巴西石油 (PBR.A) 2022 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to Petrobras webcast with analysts and investors about the first quarter 2022 results. It's great to have you join us today. (Operator Instructions) You can send us questions by mail at petroinvest@petrobras.com.br. We also inform you that all executives are participating in the event remotely respecting all safety protocols.

大家下午好。歡迎與分析師和投資者一起觀看 Petrobras 網路廣播，了解 2022 年第一季的業績。很高興您今天加入我們。 （操作說明）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，所有高階主管都在遵守所有安全協議的情況下遠端參與該活動。

Today, we have with us José Mauro Coelho, Petrobras' CEO; Cláudio Mastella, Chief Trading and Logistics Officer; Fernando Borges, Chief Exploration and Production Officer; João Rittershaussen, Chief Production Development Officer; Juliano Dantas; Chief Digital Transformation and Innovation Officer; Rafael Chaves, Chief Institutional Relations and Sustainability Officer; Rodrigo Araujo, Chief Financial Investor Relations Officer; Rodrigo Costa, Chief Refining and Natural Gas Officer; and Salvador Dahan, Chief Governance and Compliance Officer.

今天，巴西國家石油公司執行長 José Mauro Coelho； Cláudio Mastella，首席貿易與物流長；費爾南多·博爾赫斯 (Fernando Borges)，首席勘探和生產官； João Rittershaussen，首席生產開發長；朱利亞諾·丹塔斯；首席數位轉型與創新長； Rafael Chaves，首席機構關係與永續發展長； Rodrigo Araujo，財務投資者關係長； 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'll pass the floor to Petrobras' CEO, José Mauro. Please, José Mauro.

首先，我將請巴西國家石油公司執行長 José Mauro 發言。拜託，何塞·毛羅。

Thank you, Carla. Dear shareholders and investors, good morning. I'm very proud to have the privilege to address you for the first time. This privilege comes alongside a keen sense of responsibility towards all those who trust us with their investments. Whether it's more investors seeking higher returns for their retirement accounts, such as thousands of workers who used a portion of their state sponsored funds to buy our shares or large investors who regard Petrobras as a world-class company showcasing a highly successful Brazil.

謝謝你，卡拉。尊敬的股東和投資者，大家早安。我很榮幸有幸第一次向你們演講。這項特權伴隨著對所有信任我們投資的人的強烈責任感。無論是更多的投資者為他們的退休帳戶尋求更高的回報，例如成千上萬的工人使用部分國家資助的資金購買我們的股票，還是將巴西國家石油公司視為展示巴西非常成功的世界級公司的大型投資者。

First and foremost, I would like to recognize all the efforts made by all the company's employees and executives for carrying out the strategies approved by our Board of Directors who were able to bring about a historical recovery of its financial situation as well as its image, reputation and governance, a peerless story in the corporate world search out one of the highest financial debt worldwide. If I'm privileged today to be in charge of a solid and resilient company, this is only thanks to the work you have done.

首先，我要感謝公司全體員工和高管為執行董事會批准的策略所做的所有努力，使公司的財務狀況和形象實現了歷史性的復甦，聲譽和治理，企業界無與倫比的故事，尋找全球金融債務最高的國家之一。如果我今天有幸負責一家堅實而有彈性的公司，這完全歸功於你們所做的工作。

And therefore, I'd like to praise you all won't see again. Remaining solid and resilient you be key to pave the way for an either better future. We will remain committed and focused on the strategies established in our strategic plan. With a special emphasis in the development of our result assets, where you show deploy 13 of the 15 platforms is slated to the -- to come online so out the next 5 years.

因此，我要讚揚你們都不會再見了。保持堅定和韌性，你是為更美好的未來鋪路的關鍵。我們將繼續致力於並專注於我們戰略計劃中製定的戰略。特別強調我們成果資產的開發，您展示了部署 15 個平台中的 13 個預計將在未來 5 年內上線。

These new units will enable a significant and sustainable growth in oil and natural gas production. We will keep on adjusting our portfolio to focus on assets in which we have competitive advantages and to divest out of lower return assets or assets which do not fit into our strategy. We understand that this investment process besides [sharp up] our cash position allows other companies to developing those resources for the benefit of the economy and Brazilian society. We shall also continue to divest assets that we see as noncore for the company and those agreed with the entrusted authority, such as the refineries in natural gas assets.

這些新裝置將使石油和天然氣產量實現顯著且可持續的成長。我們將不斷調整投資組合，聚焦於我們有競爭優勢的資產，並剝離回報率較低或不符合我們策略的資產。我們知道，除了[增加]我們的現金狀況之外，這個投資過程還允許其他公司開發這些資源，以造福經濟和巴西社會。我們也將繼續剝離我們認為是公司非核心的以及與委託機構同意的資產，例如天然氣資產中的煉油廠。

I must stress that we are not exiting those segments. What we are doing is a natural portfolio adjustment, a [rebuild] process for a company our size. These initiatives will result in more competitive, more open, more dynamic and efficient markets. We plan to invest about $7 billion over the next 5 years in the refining and natural gas segments with a focus on safety and energy, operational and environmental efficiency.

我必須強調，我們不會退出這些領域。我們正在做的是自然的投資組合調整，對於我們這樣規模的公司來說是一個[重建]過程。這些措施將帶來更具競爭力、更開放、更有活力和更有效率的市場。我們計劃未來 5 年在煉油和天然氣領域投資約 70 億美元，重點是安全和能源、營運和環境效率。

Speaking of efficiency, I cannot refrain from emphasizing that this will always be a lever for our operations. Therefore, we cannot stray from the proxy of market prices, a necessary condition for wealth generation to attracting investments and to ensure the supply of the [fields], which Brazil needs to import. I want also to emphasize our commitment to energy transition, especially our net-zero ambition in a timeframe aligned to the Paris agreement. We shall continue to be a relevant and [profitable] player in the oil and natural gas business, but we shall not overlook society aspirations or a more sustainable energy mix over the long run.

說到效率，我不能不強調，這永遠是我們營運的槓桿。因此，我們不能偏離市場價格這個指標，這是創造財富、吸引投資和確保巴西需要進口的油田供應的必要條件。我還想強調我們對能源轉型的承諾，特別是我們在符合《巴黎協定》的時間範圍內實現淨零排放的雄心。我們將繼續成為石油和天然氣行業的相關且[盈利]參與者，但從長遠來看，我們不應忽視社會願望或更可持續的能源結構。

The first quarter results we are presenting today is a strongly demonstration that Petrobras is a company which all our shareholders and Brazilians can be [brought off] and (inaudible) . A stronger Petrobras generates more value in its operations and therefore, higher returns for its shareholders, including, obviously, Brazilian society. Petrobras is to be one of the largest payers of taxes and government pay. Ranking as top taxpayer in various states and municipalities in Brazil.

我們今天公佈的第一季業績有力地證明了巴西國家石油公司是一家我們所有股東和巴西人都可以[帶出去]和（聽不清楚）的公司。更強大的巴西國家石油公司可以在其營運中創造更多價值，從而為股東（當然也包括巴西社會）帶來更高的回報。巴西國家石油公司將成為最大的稅收和政府支出納稅人之一。被評為巴西各州和直轄市的納稅大戶。

In the first quarter of 2022 alone, we had paid $70 billion (sic) [BRL 70 billion] . Those tax produce more investments, economic development, higher jobs and income generation. You can rest assured that we shall work harder to generate even better results.

光是 2022 年第一季度，我們就支付了 700 億美元（原文如此）[700 億巴西雷亞爾]。這些稅收帶來更多投資、經濟發展、更多就業機會和創收。您放心，我們一定會更加努力，爭取更好的成績。

Thank you very much for your attention. Wish you all an excellent day.

非常感謝您的關注。祝大家有美好的一天。

Thank you, José Mauro. I now pass the floor to the Chief Financial and Investor Relations Officer, Rodrigo Araujo. Please, Rodrigo, go ahead.

謝謝你，何塞·毛羅。現在請首席財務和投資者關係官羅德里戈·阿勞霍 (Rodrigo Araujo) 發言。羅德里戈，請繼續。

Thank you, Carla. Thank you, Jose Mauro. Good afternoon, everyone. Thank you for being with us today and for watching our earnings call. We're very glad to have you with us today and to present our solid operational and financial results for the first quarter of '22. We start with this relevant picture of the first oil of FPSO Guanabara on April 30, the first production system installed in the Mero field. Expected to bring relevant prospects for the company's future, and we're quite happy with the potential results that will come from the new system installed. So we can go ahead.

謝謝你，卡拉。謝謝你，何塞·毛羅。大家下午好。感謝您今天與我們在一起並觀看我們的財報電話會議。我們很高興今天有您與我們一起並展示我們 22 年第一季穩健的營運和財務業績。我們先從這張4月30日瓜納巴拉FPSO首油的相關圖片開始，這是Mero油田安裝的第一個生產系統。預計將為公司的未來帶來相關前景，我們對安裝的新系統所帶來的潛在結果感到非常滿意。所以我們可以繼續。

Next slide, please. We have our usual disclaimer about the future prospects. So starting with safety, you already know that safety is a quite relevant value for Petrobras, and it's always a priority. We continue to be highly focused on reducing our total recordable injuries per million man-hours, and we're very happy to see that the results are below our acceptable limit. Even though we have the ambitions of having 0 fatalities, but unfortunately, we had 2 fatalities in the first quarter of 2022. And that's -- that remind us, unfortunately, why safety needs to be a priority, and we need to be focused on improving our security, our safety metrics over time, and we're quite engaged on doing that.

請下一張投影片。我們對未來前景有一貫的免責聲明。因此，從安全開始，您已經知道安全對巴西國家石油公司來說是一個非常重要的價值，並且始終是首要任務。我們繼續高度關注減少每百萬工時的可記錄總傷害，我們很高興看到結果低於我們可接受的限度。儘管我們有零死亡的雄心，但不幸的是，2022 年第一季我們有 2 人死亡。不幸的是，這提醒我們，為什麼安全需要成為首要任務，我們需要專注於隨著時間的推移，提高我們的安全性和安全指標，我們非常致力於這樣做。

Next slide, please. Next, please. Talking about our ESG agenda. We have recently disclosed our sustainability report mid-April. And our report is, of course, focused on presenting the top-tier indicators for the market. The GRI, the SASB indicators and the Ipieca indicators as well. So we're focused on having the most relevant metrics for the market and disclosing Petrobras' contribution not only in terms of sustainability of the environment but also the relevant investments that Petrobras does in terms of social responsibility so would present a very thoughtful and comprehensive report disclosing our contributions to the environment and to the society overall.

請下一張投影片。下一個。談論我們的 ESG 議程。我們最近在四月中旬揭露了我們的永續發展報告。當然，我們的報告重點在於呈現市場的頂級指標。還有 GRI、SASB 指標和 Ipieca 指標。因此，我們專注於掌握與市場最相關的指標，並不僅揭露巴西國家石油公司在環境永續性方面的貢獻，而且還揭露巴西國家石油公司在社會責任方面所做的相關投資，因此我們將提供一份非常深思熟慮和全面的報告披露我們對環境和整個社會的貢獻。

When we talk about environment, you already know that our strategy is focused on positioning ourselves as a low carbon, low-cost major operator in the offshore industry in the world. We're focused on having a low carbon footprint portfolio, reducing our emissions, mostly Scope 1 and 2 making investments in either upstream or downstream to improve energy efficiency and to reduce the emissions our portfolio. We also have a relevant structure in Brazil that is offering natural gas and electricity that represents a relevant portion of the country's thermal power based plants, and contributes to sustaining a very clean energy matrix in Brazil. We have a very high content of renewables, mostly hydro. So our terminal plants have a very important role in maintaining the stability of the overall system.

當我們談論環境時，您已經知道我們的策略重點是將自己定位為全球離岸產業低碳、低成本的主要營運商。我們專注於擁有低碳足跡產品組合，減少我們的排放，主要是範圍 1 和 2，在上游或下游進行投資，以提高能源效率並減少我們產品組合的排放。我們在巴西也有一個相關的結構，提供天然氣和電力，代表該國火力發電廠的相關部分，並有助於維持巴西非常清潔的能源矩陣。我們擁有非常高含量的再生能源，其中大部分是水力發電。所以我們的終端工廠對於維持整個系統的穩定性有著非常重要的作用。

We're also investing in exploring new possibilities of less carbon-intensive business and products that we have a very strong presence in terms of reducing the level of [sulfur] of our products and developing products that have a lower carbon footprint. We are also promoting R&D focused on low carbon solutions and which have a bio jet fuel, bio bunker, several potential future solutions related to a lower carbon footprint from our own products. And we also have a strong presence in terms of forest -- reforestation and forest conservation that we're going to show following.

我們也投資探索碳密集度較低的業務和產品的新可能性，我們在降低產品[硫]含量和開發碳足跡較低的產品方面擁有非常強大的影響力。我們也正在促進專注於低碳解決方案的研發，其中包括生物噴射燃料、生物燃料艙以及與我們自己的產品降低碳足跡相關的幾個潛在的未來解決方案。我們在森林重新造林和森林保護方面也擁有強大的影響力，我們將在下面展示這一點。

Next slide, please. So Petrobras has a strong presence in terms of reforestation and forest conservation. We have a relevant program called (foreign language) or Living Forest. There is a partnership between several companies in Brazil with the National Development Bank and Petrobras has a match fund contribution of BRL 100 million for the next 5 years, focused on improving the management of more than 60 million acres of forest in -- sorry go back, please. Back, back. So more than 60 million acres of forest in the Brazilian territory, around 3% of the Brazilian territory. It's a project that involves several partnerships with universities, research institutes and environmental agencies in Brazil, quite relevant project that we're highly focused on alongside with (foreign language) the Brazilian Development Bank.

請下一張投影片。因此，巴西國家石油公司在重新造林和森林保護方面擁有強大的影響力。我們有一個相關的項目，叫做（外語）或「生命森林」。巴西多家公司與國家開發銀行建立了合作夥伴關係，巴西國家石油公司在未來5 年內提供了1 億巴西雷亞爾的配套基金，重點用於改善巴西超過6000 萬英畝森林的管理——對不起，返回， 請。回來，回來。因此巴西境內森林面積超過6,000萬英畝，約佔巴西國土面積的3%。該計畫涉及與巴西的大學、研究機構和環境機構的多個合作夥伴關係，這是我們與巴西開發銀行（外語）高度關注的非常相關的計畫。

Next, please. In terms of emissions, we continue to be focused on delivering our targets of lower emissions. We have achieved emissions that are below our target or acceptable limit in the first quarter, both in the upstream and the downstream business. And of course, we highlight the levels of CO2 per barrel of oil equivalent from the pre-salt fields. We have Tupi and Búzios with a level of 9.5 kilos of CO2 per barrel of oil equivalent that represents less than the industry that's half the industry's average. We have also improved our energy efficiency in our carbon intensity in the -- in our refining assets we're below the targets. Of course, we're focused on continually improving those targets as we have shown and have achieved favorable results.

下一個。在排放方面，我們持續致力於實現較低排放的目標。第一季我們的上游和下游業務的排放量均低於目標或可接受的限度。當然，我們也強調了鹽下油田每桶油當量的二氧化碳含量。我們的 Tupi 和 Búzios 的二氧化碳排放量為每桶石油當量 9.5 公斤，低於行業平均值的一半。我們也提高了煉油資產碳強度的能源效率，低於目標。當然，正如我們所展示的那樣，我們致力於不斷改進這些目標並取得了良好的成果。

We also continue to be focused on achieving our goals in terms of reducing emissions on the 5-year timeframe and also to achieve lower emissions by 2030. We have very ambitious targets in terms of reducing emissions, and we're highly focused on delivering -- having technology and portfolio management as the main tool to deliver our long-term emissions targets.

我們也繼續致力於實現 5 年期限內的減排目標，並在 2030 年實現更低的排放量。我們在減排方面製定了非常雄心勃勃的目標，並且高度重視實現： - 將技術和組合管理作為實現長期排放目標的主要工具。

Next, please. In terms of absolute emissions, we had -- in the fourth quarter of '21, our emissions -- our total emissions, operational emissions have increased given the scenario of higher thermal power plant generation in Brazil, given the low levels of the reservoirs but it has already came down first quarter. So we continue the trajectory of reducing total operational emissions. And of course, we continue strongly delivering lower oil and gas operational emissions as well. We also have relevant targets on those areas to reduce by 30% our operational emissions in the long run, and we continue to be strongly committed on delivering those targets.

下一個。就絕對排放量而言，考慮到巴西火力發電廠發電量較高、水庫水位較低，但在 21 年第四季度，我們的總排放量、營運排放量有所增加，但第一季已經有所下降。因此，我們繼續減少營運總排放量。當然，我們也將繼續大力降低石油和天然氣營運排放。我們也在這些領域制定了相關目標，從長遠來看將營運排放量減少 30%，並且我們將繼續堅定地致力於實現這些目標。

Next, please. So we have a very strong carbon capture utilization and storage program, the industry's largest offshore CCUS program, and we continue with our target of reinjecting 40 million tons of CO2, the accumulated reinjection is 32.6 million tons, and we continue developing high technology. And I mentioned HISEP, that is a technology that will provide very good prospects in terms of capturing CO2 in the seabed for future units, and we're focused on finding that kind of portfolio solution and finding new technological solutions that support our strong CCUS capture program.

下一個。所以我們有一個非常強大的碳捕集利用和封存項目，業界最大的海上CCUS項目，我們繼續回注4000萬噸二氧化碳的目標，累計回注3260萬噸，我們繼續開發高科技。 And I mentioned HISEP, that is a technology that will provide very good prospects in terms of capturing CO2 in the seabed for future units, and we're focused on finding that kind of portfolio solution and finding new technological solutions that support our strong CCUS capture程式.

Next, please. In terms of our social investments, we have provided several relevant donations, not only for COVID-19's impacts in Brazil, but also for environmental and disaster situations that happened in '21 and '22 in several areas where we operate in Brazil. We have very strong social and environment relationship projects, focused on culture, sports, developing new small businesses and developing science and technology in the regions that we operate. We also have programs focused on the natural environment of the areas where we operate and other areas in Brazil as well and projects to mitigate the socioeconomic impacts of our operations.

下一個。在我們的社會投資方面，我們提供了多項相關捐款，不僅針對 COVID-19 對巴西的影響，還針對 21 世紀和 22 年我們在巴西開展業務的多個地區發生的環境和災難情況。我們擁有非常強大的社會和環境關係項目，重點關注我們經營所在地區的文化、體育、發展新的小型企業以及發展科學技術。我們還制定了針對我們營運所在地區和巴西其他地區自然環境的計劃，以及減輕我們營運對社會經濟影響的項目。

I highlight also our LPG donation program that we started back in 2021. We expect to donate BRL 300 million of LPG until the end of 2022. We have already started delivering part of those donations in the areas that we operate, and we continue to be a company that is highly focused on a relevant corporate social responsibility.

我還強調我們在 2021 年啟動的液化石油氣捐贈計畫。我們預計到 2022 年底捐贈 3 億雷亞爾液化石油氣。我們已經開始在我們經營的地區提供部分捐贈，我們將繼續高度關注相關企業社會責任的公司。

Next, please. As our CEO has mentioned before, our contribution in terms of tax payments and government take for the Brazilian society is quite substantial. Almost 60% of our operational cash flow returns to the Brazilian society. And we're focused on generating more value and having a very solid strategy so that we continue to be able to create and deliver that value to our shareholders. And of course, the Brazilian society is our largest individual shareholder, and so we're quite responsive in terms of delivering and creating more value.

下一個。正如我們的執行長之前提到的，我們在納稅和政府對巴西社會的貢獻方面的貢獻是相當可觀的。我們近 60% 的營運現金流返回巴西社會。我們專注於創造更多價值並制定非常可靠的策略，以便我們能夠繼續為股東創造和交付價值。當然，巴西社會是我們最大的個人股東，因此我們在交付和創造更多價值方面反應非常積極。

Next, please. In terms of governance, we continue our continuous improvement agenda for the company's corporate governance. As you know, alongside with our financial recovery trajectory, we have a very solid agenda in terms of revamping the company's reputational and image and also streamlining and improving over time the company's governance. We have a very solid governance. We have made several relevant achievements over time. And we continue to be focused on finding new opportunities to improve the company's governance. And that's, of course, one of our main values for the future. And we have been recognized from -- by several different international institutions and domestic institutions in terms of the quality of our corporate governance, and we expect to continue to do so.

下一個。在治理方面，我們持續持續改善公司的公司治理議程。如你所知，除了我們的財務復甦軌跡外，我們還有一個非常紮實的議程，即重塑公司的聲譽和形象，並隨著時間的推移精簡和改進公司的治理。我們有非常堅實的治理。隨著時間的推移，我們已經取得了一些相關的成就。我們將繼續專注於尋找新的機會來改善公司的治理。當然，這是我們未來的主要價值之一。我們的公司治理品質已經得到多個不同國際機構和國內機構的認可，並且我們希望繼續這樣做。

Next, please. Next. So in terms of our operational and financial highlights for the first quarter '22, we had several relevant milestones, and I start by the discovery of relevant oil in the pre-salt area, Alto de Cabo Frio Central. Also, we had started the first oil of FPSO Guanabara that we expect to continue to ramp up over the rest of 2022 and in a matter of fuel in pre-salt of the Santos basin, we expect very good prospects coming from that -- the development of the Mero field.

下一個。下一個。因此，就我們 22 年第一季的營運和財務亮點而言，我們取得了幾個相關的里程碑，我首先在 Alto de Cabo Frio Central 鹽下地區發現了相關石油。此外，我們已經啟動了FPSO 瓜納巴拉的第一批石油，我們預計該石油將在2022 年剩餘時間內繼續增加，並且就桑托斯盆地鹽下的燃料而言，我們預計會有非常好的前景- Mero油田的開發。

We also had the environmental preliminary license for the revitalization project of the Marlim field. And we have broken record in terms of reducing the time for construction of wells in Marlim to 35 days. And as you know, we continue to be quite focused on improving our CapEx efficiency and making sure that we deliver the projects on time and on budget and of course, reducing well construction time. It's one of the project improvements that we have made over time, and we continue to be focused on finding new solutions to streamline our CapEx in the upcoming future.

我們也獲得了Marlim油田振興計畫的環境初步許可。我們也打破了將馬林建井時間縮短至 35 天的紀錄。如您所知，我們繼續非常注重提高資本支出效率，確保我們按時、按預算交付項目，當然還要減少油井施工時間。這是我們長期以來所做的專案改進之一，我們將繼續專注於尋找新的解決方案來簡化未來的資本支出。

We also had record sales of the 10 PPM, the low sulfur diesel in Brazil, which already accounts for 60 -- almost 60%, 58% of total diesel sales. We have our refineries producing 60 -- running with 65% of pre-salt oil, low sulfur oil that supports our target of delivering high quality and low sulfur and lower carbon footprint products. So the oil from the pre-salt has substantially improved in terms of participation in our refinery throughput.

我們在巴西的 10 PPM 低硫柴油銷量也創歷史新高，已佔柴油總銷量的 60%、近 60%、58%。我們的煉油廠生產 60 種——使用 65% 的鹽下油、低硫油，支持我們提供高品質、低硫和低碳足跡產品的目標。所以鹽下的油在參與我們煉油廠的吞吐量方面有了很大的改善。

We finished March with a very high utilization factor, 91%. It's important to highlight that is a utilization factor that is not only sustainable in terms of operations and economic conditions, it's also quite profitable in terms of operating our assets and also with very high safety standards. So we're quite concerned. We're maintaining very high safety standards, and we see very good results in terms of utilization factor, maintaining safety and maintaining the profitability of our refining assets.

3 月結束時，利用率非常高，達到 91%。需要強調的是，這一利用率不僅在營運和經濟條件方面是可持續的，而且在營運我們的資產方面也具有相當高的利潤，並且具有非常高的安全標準。所以我們非常擔心。我們保持非常高的安全標準，並且在利用率、維護安全性和維持煉油資產的獲利能力方面取得了非常好的成果。

We have also continued on the trajectory of opening up the natural gas market in Brazil. So we have provided asset access to the Guamaré natural gas processing unit, and we continue to deliver on our natural gas market opening process and also continue to be focused on opening up the refining market in Brazil, and we have seen relevant steps on that direction, and we'll continue to work in that sense.

我們也繼續開放巴西天然氣市場。因此，我們提供了瓜馬雷天然氣加工裝置的資產准入，我們將繼續履行我們的天然氣市場開放進程，並繼續專注於開放巴西的煉油市場，我們已經看到了朝著這個方向採取的相關步驟，我們將繼續在這個意義上開展工作。

In terms of financial results for the quarter, it's important to highlight the recurring EBITDA of $15 billion, our operating cash flow of $10 billion, our free cash flow of $8 billion. So we were able to translate our solid operational performance into solid financial performance as well. We have maintained our leverage pretty close to the optimal range. So our net debt -- our gross debt has continued to stay within the optimal range of $55 billion to $65 billion. We posted a recurring net income of $8.4 billion. And as our CEO has mentioned, we have only in the first quarter of '22 already paid BRL 70 billion in terms of taxes and government take a very relevant contribution to the Brazilian society as well.

就本季的財務表現而言，重要的是要強調 150 億美元的經常性 EBITDA、100 億美元的營運現金流、80 億美元的自由現金流。因此，我們能夠將穩健的營運績效轉化為穩健的財務表現。我們的槓桿率一直保持在非常接近最佳範圍的水平。因此，我們的淨債務—我們的總債務繼續保持在 550 億美元至 650 億美元的最佳範圍內。我們公佈的經常性淨利潤為 84 億美元。正如我們的執行長所提到的，我們僅在 22 年第一季就已經繳納了 700 億雷亞爾的稅款，政府也為巴西社會做出了非常相關的貢獻。

By having a strong operational result and solid financial conditions, we were able to announce a solid distribution of dividends that reinforces our commitment with value creation and with the distribution of the value that we create. So we announced BRL 3.72 dividend per ordinary and preferred share for the first quarter of 2022. And we were also able to maintain our leverage when looking at the net debt-to-EBITDA below 1.8x. So it shows that our financial sustainability is well-preserved and we continue to be focused on maintaining our cost and our leverage under control.

憑藉著強勁的經營業績和穩健的財務狀況，我們能夠宣布穩健的股息分配，這強化了我們對價值創造和分配我們所創造的價值的承諾。因此，我們宣布 2022 年第一季每股普通股和優先股股息為 3.72 巴西雷亞爾。當淨債務與 EBITDA 比率低於 1.8 倍時，我們也能夠維持槓桿水平。因此，這表明我們的財務可持續性得到了很好的維護，並且我們繼續致力於控製成本和槓桿。

Next, please. Talking about the external environment, we have seen higher crude oil prices in the first quarter -- and of course, when compared to the first quarter of 2021 as well. We have seen a slight appreciation of the Brazilian real over the dollar for the average of the period. And we also saw an appreciation of the Brazilian real when we compare the period end FX for the first quarter of 2022 with Q4 '21. It impacted positively our financial result for the quarter. So I would say a noncash impact, but we saw an impact in terms of exchange rate impact for the first quarter of 2022.

下一個。談到外部環境，我們看到第一季原油價格上漲——當然，與 2021 年第一季相比也是如此。我們看到巴西雷亞爾相對於美元的平均匯率略有升值。當我們將 2022 年第一季的期末匯率與 21 年第四季進行比較時，我們也看到巴西雷亞爾升值。它對我們本季的財務業績產生了積極影響。所以我想說的是非現金影響，但我們看到了 2022 年第一季匯率影響。

Next, please. Of course, the external environment is relevant in terms of the company's financial results. But as you know, we're focused on being able to create and add a lot of value even in scenarios that are much more challenging than the one that we're seeing now. And we have done a very good job in terms of improving our -- the company's operational performance and restructuring the company over the next -- the last 5 to 6 years. And when we think about -- the last time we saw Brent prices above $100 per barrel on the first quarter, we can see that it's the same price but a very different company. We have relevantly reduced our lifting cost by more than half. We have reduced our refining costs in real terms by 30%. G&A by more than 60%. The interest payments, we had more than $8 billion interest payments over the year in the past. Now it's less than $2 billion.

下一個。當然，外部環境對公司的財務表現也有影響。但如您所知，我們專注於即使在比我們現在所看到的更具挑戰性的情況下也能夠創造和增加大量價值。在過去的五到六年裡，我們在改善公司的營運績效和重整公司方面做得非常好。當我們回想一下，上次我們在第一季看到布蘭特原油價格超過每桶 100 美元時，我們可以看到價格相同，但公司卻截然不同。我們相應地將吊運成本降低了一半以上。我們的煉油成本實際上降低了 30%。 G&A 成長超過 60%。利息支付，過去一年我們支付的利息超過 80 億美元。現在還不到20億美元。

When we look at our gross debt, of course, and we think about the upcoming future, the debt that is scheduled to mature in the next 5 years, in the first quarter of '14 was $58.1 billion. That represents basically our entire debt now, not only the financial debt, but also the leases and the debt that is expected to mature in the next 5 years is less than $17 billion now, that is a much more healthy level of debt. There is a very healthy debt profile as well in terms of maturity with -- which gives us very confidence that the company has a very solid financial situation. And of course, in terms of taxes paid, the company's performance is also very much higher. The company is not only generating more favorable results, but also distributing those results with tax payments, dividend payments and corporate social responsibility as well.

當然，當我們審視我們的總債務，並考慮即將到來的未來時，計劃在未來 5 年內到期的債務（2014 年第一季）為 581 億美元。這基本上代表了我們現在的全部債務，不僅包括財務​​債務，還包括租賃債務，預計未來 5 年內到期的債務現在不到 170 億美元，這是一個更健康的債務水平。就到期日而言，債務狀況也非常健康，這讓我們非常有信心該公司擁有非常穩健的財務狀況。當然，就繳納的稅費而言，公司的業績也高得多。該公司不僅創造了更有利的業績，而且還將這些業績與納稅、股息支付和企業社會責任一起分配。

Next, please. In the first quarter of '22, we have a very solid EBITDA, $15 billion, as I mentioned, of recurring EBITDA for the quarter. That's up 35% when we compare it to the fourth quarter of 2021. We had higher crude oil exports, and we had a positive impact of crude oil prices in the quarter. Even though it's a lower sales volume quarter when we compare to the fourth quarter, that is a quarter with a higher seasonality in the domestic market. So it's a lower sales volume in the domestic market. But despite that impact, we have a very solid EBITDA for the Q1 '22.

下一個。在 22 年第一季度，我們的 EBITDA 非常穩健，正如我所提到的，該季度的經常性 EBITDA 為 150 億美元。與 2021 年第四季相比，這一數字成長了 35%。我們的原油出口量增加，本季原油價格產生了正面影響。儘管與第四季相比，這是一個銷量較低的季度，但這是國內市場季節性較強的季度。所以國內市場的銷售量較低。但儘管有這種影響，我們 22 年第一季的 EBITDA 仍然非常穩定。

Next, please. When we look at the EBITDA by business segment, our results from the upstream segment have improved substantially by 28% in the quarter. We have a very relevant impact coming from the ramp-up of the platforms that we have installed most recently. So we have a ramp-up of FPSO Carioca in the (inaudible) and of P-68 in (inaudible) Sururu. We also had fewer stoppages in the Q1 '22. We had relevant stoppages in the fourth quarter given that we had to postpone some of those stoppages because of the COVID situation in 2020. So we had a relevant impact in Q4 '21.

下一個。當我們按業務部門查看 EBITDA 時，我們上游部門的業績在本季度大幅改善了 28%。我們最近安裝的平台的升級產生了非常相關的影響。因此，我們在（聽不清楚）的 FPSO Carioca 和在（聽不清楚）Sururu 的 P-68 進行了升級。我們在 22 年第一季的停工次數也減少了。由於 2020 年的新冠疫情，我們不得不推遲其中一些停工，因此我們在第四季度發生了相關停工。因此，我們在 21 年第四季度產生了相關影響。

Of course, when we look at our management system, we're focused on the long run development of our reservoirs. So it's important to have those innovations and to have those stoppages so that we can maximize the return of the reservoirs over the long run, and that's how we manage the definition of interventions. And even though we have a short-term cost increase, it generates a lot of value in the long run.

當然，當我們審視我們的管理系統時，我們關注的是水庫的長期發展。因此，進行這些創新和停止非常重要，這樣我們才能從長遠來看最大限度地提高水庫的回報，這就是我們管理幹預措施的方式。儘管短期成本增加，但從長遠來看，它會產生大量價值。

In terms of the [RTC] of the downstream segment, the refining segment, we had higher margins in the domestic market, and that was offset partially by lower sales volumes, as I mentioned. When we compare Q1 with Q4, we have higher sales volumes in Q4 and that offset partially the impact in Q1.

就下游領域（即煉油領域）的[RTC]而言，我們在國內市場的利潤率較高，但正如我所提到的，這被銷量下降部分抵消。當我們將第一季和第四季進行比較時，我們第四季的銷量較高，這部分抵消了第一季的影響。

Looking at the Gas & Power segment, we had lower costs with imports of LNG. They had a very relevant impact in Q4. This impact was mitigated in Q1 '22. We're also working on improving the conditions of our commercial contracts. And we have recently hosted an event to detail and explain a little bit more how the Gas & Power segment works. The nature of the contract, the supply distribution in terms of different supply sources in our portfolio. And also how the company's strategy for that segment is designed. And I invite you to look at our website. Those slides are in our website, and I think they're quite relevant to understand in more detail the Gas & Power segment.

看看天然氣和電力領域，我們透過進口液化天然氣降低了成本。它們在第四季度產生了非常相關的影響。這種影響在 22 年第一季有所緩解。我們也致力於改善商業合約的條件。我們最近舉辦了一場活動，詳細介紹並解釋了天然氣和電力部門的運作方式。合約的性質，我們投資組合中不同供應源的供應分配。以及該公司針對該細分市場的策略是如何設計的。我邀請您瀏覽我們的網站。這些幻燈片位於我們的網站上，我認為它們對於更詳細地了解天然氣和電力領域非常相關。

Next, please. As I mentioned before, we had a very strong cash generation in the quarter, going from EBITDA to operating cash flow. Apart from income taxes, we see an increase in working capital given the high level of prices that we have now. And we have also prepaid part of our pension liability. I've mentioned this before, but whenever we look at liability management, we look at it in a very broad sense, not only focused on the finance debt, but we also manage the pension liability, and we also look for potential opportunities to settle continued liabilities for whenever we have relevant and favorable terms for the company.

下一個。正如我之前提到的，我們本季的現金產生能力非常強勁，從 EBITDA 到營運現金流。除了所得稅之外，鑑於目前的高物價水平，我們還看到營運資本增加。我們也預付了部分退休金負債。我之前提到過這一點，但是每當我們看負債管理時，我們都是從非常廣泛的角度來看待它，不僅關注財務債務，而且我們還管理養老金負債，我們也尋找潛在的解決機會只要我們對公司有相關且有利的條款，我們就繼續承擔責任。

After the investments, we have a free cash flow of $7.9 billion in the quarter. Investments in the first quarter were impacted by the payment of the bidding round, the latest bidding round, the signature bonus for the [surplus] of the transfer of right area of Sepia Atapu, almost $1 billion that were paid in the first quarter of 2022, including divestments and the surplus transfer of right agreement, we go to 9.7% free cash flow after divestments. That free cash flow was mainly used to either prepay debt or to maintain the expected service payments for the debt.

投資後，我們本季的自由現金流為 79 億美元。第一季度的投資受到投標付款、最新一輪投標、Sepia Atapu 右區轉讓[盈餘]簽名獎金的影響，2022 年第一季度支付了近 10 億美元包括撤資和剩餘權利轉讓協議，我們去撤資後的自由現金流為9.7%。此自由現金流主要用於提前償還債務或維持債務的預期還本付息。

The dividend payments from the fourth quarter of 2022 are expected to be made now in May and the dividend payments from the Q1 '22 will also be made in the next month. So we ended the first quarter with a very high cash balance that we don't expect to maintain over time. As you guys know, our optimal level is between $8 billion and $10 billion optimal cash level. We expect to go back to that level over time. And after investments and maintaining our leverage, our expectation is, of course, to continue to distribute the free cash flow that we generate.

2022 年第四季的股息預計將於 5 月支付，22 年第一季的股息也將於下個月支付。因此，我們在第一季結束時擁有非常高的現金餘額，我們預計這種餘額不會隨著時間的推移而維持。正如你們所知，我們的最佳現金水準是在 80 億美元到 100 億美元之間。我們預計隨著時間的推移會回到這個水平。在投資和維持槓桿之後，我們的期望當然是繼續分配我們產生的自由現金流。

It's also important to highlight in the first quarter, we were quite active in terms of open market repurchase transactions. We prepaid almost $1 billion, $0.7 billion in the first quarter, given the volatility that we had. So as I've mentioned a couple of times before, we use those opportunities whenever we had -- we have a higher volatility. We use those opportunities to prepay debt and to reduce our exposure to more expensive debt, managing our liability over time.

還需要強調的是，第一季我們在公開市場回購交易方面非常活躍。考慮到我們所面臨的波動性，我們預付了近 10 億美元，第一季預付了 7 億美元。正如我之前多次提到的，只要有機會，我們就會利用這些機會——我們的波動性更高。我們利用這些機會提前償還債務，減少我們承擔更昂貴債務的風險，並隨著時間的推移管理我們的負債。

Next, please. We continue to maintain our leverage within the optimal range from $55 billion to $65 billion. And as we look at the maturity profile, as I've mentioned before, is a quite healthy maturity profile. We've been able to increase the duration of our debt and to bring that closer to the maturity of the upstream projects, especially after the end of the quarter, we also announced -- by mid-April, we also announced a tender offer repurchase transaction, and we closed that on April 14. So we prepaid around $2 billion, mostly from the bonds maturing in the beginning of the curve, but from bonds maturing between '24 and 2051.

下一個。我們繼續將槓桿率維持在 550 億美元至 650 億美元的最佳範圍內。正如我之前提到的，當我們審視成熟度概況時，這是一個相當健康的成熟度概況。我們已經能夠延長債務期限，並使其更接近上游項目的成熟度，特別是在季度末之後，我們也宣布——到四月中旬，我們還宣布了要約回購交易，我們於4 月14 日結束了交易。因此，我們預付了約20 億美元，其中大部分來自曲線開始時到期的債券，但也來自24 年至2051 年之間到期的債券。

Next, please. When we look at our portfolio management projects, we have important developments in the first quarter of 2022. We started the binding phase for the Gulf of Mexico assets. We have signed Deten Química, Albacora Leste. Those were relevant projects that were signed after we had our latest earnings call, earnings call for the Q4 '21. We have also closed the exploratory blocks in Paraná Basin.

下一個。當我們審視我們的投資組合管理專案時，我們在 2022 年第一季取得了重要進展。我們開始了墨西哥灣資產的綁定階段。我們簽下了 Deten Química 和 Albacora Leste。這些是我們最新的財報電話會議（21 年第四季的財報電話會議）之後簽署的相關項目。我們也關閉了巴拉那盆地的勘探區塊。

In the first quarter of 2022, we also had relevant cash inflows coming from projects that we signed and closed in the past. We had contingent payments and earn-outs coming from those projects. I mean Carcara, that is now Bacalhau and NTS, the transport, the midstream, the transporting asset that we saw in the past. So we had almost $2 billion of additional cash flow coming from those assets that were sold a couple of years ago. They impacted positively our cash generation in Q1 '22.

2022年第一季度，我們也有來自過去簽署和關閉的項目的相關現金流入。我們有這些項目的或有付款和收益。我指的是Carcara，現在是Bacalhau 和NTS，我們過去看到的運輸、中游、運輸資產。因此，我們從幾年前出售的資產中獲得了近 20 億美元的額外現金流。它們對我們 22 年第一季的現金產生了積極影響。

Next, please. So overall, we had a very good quarter. Our recurring net income was $8.4 billion. As I mentioned before, the company has -- had a very solid operational performance. We had a positive impact from foreign exchange rate gains, turn on cash, as I mentioned before, but they impacted positively net income. We also had lower gains from asset sales and from impairment reversals that impacted positively Q4 and didn't impact Q1. So that offset a little bit the results for Q1 '22. But again, we had a very, very solid result in Q1 '22.

下一個。總的來說，我們度過了一個非常好的季度。我們的經常性淨利為 84 億美元。正如我之前提到的，該公司擁有非常穩健的營運表現。正如我之前提到的，我們受到外匯匯率上漲和現金週轉的正面影響，但它們也對淨利潤產生了積極影響。我們也從資產出售和減損撥回中獲得了較低的收益，這對第四季度產生了積極影響，但沒有影響第一季。因此，這稍微抵消了 22 年第一季的結果。但同樣，我們在 22 年第一季取得了非常非常可靠的結果。

Next, please. So finally, as I've mentioned before, we have also approved distribution of relevant dividends based on not only the formula, the 60% formula of our dividend policy that results in BRL 1.86 per share for ordinary income on share in preferred share. But also, we have approved extraordinary dividends given the company's substantial cash flow in the first quarter. Of course, we focus on the pillars of our dividend policy, respecting the company's financial sustainability but committing ourselves to distribute the maximum we can from our results and from our cash flow generation.

下一個。最後，正如我之前提到的，我們還批准了相關股息的分配，不僅基於我們股息政策的 60% 公式，該公式導致優先股普通股每股收益為 1.86 雷亞爾。而且，考慮到該公司第一季的大量現金流，我們也批准了特別股息。當然，我們專注於股息政策的支柱，並尊重公司的財務可持續性，但承諾最大限度地分配我們的業績和現金流生成。

That was the case in the first quarter of 2022, and we announced those additional dividends for the quarter. We think it's quite important to maintain our focus on creating value on having solid and profitable investments that generate value that we can distribute for our shareholders. And of course, in our group of shareholders, the most relevant individual shareholder is the Brazilian government and the Brazilian society as well.

2022 年第一季就是這種情況，我們宣布了該季度的額外股息。我們認為，保持我們對創造價值的關注，擁有可靠且有利可圖的投資，為我們的股東創造價值，這一點非常重要。當然，在我們的股東群體中，最相關的個人股東是巴西政府和巴西社會。

Next, please. So that's the overall picture of our first quarter 2022. That was a very solid quarter not only in terms of our operational performance, but also we have a very solid cash flow generation. We were able to maintain our leverage and costs under control. And of course, we're able to announce a relevant dividend distribution coming from all the value that we've created and all the cash flow that we generated over the quarter.

下一個。這就是我們 2022 年第一季的整體情況。這是一個非常穩健的季度，不僅在我們的營運業績方面，而且我們也擁有非常穩健的現金流產生。我們能夠保持槓桿率和成本可控。當然，我們能夠宣布來自我們創造的所有價值和本季產生的所有現金流的相關股息分配。

Thank you. Thank you for being with us today for our earnings call. I'll pass the floor back to Carla. Thank you, Carla.

謝謝。感謝您今天參加我們的財報電話會議。我將把發言權交還給卡拉。謝謝你，卡拉。

Thank you, Rodrigo. We can now move to our Q&A session.

謝謝你，羅德里戈。我們現在可以進入問答環節。

And the first question that we received comes from Frank McGann with Bank of America Merrill Lynch. The first question is for Fernando and João Henrique. Given the strong global demand environment, does the company have any potential to increase output from short-cycle projects?

我們收到的第一個問題來自美銀美林的 Frank McGann。第一個問題是問費爾南多·恩里克和若昂·恩里克的。鑑於強勁的全球需求環境，公司是否有潛力增加短週期專案的產量？

Okay. Good afternoon, Frank -- (inaudible) . I can start then Fernando can complement to the experiment. Petrobras remains committed to implement the [strategic] plan 2022, 2026, where we approved the CapEx of the upstream 20% higher than the previous plan. This increase is based on our strategy of maximizing developing our portfolio for (inaudible) deep water assets. Our production development cycle is our long cycle and is based on a long-term resilient press scenario. And you can see no relevant opportunities for short-term production periods. The only opportunities that you have are in future drillings, but is not relevant for the total Petrobras production. And now looking to Fernando to complement.

好的。下午好，弗蘭克——（聽不清楚）。我可以開始，然後費爾南多可以補充實驗。巴西國家石油公司仍然致力於實施 2022 年、2026 年的[戰略]計劃，其中我們批准了上游資本支出比之前的計劃高出 20%。這項成長是基於我們最大限度地開發（聽不清楚）深水資產投資組合的策略。我們的生產開發週期是長週期，並且基於長期的彈性印刷場景。而且你看不到短期生產期的相關機會。您擁有的唯一機會是未來的鑽探，但與巴西國家石油公司的總產量無關。現在期待費爾南多來補充。

Well, I can say that Petrobras has (inaudible) its production growth rate around 20% in the 5 coming years, mainly resulting from the startup of the 15 new FPSOs. In short term, the FPSO Carioca and FPSO Guanabara ramp-up are a very relevant production growth. We have actions related to the start of complementary wells, such as in Roncador Field with 2 new wells that came on stream this first quarter. In addition to the implementation of those 15 new production systems, we have many complementary projects foreseen in our strategic plan. Petrobras constantly monitors the impacts on the oil and gas markets, additional -- and additional opportunity that may arise in the response of the change in the external environment will be analyzed in the context of the strategic plan to 2023, 2027 currently under development. Thank you.

嗯，我可以說，巴西國家石油公司在未來 5 年（聽不清楚）的產量成長率約為 20%，這主要歸功於 15 艘新 FPSO 的啟動。短期來看，FPSO Carioca 和 FPSOguanabara 的產能成長是非常相關的產量成長。我們採取了與補充油井啟動相關的行動，例如 Roncador 油田，今年第一季就有 2 口新油井投產。除了實施這 15 個新生產系統之外，我們的策略計畫中還預見了許多補充項目。巴西國家石油公司將持續監測對石油和天然氣市場的影響，並在目前正在製定的 2023 年和 2027 年戰略計畫的背景下分析因應對外部環境變化而可能出現的額外機會。謝謝。

Thank you, João Henrique. Thank you, Fernando. The next question from Frank is for Rodrigo Araujo. Rodrigo, the inflation trends globally become more pronounced. Are there any particular areas where cost trends are particularly troubling?

謝謝你，若昂·恩里克。謝謝你，費爾南多。弗蘭克的下一個問題是問羅德里戈·阿勞霍的。羅德里戈，全球通膨趨勢變得更加明顯。是否存在成本趨勢特別令人擔憂的特定領域？

Thank you, Frank, for the question. As João Henrique has mentioned before in the Portuguese call, out of our 15 units that are coming online within the business plan, we have 12 of them already contracted, and we have a strategy to tackle critical resources in advance and have longer-term contracts for critical resources, such as fuel lines, PLSVs, et cetera. Of course, that some of the suppliers in the supply chain that are mostly impacted by commodities are already discussing with the company at the scenario of the commodities increase, but it's not something that we have seen any impact up to now. And given the company's procurement strategy and the scenario over time, we expect that we can navigate that without major problems. And of course, we don't see and forecast any impacts for the business plan up to now.

謝謝弗蘭克的提問。正如若昂·恩里克(João Henrique) 之前在葡萄牙電話會議中提到的那樣，在我們按照業務計劃上線的15 個設備中，我們有12 個設備已簽訂合同，並且我們制定了提前處理關鍵資源並簽訂長期合約的策略適用於關鍵資源，例如燃油管線、PLSV 等。當然，供應鏈上一些受大宗商品影響最大的供應商已經在與公司討論大宗商品上漲的情況，但到目前為止我們還沒有看到任何影響。考慮到公司的採購策略和隨著時間的推移的情況，我們預計我們可以順利解決這個問題。當然，到目前為止我們還沒有看到和預測對業務計劃的任何影響。

João, if you want to add something.

João，如果您想補充一些內容。

Well, that's exactly, Rodrigo, we have a long-term plan. Our projects are robust even in a scenario of the inflation, and you are good shape for facing all these challenges of the [Covidian war] that they are putting a lot of pressure in our suppliers.

嗯，正是如此，羅德里戈，我們有一個長期計劃。即使在通貨膨脹的情況下，我們的專案也很穩健，而且您可以很好地應對[科維迪戰爭]的所有這些挑戰，他們給我們的供應商帶來了很大的壓力。

Thank you, João Henrique. Thank you, Rodrigo. The next question comes from Vicente Falanga with Bradesco BBI. Vicente also sent us a message that I'm going to read for us.

謝謝你，若昂·恩里克。謝謝你，羅德里戈。下一個問題來自 Bradesco BBI 的 Vicente Falanga。維森特還給我們發了一條訊息，我將給我們讀一下。

Congratulations for the excellent financial management and all the best for (inaudible) in the new endeavor. The first question is for Marcelo. Marcelo, has Petrobras been seeing more opportunities to export its oil to India? What is the company's commercial strategy in case China increased its sale imports from Russia?

恭喜您優秀的財務管理以及在新的努力中一切順利（聽不清楚）。第一個問題是問馬塞洛的。馬塞洛，巴西國家石油公司是否看到了更多向印度出口石油的機會？如果中國增加從俄羅斯的銷售進口，該公司的商業策略是什麼？

Thank you for your question. And sorry for my voice. I'll try to do my best.

謝謝你的問題。對我的聲音感到抱歉。我會盡力做到最好。

Well, as for your question, over the last years, Petrobras has been focusing on market developments for the Brazilian grades of fruit. Yes, we have commercial offices in Asia, Europe and U.S. costly covering and monitoring the market opportunities in order to find the best complex for Petrobras oil production. Petrobras has a very solid and diversified client portfolio distributed in all geographic regions that permit fast reaction to market changes like China buying more [regional vaccine].

嗯，關於你的問題，在過去的幾年裡，巴西國家石油公司一直專注於巴西等級水果的市場開發。是的，我們在亞洲、歐洲和美國設有商業辦事處，以昂貴的成本覆蓋和監控市場機會，以便為巴西國家石油公司的石油生產找到最佳的綜合設施。巴西國家石油公司擁有非常穩固且多元化的客戶組合，分佈在所有地理區域，可以對市場變化（例如中國購買更多[區域疫苗]）做出快速反應。

And this allows the company to take advantage of the [arbitrage]. Every (inaudible) of sale is made considering all the alternatives and ensuring a maximization of results. Petrobras has presence in different markets, the Europe, Americas, China and other regions in Asia. We have no particular dependency on any market.

這使得該公司可以利用[套利]。每一次（聽不清楚）銷售都會考慮所有替代方案並確保結果最大化。巴西國家石油公司在歐洲、美洲、中國和亞洲其他地區等不同市場都有業務。我們對任何市場沒有特別的依賴。

Regarding the Indian market, in particular, Petrobras has already established a close relationship with the private and state-owned refineries. We do sell regular volumes every time the destination is among the best alternatives for the Brazil rate.

特別是在印度市場，巴西國家石油公司已經與私人和國有煉油廠建立了密切的關係。每當目的地是巴西價格的最佳選擇之一時，我們都會定期銷售。

Thank you, Marcelo. The next question comes from Gabriel Barra with Citi. And I'm going to read his message once again. Congratulations on the results and good luck for the new management.

謝謝你，馬塞洛。下一個問題來自花旗集團的加布里埃爾·巴拉 (Gabriel Barra)。我將再次閱讀他的消息。祝賀取得的成果，並祝福新管理層好運。

The first question is also for you, Marcelo. We see the company currently trading at prices below the international parity for both gasoline and diesel. Could you explain to us Petrobras' decision-making process in relation to pricing?

第一個問題也問你，馬塞洛。我們看到該公司目前的汽油和柴油價格都低於國際平價。您能否向我們解釋一下巴西國家石油公司在定價方面的決策流程？

Thank you, Gabriel. Will keep on trying to speak as clear as possible. We are -- first, it's important to stress that the building to national parity price could be estimated with market public information. The competitivity of any company may vary a lot depending on its logistics, scale and international markets as well. Regarding our decision-making process, we evaluate our price position compared to international market on a daily basis, but we do not get easily the volatility of the international market [cost] or the exchange rate in Brazil. Hence, international prices and action rate at '20 level we adjust for price seeking balance in market.

謝謝你，加布里埃爾。將繼續嘗試盡可能清晰地表達。首先，我們需要強調的是，可以根據市場公開資訊來估算國內平價建築價格。任何公司的競爭力可能因其物流、規模和國際市場而有很大差異。關於我們的決策過程，我們每天都會評估我們與國際市場相比的價格定位，但我們不容易了解國際市場[成本]或巴西匯率的波動情況。因此，我們調整國際價格和 20 水平的行動率以尋求市場平衡。

Thank you, Marcelo. The next question also from Gabriel, is to Salvador. Salvador, could you tell us what additional measures are being studied or taken in addition to those already included in the bylaws in current legislation to strengthen the company's corporate governance?

謝謝你，馬塞洛。下一個問題也是加布里埃爾向薩爾瓦多提出的。薩爾瓦多，您能否告訴我們，除了現行立法中已包含在章程中的措施之外，您還正在研究或採取哪些額外措施來加強公司治理？

Thanks, Gabriel. We have several initiatives already ongoing for this in the next few years. I'd like to highlight some of them here. First, we are focusing on applying automation, artificial intelligence and data mining in our internal control environment to secure those critical transactions in terms of integrity, real-time monitoring, early detection and response. We've been working on enhancing and identifying what can be automated in order to avoid human error to avoid delays and so on.

謝謝，加布里埃爾。未來幾年，我們已經為此採取了多項措施。我想在這裡強調其中的一些。首先，我們專注於在內部控制環境中應用自動化、人工智慧和資料探勘，以確保這些關鍵交易的完整性、即時監控、早期檢測和回應。我們一直致力於增強和確定可以自動化的內容，以避免人為錯誤、避免延誤等情況。

The second I'd like to mention is we are focusing not only on fraud and corruption risks as we originally started the program in the beginning in 2015, but also focusing now on what we call emerging risks in line with our strategic plan and our ESG ambition and commitment. So to foster transparency, integrity and fair competition in the oil, gas, energy market. So we are tackling with data privacy, for example, human rights, due diligence in our supply chain network, enhancing conflict mineral, diversity and inclusion. Now with the war in Ukraine, the sanctions and export controls program are especially important.

我想提的第二點是，我們不僅關注欺詐和腐敗風險，因為我們最初在 2015 年初啟動了該計劃，現在還根據我們的戰略計劃和 ESG 關注所謂的新興風險。野心和承諾。因此，要促進石油、天然氣和能源市場的透明度、誠信和公平競爭。因此，我們正在解決資料隱私問題，例如人權、供應鏈網路中的盡職調查、增強衝突礦物、多樣性和包容性。現在隨著烏克蘭戰爭的爆發，制裁和出口管制計畫顯得格外重要。

And my last comment on the continuous improvement process we have in our corporate governance. So we have an ongoing revision already in place for our policies, procedures by law, et cetera, to secure a strong, a timely and effective decision-making process. This is not something that we started now. Our governance has been enhanced year-over-year. For example, having a diverse Board of Directors composition and actually today, 80%, 8-0, of our Board members are independent. Having a solid eligibility criteria and appointment process, formal delegation of authorities, limited individual decisions, always supported by technical and statutory committees. So there is no single critical decision for Petrobras that is taken by one individual only. Every decision must be taken by a committee level at least.

我最後對我們公司治理的持續改善流程發表了評論。因此，我們已經對我們的政策、法律程序等進行了持續修訂，以確保強有力、及時和有效的決策過程。這不是我們現在就開始的事情。我們的治理逐年加強。例如，擁有多元化的董事會組成，實際上，今天我們 80%（8-0）的董事會成員是獨立的。擁有可靠的資格標準和任命流程、正式的授權、有限的個人決定，並始終得到技術和法定委員會的支持。因此，對於巴西國家石油公司來說，沒有任何一項關鍵決策是由一個人做出的。每項決定都必須至少由委員會層級做出。

Of course, having the independence and oversight for the governance and the compliance officer, we have an active board committee structure responsible to prevalidate any relevant subject before Board decisions. So we have People Committee, Investment Committee, Auditors Committee and so on and so forth. So there is no specific action here, but it's important to mention this is a continuous improvement process that every year, we update our rules, our procedures. And it's important to say that we are absolutely engaged and committed to ensure the respect, the value creation and the right balance among our shareholders.

當然，由於對治理和合規官的獨立性和監督，我們有一個活躍的董事會委員會結構，負責在董事會決策之前預先驗證任何相關主題。所以我們有人民委員會、投資委員會、審計委員會等等。所以這裡沒有具體的行動，但重要的是要提到這是一個持續改進的過程，每年我們都會更新我們的規則和程序。值得一提的是，我們絕對致力於並致力於確保股東之間的尊重、價值創造和適當的平衡。

So thanks for your question.

謝謝你的提問。

Thank you, Salvador. The next question comes from Lilyanna Yang with HSBC. She is very glad to see Petrobras delivering consistent results. The first question is to Rafael. Rafael, in our view, the tax regime is benign in Brazil. Are you seeing any discussion or proposals by the Brazilian government or Brazilian Congress towards higher government take or a special tax that would capture your windfall profits?

謝謝你，薩爾瓦多。下一個問題來自匯豐銀行的 Lilyanna Yang。她很高興看到巴西國家石油公司取得一致的成果。第一個問題是問拉斐爾的。拉斐爾，我們認為，巴西的稅收制度是良性的。您是否看到巴西政府或巴西國會針對更高的政府收入或特別稅收來獲取您的意外利潤的​​任何討論或建議？

Good afternoon, Carla. Good afternoon, everybody. Thanks for being here with us today. Thanks, Lilyanna, for your comments. I'm very glad as well. Regarding your questions, looking to the actions performed and not only actions but announcements performed by the Brazilian policymakers in charge of economic actions. Recently, we have seen fiscal adjustments moving Brazilian fundamentals to a strong situation, targeting Brazilian local currency appreciation with good effects on reducing inflation and also in some sectors, some tax reductions to attract more investors and more investments in Brazil.

下午好，卡拉。大家下午好。感謝您今天和我們在一起。謝謝莉莉安娜的評論。我也很高興。關於你的問題，請關注巴西負責經濟行動的政策制定者所採取的行動，不僅是行動，還包括他們所發布的公告。最近，我們看到巴西的財政調整使巴西的基本面向好，目標是巴西本幣升值，對降低通貨膨脹起到了良好的效果，而且在某些行業還進行了一些稅收減免，以吸引更多的投資者和更多的投資到巴西。

So of course, it is -- this is type of decision that has not to do with Petrobras as a company. But in my view, I do not expect any policymakers increasing their share in our profits. So I have no expectations of increase in tax. Especially if you look to other countries with the energy crisis, every country is trying to, on the other hand, reducing tax rates to relieve this sector. So objectively, I do not expect increase in tax.

當然，這是一種與巴西國家石油公司無關的決定。但在我看來，我預計政策制定者不會增加他們在我們利潤中的份額。所以我不期望稅收增加。特別是如果你看看其他遭受能源危機的國家，每個國家都在另一方面試圖降低稅率以緩解該行業的壓力。所以客觀地講，我不認為稅收會增加。

Thanks for your questions and for your comments.

感謝您的提問與評論。

Thank you Rafael. The next question comes from Andre (inaudible) . And it's for João Henrique and Fernando. The business plan stated $8.8 billion for E&P CapEx in 2022, which is an average of $2.2 billion per quarter. What drove the $1.4 billion level of CapEx in the first quarter of 2022? The company still sees the $8.8 billion E&P CapEx for 2022?

謝謝拉斐爾。下一個問題來自安德烈（聽不清楚）。這是給若昂·恩里克和費爾南多的。該業務計畫指出，2022 年勘探與生產資本支出為 88 億美元，平均每季 22 億美元。是什麼推動 2022 年第一季資本支出達到 14 億美元？該公司仍預計 2022 年勘探與生產資本支出為 88 億美元？

Thanks for the question, Andre. Our CapEx outlook for 2022 remains the $8.8 billion. In our planning an increasing level of activity was already planned during the year of 2022. In addition, we had some COVID effects in January, and we have some postponements and the reduction in activities on that month due to the pandemic. However, we see recovery by the end of the year of the spending.

謝謝你的提問，安德烈。我們對 2022 年資本支出的展望仍為 88 億美元。在我們的規劃中，已經計劃在 2022 年增加活動水平。此外，我們在 1 月份受到了新冠疫情的一些影響，並且由於疫情的影響，我們在該月的活動有所推遲和減少。然而，我們看到支出到年底就會復甦。

Fernando, any comments?

費爾南多，有什麼意見嗎？

I would like to complement that the level of investment we increased during -- throughout this year. I could such as Búzios, payments, milestones for Búzios 6 and 8 happens during this year. The interconnection of new wells in Libra for the FPSO Guanabara are some events that you contribute for this increasing level of activity in investments during 2022.

我想補充一下，我們今年全年增加了投資水準。我可以例如 Búzios、付款、Búzios 6 和 8 的里程碑發生在今年。 Libra 中瓜納巴拉 FPSO 的新油井互連是您為 2022 年投資活動不斷增加做出貢獻的一些事件。

Thank you, Fernando. Thank you João Henrique. The next question comes from Leonard Marcondes with Itau BBA. And it's for Rodrigo Costa and also for Marcelo. Over the last few months, we have seen a new dynamic in the domestic fuel market with big users gaining prominence in imports and playing a major role in guaranteeing that demand is met. In this new context, how does Petrobras evaluate the need for the company to step in to contribute to meeting total demand, either by increasing refinery utilization rates or by importing some cargos?

謝謝你，費爾南多。謝謝若昂·恩里克。下一個問題來自 Itau BBA 的 Leonard Marcondes。這對羅德里戈科斯塔和馬塞洛來說都是如此。過去幾個月，國內燃料市場出現了新的動態，大用戶在進口中佔據主導地位，並在保證需求滿足方面發揮了重要作用。在這種新背景下，巴西國家石油公司如何評估該公司是否需要透過提高煉油廠利用率或進口一些貨物來滿足總需求？

I start, Rodrigo, and then you can (inaudible). Well, thank you, Leonardo, this is not very good now. To answer your question. Yes, it is true that distributors, large and medium sized ones took on the leading roll of imports once played by the trading companies. But I would say that this pandemic is not on months but on years. This change took place oddly due to the competition of these companies. And also due to the scale of operations in the national market and also to the logistics infrastructure, which represented a competitive advantage over the trade economies.

我開始，羅德里戈，然後你就可以（聽不清楚）。好吧，謝謝你，萊昂納多，現在情況不太好。來回答你的問題。是的，經銷商、大中型經銷商確實承擔了曾經由貿易公司扮演的進口主導角色。但我想說，這次大流行不是幾個月的，而是幾年的。由於這些公司的競爭，這種變化發生得很奇怪。也由於國內市場的經營規模和物流基礎設施，這代表了相對於貿易經濟體的競爭優勢。

So the distributors diversified their supply and then making responsible for part of the imports that now (inaudible) were carried out exclusively by Petrobras. Today, we have a more dynamic or competitive market, which is certainly challenging, but also with a great sharing of risks and investments also, which is good for both economic agents and for society.

因此，分銷商的供應多樣化，然後負責部分進口，現在（聽不清楚）完全由巴西國家石油公司進行。今天，我們擁有一個更具活力或競爭性的市場，這當然具有挑戰性，但也有很大的風險和投資分擔，這對經濟主體和社會都有好處。

In this context, we will continue working to meet our contractual commitments and evaluating business opportunities with safety and profitability based on our internal production which may eventually be supplemented by imports. Rodrigo?

在此背景下，我們將繼續努力履行我們的合約承諾，並根據我們的內部生產（最終可能透過進口來補充）評估安全性和盈利能力的商業機會。羅德里戈？

Yes. Yes, Marcelo, I think that you cover all the aspects. I had forced Leonardo that we are already operating at the maximum level that we have currently available in our facilities. We must take in account the capacity of each unit process, the safe conditions, as Marcelo said, the logistics restrictions, the profile of the demand. Our company produced more than 60 products and must take in account the restrictions of our clients and the behavior of these markets, the grade of the oils and the profitability of this process. So consider all of these on April, we closed the month around 92%, 9-2% of the utilization factor. And in these current days of May, we are around 92%, 93% of utilization factor.

是的。是的，馬塞洛，我認為你涵蓋了所有方面。我強迫萊昂納多我們已經在我們設施中目前可用的最大水平上運行。正如馬塞洛所說，我們必須考慮每個單元流程的能力、安全條件、物流限制和需求概況。我們公司生產 60 多種產品，必須考慮客戶的限制和這些市場的行為、油的等級以及該過程的盈利能力。因此，考慮到 4 月的所有這些，我們該月的收盤率約為 92%，利用率為 9-2%。 5 月的這幾天，我們的利用率約為 92%、93%。

Thank you, Rodrigo. Thank you, Marcelo. The second question from Leonardo is to João Henrique. João, what progress has been made on the new FPSO projects announced in the last business plan? Should any reprogramming be expected considering the recent high volatility in oil prices and the inflationary pressure on offshore service costs?

謝謝你，羅德里戈。謝謝你，馬塞洛。萊昂納多的第二個問題是問若昂‧恩里克的。 João，上次商業計劃中宣布的新FPSO專案進度如何？考慮到最近油價的大幅波動和離岸服務成本的通膨壓力，是否應該進行重新規劃？

Leonardo, we had the (inaudible) last year at the end of (inaudible) . And we continue to implement our planning to set up another 14 units until 2026. 11 of them are already under construction in the year on the contracting phase with these 3 units that was 9, 10 and (inaudible). For the unit to be scheduled for 2023, the modest lifting activities are completed or in progress. We can say that Búzios 5, Mero 2 and Itapu.

萊昂納多，我們去年（聽不清楚）年底有過（聽不清楚）。我們繼續實施計劃，在 2026 年之前再建 14 個機組。其中 11 個機組已於當年在合約階段施工，這 3 個機組分別為 9 個、10 個和（聽不清楚）。對於計劃於 2023 年建成的機組，適度的吊運活動已經完成或正在進行中。我們可以說是 Búzios 5、Mero 2 和 Itapu。

And the Marlim 2 are already complete and in progress for Marlim 1. We are constantly monitoring our project costs and schedule impacts trying to anticipate problems and develop mitigation plans. Until now, we have -- we don't have an [automatic] impact in the strategic plan is the last year. And because, as I said, most of them are already contracted. So the forecast for these new units in our point of view is very good. Thank you.

Marlim 2 已經完成，Marlim 1 正在進行中。我們不斷監控專案成本和進度影響，試圖預測問題並制定緩解計劃。到目前為止，我們還沒有對去年的戰略計劃產生[自動]影響。因為，正如我所說，他們中的大多數已經簽約了。因此，我們認為這些新單位的預測非常好。謝謝。

Thank you, João Henrique. The next question is from Conrado Vegner with Safra and it's for you as well. João, considering the contracts for the production systems expected to start in the next 2 years, is there a protection for higher costs in light of the current high inflation rates?

謝謝你，若昂·恩里克。下一個問題是 Conrado Vegner 和 Safra 提出的，也適合您。 João，考慮到預計在未來兩年內啟動的生產系統合同，鑑於當前的高通膨率，是否可以保護更高的成本？

Yes. Petrobras, like we already discussed, Petrobras have a very large mix of quantity. And this help us to deal with these effects. For the new bids, we are discussing with suppliers mechanisms in order to reduce the risks for both parts with the mainly about the Ukraine war. But we see no major impact in the -- for the near future of your contracts. The contracts that are already in place will have mechanisms that -- where we can control the impacts of these events.

是的。巴西國家石油公司，正如我們已經討論過的，巴西國家石油公司的數量非常多。這有助於我們應對這些影響。對於新的投標，我們正在與供應商討論機制，以降低雙方的風險，主要是關於烏克蘭戰爭的風險。但我們認為在不久的將來，你們的合約不會受到重大影響。已經到位的合約將具有我們可以控制這些事件影響的機制。

Thank you, João Henrique. The next question comes from is Luiz Carvalho with UBS, and he also sends us a message about the results. Congratulations on the results and for excellent dividend distribution. His first question is for Marcelo. Marcelo, on supply, imports and pricing, thinking specifically as usual, several agents in the industry have become more vocal and challenge to find these volumes in the international market and an unfavorable scenario for imports. How is the company seeing in the supply to the country? And how are preparations for an eventual challenge in the supply to the country?

謝謝你，若昂·恩里克。下一個問題來自瑞銀集團的路易斯·卡瓦略，他也向我們發送了有關結果的資訊。恭喜您的業績和出色的股息分配。他的第一個問題是問馬塞洛的。馬塞洛（Marcelo）在供應、進口和定價方面，像往常一樣具體思考，業內的一些代理商變得更加直言不諱，並挑戰在國際市場上找到這些數量以及對進口不利的情況。公司對國內的供應情況如何？應對該國供應方面最終挑戰的準備情況如何？

Thank you, Luiz. First, I'd like to do a little disclaimer. We have to highlight that the Brazilian market is served by agents other than Petrobras. In this way our operational planning it takes into account our commercial commitments, which we have always been fulfilling and other opportunities that we commit -- can commit safely and profitably. In other words, we do not have visibility of what the other agents that serve a relevant share of the countries the market are doing as they are doing different movements. They have their own supply and logistics and business models. That's said I can talk about how Petrobras treats itself and seeing these risks.

謝謝你，路易斯。首先，我想做一點免責聲明。我們必須強調的是，巴西市場由巴西國家石油公司以外的代理商提供服務。透過這種方式，我們的營運規劃會考慮到我們一直在履行的商業承諾以及我們承諾的其他機會——可以安全且有利可圖地承諾。換句話說，我們無法了解為市場相關國家/地區提供服務的其他代理商正在做什麼，因為他們正在做不同的動作。他們有自己的供應、物流和商業模式。也就是說，我可以談論巴西國家石油公司如何對待自己以及如何看待這些風險。

We see the current scenario with great caution. We were their low diesel inventories in the main storage hubs and high -- very high volatility. We understand that these terms are a result of recent events such as the conflict in Ukraine. To deal with this scenario, we strengthened our -- we have strengthened our trading companies abroad, which operate in the main oil markets, (inaudible) commercial pressures and maintaining contact with various agents, refiners, traders, customers, owners and service providers.

我們非常謹慎地看待當前的情況。我們發現他們主要儲存中心的柴油庫存較低，而且波動性很高。我們了解這些條款是烏克蘭衝突等近期事件的結果。為了應對這種情況，我們加強了我們在主要石油市場運營的海外貿易公司的實力，（聽不清楚）商業壓力，並與各種代理商、煉油商、貿易商、客戶、業主和服務提供商保持聯繫。

So we monitor the diesel flows, inventories, fragile demand and many movements. As we can to anticipate risks and adopt short-term and long positions in physical or contract in line with the use of our assets, refineries and logistics to provide resilience and competitiveness to our supply -- to supply our customers. Thank you.

因此，我們監控柴油流量、庫存、脆弱的需求和許多變動。由於我們可以預測風險，並根據我們的資產、煉油廠和物流的使用情況採取實物或合約的短期和多頭頭寸，從而為我們的供應（為我們的客戶提供服務）提供彈性和競爭力。謝謝。

Thank you, Marcelo. The second question from Luiz is to Rafael. Rafael, in the latest strategic plan, Petrobras announced a new governance structure to evaluate potential portfolio diversification. We'd like to ask on how these discussions have advanced? If there is a specific timeline in the market that the market could wait for future announcements or if this is a more timely process?

謝謝你，馬塞洛。路易斯的第二個問題是問拉斐爾的。拉斐爾在最新的戰略計劃中，巴西國家石油公司宣布了新的治理結構，以評估潛在的投資組合多元化。我們想問一下這些討論進度如何？市場是否有一個具體的時間表，市場可以等待未來的公告，或者這是一個更及時的過程？

Okay, Carla. Hi Luiz, yes you should expect formal position on such evaluation by the end of this year after our Board approved our next strategic plan some decision will be taken. And you can expect either this decision can be to keep the focus on oil and gas and also processing the use of oil and gas, of course, with ESG responsible, decarbonizing our operations, social elections and also strong governance, which is what we are doing right now or it can be -- one can expect Petrobras Brasilia investing in a second core of value creation in a new operation aligned with energy transitions.

好的，卡拉。您好路易斯，是的，在我們的董事會批准我們的下一個戰略計劃後，您應該期望在今年年底之前就此類評估提出正式立場，並將做出一些決定。你可以預期，這個決定要么是繼續關注石油和天然氣，同時處理石油和天然氣的使用，當然，由 ESG 負責，使我們的運營、社會選舉和強有力的治理脫碳，這就是我們的目標現在或可以——人們可以預期巴西國家石油公司巴西利亞投資於與能源轉型一致的新業務中的第二個價值創造核心。

There are much discussions at place right now, we are looking in a multidiscipline our way. For example, a financial look to be sure that NPV is strong and positive even in resilience of prices. Also a technological look to be sure that we have all the conditions to provide a new business. And also culture and our type of company, which are the attributes and vocations that Petrobras have for big projects. Intense in -- capital intense in technological solutions. So we need to find a business that it must be a good business. And at the same time, Petrobras must be a good owner and a good operator for this business.

現在有很多討論，我們正在以多學科的方式進行研究。例如，從財務角度來看，即使在價格彈性方面，淨現值也強勁且積極。還有技術方面的考察，以確保我們具備提供新業務的所有條件。還有文化和我們的公司類型，這是巴西石油公司對大型專案的屬性和使命。資本密集－技術解決方案密集型。所以我們需要找到一個生意，它一定是個好生意。同時，巴西國家石油公司必須成為該業務的良好所有者和良好運營商。

So I'm not going to give any spoiler. We need to wait a little bit more -- just to highlight that there are many discussions right now inside Petrobras and we expect by the end of the year, when the strategic plan is approved by the Board, we may have some decisions on this subject.

所以我不會劇透。我們需要再等一會兒——只是為了強調目前巴西國家石油公司內部有很多討論，我們預計到今年年底，當戰略計劃獲得董事會批准時，我們可能會就這個問題做出一些決定。

Thanks for your question.

謝謝你的提問。

Thank you, Rafael. The next question comes from Bruno Montanari with Morgan Stanley, and he also sent us a message. It's very good to see the company following its strategic plan and the shareholder remuneration policy. His first question goes to Rodrigo Costa. Rodrigo, on the back of a tight environmental for global fertilizer prices recently. Will Petrobras consider reviewing its strategy to fully exit this business or could some of the prior projects of the company in this area that were made in the past make sense at this point in terms of returns. What is the current strategy for the (inaudible) plant? Could Petrobras pursue a similar strategy as (inaudible) in this case, invest more to conclude construction before offering it again to the market?

謝謝你，拉斐爾。下一個問題來自摩根士丹利的布魯諾·蒙塔納裡（Bruno Montanari），他也給我們發了一條訊息。很高興看到公司遵循其策略計劃和股東薪酬政策。他的第一個問題是向羅德里戈·科斯塔提出的。羅德里戈，最近全球化肥價格緊張。巴西國家石油公司是否會考慮審查其策略以完全退出該業務，或者該公司過去在該領域開展的一些項目目前在回報方面是否有意義。 （聽不清楚）工廠目前的戰略是什麼？巴西國家石油公司是否可以採取與本例中（聽不清楚）類似的策略，在再次向市場提供之前投資更多資金來完成建造？

Bruno, our strategic plan, '22, '26 does not consider any kind of investment in fertilized segment. And this segment doesn't belong to our core business, and that's very clear to us in our strategic plan. In relation to (inaudible) plan, we have been taking internal steps to close the current sales process and we're trying to learn as soon as possible the new process. Regarding RNEST, we are speaking with our antitrust authorities about our new schedule of the investment process. And as soon as possible, we will have news about this. And we try to synchronize our plans to finish the second train with this new divestment schedule.

布魯諾，我們的策略計劃，'22，'26 不考慮對受精領域進行任何形式的投資。而這個細分市場不屬於我們的核心業務，這一點我們在策略規劃中非常明確。關於（聽不清楚）計劃，我們一直在採取內部措施來結束當前的銷售流程，我們正在努力盡快學習新流程。關於 RNEST，我們正在與反壟斷機構討論我們新的投資流程時間表。我們將盡快獲得有關此事的消息。我們嘗試將完成第二列列車的計劃與新的撤資時間表同步。

Thank you, Rodrigo. The next question comes from Rodolfo Angele with JPMorgan. He also sent us a message. So it's very good to see the results you posted this quarter. From an operations standpoint, everything is going rather well. The company is healthy and generating a lot of cash. Besides the dividend announcement, show the commitment to shareholder value, and it's easy to have a buy rating at the company in this conference. And his question is for Rodrigo. Rodrigo, the company has a large free cash flow and continues to divest. Can you comment about potential use of that cash or dividends?

謝謝你，羅德里戈。下一個問題來自摩根大通的 Rodolfo Angele。他還給我們發了一封訊息。所以很高興看到您本季發布的結果。從營運的角度來看，一切進展順利。該公司經營狀況良好，並產生大量現金。除了股息公告外，還表現出對股東價值的承諾，在這次會議上很容易獲得該公司的買入評級。他的問題是問羅德里戈的。羅德里戈公司擁有大量自由現金流，並持續剝離。您能否評論一下現金或股息的潛在用途？

Thank you for your question Rodolfo , and we had also a similar question from Bruno Varella in the Portuguese call as well. So I'll give you a broader perspective. So first of all, in terms of portfolio management, you know that we've done a very solid job and we still have relevant portfolio management job to do. So we're going to continue focusing our portfolio on the world-class assets that we're the best owner and the ones that we have a higher competitive advantage.

感謝魯道夫提出的問題，我們在葡萄牙語電話中也收到了布魯諾·瓦雷拉（Bruno Varella）提出的類似問題。所以我會給你一個更廣闊的視角。首先，在投資組合管理方面，我們已經做得非常紮實，而且我們仍然有相關的投資組合管理工作要做。因此，我們將繼續將我們的投資組合重點放在我們是最好的所有者和我們擁有更高競爭優勢的世界級資產上。

Of course, whenever we look at our cash flow generation, we are going to continue to apply our 60% of free cash flow formula. But given the level of free cash flow that we're generating and the inflows that are -- the additional inflows that are coming, we look at the cash generation, and we focus on, of course, making the investments that are committed. And as you well know, we don't expect to make relevant changes to the short-term investments. Most of our investments for '22 to '24 are already committed and the level of commitment. And this is something that we included in the latest business plan as well.

當然，每當我們考慮現金流產生時，我們都會繼續應用 60% 的自由現金流公式。但考慮到我們正在產生的自由現金流水準以及即將到來的額外流入，我們會關注現金的產生，當然，我們會專注於進行承諾的投資。如您所知，我們預計不會對短期投資做出相關改變。我們在 22 至 24 年間的大部分投資都已經承諾並且達到了承諾的水平。這也是我們最新的商業計劃中包含的內容。

The level of commitment of CapEx for the first year of the business plan is pretty high, as Fernando and João Henrique had mentioned before. We don't have relevant short-term opportunities to boost CapEx or anything like this. And on the other hand, we didn't have any capital restrictions in the latest business plan. All the projects that are resilient to low price levels and are NPV positive were sanctioned -- were approved. So we didn't have CapEx restrictions, so we don't expect to have additional CapEx in the short term.

正如 Fernando 和 João Henrique 之前提到的，商業計劃第一年的資本支出承諾水準相當高。我們沒有相關的短期機會來提高資本支出或類似的東西。另一方面，我們最新的商業計劃中沒有任何資本限制。所有能夠抵禦低價格水準且 NPV 為正值的項目均已獲得批准。因此我們沒有資本支出限制，因此我們預期短期內不會有額外的資本支出。

Given the prospects of our debt portfolio and the maturity of our debt, we expect to continue to manage our debt, but we don't expect the level to change relevantly. So all the additional cash flow is going to be directed towards dividend distribution. And the way we expect to run this is, of course, applying the 6% formula, as I mentioned. And whenever we decide like we did this quarter on additional dividend distribution, we try to look at a longer timeframe from 12 to 24 months. And we have a very solid risk analysis to evaluate the prospects for the upcoming months. We look at the price scenarios, the leverage scenario and the cash flow generation scenario to see whether we're confident to maintain the company's financial sustainability.

考慮到我們債務組合的前景和債務期限，我們預計將繼續管理我們的債務，但我們預計債務水平不會發生相關變化。因此，所有額外的現金流都將用於股息分配。當然，正如我所提到的，我們期望的運作方式是應用 6% 公式。每當我們像本季一樣決定額外股利分配時，我們都會嘗試著眼於 12 至 24 個月的較長時間範圍。我們有非常可靠的風險分析來評估未來幾個月的前景。我們會檢視價格情景、槓桿情景和現金流生成情景，看看我們是否有信心維持公司的財務永續性。

And of course, we look at the framework focusing not only on the 55% to 65% range for the gross debt, but also bringing the cash level closer to the optimal level from $8 billion to $10 billion. So that's how we view this question. But again, as I mentioned, the additional cash flow is going to be directed towards the dividends.

當然，我們所關注的框架不僅關注總債務的 55% 至 65% 範圍，而且還使現金水準更接近 80 億美元至 100 億美元的最佳水準。所以我們就是這樣看待這個問題的。但正如我所提到的，額外的現金流將直接用於股息。

Thank you, Rodrigo. The next question comes from Pedro Soares with BTG Pactual. He also sends us a message. First of all, I would like to congratulate management and the company for the full transformation delivered over the past years. He has a question for Rafael. Rafael, you have mentioned the importance of improving Petrobras' communication with all its stakeholders, including society. So that -- there's a better understanding of fuel pricing dynamics. Could you address this further in order to make it more tangible for us. Does improving communication means having a more active participation with government in order to find solutions to price volatility that are not incurred by Petrobras? Any color in that sense will be welcome.

謝謝你，羅德里戈。下一個問題來自 BTG Pactual 的 Pedro Soares。他還給我們發了一封訊息。首先，我要祝賀管理層和公司在過去幾年中實現的全面轉型。他有一個問題要問拉斐爾。拉斐爾，您提到了改善巴西國家石油公司與包括社會在內的所有利益相關者的溝通的重要性。這樣，人們就可以更了解燃料定價動態。您能否進一步解決這個問題，以便讓我們更切實地了解這一點。改善溝通是否意味著更積極參與政府，以找到巴西國家石油公司不會造成的價格波動的解決方案？任何這種意義上的顏色都會受到歡迎。

Thank you, Carla. Thank you, Pedro, for your questions and for your first note regarding our consistency in strategic plan. Explaining our communication is more focused on general public that to follow market prices. Regarding prices, as your question addressed that to follow market price is the best and the only practice that mitigates the risk of undersupply in the markets. And also it's a requirement as Petrobras must comply with the law and the bylaw, so we must follow market price. So we need to explain this for general population, and we sense that it is very important to show that we are practicing the best company practice.

謝謝你，卡拉。謝謝佩德羅提出的問題以及關於我們戰略計劃一致性的第一個說明。解釋說我們的溝通更側重於普通公眾，而不是遵循市場價格。關於價格，正如你的問題所提到的，遵循市場價格是減輕市場供應不足風險的最佳也是唯一的做法。這也是一項要求，因為巴西國家石油公司必須遵守法律和章程，所以我們必須遵循市場價格。因此，我們需要向一般大眾解釋這一點，我們認為表明我們正在實踐最佳的公司實踐非常重要。

So of course, we are available to discuss technical insights as an experienced operator in energy markets, both in oil and gas and also in refining institution. So we are very open to -- and available to provide the technical insights. But as I said in the previous questions, in my previous answer, we separate our company's view as a company, we are a company listed. So we have a very specific mission. We separate these actions from policymaker decisions and public policy that has not to do with Petrobras. But we are more than happy and provide an insight that policymakers requires.

因此，當然，作為能源市場（石油和天然氣以及煉油機構）經驗豐富的運營商，我們可以討論技術見解。因此，我們非常願意提供技術見解。但正如我在前面的問題中所說，在我之前的回答中，我們把我們公司作為一個公司的觀點分開，我們是一家上市公司。所以我們有一個非常具體的使命。我們將這些行動與與巴西國家石油公司無關的決策者決策和公共政策分開。但我們非常高興能夠提供政策制定者所需的見解。

Thank you, Rafael. The next question comes from Christian Audi with Santander. He also sent us a message. I would like to congratulate you all for the continuous free cash flow generation, which allows the payment of this excellent amount of dividends. His first question is for Rodrigo Araujo. Rodrigo, any updates regarding the sale of your stake at Braskem?

謝謝你，拉斐爾。下一個問題來自桑坦德銀行的克里斯蒂安·奧迪。他還給我們發了一封訊息。我要祝賀你們持續產生自由現金流，這使得我們能夠支付如此豐厚的股息。他的第一個問題是問羅德里戈·阿勞霍的。羅德里戈，關於出售您在 Braskem 股份的任何最新消息嗎？

Thank you, Christian. Thank you for the question, and thank you for the message. We continue to be focused on divesting our stake in Braskem. We tried divesting our preferred shares in the beginning of the year and the market conditions were unfavorable. So we continue to monitor market conditions for the best timing to return with the sale of our stake. Of course, we monitor potential other venues of divesting of our interest in Braskem. We don't have anything concrete as of the moment. And we're not conducting any specific M&A transaction, but we continue to have a significant interest in divesting our interest and continue to monitor the market to do that as soon as we can. Thank you for your question.

謝謝你，克里斯蒂安。謝謝你的提問，也謝謝你的留言。我們繼續專注於剝離 Braskem 的股份。我們在年初嘗試剝離優先股，但市場條件不利。因此，我們將繼續監控市場狀況，尋找出售股份的最佳時機。當然，我們會監控其他可能剝離我們在 Braskem 權益上的管道。目前我們還沒有任何具體資訊。我們沒有進行任何具體的併購交易，但我們仍然對剝離我們的權益抱有濃厚的興趣，並繼續監控市場，以便盡快做到這一點。謝謝你的問題。

Thank you, Rodrigo. The second question from Christian is also for you. So Rodrigo, can you give us an update regarding the refinery sales process? What's still feasible for 2022 versus only 2023? Any changes in the format of potential sales?

謝謝你，羅德里戈。克里斯蒂安的第二個問題也是問你的。羅德里戈，您能為我們介紹煉油廠銷售流程的最新情況嗎？與 2023 年相比，2022 年還有哪些可行的方案？潛在銷售的形式有什麼改變嗎？

Thank you, Christian. So I'll give you an overall perspective. So first of all, with respect to the ones that we've already signed, talking about 6 and (inaudible) we're expecting for the Brazilian antitrust authorities to conclude their analysis and so that we can go on and close those transactions. We're still negotiating for LUBNOR and (inaudible) . LUBNOR is more advanced. (inaudible) is a little bit behind.

謝謝你，克里斯蒂安。所以我會給你一個整體的看法。首先，對於我們已經簽署的交易，談論 6 和（聽不清楚）我們期望巴西反壟斷當局完成他們的分析，以便我們可以繼續並完成這些交易。我們仍在就 LUBNOR 和（聽不清楚）進行談判。 LUBNOR 更先進。 （聽不清楚）有點落後。

And with respect to (inaudible) , the ones that we've already attempted once to divest, we're discussing with the antitrust authorities and monitoring the market to evaluate the best timing to relaunch the process. We don't expect, at least for now, any relevant changes to the format of the divestment. We're mostly waiting on the right timing and more favorable market conditions so that we can relaunch and we expect to relaunch those processes soon. Thank you.

對於（聽不清楚）我們已經嘗試過剝離的資產，我們正在與反壟斷機構討論並監控市場，以評估重新啟動流程的最佳時機。我們預計，至少目前，撤資的形式不會有任何相關變化。我們主要等待正確的時機和更有利的市場條件，以便我們可以重新啟動，我們預計很快就會重新啟動這些流程。謝謝。

Thank you, Rodrigo. The next question comes from Regis Cardoso with Credit Suisse. He also sent us a message that I'm going to read. Congratulations for the excellent results. They are an equivocal evidence that good professional management can add significant value to the company and to society. His question is for Fernando. Fernando, what are the expectations around timing for the closing of the transaction of 5% [stake] purchase option exercised by CNOOC (inaudible) . Which are the remaining precedent conditions for the closing?

謝謝你，羅德里戈。下一個問題來自瑞信的瑞吉斯·卡多佐。他還給我們發了一封訊息，我要讀一下。祝賀取得優異成績。它們是一個模稜兩可的證據，顯示良好的專業管理可以為公司和社會增加巨大的價值。他的問題是問費爾南多的。 Fernando，對於中海油行使 5% [股權] 購買選擇權交易的結束時間有何預期（聽不清楚）。完成交易的剩餘先決條件還有哪些？

We expect the transition to be closed in July. The effectiveness of this transaction is subject to the approvals of the National Petrol Agency, the Ministry of Paris Energies and the payment to be made by CNOOC. It's good to emphasize that this transaction has an effective date in September 1 of last year because of the agreements. And on the final closing, are the balances and the balances will be done and really closed. How this income of CNOOC is additional 5% in Búzios production sharing contract. Thank you.

我們預計過渡將於 7 月完成。本交易的生效還有待國家石油局、巴黎能源部的批准以及中海油支付款項。值得強調的是，由於協議規定，這筆交易的生效日期為去年 9 月 1 日。在最終結賬時，會進行餘額，餘額將完成並真正結清。中海油的這筆收入如何在布基亞斯產量分成合約中額外增加5%。謝謝。

Thank you, Fernando. Thank you all. At this time, the Q&A session is over. If you have any further questions, you can send it to our Investor Relations team. Rodrigo will now make his final remarks. Please, Rodrigo.

謝謝你，費爾南多。謝謝你們。至此，問答環節結束。如果您還有任何疑問，可以將其發送給我們的投資者關係團隊。羅德里戈現在將發表最後演說。拜託，羅德里戈。

Thank you, Carla. Thanks, everyone, for being with us today for our first quarter of 2022 earnings call. We're very glad with the company's operational and financial results, and we expect to continue to create a lot of value with sensible and responsible investments and generate a lot of value and distribute the value that we create from our investments. Thank you for taking part of our earnings call, and we'll see you again in the next quarter. Thank you.

謝謝你，卡拉。感謝大家今天參加我們 2022 年第一季的財報電話會議。我們對公司的營運和財務表現感到非常滿意，我們希望繼續透過明智和負責任的投資創造大量價值，並分配我們從投資中創造的價值。感謝您參加我們的財報電話會議，我們將在下個季度再次見到您。謝謝。