巴西石油 (PBR) 2023 Q4 法說會逐字稿

Good morning, and welcome to Petrobras' earnings call for the fourth quarter of 2023. It's a pleasure to have you with us today. (Operator Instructions)

早安，歡迎參加巴西國家石油公司 2023 年第四季的財報電話會議。 （操作員說明）

We have Jean Paul Prates, President of Petrobras, Clarice Coppetti, Corporate Affairs; Sergio Caetano Leite, Financial and Investor Relations Director, Mario Spinelli, Governance and Compliance Director, Tolmasquim, Energy Transition and Sustainability Director, Joelson Mendes, Exploration and Production Director, William Franca, Industrial Processes and Products, Claudio Schlosser, Logistics, Trade and Markets, Carlos Travassos, Engineering, Technology and Innovation, and Maiza Goulart, [Seps]. We'll start with award from our CEO. Go ahead, sir.

我們有巴西國家石油公司總裁 Jean Paul Prates、公司事務部 Clarice Coppetti； Sergio Caetano Leite，財務和投資者關係總監 Mario Spinelli，治理和合規總監，Tolmasquim，能源轉型和永續發展總監 Joelson Mendes，勘探和生產總監 William Franca，工業流程和產品 Claudio Schlosser，物流、貿易和市場，Carlos Travassos，工程、技術與創新，以及Maiza Goulart，[Seps]。我們將從首席執行官頒發的獎項開始。繼續吧，先生。

Thank you. Good morning everyone. Dear shareholders, investors, I'm very happy to talk to you today, not only because of the excellent economic and financial results we're going to present today, but especially because I am convinced we're building a more robust Petrobras that is more resilient and is better able to generate value on the long term to its shareholders and for society facing the numerous challenges that we know and don't know created by this world in transition. From the beginning of our administration, we have emphasized this need to adapt the company to a new energy context in which the main driver is decarbonizing operations and energy sources. This is due to a legitimate request from society, and it requires new solutions to reduce the use of fossil fuels. We're aware of the challenge and so we built a strategic plan that was based on realism and being coherent. We aim to be responsible and transparent in our plan. We understand that we will have to go through a gradual transition and so we will continue investing in producing and exploring oil and gas, an industry that generates the biggest returns and also in integrating our downstream logistics, supplies and refinement. We're also going to generate value through a fair and responsible transition process. We want to -- again, we want to be fair and responsible, diversifying our operations into a profitable low-carbon businesses by prioritizing partnerships.

謝謝。大家早安。尊敬的股東、投資者，我很高興今天與你們交談，不僅因為我們今天將呈現出色的經濟和財務業績，而且特別因為我相信我們正在建立一個更加強大的巴西國家石油公司更具彈性，能夠更好地為股東和社會創造長期價值，社會面臨轉型世界帶來的眾多我們已知和未知的挑戰。從我們執政之初，我們就強調需要使公司適應新能源環境，其中主要驅動力是營運和能源脫碳。這是社會的合理要求，需要新的解決方案來減少化石燃料的使用。我們意識到了這個挑戰，因此我們制定了一個基於現實且連貫的策略計畫。我們的目標是在我們的計劃中做到負責任和透明。我們知道我們必須經歷一個漸進的轉型，因此我們將繼續投資於石油和天然氣的生產和勘探，這是一個產生最大回報的行業，並將整合我們的下游物流、供應和精煉。我們也將透過公平和負責任的過渡過程來創造價值。我們希望——再次，我們希望做到公平和負責任，透過優先考慮合作夥伴關係，將我們的業務多元化為可獲利的低碳業務。

And as I've emphasized, we want to do what we know how to do. in each industry, we have synergy between what we used to do and what we will start doing as well. And all of it will be done by focusing on capital discipline and on a solid governance remaining rational across all decision processes. And this rationality has guided the commercial strategy that we've implemented. We're aiming to increase the company's competitiveness to achieve new markets and to create more stability for our decision-making process and for our consumers as well as our payout policy because we want to consider higher investments and we have a need of maintaining our financial health.

正如我所強調的，我們想做我們知道該怎麼做的事情。在每個行業中，我們過去所做的事情和我們將要開始做的事情之間都有協同作用。所有這一切都將透過專注於資本紀律和在所有決策過程中保持理性的堅實治理來完成。這種理性指導了我們實施的商業策略。我們的目標是提高公司的競爭力，以開拓新市場，並為我們的決策過程、我們的消費者以及我們的支付政策創造更多的穩定性，因為我們想要考慮更高的投資，並且我們需要維持我們的財務狀況健康。

So I'd like to highlight the proposed dividends for 2023, R$72.4 billion that will be paid to Brazilian Society, which owns 37% of Petrobras shares, and they benefited from over R$240 billion in taxes. We've also had market value records since our administration started. In 2023, the total returns from our preferential shares in the New York Stock Exchange in U.S. dollars reached 112%, which is far above the highest returns of the majors, 20%, 20% versus 112%. This was all possible because we put people first. And to give them value, it created a diversity, equity and inclusion policy and a racial equality program. People are definitely our highest asset due to their effort, due to the love for what they do, and we're building a solid and promising future for our company. Actually, people were the driver behind our biggest results this year, especially now that we're celebrating 15 years of exploring the pre-salt layer. We're reaching record oil and gas production levels with fewer emissions. We've also inaugurated 4 new platforms, we've reached record refinement levels and we have the highest energy efficiency in our history. We expanded our biorefinement capacity and we were able to process 100% of soybean oil in an industrial refinement unit with a Petrobras patent. We also improved our carbon efficiency, cutting 1.8 million tons of CO2 from our emissions. And that's not all, we won the main global offshore award OTC Distinguished Achievement Award in 2024. So we are being recognized for our efforts in renewing the Campos Basin, which has become a benchmark for the global industry.

因此，我想強調擬議的 2023 年股息，即 724 億雷亞爾，將支付給巴西協會，該協會擁有巴西國家石油公司 37% 的股份，他們從超過 2400 億雷亞爾的稅收中受益。自從我們的政府開始以來，我們也有市場價值記錄。 2023年，我們在紐交所的美元優先股總回報率達到112%，遠高於各大巨頭最高回報率20%、20%對112%。這一切之所以成為可能，是因為我們以人為本。為了賦予他們價值，它制定了多樣性、公平和包容性政策以及種族平等計劃。員工絕對是我們最高的資產，因為他們的努力，因為他們對所做的事情的熱愛，我們正在為我們的公司建立一個堅實而充滿希望的未來。事實上，人們是我們今年取得最大成果的推動力，尤其是現在我們正在慶祝鹽下層探勘 15 週年。我們正在以更少的排放量達到創紀錄的石油和天然氣生產水準。我們還啟用了 4 個新平台，達到了創紀錄的精細化水平，並且擁有歷史上最高的能源效率。我們擴大了生物精煉能力，並能夠在擁有巴西國家石油公司專利的工業精煉裝置中加工 100% 的大豆油。我們也提高了碳效率，減少了 180 萬噸二氧化碳排放。這還不是全部，我們也獲得了 2024 年全球主要離岸獎項 OTC 傑出成就獎。

We were also record holders in patents. This is only a part of what we've achieved. We had so many victories that it could be an entire book. So that's why I always say to our dear shareholders that Petrobras is back. It's back to prosperity, generating long-term value and building a better world. We're going to face the challenges we have and make use of the synergies in our business based on our expertise, which is well known by all. We've never neglected and we never will neglect generating economic value, which is a requirement for any company that wants to be competitive and perpetuate its value for future generations.

我們也是專利記錄保持者。這只是我們所取得的成就的一部分。我們取得瞭如此多的勝利，以至於這本書可以寫成一整本書。這就是為什麼我總是對我們親愛的股東說巴西國家石油公司回來了。它回到了繁榮，創造長期價值並建立一個更美好的世界。我們將面對我們所面臨的挑戰，並根據我們眾所周知的專業知識，利用我們業務中的協同效應。我們從來沒有忽視過，也永遠不會忽視創造經濟價值，這是任何想要保持競爭力並為子孫後代延續其價值的公司的要求。

As I said about a year ago, it's very pleasing to lead Petrobras. And these results are a source of pride for all Brazilians and for all shareholders and investors as well. We're leaving in Petrobras trusting our administration has paid off. These are the results that we're giving to the people who are sticking with us, who know that we're on the right track and who know that we're going to get it even more right in the future. Thank you, Jean. We'll begin our presentation on the fourth quarter earnings results. So I'll pass it over to our Corporate Affairs Director, Clarice.

正如我大約一年前所說，領導巴西國家石油公司非常令人愉快。這些結果令所有巴西人、所有股東和投資者感到自豪。我們離開巴西國家石油公司，相信我們的政府已經得到了回報。這些是我們給予那些堅持我們的人的結果，他們知道我們正走在正確的道路上，並且知道我們將來會走得更好。謝謝你，讓。我們將開始介紹第四季的獲利結果。我會將其轉交給我們的公司事務總監克拉麗斯。

Hello, Good morning. I have a few highlights from our corporate affairs department of Petrobras. I know that you are probably more interested in other topics, so I'll go very briefly through a few highlights. I'd like to start by thanking my fellow directors for letting me go first because of the numerous activities we have in the company currently for International Women's Day. So I'm going to start with something that was very important for the company, which is reorganizing our workforce. In the last year we took on nearly 2,300 new employees, all completing the training program. No employee can go into the company without these training courses which can take 4 months to even more than a year depending on where they're going to work for. In the current world in our society we also invested in -- this could not be different, we created a diversity, equity and inclusion department in the company and we also established goals to achieve better equity and diversity in the company's leadership positions. We also launched a diversity, equity and inclusion policy. All of our terms of cooperation have a diversity clause and we also won some awards due to the achievements that our teams had last year.

你好早安。我有巴西國家石油公司公司事務部門的一些要點。我知道您可能對其他主題更感興趣，因此我將簡要介紹一些亮點。首先，我要感謝我的董事們讓我先走，因為我們公司目前在國際婦女節舉辦了許多活動。所以我將從對公司來說非常重要的事情開始，那就是重組我們的員工隊伍。去年，我們僱用了近 2,300 名新員工，並全部完成了培訓計畫。如果沒有這些培訓課程，任何員工都無法進入公司，培訓課程可能需要 4 個月甚至一年以上的時間，具體取決於他們將在哪裡工作。在當今社會，我們也進行了投資——這不可能有什麼不同，我們在公司創造了一個多元化、公平和包容的部門，我們還制定了目標，以在公司領導職位上實現更好的公平和多元化。我們也推出了多元化、公平和包容性政策。我們所有的合作條款都有多元化條款，並且由於我們團隊去年的成就，我們也獲得了一些獎項。

Some other highlights. I have to mention our supercomputers which are not only designed to have energy efficiency, but they're also reducing processing time for our simulations. Petrobras does a lot of simulations for our oil and gas reservoirs. We're also investing on quantic computing studies. That's the next level that we hope to have some results on this year still. We had training sessions on human rights for all of our security professionals and everyone who works with corporate security. And this was for our units and our headquarters. Another important highlight that we had last year is that Petrobras is starting to work across the country, taking advantage of regional potentials. And we started placing our teams in some of our areas that had been in hibernation in the northeast of Brazil, especially in the states of Bahia and Rio Grande do Norte. We also made investments into artificial intelligence. There's a huge discussion in society and so our teams have been working on that as well. And of course, I have to highlight this, not only because today is International Women's Day, but also because we're making dedicated investments at all levels of the company in actions aimed at women in the workforce. When we talk about the workforce, we're not only talking about Petrobras employees. We're also referring to our outsourced workforce. We have a number of actions for this. We will also be available to go into details about them if any analyst is interested.

其他一些亮點。我不得不提到我們的超級計算機，它們不僅旨在提高能源效率，而且還減少了模擬的處理時間。巴西國家石油公司對我們的油氣藏進行了大量模擬。我們也投資於量子計算研究。這是我們希望今年能取得一些成果的下一個層次。我們為所有安全專業人員和所有從事企業安全工作的人舉辦了人權培訓課程。這是我們的單位和總部的。去年我們看到的另一個重要亮點是巴西國家石油公司開始在全國範圍內開展工作，充分利用區域潛力。我們開始將我們的團隊部署到巴西東北部一些處於冬眠狀態的地區，特別是巴伊亞州和北里奧格蘭德州。我們也對人工智慧進行了投資。社會上有很多討論，所以我們的團隊也一直在努力解決這個問題。當然，我必須強調這一點，不僅因為今天是國際婦女節，還因為我們正在公司各個層面專門投資於針對職場女性的行動。當我們談論勞動力時，我們不僅僅談論巴西國家石油公司的員工。我們也指的是我們的外包勞動力。為此，我們採取了一系列行動。如果有分析師有興趣，我們也可以詳細介紹它們。

Another significant highlight is our commitment to environmental, social and governance aspects. We have a program titled Commitment With Life, which encompasses our environment, operational safety, excellence and health and well-being initiatives. We had great records last year and I have a few highlights for you. We had over 700,000 hours of HSC training. We're also working in the company to be positive in water, so we're launching a number of programs for water, safety and not only do we want to treat all the water we use, but we also want to return clean water to society. We also had a very important process training our leadership in the company in mental health. This is also a significant discussion that I'm sure is taking place in all companies that you analyze. Let's continue with the next slide.

另一個重要亮點是我們對環境、社會和治理的承諾。我們有一個名為「對生命的承諾」的計劃，其中涵蓋了我們的環境、營運安全、卓越以及健康和福祉措施。去年我們取得了出色的記錄，我有一些亮點給你們。我們接受了超過 700,000 小時的 HSC 培訓。我們公司也致力於在水方面發揮積極作用，因此我們正在啟動一系列水、安全計劃，我們不僅要處理我們使用的所有水，而且還希望將乾淨的水回饋給人們社會。我們還有一個非常重要的過程，對公司的領導階層進行心理健康的培訓。這也是一個重要的討論，我確信您分析的所有公司都在進行這種討論。讓我們繼續看下一張投影片。

I also want to highlight the social responsibility actions such as entering the technical cooperation agreement with the Ministry of Human Rights and Citizenship, promoting an enhancement in public policies and business governance practices when it comes to human rights. The launch of our racial equity program last year, also, the 2023 public selection of the Petrobras Social Environmental Program, R$432 million to be invested in over 60 projects over the course of the 3 years of execution in segments where Petrobras operates. So this is a program that we've been dedicating ourselves to very dearly because it has direct impact on the communities that's around our operations. Additionally, the update of our social responsibility policy and also a recognition of our sustainability report as one of the 10 best reports of 2023. This is my last slide. I know that we are covering several different segments and I'd like to make myself available and make Investor Relations available to answer any questions you might have. And with that, I'd like to give the floor to our dear Financial Director, Sergio Caetano. Over to you, Sergio.

我也想強調社會責任行動，例如與人權和公民部簽訂技術合作協議，促進加強人權方面的公共政策和企業治理實踐。去年啟動了我們的種族平等計劃，以及 2023 年巴西國家石油公司社會環境計劃的公開評選，將在 3 年的執行過程中向巴西國家石油公司運營部門的 60 多個項目投資 4.32 億雷亞爾。因此，這是我們一直致力於的計劃，因為它對我們營運周圍的社區有直接影響。此外，我們也更新了社會責任政策，並將我們的永續發展報告評為 2023 年 10 份最佳報告之一。我知道我們正在涵蓋幾個不同的細分市場，我願意讓自己和投資者關係部門來回答您可能有的任何問題。接下來，我想請我們親愛的財務總監 Sergio Caetano 發言。交給你了，塞爾吉奧。

Good morning, everybody, and a very special day to women on this Women's International Day. Like President, Jean Paul said, our market valuation was way above our ADR 112% or as the others, at 20%. In the first slide, you see the evaluation of Petrobras in Brazil. The ONs and PNs are highlighted where you see very good numbers and also a comparison with the other majors, the TSRs the -- with the return to investors you can see Petrobras. We added value to the company in the amount of R$150 billion in compensation to shareholders, R$20.4 billion with R$19.7 billion in dividends and $0.7 billion in the repurchase of shares. To society, we paid between taxes and governance shares R$240 billion, R$36.6 billion of all dividends paid by Petrobras went to the controlling group that's comprised by the federal government. We also contributed another R$54 billion in the evaluation of the public assets of the state. So in addition to adding value, that was also an important collaboration to society in terms of reverting these resources in taxes and dividends. These are some more data in terms of our financial earnings and EBITDA of R$52.4 billion is the second biggest in history. The operational cash flow, R$43.2 billion, the second biggest in history of free cash flow, $31.1 billion, the third biggest in history. And then revenue, net profit of R$24.9 billion, the second biggest in history. And these numbers, the second highest and third highest they were produced in a very adverse external environment. So we achieved second and third place with special highlights. We're going to look at the devaluation to customer -- to clients, but there was no decrease in investment. Quite the opposite Petrobras has been investing, which brings even more value to these results.

大家早安，國際婦女節對女性來說是非常特別的一天。正如總裁 Jean Paul 所說，我們的市場估值遠高於我們的 ADR 112%，也高於其他公司的 20%。在第一張投影片中，您可以看到巴西國家石油公司的評估。 ON 和 PN 被突出顯示，您可以看到非常好的數字，並且還可以與其他主要公司（TSR）進行比較 - 透過投資者的回報，您可以看到巴西國家石油公司（Petrobras）。我們為公司增加了價值，包括 1,500 億雷亞爾的股東補償、204 億雷亞爾的股息（197 億雷亞爾）以及 7 億美元的股票回購。我們向社會支付了 2,400 億雷亞爾的稅收和治理股份，其中巴西國家石油公司支付的所有股息中的 366 億雷亞爾流向了聯邦政府組成的控股集團。我們也另外貢獻了 540 億雷亞爾用於評估國家公共資產。因此，除了增加價值之外，這也是在將這些資源轉化為稅收和股息方面對社會的重要合作。這些是我們財務收益方面的更多數據，524 億雷亞爾的 EBITDA 是歷史第二高的。營運現金流為 432 億雷亞爾，歷史第二高；自由現金流為 311 億美元，歷史第三高。然後是營收、淨利249億雷亞爾，歷史第二高。而這些數字，第二高和第三高，都是在非常不利的外在環境下產生的。因此，我們以特別的亮點獲得了第二名和第三名。我們將關注對客戶的貶值，但投資並沒有減少。巴西國家石油公司一直在投資恰恰相反，這為這些結果帶來了更多價值。

Our gross debt in line between R$55 billion and R$65 billion. And it's important to tell you that at the end of 5 years the debt has been our forecast and to achieve a reduction vis-a-vis the in the last year, another important aspect when it comes to our financial debt of R$28.8 billion with a reduction of $1.2 billion this year return on capital employed at 11.2%, which is in line with the biggest results. We also brought about the lowest difference vis-a-vis the American bond to the market and with that, we won an award, the Quasi Sovereign Bond Deal of the Year Award by issuing $1.5 billion in 10-year bonds. Also, it's worth mentioning the transparency movement by the Event Global Compact. It's an effort that requires the investment and the involvement of the entire company and we've been disclosing these results to investors and shareholders in the external scenario. On average in comparison with last year we had a valuation of 18% in the Brent, which is significant and has impacts on our financial results. And as you know, the diesel is the oil byproduct that Petrobras sells the most. Between the Brent oil and the diesel sold we had a margin devaluation of 23%. In 2022, the oil appreciated reflecting the beginning of the Russia, Ukraine conflict. And with the stabilization of the conflict it went back to the margin, but we've had an impact of minus 18% on the Brent. Crackspread minus 23. In the FX, minus 3%, the Real appreciated 3% in comparison with the Dollar. So this combination of factors has a big impact on the net results and the EBITDA. And we can see that in line with Brent and crackspread, you see a reduction of 21% to our EBITDA. You can see the Brent prices at the bottom of the slide, but we're going to see that in spite of these adverse conditions, Petrobras did well.

我們的總債務在 550 億雷亞爾至 650 億雷亞爾之間。重要的是要告訴您，我們預測 5 年後的債務將比去年有所減少，這是我們 288 億雷亞爾金融債務的另一個重要方面，今年減少了12 億美元，資本回報率為11.2% ，與最大業績相符。我們也為市場帶來了與美國債券的最低差價，並透過發行 15 億美元的 10 年期債券贏得了年度準主權債券交易獎。此外，值得一提的是活動全球契約發起的透明度運動。這是一項需要整個公司投入和參與的努力，我們一直在外部向投資者和股東揭露這些結果。與去年相比，我們布蘭特原油的平均估值為 18%，對我們的財務表現有重要影響。如您所知，柴油是巴西國家石油公司銷售最多的石油副產品。布倫特石油和出售的柴油之間的利潤貶值達 23%。 2022年，石油升值反映了俄羅斯、烏克蘭衝突的開始。隨著衝突的穩定，它又回到了邊際，但我們對布蘭特原油的影響為-18%。裂縫利差負 23。因此，這些因素的結合對淨利潤和 EBITDA 產生了很大的影響。我們可以看到，與布蘭特原油和裂痕價差一致，我們的 EBITDA 減少了 21%。您可以在幻燈片底部看到布蘭特原油價格，但我們將看到，儘管面臨這些不利條件，巴西國家石油公司仍表現良好。

Here, you can see our power showing usage sources, showing our cash generation and how it was allocated in 2023. You see a cash flow of $12.1 billion in investments. We actually invested $12.1 billion in 2023. And there's also an impact on the debt of $8.7 billion with the rate of new platforms. There is also a peak in debt at the end of the year because we anticipated the addition of an FPSO, and that will be felt further ahead with the anticipation of revenue in oil curve. Our dividends, including repurchase, $20.4 billion, financial expenses and financial amortizations. You can see at the bottom of the tower, a comparison of the impacts of these scenarios and these are the groups that we compare ourselves to the free cash flow of Petrobras at $31.1 billion. And we were second to Shell only with the second highest free cash flow in the segment of peer companies. If you look at the oil production as Director Joelson will give you the details about, we and at first in a tie with Chevron. And we are by far the leaders in the highest generation -- the organic generation of reservoirs. This is the result of the E&P teamwork, something that did not start last year and involves lots of people. Our EBITDA, one of the best in the segments. We finished third behind Shell and Exxon, which are much bigger companies than Petrobras but we are there fighting for the third place with them. It's important to talk about downstream with an expressive increase in food. This comes from a decision of Petrobras to win market share. We're an integrated oil company. The biggest -- the bigger the foot of our refineries, the bigger the operational results we can present to our investors.

在這裡，您可以看到我們的電量顯示了使用來源、我們的現金產生情況以及 2023 年的分配方式。 2023 年，我們實際上投資了 121 億美元。年底債務也將達到峰值，因為我們預計將增加 FPSO，並且隨著石油曲線收入的預期，這一點將進一步感受到。我們的股息，包括回購、204億美元、財務費用和財務攤銷。您可以在塔的底部看到這些情境的影響比較，我們將這些組別與巴西國家石油公司 311 億美元的自由現金流進行比較。我們的自由現金流在同業公司僅次於殼牌，位居第二。如果你看看石油生產，喬爾森總監會給你詳細介紹，我們先與雪佛龍打平。迄今為止，我們是最高一代——水庫有機發電的領導者。這是勘探與生產團隊合作的結果，這不是去年開始的，涉及很多人。我們的 EBITDA 是該細分市場中最好的之一。我們獲得第三名，落後於殼牌和埃克森美孚，這兩家公司比巴西國家石油公司大得多，但我們正在與他們爭奪第三名。重要的是要談論下游食物的顯著增加。這是巴西國家石油公司為贏得市場份額所做的決定。我們是一家綜合性石油公司。最大的－我們煉油廠的規模越大，我們可以向投資者展示的營運表現就越大。

And now talking about our debt. You see the indebtedness trajectory since 2019 in a decreasing curve. In 2023, you see a slight increase that happened due to the anticipation of platforms with additional inflation costs and the supply chain which is felt across the industry and the $28 billion line with the decreasing trajectory, there was a reduction between 2023 and 2022. And that's a difference that refers to freight. If you look at the amortization, Petrobras closed '23 with a cash of close something in the range of $18 billion and cash available in the short term of $8 billion, which is solid and in line with the market turbulence, which reassures us that Petrobras will be able to face the situation. In the line, you can see the amortization profile that's forecast for our debt. As we said before, our net profit suffered an impact of the adverse scenario but it was still able to deliver to the market the second highest net profit in history without divestments, considering only our work even in the face of adverse conditions with the crack going down and the dollar going up. Our contribution to society, we also covered that.

現在談論我們的債務。您可以看到自 2019 年以來的債務軌跡呈下降曲線。 2023 年，您會看到由於平台預期會帶來額外的通膨成本和整個行業所感受到的供應鏈的額外通膨成本而發生了小幅增長，並且隨著下降軌蹟的280 億美元線，2023 年至2022 年之間有所減少。如果你看一下攤銷，巴西國家石油公司 23 年結束時的現金接近 180 億美元，短期內可用現金為 80 億美元，這是穩健的，與市場動盪相符，這讓我們放心，巴西國家石油公司將能夠面對這種情況。在該行中，您可以看到我們的債務預測的攤銷概況。正如我們之前所說，我們的淨利潤受到了不利情況的影響，但在不撤資的情況下，僅考慮到我們在不利條件下的工作，仍然能夠向市場交付歷史第二高的淨利潤。下跌而美元上漲。我們對社會的貢獻，我們也涵蓋了。

You can see the data close to R$277 billion, of which R$36.6 million, almost R$37 million are related to the payments of dividends to the controlling shareholder or the Brazilian state, R$61.4 million in government tanks and R$178.8 million in taxes paid. Remuneration to shareholders, overall, we remunerated the shareholders in R$78.4 billion in 2023, out of R$72.4 million they're deducted from the repurchase program. This was the first year where Petrobras implemented on a constant basis, a repurchase program. And in this program, we repurchased 3.6 billion shares from the market. This amount is deducted from the total and we distributed in dividends, the R$72.4 billion in 2023. It's important to say that the net adjusted profit after deducting the payments of dividends and anticipation of dividends and capital interest in 2023, what we were left with at the end of the year we allocated to the administrative council to form a capital remuneration reserve. As we know, that was extensively discussed in 2023 and the purpose of this reserve is to pay dividends. There were some questions as to whether the resources could be used in investments, and no, they will not be able to be used by investments, so this is for dividend distribution alone. So we allocated its profit -- the Petrobras profit surplus to that line and that's where it's going to stay allocated. To put it simply, these were the results, as I said and as President Jean Paul said, these are very significant results for the first year of an administration. This is the result of the work of the entire company. This makes us very proud. And with that, I'd like to give the floor to directors, Spinelli, Director of Governance and Compliance at Petrobras.

你可以看到接近2770億雷亞爾的數據，其中3660萬雷亞爾，近3700萬雷亞爾與向控股股東或巴西國家支付股息有關，6140萬雷亞爾為政府儲備金，1.788億雷亞爾為已付稅款。股東薪酬總體而言，2023 年我們向股東支付了 784 億雷亞爾，這是從回購計畫中扣除的 7,240 萬雷亞爾。這是巴西國家石油公司持續實施回購計畫的第一年。在這個計畫中，我們從市場上回購了36億股股票。這筆金額從總額中扣除，我們在 2023 年分配了股息，即 724 億雷亞爾。行政理事會，形成資本薪資儲備金。據我們所知，這在 2023 年已被廣泛討論，該儲備金的目的是支付股息。有人問這些資源是否可以用於投資，不可以，不能用於投資，所以這只是用於股息分配。因此，我們將其利潤——巴西國家石油公司的利潤盈餘分配給該線，這就是它將繼續分配的地方。簡而言之，正如我和讓‧保羅總統所說，這些結果對政府第一年來說是非常重要的結果。這是整個公司共同努力的成果。這讓我們非常自豪。接下來，我想請巴西國家石油公司治理與合規總監斯皮內利 (Spinelli) 董事發言。

Good morning, everybody. Good morning to those watching us, special greetings to women. Some highlights in governance and compliance. 2023 was a very important year. And in 2024, our Board will (inaudible) its tenth anniversary. In 2023, we had the first major restructuring in the department, creating new managements and broadening our possibilities in terms of disciplinary responsibilization. I'd like to highlight that Petrobras is the entity that applies the anticorruption a lot most heavily in Brazil. Around 20% of the sanctions are applied to companies under Petrobras' responsibility. We also created an area to work with data science making Petrobras increasingly more capable to detect irregularities and also a specific section to deal with violence at the workplace. Last year, we once again did our survey -- a compliant survey with 80% overall. This is a weighted average between all of the replies, and this is a clear demonstration of how the compliance culture is disseminated across the company. We were awarded several prices, of which I'd like to highlight 2; the Public Ethics Committee awarded as a prize, and we were the only awarded company in the 5 categories in the UN global pacts, 100% transparency, which is also a clear demonstration of how our integrity and governance actions are robust and our professionals also won awards in several different categories.

大家早安。各位觀看我們的人早安，特別向女性致以問候。治理和合規方面的一些亮點。 2023年是非常重要的一年。 2024 年，我們的董事會將（聽不清楚）成立十週年。 2023 年，我們對該部門進行了第一次重大重組，創建了新的管理層，並擴大了我們在紀律責任方面的可能性。我想強調的是，巴西國家石油公司是巴西反貪腐力度最大的實體。大約 20% 的製裁適用於巴西國家石油公司負責的公司。我們還創建了一個與數據科學合作的區域，使巴西國家石油公司越來越有能力發現違規行為，並創建了一個專門的部分來處理工作場所的暴力行為。去年，我們再次進行了調查——總體合規率為80%。這是所有回應的加權平均值，清楚地表明了合規文化是如何在整個公司傳播的。我們獲得了多個價格，我想重點介紹其中 2 個；公共道德委員會頒發的獎項，我們是聯合國全球公約5個類別中唯一獲獎的公司，100%透明度，這也清楚地表明了我們的誠信和治理行動是多麼穩健，我們的專業人士也獲獎了多個不同類別的獎項。

Now to tell you a bit about something that I think is relevant for everyone in our decision-making process. We have a governance strategy at Petrobras that gives privilege to technical aspects. So every decision is either shared or done through a collegiate process. In some cases, we need to have statutory committees or technical committees present so that the decision-making process is entirely based on technical aspects. We also have a governance structure that deals with compliance, and it's very robust. We have a director's office for compliance, which is one of the 8 Executive Directors office in Petrobras, along with our CEO. Besides that, we also have internal audits which are also independent. We have a reporting channel -- that is -- works in 3 languages, 24/7 across all the countries where Petrobras is. We're supervised by a number of regulatory bodies and it all aims to ensure that we have technical decisions, we want to prevent undue political interference and ensure that our projects are executed with a financial return for the company.

現在告訴你一些我認為與我們決策過程中的每個人都相關的事情。我們巴西國家石油公司的治理策略給予技術面以特權。因此，每個決定要么是共享的，要么是透過集體程序做出的。在某些情況下，我們需要有法定委員會或技術委員會在場，以便決策過程完全基於技術面。我們還有一個處理合規性的治理結構，而且非常健全。我們有一個合規總監辦公室，它是巴西國家石油公司的 8 個執行董事辦公室之一，還有我們的執行長。除此之外，我們還有獨立的內部稽核。我們有一個報告管道，可以 3 種語言工作，24/7 涵蓋 Petrobras 所在的所有國家。我們受到許多監管機構的監督，這一切都是為了確保我們有技術決策，我們希望防止不當的政治幹預，並確保我們的專案的執行能為公司帶來財務回報。

It's also important to highlight a few issues in this process that ensures that we have technical decisions. The compliance officer has the power of veto in the Executive Board. And it can be used if any decisions do not comply with the applicable legislation or our internal regulations. As I said, the Chief Governance and Compliance Officer is independent. They're selected from the market and have a 2-year term, which can only be interrupted if there's a majority of Board members elected by minority shareholders and that ensures that they are independent enough to do their activities. I have 25 years of experience in anticorruption and governance and I played many roles in the federal government and also state and city governments and also in the private sector. I've talked about strengthening governance last year. As I said, our main highlight was the biggest restructuring for the governance and compliance office in the company since 2014. So we created new management positions responsible for the entire disciplinary process in the company. So now we have a very robust structure as we've never had before. It's important to highlight that because it demonstrates how this area was strengthened in the previous year. Well, that's what I had to say. And I'll now pass it over to our Executive Officer for Energy Transition and Sustainability Mauricio Tolmasquim. And I'll be here for any questions you may have at the end of the presentation.

強調此過程中的一些問題也很重要，以確保我們做出技術決策。合規官在執行委員會中擁有否決權。如果任何決定不符合適用的法律或我們的內部規定，則可以使用它。正如我所說，首席治理和合規官是獨立的。他們是從市場中選出的，任期為 2 年，只有在少數股東選出大多數董事會成員的情況下，任期才能中斷，並確保他們有足夠的獨立性來開展自己的活動。我在反腐敗和治理方面擁有 25 年的經驗，曾在聯邦政府、州政府、市政府以及私營部門擔任過許多職位。我去年就講過加強治理。正如我所說，我們的主要亮點是自 2014 年以來公司治理和合規辦公室最大規模的重組。所以現在我們擁有一個非常強大的結構，這是我們以前從未有過的。強調這一點很重要，因為它顯示了這一領域在過去一年中是如何加強的。嗯，這就是我不得不說的話。現在我將把它交給我們的能源轉型和永續發展執行官 Mauricio Tolmasquim。在演示結束時，我將在這裡回答您可能提出的任何問題。

Good morning. I'd like to greet everyone, especially women who may be watching us. So I'll start talking a bit about the gas industry. This was a very good year for it, but we launched new products with more flexibility and terms indexing and we made a number of changes that were accepted very well by the market. That led to a record number of new contracts signed in 2023. We had 34 new contracts with 15 distributors, a total of R$167 billion in estimated revenues. We also traded 22 million cubic meters per day starting in 2024. This is about 55% of the total consumption in the thermal marketed result. We also made significant strides in resolving a number of disputes especially with a few of our distributors. So we were able to reach deals and allowed us to sign new contracts.

早安.我想向所有人致意，尤其是可能正在觀看我們的女性。我將開始談談天然氣產業。今年對它來說是非常好的一年，但我們推出了具有更大靈活性和術語索引的新產品，並且我們做出了一些被市場很好接受的改變。這導致 2023 年簽署的新合約數量創下歷史新高。從 2024 年開始，我們每天還交易 2,200 萬立方公尺。我們在解決一些糾紛方面也取得了重大進展，特別是與我們的一些經銷商的糾紛。因此我們能夠達成交易並簽署新合約。

Next slide, please. I'd also like to briefly discuss the importance of thermal generation or our energy transition. Some people might think, how our thermal plants related to renewable energy? We know that renewable generation is intermittent. You can only generate wind power when you have wind or solar power when you have sunlight. The graph on the left shows how it changes across 2 normal days. In yellow, we see sunlight but as we reach the end of the day, it reduces because you have less sunlight and you need to have sources to replace it during the nighttime. And here, we have 2 main sources: wind or excuse me, hydroelectric power, when it is available, but usually it is not enough. You also need to complement it with some thermal electric power. So to illustrate this challenge on the right-hand side graph we see the variation in thermal generation. You can see that significant increase around 12% and that represents thermal generation. So in less than 4 hours we need to add 2 gigawatts to our power generation. That's about the same as what is generated in the [Angra 2] and [Angra 1] plans.

請下一張投影片。我還想簡單討論一下熱力發電或能源轉型的重要性。有人可能會想，我們的火力發電廠與再生能源有何關係？我們知道再生能源發電是間歇性的。只有有風時才能產生風力，有陽光時才能產生太陽能。左圖顯示了正常 2 天內的變化。在黃色中，我們看到陽光，但當我們到達一天結束時，它會減少，因為你的陽光較少，你需要在夜間有光源來補充它。在這裡，我們有兩個主要來源：風能，或對不起，水力發電，如果可用的話，但通常是不夠的。您還需要用一些熱電來補充它。因此，為了在右側圖表中說明這個挑戰，我們看到了熱量產生的變化。您可以看到顯著增加約 12%，這代表熱量產生。因此，在不到 4 小時的時間內，我們需要增加 2 吉瓦的發電量。這與 [Angra 2] 和 [Angra 1] 計劃中產生的內容大致相同。

Next slide, please. We also had a very good year in decarbonizing our processes. At E&P, we had a 10% reduction in our carbon intensity, which is very important for Petrobras to continue to use its oil in the future. In the future, we will only be able to take oil to the market if you can reduce its emissions. In 2022 to 2023, really, the refining industry reduced carbon intensity as well, and the same happened to the thermoelectric industry. There was also a significant reduction in methane emissions, 51%. Why is it so significant? Because methane's impact on global warming is much higher than CO2. In 100 years, a methane molecule has a 25-fold higher impact than CO2. Finally, this is the newest section, renewables. In the first year, and actually our term isn't even 1 year long, it will be in May. But during this last year we created a governance program to approve projects for renewables. And this is done in a very safe and responsible manner. We signed MOUs with about 45 companies, so we have 45 business opportunities that are being analyzed. And this doesn't mean that we are going to take all of them. Actually, it will be a much smaller percentage than this total number but it's important to have this number of possibilities because this allows us to select things better. In carbon capture, we're looking at a new business which is providing carbon captions -- carbon capture services for other industries like refinement. So we're going to run a pilot in Rio de Janeiro.

請下一張投影片。我們在流程脫碳方面也度過了非常好的一年。在 E&P，我們的碳強度降低了 10%，這對巴西國家石油公司未來繼續使用其石油非常重要。未來，只有能夠減少石油排放，我們才能將石油推向市場。事實上，從2022年到2023年，煉油業也降低了碳強度，熱電產業也發生了同樣的情況。甲烷排放量也顯著減少了 51%。為什麼它如此重要？因為甲烷對全球暖化的影響遠高於二氧化碳。 100 年內，甲烷分子的影響力是二氧化碳的 25 倍。最後，這是最新的部分：可再生能源。第一年，實際上我們的任期還不到一年，是五月。但在去年，我們制定了一項治理計畫來批准再生能源專案。這是以非常安全和負責任的方式完成的。我們與大約 45 家公司簽署了諒解備忘錄，因此我們正在分析 45 個商機。這並不意味著我們要拿走所有這些。實際上，它所佔的百分比比這個總數要小得多，但擁有這些可能性很重要，因為這使我們能夠更好地選擇事物。在碳捕獲方面，我們正在尋找一項提供碳說明的新業務——為精煉等其他行業提供碳捕獲服務。所以我們將在裡約熱內盧進行試點。

And we also want to highlight the low-carbon product area. We have, for example, a partnership with the logistics area launching podium gasoline, a carbon neutral gasoline that has a certain market niche. The refinement office is also working on Diesel R, which is also very important to ensure that our refineries, even after the age of oil, still have a use, still can add value. We also can produce, for example, low emission asphalt. And I'd just like to conclude by showing this graph which was created by BCG. It's a very interesting slide. The first graph shows that really if you look at that green curve it shows low-carbon companies and in blue, a selection of oil and gas companies. We can see that on the short term, the returns of oil and gas companies cannot be denied. In general, they're much higher on average than the returns paid by these -- the selection of companies that have low carbon emissions. But what properties do we see here? Oil and gas companies have a variable ROCE. They can go to quite low values while the average ROCE for low-carbon companies is stable. So we can see that investments into these activities and businesses, the low carbon ones, I mean, mitigate our risks and generate value while you're still protecting and gaining market share, a good example is Diesel R. If you don't have diesel are your biodiesel mandates would little by little, lose market. So Diesel R is a way of fighting for this space with our products as well. Podium gasoline is an example of how you can gain market share in a special niche and this can be done at the same time.

我們也想突顯低碳產品領域。例如，我們與物流領域合作推出了podium汽油，這是一種具有一定市場定位的碳中和汽油。煉油辦公室也在研究Diesel R，這對於確保我們的煉油廠即使在石油時代之後仍然有用途，仍然可以增加價值也非常重要。例如，我們也可以生產低排放瀝青。最後我想展示一下 BCG 創建的這張圖表。這是一張非常有趣的投影片。第一張圖顯示，如果你看一下綠色曲線，它會顯示低碳公司，而藍色曲線則顯示一些石油和天然氣公司。可以看到，短期來看，油氣公司的回報是不可否認的。一般來說，它們的平均回報遠高於這些選擇低碳排放公司所支付的回報。但我們在這裡看到什麼屬性呢？石油和天然氣公司的 ROCE 是可變的。當低碳公司的平均 ROCE 保持穩定時，它們可以達到相當低的值。因此，我們可以看到，對這些活動和業務（低碳活動和業務）的投資，我的意思是，可以減輕我們的風險並創造價值，同時您仍然可以保護和獲得市場份額，Diesel R 就是一個很好的例子。因此，Diesel R 也是我們的產品爭奪這一領域的一種方式。 Podium汽油是一個如何在特殊利基市場中獲得市場份額的例子，而且這可以同時完成。

The strategy allows you to mitigate risks of having, for example, a rising CO2 costs. So over the long term, and this is shown by the last graph, investors who have invested $1 in a pool of companies in the oil and gas industry, first is an investor who invested $1 in a low-carbon company in 2022, they would have about the same returns in total for that investment. This shows the importance of this strategy in the long term. If you have any questions, please let me know. And with that, I'd like to give the floor to our colleague, Joelson Mendes, Director of Exploration and Production.

此策略可以幫助您降低二氧化碳成本上升等風險。因此，從長遠來看，最後一張圖表明，在石油和天然氣行業的公司池中投資 1 美元的投資者，首先是在 2022 年向低碳公司投資 1 美元的投資者，他們會該投資的總回報大致相同。這顯示了這一戰略的長期重要性。如果您有任何疑問，請告訴我。接下來，我想請我們的同事、勘探和生產總監喬爾森·門德斯 (Joelson Mendes) 發言。

Good morning to all of you who are watching us. I want to start out by showing the numbers of our operated production, last year there was a significant increase vis-a-vis the previous year, that was due to the fact that many projects started production phase, our operated production grows less because many of these projects that started to operate, we are operating. So part of the production goes to the partners. We also had very significant numbers. And the pre-salt production in our mix has been growing from 22% to 23%, it grew from 73% to 78%. We had important records last year, the operated production surpassed 4.05 barrels of oil per day, which is compared to the majors and that is a very robust operation. Our pre-salt production also broke records last year and also very important is the IUGA index in the fourth Q, it reached 98%, very good numbers. Our production last year surpassed our initial forecast, but staying within what we call the risk tunnel. We've been working very hard to analyze all of the factors that can influence the production up or down over the course of the year and this level of accuracy of our projection has been around 96% over the course of the last few years, which is very reassuring in terms of what we forecast for the current year.

所有關注我們的人早安。我想首先展示我們的營運產量數量，去年與前一年相比有顯著增長，這是由於許多項目開始生產階段，我們的運營產量增長較少，因為許多項目在這些已開始運營的項目中，我們正在運作。因此，部分生產將歸合作夥伴所有。我們也有非常可觀的數字。我們的混合物中鹽下產量從 22% 增加到 23%，從 73% 增加到 78%。去年我們創下了重要記錄，營運產量超過了每天 4.05 桶石油，與主要石油公司相比，這是一個非常強勁的營運。去年我們的鹽下產量也打破了記錄，而且非常重要的是第四季度的IUGA指數，達到了98%，非常好的數字。我們去年的產量超出了最初的預測，但仍在我們所謂的風險隧道內。我們一直在努力分析一年中可能影響產量上升或下降的所有因素，在過去幾年中，我們的預測準確度約為 96%，這就我們今年的預測而言，這是非常令人放心的。

The highlights in production, and I'll repeat myself, we started to operate major production projects, starting with the renovation of the Marlim field, which is something that we worked very hard on. The environmental licensing of these projects were very complex, but we won, and we were able to recover almost -- to get involved in projects that will recover almost 1 billion barrels of oil equivalent. Our fifth unit in Buzios field is now operating at maximum production of the FPSO Sepetiba also started production in the Marrowfield with the large capacity of 180 kbpd, and Petrobras accounts for 40% of that production. And in 2023, 2 projects that had started in the previous year, Guanabara and 71, they have reached a peak production in a very short time frame. So this is our lifting cost and total cost of produced -- produced oil. The lifting cost went down from 5.8 to 5.6 barrels of oil equivalents produced a very significant amount. The presence of the pre-salt from 73 to 78, as I said before, largely accounts for this decrease in the total production cost in deep waters and shallow waters, a little more than 20% of our production with very attractive numbers, even though we're talking about mature fields there are still very important numbers. And our total cost of produced oil has gone down largely due to the decrease in the price of the oil barrel abroad, which allows us to pay our governmental participations based on the oil price. So with this decrease we see this important impact on Brent and $35 per barrel is a very robust price.

生產方面的亮點，我再說一遍，我們開始經營重大生產項目，從Marlim油田的改造開始，這是我們非常努力的事情。這些項目的環境許可非常複雜，但我們贏了，我們幾乎能夠恢復——參與將恢復近 10 億桶石油當量的項目。我們位於 Buzios 油田的第五台裝置目前正以最大產量運作。到了2023年，前一年開工的2個項目——瓜納巴拉和71——在很短的時間內就達到產量高峰。這是我們的提升成本和生產石油的總成本。提升成本從 5.8 桶石油當量下降到 5.6 桶石油當量，產量非常可觀。正如我之前所說，鹽下層的存在從 73 到 78，很大程度上是深水和淺水總生產成本下降的原因，略高於我們產量的 20%，而且數量非常有吸引力，儘管我們談論的是成熟領域，仍然有非常重要的數字。我們生產石油的總成本下降主要是由於國外每桶石油價格的下降，這使我們能夠根據油價支付政府參與費用。因此，隨著這一下降，我們看到對布蘭特原油的重要影響，每桶 35 美元是一個非常強勁的價格。

This is one of the most relevant news to us. Director Sergio had already talked about this. We closed the reserves of 2023 with an organic recomposition of more than 150%, which is extremely significant if you consider the universe of majors in the world. And over the course of the last few years we've been achieving 200% in reserve replacement, which shows the consistency of our production curve for the future. This is the reserve that we've been achieving -- we've been managing to increase year after year and we were able to replace these reserves after a lot of hard work in Buzios, Tupi, Atapu, Raia Manta, Raia Pintada fields with -- and the approval of new complementary projects, especially in the Campos Basin. So this is work around reserves involves cost projects and lots of simulations and a very hard technical work by the team that coordinates this segment.

這是與我們最相關的新聞之一。導演塞爾吉奧已經談到這一點。我們以超過 150% 的有機重組結束了 2023 年的儲備，如果考慮到世界上主要的貨幣體系，這是極其重要的。在過去幾年中，我們的儲量替代率已達到 200%，這表明我們未來生產曲線的一致性。這是我們已經實現的儲量——我們逐年增加，經過在 Buzios、Tupi、Atapu、Raia Manta、Raia Pintada 油田的大量努力，我們能夠使用——以及批准新的補充項目，特別是在坎波斯盆地。因此，圍繞儲備的工作涉及成本項目和大量模擬，以及協調該部分的團隊的非常艱苦的技術工作。

Lastly, these are some highlights in the production area with our operations in Africa and the -- and also in the [Pilatus] Basin, we are also exploring Latin America as a whole and West Africa, these are areas that we know very well -- very well, and we're always looking for opportunities. And I also have to mention that we will continue to explore the equatorial margin, and now we're drilling well in the Portugal Basin and in the future, hopefully, we're going to be able to drill new wells. We're also exploring new wells in the Campos and Santos basins as a routine. So that's what I had. If you have any questions, please let me know. Director William, you have the floor.

最後，這些是我們在非洲和皮拉圖斯盆地的生產領域的一些亮點，我們還在探索整個拉丁美洲和西非，這些是我們非常了解的地區 - - 很好，我們一直在尋找機會。我還必須提到，我們將繼續勘探赤道邊緣，現在我們正在葡萄牙盆地鑽探井，希望將來我們能夠鑽探新井。我們也在坎波斯和桑托斯盆地常規勘探新井。這就是我所擁有的。如果您有任何疑問，請告訴我。威廉主任，請發言。

Thank you, Director Joelson, Good morning. I will talk about the RTC segment with possibly the best results in history, both from an operational and financial standpoint as well as from a sustainability perspective with HSC results and also with a very good progress in energy efficiency. The utilization factor has to be highlighted. We reached 92% on average and in some months, we reached more than 97% in the utilization factor due to the integration across the entire RTC division. And also with the (inaudible) division achieving very good results for the company which has certainly contributed to us reaching the financial earnings results with the pre-salt load of 65% in the processing of the pre-salt oil across all refineries, and this utilization factor comes along with an increase in the value reaching 68%. We're talking about diesel and aviation kerosene, so we're using our refineries with better yields.

謝謝喬爾森主任，早安。我將談論 RTC 部分，無論是從營運和財務角度，還是從 HSC 成果的可持續發展角度來看，它可能取得了歷史上最好的成績，並且在能源效率方面也取得了非常好的進展。必須強調利用率。由於整個 RTC 部門的整合，我們的利用率平均達到 92%，在某些月份，我們的利用率達到了 97% 以上。而且（聽不清楚）部門為公司取得了非常好的業績，這無疑有助於我們在所有煉油廠加工鹽下石油時實現65% 的鹽下負荷，這無疑有助於我們實現財務盈利結果，而這利用率隨之提高，價值達68%。我們談論的是柴油和航空煤油，因此我們使用的煉油廠產量更高。

Our current CapEx at R$3.1 billion in 2023 with a very important stops for our refinery system with the longest downtime in Cuba town with very important projects to optimize the refinery refurb with important downtimes and recap and our [Ducicashilas] refinery, including the downtime of one of the [lubtrains]. For 2024, we predict a $3.8 billion in CapEx. We'll move forward with the maintenance of our units leading to high availability of our units to refine oil, especially pre-salt oil. We ended the year at 60% of participation from diesel as 10. And you can see on the left-hand side, a few important production numbers in several of our production units with our refineries having contributed to these fantastic operational results in 2023. Best historical results in energy efficiency with our RefTOP program with reduction in common intensity and also with an increased energy intensity in the refineries, leading to a lower consumption of fuel, natural gas with very significant results putting us on the path to even faster energy transition. We also reached our lowest historical level of gas flaring rate and a record in pre-salt gas processed in our PGMs.

到2023 年，我們目前的資本支出為31 億雷亞爾，我們的煉油廠系統有一個非常重要的停靠點，在古巴鎮停機時間最長，有非常重要的項目來優化煉油廠翻新，有重要的停機時間和回顧，以及我們的[Ducicashilas] 煉油廠，包括[lubtrains] 之一。我們預計 2024 年的資本支出將達到 38 億美元。我們將繼續對裝置進行維護，以提高裝置的可用性，以精煉石油，特別是鹽下油。截至年底，柴油的參與率為 60%，為 10。我們的RefTOP 計畫在能源效率方面取得了歷史性成果，降低了普通強度，同時提高了煉油廠的能源強度，從而降低了燃料、天然氣的消耗，取得了非常顯著的成果，使我們走上了更快的能源轉型之路。我們的天然氣火炬率也達到了歷史最低水平，並且在我們的鉑族金屬中加工的鹽下天然氣也創下了記錄。

In 2023, we saw the return of investments in fertilizers and petrochemical sectors and fertilizers. We're working towards achieving a definitive solution for Bahia and [Sergipe] plants. We also closed studies for the [Arcadia] plants, [Arena] and [UF3] in [Tres Lagoas]. So we soon will return to being a strong player in the fertilizer sector and not only a plan. And for that, we've been engaging in discussions with several partners and also with the strategic partnerships involving biomethane, green ammonia and other interesting byproducts that will lead to a carbon footprint reduction. As I said, we're focusing on high-value, low-carbon products and with that, we're working in Cubatao and Gaslub plants in Cubatao when we're entering Phase III this year as well as in Gaslub and [Pravasis] we will talk about [Renasant] 2 and UPGN with the Route 3 being completed by the beginning of the second half of this year. We have very good results that give us strength to face the challenges involved in expanding our downstream in line with our strategic planning, as I said. So it's a year of achievements and we'll continue to work strongly in that direction to achieve these goals. With that, I'd like to give the floor to our Director of Logistics, Trade and Markets, Claudio Schlosser.

2023年，我們看到了化肥、石化產業和化肥的投資報酬率。我們正在努力為巴伊亞和[塞爾希培]工廠找到最終的解決方案。我們也結束了對[特雷斯拉戈斯]中的[阿卡迪亞]植物、[競技場]和[UF3]的研究。因此，我們很快就會重新成為化肥領域的強大參與者，而不僅僅是一個計劃。為此，我們一直在與多個合作夥伴以及涉及生物甲烷、綠色氨和其他有趣副產品的策略合作夥伴進行討論，這些副產品將減少碳足跡。正如我所說，我們專注於高價值、低碳產品，因此，今年進入第三階段時，我們將在 Cubatao 和 Gaslub 工廠以及 Gaslub 和 [Pravasis] 開展工作我們將討論[Renasant] 2和UPGN，其中Route 3將於今年下半年年初完成。正如我所說，我們取得了非常好的成果，這使我們有能力應對根據我們的策略規劃擴大下游業務所面臨的挑戰。因此，這是成就的一年，我們將繼續朝著這個方向努力工作，以實現這些目標。接下來，我想請我們的物流、貿易和市場總監 Claudio Schlosser 來演講。

Thanks, William. Good afternoon, everybody. It's a pleasure to be with you today to talk about our 2023 results. I'd like to take the opportunity to greet all women, both in person and online. The first slide covers the selling of byproducts both in Brazil and abroad. The sales of gas grew and they were powered by greater competitiveness of gas versus ethanol. If you look at diesel, you see a reduction of 1% as compared to 2022, basically because of 2 factors: [reman] have been considered up until the end of 2022 and also because of the military mix with biodiesel that went from 10% to 12% in April. Concerning the experts of byproducts, there was an increase of 5% and I'd like to highlight the increase in the exports of gas because of the change in quality, which is quite positive for the operation. Concerning the oil sales, we had an increase resulting from an increased production in exploration and production as Director Joelson mentioned.

謝謝，威廉。大家下午好。很高興今天與您一起談論我們 2023 年的業績。我想藉此機會親自和網上向所有女性致以問候。第一張投影片介紹了副產品在巴西和國外的銷售。天然氣銷售的成長得益於天然氣相對於乙醇更強的競爭力。如果你看一下柴油，你會發現與 2022 年相比減少了 1%，主要是因為兩個因素：[再製造]一直到 2022 年底才被考慮，也是因為軍用生物柴油的比例從 10% 4 月份增至12%。關於副產品專家，成長了 5%，我想強調的是，由於品質的變化，天然氣出口量增加，這對營運來說是相當積極的。關於石油銷售，正如喬爾森總監所提到的那樣，由於勘探和生產產量增加，我們的石油銷售量增加。

What I'd like to highlight in 2023 is that we added 3 new refineries as clients in addition to expanding the purchasing of our oil by other refineries, which resulted in a significant increase in the refining of oil. And now we have 26 new payers in our customer portfolio, which allows us to capture and diversify in new destinations for our oil. We're constantly trying to expand our customer database to maximize the value of our oil, which is extremely valuable in terms of quality and also carbon footprint. Talking about the market share, our share of the market is stable in comparison to 2022 and as you can see here by adding up the blue parts of the graph. The share of gasoline imported and produced is a consequence of optimizing production and change in quality with the foreign market. So we're capturing more value for Petrobras.

我想強調的是，2023年，我們除了擴大其他煉油廠對我們石油的採購外，還增加了3家新煉油廠作為客戶，這導致石油煉製量大幅增加。現在，我們的客戶組合中有 26 個新付款人，這使我們能夠在新的石油目的地中獲取並實現多元化。我們不斷努力擴大我們的客戶資料庫，以最大限度地發揮我們石油的價值，石油在品質和碳足跡方面都非常有價值。談到市場份額，與 2022 年相比，我們的市場份額保持穩定，正如您透過將圖表的藍色部分相加可以看到的那樣。汽油進口和生產的份額是優化生產和國外市場品質變化的結果。因此，我們正在為巴西國家石油公司獲取更多價值。

The diesel market grew overall. We were able to maintain our share and the diesel produced by the company increased due to higher level of refinement. And this higher availability of refineries and our logistics park utilization in 2023 was mentioned by William, and it contributed to reducing diesel imports and capturing margins from the Brazilian market, which is a better destination to monetize our reserves. Here, Director, Tolmasquim, has also made a point of mentioning each topic here. We talked about our commitment to low carbon products. So the Petrobras podium gasoline, Diesel R, [CAP Crow], our asphalt line, and I would add, as a highlight that we started selling our diesel in Sao Paulo. That's a significant market for us, and it was a milestone. We're able to advance in that area. Also related to Diesel R, this is voluntary consumption. We don't have any mandates for it. So we're working through partnerships with national and regional distributors, especially [SEM] and [Ipiraka]. Simply, if you don't know it, is a regional distributor in the state of Rio Grande do Sul and it has values related to reducing a carbon footprint, and it's the only company that has a specific contract to buy Diesel R.

柴油市場整體成長。我們能夠保持我們的份額，並且由於精煉程度更高，公司生產的柴油有所增加。 William 提到，2023 年煉油廠的可用性和我們的物流園區利用率更高，這有助於減少柴油進口並從巴西市場獲取利潤，而巴西市場是我們儲備貨幣化的更好目的地。在這裡，托爾馬斯奎姆主任也特意提到了這裡的每個主題。我們討論了我們對低碳產品的承諾。因此，Petrobras 平台汽油、Diesel R、[CAP Crow]、我們的瀝青生產線，我想補充一點，作為我們開始在聖保羅銷售柴油的亮點。這對我們來說是一個重要的市場，也是一個里程碑。我們能夠在該領域取得進展。也和Diesel R有關，這個是自願消費。我們對此沒有任何授權。因此，我們正在與國家和地區經銷商，特別是 [SEM] 和 [Ipiraka] 建立合作夥伴關係。簡而言之，如果您不知道的話，它是南里奧格蘭德州的區域經銷商，它具有與減少碳足跡相關的價值觀，並且它是唯一一家擁有購買 Diesel R 的具體合約的公司。

Some other highlights that we have for you on the next slide. They are related to how we execute our commercial strategy. This was mentioned by the President, we were very successful throughout the year considering the best logistics and refinement conditions we have. We're offering to our clients a very competitive price, maximizing how we optimize our assets, and we're capturing good margins from the Brazilian market, as we said before. Considering sales hubs, we created 2 of them in line with our strategy to improve access in different markets of the country. It's a way of improving our logistics chain and also to be in communication with our clients. In 2023, we expanded our operations in Rondonopolis in the state of Mato Grosso and recently, we started selling diesel and gasoline in Rio [Firday]. One final highlight is platform recycling. We are decommissioning our -- some of our vessels and this is making Petrobras a reference company through the ship-breaking platform, NGO in responsible vessel disposal and this is a very important milestone for us. So those were our main highlights in this area, and I'll pass it over to Travassos.

我們在下一張幻燈片中為您提供了一些其他亮點。它們與我們如何執行商業策略有關。總統提到了這一點，考慮到我們擁有的最佳物流和完善條件，我們全年都非常成功。正如我們之前所說，我們為客戶提供非常有競爭力的價格，最大限度地優化我們的資產，並且我們正在從巴西市場獲得豐厚的利潤。考慮到銷售中心，我們根據我們的策略創建了兩個銷售中心，以改善該國不同市場的准入。這是改善我們的物流鏈以及與客戶溝通的一種方式。 2023 年，我們擴大了在馬托格羅索州 Rondonopolis 的業務，最近，我們開始在裡約熱內盧 [Firday] 銷售柴油和汽油。最後一個亮點是平台回收。我們正在退役我們的一些船舶，這使巴西國家石油公司透過拆船平台成為一家參考公司，成為負責任的船舶處置方面的非政府組織，這對我們來說是一個非常重要的里程碑。這些是我們在這一領域的主要亮點，我將把它交給 Travassos。

Thank you, Schlosser. Good morning. And I'd also like to greet everyone, especially any women watching us. I'm going to continue talking about technology with the OTC Award, the highest awarded the oil and gas industry. In 2023, we received 7 awards by OTC, 2 from OTC Brazil and 5 from OTC International. In Brazil, this was about our technology that allows us to use dynamic wells in stable waters and this gives us a higher decommissioning capacity. The OTC award we received in May refers to the innovations and technologies that were used in our revitalization process in Marlin and other areas of the Campos Basin. We're celebrating the 50th anniversary of its discovery. So we are now receiving another award for its revitalization. It's the very current approach for the oil and gas industry because this is a very resilient process. From an environmental standpoint because we reduced greenhouse gas emissions by 55% and also makes it more economically viable because we are increasing production capacity by replacing 9 units with 2 new ones. This is a peculiar project because not only are we installing new lines, but we're also removing active lines, decommissioning old wells and building new wells. We have about 60 wells that will be connected. And I highlighted 3 of the 9 pioneering technologies we have been developing. TOT-3P, a well-designed that accelerates the construction of post-salt wells, reducing 110 days to 56 days on average. This is in the Campos Basin. We also have a flexible pipe envelopes that reduce engineering processes and allow us to reuse lines, and that even reduces our inventory. And the glass technology I'd like to highlight is a new methodology and extension tools that allowed us to extend the life of which, Christmas trees and pipelines. So this will all add to how economic our projects are.

謝謝你，施洛瑟。早安.我還要向大家致意，尤其是所有觀看我們比賽的女性。我將繼續談論 OTC 獎的技術，這是石油和天然氣行業的最高獎項。 2023 年，我們獲得了 7 個 OTC 獎項、2 個 OTC 巴西獎和 5 個 OTC 國際獎項。在巴西，這與我們的技術有關，該技術使我們能夠在穩定水域中使用動態井，這使我們具有更高的退役能力。我們五月獲得的 OTC 獎項是指我們在馬林和坎波斯盆地其他地區的振興過程中使用的創新和技術。我們正在慶祝其發現 50 週年。因此，我們現在因其振興而獲得另一個獎項。這是石油和天然氣行業目前採用的方法，因為這是一個非常有彈性的過程。從環境角度來看，我們將溫室氣體排放量減少了 55%，而且我們透過用 2 台新設備取代 9 台設備來提高產能，使其在經濟上更加可行。這是一個特殊的項目，因為我們不僅要安裝新線路，還要拆除正在運行的線路、退役舊井並建造新井。我們大約有 60 口井需要連接。我重點介紹了我們一直在開發的 9 項開創性技術中的 3 項。 TOT-3P，精心設計，加速鹽後井施工，平均縮短110天至56天。這是在坎波斯盆地。我們還擁有靈活的管道封套，可以減少工程流程並允許我們重複使用管線，甚至減少我們的庫存。我想強調的玻璃技術是一種新的方法和擴展工具，使我們能夠延長聖誕樹和管道的使用壽命。因此，這一切都將增加我們專案的經濟性。

The next slide refers to another milestone that we had over the last 12 months. We were the only company that installed 5 production systems in 12 months from December 2022 when the P71 unit started to December 2023 when FPSO Sepetiba was started. We're highlighting FPSOs, but we actually started 5 production systems with 1,300 kilometers of lines and 106 wells. So that gives the company an installed capacity to produce 630,000 barrels in 12 months. We'd also like to highlight FPSO Almirante Barroso, the fifth unit in Buzios, started its production in less than 5 months, another record for the company. This used to be P76 that reached this production level in 8 months. This is due to a joint effort with the company, but we're also delivering units that are very high reliability and safety level and this is a benchmark for the entire world. The next slide also highlights how we are decommissioning some platforms. This was an effort that has started with our exploration and production companies, we were prepared for decommissioning the unit and it's a significant highlight for the submarine teams that deconnect and on more the unit and also the Wells team. This is a very important portfolio for Petrobras. In our strategic plan, we will decommission 23 units and after 2028, we will have an additional 40 units to decommission. So it's a circular economy market. We're building opportunities for Brazilian companies. Schlosser has mentioned that we were recognized by a Belgian NGO called Ship Breaking Platform for establishing a new green disposal policy. This is an organization that represents several environmental agencies that monitor how maritime units are being decommissioned. And we were recognized by them, and this is very relevant for our practices and how aligned they are to sustainability and governance.

下一張投影片提到了我們在過去 12 個月中取得的另一個里程碑。從2022年12月P71裝置投產到2023年12月FPSO Sepetiba投產，我們是唯一一家在12個月內安裝了5套生產系統的公司。我們強調的是 FPSO，但實際上我們啟動了 5 個生產系統，包括 1,300 公里的生產線和 106 口井。因此，該公司的裝置容量可以在 12 個月內生產 63 萬桶。我們還想重點介紹 FPSO Almirante Barroso，它是布基亞斯的第五個單位，在不到 5 個月的時間內開始生產，這是該公司的另一項記錄。這曾經是P76在8個月內達到這個生產水準。這是與公司共同努力的結果，但我們也提供具有非常高可靠性和安全水平的設備，這是全世界的基準。下一張投影片也重點介紹了我們如何停用某些平台。這是我們的勘探和生產公司開始的一項努力，我們準備讓裝置退役，這對於斷開連接的潛艇團隊以及更多的裝置和威爾斯團隊來說是一個重要的亮點。對巴西國家石油公司來說，這是一個非常重要的投資組合。在我們的策略計畫中，我們將退役 23 台機組，2028 年後，我們也將退役 40 台機組。所以這是一個循環經濟市場。我們正在為巴西公司創造機會。 Schlosser 提到，我們因制定新的綠色處置政策而受到比利時非政府組織拆船平台的認可。該組織代表多個環境機構，負責監控海事單位的退役情況。我們得到了他們的認可，這與我們的實踐以及它們與永續發展和治理的一致性非常相關。

Let's continue with the next slide. Here, we have some of our highlights, downstream, some of the advances we've had in the [Dukidecachilas] refinery, adapting our hydro-treatments. Diesel S10, we also have a hydro-treatment area for Diesel S10 being built by Replan and also Revamp. We're also increasing our diesel capacity, we heard about Rennes. This is not on the screen but we are also conducting some works there. And in the next weeks, possibly next week, we will receive proposals for the second adaptation and that would allow it to process 260,000 barrels of oil a day. We signed a contract to acquire HEFA technology, which will be adopted in RPBC's dedicated plant. And another significant milestone was that we are completing our natural gas unit in Tambores. That will be UPGN Gaslub, which will increase our capacity. This is forecasted to be concluded in the second half of 2024.

讓我們繼續看下一張投影片。在這裡，我們有一些亮點，下游，我們在 [Dukidecachilas] 煉油廠中取得的一些進步，適應了我們的加氫處理。 Diesel S10，我們還有一個由 Replan 和 Revamp 建造的 Diesel S10 加氫處理區。我們還增加了柴油產能，我們聽說了雷恩。這不在螢幕上，但我們也在那裡進行一些工作。在接下來的幾週內，可能是下週，我們將收到第二次改造的建議，這將使其能夠每天處理 26 萬桶石油。我們簽署了獲得HEFA技術的合同，該技術將在RPBC的專用工廠中採用。另一個重要的里程碑是我們正在完成位於坦博雷斯的天然氣裝置。那就是 UPGN Gaslub，它將增加我們的產能。預計 2024 年下半年完成。

Another thing I'd like to highlight about our technology is that we started lab tests and a pilot plant and in November last year, we concluded industrial-scale tests to produce bioaromatics. So products that can be used for the petrochemical industry based on vegetable inputs. In this case, soybean oil. This was also developed by our research center and we just wanted to highlight how we are adapting our products to find new markets. So we're not concluding with me this time. We're still going to talk a little bit about [SIMs], but I'd like to invite a young executive, Maiza Goulart, to do that. She's been in the company for 20 years, she's worked offshore, she's released our platform, she's led FPSOs, our production development area has been led by her. And now she is the leader for the biggest research center in Latin America, SEPS. So I'll pass it over to her.

關於我們的技術，我想強調的另一件事是，我們開始了實驗室測試和試點工廠，並在去年 11 月完成了生產生物芳香烴的工業規模測試。因此，基於蔬菜投入的產品可用於石化工業。在這種情況下，大豆油。這也是由我們的研究中心開發的，我們只是想強調我們如何調整我們的產品來尋找新市場。所以這次我們不會跟我做結論。我們仍然要討論一下 [SIM]，但我想邀請一位年輕的高階主管 Maiza Goulart 來做這件事。她在公司工作了 20 年，她在海上工作，她發布了我們的平台，她領導了 FPSO，我們的生產開發領域一直由她領導。現在她是拉丁美洲最大的研究中心 SEPS 的領導者。所以我會把它轉給她。

Thank you, Travassos, for that introduction. It's a pleasure to be here on this -- on International Women's Day, and it will be an opportunity to talk about some of the achievements by some female researchers at SEPS. Before I mention them, I'd just like to say that we are the biggest applied research center in Latin America. We have over 1,000 employees, nearly 1,000 researchers, and we invested R$3.6 billion in RTI last year. Of course, we're very proud of the results we had in implementing our technologies at Petrobras, the industry for which we work. And we're also celebrating the different awards that we've received. Travassos and our CEO have mentioned our OTC award, but I'd also like to highlight that we were finalists for 5 categories in NP awards, and we won 4 of them. We were among the top 20 most innovative companies in Brazil according to the MIT Technology Review. We were the second place holders for Valores in Brazil, an award for companies that work across several industries. So being in second place was our highest position. It was the highest for oil and gas and we also had a very good placement in the top 100 Corp's ranking on innovation with start-ups. Last year, we also celebrated a national record of partnerships in our connections for innovation program. And for the third year in Neutro, we had the national record of registered pates. But I'm here to talk a bit about women.

謝謝 Travassos 的介紹。很高興在國際婦女節這一天來到這裡，這將是一個談論 SEPS 一些女性研究人員所取得的一些成就的機會。在提及它們之前，我想說我們是拉丁美洲最大的應用研究中心。我們擁有 1,000 多名員工，近 1,000 名研究人員，去年我們向 RTI 投資了 36 億雷亞爾。當然，我們對在我們工作的行業巴西國家石油公司實施我們的技術所取得的成果感到非常自豪。我們也慶祝我們獲得的不同獎項。 Travassos 和我們的執行長提到了我們的 OTC 獎項，但我還想強調一下，我們入圍了 5 個 NP 獎項類別的決賽，並贏得了其中 4 個獎項。根據《麻省理工學院技術評論》，我們躋身巴西最具創新力的 20 家公司之列。我們在巴西 Valores 獎項中獲得第二名，這是一項針對跨多個行業的公司頒發的獎項。所以第二名是我們的最高位置。這是石油和天然氣領域最高的，而且我們在新創企業創新 100 強企業排名中也取得了非常好的位置。去年，我們也慶祝了我們的創新聯繫計劃中的全國合作夥伴關係記錄。 Neutro 已連續第三年保持全國註冊肉醬記錄。但我來這裡是想談談女性。

Excuse me, go ahead. We used to have a picture -- and the picture you see behind the slide was a picture that we took this week at Sims. It doesn't include all women in our research center, but I'm very happy to see every smile and every story there. We have brilliant women in our research center. 25% of our researchers are -- excuse me, 25% of our employees are women, 32% of our leaders are women and 21% of our researchers are women. I could say something about each one of them out of these 270, but we, of course, we have to select a few of them. I'd like to start out by talking about Eleni Machado, who was awarded the Brazilian women and Chemistry Award last year. Marcia Kalil, a very experienced consultant, a leader in one of the research lines at [Sempis] in 2023, we would like to highlight her digital monitoring of guarantee of low occurrences projects that avoids many losses due to hydrate formation. Director Travassos talked about the test at the Rio (inaudible) refinery. Behind that, there is a brilliant adviser Andrea (inaudible). She's one of the youngest researchers in a brand-new sector. The search for a geological hydrogen with remote sensing, use of AI and satellite data to find what the industry calls the very circles where there is indication of geological hydrogen formation. (inaudible), she worked in the development of carbon neutral gasoline that started at the Sempis labs. And behind that, there's this brilliant researcher (inaudible). Teresa Villano, she developed an corrosion adhesive made from 100% recycled PET. You can use that in -- on surfaces that are starting to corrode and that's going through the development phase with the market. Anna (inaudible), she also leads the research line for the capture of CO2 and Helga and Brazilla for the implementation of something that resulted in the -- one of the highest VPRs, the implementation and scope of magnetic devices and topside systems to reduce falling. As I said, I could talk about the achievements of each one of these 270 women. But through these few women, I'd like to pay this tribute to every woman at Sempis . And I'd like to convey this message to each woman watching us, I think that our biggest achievement is to be what we want to be and be respected for that.

對不起，請繼續。我們曾經有一張照片——你在幻燈片後面看到的照片是我們本週在西姆斯拍攝的照片。它並不包括我們研究中心的所有女性，但我很高興看到那裡的每一個微笑和每一個故事。我們的研究中心有才華洋溢的女性。我們 25% 的研究人員——對不起，我們 25% 的員工是女性，32% 的領導者是女性，21% 的研究人員是女性。我可以對這 270 個人中的每一位都說一些話，但我們當然必須選擇其中的一些。首先我想談談埃萊妮·馬查多 (Eleni Machado)，她去年榮獲巴西婦女與化學獎。 Marcia Kalil 是一位經驗豐富的顧問，也是 2023 年 [Sempis] 一項研究領域的領導者，我們想重點介紹她對低發生項目保證的數位監控，避免了由於水合物形成而造成的許多損失。特拉瓦索斯主任談到了裡約（聽不清楚）煉油廠的測試。在這背後，有一位出色的顧問安德里亞（安德里亞）（聽不清楚）。她是這個全新領域最年輕的研究人員之一。透過遙感、人工智慧和衛星資料尋找地質氫，以找到業界所謂的有地質氫形成跡象的圓圈。 （聽不清楚），她在 Sempis 實驗室開始從事碳中和汽油的開發工作。在這背後，有一位才華洋溢的研究人員（聽不清楚）。 Teresa Villano 開發了一種由 100% 回收 PET 製成的腐蝕黏合劑。您可以在開始腐蝕並且正在經歷市場開發階段的表面上使用它。安娜（聽不清），她還領導了二氧化碳捕獲的研究線，赫爾加和巴西拉實施了一些措施，從而實現了最高的 VPR 之一，磁性裝置和上部系統的實施和範圍，以減少墜落。正如我所說，我可以談談這 270 名女性中每一位的成就。但我想透過這幾位女性向森皮斯的每一位女性致敬。我想向每一位觀看我們的女性傳達這樣的訊息，我認為我們最大的成就就是成為我們想成為的人，並因此受到尊重。

Thank you, Maiza. Now we will start the Q&A session. I'd like to ask each participant to please ask up to 2 questions. The first question goes -- comes from Mr. Rodolfo Angele. Go ahead, Rodolfo.

謝謝你，麥薩。現在我們開始問答環節。我想請每位參與者最多提出 2 個問題。第一個問題來自 Rodolfo Angele 先生。繼續吧，魯道夫。

Good afternoon, everybody. Thanks for the opportunity to talk to the Board. I have just one question about the dividends. Until the beginning of last year, Petrobras would pay minimum and extraordinary dividends each quarter. One of the changes for this year is that the extraordinaries are no longer paid on a quarterly basis. And with that, the investors treated the expectation of seeing that after the publication of the worth Q results, but the Board decided to pay only the minimum dividends and did not approve any extraordinary dividends, which is kind of opposed to what the market expected. So as discussed in the call, Petrobras had very significant results last year with very low leveraging. And it seems that there is a leeway, but still, the Board decided not to pay the extraordinary dividends and it's approximately $9 billion that were allocated in the capital reserve accounts. My question is, we really like you to help investors to now to see the extraordinary dividends moving forward, taking into account 4 aspects. First, maybe the most important one, what's the rationale behind not paying more if apparently, there was some leeway to do so. Secondly, the periodicity. So for the extraordinary dividends, should we expect them to be paid only at the end of 2024 or do we have a different possibility? The third one is about the reserves. How they work, I understand they cannot be used for investments but can they be reverted and capitalized? And if so, when will it start being used to pay dividends? And lastly, if that affects the repurchase program in any way?

大家下午好。感謝您有機會與董事會交談。我只有一個關於股息的問題。直到去年初，巴西國家石油公司每季都會支付最低股利和特別股利。今年的變化之一是臨時薪酬不再按季度支付。就這樣，投資人在Q值業績公佈後就抱持期待，但董事會決定只支付最低股息，沒有批准任何特別股息，這有點與市場預期相反。因此，正如電話會議中所討論的那樣，巴西國家石油公司去年以非常低的槓桿率取得了非常顯著的表現。看起來還有迴旋餘地，但董事會仍然決定不支付特別股息，大約90億美元被分配到資本公積金帳戶。我的問題是，我們真的希望您幫助投資者現在看到未來的非凡股息，考慮到四個方面。首先，也許是最重要的一個，如果顯然有一些餘地，那麼不支付更多費用的理由是什麼。其次，週期性。那麼，對於特別股息，我們是否應該期望僅在 2024 年底支付，還是有其他可能性？第三個是關於儲備。它們如何運作，我知道它們不能用於投資，但它們可以恢復和資本化嗎？如果是這樣，它什麼時候開始用於支付股息？最後，這是否會以任何方式影響回購計劃？

Thanks for your question, Rodolfo. This gives us the possibility to go over the subjects that will certainly be questioned about. As you said, we had significant results and low indebtedness and this leads to your question about the leeway to pay extraordinary dividends. In fact, that was true but the Board decided to allocate that to the reserves accounts based on what was published in the strategic plan. The search for a robust balance and a commitment to be careful in using capital in years, especially '25 and '24 that require huge investment efforts from Petrobras. The rationale behind it is basically that the years '24 and '25 in will require significant investments and a portfolio that's already been considered and that, in turn, leads us to having to manage the cash flow differently. And that may lead to misunderstandings. So this resource that's allocated to the reserve, can it be used for investments? And the answer is no. The resources allocated to that reserve are to be used to pay dividends. So from the R$43 billion or $9 billion of surplus which are the net profit minus what was paid in 2023, they were allocated to the payment of dividends and not investments. That is important. I know that's not part of your question, but I'm using your question to answer other questions that we received in the chat concerning dividends.

謝謝你的提問，魯道夫。這使我們有可能回顧肯定會受到質疑的主題。正如您所說，我們取得了顯著的業績和較低的負債，這導致您對支付特別股息的餘地產生疑問。事實上，這是事實，但董事會決定根據戰略計劃中公佈的內容將其分配到儲備帳戶。多年來，特別是在 25 和 24 年，尋求穩健的平衡並承諾謹慎使用資本，這需要巴西國家石油公司付出巨大的投資努力。背後的基本原理是，24 和 25 年將需要大量投資和已經考慮過的投資組合，這反過來又導致我們必須以不同的方式管理現金流。這可能會導致誤解。那麼分配給儲備的資源可以用於投資嗎？答案是否定的。分配給該儲備金的資源將用於支付股利。因此，從 430 億雷亞爾或 90 億美元的盈餘（即淨利潤減去 2023 年支付的金額）中，它們被分配用於支付股息，而不是投資。這很重要。我知道這不是您問題的一部分，但我正在用您的問題來回答我們在聊天中收到的有關股息的其他問題。

Concerning the periodicity, you compared it to the change that was made to the remuneration of shareholders will keep awaiting for the results of extraordinary results at the end of each period, not every quarter. That's according to what the policy says. As for the timeframe, we have no indication of a timeframe right now. What we do have is a study of the variables that led to the decision to allocate this to the capital remuneration reserve. So behind this decision of the Board, there is this preservation of capital and this careful cash flow control and we are still monitoring, we keep monitoring these issues. So as of now, we have no idea of a timeframe.

關於週期性，您將其與股東薪酬的變化進行了比較，將繼續等待每個期末的非凡業績結果，而不是每個季度。這是按照政策說的。至於時間表，我們目前沒有任何時間表的跡象。我們所做的是對導致決定將其分配到資本薪酬儲備的變數的研究。因此，董事會這項決定的背後是資本的保存和仔細的現金流控制，我們仍在監控，我們不斷監控這些問題。所以到目前為止，我們還不知道時間表。

Thank you, Sergio, and thank you, Rodolfo. The next question is from Monique Greco from Itau. Go ahead, please. In the meantime, let's move to the next question from Bruno Montanari from Morgan Stanley. You have the floor.

謝謝你，塞爾吉奧，謝謝你，魯道夫。下一個問題來自 Itau 的 Monique Greco。請繼續。同時，讓我們轉向摩根士丹利布魯諾·蒙塔納裡提出的下一個問題。請發言。

Thank you. So in line with Rodolfo's question, I have 3 questions. I'll try to be quick since he only asked one about the extraordinary dividends. Maybe you could share with us your -- the process that took place during the Board meeting and the proposal by the administration and have this decision to retain 100% of the amount was made. Was it a unanimous decision or not? That could help us understand the process, and also about the dividends. So does it make sense for us to think that during the 2024 quarters in a hypothetical scenario where the CapEx is lower, which was the case of 2023, that we could expect that the reserve could be reallocated -- the capital remuneration reserve could be reallocated? And also about the dividends in what hypothetical scenario which will make the decision to add this reserve to the capital of the company, which, according to the Articles of Association is a possibility? My second question is about production. I know it's still early in the year but the last few months were quite solid. So maybe you could talk about your perspective for production for this year. If there's any downtime that's been scheduled in the short term and maybe if we could expect the production to occupy the upper range of more or less 4%. And the third one is that the company was very transparent in its communication to the market about the market -- the contract with [Unisel] and congratulations on that. Since the subjects led to anxiety in the market, maybe you could explain to us the decision-making process that led you to choose the tolling. And please correct me if I'm wrong, I understand that that's the least damaging solution for the company among all options.

謝謝。根據魯道夫的問題，我有3個問題。我會盡量快點，因為他只問了有關特別股息的問題。也許您可以與我們分享您的董事會會議期間發生的流程以及管理層的提案，並做出了保留 100% 金額的決定。這是一致決定嗎？這可以幫助我們了解整個過程以及股息。因此，我們認為在假設的 2024 年季度資本支出較低的情況下（即 2023 年的情況），我們可以預期儲備金可以重新分配——資本報酬儲備金可以重新分配，這是否有意義？ ？還有關於股息，在什麼假設情況下，將做出將這筆儲備金添加到公司資本的決定，根據公司章程，這是有可能的？我的第二個問題是關於生產的。我知道現在還處於年初，但過去幾個月的情況相當穩定。那麼也許您可以談談您對今年生產的看法。如果短期內規劃有任何停機時間，也許我們可以預期產量將佔據約 4% 的上限。第三，該公司在與市場的溝通方面非常透明——與[Unisel]簽訂的合同，對此表示祝賀。由於這些主題導致了市場的焦慮，也許您可以向我們解釋導致您選擇收費的決策過程。如果我錯了，請糾正我，我知道這是所有選項中對公司損害最小的解決方案。

Thank you, Bruno, for your questions. even though I might want to, I cannot make any comments on the meetings that take place with the Board, governance does not allow us to. The minutes are public though. And of course, you can download them and read them so I cannot answer that question. But very briefly, Rodolfo -- Bruno. Since the minutes are public, of course, if you do research, you're going to see that the government counselors voted for 100% of the reserve. The private councils voted for 100% of exclusion and as the presidents abstained from voting because it would make no difference and was together with my Board of Directors, they proposed 50-50. That was our proposal. The discussions were normal and those were the results. So we're going to work on those results. We'll respect the sovereign decision of the council and of course, as a reminder, it could change. We could go back to doing a dividend distribution at any moment. So the story goes on. And about the allocation, I'll give the mic back to Sergio.

謝謝布魯諾的提問。儘管我可能願意，但我無法對與董事會舉行的會議發表任何評論，因為治理不允許我們這樣做。不過會議記錄是公開的。當然，你可以下載它們並閱讀它們，所以我無法回答這個問題。但非常簡單地說，魯道夫－布魯諾。當然，由於會議記錄是公開的，如果您進行研究，您會發現政府顧問投票支持 100% 的儲備金。私人理事會投票贊成 100% 排除，而總統們則棄權投票，因為這不會產生任何影響，並且與我的董事會一起，他們提議 50-50。這就是我們的建議。討論很正常，這就是結果。所以我們將致力於這些結果。我們將尊重理事會的主權決定，當然，提醒一下，它可能會改變。我們可以隨時回去進行股利分配。所以故事還在繼續。關於分配，我會將麥克風還給 Sergio。

About integralization of capital that's allowed by law. And it's also provided for by law that the company uses any reserves to pay for its losses, we do not forecast these situations for the next few months. It was allocated for dividends and must be used as such. Speaking about transparency. Thank you for your comments or thank you for the acknowledgment that we've been really making every effort to give transparency to the market. I'll talk about [Unigel], a very short answer, and then I'll give the floor to Joelson, the Director of Exploration and Production to talk about production.

關於法律允許的資本整合。而且法律還規定公司可以使用任何準備金來彌補損失，我們預計未來幾個月不會發生這種情況。它被分配用於股息，並且必須按此用途。談到透明度。感謝您的評論或感謝您對我們一直在盡一切努力提高市場透明度的認可。我將談論 [Unigel]，這是一個非常簡短的答案，然後我將請勘探和生產總監 Joelson 談談生產。

So [Unigel], since we had those 2 meetings with Brazilians and foreigners, we talked about the company's governance and their role in the decision. You asked about the process, right? So if I'm not mistaken, we had over 70 people looking at this contract throughout months. So the situation is, last year, the Board allowed Petrobras to continue to invest in petrochemicals and fertilizers. So we've been looking at processes and Unigel was started. So 70 people started working on that and the process carried on normally. We signed certified it and recognized it according to the different powers in Petrobras. And you're right. The director and the managers involved shows the best solution in the existing scenario. So it was a normal process with the entire company's governance. I'll pass it over to Joelson.

因此，[Unigel]，由於我們與巴西人和外國人進行了兩次會議，我們討論了公司的治理及其在決策中的作用。你問的是流程吧？如果我沒記錯的話，幾個月來我們有超過 70 個人在查看這份合約。所以情況是，去年，董事會允許巴西國家石油公司繼續投資石化和化肥。因此，我們一直在研究流程，並啟動了 Unigel。於是 70 個人開始著手解決這個問題，整個過程正常進行。我們根據巴西國家石油公司的不同權力對其進行了簽署認證和認可。你是對的。主管和相關經理展示了現有場景下的最佳解決方案。所以這是整個公司治理的正常過程。我會把它交給喬爾森。

Yes, if you'll allow me, I'd just like to emphasize it and say it to William and to you, this episode does not affect our management at all. This is not a stand-alone project. It's not a new project. We're not buying assets. So in the governance process, it shouldn't even be taken to the Board. It's a service contract to maintain 2 of our plants at Petrobras. So for example -- this refers to our own assets with an operation that doesn't imply on selling gas. We're delivering raw materials and receiving industrialized products, and it's for 18 months, which is the time we need to think of a solution and implement it for these plants that were not sold well or were not rented well to correct the ongoing process. As Sergio said, this appeared in the end of the strategic decision-making process. We couldn't work on fertilizers before it was approved so these 18 months started then. And we're going to submit this activation to the different levels of decision makers. This was perfect. So we feel -- the process was perfect. So we feel free to deliberate on this process if this is what the directors vote on. Hi, everyone. Good afternoon. Yes, the decision-making process for this industrialization process was passed, as Sergio said through the company's leaders. The risk group worked with many areas of the company generating a report and with that, we made the decisions we had to according to the government to sign our contract. And we voluntarily as soon as we sign the contract, contacted TCU when we voluntarily had a meeting with them in the first quarter in January. So we decided to go to the court of accounts and to inform them under their request about the different things related to the contract itself.

是的，如果您允許的話，我只是想強調一下，並向威廉和您說，這一事件根本不影響我們的管理。這不是一個獨立的項目。這不是一個新項目。我們不購買資產。因此，在治理過程中，甚至不應該將其提交給董事會。這是一份維護巴西國家石油公司 2 座工廠的服務合約。舉例來說，這是指我們自己的資產，其業務並不意味著出售天然氣。我們正在交付原材料並接收工業化產品，並且已經持續了18個月，這是我們需要思考解決方案並針對這些賣得不好或租得不好的工廠實施的時間，以糾正正在進行的流程。正如塞爾吉奧所說，這齣現在戰略決策過程的最後階段。在獲得批准之前我們無法從事化肥方面的工作，所以這 18 個月從那時開始。我們將把這個啟動提交給不同層級的決策者。這太完美了。所以我們覺得──這個過程是完美的。因此，如果董事們投票決定的話，我們可以自由地審議這項流程。大家好。午安.是的，這個工業化過程的決策過程已經通過了，正如塞爾吉奧透過公司領導所說的。風險小組與公司的許多部門合作產生了一份報告，據此，我們根據政府的要求做出了簽署合約的決定。而且我們一簽合約就主動聯絡了TCU，一月第一季我們主動跟他們會面的時候就聯絡了TCU。因此，我們決定去會計法院，並根據他們的要求告知他們與合約本身相關的不同事項。

As a highlight, this contract has several possibilities and we understood that this was the best one for the group. We understood this was the most advantageous for the company because these are our plants, although they are rented so they have to be cared for. They are Petrobras plants and we're continuing the approved process to do it in the most strategic way possible. So this contract will give us some leeway to analyze what's happening and this group is working in the company to find a definitive solution for it. According to our interests, according to the country's interests and our strategy to reduce our dependence on fertilizers, imported fertilizers. Bruno, thank you for that question. About the downtimes you mentioned, they're all in line with what had been foreseen, nothing new. The production from the first quarter is in line with what we've forecasted. Last year we had for new production systems and 2 that were ramping up. So we were a bit above the production levels that we had foreseen last year, but still within that range. We have some forecasts that fortunately did not materialize in terms of possible delays and so on. This year, we have fewer foreseen problems, right? We have one FPSO that's ramping up and some areas in decline. So I would say that -- well, you asked if we could be above the range, and I'd say that our best bet is 12.8 equivalent barrels per day, and we're going to announce a certain range, but I would bet that we would be about on that average -- in the middle of that average.

值得一提的是，這份合約有多種可能性，我們知道這對集團來說是最好的。我們知道這對公司來說是最有利的，因為這些是我們的工廠，儘管它們是租用的，所以必須照顧。它們是巴西國家石油公司的工廠，我們正在繼續批准的流程，以盡可能最具策略性的方式做到這一點。因此，這份合約將為我們提供一些餘地來分析正​​在發生的事情，該小組正在公司內努力尋找最終的解決方案。根據我們的利益，根據國家的利益和我們的策略，減少我們對化肥、進口化肥的依賴。布魯諾，謝謝你提出這個問題。關於你提到的停機時間，它們都符合預期，沒有什麼新鮮事。第一季的產量符合我們的預測。去年，我們建立了新的生產系統，還有兩個正在加產。因此，我們的產量水準略高於去年的預期，但仍在該範圍內。我們有一些預測，幸運的是，就可能的延誤等而言，這些預測並未實現。今年，我們預見的問題減少了，對嗎？我們有一艘 FPSO 的產量正在增加，而一些區域的產量正在下降。所以我想說——好吧，你問我們是否可以高於這個範圍，我想說我們最好的選擇是每天 12.8 當量桶，我們將宣布一個特定的範圍，但我敢打賭我們將大約處於該平均水平- 處於該平均值的中間。

Thank you, Bruno, for your question. Monique, we'll pass it over to you for the next question.

謝謝布魯諾的提問。莫妮克，我們將把下一個問題交給您。

I do. Can you hear me?

我願意。你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Good afternoon, everyone. I apologize for the technical issue before. I'd like to thank you for this opportunity to ask questions. This is very important for us on the other side. So I have 2 questions here for you. The first one is a follow-up question about 2 points that Jean and Sergio mentioned. Jean mentioned during his speech that as the reserve was constituted, this will continue to that would continue to be a possibility for us to pay extraordinary dividends but Sergio mentioned that this would only be inspected at the end of the year. So my first question is if we can expect any other decisions throughout the year? Or would it only be at the end of the year? And my second question is about your investment intentions in integrating downstream. This was in the release and in your strategic arguments. Jean mentioned that the -- you expected to invest in logistics and refinement. So my question is how you believe that this integration will happen, how we will integrate downstream? Besides that partnership that you mentioned with Roland, what other investments are in this strategy? Returning to distribution, would that be in the scope? So that's my question. Thank you.

大家下午好。對於之前的技術問題，我深表歉意。我要感謝您給我這個提問的機會。這對我們另一方來說非常重要。所以我有兩個問題想問你。第一個是關於Jean和Sergio提到的2點的後續問題。 Jean 在演講中提到，隨著儲備金的設立，我們將繼續有可能支付特別股息，但 Sergio 提到，這只會在年底進行檢查。所以我的第一個問題是我們是否可以期待全年做出任何其他決定？還是只有年底才可以？我的第二個問題是關於您在下游整合方面的投資意圖。這在新聞稿和你們的戰略論點中都有體現。 Jean 提到，您希望投資物流和精細化。所以我的問題是，您如何相信這種整合將會發生，我們將如何整合下游？除了您提到的與 Roland 的合作之外，該策略還有哪些其他投資？回到分發，這在範圍內嗎？這就是我的問題。謝謝。

Good morning, Monique. Congratulations for International Women's Day. So you asked about 2 different things, I think. Since there was a comment about extraordinary dividends being inspected quarterly, and since there was a change at the end of the year, I was referring to that question. So it will still be at the end of the year with every fiscal year. And the other question is about what is being analyzed, the resources that are being analyzed that can be redistributed at any point. Before I pass it over to William, who is going to answer your question about the downstream integration, I'll ask if Jean wants to say anything.

早安，莫妮克。祝賀國際婦女節。所以我認為你問了兩件不同的事情。因為有評論說每季檢查特別股息，而且年底有變化，所以我指的是這個問題。所以每個財政年度還是會在年底。另一個問題是正在分析什麼，正在分析的資源可以隨時重新分配。在我將其交給 William（他將回答您有關下游整合的問題）之前，我會問 Jean 是否想說什麼。

Well, in terms of the downstream integration there are many dimensions, of course, but you have to look at least 2 dimensions. The first is logistics assets that might be lost and we also need to adapt, modernize and update some of our logistics processes. So we need to adapt, for example, to biofuels. We need to adapt to new fuels, not just the ones that are part of the mix right now. So other types of fuel are joining and we'll need to be a part of the process. So these 2 dimensions need to be analyzed. It's not only -- people might think that it's all about buying refineries and APRs. So we're not doing the same old thing, we're looking at the future. So we spent nearly 10 years looking at assets and selling them and we need to do that again, but it will be responsible according to our perspective and according to what we know how to do.

嗯，就下游整合而言，當然有很多維度，但你至少必須看兩個維度。首先是可能會失去的物流資產，我們還需要調整、現代化和更新我們的一些物流流程。因此，我們需要適應，例如，生物燃料。我們需要適應新的燃料，而不僅僅是目前混合燃料的一部分。因此其他類型的燃料正在加入，我們需要成為這個過程的一部分。所以需要對這2個維度進行分析。人們可能認為這不僅僅是購買煉油廠和年利率。所以我們不是在做同樣的事情，而是著眼於未來。因此，我們花了近 10 年的時間來研究資產並出售它們，我們需要再次這樣做，但根據我們的觀點和我們知道如何做，它將是負責任的。

Thank you for your question. And I think it's important to mention that integration for the company, especially downstream is permanent in its execution. Last year, we had a great example, where we saw our refinery park working, we processed more national oil in Brazil. We processed more pre-salt oil and we can see this happening in a scenario of high inflation, strong pressure on shipping. And when we integrate or process our oil, we can capture the freight costs from Europe and China, and we are capturing a margin and still gaining the shipping costs. So integration for itself is an exercise on that. So our integration is based on that because it will allow us to compete for the different markets, and that's essential. So the future of our oil will be based on the market, and that's how we're positioning ourselves. We're looking at integration and if we look towards the future, we can see opportunities and energy transition and what's ahead and integration is a very relevant factor at that. Major consumers like Tolmasquim mentioned, the renewable energy generated will probably be based on the assets we already have and their integration is extremely relevant. So when we talk about hydrogen, the Petrobras Park is the biggest user of hydrogen on the country or the biggest producer of hydrogen, and that's very important. When we talk about energy transition and transformation of our refineries. And at the end of the day, in the future, when we move away from the age of oil and switch to renewables, we will need to use all of this transition that I'm mentioning. So HEO units, processing, renewable, cargo, this integration has a lot of value. So it's very simple. We captured margins, we captured results for the company as a result of this integration and in the future, we will have even more than that. So that's the value of integration right now. That's a very strong competitive advantage and thank you for your question.

謝謝你的提問。我認為值得一提的是，公司的整合，尤其是下游的整合，在執行過程中是永久性的。去年，我們有一個很好的例子，我們看到我們的煉油廠正在運轉，我們在巴西加工了更多的國家石油。我們加工了更多的鹽下石油，我們可以看到這種情況發生在高通膨、航運壓力巨大的情況下。當我們整合或加工我們的石油時，我們可以捕獲來自歐洲和中國的運費，並且我們在捕獲利潤的同時仍然獲得了運輸成本。因此，整合本身就是一個練習。所以我們的整合是基於此，因為這將使我們能夠競爭不同的市場，這是至關重要的。因此，我們石油的未來將取決於市場，這就是我們對自己的定位。我們正在考慮整合，如果我們展望未來，我們可以看到機會和能源轉型以及未來的發展，而整合是一個非常相關的因素。像托爾馬斯奎姆這樣的主要消費者提到，產生的再生能源可能會基於我們已有的資產，而且它們的整合非常相關。因此，當我們談論氫時，巴西國家石油公司園區是該國最大的氫用戶或最大的氫生產商，這一點非常重要。當我們談論能源轉型和煉油廠轉型時。歸根結底，在未來，當我們擺脫石油時代並轉向再生能源時，我們將需要利用我所提到的所有這些轉變。所以HEO單元、加工、可再生、貨運，這種整合有很大的價值。所以很簡單。透過這次整合，我們獲得了利潤，獲得了公司的業績，而在未來，我們將獲得更多。這就是現在整合的價值。這是一個非常強大的競爭優勢，感謝您的提問。

Thank you. The next question comes from Luis Carvalho from UBS Bank.

謝謝。下一個問題來自瑞銀銀行的路易斯卡瓦略。

I have 2 questions, and my apologies on insisting on the subject. But I'd like to take advantage of President Jean Paul's experience as an experienced politician to understand the importance of Petrobras in the process of construction of the law of the federal government and how that conversation between the company and the governmental agencies happen based on their forecasts and if the forecasts are not met, the government must provide explanations and et cetera. And along the same lines and based on news published in the media, how an agreement with coffee could have had an impact or guided the decision of the council in terms of retained a little more cash even though that's allocated to dividends? And also, the second question, could you shed some light on the allocation of capital. The President has been vocal in terms of [Aslam]. And this week, there were new -- there was news about Fibra. Maybe you could talk about Braskem as well?

我有兩個問題，對於堅持這個主題我深感抱歉。但我想利用讓·保羅總統作為一位經驗豐富的政治家的經驗，了解巴西國家石油公司在聯邦政府法律構建過程中的重要性，以及公司與政府機構之間的對話如何根據他們的要求進行。同樣，根據媒體發布的新聞，與咖啡達成的協議如何產生影響或指導理事會在保留更多現金方面的決定，即使這些現金分配給股息？另外，第二個問題，您能否透露一些關於資本配置的情況。總統一直在[阿斯拉姆]方面直言不諱。本週，有新消息——有關 Fibra 的消息。也許你也可以談談 Braskem？

When it comes to the law, we, at the end of the third quarter usually submit an earnings forecast which is not a detailed forecast. And that is a result of this process of state-owned -- where by state-owned companies send their forecast to the government without any detailed information. But from then onwards, we do what we can. In terms of the dividends and the discussion about dividends is not related to that. It didn't appear to me that, that had a direct relationship with the returns for the federal government, which is also reflected in taxes and royalties and in this case, the dividends to majority shareholders and 37% goes to the government. So in that regard, there is a certain balance in that process. It's just a matter of defining the timing. And I understand that, that was the case so it's basically related to timing. The reserve is allocated to dividends in any way. We should not propagate the incorrect information that, that dividend specifically can be used to pay debt or to invest. That was already discussed if that could be invested but this is profit. So having said that, I think that this issue goes away because we know that these reserves are allocated at the dividends in any case. And I'll leave coffee with you. And also in terms of where we were going in terms of acquisitions, all that, Luiz is related to governance and the processes that we must undergo. B&R is not on our radar, as I always say. We have no ongoing studies related to reacquiring our [Vibra] like that. We have a relationship with the main clients, and we have regular conversations with Vibra , especially because they have the usage concession of our brand. So we can have joint plans on some projects, but all of that is covered by the umbrella of our confidentiality and the governance stages that we have to and do respect.

就法律而言，我們通常會在第三季末提交獲利預測，但不是詳細的預測。這是國有企業在沒有任何詳細資訊的情況下向政府發送預測的結果。但從那時起，我們就盡力而為。就股利而言，有關股利的討論與此無關。在我看來，這與聯邦政府的回報沒有直接關係，這也反映在稅收和特許權使用費中，在這種情況下，大股東的股息和 37% 流向政府。所以從這個角度來看，這個過程中有一定的平衡。這只是定義時間的問題。我明白，情況就是如此，所以這基本上與時間有關。儲備金可以以任何方式分配給股利。我們不應該傳播錯誤的訊息，即該股息專門可用於償還債務或投資。已經討論過是否可以投資，但這就是利潤。話雖如此，我認為這個問題已經消失，因為我們知道這些準備金無論如何都會按股息分配。我會把咖啡留給你。就我們在收購方面的進展而言，路易斯與我們必須經歷的治理和流程有關。正如我常說的，「一帶一路」並不在我們的關注範圍內。我們沒有正在進行的與重新獲得 [Vibra] 相關的研究。我們與主要客戶有關係，我們與 Vibra 進行定期對話，特別是因為他們擁有我們品牌的使用優惠。因此，我們可以對某些項目制定聯合計劃，但所有這些都受到我們的保密保護和我們必須尊重的治理階段的保護。

Braskem involves a process of selling and acquisition that's conducted by [Novanor], not us and of course, we're involved because we have the right of preference and also because we want to know and engage in preliminary conversations with the potential proponents that may become partners along with us in the co-management of that company. Concerning [Asylum], we have process that's been openly published where we are combining projects for biofuels for the future and also for the present from the perspective of reintegrating the refinery of Bahia to the Petrobras refinery system to bring about the advantages that it lost and to see how the group works and this entire process is ongoing and is being disclosed as per the norms that we have to follow. And Sergio, maybe you can talk about taxation.

Braskem 涉及由[Novanor] 而不是我們進行的出售和收購過程，當然，我們參與其中是因為我們擁有優先權，也因為我們想了解並與潛在支持者進行初步對話，這些潛在支持者可能會參與其中。關於[庇護]，我們已經公開發布了流程，我們正在將未來和現在的生物燃料項目相結合，從將巴伊亞煉油廠重新整合到巴西國家石油公司煉油廠的角度來看，以發揮其失去的優勢和了解該小組如何運作，整個過程正在進行中，並按照我們必須遵循的規範進行披露。塞爾吉奧，也許你可以談談稅務問題。

Thanks for the opportunity, Luiz, to shed some light on the of subjects. Since last year we've been seeing news being published. I don't know where they came from, talking about agreements between Petrobras and [ECAF]. Petrobras has always engaged in conversations with the fiscal areas of the several different governmental agencies across all government levels, state municipal and federal. And whenever an operation produces a positive VPL and is financially advantageous for Petrobras and is approved across all levels there is no discretionary involved in the step of operation. If it is beneficial for Petrobras, if we have cash in hand and that will be done. We do that with the states, with the municipalities, we've engaged in several of those with the federal government. It was a routine procedure in Petrobras that already existed and will probably continue to exist before and after this current administration. So there is no specific agreement with ECAF. Other people from the media and analysts have asked us about that, more specifically about retention of dividends for payment that's even less possible as the President said, if there is a one subject to where there's an agreement between public and private, it is receiving dividends. Everybody wants to receive dividends, both private and public shareholders. So we are aligned. So there wasn't any impact on the decision in terms of moving the extraordinary dividends to the reserve.

感謝路易斯給我這個機會來闡明這個主題。自去年以來，我們一直看到新聞發布。我不知道他們從哪裡來，談論巴西國家石油公司和 [ECAF] 之間的協議。巴西國家石油公司始終與各級政府、州、市和聯邦的幾個不同政府機構的財政領域進行對話。每當一項業務產生積極的 VPL 並且對巴西國家石油公司具有財務優勢並且獲得各級批准時，營運步驟中就不會涉及任何自由裁量權。如果這對巴西國家石油公司有利，如果我們手邊有現金，那就會這麼做。我們與各州、市政府合作，我們也與聯邦政府合作了其中一些計畫。這是巴西國家石油公司的例行程序，已經存在，並且可能在本屆政府之前和之後繼續存在。所以與 ECAF 沒有具體協議。來自媒體和分析師的其他人士向我們詢問了這個問題，更具體地說，是關於保留股息支付的問題，正如總統所說，這種可能性更小，如果有一個受制於公共和私人之間達成協議的情況，那麼它就會獲得股息。每個人都希望獲得股息，無論是私人股東還是公共股東。所以我們是一致的。因此，將特別股利轉入儲備金的決定沒有任何影響。

And it's also worth mentioning that at any point, the administrative board of Petrobras can redefine that the resources that are in the reserve and allocate them to the payment of dividends. And we have the support of legal with that, but it's for the payment of dividends, it can happen at any time, not for any fiscal agreements or investments, only for the payment of dividends.

另外值得一提的是，巴西國家石油公司的管理委員會可以在任何時候重新定義儲備資源並將其分配用於支付股利。我們有法律的支持，但這是為了支付股息，它可以隨時發生，不是為了任何財政協議或投資，只是為了支付股息。

Thank you, Luis. Next question comes from Caio Ribeiro from Bank of America (inaudible). Caio, your microphone is open. Please proceed.

謝謝你，路易斯。下一個問題來自美國銀行的 Caio Ribeiro（聽不清楚）。 Caio，你的麥克風已打開。請繼續。

Good morning, and thanks for the opportunity. Given the decision to not pay extraordinary dividends this half and also that you said that this is related to a decision to preserve the balance given the investments that must be made in the future maybe you could give us a bit more detail -- a bit more detail about this decision and an expectation around M&A happening in the short term? Or is it only related to greenfield and brownfield investments in the short term? And also about releasing the resources allocated to the reserve this half, maybe can we assume that if an M&A transaction does not happen this year, could that be a trigger to announce that these amounts will be paid?

早安，感謝您給我這個機會。鑑於這半年決定不支付特別股息，而且您也說過，考慮到未來必須進行的投資，這與保留餘額的決定有關，也許您可以給我們提供更多細節——更多一點有關此決定的詳細資訊以及對短期內發生的併購的預期？還是僅與短期內的綠地和棕地投資有關？還有關於釋放分配給儲備金的資源，也許我們可以假設，如果今年沒有發生併購交易，是否會觸發宣布將支付這些金額？

Thanks for your question. That's related to the previous question. I understand the approach, but that's not actually related to M&A or acquisition projects. The projects under analysis by Petrobras today are the projects that were disclosed in the strategic plan. It's 2 portfolios, implementation and analysis. And the new governance was implemented so that the projects in the portfolio under analysis will migrate to the confirmed CapEx. The P in Petrobras is funded by the operational cash flow preferably. And this year, we introduced the term preferably because in some M&A projects, other types of operations can be involved such as a financing project but the administration of the company always works with a very conservative perspective in terms of cash flow. So what is in the plan that was published involves the cash generation. If you look at the plan and the strategic plan, there is a provision for the payment of extraordinary dividends. It's already there and the tower that indicates the use of sources. So in the PE, we have this provision for investments, for all projects under analysis of the confirmed projects and also for the payment of dividends, what the administration board justifies by making this decision is to better understand the criteria -- external criteria included that may have an impact on the 2024 and 2025 a year. So I believe that this is a process whereas the Board sees this more clearly, it will make a decision.

謝謝你的提問。這與上一個問題有關。我理解這種方法，但這實際上與併購或收購專案無關。巴西國家石油公司今天分析的項目是戰略計劃中披露的項目。它有 2 個組合：實施和分析。新治理的實施使得所分析的投資組合中的項目將遷移到已確認的資本支出。巴西國家石油公司的 P 最好由營運現金流提供資金。今年，我們引入這個術語是因為在一些併購項目中，可能會涉及其他類型的業務，例如融資項目，但公司管理層在現金流量方面始終採取非常保守的觀點。因此，發布的計劃中涉及現金生成。如果你看一下計劃和策略計劃，你會發現有支付特別股息的規定。它已經在那裡，塔樓指示了來源的使用。因此，在私募股權中，我們對已確認項目的所有正在分析的項目以及股息支付都有這樣的規定，管理委員會做出這一決定的理由是為了更好地理解標準——外部標準包括可能會對2024年和2025年產生影響。所以我相信這是一個過程，董事會看得更清楚，就會做出決定。

The next question comes from Pedro Soares from BTG Pactual. Page probably your microphone is already open. Please proceed.

下一個問題來自 BTG Pactual 的 Pedro Soares。頁面可能您的麥克風已經開啟。請繼續。

My first question is to try to understand the capital structure of the company in the context of these investments that will occur given that the leverage of Petrobras is extremely healthy levels, would it make sense for us to think that the company may work with more leverage to leverage investments and maybe M&As in the future? And if that is a possibility, would you be willing to change the dividend policy? And my question is because currently in the current remuneration policy, 45% of cash flow less CapEx that only happens if the gross debt is also below the maximum debt established by the business plan of $65 billion. So since the current debt is not too far from that amount, maybe it would be good to understand if you're going to prioritize maintaining the level of indebtedness below that level? Or if it will be possible to reduce the dividends to something closer to the minimum mandatory levels as per the law? And also about M&A, I think that several recent messages from the company and the directors, they say that, yes, more inorganic investments will be made, but that will not re-involve the renationalization as you said, of any asset. Is that still valid for investments under evaluation or is there any possibility of Petrobras having stakes higher than 50%?

我的第一個問題是，考慮到巴西國家石油公司的槓桿率處於極其健康的水平，嘗試在這些投資的背景下了解該公司的資本結構，我們認為該公司可能會以更高的槓桿率合作是否有意義未來是否可以利用投資甚至併購？如果有可能，您願意改變股利政策嗎？我的問題是，因為在目前的薪酬政策中，只有總債務也低於商業計劃規定的 650 億美元的最大債務時，現金流量的 45% 減去資本支出才會發生。因此，由於當前的債務與該金額相差不遠，也許最好了解一下您是否會優先考慮將債務水平維持在該水平以下？或者是否有可能將股息減少到接近法律規定的最低強制性水平？還有關於併購，我認為公司和董事最近發出的一些信息，他們說，是的，將會進行更多的無機投資，但這不會像您所說的那樣重新涉及任何資產的重新國有化。這對於正在評估的投資是否仍然有效，或者巴西國家石油公司的股權是否有可能超過 50%？

Well, I can answer the last question first, and then I'll give the floor to you, Sergio. Concerning the renationalization, this is not only part of our vocabulary. We look at any of these assets as a business asset. If we need a majority to have control for strategic reasons, we will. If not, we won't. If it's an asset that's important for us, we'll analyze it. If it's not that important if it's part of the past, and it's not worth looking into it, will not submit a proposal or approach it. So when I say that there will be no regionalization, it's because there is no reason for us to use this term. We're not here to renationalize or bring something back to the state or we privatize anything. In the case of Bahia, that was -- we're talking to them because we got an invitation -- combine the entire process that was ongoing, and we thought it would be positive, so we're analyzing it. So I just think that we have to roll out this old-fashioned terminology. Thank you.

好吧，我可以先回答最後一個問題，然後我將請你發言，塞爾吉奧。關於重新國有化，這不僅是我們詞彙的一部分。我們將這些資產視為商業資產。如果我們出於戰略原因需要多數人擁有控制權，我們會的。如果沒有，我們不會。如果它是對我們很重要的資產，我們就會對其進行分析。如果它不是那麼重要，如果它是過去的一部分，並且不值得研究它，則不會提交提案或接近它。所以當我說不會有區域化時，是因為我們沒有理由使用這個術語。我們來這裡不是為了重新國有化或將某些東西帶回國家或將任何東西私有化。就巴伊亞而言，我們正在與他們交談，因為我們收到了邀請，將正在進行的整個過程結合起來，我們認為這將是積極的，所以我們正在分析它。所以我認為我們必須推出這個老式術語。謝謝。

Pedro, thanks for your question. And there is no indication, and I believe that will remain like that for a while, predicted for -- to change the remuneration to investors. And what is behind the policy that we approved. There was a policy of 65% on the free cash flow in the past with several details that you're familiar with, but there was an important detail that was 65% less investments. But interestingly enough, it was not CapEx as we see in literature. If there was an acquisition, it would not be deducted from the 65%. On the other hand, it did not make clear which CapEx was under analysis. So now in this merchants parent process, we started to highlight the CapEx that's under analysis that there might be mergers in this amount. On the other hand, we started to include CapEx as literature, what said in terms of what's deducted in the policy, and we reduced it to 45%. If you compare the 2 towers that indicate the use of sources, you're going to clearly see a migration from close to 20% of the CapEx moving from dividends and going to investments. And why was that decision made? First, because the future is more challenging, like President Jean Paul said, this is not considered a transition but rather a transformation. And second, because Petrobras wants to continue to generate profit and remuneration for the next 100 years. And thirdly, because Petrobras is a world-class company. And as proved, it will resume its internationalization process. So it made no sense for assets like Petrobras quality assets to pay such a different dividend than the majors. So we looked at the majors. We checked the average. It was at 39%, 40%. And since this is a new administration, we decided to add a small risk premium and we added to this reserve, another practice, which is the purchase of shares and that we are now leveling with the majors. So there is no reason for us to change the dividend policy. There is no indication that there is any willingness to change that. The policy will be maintained.

佩德羅，謝謝你的問題。沒有跡象表明，而且我相信這種情況將持續一段時間，正如預測的那樣——改變投資者的報酬。我們批准的政策背後是什麼？過去有一個關於自由現金流的65%的政策，有幾個你熟悉的細節，但有一個重要的細節是減少65%的投資。但有趣的是，這並不是我們在文獻中看到的資本支出。如果有收購，則不會從65%中扣除。另一方面，它沒有明確說明正在分析哪些資本支出。因此，現在在這個商家母流程中，我們開始強調正在分析的資本支出，可能會有這筆金額的合併。另一方面，我們開始將資本支出納入文獻，即政策中扣除的內容，並將其減少到 45%。如果您比較顯示資源使用情況的兩座塔，您將清楚地看到近 20% 的資本支出從股息轉向投資。為什麼要做出這個決定？首先，因為未來更具挑戰性，正如讓·保羅總統所說，這不是過渡，而是轉變。其次，因為巴西國家石油公司希望在未來 100 年繼續創造利潤和報酬。第三，因為巴西國家石油公司是一家世界級的公司。事實證明，它將恢復其國際化進程。因此，像巴西國家石油公司這樣的優質資產支付與主要資產如此不同的股息是沒有意義的。所以我們研究了專業。我們檢查了平均值。分別是39%、40%。由於這是一個新政府，我們決定增加一小部分風險溢價，並在儲備金中添加了另一種做法，即購買股票，我們現在正在與各大公司保持平衡。所以我們沒有理由改變股利政策。沒有跡象表明有任何改變這一點的意願。該政策將維持不變。

Leveraging has a direct connection with the policy, as you mentioned very well. Petrobras works between the $55 billion, $65 billion range. If there's any change to the range that requires a new policy and changes in the company. Now we're close to $62 billion or $63 billion. At the end of 5 years, the leverage forecast is of around 57% lower than 59%, considering the regular amortization and additional investments that we're going to make over the course of the plan. So in addition to a robust balance and a commitment to capital management, so the maintenance of the leveraging level is one of the pillars of this administration and not going over this level of leveraging is one of the permanent features of Petrobras right now. The M&As that you see in the PE consider that we'll maintain the indebtedness level. So right now, we don't see any need to think about additional leveraging for an M&A. We are working with the idea of maintaining the range, okay, we cannot go over this range. What can we do within the -- what's outlined in the plan and not the other way around. That's very important.

正如您所提到的，槓桿率與政策有直接關係。 Petrobras 的業務規模在 550 億至 650 億美元之間。如果產品範圍有任何變化，就需要新的政策和公司的變化。現在我們接近 620 億美元或 630 億美元。 5 年後，考慮到我們將在計劃過程中進行的定期攤銷和額外投資，槓桿率預測約為 57%，低於 59%。因此，除了穩健的平衡和對資本管理的承諾之外，維持槓桿水平是本屆政府的支柱之一，而不超過這個槓桿水平是巴西國家石油公司目前的永久特徵之一。你在私募股權中看到的併購認為我們將維持負債水準。因此，目前我們認為沒有必要考慮為併購提供額外的槓桿作用。我們正在努力維持這個範圍，好吧，我們不能超過這個範圍。我們可以在計劃中概述的範圍內做什麼，而不是相反。這非常重要。

Maintaining the leveraging level. Capital management is almost like a mantra internally at Petrobras. So I'd like to pick it up on your question, I'd like to once again reiterate we're looking at the chat and there is an indication that there is still some confusion about the reserves. The reserve was created to balance out the payment of dividends period. There is a possibility, which is provided for in law. Any reserve has that possibility of being incorporated into the capital. But for that to happen, it requires certain triggers that are far from happening at Petrobras and this needs to be decided by the high administration of the company. And there's another possibility that's equally remote. If Petrobras has losses in 24 months, the possibilities of Petrobras to generate cash with its capital structure and considering how it manages its finance of generating loss in 2024 is a very small possibility. And these 2 cases are provided for in law, but they're not even a remote possibility in any scenario that we're working with. So this reserve is going to be allocated to dividends. The money that's there is for the payment of dividends. The administration Board looking at '25, '24 with our current strategic plan and with the appetite for investments and with the plan of R$1 trillion. If it's not the biggest, it's one of the biggest plants. It's a clear bet in the future.

維持槓桿水平。資本管理幾乎就像是巴西石油公司內部的一句口頭禪。所以我想回答你的問題，我想再次重申我們正在查看聊天記錄，有跡象表明儲備金仍然存在一些混亂。設立儲備金是為了平衡股利支付期。有這種可能性，這是法律規定的。任何儲備金都有可能併入資本。但要做到這一點，需要某些觸發因素，而巴西國家石油公司遠未實現這一點，這需要由公司高階主管決定。還有另一種同樣遙遠的可能性。如果巴西國家石油公司在 24 個月內出現虧損，那麼巴西國家石油公司憑藉其資本結構並考慮到如何管理 2024 年產生虧損的財務狀況，產生現金的可能性很小。這兩種情況都是法律規定的，但在我們正在處理的任何情況下，它們的可能性都不是很小。因此，該儲備金將用於分配股利。那裡的錢是用來支付股息的。管理委員會著眼於「25」、「24」我們目前的策略計畫、投資意願以及 1 兆雷亞爾的計畫。如果它不是最大的，它也是最大的植物之一。這是未來的一個明確的賭注。

So Petrobras will continue to grow for more than a century, whatever it sells in the future, electricity, liquid energy or if it will continue to sell oil, the future is going to show us. But this reserve, again, is not to be used for investments or physical agreements. There is no indication that it will be incorporated into the capital. It is not going to be used to fill any gaps or losses. So this is for the payment of dividends. And what I cannot tell you is the timeframe. It's going to be paid like this or like that. The council is now analyzing this subject. It's concerned with the global scenario in '24 and '25. That's the highest management's level of the company, whenever they feel comfortable they're going to decide, and that can happen next week, next month in 45 days in 6 months, it may happen at any time. But unfortunately, today, we have no indication of that.

因此，巴西國家石油公司將在一個多世紀的時間裡繼續成長，無論它未來銷售什麼，電力、液體能源，或是否繼續銷售石油，未來都會向我們展示。但同樣，該儲備金不得用於投資或實體協議。沒有跡象表明它將併入首都。它不會被用來填補任何缺口或損失。所以這是為了支付股息。我無法告訴你的是時間框架。它將像這樣或那樣支付。該委員會目前正在分析這個問題。它與 24 世紀和 25 世紀的全球局勢有關。這是公司的最高管理層，只要他們覺得舒服，他們就會做出決定，這可能會在下週、下個月、6個月內的45天內發生，也可能隨時發生。但不幸的是，今天我們沒有任何跡象表明這一點。

But just to repeat, it will not be used for investments for any deals for M&As. This is in the plan. It's to pay dividends. Thank you, Pedro.

但重申一下，它不會用於任何併購交易的投資。這是計劃中的。是為了支付股息。謝謝你，佩德羅。

Thank you, Sergio. That was very clear. So the next question will be asked by Gabriel Barra from Citi.

謝謝你，塞爾吉奧。這非常清楚。下一個問題將由花旗集團的加布里埃爾·巴拉 (Gabriel Barra) 提出。

Hi, everyone. Good morning. questions. First, thank you for your initiative. This is going to make our discussion much better for the time that we have here after the results.. You talked a lot about dividends and M&As. And I'd just like to ask about Sam again. I have a couple of points here. First, we've been seeing a challenging scenario in services. The company has been discussing discounts. We know how much inflation can impact the future -- so I'd just like to understand how we can mitigate the risk. In the past, we saw some movements to capitalized assets, and I'm referring to building probes, building vessels. So considering future contracts and the company's strong growth pipeline, I'd just like to understand what your strategy is not only improved and vessels, but also FPSOs and so on. We've also heard a strong discussion about the strike in Ibama -- we've talked about equatorial margin, how much it's impacted the company, the future of the company and future value generation. So I'd just like to understand how that impacts the company currently, project time line for this year and for the next years? Is there anything that we should pay attention to on the short term? And my third question is, we saw relevant growth in the company's production in the last years, especially led by a pre-salt layer. And we've also heard a special -- an important discussion in Brazil about consolidating the industry. We see that the company is moving investments in the last years. So could there be a contrary move that maybe future acquisitions, not only in Brazil but abroad and not only looking at organic growth, but also inorganic growth. If that would be a part of the company's growth strategy. That's all.

大家好。早安.問題。首先，感謝您的主動行動。這將使我們在結果公佈後的討論更加順利。我想再問一下 Sam 的情況。我在這裡有幾點看法。首先，我們看到服務領域充滿挑戰。該公司一直在討論折扣。我們知道通貨膨脹會對未來產生多大影響——所以我想了解如何減輕風險。過去，我們看到了資本化資產的一些變動，我指的是建造探測器、建造船隻。因此，考慮到未來的合約和公司強勁的成長管道，我只想了解你們的策略不僅是改進和船舶，還有 FPSO 等。我們也聽到了關於伊巴馬罷工的激烈討論——我們討論了赤道邊際、它對公司的影響有多大、公司的未來和未來價值的產生。所以我想了解這對公司目前、今年和未來幾年的專案時間表有何影響？短期內有什麼需要注意的嗎？我的第三個問題是，過去幾年我們看到公司產量的相關成長，特別是在鹽下層的帶動下。我們也聽到了在巴西舉行的一場關於產業整合的特別重要討論。我們看到該公司在過去幾年中正在轉移投資。因此，是否會出現相反的舉措，即未來的收購不僅在巴西，而且在國外，不僅著眼於有機成長，而且還著眼於無機成長。如果這將成為公司成長策略的一部分。就這樣。

Thank you for your question, Gabriel. I think you addressed at least one to Travassos, a couple of them to Joelson. So I'll pass it over to Travassos, who is our engineering director at Petrobras.

謝謝你的提問，加布里埃爾。我認為您至少向特拉瓦索斯致了一封信，其中有幾封信給了喬爾森。所以我會將其交給 Travassos，他是巴西國家石油公司的工程總監。

Thank you, Sergio. Thank you, Gabriel. Thanks for that question. So your perception is correct. We are looking at the supplier market, and we see an atypical movement from what we had in the last years. It was a movement that was much more aligned to bench prices, the prices of our inputs and equipment in the last 18 to 24 months, we saw that it was disattaching itself to that, and it was a bit random. And of course, this is caused by the COVID pandemic and by the ongoing conflict. You mentioned capitalizing assets. So to answer that, clearly, that's not on our radar. We're not looking at capitalizing assets. What we are doing is a constant reading of the market. We're establishing a system for each of these processes, building a collaboration room where we're going to little by little, look at the market, understand its needs and adjust our processes to -- so this doesn't only happen on the DSO market. We had a significant oscillation in the probes market, we've had over 50% of probes contracted. So we will possibly not have the same impact as we had in 2023. And similarly to that, we also see a changing behaviors caused by the demand of Petrobras, where the biggest users of the marine system in the world. So we're establishing a way of analyzing the market and adjusting our internal products so that we can capture the market and reduce its impact. So I'll pass it over to Joelson, who will answer your next 2 questions.

謝謝你，塞爾吉奧。謝謝你，加布里埃爾。謝謝你提出這個問題。所以你的認知是正確的。我們正在關注供應商市場，我們發現與過去幾年相比出現了非典型的變化。這是一種與基準價格、過去 18 到 24 個月內我們的投入和設備價格更加一致的變動，我們看到它正在脫離基準價格，而且有點隨機。當然，這是由新冠疫情和持續不斷的衝突造成的。您提到了資產資本化。顯然，要回答這個問題，這不在我們的關注範圍內。我們不考慮資產資本化。我們所做的就是不斷解讀市場。我們正在為每個流程建立一個系統，建立一個協作室，我們將在其中一點一點地觀察市場，了解其需求並調整我們的流程——所以這不僅僅發生在DSO 市場。我們的探頭市場出現了顯著的波動，我們已經有超過 50% 的探頭簽訂了合約。因此，我們可能不會像 2023 年那樣產生同樣的影響。因此，我們正在建立一種分析市場並調整我們內部產品的方法，以便我們能夠佔領市場並減少其影響。我會將其轉交給喬爾森，他將回答您接下來的兩個問題。

Thank you for the question. Yes, you're right. It is concerning to we renew many licenses every day. So besides that, is -- well, for example, license for Mercuria, for example, we don't have a license for the third well. So it may have an impact. We also have licenses to drill some blocks and outsole -- that's not our forecast, but we might need to change our portfolio. So it is concerning. We've been talking to EBA consultants, but this is also in our risk analysis. So our exploration team with the data it has is trying to acquire more data from Latin America and West Africa, especially. So we have been talking to governments, to peer companies, and we're also looking at opportunities to acquire producing assets as well. It's not very common, but it is a part of what we do. We have people who are always looking at that. So we might have more concrete studies to acquire exploration blocks and also to analyze production. So if we have a negotiation for that, we have a lot of governance. We have many steps. So going into a new country would require authorization by a board.

謝謝你的提問。是的，你說得對。令人擔憂的是我們每天都會更新許多許可證。除此之外，例如，例如 Mercuria 的許可證，我們沒有第三口井的許可證。所以可能會有影響。我們也擁有鑽一些塊和外底的許可證——這不是我們的預測，但我們可能需要改變我們的產品組合。所以這是令人擔憂的。我們一直在與 EBA 顧問交談，但這也在我們的風險分析中。因此，我們的勘探團隊正在嘗試從拉丁美洲和西非獲取更多數據。因此，我們一直在與政府、同業公司交談，我們也正在尋找收購生產資產的機會。這並不常見，但它是我們工作的一部分。我們有人一直在關注這一點。因此，我們可能會進行更具體的研究來獲取勘探區塊並分析產量。因此，如果我們為此進行談判，我們就有很多治理權。我們有很多步驟。因此，進入一個新的國家需要獲得董事會的授權。

And the next question will be from Vicente Falanga from Bradesco.

下一個問題將由來自布拉德斯科的 Vicente Falanga 提出。

Thank you, Jean Paul and Sergio. I have a couple of questions. I'd just like to understand if what was said in the Board yesterday if you've added any metrics to what would be the drivers for you to pay the extraordinary, right, maybe gross increase or something like that? And I'd also like to know if this reserve has been used by WebEx for the buyback program. So no metrics just -- just looking deeper into some analysis, and we'll just find that later on.

謝謝讓·保羅和塞爾吉奧。我有幾個問題。我只是想了解昨天董事會所說的內容是否增加了任何衡量標準來推動您支付額外的費用，對吧，也許是總增長或類似的費用？我還想知道 WebEx 是否已將這筆儲備金用於回購計劃。所以沒有指標——只是更深入地進行一些分析，我們稍後就會發現。

Thank you, Vicente. I haven't seen you for some time. Good to see -- good to hear from you. So buyback is considered -- and it's a pilot, we have some goals. We're delivering monthly reports to CVM on how it's doing. It's at 80% or close to 80% execution, R$157 million in preferential shares. And we use a bank rotation system so that we don't get any criticism that were being discretionary. So we don't -- we're always looking at daily operations whenever we have an important event, like in this process, we suspend purchases. And it's been working very well. The difference -- one of the biggest drivers of EBITDA has reduced even if we count the cost of doing business in Brazil and exchange variations, this is another parameter that Petrobras may overcome in the future. So we're doing well. The buyback processes around the world have an average of 70% to 80% so we can still complement it later on. We'll see if we can take this forward. It is the intention of the company to continue with this program. So you can call [Nardi], ask him. But we are preparing a new program to be proposed and to analyze it. This is an attribution of the Board to approve a proposal from our management. It's a way of redistributing value for our investors as well. It's a part of our remuneration policy. So it makes sense. Thank you.

謝謝你，維森特。我有一段時間沒見到你了。很高興見到——很高興收到你的來信。因此，我們考慮了回購——這是一個試點，我們有一些目標。我們每月向 CVM 提交有關其運作情況的報告。執行率為 80% 或接近 80%，優先股價值 1.57 億雷亞爾。我們使用銀行輪調制度，這樣我們就不會受到任何隨意的批評。所以我們不會——每當有重要事件發生時，我們總是會專注於日常運營，就像在這個過程中，我們暫停採購。而且效果一直都很好。差異 - EBITDA 的最大驅動因素之一已經減少，即使我們計算在巴西開展業務的成本和匯率變化，這是巴西國家石油公司未來可能克服的另一個參數。所以我們做得很好。全球範圍內的回購流程平均為 70% 到 80%，所以我們以後還可以補充。我們將看看能否繼續推進這項工作。該公司打算繼續該計劃。所以你可以打電話給[Nardi]，問他。但我們正在準備提出一個新計劃並對其進行分析。這是董事會批准我們管理提案的歸屬。這也是為我們的投資者重新分配價值的一種方式。這是我們薪酬政策的一部分。所以這是有道理的。謝謝。

Thank you. The last question will be asked by Rodrigo Almeida from Santander.

謝謝。最後一個問題將由桑坦德銀行的羅德里戈·阿爾梅達提出。

Thank you. I actually have a question and a follow-up. So we see net debt close to R$73 billion. So considering the amount of rent values that will still come in, is there any liability that might require your cash to be above the reference value? So looking at the plan, maybe the most CapEx heavy moment will be between 2024 and '25 because of the number of platforms. So I'd just like to understand that. It would be important to have that for the next quarters. So with the different spreads, it might help us to imagine that the valuation will be higher than before. So how is Petrobras working with the trial of accounts to justify it? Those are my questions. Thank you.

謝謝。我實際上有一個問題和後續行動。因此，我們看到淨債務接近 730 億雷亞爾。因此，考慮到仍將產生的租金價值，是否有任何責任可能要求您的現金高於參考價值？因此，從計劃來看，由於平台數量眾多，資本支出最重的時刻可能是在 2024 年至 25 年之間。所以我想了解這一點。對於接下來的幾個季度來說，這一點很重要。因此，隨著利差的不同，這可能有助於我們想像估值會比以前更高。那麼巴西國家石油公司又該如何透過帳目審判證明其合理性呢？這些都是我的問題。謝謝。

Thank you, Rodrigo, for your question. Starting with liability management -- the peak in the debt was especially due to anticipating a receivable from NRFPSOs. Usually, it would not reach 62. Would -- we would have amortization for it and then that would create the curve. We presented a slide for the debt amortization process, even what we call the productive debt. That is a good debt from the rental so it's under control because it allows you to create a forecast for the oil curve. And that shows a reduction versus the beginning of that period. What I'm seeing here is that it's under control -- it's under control, it's close to 65%, yes. But considering the receivables from FPSOs and the amortizations calendar, it's going down and regressing according to our projections. This was discussed, this was something that we analyzed. We looked at the different risk scenarios and finance impact to cash, so there are dozens if not hundreds of analyses that we run before we decide on that but the curve is under control. And I understand your question, but it's under control. Considering liability management, Petrobras has one award and issued a global bond of $1.25,000 and it used these resources for liability management.

謝謝羅德里戈的提問。從負債管理開始－債務高峰主要是由於預期來自 NRFPSO 的應收帳款。通常，它不會達到 62。 我們會對其進行攤銷，然後這將創建曲線。我們展示了債務攤銷過程的幻燈片，甚至是我們所說的生產性債務。這是一筆不錯的租金債務，因此它處於控制之中，因為它允許您對石油曲線進行預測。這顯示與該時期初期相比有所減少。我在這裡看到的是它處於控制之中——它處於控制之下，接近 65%，是的。但考慮到 FPSO 的應收帳款和攤銷日曆，根據我們的預測，它正在下降和回歸。這是我們討論過的，也是我們分析過的。我們研究了不同的風險情境和財務對現金的影響，因此在做出決定之前我們會進行數十甚至數百次分析，但曲線處於控制之中。我理解你的問題，但一切都在控制之中。考慮到負債管理，巴西國家石油公司獲得了一項獎勵，並發行了125,000美元的全球債券，並將這些資源用於負債管理。

The difference in rates and other things, the spread of those rates and other things allow us to reduce the debt to a similar amount, $1.2 billion from a financial debt. It's important to say that we got the lowest rate compressions in this operation and the highest rates for the period. So we looked at our cash, we saw if we needed to do it and Petrobras was outside of the issuance market for a number of years, and we decided to test it. It was a very successful operation. We even received awards as the best in Latin America and one of the best in the world. So it really was an operation that we studied. The $1.25 billion was used for liability management and whenever the market presents a favorable spread for VPL for Petrobras, Petrobras may go to the market for an LP. There's no need because our financial debt is very low. If you look at a company like ours, our debt is nearly negligible. The 0.8% that we present is less than 1%, and that's much more related to our productive debt than a financial debt. So the answer is, yes, we are looking at liability management so that we can manage this. Whenever the spread presents itself we extend our debt. This is an ongoing process at Petrobras. So thank you for your question.

利率和其他因素的差異、這些利率和其他因素的利差使我們能夠將債務減少到類似的數額，即 12 億美元的金融債務。值得一提的是，我們在這次操作中獲得了最低的壓縮率，並且在這段時間內獲得了最高的壓縮率。因此，我們查看了我們的現金，看看是否需要這樣做，而巴西國家石油公司多年來一直處於發行市場之外，因此我們決定對其進行測試。這是一次非常成功的手術。我們甚至獲得了拉丁美洲最佳和世界最佳之一的獎項。所以這確實是我們研究的一項手術。 12.5 億美元用於負債管理，只要市場對 Petrobras 的 VPL 利差有利，Petrobras 就可能會去市場尋找 LP。沒有必要，因為我們的金融債務非常低。如果你看看像我們這樣的公司，我們的債務幾乎可以忽略不計。我們提出的 0.8% 還不到 1%，這與我們的生產性債務的關係比與金融債務的關係更大。所以答案是，是的，我們正在考慮責任管理，以便我們能夠管理這個問題。每當利差出現時，我們就會延長債務。這是巴西國家石油公司持續進行的過程。謝謝你的提問。

Oh, we forgot to answer one of them on M&A processes. As Jean Paul said there's an example that we always use. If you're on a conveyor belt and you try to go back, even if you jump, you're not going to go back to the same point. What we are analyzing is the whole green fuel for aviation, there's a growing demand for that. People who call us who asked about biorefineries. This is a new horizon, right? We don't need to buy 100% but this is all being analyzed right now. But we're not considering gaining debt for this acquisition, as I explained before. So we invited -- we were invited for analysis, we are constantly in talks with others. It's a normal Petrobras process. It's not light, it's a heavy governance process would take some time. Thank you.

哦，我們忘了回答其中一個關於併購流程的問題。正如讓·保羅所說，有一個我們經常使用的例子。如果你在傳送帶上並且試圖返回，即使你跳了，你也不會回到同一個點。我們正在分析的是整個航空綠色燃料，其需求不斷增長。打電話給我們詢問生物精煉廠的人。這是一個新的視野，對嗎？我們不需要 100% 購買，但這一切現在都在分析中。但正如我之前所解釋的，我們並不考慮透過此次收購獲得債務。所以我們邀請——我們被邀請進行分析，我們不斷地與其他人交談。這是巴西國家石油公司的正常流程。這並不輕鬆，這是一個繁重的治理過程，需要一些時間。謝謝。

Thank you, Sergio. This concludes our Q&A. If we have any additional questions, they can be sent to our Investor Relations team. We'll be happy to answer them I'll now pass it over to Jean for his closing remarks.

謝謝你，塞爾吉奧。我們的問答到此結束。如果我們還有任何其他問題，可以將其發送給我們的投資者關係團隊。我們很樂意回答他們，現在我將把它交給讓，讓他作結束語。

So I just have a very positive and upbeat note to say goodbye. This is something that we mentioned to our employees, but we want to highlight how good of a result this was. And we don't want to be influenced by asset sales, bonuses or refinery bonuses or anything else. As Brent is going down, as diesel cracking is going down, we are still achieving the second best results in our history. EBITDA and operational cash flow, the highest profits among publicly traded Brazilian companies, the third highest in global companies below Exxon and Shell, but above Chevron and Total, 13 operational records, gas processing, refining, logistics, patents, engineering, reducing financial debt. I think we're showing that despite going through challenges this first year was extremely satisfactory and rewarding. This is something that we've been trying to do, and I think any company like ours would need to do that. We need to do it every day. It's not something special. This is our mission. Our mission is to match the interest of our stakeholders, and we've clearly been able to do it. Our returns were the highest in the industry. We made rationality prevail by being insistent and by being respectful. So I'd like to ask you to stick around it, to trust us. We're doing serious ethical transparent work, and we're being efficient. We're going to show you that, for you who are investing in us, we're trying to be a source of development. And there is only one way of making it consistent and perennial, it's making that happen as often as we can. There might be some noise but if we can do that, this is a winning formula for Petrobras and for any company that has our capital composition. Thank you, everyone.

所以我只有一個非常正面和樂觀的訊息來告別。這是我們向員工提到的，但我們想強調這是多麼好的結果。我們不想受到資產出售、獎金或煉油廠獎金或其他任何東西的影響。隨著布蘭特原油價格的下跌和柴油裂解量的下降，我們仍然取得了史上第二好的成績。 EBITDA 和營運現金流，巴西上市公司中利潤最高，全球第三高，低於埃克森和殼牌，但高於雪佛龍和道達爾，13 項營運記錄，天然氣加工、煉油、物流、專利、工程，減少金融債務。我認為我們正在表明，儘管經歷了挑戰，第一年仍然非常令人滿意和有益。這是我們一直在努力做的事情，我認為任何像我們這樣的公司都需要這樣做。我們每天都需要這樣做。這不是什麼特別的事。這是我們的使命。我們的使命是滿足利害關係人的利益，而我們顯然已經能夠做到這一點。我們的回報是業界最高的。我們透過堅持和尊重使理性佔上風。所以我想請你堅持下去，相信我們。我們正在認真進行道德透明的工作，而且效率很高。我們將向您展示，對於投資我們的您來說，我們正在努力成為發展的來源。只有一種方法可以使其保持一致和持久，那就是盡可能頻繁地實現這種情況。可能會有一些噪音，但如果我們能做到這一點，這對巴西國家石油公司和任何擁有我們資本構成的公司來說都是一個成功的秘訣。謝謝大家。

Thank you, Jean. Thank you, everyone, for listening to this webcast. Have a great day.

謝謝你，讓。感謝大家收聽本次網路廣播。祝你有美好的一天。