And we're focused on achieving our commitment of reinjecting 40 million tons of CO2 by the year 2025, and we're focused on achieving that target and continually improving the level of CO2 reinjection.

下一個。就二氧化碳排放而言，就二氧化碳回注而言，抱歉，我們一直專注於回註二氧化碳排放的相關部分。當我們回顧自 2008 年以來我們所做的事情時，我們已經重新註入了 2810 萬噸二氧化碳。光是2021年，我們就已經回注了670萬噸，這非常接近2020年的回注水準。我們的重點是實現到 2025 年回注 4000 萬噸二氧化碳的承諾，並且我們致力於實現該目標並不斷提高二氧化碳回注水平。

Next, please. Another important aspect of our ESG strategy is, of course, the recognition of improvements in our governance. October this year, we have completed the obligations that we had under the agreement with the U.S. Department of Justice. This agreement was signed in 2018, and is now closed and there are important recognitions that were made in the conclusion of this process, of course, related both to the improvement of our internal controls and to the evolution of our integrity program.

下一個。當然，我們 ESG 策略的另一個重要面向是認可我們治理的改善。今年10月，我們已經完成了與美國司法部協議中的義務。該協議於 2018 年簽署，現已結束，在這一過程的結束過程中我們做出了重要的認可，當然，這與我們內部控制的改進和誠信計劃的發展有關。

The company's compliance system has evolved substantially since 2015. And of course, we're highly committed to continued improvements in our governance and compliance systems, but it's an important achievement and recognition, the conclusion of the agreement with the U.S. DOJ. Of course, the agreement also acknowledges that Petrobras was a victim of the corruption schemes that occurred in the past. And as I mentioned before, we're focused on continually improving our governance and our compliance systems.

自 2015 年以來，公司的合規體系取得了長足的發展。當然，我們高度致力於持續改善我們的治理和合規系統，但與美國司法部達成協議是一項重要的成就和認可。當然，該協議也承認巴西國家石油公司是過去發生的腐敗計畫的受害者。正如我之前提到的，我們致力於不斷改進我們的治理和合規系統。

Next, please. In terms of our financial and operational highlights, of course, we have to highlight the fact that we've achieved our target of $60 billion of gross debt more than a year before the expected deadline. We expected to achieve that in 2022, and we closed the third quarter 2021 with a gross debt of $59.6 billion, which is a very important achievement and brings us to a capital structure that is much more compatible with our peers and allows us to compete much more efficiently in the oil and gas market with majors and other peers.

下一個。當然，就我們的財務和營運亮點而言，我們必須強調這樣一個事實：我們比預期期限提前一年多就實現了 600 億美元債務總額的目標。我們預計在2022 年實現這一目標，截至2021 年第三季度，我們的債務總額為596 億美元，這是一項非常重要的成就，使我們的資本結構與同行更加兼容，使我們能夠更具競爭力與專業人士和其他同行更有效地在石油和天然氣市場上合作。

We had a recurring EBITDA of $12.2 billion and a recurring net income of $3.3 billion in the third quarter of 2021. Very solid operational performance with higher sales of oil products in domestic market, especially diesel, gasoline and jet fuel. Our oil and gas production also increased in the third quarter. We have the pre-salt representing more than 71% of our total production now. So we had a very solid operational quarter. That resulted, of course, in the -- in an important generation of cash from our operations of $10.5 billion and a free cash flow of $9 billion.

2021 年第三季度，我們的經常性 EBITDA 為 122 億美元，經常性淨利為 33 億美元。經營業績非常穩健，國內市場油品銷量較高，特別是柴油、汽油和航空燃油。第三季我們的石油和天然氣產量也有所增加。目前，我們的鹽下產量佔總產量的 71% 以上。所以我們有一個非常穩健的季度營運。當然，這導致我們的營運產生了 105 億美元的重要現金和 90 億美元的自由現金流。

During the third quarter, we also had important inflows from our portfolio management strategy. Of course, the remaining shares that we had in Petrobras Distribuidora resulted in a cash inflow of $2.2 billion. And we also had the payments of the Co-participation Agreement for the Buzios field of $2.9 billion. That was also a relevant cash inflow and represented the entrance of our partners in the Buzios field.

在第三季度，我們的投資組合管理策略也帶來了重要的資金流入。當然，我們持有的 Petrobras Distribuidora 剩餘股份帶來了 22 億美元的現金流入。我們也收到了 Buzios 油田共同參與協議的 29 億美元付款。這也是相關的現金流入，代表我們的合作夥伴進入布基亞斯領域。

And yesterday, our Board of Directors approved a new anticipation of dividends of $6 billion that -- alongside with the $6 billion that we had announced in August, totals $12 billion of anticipated shareholder remuneration for the year. And this is, of course, an important contribution and represents the company's commitment with -- at generating value and distributing its earnings and an important contribution both to its shareholders and to the Brazilian society, not only in the form of dividends, of course, but in the form of tax paid and social responsibility as well. So the company is getting stronger and healthier and being able to substantially contribute to the Brazilian society as well with relevant investments and commitment with operational efficiency.

昨天，我們的董事會批准了 60 億美元的新股息預期，加上我們 8 月宣布的 60 億美元，今年預期股東薪酬總額為 120 億美元。當然，這是一項重要的貢獻，代表了公司在創造價值和分配收益方面的承諾，以及對其股東和巴西社會的重要貢獻，當然，不僅僅是以股息的形式，但也以納稅和社會責任的形式出現。因此，該公司變得更加強大和健康，能夠透過相關投資和營運效率的承諾為巴西社會做出重大貢獻。

Next slide, please. When we look at the external environment, Brent prices were 7% above Q2 2021. And the average exchange rate was -- there was a little appreciation of the real when compared to the U.S. dollar during the quarter. But the main relevant figure here is the change in the end-of-period exchange rate, which impacts our end-of-period debt when we translated into Brazilian real, our functional currency, and it impacts our earnings. So we had an important impact in the earnings of the third quarter of 2021. That is, of course, a noncash impact, but it impacts relevantly our third quarter 2021 earnings.

請下一張投影片。從外部環境來看，布蘭特原油價格較 2021 年第二季上漲 7%。本季平均匯率與美元相比，雷亞爾略有升值。但這裡主要的相關數據是期末匯率的變化，當我們轉換成我們的功能貨幣巴西雷亞爾時，它會影響我們的期末債務，並影響我們的收益。所以我們對2021年第三季的獲利產生了重要影響。當然，這是非現金影響，但它對我們 2021 年第三季的收益產生了相關影響。

Next, please. When we look at the gross debt, as I mentioned before, we reached a target of $60 billion. In anticipation, we originally forecasted to meet it in 2022. And when we look at the track record of the company since 2015, we had in the past $166 billion in gross debt when we consider the finance leases. And the multiple of our cash flow from operations was in the past above 7. So it's an impressive corporate turnaround journey that has been made by the company, and of course, allow us to be even more focused now on operational efficiency and on returning the cash that we generate.

下一個。當我們看總債務時，正如我之前提到的，我們達到了 600 億美元的目標。在預期中，我們最初預計將在 2022 年實現這一目標。當我們查看該公司自 2015 年以來的業績記錄時，如果考慮到融資租賃，我們過去的總債務為 1,660 億美元。過去，我們的營運現金流倍數高於 7。因此，這是公司令人印象深刻的企業轉型之旅，當然，這讓我們現在能夠更加關注營運效率和回報我們產生的現金。

In the third quarter of 2021, we prepaid $6.1 billion in gross debt. And there was, of course, the start-up of the FPSO Carioca which added another $3 billion in finance leases. That’s an important achievement with respect to FPSO Carioca as well. We're very close to start producing a second producing field from FPSO Carioca and continuing the ramp up of the platform, which adds relevant production to our portfolio and adds value to our portfolio overall.

2021 年第三季度，我們預付了 61 億美元的總債務。當然，還有 FPSO Carioca 的啟動，它又增加了 30 億美元的融資租賃。對 Carioca FPSO 來說，這也是一項重要成就。我們非常接近開始從 FPSO Carioca 生產第二個生產油田，並繼續擴大該平台，這將為我們的產品組合增加相關產量，並為我們的整體產品組合增加價值。

And when we look at our leverage in terms of net debt to EBITDA, we closed Q3 2021 at 1.17, which is very in line with our peers, with majors. And of course, when we think about the $60 billion debt target that we set, it's a level that allows us to be committed with the company's financial sustainability and to navigate scenarios much more challenging than the one that we're seeing now. $60 billion, that allows us to go through scenarios like the one we saw last year when we had Brent prices around $40 a barrel without substantially increasing our leverage. So it brings us a very optimized capital structure and allows us to look very enthusiastically to the future.

當我們以淨負債與 EBITDA 的比率來衡量我們的槓桿率時，我們在 2021 年第三季的收盤價為 1.17，這與我們的同業和主要公司非常一致。當然，當我們考慮設定的 600 億美元債務目標時，這個水準使我們能夠致力於公司的財務可持續性，並應對比我們現在看到的更具挑戰性的情況。600 億美元，這使我們能夠經歷去年看到的情景，當時布蘭特原油價格約為每桶 40 美元，而無需大幅增加我們的槓桿率。所以它為我們帶來了非常優化的資本結構，讓我們對未來充滿熱情。

Next, please. In terms of our EBITDA, we had a very solid quarter as well. We improved our recurring EBITDA by 7%. A total EBITDA of $12.2 billion of recurring EBITDA in the third quarter of 2021. As I mentioned before, this is, of course, a result of a very solid operational performance, both in the upstream and downstream segment.

下一個。就 EBITDA 而言，我們的季度也非常穩健。我們的經常性 EBITDA 提高了 7%。2021 年第三季經常性 EBITDA 總額為 122 億美元。正如我之前提到的，這當然是上游和下游領域非常穩健的營運績效的結果。

Next, please. Looking at the performance by segment, we had an important impact of Brent prices for the Upstream segment. Our production, of course, increased around 1% this quarter as well and the pre-salt is improving its share in terms of our total portfolio, which also adds value to our portfolio and our results.

下一個。從各細分市場的表現來看，布蘭特原油價格對上游細分市場產生了重要影響。當然，本季我們的產量也增加了約 1%，鹽下在我們總投資組合中的份額正在提高，這也為我們的投資組合和業績增加了價值。

In terms of our RTC segment, we had also important results in the second quarter. And despite the improvement in the operational performance, we had higher expenses with legal proceedings that offset the improve in the operational performance. And with respect to our Gas & Power segment, of course, we had lower natural gas margins, substantially this should increase in LNG costs. I believe LNG costs internationally are substantially higher, and we have longer-term contracts. So we had an impact of LNG costs in our long-term contracts in this quarter. But the annual result is also very solid and in line with our planning for this year as well.

就 RTC 業務而言，我們在第二季也取得了重要成果。儘管營運績效有所改善，但我們的法律訴訟費用較高，抵銷了營運績效的改善。當然，就我們的天然氣和電力部門而言，我們的天然氣利潤率較低，這會大大增加液化天然氣成本。我認為國際液化天然氣成本要高得多，而且我們有長期合約。因此，本季我們的長期合約受到了液化天然氣成本的影響。但年度結果也非常穩健，也符合我們今年的計畫。

Next, please. In terms of cash generation and the distribution of our cash, alongside with our EBITDA, we had the impact of income taxes and working capital that was relevant in the third quarter. We're seeing higher prices. So we see some increase in terms of working capital as well.

下一個。就現金產生和現金分配以及 EBITDA 而言，我們受到了與第三季相關的所得稅和營運資本的影響。我們看到價格上漲。因此，我們也看到營運資金增加。

As I mentioned before, we had $9 billion of free cash flow in the third quarter of 2021. And when we include the inflows from the portfolio management strategy and from the Buzios Co-participation Agreement, we have a free cash flow after divestments of $14.3 billion. Of course, that was mainly used to reduce our gross debt. We prepaid $6.1 billion of gross debt, and we also had additional scheduled payments. So the total payments in terms of debt was $6.8 billion this quarter. And we also had the first payment of the dividends that we announced in August of $4 billion. So in terms of cash, in the end, we have a positive cash change of $1 billion in the third quarter of 2021.

正如我之前提到的，2021 年第三季我們的自由現金流為 90 億美元。當我們納入投資組合管理策略和 Buzios 共同參與協議的流入時，我們在撤資後擁有 143 億美元的自由現金流。當然，這主要是用來減少我們的總負債。我們預付了 61 億美元的總債務，我們還有額外的預定付款。因此，本季的債務支付總額為 68 億美元。我們還支付了 8 月宣布的 40 億美元股息的第一筆股息。因此，就現金而言，最終我們在 2021 年第三季實現了 10 億美元的正現金變動。

Next, please. In terms of our liability management strategy, of course, we're -- in terms of debt level, we're quite comfortable with the current capital structure. Of course, this is something that the company continually monitors. But we believe that $60 billion debt level allow us to be able to manage the company efficiently in challenging scenarios.

下一個。當然，就我們的負債管理策略而言，就債務水準而言，我們對目前的資本結構感到非常滿意。當然，這是公司持續監控的事情。但我們相信，600 億美元的債務水準使我們能夠在充滿挑戰的情況下有效管理公司。

But when we look at the profile of the remaining debt, of course, we see opportunities to increase its maturity and to reduce costs. Our current cost is 6%. And we improved the maturity in the third quarter of 2021 from around 12.5 to 13.5.

但是，當我們審視剩餘債務的情況時，當然，我們看到了延長其期限和降低成本的機會。我們目前的成本是 6%。我們將 2021 年第三季的期限從 12.5 左右提高到 13.5。

When we look at the amortization schedule for the next year, it's quite compatible with the company's cash flow generation. We see that we have a very smooth amortization profile that allow us to make the relevant investments that we need to make and to distribute our dividends without committing the company's financial sustainability. We also had -- we have revolving credit facility lines of $8.7 billion and a cash level of $11.5 billion.

當我們查看明年的攤銷時間表時，它與公司的現金流量產生非常吻合。我們看到，我們的攤銷狀況非常平穩，使我們能夠進行所需的相關投資並分配股息，而無需承諾公司的財務可持續性。我們還有 87 億美元的循環信貸額度和 115 億美元的現金水準。

When we think about the cash level, we see that we're -- we have a cash level that is higher than our optimal cash level that we believe that is around $8 billion to $10 billion. But of course, we still have potential challenges coming from the pandemic scenario that is -- of course, is improving, but we still see potential challenges in the upcoming future. So we have a higher cash level, then we think it's optimal, at least for the short term. But we do expect to bring our cash levels to a lower level, closer to a range from $8 billion to $10 billion.

當我們考慮現金水準時，我們發現我們的現金水準高於我們認為的最佳現金水平，即 80 億至 100 億美元左右。但當然，我們仍然面臨來自疫情情況的潛在挑戰，當然，這種情況正在改善，但我們仍然看到未來的潛在挑戰。因此，我們擁有更高的現金水平，那麼我們認為這是最佳的，至少在短期內是如此。但我們確實希望將我們的現金水準降低到更低的水平，接近 80 億美元到 100 億美元的範圍。

In the third quarter, we also had the early redemption of $1.3 billion in our bonds, make hold of some of our bond series. We also have $3.5 billion in prepayments of bank loans. And we had very positive news in terms of credit profile. Moody's upgraded our credit risk from Ba2 to Ba1 in the third quarter of 2021.

第三季度，我們也提前贖回了13億美元的債券，保留了部分債券系列。我們還有 35 億美元的銀行貸款預付款。就信用狀況而言，我們有非常正面的消息。穆迪於 2021 年第三季將我們的信用風險從 Ba2 升級至 Ba1。

Next, please. In terms of portfolio management, as you can see the highlighted transactions, we had 6 signings and 4 closes in the third quarter of 2021. Of course, relevant transactions that support our deleveraging and help us achieve the optimal portfolio focused on world-class upstream assets and world-class refining assets in Brazil. Of course, especially in the ultra-deepwater, pre-salt and world-class refining assets in the southeast of Brazil. That is the focus of our portfolio.

下一個。在投資組合管理方面，正如您所看到的重點交易，我們在 2021 年第三季完成了 6 筆簽約和 4 筆成交。當然，相關交易支持我們去槓桿，幫助我們實現專注於巴西世界級上游資產和世界級煉油資產的最優組合。當然，尤其是巴西東南部的超深水、鹽下世界級煉油資產。這是我們投資組合的重點。

Next, please. In terms of highlights of this third quarter, we had the follow-on of our remaining shares in Petrobras Distribuidora that I mentioned before. We also had relevant signings, both in terms of our agreement with CADE with respect to the refining assets and to the natural gas assets. So we signed the SPA for REMAN, that is our North refinery. And also, we signed Gaspetro and other relevant assets in the natural gas agreement with the Brazilian antitrust authorities.

下一個。就第三季的亮點而言，我們跟進了我之前提到的 Petrobras Distribuidora 剩餘股份。我們也與 CADE 就煉油資產和天然氣資產簽署了相關協議。因此，我們簽署了 REMAN 的 SPA，即我們的北方煉油廠。此外，我們也與巴西反壟斷機構簽署了天然氣協議中的Gopetro等相關資產。

And also, we had the closing of the Rabo Branco Field in October 2021. So our total cash inflow in 2021 is $2.9 billion, and the total value of the already signed transactions in 2021, $5.6 billion. And that, of course, supports our deleveraging strategy and distribution of earnings. So it's a very positive inflow in terms of cash.

此外，我們也於 2021 年 10 月關閉了 Rabo Branco 油田。因此，我們 2021 年的現金流入總額為 29 億美元，2021 年已簽署交易的總價值為 56 億美元。當然，這支持我們的去槓桿化策略和收益分配。因此，就現金而言，這是非常積極的流入。

Next, please. So in terms of earnings for the quarter, we had $3.3 billion of recurring earnings in the third quarter of 2021. We had a 5% increase in gross profit. And as I mentioned before, we also had a negative impact with respect to the depreciation of the real that impacted our -- as I mentioned, it's noncash, but it impacted substantially our earnings.

下一個。因此，就本季收益而言，2021 年第三季我們的經常性收益為 33 億美元。我們的毛利增加了 5%。正如我之前提到的，我們也對雷亞爾貶值產生了負面影響，正如我所提到的，它是非現金，但它對我們的收入產生了重大影響。

We also had reversal of impairments from upstream assets, given the more positive price scenario and capital gains from the Buzios Co-participation Agreement. Those were partially offset by actuarial losses related to our corporate health plan. We had a relevant change in terms of legislation here in Brazil, Resolução CGPAR 23, that was part of our labor agreement with the unions and it impacted negatively the third quarter of 2021.

鑑於更積極的價格情況和 Buzios 共同參與協議的資本收益，我們也扭轉了上游資產的減損。這些損失被與我們的企業健康計劃相關的精算損失部分抵消。我們在巴西的立法方面進行了相關變更，Resolução CGPAR 23，這是我們與工會的勞工協議的一部分，對 2021 年第三季度產生了負面影響。

Next, please. Finally, as I mentioned before, our Board of Directors approved, in 2021, an anticipation of $12 billion, $6 billion were approved in the second quarter of 2021 and an additional $6 billion has been approved now in the third quarter. This anticipation of shareholder remuneration, of course, is compatible with our financial sustainability and reinforces our focus on capital discipline, on optimizing our capital allocation. And of course, on distributing all the earnings that we generate that, of course, is very positive, both to our shareholders and to the Brazilian society that, in the end, receives a relevant portion of the dividends that we pay. So this is very important in terms of Petrobras' contribution to the Brazilian society as well.

下一個。最後，正如我之前提到的，我們的董事會批准了 2021 年 120 億美元的預期，2021 年第二季批准了 60 億美元，第三季又批准了 60 億美元。當然，這種對股東薪酬的預期與我們的財務可持續性一致，並強化了我們對資本紀律和優化資本配置的關注。當然，在分配我們產生的所有收益時，這對我們的股東和巴西社會來說都是非常積極的，最終，巴西社會獲得了我們支付的股息的相關部分。因此，就巴西國家石油公司對巴西社會的貢獻而言，這也非常重要。

We believe that having a stronger and more solid Petrobras is very positive for the Brazilian society. So -- and as I mentioned before, we continue to be highly committed with the execution of our strategy. And we believe that the results that we have in the third quarter represent important achievements in terms of delivering our strategic plan. Thank you.

我們相信，擁有一個更強大、更堅實的巴西國家石油公司對巴西社會來說是非常正面的。因此，正如我之前提到的，我們將繼續高度致力於執行我們的策略。我們相信，第三季的結果代表了我們在實現策略計畫方面所取得的重要成就。謝謝。

I'll pass the floor back to Carla. Thank you.

我將把發言權交還給卡拉。謝謝。

Thank you, Rodrigo. We can now move to our Q&A session. And the first question that we received comes from Frank McGann with Bank of America Merrill Lynch. And it's for André. André, what cost pressures are you seeing both relative to operations and also to investments? Could this affect future CapEx decisions?

謝謝你，羅德里戈。我們現在可以進入問答環節。我們收到的第一個問題來自美銀美林的 Frank McGann。這是給安德烈的。André，您認為營運和投資上有哪些成本壓力？這會影響未來的資本支出決策嗎？

Thank you, Frank, for your question. We do not expect cost impacts this year since the contracts of goods and services have been settled before, and also because even inflation corrections do not apply at the same time for our contracts.

謝謝弗蘭克的提問。我們預計今年不會產生成本影響，因為之前已經結算了商品和服務合同，而且因為即使是通膨修正也不會同時適用於我們的合約。

In respect to the future investments, we continuously access all the applicable variables, not only costs but exchange rates, Brent scenarios in short and long term. So also possible project optimizations analyzed and other aspects are considered on the future CapEx decisions. We are concluding and close to announce, by the end of November or beginning December, our '22-'26 strategic plan, which will detail our investment choices. Thank you for your question.

關於未來的投資，我們不斷獲取所有適用的變量，不僅是成本，還有匯率、短期和長期的布蘭特原油情景。因此，也分析了可能的專案最佳化，並在未來的資本支出決策中考慮了其他方面。我們正在總結並即將在 11 月底或 12 月初宣布我們的「22-26」戰略計劃，該計劃將詳細說明我們的投資選擇。謝謝你的問題。

Thank you, André. The second question from Frank is for Rodrigo Araujo. So Rodrigo, given the significant improvement in the company's balance sheet and expected tight global supply demand that is expected over the next few years, could the company move to increase investments in upstream projects over the next several years?

謝謝你，安德烈。弗蘭克的第二個問題是問羅德里戈·阿勞霍的。那麼羅德里戈，考慮到公司資產負債表的顯著改善以及預計未來幾年全球供應需求的緊張，公司是否可以在未來幾年內增加對上游項目的投資？

Thank you for your question, Frank. Of course, the more positive oil price scenario is supportive of increasing CapEx in upstream assets. But when we look at the portfolio in terms of future perspectives, we're, of course, concerned with long-term prices. And we're committed to invest in assets that are both environmentally and low-price resilient. So we have a very solid threshold in terms of project decision of 35 Brent price in terms of resilience for long-term projects. And we can expect some increase in terms of CapEx for the '22-'26 business plan that we expect to announce by the end of November, beginning of December. But again, all the CapEx increases that were -- that we eventually made will be related to resilient assets and that are able to be profitable and have adequate returns, even in quite challenging scenarios. But thank you for your question.

謝謝你的提問，弗蘭克。當然，更積極的油價情境支持增加上游資產的資本支出。但當我們從未來的角度看待投資組合時，我們當然關心的是長期價格。我們致力於投資具有環保和低價彈性的資產。因此，就長期專案的彈性而言，我們在專案決策方面有一個非常堅實的門檻，即35布倫特價格。我們預計將於 11 月底、12 月初宣布的「22-26」業務計畫的資本支出將增加。但同樣，我們最終增加的所有資本支出都將與彈性資產相關，即使在相當具有挑戰性的情況下，這些資產也能夠獲利並獲得足夠的回報。但謝謝你的提問。

Thank you, Rodrigo. The second question comes from Luiz Carvalho with UBS, and this is for you as well. So the company has been very vocal in the sense of highlighting its potential contribution to the society in the form of dividends. How can we see this developing in the next 12 to 18 months? As the country undergoes a challenging macro situation, could Petrobras increase its dividends to benefit the country? How could we understand the potential limits for distribution? Could there be the case for a potential higher percentage than the 60% of the difference of operating cash flow and CapEx?

謝謝你，羅德里戈。第二個問題來自瑞銀集團的路易斯卡瓦略，這也是給你的。因此，該公司一直非常直言不諱地以股息的形式強調其對社會的潛在貢獻。我們如何看待未來 12 至 18 個月的發展？在國家面臨充滿挑戰的宏觀情勢的情況下，巴西國家石油公司能否增加股利以使國家受益？我們如何理解分發的潛在限制？營運現金流量與資本支出之間的差異是否有可能比 60% 更高？

Thank you for your question, Luiz. Well, of course, 2021 is a transition year in which we achieved our $60 billion gross debt target. And we have, of course, managed to balance reducing our leverage this year with distributing our earnings as well. So this has been an important part of our strategy for 2021.

謝謝你的提問，路易斯。當然，2021 年是一個過渡年，我們實現了 600 億美元的總債務目標。當然，我們今年設法在降低槓桿率和分配收益之間取得平衡。因此，這是我們 2021 年策略的重要組成部分。

Of course, depending on the results of the fourth quarter of 2021, we may see additional dividend distribution, depending on the scenario, the results and the company's financial sustainability as well. But in terms of the future, for 2022, we expect to comply with our dividend policy and distribute 60% of our free cash flow starting from 2022.

當然，根據2021年第四季的業績，我們可能會看到額外的股息分配，具體取決於情況、業績和公司的財務可持續性。但就未來而言，對於2022年，我們預計將遵守我們的股利政策，並從2022年開始分配我們自由現金流的60%。

And then, of course, depending on the scenario and the results that we have, we may think about additional distribution. But again, it will be depending on the scenario and the upsides that we have in terms of what happens next year.

當然，根據情況和我們得到的結果，我們可能會考慮額外的分配。但同樣，這將取決於明年發生的情況和我們所擁有的優勢。

Of course, we're now looking at the '22-'26 business plan and considering aspects like the timing of dividend distribution. We want to have more consistent distribution in terms of timing as well considering potentially quarterly or half year distribution. We don't have a straightforward answer now, but it's something that we're looking for -- we're looking at. And we may have those discussions concluded by the announcement of our '22-'26 business plan. Thank you for your question.

當然，我們現在正在研究'22-'26業務計劃並考慮諸如股息分配時間等方面。我們希望在時間上有更一致的分配，並考慮潛在的季度或半年分配。我們現在還沒有一個直接的答案，但這是我們正在尋找的東西——我們正在研究。我們可能會在宣布“22-”26 業務計劃時結束這些討論。謝謝你的問題。

Thank you, Rodrigo. We received another big question from Luiz. So I'll break it down in 3. So the first part would be for Rodrigo Costa. What changes for Petrobras upon the divestments of the refineries? Does Petrobras foresee additional investments by other players in the market, potentially in new refineries?

謝謝你，羅德里戈。我們收到了路易斯提出的另一個大問題。所以我將把它分成 3 部分。所以第一部分是為羅德里戈·科斯塔準備的。煉油廠撤資後，巴西國家石油公司會發生什麼變化？巴西國家石油公司是否預期市場上其他參與者可能會增加投資，並可能投資新煉油廠？

The second part is for Mastella. So how do you see the Brazilian refining market advancing after the refineries are sold? Also, how the company sees the guarantee of domestic fuel supply once there are other players in the market? And what will be the Petrobras' hold in the scenario?

第二部分是為馬斯特拉準備的。那麼，您如何看待銷售煉油廠後巴西煉油市場的發展？另外，一旦市場出現其他參與者，公司如何看待國內燃料供應的保障？在這種情況下，巴西國家石油公司將持有什麼？

And the third part is for Rodrigo Araujo. So following the halting of the sale process for RNEST and REFAP, how are the plans for the final optimal portfolio for the company? Is Petrobras considering changes in its configurations? Or can we expect the company to continue to focus only on the refineries [in Rio and] Sao Paulo, even if in the long term?

第三部分是羅德里戈·阿勞霍的。那麼，在 RNEST 和 REFAP 停止出售之後，公司最終的最佳投資組合計劃如何？巴西國家石油公司是否正在考慮改變其配置？或者我們可以期望該公司繼續只專注於[裡約熱內盧和]聖保羅的煉油廠，即使從長遠來看也是如此？

Luiz, we are preparing our company to this new environment, implementing 3-action plan. The first one is regarding improving our efficiency through a program that we are calling here as RefTOP. This program aimed to put our refineries in the first quartile of benchmark Solomon that we used the reference of United States refinery performance.

Luiz，我們正在為公司做好適應新環境的準備，實施三項行動計畫。第一個是透過我們在這裡稱為 RefTOP 的程式來提高我們的效率。該計劃旨在將我們的煉油廠置於我們使用美國煉油廠績效參考的所羅門基準的第一個四分位數。

We are trying, through this project, to optimize our energy efficiency, looking forward to reduce costs in steam, natural gas and power. Actually, we are in the 5 projects that it's around $300 million in CapEx on the horizon until 2025.

我們正在努力透過這個專案來優化我們的能源效率，期望降低蒸汽、天然氣和電力的成本。事實上，我們參與的 5 個項目預計到 2025 年資本支出將達到 3 億美元左右。

The second line that we are working here is prepare our hardware to follow market conditions. We are increasing our hydro treating capacity around 10,000 cubic meters per day. And we are looking for increasing our conversion capacity around 9,700 cubic meters per day. To implement those projects, our current business plan is -- point to a CapEx around $3.7 billion.

我們在這裡工作的第二條線是準備我們的硬體以適應市場情況。我們正在將水處理能力提高到每天約 10,000 立方米。我們正在尋求將轉化能力提高到每天約 9,700 立方公尺。為了實施這些項目，我們目前的業務計劃是——資本支出約為 37 億美元。

The third line of action is capturing the opportunities that we have in energy transition horizon regarding biorefining. Here, we are trying to analyze the opportunities to produce bio jet fuels and renewable diesel. So I'll pass you to Mastella to answer your second question.

第三條行動是抓住我們在能源轉型視野中有關生物精煉的機會。在這裡，我們試圖分析生產生質噴射燃料和再生柴油的機會。因此，我將請您聯絡 Mastella 來回答您的第二個問題。

Thank you. Thanks for the question, Luiz. We're talking about our new refineries in Brazil. Competition among Petrobras and the new refineries will occur naturally, and intend to be positive to the market supply and risk sharing. Besides, I think it will create a healthy pressure on efficiency by the agents, Petrobas included.

謝謝。謝謝你的提問，路易斯。我們正在談論我們在巴西的新煉油廠。巴西國家石油公司和新煉油廠之間的競爭將自然發生，並對市場供應和風險分擔產生積極影響。此外，我認為這將對包括 Petrobas 在內的代理商的效率產生健康的壓力。

And it's important to highlight that Brazil already has, and has had for some years, a competitive environment in both diesel and gasoline domestic market. And the participation of different players already occur mainly importing this product. Talking about the competition, well, Petrobras have already demonstrated that it's prepared for the arrival of more players. Thank you.

值得強調的是，巴西國內柴油和汽油市場已經存在並且多年來一直存在競爭環境。而不同參與者的參與已經發生，主要是進口該產品。談到競爭，巴西國家石油公司已經表明它已經為更多參與者的到來做好了準備。謝謝。

Well, Luiz, thank you for your question. In terms of the third part, where you asked us with respect to the halting of the process of RNEST and REFAP, and whether we have any changes in terms of strategy and portfolio? No, we don't have any changes. Of course, we will continue to be committed with -- complying with the agreement of -- the agreement that we have with the Brazilian antitrust authorities to divest of a relevant portion of our refineries.

好吧，路易斯，謝謝你的問題。第三部分，您問我們關於RNEST和REFAP進程停止的問題，以及我們在策略和產品組合方面是否有任何變化？不，我們沒有任何改變。當然，我們將繼續致力於遵守我們與巴西反壟斷機構達成的協議，剝離我們煉油廠的相關部分。

Giving a more general perspective, we already have the signings of RLAM and REMAN that were both in the first and second quarter of 2021, and we're moving faster towards concluding SIX. We also have LUBNOR and REGAP that are more advanced.

從更廣泛的角度來看，我們已經在 2021 年第一季和第二季簽署了 RLAM 和 REMAN，並且我們正在更快地完成第六筆簽約。我們還有更先進的LUBNOR和REGAP。

In terms of the ones that were unsuccessful and that meaning REGAP -- sorry, REFAP, REPAR and RNEST, we expect to continue our conversation with the Brazilian antitrust authorities so that we can relaunch the processes in a way that we can be more effective and successful and actually be able to conclude the transactions in the second opportunity.

就那些不成功的項目而言，這意味著 REGAP——抱歉，REFAP、REPAR 和 RNEST，我們希望繼續與巴西反壟斷當局對話，以便我們能夠以更有效和更有效的方式重新啟動流程。成功並實際上能夠在第二次機會中完成交易。

So we've been having discussions in terms of timing and strategy of how to launch the processes in terms of timing as well, so that we can improve the competition in the M&A process and be able to successfully sign and close them. So this is where we are now. Thank you for your question.

因此，我們一直在討論時機和策略，以及如何在時機上啟動流程，以便我們能夠提高併購流程中的競爭並能夠成功簽署和關閉它們。這就是我們現在的處境。謝謝你的問題。

Thank you, all. So the next question comes from Rodolfo Angele with JPMorgan. And it's for you, Rodrigo. Can you give us an update on the process of sale of the refining park? What can be done to make these assets more interest for buyers? And what would be a reasonable time frame?

謝謝你們。下一個問題來自摩根大通的 Rodolfo Angele。這是給你的，羅德里哥。能否介紹一下煉油園區出售的最新進展？怎麼做才能讓買家對這些資產更感興趣？合理的時間範圍是多少？

Thank you for your question, Rodolfo. Well, as I mentioned before, we're considering timing and the strategy of how to relaunch the processes that were not successful. They were unsuccessful for different reasons. REPAR, for example, the bids that we received were substantially below our minimum valuation, and REFAP, we could not agree on the terms of the transaction, unfortunately.

謝謝你的提問，魯道夫。嗯，正如我之前提到的，我們正在考慮如何重新啟動不成功的流程的時機和策略。由於不同的原因，他們沒有成功。例如，REPAR，我們收到的出價大大低於我們的最低估值，而 REFAP，不幸的是，我們無法就交易條款達成一致。

But -- and actually, we didn't receive binding offers. So we expect to relaunch those transactions after we conclude discussions with the Brazilian antitrust authorities. But we're concerned about improving the level of competition in the transactions and how can we ensure that we were able to relaunch and sign and close them successfully. So we're working on this now, and this is where we are. And in terms of the order process, I've already mentioned where we are in terms of timing. But thank you for your question.

但是——實際上，我們沒有收到有約束力的報價。因此，我們希望在與巴西反壟斷機構的討論結束後重新啟動這些交易。但我們擔心的是提高交易的競爭水平，以及如何確保我們能夠成功地重新啟動、簽署和關閉這些交易。所以我們現在正在努力解決這個問題，這就是我們現在的情況。在訂單流程方面，我已經提到了我們在時間方面的情況。但謝謝你的提問。

Thank you, Rodrigo. Rodolfo also made a question for João. So João can you give us an update on the auction of Atapu and Sepia? Have you seen interest from companies to partner up with Petrobras?

謝謝你，羅德里戈。魯道夫也向若昂提出了一個問題。João 您能為我們介紹一下 Atapu 和 Sepia 拍賣的最新情況嗎？您是否看到一些公司有興趣與巴西國家石油公司合作？

Thanks, Rodolfo, for your question. As the company has publicly announced on April, Petrobras has expressed its preemptive rights to work as operator on both areas of Sepia and Atapu with a minimum of 30% of working interest. Unfortunately, as you know, the bid process is ongoing, and we are not able to share any perceptions of other companies at this moment. Finally, we reinforced that Petrobras maintains our intention to work in partnership in all E&P areas in order to reduce the risks and costs. Thanks, again, Rodolfo, for the question.

謝謝魯道夫的提問。正如該公司在 4 月公開宣布的那樣，巴西國家石油公司已表達了在 Sepia 和 Atapu 兩個地區作為營運商的優先購買權，並擁有至少 30% 的工作權益。不幸的是，如您所知，投標過程正在進行中，我們目前無法分享其他公司的任何看法。最後，我們強調，巴西國家石油公司仍願意在所有勘探與生產領域合作，以降低風險和成本。再次感謝魯道夫提出的問題。

Thank you, João. The next question comes from Bruno Amorim with Goldman Sachs, and it's for Mastella. So Mastella, do you attribute the recent rise in demand for Petrobras shares for November to much stronger demand in the domestic market overall? Or to a shift towards more internal sourcing investments of less imports by the fewer distributors?

謝謝你，若昂。下一個問題來自高盛的布魯諾·阿莫林（Bruno Amorim），是問馬斯特拉的。那麼，Mastella，您是否將最近 11 月巴西國家石油公司股票需求的上升歸因於國內市場整體需求的強勁增長？或轉向更多的內部採購投資，減少較少的分銷商的進口？

Bruno, thank you for your question. Well, we haven't really noticed anything that could support the growth of demand, less [demanding] in November, which is seasonally weaker month than October. Regarding the typical demand for Petrobras products for November, we must have in mind that we have almost 100 clients each with different perspectives on the market. So I can’t speak by each of them, but it's only is some of their perspectives, which we don't share. Thank you.

布魯諾，謝謝你的問題。好吧，我們還沒有真正注意到任何可以支持需求成長的因素，11 月的[需求]較少，這是季節性比 10 月弱的月份。關於 11 月 Petrobras 產品的典型需求，我們必須記住，我們有近 100 個客戶，每個客戶對市場都有不同的看法。所以我不能代表他們每一個人發言，但這只是他們的一些觀點，我們不認同這些觀點。謝謝。

Thank you, Mastella. The second question from Bruno is for Rodrigo Araujo. So Rodrigo, can you please clarify the rationale for determining the size and timing of dividends going forward? The deleverage story is now behind us. So is it reasonable to expect for the company to pay out 60% of operating cash flow minus CapEx on a quarterly basis?

謝謝你，馬斯特拉。布魯諾的第二個問題是問羅德里戈·阿勞霍的。羅德里戈，您能否澄清一下確定未來股息規模和時間的理由？去槓桿化的故事現在已經成為過去。那麼，預計公司每季支付營運現金流減去資本支出的 60% 是否合理？

Thank you for your question, Bruno. Well, as I mentioned before, the anticipated dividends that we've already announced, of course, we took into account balancing -- achieving our $60 billion gross debt target. We've been able to distributing our earnings and being able to start improving on the level of dividend distribution.

謝謝你的問題，布魯諾。嗯，正如我之前提到的，我們已經宣布的預期股息，當然，我們考慮了平衡——實現我們 600 億美元的總債務目標。我們已經能夠分配我們的收益，並能夠開始改善股利分配的水平。

2021 is, of course, is a transition year and we expect to start from 2022 forward, paying the 60% of our free cash flow consistently, in compliant with our dividend policy. We're currently discussing whether to have a more consistent dividend payment in terms of timing as well. We're thinking about whether we do it quarterly or half-annually, but we expect to keep a closer timeframe in terms of dividend payments as well.

當然，2021 年是一個過渡年，我們預計從 2022 年開始，按照我們的股息政策，持續支付 60% 的自由現金流。我們目前正在討論是否在時間上更一致地支付股息。我們正在考慮是每季還是每半年進行一次，但我們預計在股息支付方面也會保持更接近的時間表。

And with respect to 2021, as I mentioned before, depending on the Q4 results and the scenario on companies, financial sustainability and performance for the fourth quarter, we may see the announcement of additional dividends depending on the scenario. Thank you for your question.

至於2021年，正如我之前提到的，根據第四季度的業績和公司的情況、第四季度的財務可持續性和業績，我們可能會根據情況宣布額外股息。謝謝你的問題。

Rodrigo, we now have questions from Bruno Montanari with Morgan Stanley, and the questions for Mastella. So Mastella, fuel prices in Brazil have been making the headlines since the beginning of the year. How can Petrobras contribute to make the price adjustments less volatile to final consumers without taking on additional margin risks? How can the company contribute to the discussions regarding potential tax changes or the implementation of fuel price stabilization funds in the country in order to reduce the negative impact of higher price to final consumers?

羅德里戈，我們現在有來自摩根士丹利的布魯諾·蒙塔納里和馬斯特拉的問題。因此，馬斯特拉，巴西的燃油價格自今年年初以來一直成為頭條新聞。巴西國家石油公司如何在不承擔額外利潤風險的情況下，減少最終消費者的價格調整波動？公司如何參與潛在稅收變化或在該國實施燃油價格穩定基金的討論，以減少價格上漲對最終消費者的負面影響？

Thank you, Bruno. Well, regarding our contribution to the reduction of volatility, we do avoid passing on to customers all the volatility [before entering] markets and in the exchange rates. This translates into a lower frequency adjustments, but doesn't prevent us from following the structural changes in international price levels.

謝謝你，布魯諾。嗯，關於我們對減少波動性的貢獻，我們確實避免將[進入]市場和匯率的所有波動性傳遞給客戶。這意味著調整頻率較低，但並不妨礙我們追蹤國際價格水準的結構性變化。

Finally, with regard to public policies, Petrobas wants to clarify that when requested, we have contributed with our technical knowledge to the various government agencies in the most adverse issues related to fuel markets in Brazil. That's what we'll do. Thank you.

最後，關於公共政策，巴西國家石油公司希望澄清，應要求，我們已向各個政府機構提供了我們的技術知識，以解決與巴西燃料市場相關的最不利問題。這就是我們要做的。謝謝。

Thank you, Mastella. The second question from Bruno, it's for Rodrigo. So Rodrigo, compared to peers, Petrobras has adopted a more pragmatic approach towards energy transition, focusing more on short-term goals, and [with capital investment]. Does management expect to implement any changes to this approach in the new business plan? Considering the high level of free cash flow generation amid higher oil prices, could it make sense for the company to increase investments in research on new energy in order to be better positioned in context of energy transition?

謝謝你，馬斯特拉。布魯諾的第二個問題是問羅德里哥的。因此，羅德里戈表示，與同行相比，巴西國家石油公司在能源轉型方面採取了更加務實的態度，更加重視短期目標，並且[透過資本投資]。管理層是否期望在新的業務計劃中對這種方法進行任何更改？考慮到油價上漲期間自由現金流的產生水準較高，公司增加新能源研究投資以在能源轉型背景下更好地定位是否有意義？

Thank you, Bruno, for your question. I think that we have several perspectives to look into this question. I think the first of them is, of course, the quality of our portfolio, both in terms of environmental and low price resilience.

謝謝布魯諾的提問。我認為我們可以從幾個角度來探討這個問題。我認為第一當然是我們的投資組合的質量，無論是在環境還是低價彈性方面。

As we saw in 2020, the company's portfolio was quite resilient to much lower oil price scenario and $40 -- around $40 of average of Brent prices in 2020. So we, of course, have a very resilient and strong portfolio in our hands. So this allow us to think about this question much more carefully and look at it in a more pragmatic way, as you mentioned.

正如我們在 2020 年所看到的，該公司的投資組合對油價大幅下跌和 40 美元（2020 年布蘭特原油平均價格約為 40 美元）的情況具有相當的彈性。因此，我們當然擁有非常有彈性和強大的投資組合。因此，正如您所提到的，這使我們能夠更仔細地思考這個問題，並以更務實的方式看待它。

Of course, we're focused on reducing the level of our emissions, and we have already set targets. And we have -- as I explained earlier, we also announced the ambition aligned with the OGCI as well. And of course, alongside with reducing the level of emission in our own operations, which is something that we're continually investing on and looking for projects that allow us to reduce the emissions in our operations, both in the Upstream and the Downstream segment in a more efficient way like the RefTOP project that we announced this year that is focused on reducing -- on improving energy efficiency in the Refining operations.

當然，我們的重點是減少排放水平，並且我們已經設定了目標。正如我之前所解釋的，我們也宣布了與 OGCI 一致的雄心壯志。當然，除了降低我們自己營運中的排放水平之外，我們還不斷投資並尋找能夠減少上游和下游營運中排放的項目。一種更有效的方式，例如我們今年宣布的RefTOP 項目，該項目的重點是減少和提高煉油業務中的能源效率。

We also think about developing a framework and governance process to look into this future potential projects, energies and future potential scenarios as well. But of course, it's not something that we expect to substantially improve or increase CapEx related to those alternative businesses for the '22, '26 business plan. So we expect to continue to be focused on the current portfolio that we have and on improving the level of emissions in our own operations. Thank you for your question.

我們也考慮開發一個框架和治理流程來研究未來的潛在專案、能源和未來的潛在場景。但當然，我們預計這不會大幅改善或增加與「22」、「26」業務計畫的替代業務相關的資本支出。因此，我們希望繼續專注於我們現有的產品組合，並提高我們自己營運中的排放水準。謝謝你的問題。

Thank you, Rodrigo. The next question comes from Regis Cardoso with Crédit Suisse, and it's also for you. So it's about additional distributions on 2021. Cash flow generation was strong in the third quarter of 2021. In our view, it would be possible for Petrobras to distribute even more with the cash generated until the end of 2021. Should we expect Petrobras to announce more dividends? Or would it depend on the balance sheet full year results?

謝謝你，羅德里戈。下一個問題來自瑞士信貸銀行的瑞吉斯‧卡多佐（Regis Cardoso），也是問給您的。所以這是關於 2021 年的額外發行。2021 年第三季現金流產生強勁。我們認為，到 2021 年底，巴西國家石油公司有可能利用產生的現金分配更多資金。我們是否應該期望巴西國家石油公司宣布更多股利？還是取決於資產負債表全年業績？

Thank you, Regis, for your question. As I mentioned before, depending on the scenario for the fourth quarter of 2021, what we have in terms of earnings and cash flow generation, we may see additional dividend distributions for the fourth quarter. But again, it will all depend on the company's financial sustainability and on the future scenario on the fourth quarter of 2021.

謝謝你，雷吉斯，你的問題。正如我之前提到的，根據 2021 年第四季度的情況，我們在盈利和現金流產生方面的情況，我們可能會看到第四季度的額外股息分配。但同樣，這完全取決於公司的財務可持續性以及 2021 年第四季的未來情況。

And of course, as I mentioned during the presentation, our cash level now is above the one that we think is optimal, but we do see -- we still see challenges in terms of the overall scenario. So we expect to be able -- in the short to medium term, to bring our cash level to somewhere closer to $8 billion to $10 billion, that where we expect our optimal cash level should be.

當然，正如我在演講中提到的，我們現在的現金水平高於我們認為的最佳水平，但我們確實看到——我們仍然看到整體情況方面的挑戰。因此，我們預計能夠在中短期內將我們的現金水準提高到接近 80 億至 100 億美元，這是我們期望的最佳現金水準。

But again, this will all depend on the scenario in the upcoming months. And as I mentioned before, of course, we're committed to start applying our dividend policy and start paying 60% of our free cash flow for the year 2022 as well. So this will all will be taken into account and to analyze our financial sustainabilities in order that we can announce additional dividends. Thank you for your question.

但同樣，這將完全取決於未來幾個月的情況。當然，正如我之前提到的，我們致力於開始應用我們的股利政策，並開始支付 2022 年 60% 的自由現金流。因此，這一切都將被考慮在內並分析我們的財務可持續性，以便我們可以宣布額外的股息。謝謝你的問題。

Thank you, Rodrigo. The second question from Regis is to Mastella. So Mastella, this is about gasoline and diesel supply. So recently, there were some news saying that Petrobras is not fulfilling additional fuel demand from distributor above contracted volumes, which was confirmed by the company. Could you comment on that?

謝謝你，羅德里戈。雷吉斯的第二個問題是問馬斯特拉的。馬斯特拉，這是關於汽油和柴油的供應。最近有消息稱，巴西國家石油公司未能滿足經銷商超出合約量的額外燃料需求，該公司已證實這項消息。你能否對此發表評論？

How do you see the capacity of third parties to supply local demand for oil products, where it exceeds Petrobras capacity? Do you believe the current levels of fuel price provide enough incentives to imports? Does it make sense for Petrobras to not supply specific markets, where imports could make more sense, for example, on the coast of the North and Northeast regions?

您如何看待第三方滿足當地石油產品需求的能力（超過巴西國家石油公司的能力）？您認為目前的燃油價格水準是否足以刺激進口？巴西國家石油公司不供應特定市場是否有意義，因為進口可能更有意義，例如在北部和東北地區的沿海地區？

Thank you for the question. So first of all, Petrobras is fully complying with its contractual obligations. It's very important to make it clear. Specifically for November, as I said before, we received an atypical additional demand much, much higher than expected for that month.

感謝你的提問。因此，首先，巴西國家石油公司完全遵守其合約義務。說清楚非常重要。特別是在 11 月份，正如我之前所說，我們收到了非典型的額外需求，遠高於該月的預期。

So even with our refineries operating at the limited capacity, it was not possible to meet the extra demand of around 20% of diesel and 10% gasoline. Well, the Brazilian market, however, will not be short on supplies. Currently, there are several other players besides Petrobras, distributors, trading companies, refineries, which produce and import gasoline and diesel and are fully capable of meeting the demand.

因此，即使我們的煉油廠以有限的產能運行，也無法滿足約 20% 的柴油和 10% 的汽油的額外需求。不過，巴西市場不會出現供應短缺的情況。目前，除了巴西國家石油公司之外，還有其他一些參與者、分銷商、貿易公司、煉油廠生產和進口汽油和柴油，完全有能力滿足需求。

Talking about our commercial strategy, we don't avoid markets. Petrobras will continue to operate in every location where we find profitability and competitiveness, including coastal markets in the North and Northeast. Thank you.

談到我們的商業策略，我們不會迴避市場。巴西國家石油公司將繼續在我們發現盈利能力和競爭力的每個地點開展業務，包括北部和東北部的沿海市場。謝謝。

The next question comes from Vicente Falanga with Bradesco, and it's for Rodrigo Araujo.

下一個問題來自 Bradesco 的 Vicente Falanga，是向 Rodrigo Araujo 提出的。

So Rodrigo, it seems like Petrobras has the balance sheet to pay more than 60% of operating cash flow minus CapEx. Does the company discuss this possibility for this year?

所以羅德里戈，巴西國家石油公司的資產負債表似乎可以支付減去資本支出後營運現金流的 60% 以上。公司今年是否討論過這種可能性？

Thank you for your question, Vicente. Well, as I mentioned before, '21 is a transition year. So we're -- of course, we were highly focused on reaching the $60 billion gross debt target that we reached now in the third quarter. And of course, depending on the results for the fourth quarter and the company's sustainability in the scenario, for the short term, we may announce additional dividends.

謝謝你的提問，維森特。嗯，正如我之前提到的，21 年是一個過渡年。當然，我們高度關注第三季已達到的 600 億美元的總債務目標。當然，根據第四季度的業績和公司在這種情況下的可持續性，短期內我們可能會宣布額外的股息。

And as I mentioned for 2022, our expectation is to start complying with our dividend policy and to start distributing 60% of our free cash flow. And of course, whenever we have scenarios that allows us to have stronger cash flow generation, we will be taking into account and considering potential additional dividends. But thank you for your question.

正如我所提到的，對於 2022 年，我們的期望是開始遵守我們的股利政策，並開始分配 60% 的自由現金流。當然，每當我們有能夠產生更強勁現金流的情況時，我們都會考慮並考慮潛在的額外股息。但謝謝你的提問。

Thank you, Rodrigo. The next question also for Vicente is for João. So João has Petrobras been talking with potential partners for the TOR auction this December? How is the interest from foreign companies?

謝謝你，羅德里戈。維森特的下一個問題也是問若昂的。那麼 João 巴西國家石油公司是否正在與今年 12 月 TOR 拍賣的潛在合作夥伴進行談判？國外企業的興趣如何？

Vicente, thanks for your question. As I mentioned before, the transfer of rights bid process is actually ongoing. And in that case, unfortunately, I can't disclose this information about the competitiveness at this time, okay? Thanks a lot for your question.

維森特，謝謝你的提問。正如我之前提到的，權利轉讓競標過程實際上正在進行中。那麼，不幸的是，我現在不能透露有關競爭力的信息，好嗎？非常感謝你的提問。

Thank you, João. The next question comes from Lilyanna Yang with HSBC. And it's for Rodrigo Araujo.

謝謝你，若昂。下一個問題來自匯豐銀行的 Lilyanna Yang。這是給羅德里戈·阿勞霍的。

So Rodrigo, can you please update us with the monetization status of Braskem? Why has this taken so long to materialize?

Rodrigo，您能否向我們介紹一下 Braskem 的獲利狀態？為什麼這花了這麼長時間才實現？

Thank you, Lilyanna. Thank you for your question. Well, currently, we're -- we have ongoing discussions with Novonor, that, of course, is another relevant shareholder in terms of next steps and trying to reach some kind of common point in terms of the conditions of a potential sale transaction. So this is where we are now.

謝謝你，莉莉安娜。謝謝你的問題。嗯，目前，我們正在與 Novonor 進行討論，當然，就下一步行動而言，Novonor 是另一個相關股東，並試圖就潛在銷售交易的條件達成某種共同點。這就是我們現在的處境。

Of course, we continue to be committed to divesting our interest in Braskem, but we want to maximize value. So we're currently having discussions with Novonor with respect to the conditions of a potential sale. Thank you for the question.

當然，我們繼續致力於剝離我們在 Braskem 的權益，但我們希望實現價值最大化。因此，我們目前正在與 Novonor 就潛在出售的條件進行討論。感謝你的提問。

Rodrigo, Lilyanna also has another question for you, and it's about CapEx plans. So Petrobras is making more money than what's expected in the budget. It is leveraging faster too and has announced its higher dividends. Isn't it the time to increase CapEx above cost inflation? If so, where would this make more sense to allocate cash? Or does management prefer to recommend the Board of Directors to distribute more dividends?

羅德里戈，莉莉安娜還有另一個問題要問你，是關於資本支出計畫的。因此，巴西國家石油公司賺的錢比預算的預期要多。它的槓桿率也更快，並宣布了更高的股息。現在不是將資本支出增加到高於成本通膨的時候嗎？如果是這樣，將現金分配到哪裡更有意義？還是管理階層更願意建議董事會分配更多股利？

Thank you, Lilyanna. As I mentioned during the presentation, when we think about, of course, the more favorable oil price scenario is supportive of increasing CapEx in Upstream projects. And we expect to see a certain level of CapEx increase for the '22 '26 business plan, especially related to projects that were postponed, given the more challenging price scenario last year. And that could be anticipated, especially projects that are closer to the end portion of the business plan.

謝謝你，莉莉安娜。正如我在演講中提到的，當我們考慮時，當然，更有利的油價情境支持增加上游計畫的資本支出。鑑於去年更具挑戰性的價格情況，我們預計「22」「26」業務計畫的資本支出將出現一定程度的成長，特別是與推遲的項目相關的項目。這是可以預見的，特別是那些接近商業計劃最後部分的項目。

But again, we will continue to be focused on assets that are resilient, both in terms of emissions and resilience to low price scenarios. So this is how we look at this and the kind of projects that we will be focused on. Of course, depending on the scenario, even considering the potential CapEx to improve, we could see additional dividends, but this is something that would depend on the upcoming scenario. But thank you for your question.

但同樣，我們將繼續關注具有彈性的資產，無論是在排放還是對低價情境的彈性方面。這就是我們看待這個問題的方式以及我們將重點關注的項目類型。當然，根據具體情況，即使考慮到潛在的資本支出改善，我們也可能會看到額外的股息，但這取決於即將到來的情況。但謝謝你的提問。

Thank you, Rodrigo. Now we have questions from Christian Audi with Santander. And the first question is for you, and it's about uses of cash. So how would you prioritize your uses of cash going forward?

謝謝你，羅德里戈。現在我們有來自桑坦德銀行的克里斯蒂安·奧迪提出的問題。第一個問題是問你的，是關於現金的使用。那麼，您未來將如何優先使用現金？

Well, thank you, Christian, for your question. Of course, as I mentioned before, we believe that the $60 billion gross debt level is an adequate level in terms of capital structure. Of course, we do need some flexibility around that level, especially after reaching it. We believe we need some flexibility around $60 billion so that we can manage the company's future financial sustainability more efficiently.

嗯，謝謝克里斯蒂安的提問。當然，正如我之前提到的，我們認為600億美元的總債務水準就資本結構而言是足夠的水準。當然，我們確實需要在這個水平上有一些靈活性，特別是在達到這個水平之後。我們認為，我們需要大約 600 億美元的靈活性，以便我們能夠更有效地管理公司未來的財務可持續性。

But then, as I mentioned, the higher oil price scenario is supportive for increases in Brazilian projects in terms of Upstream CapEx. And of course, additional dividend distribution depending on the upcoming scenario. So our future capital allocation will be focused on, of course, having the CapEx that is already committed in our '21, '25 business plan, focusing on a certain level of CapEx increase that we expect for '22, '26.

但正如我所提到的，油價上漲的情況有利於巴西計畫上游資本支出的增加。當然，根據即將到來的情況，還會進行額外的股息分配。因此，我們未來的資本配置當然將重點關注我們在「21」、「25」業務計畫中已承諾的資本支出，重點關注我們預計在「22」、「26」期間一定程度的資本支出成長。

But of course, complying with the 60% free cash flow of our dividend policy and eventually paying more than the 60%, whenever we have supportive scenarios like the one we've been seeing now. But thank you for your question.

但是，當然，只要我們有像我們現在看到的那樣的支持性情景，就會遵守我們股息政策中 60% 的自由現金流，並最終支付超過 60% 的股息。但謝謝你的提問。

Thank you, Rodrigo. Now we have questions from Gabriel Barra with Citi. The first question is for you. So looking at the company's strong cash generation, divestments and current leverage situation, how can we read the current dividend policy? Would there be room for payments beyond what was already been disclosed by the company?

謝謝你，羅德里戈。現在我們有來自花旗銀行的加布里埃爾·巴拉 (Gabriel Barra) 的提問。第一個問題是問你的。那麼，考慮到公司強勁的現金產生、撤資和當前的槓桿情況，我們如何解讀目前的股利政策？除了公司已揭露的金額之外，是否還有支付空間？

Thank you for the question, Gabriel. As I mentioned before, of course, '21 is a transition year. But again, we've been able to reach our $60 billion gross debt target before we expected. And depending on the upcoming scenario from -- depending on our earnings and cash flow generations for the fourth quarter of 2021, we may see additional dividends announced. But again, it will depend on how things play out in the fourth quarter of 2021. But thank you for your question.

謝謝你的提問，加布里埃爾。正如我之前提到的，21 年當然是個過渡年。但我們再次提前實現了 600 億美元的總債務目標。根據即將到來的情況，取決於我們 2021 年第四季的獲利和現金流量，我們可能會宣布額外的股息。但同樣，這將取決於 2021 年第四季的情況如何。但謝謝你的提問。

Thank you, Rodrigo. The next question from Gabriel is to Mastella. So Mastella, currently, one of the major discussions involving Petrobras is its pricing policy. Looking at the current scenario for FX and oil, we believe that pressure of fuel will continue, at least in the short term. However, when we look at the imports parity, we still see the company charging prices below the import parity.

謝謝你，羅德里戈。加布里埃爾的下一個問題是問馬斯特拉。因此，馬斯特拉目前涉及巴西國家石油公司的主要討論之一是其定價政策。看看當前外匯和石油的情況，我們認為燃料壓力將持續，至少在短期內。然而，當我們考慮進口平價時，我們仍然看到該公司的定價低於進口平價。

Therefore, I would like to understand a little better how Petrobras has been thinking about its pricing policy for the current moment and for the future as well. Is there any possibility of changing the strategy?

因此，我想更了解巴西國家石油公司如何考慮當前和未來的定價政策。有沒有改變策略的可能？

Thank you. Thank you for the question, Gabriel. We understand that the alignment of general prices with the global market is essential for the majority of competitive markets in Brazil, with the participation of our several agents that will be encouraged to make investments in refining, logistics and also share risks. With that, we can build a stronger market, less risk of any supply chain in the future. So we continue to seek this balance in the market without passing volatility to internal prices, as we've been doing since several years. Thank you.

謝謝。謝謝你的提問，加布里埃爾。我們知道，整體價格與全球市場的接軌對於巴西大多數競爭市場至關重要，我們的幾家代理商的參與將鼓勵他們在煉油、物流方面進行投資並分擔風險。這樣，我們就可以建立一個更強大的市場，降低未來供應鏈的風險。因此，我們將繼續在市場中尋求這種平衡，而不會將波動性傳遞給內部價格，就像我們幾年來一直在做的那樣。謝謝。

Thank you, Mastella. And now we have questions from Anne Milne with Bank of America Merrill Lynch. So we have one question for Rodrigo.

謝謝你，馬斯特拉。現在我們有美國銀行美林公司的安妮·米爾恩 (Anne Milne) 提出的問題。我們有一個問題要問羅德里戈。

Rodrigo, as the $60 billion debt target has been met, what will be the next goals or targets on the debt management leverage front?

羅德里戈，隨著 600 億美元的債務目標已經實現，債務管理槓桿的下一個目標是什麼？

Thank you, Anne, for your question. We think that $60 billion is an adequate level that allow us to navigate through challenging scenarios, like the one we saw last year without jeopardizing the company financial sustainability, even in lower prices -- lower price scenarios like the one we saw in 2020.

謝謝你，安妮，你的問題。我們認為600 億美元是一個足夠的水平，可以讓我們應對充滿挑戰的情況，就像我們去年看到的那樣，而不會危及公司財務的可持續性，即使是在價格較低的情況下— —就像我們在2020 年看到的。

But again, of course, we do need some level of flexibility around the $60 billion level. So that we can efficiently manage the company's cash and then, of course, distribute our earnings and pay future dividends. So we expect to work on some level of flexibility around $60 billion in the upcoming future.

但當然，我們確實需要在 600 億美元水準左右具有一定程度的靈活性。這樣我們就可以有效地管理公司的現金，然後當然可以分配我們的收益並支付未來的股息。因此，我們預計在不久的將來將投入 600 億美元左右的一定程度的靈活性。

But we don't expect to bring this debt level substantially lower. Actually the one that we have now, we think that -- from -- looking at this from different perspectives, the $60 billion gross debt level allows us to be quite resilient and have a strong financial sustainability for the future. But thank you for your question.

但我們預期債務水準不會​​大幅降低。實際上，我們現在擁有的債務水平，我們認為，從不同的角度來看，600 億美元的總債務水平使我們具有相當的彈性，並在未來擁有強大的財務可持續性。但謝謝你的提問。

Thank you, Rodrigo. Now we have questions from Pedro Soares with BTG Pactual. The first question is for you. So with the gross debt target now achieved, what should we expect in terms of capital allocations in the coming quarters? Could you provide an update on the minimum levels of cash aimed by the company? Can we expect payments beyond the 60% of operating cash flow minus CapEx?

謝謝你，羅德里戈。現在我們有 BTG Pactual 的 Pedro Soares 提出的問題。第一個問題是問你的。那麼，隨著總債務目標的實現，我們對未來幾季的資本配置有何預期？您能否提供有關公司目標最低現金水準的最新資訊？我們預期的付款額是否可以超過營運現金流減去資本支出的 60%？

Thank you, Pedro, for your question. As I mentioned before, our optimal cash level is just somewhere around $8 billion to $10 billion. This is where we expect to be working in the future. But again, we still have certain challenges in the pandemic scenario that we are expecting to see in the upcoming future. So we think about a short-term trajectory to be -- to bring our cash level closer to this $8 billion to $10 billion level that I mentioned.

謝謝佩德羅的提問。正如我之前提到的，我們的最佳現金水準約為 80 億至 100 億美元。這就是我們期望未來工作的地方。但同樣，在我們預計在不久的將來會看到的大流行情況下，我們仍然面臨某些挑戰。因此，我們考慮的短期軌跡是——使我們的現金水平更接近我提到的 80 億美元至 100 億美元的水平。

In terms of gross debt, I've mentioned before, we don't expect to substantially reduce the company's debt. We don't want to underleverage the company as well. So we think that $60 billion is an adequate level for now. And of course, this is something that we continually monitor. But for the current scenario, we think that $60 billion is a sustainable level and then this is optimal in terms of cash allocation and supporting our dividend distribution and future CapEx strategy.

就總債務而言，我之前提到過，我們預計不會大幅減少公司的債務。我們也不希望公司槓桿率不足。因此我們認為目前 600 億美元是足夠的水準。當然，這是我們持續監控的事情。但就目前情況而言，我們認為 600 億美元是一個可持續的水平，這在現金分配、支持我們的股息分配和未來資本支出策略方面是最佳的。

And in terms of additional dividend payments, of course, depending on the upcoming scenario, whenever we have constructive scenarios like the one we have now, we can propose additional dividend payments and have additional payments, but we're now focused on complying with the existing dividend policy and paying the 60% of our free cash flow. Thank you for the question.

在額外股利支付方面，當然，取決於即將到來的情況，只要我們有像現在這樣的建設性情況，我們就可以提議額外支付股息並進行額外支付，但我們現在的重點是遵守現有的股息政策並支付我們60% 的自由現金流。感謝你的提問。

Thank you, Rodrigo. So the next question also from Pedro Soares is to Rodrigo Costa. Refinery utilization rates are currently at high levels. Can we expect some utilization reduction in the coming months as distributors are expected to increase fuel imports?

謝謝你，羅德里戈。因此，佩德羅·蘇亞雷斯的下一個問題也是向羅德里戈·科斯塔提出的。目前煉油廠利用率處於較高水準。由於分銷商預計將增加燃料進口，我們是否可以預期未來幾個月利用率會下降？

Pedro, our utilization rate is related with value generation output. This is one condition. And the second one is the market demand. And the third one is regarding our hardware, regarding availability of our refineries. So at the first quarter, we achieved 85% of utilization rate. And now at October, our forecast points to 90% of utilization rate.

佩德羅，我們的利用率與價值創造產出有關。這是一個條件。第二個是市場需求。第三個是關於我們的硬件，關於我們煉油廠的可用性。所以第一季我們的利用率達到了85%。現在 10 月份，我們的預測是利用率為 90%。

Thank you, Rodrigo. Now we have our last question. The last question is from Barbara Halberstadt with JPMorgan. She has 2 questions. So the first one would be to Rodrigo Araujo. In terms of capital structure, assuming the divestment program is completed, what's the level of debt that the company would be comfortable with?

謝謝你，羅德里戈。現在我們有最後一個問題。最後一個問題來自摩根大通的 Barbara Halberstadt。她有 2 個問題。所以第一個是羅德里戈·阿勞霍。就資本結構而言，假設撤資計畫完成，公司能承受的債務水準是多少？

Thank you, Barbara, for your question. We think that $60 billion that is -- it's an adequate level in terms of capital structure. We do need some flexibility around that number, but we don't expect to bring it much lower than 55 or much higher than 65. Some flexibility around 60 would be more than enough. So that we can manage the company's capital structure efficiently and add value for our shareholders. So that is where we expect to have our gross debt level set.

謝謝芭芭拉的提問。我們認為 600 億美元就資本結構而言是足夠的水準。我們確實需要在這個數字上有一定的靈活性，但我們預計不會使其遠低於 55 或遠高於 65。60 左右的一些彈性就足夠了。以便我們能夠有效地管理公司的資本結構並為股東增加價值。這就是我們預期設定的總債務水準。

And of course, this is something that we will continue to monitor in the future. But we think that $60 billion allows us to go through challenging scenarios of lower prices like the one we saw last year. Thank you.

當然，這是我們未來將繼續監控的事情。但我們認為 600 億美元可以讓我們度過充滿挑戰的較低價格情景，就像我們去年看到的那樣。謝謝。

Rodrigo, so Barbara has one more question, and it's for Rodrigo Costa. Rodrigo, can you provide more color on the natural gas businesses and LNG? How is the business doing into the fourth quarter of 2021? We heard many companies complaining about freight costs. Has Petrobras encountered the same issues for LNG imports? How is the pass-through mechanism in this case?

羅德里戈，芭芭拉還有一個問題，是問羅德里戈·科斯塔的。羅德里戈，您能否提供更多有關天然氣業務和液化天然氣的資訊？2021 年第四季的業務表現如何？我們聽到很多公司抱怨運費。巴西國家石油公司在液化天然氣進口上是否也遇到同樣的問題？這種情況下的傳遞機制是怎麼樣的呢？

Barbara, Petrobras is a relevant player in Brazilian natural gas market. It works with a portfolio, both in supply and the demand side. We also have multiple contracts that aligns with different commercial conditions in short period contracts. We have pass-through mechanisms that reflect the conditions of the moment of the market.

芭芭拉，巴西國家石油公司是巴西天然氣市場的重要參與者。它適用於供給面和需求面的投資組合。我們還有多份符合不同商業條件的短期合約。我們擁有反映當前市場狀況的傳遞機制。

If we see the fourth quarter, we expect a high demand in our market because we see high demands in thermoelectric and industrial markets. For the supplier, we have our production pipeline imports from Bolivia in LNG. And we increased our gas capacity in Rio Janeiro terminal around 50% in capacity and expand our capacity.

如果我們看到第四季度，我們預計我們的市場需求將會很高，因為我們看到熱電和工業市場的需求很高。對於供應商來說，我們有從玻利維亞進口液化天然氣的生產管道。我們將裡約熱內盧終端的天然氣容量增加了約 50%，並擴大了我們的容量。

For the LNG supply, we already bought around 112 cargoes, and we are assessing the need of additional purchase, depending on the supply and the demand conditions, especially in the power generation. We -- according to our profile, we didn't face problems with the freight costs, considered that Brazil is in the Atlantic basin market. So we have -- we also have our own ship that allow us to manage control market and operational issues. Thank you for your question.

對於液化天然氣供應，我們已經購買了大約112批貨物，我們正在根據供需情況，特別是發電方面，評估是否需要額外購買。根據我們的資料，我們沒有遇到貨運成本的問題，考慮到巴西位於大西洋盆地市場。因此，我們還有自己的船，使我們能夠管理控制市場和營運問題。謝謝你的問題。

Thank you, Rodrigo. At this time, the Q&A session is over. So if you have any further questions, you can send us to our Investor Relations team.

謝謝你，羅德里戈。至此，問答環節結束。因此，如果您還有任何疑問，可以聯絡我們的投資者關係團隊。

So Rodrigo, I wish, will now make his final remarks. So please, Rodrigo. Go ahead.

我希望羅德里戈現在發表他的最後演講。所以拜託，羅德里戈。前進。

Thank you, Carla. Thanks, everyone, for your time this morning. As we presented, we're very happy with the solid quarter that we had, both in terms of operational and financial performance. We've been able to reach our gross debt level -- our gross dollar debt level target that we set of $60 billion gross debt. And of course, we're quite happy with the results we've had in the year 2021.

謝謝你，卡拉。謝謝大家今天早上抽出時間。正如我們所介紹的，我們對本季的穩健表現感到非常滿意，無論是在營運還是財務表現方面。我們已經能夠達到我們的總債務水準——我們設定的 600 億美元總債務水準目標。當然，我們對 2021 年所取得的成果感到非常滿意。

We've announced relevant dividend payments. We were able to make relevant investments and to relevantly contribute to the Brazilian society as well.

我們已經公佈了相關股利支付。我們能夠進行相關投資，並為巴西社會做出相關貢獻。

So thank you for your time today, and thank you for all your questions. If you have any further questions, please feel free to contact our Investor Relations team. Thank you.

感謝您今天抽出寶貴的時間，也感謝您提出的所有問題。如果您還有任何疑問，請隨時聯絡我們的投資者關係團隊。謝謝。