巴西石油 (PBR.A) 2021 Q2 法說會逐字稿

Hello, everyone. Welcome to Petrobras' webcast with analysts and investors about the second quarter 2021 results. It's great to have you join us today.

大家好。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 年第二季業績的網路廣播。很高興您今天加入我們。

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

我們謹此通知您，所有參與者將以聽眾的身分專注於網路的傳輸。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：petroinvestor@petrobras.com。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 Claudio Marcelle, Chief Trading and Logistics Officer; Fernando Bode, Chief Exploration and Production Officer; Joao Rittershaussen, Chief Production and Development Officer; Nicolas Simone, Chief Digital Transformation and Innovation Officer; Roberto Ardenghy, Chief Institutional Relations and Sustainability Officer; Rodrigo Araujo, Chief Financial and Investor Relations Officer; Rodrigo Costa, Chief Refining and Natural Gas Officer; and Salvador Dahan, Chief Governance and Compliance Officer.

今天，我們邀請了首席貿易和物流官 Claudio Marcelle；費爾南多·博德 (Fernando Bode)，首席勘探和生產官； Joao Rittershaussen，首席生產和開發長； Nicolas Simone，首席數位轉型和創新長； 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；首席治理與合規官薩爾瓦多·達漢 (Salvador Dahan)。

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

首先，我將請我們的財務長羅德里戈 (Rodrigo) 發言。羅德里戈，請繼續。

Thank you, Carla. Thank you. Hello, everyone. It's a great pleasure to be here with you today talking about our second quarter of 2021 results. We had a very impressive quarter with substantial results, and it's -- I'm very glad to be here with you today. Thank you. Next slide, please.

謝謝你，卡拉。謝謝。大家好。很高興今天與您一起談論我們 2021 年第二季的業績。我們度過了一個令人印象深刻的季度，取得了豐碩的成果，我很高興今天能和你們在一起。謝謝。請下一張投影片。

So, starting with our safety metrics, it's very important to report that we're continuing to comply in the first half of 2021 with our 0.7 level of alert with respect to total recordable injuries-per-million-man-hours. And of course, you always know that we have a zero-fatalities ambition, and we unfortunately had 1 fatality in 2021, but we're always working to improve safety. It's an unconditional value for Petrobras, and we're always focused on improving safety. And we're very glad to be below our alert level of 0.7% for 2021. Next, please.

因此，從我們的安全指標開始，非常重要的一點是，我們將在 2021 年上半年繼續遵守每百萬工時可記錄傷害總數的 0.7 級警報。當然，您始終知道我們有零死亡事故的目標，不幸的是，2021 年我們發生了 1 起死亡事故，但我們始終致力於提高安全性。這對巴西國家石油公司來說是無條件的價值，我們始終致力於提高安全性。我們很高興 2021 年的警報水準低於 0.7%。接下來請發言。

With respect to our emission indicators, it's important to see that in terms of carbon intensity in our E&P operations, we are significantly below the level that we set as a target for 2021, and we're already below 2020. During the year of 2021, we had the ramp-up of important production units, and we have already reinjected 4.3 million tons of CO2 during this year, which is already the same level of 2019, and we expect to have a higher level when compared to 2020 as well, so we continue with our lower carbon footprint and reducing our emissions significantly. When we talk about our carbon intensity in the refining operations, it's important to realize that we had several scheduled stoppages. We had 6 scheduled stoppages in 2021. And in spite of that, we're still maintaining the same level of 2020, and we believe that we can recover during the second half of 2021 and achieve our goal for the year 2021. And we have already announced earlier this year, our [Raft Up] program, which is a very important program focused on improving the energy efficiency of our refining operations, and we're, therefore, highly focused on reducing carbon intensity in our refining operations. Next, please.

就我們的排放指標而言，重要的是要看到，就我們勘探與生產業務的碳強度而言，我們大大低於我們設定的2021 年目標水平，而且我們已經低於2020 年。在2021年期間，我們重要的生產裝置已經投產，今年我們已經回注了430萬噸二氧化碳，這已經是2019年的水平，我們預計與2020年相比也會有更高的水平，因此，我們繼續降低碳足跡並大幅減少排放。當我們談論煉油作業中的碳強度時，重要的是要認識到我們有幾次計劃停工。 2021 年我們有 6 次計劃停工。儘管如此，我們仍然保持 2020 年的水平，我們相信我們可以在 2021 年下半年恢復並實現 2021 年的目標。今年早些時候我們已經宣布了[Raft Up] 計劃，這是一個非常重要的計劃，專注於提高煉油業務的能源效率，因此，我們高度重視降低煉油業務中的碳強度。下一個。

When we look at the highlights of our operational and financial results for the second quarter of 2021, these results reflect very clearly our commitment with executing our business plan and our disciplined focus on our strategy. So we have very important results for this quarter, which is something that the company has been working on since basically 2015, 2016 to manage this portfolio to have a very resilient portfolio that is resilient to lower prices, and also is able to capture the upside of scenarios like the one we're seeing in 2021. We set the company for a $40 Brent price for the year 2021, and what we see is significantly above that. And we have been able to show in the second quarter of 2021 that our portfolio is capturing all the upside that is related to higher Brent prices.

當我們審視 2021 年第二季的營運和財務績效亮點時，這些結果非常清楚地反映了我們對執行業務計劃的承諾以及我們對策略的嚴格關注。因此，我們本季取得了非常重要的成果，這是該公司自2015 年、2016 年以來一直致力於管理該投資組合的事情，以擁有一個非常有彈性的投資組合，能夠適應較低的價格，並且能夠抓住上行空間就像我們在 2021 年看到的那樣。我們將公司 2021 年的布蘭特原油價格設定為 40 美元，而我們看到的價格明顯高於該價格。我們已經能夠在 2021 年第二季證明，我們的投資組合正在抓住與布蘭特原油價格上漲相關的所有上漲空間。

We had a recurring adjusted EBITDA of $11.4 billion and an EBITDA margin of 54%. Also, we had $10.8 billion operating cash flow, and our very substantial level of free cash flow as well, after our investments of $9.3 billion in the second quarter of 2021. This is, of course, the result of a very important operational performance, with higher exports of oil and oil products. We're also diversifying the destinations of our exports, of course, always focused on generating value and trying to find the best consumers for our oil in the international market. This is a very important movement, and we see oils like Tupi, Buzios, (inaudible) more and more recognized in the international market as well. We had in the second quarter, higher margins and the higher sales in the domestic market, as well, from our refining operations, especially diesel and gasoline in the Brazilian market. And it's good to highlight that the second quarter is not our highest volume in terms of seasonality, so it was a very important result to have such high volumes in the second quarter of 2021.

我們的經常性調整後 EBITDA 為 114 億美元，EBITDA 利潤率為 54%。此外，在 2021 年第二季投資 93 億美元之後，我們擁有 108 億美元的營運現金流，以及非常可觀的自由現金流。當然，這是非常重要的營運績效的結果，石油和石油產品出口增加。當然，我們也在使出口目的地多樣化，始終專注於創造價值，並努力在國際市場上為我們的石油找到最好的消費者。這是一個非常重要的運動，我們看到像 Tupi、Buzios（聽不清楚）這樣的油在國際市場上也越來越被認可。第二季度，我們的煉油業務，特別是巴西市場的柴油和汽油，在國內市場上獲得了更高的利潤和更高的銷售量。值得強調的是，就季節性而言，第二季並不是我們的最高銷量，因此 2021 年第二季擁有如此高的銷售量是一個非常重要的結果。

When we look at our gross debt reduction, we reduced our debt in the second quarter by $7.3 billion, reaching a level that is substantially below the target that we set for 2021 of $67 billion. We're already in $63.7 billion for 2021. And of course, we're highly focused on reaching our $60 billion debt target, which is something that continue at this pace that we have now, we believe that we can reach $60 billion debt target by the end of the year 2021.

當我們考慮總債務削減時，我們在第二季度減少了 73 億美元的債務，達到的水平大大低於我們為 2021 年設定的 670 億美元的目標。 2021 年我們的債務目標已經達到 637 億美元。當然，我們高度重視實現 600 億美元的債務目標，按照我們現在的速度繼續下去，我們相信我們能夠實現 600 億美元的債務目標到 2021 年底。

We also had the support of important cash flows from our portfolio management strategy. We had inflows of $300 million in the first half of the year -- in the second quarter, sorry. And we also had the follow-on transaction of our remaining shares in BR Distribuidora of $2.2 billion. This cash inflow happened in the beginning of the third quarter, in July. We had a positive impact in our earnings for the second quarter of the reversal of the impairment that we had in BR Distribuidora, but the cash inflow actually happened in the second -- in the third quarter, in the beginning of July. And of course, we had earnings of $7.7 billion in the second quarter of 2021. This was positively impacted by our very substantial operational performance, and we also had a positive impact of foreign exchange gains that are noncash, but they impacted positively in our second quarter results.

我們的投資組合管理策略也為我們提供了重要的現金流量支援。今年上半年，我們的資金流入達到了 3 億美元，第二季度，抱歉。我們也對 BR Distribuidora 剩餘股份進行了 22 億美元的後續交易。這筆現金流入發生在第三季初的 7 月。 BR Distribuidora 減損的逆轉對我們第二季度的獲利產生了積極影響，但現金流入實際上發生在第二季、第三季度，即 7 月初。當然，我們在2021 年第二季度的收入為77 億美元。這受到我們非常可觀的營運業績的積極影響，而且非現金外匯收益也對我們產生了積極影響，但它們對我們的第二季度產生了正面影響。季度業績。

With all the debt reduction that we had and with CapEx discipline, the cost discipline that we have and the portfolio management strategy that we have in place, we're -- we've been able to approve and announce anticipated dividend distribution of $6 billion for the second half of 2021, part of it in August, part of it in December of 2021. And we're very glad to announce that, and of course, we're trying more and more to balance our focus on debt reduction and getting to the $60 billion debt target, but at the same time, being able to add value, to generate value to reduce our debt with the lowest cost possible for prepayments and for debt reduction, at the same time, being able to balance that with dividend distribution for our shareholders. Next, please.

透過我們的所有債務削減以及資本支出紀律、成本紀律以及我們制定的投資組合管理策略，我們已經能夠批准並宣布 60 億美元的預期股息分配2021 年下半年，一部分在8 月，一部分在2021 年12月。我們很高興地宣布，當然，我們正在越來越多地嘗試平衡我們對債務削減和債務削減的關注達到600 億美元的債務目標，但同時能夠增加價值，創造價值，以盡可能低的預付款和債務減免成本減少我們的債務，同時能夠與為我們的股東分配股息。下一個。

When we look at the external environment, rent prices were 13% above the first quarter of 2021 in the second quarter, which of course, as I mentioned before, we were able to capture these additional prices with our portfolio, which is a very cost-resilient portfolio. When we consider the average exchange rate, real/dollar for the period, we had a slight reduction of 3%. So, on average, we have an important improvement in margins and prices for the second quarter of 2021. And as I mentioned before, when we consider the (inaudible) exchange rate, we had an appreciation of the Brazilian real during the second quarter of 12%. And this, of course, impacted positively our earnings for Q2 2021, but it's noncash. Next slide, please.

當我們看外部環境時，第二季的租金價格比2021 年第一季上漲了13%，當然，正如我之前提到的，我們能夠透過我們的投資組合捕獲這些額外的價格，這是一個非常昂貴的成本。- 有彈性的投資組合。當我們考慮該期間的平均匯率（雷亞爾/美元）時，我們略有下降 3%。因此，平均而言，我們2021 年第二季的利潤率和價格都有了重大改善。正如我之前提到的，當我們考慮（聽不清楚）匯率時，巴西雷亞爾在2021 年第二季度升值。12%。當然，這對我們 2021 年第二季的收入產生了積極影響，但它不是現金。請下一張投影片。

It's very interesting to see the trajectory of our gross debt over time. If we go back a couple of years, we can see that in 2015, we had a total gross debt of $135 billion. And without considering the leases, that only became part of our debt as of January 1, 2019, when we implemented IFRS 16, so it's basically a $90 billion debt reduction from 2015 to 2021, which is a very impressive result. And as I mentioned, we are already below the target that we set for 2021, and we've been more selective in trying to balance value generation and dividend distribution with reaching our gross debt level of $60 billion by the end of 2021.

觀察我們的總債務隨時間的變化軌跡非常有趣。如果我們回顧幾年，我們可以看到 2015 年我們的總債務為 1,350 億美元。在不考慮租賃的情況下，自2019 年1 月1 日我們實施IFRS 16 起，這才成為我們債務的一部分，因此從2015 年到2021 年基本上減少了900 億美元的債務，這是一個非常令人印象深刻的結果。正如我所提到的，我們已經低於我們為 2021 年設定的目標，並且我們在努力平衡價值創造和股息分配方面更加有選擇性，以期在 2021 年底前達到 600 億美元的總債務水平。

Of course, it's very interesting to mention as well that we have a net debt-to-EBITDA ratio much closer to our peers' now. This is, of course, positively impacted by the level of EBITDA that we have, so it's important to continue focusing on reducing our total debt as well. But it's a very important result of 1.49x. And when you look at the ratio between our cash flow from operations and our interest payments, we already have something around 12x, which brings us much closer to our peers', and that's a very important trajectory of reducing our leverage, and therefore, making the company more sustainable and more reliable and resilient to challenging scenarios. Next slide, please.

當然，值得一提的是，我們現在的淨負債與 EBITDA 比率更接近同業。當然，這受到我們的 EBITDA 水準的正面影響，因此繼續專注於減少我們的總債務也很重要。但這是 1.49x 的一個非常重要的結果。當你看到我們的營運現金流與利息支付之間的比率時，我們已經達到了 12 倍左右，這使我們更接近同行，這是降低槓桿率的一個非常重要的軌跡，因此，公司更可持續、更可靠、更有彈性，能夠應付充滿挑戰的情況。請下一張投影片。

When we look at the results in terms of EBITDA for the second quarter, as I mentioned before, we had a very important quarter, very important operational results. So the increase in oil products margins and increase of exports as well and sales reflected in an increase in our recurring EBITDA of 31% to $11.4 billion in the second quarter of 2021. And of course, we also had a positive -- when we look at the adjusted EBITDA, we had a positive impact of the decision, the gain that we had related to the exclusion of the [AT] of ICMS that is a state-level taxation in Brazil from the calculation of (inaudible) fees, but it was a very impressive results in terms of our operational performance for the second quarter. Next, please.

當我們從第二季度 EBITDA 的角度來看結果時，正如我之前提到的，我們有一個非常重要的季度，非常重要的營運表現。因此，石油產品利潤的增加以及出口和銷售額的增加反映在 2021 年第二季度我們的經常性 EBITDA 增長了 31%，達到 114 億美元。當然，當我們看時，我們也有積極的一面在調整在後的EBITDA 中，我們對該決定產生了積極影響，我們獲得的收益與從（聽不清楚）費用的計算中排除ICMS 的[AT] 相關，這是巴西的州級稅收，但它就我們第第二季的營運表現而言，這是一個非常令人印象深刻的結果。下一個。

Looking at the dynamics of the results by business segment, we can see that our Upstream segment captured an upside of 20% from the second quarter when compared to the first quarter. We had higher Brent prices, also an increase in our production. We had a 2.8 million barrels of oil equivalent production in the second quarter of 2021, and 70% of that is already represented by oils from the pre-salt layer, which are very resilient in terms of costs, and of course, in terms of emissions as well. So we're very glad to see the successful results of our exploration in the pre-salt area.

從各業務部門的業績動態來看，我們的上游部門第二季較第一季成長了 20%。我們的布蘭特原油價格上漲，產量也有所增加。 2021 年第二季度，我們的石油當量產量為 280 萬桶，其中 70% 是來自鹽下層的石油，這些石油在成本方面非常有彈性，當然，在排放量也是如此。所以我們很高興看到我們在鹽下地區的勘探取得了成功的成果。

When we look at the Refining, Transport, and Commercialization segment, even when we look at the performance at replacement cost, excluding the inventory turnover effect, we had a very positive quarter. We basically more than doubled the results from Q1 to Q2, with higher margins and higher volumes in the sale diesel and gasoline in the domestic markets. And we also have a very -- a lower inventory turnover effect when we look at the results of our EBITDA with inventory turnover, but it's still a very important performance for the RTC segment.

當我們觀察煉油、運輸和商業化領域時，即使我們考慮重置成本的表現（不包括庫存週轉率影響），我們的季度表現也非常積極。從第一季到第二季度，我們的業績基本上翻了一番以上，國內市場的柴油和汽油銷售量和利潤率更高。當我們查看 EBITDA 與庫存週轉率的結果時，我們的庫存週轉率效應也非常低，但這對 RTC 部門來說仍然是一個非常重要的表現。

And looking at the Gas and Power segment, we had a 20% increase in the results of Q2 when compared to Q1, with the recovery of the natural gas margins due to higher prices and, of course due to higher non thermal demand, and to the improvement in the Brazilian economy that also improved the levels that we sell of natural gas. Next slide, please.

看看天然氣和電力領域，與第一季度相比，我們第二季度的業績增長了 20%，天然氣利潤率由於價格上漲以及非火力需求增加而恢復。巴西經濟的改善也提高了我們天然氣的銷售水平。請下一張投影片。

When we look at the cash generation and how we use that cash during the quarter, as I mentioned before, we have a cash flow from our operations of around $10.8 billion and investments of $1.5 billion, so we had a free cash flow of $9.3 billion and $0.3 billion inflows from our portfolio management strategy. And that results in $9.6 billion of free cash flow after divestments. And we basically used all that free cash flow to prepay debt. And when I mentioned the efforts that we're making in terms of liability management, it's also important to include the pension plans that we've had a [$0.4 billion] prepayment in the second quarter of '21, which is, of course, a more expensive debt that we have. So we're also trying to manage our liabilities in a more structured and consolidated way, looking both at our finance debt and pension liabilities as well. And of course, as I mentioned, the level of free cash flow that we have, way above what we expected for the year 2021 and the successful movement that we have towards achieving the $60 billion debt target is enabling us to anticipate dividends, so that's also very important for the company. Next, please.

當我們審視本季的現金產生以及如何使用現金時，正如我之前提到的，我們的營運現金流約為 108 億美元，投資為 15 億美元，因此我們的自由現金流為 93 億美元我們的投資組合管理策略帶來3 億美元的流入。撤資後將產生 96 億美元的自由現金流。我們基本上用所有自由現金流來預付債務。當我提到我們在負債管理方面所做的努力時，包括我們在 21 年第二季預付款 [4 億美元] 的退休金計劃也很重要，當然，我們擁有更昂貴的債務。因此，我們也嘗試以更結構化和整合的方式管理我們的負債，同時關注我們的財務債務和退休金負債。當然，正如我所提到的，我們擁有的自由現金流水平遠高於我們對 2021 年的預期，而且我們為實現 600 億美元債務目標而取得的成功使我們能夠預期股息，所以這就是對於公司來說也非常重要。下一個。

We're also focused on improving the profile of our remaining debt. We had a very important transaction in the second quarter of 2021. We issued $1.5 billion, and we had an almost simultaneous tinder offer as well. We were able to have the lowest historical yield for a 30-year bond for Petrobras in the history of the company. And we also made substantial prepayments and repurchases, both in the debt capital market and also with bilateral transactions with the banking market as well. We improved the average maturity of our debt to more than 12.5 years and reduced the cost to 5.9%, so this is a very important movement, especially considering the challenges around the energy transition. So it's very important for us to be able to continue improving the maturity and reducing the average cost of the remaining debt, alongside with reaching the $60 billion debt target that we have.

我們也致力於改善剩餘債務狀況。我們在 2021 年第二季進行了一項非常重要的交易。我們發行了 15 億美元，幾乎同時我們也收到了 Tinder 報價。我們能夠獲得巴西國家石油公司史上最低的 30 年期債券殖利率。我們也在債務資本市場以及與銀行市場的雙邊交易中進行了大量的預付款和回購。我們將債務的平均期限提高到 12.5 年以上，並將成本降低到 5.9%，因此這是一項非常重要的舉措，特別是考慮到能源轉型帶來的挑戰。因此，對我們來說，能夠繼續提高剩餘債務的期限並降低其平均成本，同時實現 600 億美元的債務目標，這一點非常重要。

And also, we had important news from S&P during the second quarter -- during the third quarter, sorry. In the month of July, S&P announced an upgrade in our stand-alone credit rating, so this was also very positive and reflects the successful financial recovery of Petrobras. Next, please.

此外，我們在第二季（第三季）從標準普爾獲得了重要消息，抱歉。 7月份，標準普爾宣布上調我們的獨立信用評級，因此這也是非常積極的，反映了巴西國家石油公司成功的財務復甦。下一個。

In terms of portfolio management, it's important to highlight the transaction involving the remaining shares that we had of the BR Distribuidora, and that's a $2.24 billion transaction. As I mentioned before, it was a follow-on transaction in capital markets, the largest transaction in the Brazilian market for 2021. The cash inflow happened in the beginning of July, so it's of course supporting our deleveraging and dividend payment. We also had relevant signings during year 2021, especially in the movements that we're making in terms of opening the natural gas and the refining market. We had the signing of [RLAM], an important refining plant. We also had a signing of Gaspetro now in July as well, so we had important movements. And also, when we think about E&P operations, we also had signing of transactions involving onshore and shallow water fields that were very substantial during the quarter. So, during the year, we had a total of $5.7 billion in transactions and already have a cash inflow of $2.8 billion in 2021. Next, please.

在投資組合管理方面，重要的是要強調涉及我們所擁有的 BR Distribuidora 剩餘股份的交易，這是一筆 22.4 億美元的交易。正如我之前提到的，這是資本市場的後續交易，也是2021年巴西市場最大的交易。現金流入是在7月初，所以它當然支持我們去槓桿和派息。我們在 2021 年也簽署了相關協議，特別是在開放天然氣和煉油市場方面採取的行動。我們簽署了[RLAM]，一家重要的煉油廠。我們還在七月簽下了加斯佩特羅，所以我們有重要的動作。此外，當我們考慮勘探與生產業務時，我們還簽署了涉及陸上和淺水油田的交易，這些交易在本季度非常大量。因此，這一年我們的交易總額為 57 億美元，2021 年現金流入已達 28 億美元。請參閱下面。

So, this is just a general picture of what's happening in all the portfolio management projects that we have, and you can see that the ones that have the yellow box are the ones that have movements in the second quarter. So you can see that several processes advanced during the second quarter, both in terms of signing or closing of relevant transactions, so we remain very committed to our portfolio management strategy. Next, please.

因此，這只是我們擁有的所有投資組合管理項目中發生的情況的總體情況，您可以看到帶有黃色框的項目是在第二季度發生變化的項目。因此，您可以看到第二季在簽署或完成相關交易方面取得了一些進展，因此我們仍然非常致力於我們的投資組合管理策略。下一個。

So, in terms of earnings, we had $7.7 billion of recurring net income for the second quarter of 2021. As I mentioned before, this is the result of a very important operational performance and alongside with a positive impact of noncash foreign exchange gains, given the appreciation of the Brazilian real, with the (inaudible) Brazilian real that impacts our exposure in terms of dollar index gross debt, so this was a positive impact for the second quarter of 2021. We also had earnings related to a reversal of impairment in BR Distribuidora, and also the important results of Braskem in the second quarter of 2021. Next, please.

因此，就收益而言，我們 2021 年第二季度的經常性淨利潤為 77 億美元。正如我之前提到的，這是非常重要的營運業績以及非現金外匯收益的積極影響的結果，因為巴西雷亞爾升值，（聽不清楚）巴西雷亞爾影響了我們在美元指數總債務方面的曝險，因此這對2021 年第二季產生了積極影響。我們也獲得了與減損逆轉相關的收益BR Distribuidora，以及 Braskem 2021 年第二季的重要業績。接下來請。

So finally, as I mentioned, it's -- we approved anticipated dividend distribution of $6 billion, which is more than -- it's around 3x the average dividend distribution for the last 3 years. And it's divided into a first payment in August 2021 and a second one in December 2021, which is a very important movement from the company, reinforcing our commitment to add value to our shareholders, and of course, the Brazilian society as a whole. And it's an important movement of balancing our deleveraging strategy with the remuneration of our shareholders. And as I mentioned, we're being more and more selective in terms of the next steps for our deleveraging, so that we can reach that $60 billion debt target by the end of 2021, but generating the highest value possible.

所以最後，正如我所提到的，我們批准了 60 億美元的預期股息分配，這大約是過去 3 年平均股息分配的 3 倍。它分為2021 年8 月的第一筆付款和2021 年12 月的第二筆付款，這是公司的一項非常重要的舉措，加強了我們為股東、當然還有整個巴西社會增加價值的承諾。這是平衡去槓桿策略和股東薪酬的重要措施。正如我所提到的，我們在下一步去槓桿化方面越來越有選擇性，以便我們能夠在 2021 年底之前實現 600 億美元的債務目標，同時創造盡可能最高的價值。

So that's my last slide. Thank you very much for being here with us today, and we move on with Carla to the Q&A session. Thank you.

這是我的最後一張投影片。非常感謝您今天與我們在一起，我們將與卡拉一起進入問答環節。謝謝。

So the first question that we receive comes from Luiz Carvalho with UBS, and it's for Mastella. Mastella, we have been following company pricing policy in a very detailed way for a long time, and we still see changes on the approach through the years. In certain times, we saw more frequent adjustments, on others a gap closer to parity, and now calls our attention that price moves are less frequent and with a higher gap than before. Why do we see different approaches to this subject over time?

我們收到的第一個問題來自瑞銀集團 (UBS) 的路易斯·卡瓦略 (Luiz Carvalho)，是針對馬斯特拉 (Mastella) 的。 Mastella，我們長期以來一直非常詳細地遵循公司的定價政策，多年來我們仍然看到該方法的變化。在某些時候，我們看到了更頻繁的調整，而在另一些時候，差距更接近於平價，現在引起我們注意的是，價格波動比以前不那麼頻繁，而且差距更大。為什麼隨著時間的推移，我們會看到針對這個主題的不同方法？

That will help me clarify, I hope, some issues in the subjects so many times criticized, either for being too low or being too high (inaudible). First, we must say that the alignment of prices with international markets is essential to ensure that the Brazilian market continues to be supplied without risk a shortages by the different suppliers, either distributors [in quarters] or other producers, in addition to Petrobras.

我希望，這將幫助我澄清那些被多次批評的主題中的一些問題，要么是太低，要么是太高（聽不清楚）。首先，我們必須說，價格與國際市場的接軌對於確保巴西市場的持續供應至關重要，而不會出現不同供應商（除巴西國家石油公司外）供應商（按季度）或其他生產商供應短缺的風險。

In the first quarter, trying to take more specifically on your question, the increase in international prices and the exchange rate, Brazil/dollar, require more frequent adjustments to the domestic price. More recently, in the last month, the variations in international prices, and at the same time, in the exchange rates to have often moved in opposite directions. We had to (inaudible) compensation between them. As a result of this, less frequent price adjustments were needed in second quarter.

在第一季度，試圖更具體地回答你的問題，國際價格和巴西/美元匯率的上漲需要更頻繁地調整國內價格。最近，在上個月，國際價格的變化以及匯率的變化往往朝相反的方向變化。我們必須（聽不清楚）他們之間的補償。因此，第二季價格調整的頻率較低。

Well, some of our prices continue to seek balance with the international market, following the changes in [value products] and the exchange rate up and down, trying to avoid -- it's important -- trying to avoid the transfer to internal prices of the external volatility caused by (inaudible) events for our market movement. The continuing monitoring of the markets by our team remains unchanged, which includes, among other procedures, the daily computation and analysis of the behavior of prices in relation to international prices, competitive prices, and the planning of actions to correct deviations. Because the regular and the interrupted prices of other players in the Brazil market, especially in quarters, is showing that our prices remain aligned with the international market. Thank you.

那麼，我們的一些價格繼續尋求與國際市場的平衡，跟隨[價值產品]的變化和匯率的上下波動，試圖避免——這一點很重要——試圖避免轉移到國內價格。（聽不清楚）事件對我們的市場走勢造成的外部波動。我們團隊對市場的持續監控保持不變，其中包括與國際價格、競爭價格相關的價格行為的日常計算和分析，以及糾正偏差的行動計劃。因為巴西市場上其他參與者的常規價格和間歇性價格，尤其是季度價格，顯示我們的價格與國際市場保持一致。謝謝。

The second question from Luiz Carvalho is for Rodrigo (inaudible). So, on the Gaspetro divestment, we saw some recent news about the potential remedies that could be imposed by the antitrust body. Did the company have interactions about the potential solutions to move forward through the process prior to the binding phase? And what about Braskem? Any news on this potential divestment?

路易斯卡瓦略的第二個問題是問羅德里戈的（聽不清楚）。因此，關於 Gaspetro 撤資，我們最近看到了一些有關反壟斷機構可能採取的潛在補救措施的消息。在綁定階段之前，公司是否就潛在的解決方案進行了互動，以推進整個流程？那麼布拉斯科姆呢？關於這項潛在撤資的消息有嗎？

Thank you for your question. Well, first of all, with respect to the agreement that we have with the Brazilian antitrust body with respect to the opening of the natural gas market, the [CAGR] antitrust body is closely following all our movements, and of course, is following up on all the sale processes that we have. And of course, Gaspetro was a relevant one within this context. And it's good also to give you a more general perspective in terms of next steps because, first of all, we have the state-level governments that have shares in those natural gas distribution companies, so they have preferred rights that can or cannot be exercised. Then later on, we still have Mitsui, which is our partner in Gaspetro, which can exercise their right as well. And then we have the Brazilian antitrust body analysis that, of course, we expect to be a complex one, given the nature of the natural gas distribution market and the complexity of the transaction. But we are highly focused on concluding the transaction, and we are positive that the resolution with the antitrust body will be positive in the end, and we'll be able to conclude the divestment of Gaspetro.

謝謝你的問題。那麼首先，關於我們與巴西反壟斷機構就開放天然氣市場達成的協議，[CAGR]反壟斷機構正在密切關注我們的一切動向，當然，正在跟進我們擁有的所有銷售流程。當然，Gaspetro 是這一背景下的相關者。就下一步行動而言，為您提供更全面的視角也很好，因為首先，我們擁有這些天然氣分銷公司的股份的州級政府，因此他們擁有可以或不可以行使的優先權。再後來，我們還有三井物產，它是我們在 Gaspetro 的合作夥伴，它也可以行使他們的權利。然後是巴西反壟斷機構的分析，考慮到天然氣分銷市場的性質和交易的複雜性，我們預計這將是一項複雜的分析。但我們高度關注完成交易，我們相信反壟斷機構的決議最終將是積極的，我們將能夠完成 Gaspetro 的撤資。

With respect to Braskem, of course, we've been following up on the movements of Novonor that is of course a relevant shareholder Braskem as well. And we have already engaged financial advisers to support us in several possible strategies for conclusion of the divestment and to add value for our portfolio. So, we don't have a definite answer with respect to that at this point, but we are moving forward with potential different paths, and we're focused now on realizing the highest value possible in the divestment of Braskem. Thank you for your question.

當然，對於Braskem，我們一直在關注Novonor的動向，Novonor當然也是Braskem的相關股東。我們已經聘請了財務顧問來支持我們幾種可能的策略，以完成撤資並為我們的投資組合增加價值。因此，目前我們對此還沒有明確的答案，但我們正在沿著潛在的不同路徑前進，我們現在的重點是在布拉斯科姆撤資中實現盡可能的最高價值。謝謝你的問題。

The next question comes from Rodolfo De Angele with JPMorgan, and it's for Mastella. Mastella, so about fuel pricing, how are talks the government about the possible fund to stabilize price? Has Petrobras been involved in these discussions with the government?

下一個問題來自摩根大通的 Rodolfo De Angele，是問 Mastella 的。馬斯特拉，那麼關於燃料定價，政府如何討論可能的穩定價格基金？巴西國家石油公司是否參與了與政府的這些討論？

Well, as I said, it is very important that Petrobras continues to practice prices in balance with the competitive markets. This economical reason doesn't apply exclusively to its own products. Other commodities traders in Brazilian markets or (inaudible) market, such as food, ore, and metals, also have their prices associated with variations in international market and the exchange rates.

嗯，正如我所說，巴西國家石油公司繼續實行與競爭市場平衡的價格非常重要。這種經濟原因並不只適用於它自己的產品。巴西市場或（聽不清楚）市場上的其他商品交易商，例如食品、礦石和金屬，其價格也與國際市場和匯率的變化有關。

Well, using this economical logic in respect in this, there is naturally an incentive for investments and attraction of new players to Brazil, which contribute, we believe, to the increase in the local offer of products with direct benefits to the consumers. On the other hand, prices are out of line with the market (inaudible) value would compromise the industry's investment capacity and interest, which can lead to assets (inaudible) and increase the risk of shortage. Likewise, we do actively contribute to discussions within the Ministry of Mines and Energy in Brazil regarding possible problems, such as price, stabilization, and (inaudible). Thank you.

嗯，利用這種經濟邏輯，自然會刺激投資和吸引新參與者到巴西，我們相信，這有助於增加當地產品的供應，為消費者帶來直接利益。另一方面，價格與市場（聽不清楚）價值脫節會損害產業的投資能力與興趣，進而導致資產（聽不清楚）並增加短缺風險。同樣，我們也積極參與巴西礦業和能源部內部關於價格、穩定和（聽不清楚）等可能問題的討論。謝謝。

The second question from Rodolfo is to Rodrigo. Rodrigo, about asset sale, please provide an update on refineries in other key assets. We are on mute with you.

魯道夫向羅德里戈提出的第二個問題。羅德里戈，關於資產出售，請提供其他關鍵資產煉油廠的最新情況。我們對你保持沉默。

Sorry. Last time I wasn't visible, now I was muted. Thank you, Rodolfo, for your question. Well, first of all, it's -- as I mentioned during the presentation, we had, of course, signed and closed important transactions during the year 2021. Of course, BR Distribuidora is the most relevant one; that happened in the beginning of July. And as I mentioned, we are highly focused on concluding the transactions, both in the agreement that we have with [Kaji] for the natural gas market, and for the refining market as well. We are, of course, highly focused on closing the transaction regarding [Hila], which was signed in March this year. And looking at the process as a whole, where we have (inaudible) in 6, a little bit more advanced. And we are in the negotiations in different stages for (inaudible). We have the agreements with Kaji in terms of deadlines, and we're focused and committed to comply with those deadlines.

對不起。上次我看不見，現在我被靜音了。謝謝魯道夫的提問。嗯，首先，正如我在演示中提到的，我們當然在 2021 年簽署並完成了重要交易。當然，BR Distribuidora 是最相關的交易；那件事發生在七月初。正如我所提到的，我們高度重視完成交易，無論是我們與 [Kaji] 就天然氣市場還是煉油市場達成的協議。當然，我們高度關注完成今年 3 月簽署的 [Hila] 交易。從整個過程來看，我們在 6 中（聽不清楚）有點更高級。我們正處於不同階段的談判（聽不清楚）。我們與 Kaji 在最後期限方面達成了協議，我們專注並致力於遵守這些最後期限。

And in terms of other relevant assets in the presentation, I showed a slide regarding the advancement of other processes. As I mentioned, we had the signing of Gaspetro recently. And we also had other important assets, both in onshore and shallow water E&P assets, so we're very glad with the evolution of our portfolio management strategy and focused on concluding additional transactions for the year 2021. Thank you.

至於簡報中的其他相關資產，我展示了一張其他流程進度的投影片。正如我所提到的，我們最近簽下了加斯佩特羅。我們還擁有其他重要資產，包括陸上和淺水勘探與生產資產，因此我們對投資組合管理策略的演變感到非常高興，並專注於在 2021 年完成更多交易。謝謝。

The next question comes from Bruno Montanari with Morgan Stanley, and it's also for you. So, regarding the enhanced dividend policy, once the debt targets are met, how should we think about the actual implementation of the policy? Would the higher payments come only at the end of the fiscal year, be it 2021 or 2022, or would management be inclined to start distributions as soon as possible? On that aspect, is there a preference for quarterly, semiannually, or annually dividend distribution?

下一個問題來自摩根士丹利的布魯諾·蒙塔納裡（Bruno Montanari），也是給你的。那麼，對於強化分紅政策，一旦債務目標實現，我們該如何思考政策的實際執行呢？更高的付款是否只會在本財年結束時（無論是 2021 年還是 2022 年）支付，還是管理層會傾向於盡快開始分配？在這方面，是否優先選擇季度、半年度或年度股利分配？

Well, first of all, it's important to see that 2021 is, of course, a transition year, an important year in terms of our target to reduce gross debt. We expect it to reach the $60 billion debt target only in 2022. And of course, given the much more favorable conditions in 2021, we've been able to move much faster. And at the current pace, we expect that we may be able to reach the $60 billion debt target closer to the end of the year 2021. So it's -- now it's more of a transition time. And, as we announced in this quarter, we want to make sure that we can balance our focus on reaching the $60 billion debt target with potential dividend distributions. And we want to do that, adding as much value as possible, so we see that the timing of the prepayments is relevant. Of course, we want to get to the $60 billion debt target, but we also want to do that, generating more value. So, once we reach the $60 billion debt target, of course that we expect to improve our dividend payments and start applying the 60% dividend policy, 60% of our free cash flow. But as I mentioned, 2021 is a transition year, so we will try to balance those 2 aspects of distributing more dividends and reaching the $60 billion debt target.

嗯，首先，重要的是要看到 2021 年當然是一個過渡年，對於我們減少總債務的目標是重要的一年。我們預計到 2022 年才能達到 600 億美元的債務目標。當然，考慮到 2021 年的條件更加有利，我們的行動速度要快得多。按照目前的速度，我們預計我們可能能夠在 2021 年底前實現 600 億美元的債務目標。所以，現在更多的是一個過渡時期。而且，正如我們在本季宣布的那樣，我們希望確保能夠在實現 600 億美元債務目標與潛在股息分配之間取得平衡。我們希望做到這一點，增加盡可能多的價值，因此我們發現預付款的時間是相關的。當然，我們希望達到 600 億美元的債務目標，但我們也希望做到這一點，創造更多價值。因此，一旦我們達到 600 億美元的債務目標，我們當然希望改善我們的股利支付，並開始應用 60% 的股利政策，即我們自由現金流的 60%。但正如我所提到的，2021 年是過渡年，因此我們將努力平衡分配更多股息和實現 600 億美元債務目標這兩個方面。

In terms of preference with respect to quarterly, semiannual, or annual, we don't have an explicit preference. Of course, we want to balance the financial sustainability of the company, and we'll continue to monitor the scenario to see how can we best balance the sustainability of the company with the distribution. But it's important to highlight that we are highly focused on improving dividend payments and complying with our dividend policy. Thank you.

至於對季度、半年或年度的偏好，我們沒有明確的偏好。當然，我們希望平衡公司的財務可持續性，我們將繼續監控該情況，看看如何才能最好地平衡公司的可持續性與分配。但需要強調的是，我們高度關注改善股利支付並遵守我們的股利政策。謝謝。

Bruno has another question for you as well. So, thinking about energy transition, the company hinted that the upcoming business plan would bring more emphasis on this important topic. When does the company expect to announce the updated plan? Is the mindset increasing the investment level to address energy transition, given that Petrobras is generating very healthy cash flows? Or is the mindset to stay at a similar investment range, with a different composition between fossil fuels and energy transition projects?

布魯諾還有另一個問題想問你。因此，考慮到能源轉型，該公司暗示即將推出的業務計畫將更加重視這個重要主題。公司預計何時公佈更新後的計畫？鑑於巴西國家石油公司正在產生非常健康的現金流，這種心態是否會增加投資水準來解決能源轉型問題？還是維持類似的投資範圍，而化石燃料和能源轉型專案之間的組成不同？

Well, first, with respect to the timing of the business plan, we expect to announce the business plan closer to the end of the year, November or beginning of December. But in terms of a general picture, we're of course analyzing closely the energy transition subject. And of course, we have to be very careful with the movements that we make, especially considering that we have a very resilient portfolio. We have a portfolio that has significant competitive advantages, both in terms of being resilient to lower oil prices and being environmentally resilient as well. And we see that a profitable diversification is a challenge for the industry, so we want to make sure that whatever decision we make in terms of diversification is one that is accretive in terms of value and creates value to our shareholders. So this is a very important aspect for us. And of course, we want to keep our commitment with having a $35 price target for approving projects and being environmentally resilient as well.

那麼，首先，關於業務計劃的時間，我們預計將在接近年底、11 月或 12 月初公佈業務計劃。但就整體情況而言，我們當然正在仔細分析能源轉型主題。當然，我們必須非常小心我們所做的動作，特別是考慮到我們擁有非常有彈性的投資組合。我們的產品組合在抵禦油價下跌和環境適應能力方面都具有顯著的競爭優勢。我們認為，有利可圖的多元化對行業來說是一個挑戰，因此我們希望確保我們在多元化方面做出的任何決定都能增加價值，並為我們的股東創造價值。所以這對我們來說是一個非常重要的方面。當然，我們希望信守承諾，將批准專案的目標價設定為 35 美元，並保持環境彈性。

So we acknowledge that you have -- we have to keep moving towards the ESG agenda, but we want to make very -- make movements that are both sustainable and that we are always focused on adding value to our shareholders. Thank you, if you want to jump in as well. Thank you.

因此，我們承認，我們必須繼續朝著 ESG 議程邁進，但我們希望做出非常永續的舉措，並且我們始終專注於為股東增加價值。謝謝，如果你也想加入的話。謝謝。

Yes. Just to add what Rodrigo just mentioned that we don't see a competition of projects when we see fossil fuels and energy transition, but rather, a synergy. And Petrobras has been very focused on that since the early stages of our production in the Santos Basin, the pre-salt. We have been very focused on the reinjection of CO2, for instance. And this creates a double advantage. We are not putting in the atmosphere all the CO2 that has been locked in the reservoir for millions of years, but also, we are able to improve the recovery factor of the reservoir.

是的。補充羅德里戈剛才提到的，當我們看到化石燃料和能源轉型時，我們看到的並不是專案的競爭，而是協同作用。自從桑托斯盆地（鹽下）生產的早期階段起，巴西國家石油公司就一直非常關注這一點。例如，我們一直非常關註二氧化碳的回注。這創造了雙重優勢。我們不會將儲存在水庫中數百萬年的所有二氧化碳排放到大氣中，我們也能夠提高水庫的採收率。

The same happens when we study right now the second-generation of biofuels, the green diesel and the jet, biojet, aviation biojet. And then we are going to be using room that we have at hydrogen plants, in our refining plants, to foster the use for those plants with that end. So working in our own process, understanding how we can improve our carbon results in terms of oil and other products is key to the future of this energy transition, because with this strategy, we are going to be able to offer to the market in the future products, a range of products that are competitive in price, but also low in terms of carbon emissions. That is the strategy, and we are going to be studying those kinds of projects in the upcoming strategic plans that we will announce in the end of the year. Thank you.

當我們現在研究第二代生物燃料、綠色柴油和噴射機、生物噴射機、航空生物噴射機時，也會發生同樣的情況。然後我們將利用我們在氫工廠、煉油廠的空間來促進這些工廠的使用。因此，在我們自己的流程中工作，了解如何改善石油和其他產品方面的碳結果是能源轉型未來的關鍵，因為透過這項策略，我們將能夠向市場提供未來的產品，一系列具有價格競爭力且碳排放量較低的產品。這就是戰略，我們將在年底宣布的戰略計劃中研究此類項目。謝謝。

So the next question is from [Andrea Shen] with (inaudible), and it's for Fernando. Fernando, with the upcoming transfer of rights auction, would Petrobras have the appetite to be the sole operator on those fields, or is the company actively discussing with partners?

下一個問題是 [Andrea Shen] 提出的（聽不清楚），是問費爾南多的。費爾南多，隨著即將進行的權利拍賣轉讓，巴西國家石油公司是否有興趣成為這些油田的唯一營運商，或者該公司是否正在與合​​作夥伴積極討論？

Our strategic plan has a guideline for us to act in partnership. And with them, with this approach, we share risk, we share costs, we share investments and benefits. So Petrobras is seeking for good partners for the next bid round.

我們的策略計劃為我們合作行動提供了指導方針。透過這種方法，我們與他們分擔風險、分擔成本、分享投資和收益。因此，巴西國家石油公司正在為下一輪競標尋找良好的合作夥伴。

The next question comes from Vicente Falanga with Bradesco, and it's from Mastella. Mastella, did Petrobras incur any losses importing diesel in the quarter? If yes, could you provide us a ballpark estimate on how much?

下一個問題來自 Bradesco 的 Vicente Falanga，來自 Mastella。 Mastella，巴西國家石油公司本季進口柴油有損失嗎？如果是，您能給我們大概的估計金額嗎？

I can answer that by repeating that the prices of other agents in Brazilian market, especially fuel importers, indicated Brazilian prices are in line with international parity. For your reference, our diesel market share decreased in the second quarter from 87 (inaudible) only 7% on the first quarter to 83% for the second quarter, reflecting the increased prices of our other suppliers.

我可以重複一遍，巴西市場其他代理商的價格，特別是燃料進口商的價格，顯示巴西價格與國際價格一致。供您參考，我們的柴油市場份額在第二季度從第一季的 87（聽不清楚）僅 7% 下降到第二季的 83%，反映了我們其他供應商的價格上漲。

Worth mentioning that competitive prices in Brazil take into account not only international prices, but also values that added to them, such as flight costs and some that are subjected through, for example, U.S. prices, such as a (inaudible), which is the (inaudible) obligations, which is a cost added to the published prices of gasoline, for example in diesel in U.S. We have to remove that from enterprise when we compose our import parities in Brazil. (inaudible) the domestic prices and their margins cannot be directly perceived as a sum of international prices. I hope to be clear with that. Thank you for the question.

值得一提的是，巴西的競爭性價格不僅考慮了國際價格，還考慮了附加價值，例如航班成本以及一些受美國價格影響的價值，例如（聽不清楚），這是（聽不清楚）義務，這是增加到汽油公佈價格的成本，例如美國的柴油價格。當我們制定巴西的進口平價時，我們必須將其從企業中刪除。 （聽不清楚）國內價格及其利潤不能直接視為國際價格的總和。我希望能澄清這一點。感謝你的提問。

The second question from the Vicente is for Joao (inaudible). So, Joao (inaudible), could you please provide updates on the (inaudible) FPSO? In what quarter of 2022 are operations expected to start up?

維森特的第二個問題是問若奧的（聽不清楚）。那麼，Joao（聽不清楚），您能否提供（聽不清楚）FPSO 的最新情況？預計 2022 年哪個季度開始營運？

FPSO (inaudible) is the (inaudible) unit of Buzios field. It is under construction in the (inaudible) in China. We already started lifting the models in April 2001. We are facing some challenges about the COVID-19. But until now, we have scheduled to start the production until the end of 2022.

FPSO（聽不清楚）是 Buzios 油田的（聽不清楚）單位。它正在中國（聽不清楚）建設中。我們已於 2001 年 4 月開始提升模型。我們面臨著有關 COVID-19 的一些挑戰。但到目前為止，我們計劃在 2022 年底前開始生產。

I'd like to address the development of the field. You have already 4 units in operation. You already have the Buzios 5, you have Buzios 6, 7, 8 already hired and the under construction. We are in the bidding phase of the Buzios 9, the [T-80] unit. We, as upstream segment, (inaudible), we are working hard in order to reduce the time to -- we start production of all these new units, and they had high efficiency when they start operations. Buzios field is bringing a lot of value to the company. And we understand that it is very important to speed the first oil date of all the units that are in the construction phase. Thank you for the question.

我想談談該領域的發展。您已經有 4 台設備投入運作。您已經擁有 Buzios 5，還有已租用且正在建造中的 Buzios 6、7、8。我們正處於 Buzios 9（[T-80] 裝置）的招標階段。我們，作為上游部門，（聽不清楚），我們正在努力工作，以減少我們開始生產所有這些新裝置的時間，它們在開始運作時效率很高。 Buzios油田正在為公司帶來大量價值。我們知道，加快所有處於施工階段的裝置的首次投油日期非常重要。感謝你的提問。

The next question comes from Christian Audi with Santander. So, he sends a message with a congratulations for the results, and also with the anticipated payments of dividends. And his first question is for Rodrigo; it's about CapEx. So, given the very strong cash flow generation and payment of dividends, I was wondering if this may allow you to also adjust CapEx up in order to incorporate new, higher return projects, for example, in exploration and production or any other segments.

下一個問題來自桑坦德銀行的克里斯蒂安·奧迪。因此，他發送了一條訊息，祝賀結果，並預計支付股息。他的第一個問題是問羅德里戈的；這是關於資本支出的。因此，考慮到非常強勁的現金流產生和股息支付，我想知道這是否可以讓您也調整資本支出，以便納入新的、回報更高的項目，例如勘探和生產或任何其他領域的項目。

Well, as I mentioned before, we are always going to be -- to have appetite for projects that are accretive in terms of value, of course those projects that are resilient to lower Brent prices and that support the 35 breakeven price that we have for approving projects. So we're in the middle of the revision of our business plan, and of course, whenever we have projects that add value to the portfolio and that are resilient, both in terms of lower Brent prices and environmental behavior, especially in terms of emissions, we will be looking into those projects. And of course, as I mentioned, in the in the Portuguese earnings call as well, we have projects that are able to add value to the remaining portion of our refining portfolio, like GASLUB, for example, and we are also focused on that kind of projects, projects that create value that are connected with our refining plants, especially in the southeast, and that can enjoy the benefits of the oil and natural gas from the pre-salt. So, whenever we have projects that are resilient and value-adding projects, will be, of course, always interested in looking at them.

嗯，正如我之前提到的，我們總是會對價值增值的項目有興趣，當然是那些能夠抵禦布倫特原油價格下跌並支持我們所擁有的 35 盈虧平衡價格的項目批准項目。因此，我們正在修改我們的業務計劃，當然，每當我們有能夠為投資組合增加價值並且具有彈性的項目時，無論是在布倫特原油價格較低還是在環境行為方面，特別是在排放方面，我們將研究這些項目。當然，正如我所提到的，在葡萄牙財報電話會議中，我們也有一些項目能夠為我們煉油投資組合的剩餘部分增加價值，例如 GASLUB，我們也專注於此類項目的項目，這些項目創造了與我們的煉油廠相關的價值，特別是在東南部，並且可以享受鹽下石油和天然氣的好處。因此，每當我們有具有彈性和增值的項目時，我們當然總是會對它們感興趣。

And of course, we want to maintain our commitment with a much higher level of dividend payments, so this is something that we will always balance. But we want to maintain our 60% free cash flow -- 60% of the -- paying dividends that represents 60% of our free cash flow, so this is what we're going to be focused on. Thank you for the question.

當然，我們希望以更高水準的股息支付來維持我們的承諾，所以這是我們將始終平衡的事情。但我們希望維持 60% 的自由現金流——其中 60%——支付股息，這代表我們自由現金流的 60%，所以這就是我們要關注的重點。感謝你的提問。

Christian also has another question for you, and it's about use of cash. So given one, how strong your cash flow generation; 2, that you're almost at $60 billion gross debt target; and 3, that the large payment of dividends, how would you prioritize your use of cash going forward between debt reduction, CapEx, and dividends?

克里斯蒂安還有另一個問題想問你，是關於現金的使用。因此，給定一個條件，您的現金流產生能力有多強； 2.您的總債務目標已接近 600 億美元； 3，大量支付股息，您將如何在債務削減、資本支出和股息之間優先使用現金？

Well, first of all, as I mentioned before, we are highly focused on reaching our $60 billion debt target, and we believe that given the current pace, we'll be able to do that at the end of this year, at the end of 2021. But of course, we want to do that in the most value-accretive form possible, so we want to make sure that our prepayments have the lowest cost possible. We want to balance that going forward so that we can add value to our shareholders and be able to reach the $60 billion debt target at the same time.

嗯，首先，正如我之前提到的，我們高度重視實現 600 億美元的債務目標，我們相信，按照目前的步伐，我們將能夠在今年年底、年底實現這一目標。2021 年。但是，當然，我們希望以盡可能增值的形式做到這一點，因此我們希望確保我們的預付款成本盡可能最低。我們希望在未來取得平衡，以便為股東增加價值，同時能夠實現 600 億美元的債務目標。

In terms of Capex, of course, we have a very robust business plan and a significant level of CapEx for the upcoming years in our 2021, 2025 business plan. We are currently reviewing the business plan for '22, '26. But as I mentioned, we are always going to be focused on only adding projects that are resilient to lower prices and that add value to the portfolio, so we may see future increases in Capex, but we don't expect substantial increases. And we do expect that whatever increase in our CapEx is always a very resilient and value-adding project.

當然，就資本支出而言，我們在 2021 年、2025 年業務計畫中為未來幾年制定了非常穩健的業務計劃和大量資本支出。我們目前正在審查 22 年、26 年的業務計劃。但正如我所提到的，我們始終只專注於增加能夠適應較低價格並為投資組合增加價值的項目，因此我們可能會看到未來資本支出的增加，但我們預計不會大幅增加。我們確實預計，無論我們的資本支出如何增加，始終是一個非常有彈性和增值的項目。

And again, as I mentioned, we are expecting to improve substantially dividend payments and to, as soon as possible, start paying the 60% of our free cash flow that is that is the expected dividend policy.

正如我所提到的，我們預計將大幅改善股息支付，並儘快開始支付 60% 的自由現金流，這就是預期的股息政策。

The next question comes from Regis Cardoso with Credit Suisse, and it's for Fernando and Joao. It's about E&P projects. So, what E&P projects can be included in the Petrobras' production curve? Can you comment specifically about the status of (inaudible) and (inaudible)?

下一個問題來自瑞士信貸銀行的瑞吉斯‧卡多佐，是問費南多和若昂的。這是關於勘探與生產項目的。那麼，哪些勘探開發案可以納入巴西國家石油公司的生產曲線呢？能否具體評論（聽不清楚）和（聽不清楚）的狀態？

In addition to the 13 units that we start production until to 2025, we have started the Buzios 9 and the (inaudible) bidding (inaudible) in the first half of this year. Buzios 9 [P18] will be (inaudible) under the EPC -- under IPC contract. We use the high-capacity project that belongs of Petrobras. In (inaudible) [SP-81] will be (inaudible) using the [BOT] model. We understand that that is a very important step in the development of [SAP] field.

除了我們在 2025 年之前開始生產的 13 台設備之外，我們還在今年上半年開始了 Buzios 9 和（聽不清楚）招標（聽不清楚）。 Buzios 9 [P18] 將（聽不清楚）根據 EPC——根據 IPC 合約。我們使用屬於巴西國家石油公司的大容量項目。在（聽不清楚）[SP-81] 將（聽不清楚）使用 [BOT] 模型。我們知道這是[SAP]領域發展中非常重要的一步。

In the (inaudible) is a field that you have a high-volume, but with a big challenge in the CO2 content. We are starting hard the new technology and the project in order to make it feasible to develop this field under our approval scenarios that we need to have resilient projects.

（聽不清楚）是一個產量很高的領域，但二氧化碳含量面臨巨大挑戰。我們正在努力啟動新技術和項目，以便在我們需要有彈性項目的批准方案下使該領域的開發變得可行。

I pass to Fernando to comment about the new project that you are studying (inaudible).

我請費爾南多評論一下您正在研究的新專案（聽不清楚）。

Just to stress a little bit more, the [P-81], the (inaudible) is under -- in the market for -- in the bidding process that (inaudible) bring production we expect in 2026. As Joao (inaudible) said (inaudible), we are progressing with the bottlenecking of the technological challenges with the (inaudible). We're going to go to the market for the (inaudible) 3 in this -- in the coming months. It's a key element in having a robust design for (inaudible) development. Once we have very big volumes in (inaudible), and we have to manage the high CO2 content, and (inaudible) is a very good way we can reinject the (inaudible) direct from the (inaudible).

只是再強調一點，[P-81]（聽不清楚）正在招標過程中，（聽不清楚）我們預計將在 2026 年實現生產。正如 Joao（聽不清楚）所說（聽不清楚），我們正在解決（聽不清楚）技術挑戰的瓶頸。我們將在未來幾個月內進入市場購買（聽不清楚）3。這是為（聽不清楚）開發提供穩健設計的關鍵要素。一旦我們有非常大的體積（聽不清楚），我們必須管理高二氧化碳含量，並且（聽不清楚）是我們可以直接從（聽不清楚）重新註入（聽不清楚）的好方法。

And considering the next bid round for Atapu and [SEC] areas, for sure, there is -- or there are extra volumes that can encompass new projects for [SEP] and for Atapu that's going to be (inaudible) with the bidding process. And we have the continuity of the development of Buzios. We have until now contract -- we are contracting the Buzios 9, but the whole production development project for the Buzios (inaudible) (inaudible) up to 12 units. And for sure, that's going to add new production to our next business plan. I think that we can talk now, and for sure, you have a great effort in exploration that, for sure, will bring some more discoveries to be developed in the coming years.

考慮到阿塔普和[SEC] 地區的下一輪投標，當然，有——或者有額外的數量可以包含[SEP] 和阿塔普的新項目，這些項目將在投標過程中（聽不清）。我們擁有Buzios發展的連續性。到目前為止，我們已經簽訂了合約 - 我們正在簽訂 Buzios 9 的合同，但 Buzios（聽不清楚）（聽不清楚）的整個生產開發項目最多為 12 台。可以肯定的是，這將為我們的下一個業務計劃增加新的生產。我認為我們現在可以談談，當然，你們在探索方面付出了巨大的努力，這肯定會在未來幾年帶來更多的發現。

The next question also from Regis is to Mastella. So, Mastella, regarding fuel prices, Petrobras seems to be taking a growing share of gasoline and diesel imports in recent months. Can you explain if this is related to the recent maintenance stoppage in the refining (inaudible), or if this could be the result of the company not passing through all the upward volatility in Brent prices to the pump?

下一個問題也來自瑞吉斯，是向馬斯特拉提出的。因此，馬斯特拉，就燃料價格而言，近幾個月來巴西國家石油公司似乎在汽油和柴油進口中所佔的份額越來越大。您能否解釋一下這是否與最近煉油廠的維護停機有關（聽不清楚），或者這是否可能是由於該公司沒有將布蘭特原油價格的所有上行波動傳遞給石油泵造成的？

You're right about the relationship between increased imports and our refineries maintenance. In this first half of '21, there was a greater amount of scheduled maintenance. Mainly due to the restrictions imposed by the pandemic 2020, you can imagine the difficulty. It was almost impossible to put 2,000, 3,000 people in the site to do the schedule predicted maintenance in the refineries. So we have a concentration, really, in the first half. And in this way, to ensure the commitment to our customers, we do import oil products to meet this temporary reduction in production. Well, just to assure the regular presence of other agents in the Brazilian market, especially (inaudible), again, that prices in Brazil are in line with the international parity.

您對進口增加與煉油廠維護之間關係的看法是正確的。 21 年上半年，計畫維護量較大。主要是2020年疫情的限制，難度可想而知。安排 2,000、3,000 名人員在現場進行煉油廠的預定維護工作幾乎是不可能的。所以我們在上半場確實很專注。這樣，為了確保對客戶的承諾，我們進口石油產品來滿足這種暫時的減產。好吧，只是為了確保其他代理商定期出現在巴西市場，特別是（聽不清楚），巴西的價格與國際平價一致。

Another important point on this decision, of course, is based on -- is based almost all the time the import of products is always subject to economic analysis to support it. So you're right about the relations.

當然，這個決定的另一個重要點是基於——幾乎所有時候，產品的進口總是受到經濟分析的支持。所以你對兩國關係的看法是對的。

The next question is from Lilyanna Yang with HSBC, and it's for Rodrigo. So, Rodrigo, do you believe it's now a good time to rethink Petrobras' investment strategy?

下一個問題是匯豐銀行的 Lilyanna Yang 向羅德里戈提出的。那麼，羅德里戈，您認為現在是重新考慮巴西國家石油公司投資策略的好時機嗎？

Well, as I mentioned before, we're in the process of reviewing our business plan, and we expect to announce our 2022, '26 business plan closer to the end of the year, end of November or beginning of December. But of course, we don't expect major changes in terms of the overall strategy. We want to continue to be a company that is -- that has a significant cost resilience that is focused on approving projects that are resilient to lower oil prices and are also environmentally resilient as well.

嗯，正如我之前提到的，我們正在審查我們的業務計劃，我們預計將在接近年底、11 月底或 12 月初宣布我們的 2022 年、'26 業務計劃。但當然，我們預期整體策略不會發生重大變化。我們希望繼續成為一家具有顯著成本彈性的公司，專注於批准能夠適應較低油價和環境彈性的專案。

Of course, we are looking into projects that can add value to our portfolio, as I mentioned, both in upstream and related to the integration between the oil from the pre-salt, especially in the Southeast, with the remaining portion of the refining portfolio that we have, like GASLUB, for example. But we don't expect substantial changes. Of course, the energy transition is an important subject, and we want to take further steps toward our energy transition strategy. But as I mentioned, having a profitable diversification strategy is still a challenge for the industry as a whole. So this is what we can share with you for the moment, and we expect to announce our business plan closer to the end of the year.

當然，正如我所提到的，我們正在尋找可以為我們的投資組合增加價值的項目，無論是在上游還是與鹽下石油（特別是在東南部）與煉油投資組合的其餘部分之間的整合相關例如，我們有 GASLUB。但我們預計不會有重大變化。當然，能源轉型是一個重要議題，我們希望在能源轉型策略上採取進一步措施。但正如我所提到的，制定有利可圖的多元化策略對整個產業來說仍然是一個挑戰。這就是我們目前可以與您分享的內容，我們預計將在接近年底時宣布我們的業務計劃。

The next question comes from Thiago Duarte with BTG Pactual, and it's for you as well. So it's about dividends. So, annualizing the first half of 2021 profit earnings would be about $17 billion in 2021. Dividends that were announced yesterday are equivalent to a payout of about 36% or above the 25% minimum. Can we assume that the company is already anticipating dividends, assuming the formal of 60% payout of the free cash flow?

下一個問題來自 BTG Pactual 的 Thiago Duarte，也適合您。所以這是關於股息的。因此，按年化計算，2021 年上半年利潤約為 170 億美元。昨天宣布的股息相當於約 36% 或高於 25% 最低水平的派息。我們是否可以假設公司已經預期會派發股息，並正式支付 60% 的自由現金流？

As I mentioned before, 2021 is a transition year. As you all know, we expected to reach the $60 billion debt target in 2022, and given the current base and then the more positive scenario, we think that this pace, we may be able to reach by the end of the year. But our dividend policy gives us enough flexibility to approve extraordinary dividends, so we -- as I mentioned, we are trying to balance what we still have to do in terms of debt reduction to reach the $60 billion debt target and adding value for our shareholders through dividend payment. So this is not in anticipation of the formula of the 60% of free cash flow.

正如我之前提到的，2021 年是一個過渡年。眾所周知，我們預計在 2022 年達到 600 億美元的債務目標，考慮到目前的基礎以及更積極的情況，我們認為這個速度，我們可能能夠在今年年底達到。但我們的股息政策為我們提供了足夠的靈活性來批准特別股息，因此，正如我所提到的，我們正在努力平衡我們在債務削減方面仍要做的事情，以實現600 億美元的債務目標，並為我們的股東增加價值透過股利支付。所以這並不是 60% 自由現金流公式的預期。

As I mentioned, we are still focused on reaching the $60 billion debt target and prospectively distribute 60% of our free cash flow. But as 2021 is a transition year, and we're seeing a much more favorable scenario, and given the prospects that we have, both in terms of earnings and free cash flow, we have been able to announce the anticipated dividends. And for the remaining part of 2021, we're going to be focused on balancing value generation for our shareholders and getting to the $60 billion debt target by the end of the year.

正如我所提到的，我們仍然致力於實現 600 億美元的債務目標，並預期分配 60% 的自由現金流。但由於 2021 年是過渡年，我們看到了更有利的情況，考慮到我們在獲利和自由現金流方面的前景，我們已經能夠宣布預期的股息。在 2021 年剩餘的時間裡，我們將專注於平衡股東的價值創造，並在年底前實現 600 億美元的債務目標。

Now we receive questions from Bruno Amorim with Goldman Sachs, and it's for you as well. So, Petrobras has been successfully selling [no core] assets and becoming a leaner and more efficient company with a much lower leverage, and now similar to global peers. What's next? A significant and consistent increase in dividends? How to reconcile this with the need to comply with ESG standards in the future.

現在我們收到高盛布魯諾阿莫林提出的問題，也適合您。因此，巴西國家石油公司已成功出售[無核心]資產，並成為一家更精簡、更有效率、槓桿率低得多的公司，現在與全球同行相似。下一步是什麼？股利顯著且持續增加？如何協調這一點與未來遵守 ESG 標準的需要。

Well, it's -- when we look at the results of 2020 and 2021, they show how important it is for us to have a leaner and more resilient portfolio. When we think about 2020, we have $40 average price, and our portfolio showed that it was resilient to that level of prices, so this was very important. And at the same time, in 2021, when we have an important upside with higher prices, our portfolio shows that it's also able to capture the additional value that comes from higher prices, so this is very important for us. And of course, part of our future strategy is to become a more consistent and a higher dividend payment. You guys already know that we have the 60% of free cash flow dividend policy, and we're studying how to be more consistent as well in terms of paying dividends, even when we have lower Brent prices scenarios.

嗯，當我們查看 2020 年和 2021 年的結果時，它們表明擁有更精簡、更具彈性的投資組合對我們來說是多麼重要。當我們考慮 2020 年時，我們的平均價格為 40 美元，我們的投資組合表明它對這個價格水平具有彈性，所以這非常重要。同時，在 2021 年，當我們的價格上漲帶來重要的上漲空間時，我們的投資組合表明它也能夠捕捉到價格上漲帶來的附加價值，所以這對我們來說非常重要。當然，我們未來策略的一部分是變得更加一致和更高的股息支付。你們已經知道我們有 60% 的自由現金流股息政策，我們正在研究如何在支付股息方面更加一致，即使我們有較低的布倫特價格情景。

And with respect to the ESG agenda, as I mentioned before, we acknowledge that we have to continue moving towards that direction, reducing our emissions, but we also want to be conservative in that sense so that we don't destroy value to our shareholders. So we want to make sure that the steps that we take, both towards new projects or reducing emissions, are always value-accretive and always generate value to our shareholders, so this is how we see this now. And as I mentioned, we expect to announce our 2022, '26 business plan by the end of the year.

關於 ESG 議程，正如我之前提到的，我們承認我們必須繼續朝著這個方向前進，減少排放，但我們也希望在這個意義上保持保守，這樣我們就不會損害股東的價值。因此，我們希望確保我們採取的步驟，無論是針對新項目還是減少排放，始終能夠增值，並始終為我們的股東創造價值，所以這就是我們現在的看法。正如我所提到的，我們預計將在年底前宣布我們的 2022 年 '26 業務計劃。

Now we have a question from Barbara Halberstadt with JPMorgan. Will the pace of the bond redemption decelerate from here? Any significant change to capital allocation strategy? And it's for you as well, Rodrigo.

現在我們有摩根大通的 Barbara Halberstadt 提出的問題。債券贖回的步伐會從此放緩嗎？資本配置策略有什麼重大變化嗎？這也適合你，羅德里戈。

No, we don't see substantial changes to the capital allocation strategy. As I've already mentioned, we expect to continue to invest in projects that are resilient to lower prices and are environmentally resilient as well.

不，我們沒有看到資本配置策略有重大變化。正如我已經提到的，我們預計將繼續投資於能夠承受較低價格且具有環境適應能力的專案。

And with respect to the bond redemption, I'll divide your question into 2 different parts. Of course, at this moment, we're focused on reaching the $60 billion debt target, so we want to be able to both do that and generate value to our shareholders, so we're always looking for the cheapest opportunities to reduce our gross debt. But even when we achieved the $60 billion debt target, with the remaining debt that we will still have, we will be focused on doing liability management transactions so that we can improve the maturity and reduce the cost of our debt. So that's also an important action in terms of resilience for the energy transition scenario. So, even when we reach the $60 billion debt target, we still want to be able to continue doing either cash-neutral or cash-negative transactions that reduce the cost and improve the maturity of our gross debt.

關於債券贖回，我將您的問題分為兩個不同的部分。當然，目前我們的重點是實現 600 億美元的債務目標，因此我們希望能夠做到這一點並為股東創造價值，因此我們一直在尋找最便宜的機會來減少我們的毛利率債務。但即使我們實現了 600 億美元的債務目標，我們仍將擁有剩餘債務，我們將專注於進行負債管理交易，以便提高債務期限並降低債務成本。因此，就能源轉型情境的彈性而言，這也是一項重要行動。因此，即使我們達到 600 億美元的債務目標，我們仍然希望能夠繼續進行現金中性或現金負數交易，以降低成本並提高總債務的期限。

We have one last question from (inaudible) with Barclays, and it's -- and for you as well. So it's about liability management. Will gross debt reduction still be a priority once you reach the $60 billion mark? Is the idea to keep the $60 billion gross debt target, or will measure your credit profile by another metric? Will the company continue to do liability management after the $60 billion mark?

我們有巴克萊銀行（聽不清楚）的最後一個問題，也是針對您的。所以這是關於責任管理的。一旦達到 600 億美元大關，削減債務總額還會是優先事項嗎？這個想法是為了維持 600 億美元的總債務目標，還是用另一個指標來衡量你的信用狀況？ 600億美元大關之後，公司還會繼續進行負債管理嗎？

Well, as I mentioned in the prior question, once we reached the $60 billion debt target, of course we'll continue to do liability management. We want to improve the profile of the remaining debt. So that's, of course, be going to happen but happen, but always focused on either cash-neutral or cash-negative transactions that improve the maturity and reduce the cost of our debt.

嗯，正如我在上一個問題中提到的，一旦我們達到了 600 億美元的債務目標，我們當然會繼續進行負債管理。我們希望改善剩餘債務的狀況。因此，當然，這種情況將會發生，但會發生，但始終關注現金中性或現金負交易，以提高期限並降低我們的債務成本。

In terms of credit profile, as I mentioned during the presentation, we can see that through several different lenses, we've been able to have a very positive credit profile. We have a very substantial level of cash flows from operations, compared to the interest expenses that we have. and that's of course, very, very positive for us in terms of resilience. When we look at the future of our business plan, we can see that with additional units coming online, we see an increase in the level of our leases, so that's of course something that is important for us, and it's necessary to reduce our finance debt so that we can remain in the $60 billion target after we reach it. So we want to be able to make that level sustainable in the long run, and of course, we will continue to monitor. Now we don't expect to reduce debt level substantially. But we -- even in that scenario, we will have to have an important liability management strategy so that we can sustain our $60 billion debt level going forward.

在信用狀況方面，正如我在演講中提到的，我們可以透過幾個不同的視角看到，我們已經能夠擁有非常積極的信用狀況。與我們的利息支出相比，我們的營運現金流量非常可觀。當然，就恢復力而言，這對我們來說非常非常積極。當我們審視我們業務計劃的未來時，我們可以看到，隨著更多設備上線，我們的租賃水平有所增加，所以這對我們來說當然很重要，並且有必要減少我們的財務債務，以便我們在達到600 億美元的目標後能夠保持在這一目標之上。因此，我們希望能夠長期維持這一水平，當然，我們將繼續監控。現在我們預計不會大幅降低債務水準。但即使在這種情況下，我們也必須制定重要的負債管理策略，以便我們能夠維持未來 600 億美元的債務水準。

And, well, I think that's the last question that we have, right, Carla?

好吧，我想這是我們最後一個問題，對吧，卡拉？

Yes, that's right.

恩，那就對了。

Well, thank you, everyone, for being with us today. We're very glad to announce the very positive operational and financial results for the second quarter. We're also very glad to announce anticipated dividend distribution that is part of our strategy to be able to deleverage the company, and at the same time, generate value for our shareholders, so we're very happy with the results. It's of course very relevant work from all the Petrobras team, so I want also to thank all the Petrobras team and all the officers for these impressive results. And thank you for being with us today. Have a great day.

好的，謝謝大家今天和我們在一起。我們非常高興地宣布第二季非常積極的營運和財務表現。我們也很高興宣布預期的股利分配，這是我們能夠去槓桿化公司策略的一部分，同時為我們的股東創造價值，所以我們對結果非常滿意。當然，這與整個巴西國家石油公司團隊的工作非常相關，因此我還要感謝所有巴西國家石油公司團隊和所有官員都取得了這些令人印象深刻的成果。感謝您今天和我們在一起。祝你有美好的一天。