巴西石油 (PBR) 2025 Q1 法說會逐字稿

The links for both languages are available on our Investor Relations website. (Operator instructions) You'll be able to send your questions via e-mail to petroinvest@petrobras.com.br.

我們的投資者關係網站上提供了兩種語言的連結。（操作員指示）您可以透過電子郵件將您的問題發送至 petroinvest@petrobras.com.br。

Joining us today are Magda Chambriard, Petrobras' President, who will start our session, but will not remain for the Q&A due to a prior commitment; Clarice Coppetti, Executive Director of Corporate Affairs; Claudio Schlosser, Executive Director of Logistics, Commercialization and Markets; Fernando Melgarejo, Executive Director of Finance and Investor Relations; and Carlo Vale, Director of Governance and Compliance; Mauricio Tolmasquim, Executive Director of Energy Transition and Sustainability; Renata Baruzzi, Executive Director of Engineering, Technology and Innovation; Sylvia dos Anjos, Executive Director of Exploration and Production; and William Franca, Executive Director of Industrial Processes and Other Products.

今天加入我們的還有巴西石油公司總裁瑪格達·尚布里亞爾 (Magda Chambriard)，她將開始我們的會議，但由於先前已有約定，她將不會參加問答環節； Clarice Coppetti，公司事務執行總監；物流、商業化和市場執行總監 Claudio Schurier； Fernando Melgarejo，財務與投資者關係執行董事合規性董事； Tolmasquim；工程、技術和創新執行總監 Renata Baruzzi；勘探與生產執行董事 Sylvia dos Anjos；以及工業流程和其他產品執行董事 William Franca。

So to begin, I will hand over to our President, Magda Chambriard, for her initial remarks. Please go ahead, ma'am.

首先，我將把時間交給我們的主席瑪格達·尚布里亞爾 (Magda Chambriard)，請她發表開場演講。請繼續，女士。

Ladies and gentlemen, good afternoon. It's a great pleasure to join you today to talk a little bit about our performance in the first quarter of 2025. I believe that they were excellent results, but I will take this opportunity to also draw your attention to the challenging scenario that we have currently with the price of oil. This requires from us, redoubled efforts.

女士們、先生們，午安。我很高興今天能和大家一起談談我們 2025 年第一季的表現。我相信這是非常好的結果，但我也想藉此機會提請大家注意目前油價面臨的嚴峻情況。這需要我們加倍努力。

Going from $84 per barrel in the first quarter of 2024 to face this first quarter of 2025 with an average of $75 per barrel and to post the results that we are posting was not an easy task. This is an arduous task that was carried forward with a lot of dedication and a lot of wisdom by the Petrobras Board and all of its technical staff.

從 2024 年第一季的每桶 84 美元到 2025 年第一季的平均每桶 75 美元，並取得我們現在的結果，這並非易事。這是一項艱鉅的任務，巴西石油董事會和全體技術人員付出了大量的奉獻和智慧才得以完成。

What we will have in the future will be even more challenging. This is the second quarter of 2025, and oil is at $65 per barrel, a difference of about $20 versus the first quarter of 2024. We are certain, and we are committed to resolving this issue, delivering good results and dedicating a lot of our effort in capital discipline for 2025.

我們未來面臨的挑戰將更加艱鉅。這是 2025 年第二季度，油價為每桶 65 美元，與 2024 年第一季相比差價約 20 美元。我們堅信，我們將致力於解決這個問題，取得良好成果，並在2025年的資本紀律方面投入大量精力。

This challenging scenario of $65 per barrel requires and will require from us, simplified projects and assurance that we will have good trading margins for our products, a significant cost reduction and a lot of cooperation between the different areas in the company so that we can have the best results possible for our business.

每桶 65 美元的油價這一充滿挑戰的局面要求我們簡化項目，保證我們的產品擁有良好的交易利潤，大幅降低成本，並在公司不同部門之間開展大量合作，以便我們能夠獲得最佳的業務成果。

This is what we are already addressing. And this is what all main oil companies are doing. And of course, we have to make this effort to have better results in such a challenging scenario. Again, it's $65 per barrel. So in this scenario, we're going to talk about a few words that you will hear constantly, such as austerity, simplification, optimization, reducing investment costs, reducing operational costs and overhead.

這正是我們正在解決的問題。各大石油公司都在這麼做。當然，在如此充滿挑戰的情況下，我們必須付出努力才能取得更好的結果。再次，價格為每桶 65 美元。因此，在這種情況下，我們將討論一些您會經常聽到的詞，例如緊縮，簡化，優化，降低投資成本，降低營運成本和管理費用。

Our products -- and we know this very well, are priced by the international market. And they vary according to their prices and the exchange rate, and this is out of our control. What we know -- and we're certain of this -- is that we have the obligation to react to these fluctuations. Petrobras is absolutely aware of its obligations to react to these fluctuations.

我們的產品－我們非常清楚這一點，是按照國際市場定價的。而且它們會根據價格和匯率而變化，這是我們無法控制的。我們知道——並且我們確信這一點——我們有義務對這些波動做出反應。巴西石油公司完全清楚自己有義務對這些波動做出反應。

When prices go up, we have more comfort to expand our initiatives. But when prices go down, it's time to tighten our belts. But that being said, this is my message to you. Please remain confident, we are addressing this cost reduction in face of a challenging scenario so that we can have the best results possible for our investors, whether they are in the government or private.

當價格上漲時，我們就可以更放心地擴大我們的措施。但當價格下降時，我們就該勒緊褲帶了。但話雖如此，這是我要告訴你的。請保持信心，我們正在面臨挑戰的情況下解決這一成本削減問題，以便為我們的投資者（無論他們是政府投資者還是私人投資者）帶來最好的結果。

But also, I have to highlight the excellent results that we have had in the first quarter of 2025. First of all, I'd like to say that there is no future foreign oil company without exploration. And I like saying that this is what we have been doing. This is what we've been bringing as a result for our company. We are constantly expanding our reserves and building up our efforts to expand the Brazilian equatorial margins.

但同時，我還必須強調我們在 2025 年第一季取得的優異成績。首先我想說，沒有勘探就沒有未來的外國石油公司。我想說這就是我們一直在做的事情。這就是我們為公司帶來的成果。我們正在不斷擴大儲備，加強擴大巴西赤道邊緣。

We believe in this potential, and we will carry on pursuing the opportunity to show Brazilian society and our investors that we will have relevant gains that we can seek from exploring oil and gas in the Brazilian Equatorial Margin. So in that aspect, as I mentioned, we have been very successful.

我們相信這一潛力，我們將繼續抓住機會向巴西社會和我們的投資者展示，我們將從巴西赤道邊緣的石油和天然氣勘探中獲得相關收益。因此，正如我所提到的，在這方面我們非常成功。

We have added a -- we have added more reserves constantly, especially with the pre-salt layer. Last week, we disclosed a new discovery in the pre-salt layer and the Aram block. And if everything works out, we believe that we will have advanced production for the Aram block. More pre-salt with good quality oil without contaminants, but still with a challenging rock for our project. But this is within our potential. This is what we know how to do.

我們不斷增加儲量，特別是鹽下層。上週，我們披露了鹽下層和阿拉姆區塊的新​​發現。如果一切順利的話，我們相信阿拉姆區塊的產量將會提高。鹽下層含有更多優質石油，且不含污染物，但對於我們的專案來說，岩石仍然具有挑戰性。但這是我們的能力範圍之內的。這是我們知道如何做的。

Before the second discovery in Aram, we made a new discovery in the Campos Basin in the North Brava area. We also made discoveries in Colombia, and we had an excellent test in Colombia's offshore area. This is a block that if all works out, we'll be responsible for supply all of the gas consumption in Colombia, and let's hope that this will happen.

在阿拉姆第二次發現之前，我們在北布拉瓦地區的坎波斯盆地又獲得了新的發現。我們在哥倫比亞也取得了發現，並且在哥倫比亞近海進行了出色的測試。如果一切順利的話，我們將負責供應哥倫比亞所有的天然氣，我們希望這能夠實現。

But that's not all, ladies and gentlemen. We still have many opportunities ahead of us, whether it is in the Brazilian Eastern Margin or in the Equatorial Margin. We have to remember the Pelotas Basin, where we're also exploring, and soon, we will consider drilling wells there. As we will hear later on, we have about 50 exploratory wells to drill in the next years.

但這還不是全部，女士們，先生們。我們面前仍有許多機會，無論是在巴西東部邊緣，還是在赤道邊緣。我們必須記住佩洛塔斯盆地，我們也在那裡進行探索，很快，我們就會考慮在那裡鑽井。我們稍後會聽到，未來幾年我們將鑽探大約 50 口勘探井。

And this repeats what I mentioned before. We're very proud of it because an oil company will not have a future without exploration. And we want a strong, long-lasting company that contributes to our investors, whether they are in the government or private investors. And also contributes to Brazilian society in general. We're seeking new reserves at the same time as we work to develop the fields that have already been discovered.

這重複了我之前提到的內容。我們對此感到非常自豪，因為沒有勘探，石油公司就沒有未來。我們希望成為一家強大、長久的公司，為我們的投資者做出貢獻，無論他們是政府投資者還是私人投資者。並且也為整個巴西社會做出了貢獻。我們在開發已發現油田的同時也在尋找新的儲量。

And you have been seeing our results. In the first quarter of 2025, our production went up 5.4% versus the previous quarter. This increase was a decisive contribution to our financial results. Oil is our main product. And with it, especially because of that, we are generating USD8.5 billion in cash with our operations.

而您已經看到了我們的成果。2025年第一季度，我們的產量比上一季成長了5.4%。這一增長對我們的財務表現做出了決定性的貢獻。石油是我們的主要產品。正是由於這一點，我們的營運創造了 85 億美元的現金。

And we reached a net income of USD 6 billion. After my message, our Director, Melgarejo, will go into details about our financial performance, and he will draw our attention to the impact of variations in Brent oil prices and our exchange rate. And you will be reminded that in the previous quarter, the foreign exchange for the Brazilian real had a negative impact in our company's results.

我們的淨收入達到了60億美元。在我致詞之後，我們的主管 Melgarejo 將詳細介紹我們的財務業績，並提請我們注意布倫特油價和匯率變化的影響。而您會記得，上一季度，巴西雷亞爾的外匯對我們公司的業績產生了負面影響。

This quarter, the opposite happened. We recovered a part of those losses. The appreciation of the Brazilian real had an impact on our results again. And without these foreign exchange effects, our results would have been USD4 billion, which is not bad, but it was even better in the fact that it was USD6 billion. Our results are often impacted by the price of oil and by the foreign exchange rate, as happens with all oil companies.

本季，情況卻相反。我們挽回了部分損失。巴西雷亞爾的升值再次對我們的業績產生了影響。如果沒有這些外匯影響，我們的業績將是40億美元，這還不錯，但更好的是達到了60億美元。正如所有石油公司一樣，我們的業績經常受到油價和外匯匯率的影響。

And both of these variables are out of our control. And that is why we are saying that right now is a moment for austerity. It's a moment in which we will have to control our costs in general. We will have to do what we still do well, which is exploring, producing oil and its byproducts and treating these byproducts and our oil with the best profit margins as we can have.

這兩個變數都是我們無法控制的。這就是為什麼我們說現在是實施緊縮政策的時候了。現在我們必須全面控製成本。我們必須做我們仍然擅長的事情，那就是勘探、生產石油及其副產品，並盡可能以最高的利潤率處理這些副產品和我們的石油。

But we need to do it, and this moment is propelling us in that direction, but we need to do it with capital discipline and seeking major cost reductions, the highest we can have. So after that message, which I think will soothe your thoughts about how much the company is spending, we are not here for that. I have to repeat. We're going to highlight our physical results for the first quarter. And as I said, they were very good. And they justify the capacity that the company has.

但我們需要這樣做，此刻也正推動著我們朝著這個方向前進，但我們需要在資本紀律方面做到這一點，並尋求大幅降低成本，盡我們所能。所以，在讀完這則訊息後，我認為它會撫慰你對公司花費多少的想法，我們來這裡不是為了這個。我必須重複一遍。我們將重點介紹第一季的實際業績。正如我所說，他們非常優秀。它們證明了公司擁有的產能。

On February 15, FPSO Almirante Tamandare went into production in the Buzios field. It was the first of a series of five oil rigs that will make Buzios field the biggest field in Brazil by far. That rig has a production capacity of 225,000 barrels of oil per day in addition to gas. As I said, it was the first of a series of five giant rigs that will comprise the facilities around the Buzios field.

2月15日，FPSO Almirante Tamandare在布齊奧斯油田投入生產。這是五個石油鑽井平台系列中的第一個，這些鑽井平台將使布基亞斯油田成為巴西迄今為止最大的油田。該鑽井平台除天然氣外，每天的石油生產能力為 225,000 桶。正如我所說，它是布基亞斯油田周圍設施的五座巨型鑽井平台系列中的第一座。

On March 3, Admiral Alexandre de Gusmao went into the Mero field. Alexandre de Gusmao will also operate in the pre-salt in the Santos Basin, and it was finally anchored in 10 days. I need to draw your attention to these 10 days, which is a record-breaking period for Petrobras.

3月3日，亞歷山大·德·古斯芒海軍上將進入梅羅油田。Alexandre de Gusmao號也將在桑托斯盆地的鹽下層作業，最終在10天內錨定。我需要提請大家注意這10天，對於巴西石油公司來說，這是一個破紀錄的時期。

It will begin its production towards the end of the second quarter of this year, the beginning of third quarter. And with that, it will be another 180,000 barrels a day operated by Petrobras in the pre-salt, along with refining. We also completed the revamping of Train 1 of our refinery going from 80 barrels per day of refined oil to 130,000 barrels a day in terms of processing capacity.

它將在今年第二季末、第三季初開始生產。除此之外，巴西石油公司還將在鹽下油田每天生產另外 18 萬桶石油，並進行煉油。我們也完成了煉油廠 1 號生產線的改造，加工能力從每天 80 桶精煉油提高到每天 13 萬桶。

So with very little investment with the introduction of the [SOX] unit plus a small revamp involving maintenance, we basically doubled the capacity of RNEST Train 1. It may sound simple, but it's no small feat. We're talking about 15,000 additional barrels per day in terms of process load, 7% of this capacity generating diesel, which is our main product. As I said, this means more diesel on the market.

因此，透過引入 [SOX] 裝置並進行涉及維護的小規模改造，我們以極少的投資基本上將 RNEST Train 1 的容量翻了一番。這聽起來可能很簡單，但實際上卻不是一件容易的事。我們談論的是每天增加 15,000 桶的加工負荷，其中 7% 的產能用於生產柴油，這是我們的主要產品。正如我所說，這意味著市場上有更多的柴油。

And once we complete Train 2, which is undergoing a bidding process, it will be 260,000 barrels per day processed in the Northeast of Brazil, a market that's hungry for diesel. I used to say that among all of the refineries, we're undertaking more efforts around diesel and S10 diesel, which emits much less and adds more value.

一旦我們完成 2 號生產線（目前正在進行招標），它將每天為巴西東北部地區（一個急需柴油的市場）提供 26 萬桶柴油的加工量。我曾經說過，在所有煉油廠中，我們在柴油和 S10 柴油方面投入了更多精力，因為它們的排放量更少，而且價值更高。

But especially at RNEST, among all of the refineries, this has the highest conversion of crude into diesel. We're talking about a conversion of around 70%, which shows how modern and economically feasible this refinery is.

但特別是在 RNEST，在所有煉油廠中，它的原油轉化為柴油的效率最高。我們談論的轉換率約為 70%，這表明該煉油廠是多麼現代化且經濟可行。

And the second module of natural gas processing well going to operations in the second half, the Boaventura Complex in Itaborai, Rio de Janeiro, added to the first module. The total processing capacity of that unit will achieve 21 million cubic meters per day, increasing the supply of natural gas and also of its products, including liquid natural gas. We're also on the brink of inaugurating the new [RDT] at Replan. This new unit will have the capacity to produce 63,000 barrels per day of S10 diesel. As I told you, our efforts around increasing capacity and increasing the supply and production of diesel, especially the S10 diesel, is real.

而下半年即將投入營運的第二個天然氣處理井模組，即位於裡約熱內盧伊塔博拉伊的Boaventura綜合體，是繼第一個模組之後新增的。該裝置的總處理能力將達到每天2,100萬立方米，增加天然氣及其產品（包括液化天然氣）的供應。我們也即將在 Replan 啟用新的 [RDT]。該新裝置每天將能夠生產 63,000 桶 S10 柴油。正如我所說的，我們在提高產能、增加柴油（尤其是 S10 柴油）供應和產量方面的努力是切實的。

These are our highest added value products. And as I told you, we are seeking the highest possible level of attractiveness for our investments. The S10 diesel has a high added value in that it emits much less. It throws much less sulfur into the atmosphere. It's almost negligible. And this added value also shows us that not only are we looking for more value, we're also looking for products with the lowest possible emissions.

這些是我們附加價值最高的產品。正如我所說的，我們正在尋求使我們的投資具有最高水準的吸引力。S10 柴油引擎的附加價值很高，因為它的排放量要少得多。它向大氣中排放的硫磺少得多。幾乎可以忽略不計。這種附加價值也向我們表明，我們不僅在尋求更高的價值，還在尋找排放量盡可能低的產品。

We're still on the lookout for the opportunities to decarbonize, which means that -- and this is what it means. And that is why in February, we sold the first bunker of vessel fuel with 24% of renewable content in the Asian market. This is a huge achievement.

我們仍在尋找脫碳的機會，這意味著——這就是它的意義。這就是為什麼我們在二月在亞洲市場銷售了第一批可再生成分含量為 24% 的船用燃料。這是一個巨大的成就。

We now set foot in the Asian market with a high added value product that is produced and traded by Petrobras. The product is a mixture of 76% of mineral fuel oil and 24% of biofuels produced from used cooking oil. And again, the mixture of these two components allows us to create a product that's highly valued in the international market.

我們現在以巴西石油公司生產和貿易的高附加價值產品進軍亞洲市場。該產品是由76%的礦物燃料油和24%的廢棄食用油製成的生物燃料的混合物。而且，這兩種成分的結合使我們能夠創造出一種在國際市場上備受推崇的產品。

We are developing new products also involving the low carbon market, which is extremely attractive as a market to us, innovating to generate value and enabling solutions around new energies and decarbonization.

我們正在開發涉及低碳市場的新產品，這對我們來說極具吸引力，我們透過創新創造價值，並圍繞新能源和脫碳提供解決方案。

In March, we signed a contract with the National Development Bank of Brazil to reforest the Amazon in the ProFloresta+ program, one of the biggest programs for acquiring carbon credits in Brazil. We'll promote the reforestation of up to 50,000 hectares of degraded -- now degraded areas in the Amazon. To give you one idea, this is equivalent to 50,000 football fields and to capturing 15 million carbon tonnes, which is equivalent to what is annually emitted by around 9 million gas fueled cars.

今年 3 月，我們與巴西國家開發銀行簽署了一項合同，在 ProFloresta+ 計劃中重新造林亞馬遜地區，該計劃是巴西最大的碳信用額獲取計劃之一。我們將推動在亞馬遜地區多達 50,000 公頃的退化地區重新造林。舉個例子，這相當於 5 萬個足球場，可捕獲 1,500 萬噸碳，相當於每年約 900 萬輛瓦斯汽車的排放量。

This is a structuring project around the climate, but also in terms of reputation. And it is a project, an initiative that shows the seed of decarbonization. When Petrobras is planning on making money with the capture of CO2. We are confident in our 2050 strategic plan, not forgetting that a low Brent price brings about additional challenges and that we should review on our plan generating a 2026-2030 business plan considering the need for us to overcome these extremely high challenges imposed by price reductions.

這是一個圍繞氣候構建的項目，同時也涉及聲譽。這是一個展現脫碳種子的計畫、一項倡議。當巴西石油公司計劃透過捕捉二氧化碳來賺錢時。我們對我們的 2050 年戰略計劃充滿信心，同時也不要忘記，布倫特原油價格低迷帶來了額外的挑戰，我們應該重新審視我們的計劃，制定 2026-2030 年的商業計劃，考慮到我們需要克服價格下降帶來的這些極其嚴峻的挑戰。

We'll do that by preserving our cash, reducing costs and through capital discipline. This is part of our values. The commitment with Brazil and with our investors, whether they are governmental or private, all of that is part of our values. And that is why we'll keep on investing and keep on focusing on more projects that are financially feasible and making money for our investors, whether from the government or from the private market. This is what we're doing here with the highest possible dedication and strictness.

我們將透過保留現金、降低成本和嚴格資本紀律來實現這一目標。這是我們價值觀的一部分。對巴西以及我們的投資者（無論政府還是私人）的承諾都是我們價值觀的一部分。這就是為什麼我們將繼續投資並繼續關注更多財務上可行的項目，並為我們的投資者賺錢，無論是來自政府還是私人市場。這是我們在這裡以最高的奉獻精神和嚴格性所做的事情。

We are now here to believe in the potential of Brazil, knowing that if Brazil, if we are doing well, Brazil will also be well. It's fundamental that we all understand this because our results depend on the optimal conditions of the Brazilian market. The Brazilian market is currently the sixth highest consuming Brazil -- highest consuming market of oil products in the world.

我們現在相信巴西的潛力，因為我們知道，如果巴西、如果我們做得好，巴西也會做得很好。我們所有人都必須理解這一點，因為我們的結果取決於巴西市場的最佳條件。巴西市場目前是世界第六大石油產品消費市場。

So it is a market that should be seen for the value, for the importance it has. That's why I say that we walk hand in hand. Petrobras benefits from the appreciation of Brazil and vice versa. It's a two-way street. That is why we're committed to this path, and that is why we're committed to our planning and with making expenditures that are in line with the current level of oil prices. You can rest assured that our common goal at Petrobras is to have a long lived and strong company.

因此，我們應該看重這個市場的價值和重要性。這就是為什麼我說我們攜手並進。巴西石油公司受益於巴西貨幣的升值，反之亦然。這是一條雙行道。這就是我們致力於這條道路的原因，也是我們致力於制定與當前油價水準相符的計畫和支出的原因。您可以放心，我們巴西石油公司的共同目標是擁有一家長久而強大的公司。

The workforce at Petrobras, the Board, investors and Brazilian society. Having said that, I want to thank you for your trust, our shareholders, partners, employees. And you can rest assured that we are here to overcome the challenges ahead of us and to take all of the possible opportunities along the way.

巴西石油公司的員工、董事會、投資者和巴西社會。話雖如此，我還是要感謝大家的信任，我們的股東、夥伴、員工。您可以放心，我們會克服眼前的挑戰，並抓住前進道路上所有可能的機會。

Thank you for your presence. And now I will give the floor to my colleagues for the presentations. Unfortunately, I will not be able to stay for the presentations, but wish you a great presentation. And please analyze your purchase recommendations. We want all of you investing in Petrobras, and we'll make you proud of your investments. Thank you.

謝謝您的光臨。現在我請我的同事們來發言。不幸的是，我不能留下來聽演講，但祝您演講精彩。並請分析您的購買建議。我們希望大家都投資巴西石油公司，並且我們會讓你們為自己的投資感到自豪。謝謝。

Thank you, Magda. Now we'll start the presentation about the performance of the first quarter of 2025. I'll give the floor to Fernando Melgarejo, our Financial Director. Fernando, you have the floor.

謝謝你，瑪格達。現在我們開始介紹2025年第一季的表現。我將把發言權交給我們的財務長 Fernando Melgarejo。費爾南多，請你發言。

President Magda, thank you for the message. I want to thank you all for being here for yet another webcast. We'll start by looking at the highlights of the first Q of 2025. After the presentation, both me and the other directors will be here for the Q&A session. This slide shows the financial highlights of the company with an adjusted EBITDA, excluding one-off events of $10 billion, 8% above the last quarter and a net income of $4 billion.

瑪格達總統，感謝您的留言。我要感謝大家再次來參加網路廣播。讓我們先來看看 2025 年第一季的亮點。演講結束後，我和其他董事都會到場參加問答環節。這張投影片展示了該公司的財務亮點，調整後的 EBITDA（不包括一次性事件）為 100 億美元，比上一季成長 8%，淨收入為 40 億美元。

Our cash generation is still strong with an operational cash flow of $8.5 million and net cash flow of $4.5 billion. I also want to highlight our contributions. We approved BRL11.7 billion in dividends related to the first quarter of this year, and we paid more than BRL65 billion in net taxes. This growth is the result of our just work in the well-implemented strategy, demonstrating Petrobras' financial solidity. Our commitment is clear, to keep on generating return for our shareholders, including the Brazilian society in a responsible and consistent manner.

我們的現金產生能力依然強勁，營運現金流為 850 萬美元，淨現金流為 45 億美元。我還想強調一下我們的貢獻。我們批准了今年第一季的117億雷亞爾股息，並繳納了超過650億雷亞爾的淨稅。這一增長是我們精心實施策略的結果，體現了巴西石油公司的財務穩健性。我們的承諾很明確，那就是繼續以負責任和一致的方式為我們的股東（包括巴西社會）創造回報。

Slide 6 shows the details of the EBITDA and the operational cash flow on the right-hand side, Here, I want to highlight the effects of our operational performance on the result with the greater production and volumes traded. The EBITDA was $10.7 billion in the quarter with a growth of 8% compared to the fourth quarter of 2024.

幻燈片 6 右側顯示了 EBITDA 和營運現金流的詳細信息，在這裡，我想強調我們的營運績效對產量和交易量增加的結果的影響。本季 EBITDA 為 107 億美元，較 2024 年第四季成長 8%。

As I said, this was driven mainly by the increased oil sales, both in the internal and the external market in addition to the increased crack spread of diesel. In terms of OCF on the right-hand side, we had a growth of 4% versus the previous quarter, totaling $8.5 billion.

正如我所說，這主要是由於國內外市場石油銷量增加以及柴油裂解價差擴大所致。就右邊的 OCF 而言，與上一季相比，我們成長了 4%，總額達到 85 億美元。

The next slide shows that our net profit was $6 billion, not considering the one-off events. The result was $4 billion, an increase of 31% vis-a-vis the previous quarter. And the table below, you can see the external scenario. Part of the results reflects an increase of 28% of the diesel crack spread, the appreciation of 1% in the brand quarter-by-quarter and the appreciation of 7% of the real versus the end of the year dollar.

下一張投影片顯示，不考慮一次性事件，我們的淨利潤為 60 億美元。結果為 40 億美元，較上一季成長 31%。您可以在下表中看到外部情境。部分業績反映了柴油裂解價差增加 28%、品牌幣環比升值 1% 以及雷亞爾兌年底美元升值 7%。

Moving on to slide number 8. In the first quarter of 2025, investments totaled $4.1 billion, which represents a reduction of 29 vis-a-vis the last quarter of 2024. This volume of investments corroborates the message that I brought to you on our last webcast, when we said that we wouldn't see the level of CapEx of the first quarter of 2024, in the first quarter of 2025.

轉到第 8 張投影片。2025 年第一季度，投資總額為 41 億美元，比 2024 年最後一季減少了 29 億美元。這種投資規模證實了我在上次網路廣播中向大家傳達的訊息，當時我們說我們不會在 2025 年第一季看到 2024 年第一季的資本支出水準。

You can remember that in the last quarter of last year, the CapEx was higher because of the reduction of this mismatch between the physical and financial advancement of our own units towards Buzios field. The CapEx of the first quarter of 2025 was lower than that of the fourth quarter of 2024, but it's higher if compared to the CapEx of the first quarter of last year.

您可能還記得，在去年最後一個季度，資本支出較高，因為我們自己的單位對布基亞斯油田的物質和財務進步之間的不匹配減少了。2025 年第一季的資本支出低於 2024 年第四季度，但與去年第一季的資本支出相比則較高。

There was an increase of 34%, especially as a result of the big advancements and the investments in the pre-salt in the Santos Basin and also the new production systems in the Buzios and Acapulco fields.

產量增加了 34%，這主要得益於桑托斯盆地鹽下油田的巨大進步和投資，以及布茲奧斯和阿卡普爾科油田的新生產系統。

Slide 9 shows the investments that were performed. You can see that we're investing more, but also delivering more. These are investments connected to greater physical deliveries that support a production curve and ensure the entry into production of new systems. The acceleration of CapEx towards the end of 2024 allowed us to shorten the physical financial gap by 14-percentage-points, reflecting our commitment with the packages and with the reduction of delay risks.

投影片 9 展示了已進行的投資。您可以看到，我們不僅投入了更多資金，而且還取得了更多成果。這些投資與更大的實體交付相關，可以支持生產曲線並確保新系統投入生產。2024 年底資本支出的加速使我們能夠將實體財務缺口縮短 14 個百分點，這反映了我們對包裹和降低延誤風險的承諾。

Some of these results show the evolution of deliveries over the course of the last 12 months. I must highlight that the five rigs that were undergoing construction in the first quarter of 2024 went from 51% to 76% in terms of physical advancement.

其中一些結果顯示了過去 12 個月內交付情況的變化。我必須強調的是，2024 年第一季正在建造的五座鑽井平台的實體進度從 51% 上升到了 76%。

In addition to that, we also started the construction of two more rigs, reaching seven units in construction this year. Our higher CapEx vis-a-vis that of last year reflects the higher number of owned platforms that we're building, which bring about the benefit of not having affected platforms with an impact on our debt. We also doubled the number of interconnections and wells in one year. It was 16 wells interconnected in the first quarter of 2025 and eight in the same period of last year.

此外，我們也開工建造另外兩座鑽井平台，今年在興建鑽井平台數量達到七座。與去年相比，我們的資本支出有所增加，這反映了我們正在建造的自有平台數量增加，這帶來了不影響平台並影響我們債務的好處。我們還在一年內將互連管道和油井的數量增加了一倍。2025年第一季互聯井數為16口，去年同期為8口。

It's our best result for the last eight years. We had 27 drill interventions for new wells, a growth of 13% vis-a-vis that of the first quarter of 2024. We are working -- we're drilling more and interconnecting wells and advancing towards the construction of the new units that will give support to our production curve. These are investment projects that generate value for our shareholders and will translate into profitable growth for the next few years.

這是我們八年來的最佳成績。我們進行了 27 次新井鑽探幹預，較 2024 年第一季成長 13%。我們正在努力——鑽探更多油井並連接油井，並推進新裝置的建設，以支持我們的生產曲線。這些投資項目將為我們的股東創造價值，並將在未來幾年轉化為獲利成長。

Slide 10 shows a reconciliation between CapEx, competence and the cash CapEx for the first quarter of 2025. You can see that the cash investment of the quarter was impacted by a higher CapEx in the fourth quarter of 2024. First of all, it's important to clarify that there is a normal lag between measurements and payments. This means that all quarters, we observe a certain level of time lag. This is absolutely normal.

投影片 10 顯示了 2025 年第一季資本支出、能力和現金資本支出之間的對帳。您可以看到，本季的現金投資受到 2024 年第四季較高資本支出的影響。首先，需要澄清的是，測量和付款之間存在正常的滯後。這意味著我們在各方面都觀察到了一定程度的時間延遲。這絕對正常。

However, as there was a large concentration of measurement at the end of the fourth quarter of 2024, especially in December due to our efforts to recover the physical and financial gap of the new systems, a significant portion of the payments were only made in January, and this impacted the cash investment of the first quarter of 2025.

然而，由於測量工作大量集中在2024年第四季末，尤其是12月份，因為我們要努力彌補新系統的物理和財務缺口，所以很大一部分付款是在1月份支付的，這影響了2025年第一季的現金投資。

To illustrate this atypical effect, we detail the impact of this time lag between measurement and payment in this point graph. In the first quarter of 2025, around $1 billion that came out of our cash for investments were related to the measurements of the fourth quarter of 2024, while $400 million were measured in the first quarter of 2025 and will only come out of cash in the second quarter of 2025 returning to normal.

為了說明這種非典型效應，我們在此點圖中詳細說明了測量和付款之間的時間延遲的影響。2025 年第一季度，我們從投資現金中支出的約 10 億美元與 2024 年第四季的衡量標準有關，而 2025 年第一季的衡量標準為 4 億美元，只有在 2025 年第二季度恢復正常後才會從現金中支出。

I'd like to take this opportunity to draw your attention to the part relating to IFRS 16. This amount is considered in the CapEx competence. But in the cash view, it is classified as an outflow of resources used in financing activities since it refers to leases.

我想藉此機會提請您注意與 IFRS 16 相關的部分。此金額已納入資本支出能力範圍。但從現金角度來看，由於它涉及租賃，因此被歸類為融資活動中使用的資源流出。

We now turn to slide 11, which shows the company's debt levels. In the first quarter of 2025, we saw an increase in gross debt, mainly due to the entry of the FPSO Almirante Tamandare. This is a chartered unit that impacts our leasing costs. It's important to emphasize that it has a capacity of 250 barrels a day, and it can ramp up still this year. And it's also important to emphasize here that that remains within the limit defined in the 2025-2029 business plan with a debt ceiling of $75 billion. And this way, we maintain an efficient and more flexible capital structure.

我們現在翻到第 11 張投影片，它顯示了公司的債務水準。2025 年第一季度，我們的總債務有所增加，這主要是由於 FPSO Almirante Tamandare 的加入。這是一個影響我們租賃成本的特許單位。值得強調的是，它的日產量為 250 桶，今年的產量還可以增加。這裡還需要強調的是，這仍在 2025-2029 年商業計畫中規定的限額內，債務上限為 750 億美元。這樣，我們就保持了高效率且更靈活的資本結構。

Now let's go to slide 12. As you can see, we remain committed to the distribution of the results generated and the financial sustainability of the company. With gross debt under control within the level established in the business plan and positive results, our board of directors approved the distribution of remuneration to shareholders for the first quarter of 2025 of BRL11.7 billion, equivalent to BRL0.91 per share, which will be paid in two equal installments in August and September.

現在我們來看第 12 張投影片。正如您所看到的，我們仍然致力於成果的分配和公司的財務可持續性。在總債務控制在業務計劃規定的水平並取得積極成果的情況下，我們的董事會批准向股東分配2025年第一季的薪酬117億雷亞爾，相當於每股0.91雷亞爾，將於8月和9月分兩次等額支付。

Slide 13 shows the important contribution our activities make in terms of taxes. All in all, BRL65.7 billion were paid in taxes to the union, states and municipalities, including government participation. In addition, we have earmarked around BRL66 million in voluntary social and environmental investments and sponsorships.

投影片 13 展示了我們的活動在稅務方面做出的重要貢獻。總計向聯邦、各州和市政當局繳納了 657 億巴西雷亞爾的稅款，其中包括政府參與。此外，我們也撥出約6,600萬巴西雷亞爾用於自願的社會和環境投資和贊助。

There are more than 200 initiatives, including social and environmental projects and cultural sports and science technology sponsorships. We always make a point of bringing these values to show you how Petrobras' performance materializes in positive impacts for Brazilian society.

有超過 200 項舉措，包括社會和環境項目以及文化體育和科技贊助。我們始終強調這些價值觀，向您展示巴西石油公司的業績如何對巴西社會產生正面影響。

Here, we have our direct and indirect -- well, these are our direct covenants, but we also have indirect sponsorships. Continuing with the last slides, we've just seen how we performed in the first quarter of 2025. But our attention, and certainly yours too, is on the current moment and how the company is prepared for this lower Brent scenario.

在這裡，我們有直接和間接的——嗯，這些是我們的直接契約，但我們也有間接的贊助。繼續最後一張投影片，我們剛剛看到了我們在 2025 年第一季的表現。但我們的注意力，當然也是你們的注意力，都集中在當前情況以及公司如何為布蘭特原油價格下跌做好準備。

The first thing I'd like to remind you is that Petrobras has a strategic plan and a project renewal governance that prepares the company to generate value in adverse price scenarios. Here, we see a screenshot of our business plan released last year, in which we talked about our robustness even in low oil price scenarios.

我想提醒大家的第一件事是，巴西石油公司有一個策略計畫和專案更新治理，使公司能夠在價格不利的情況下創造價值。這裡我們看到了我們去年發布的商業計劃的截圖，其中我們談到了即使在低油價的情況下我們的穩健性。

Our E&P projects need to demonstrate a positive NPV in scenarios of up to $45 per barrel. In addition, the prospective breakeven Brent for our E&P portfolio is on average, $28 per barrel. Our plan also has a portfolio under evaluation, which is made up of our projects subject to the condition that they do not affect the company's capital structure in addition to improving their results -- excuse me, the return in a robust scenario, like all the other projects.

我們的 E&P 專案需要在每桶高達 45 美元的情境下展示正的 NPV。此外，我們的 E&P 投資組合的預期損益兩平布蘭特原油價格平均為每桶 28 美元。我們的計劃中還有一個正在評估的投資組合，它由我們的項目組成，但有一個條件，即它們除了改善業績（對不起，是在強勁情況下的回報）之外，不會影響公司的資本結構，就像所有其他項目一樣。

As for our shareholder remuneration policy, the formula already ensures dividends compatible with different oil prices without compromising the company's financial sustainability. We, therefore, have confidence in our strategy and our governance. I emphasize that our long-term strategy has been maintained. But that doesn't mean we aren't fully aware of and attentive to the global scenario of lower prices in our industry.

至於我們的股東薪酬政策，該公式已經確保了股息與不同的油價相容，同時又不損害公司的財務可持續性。因此，我們對我們的策略和治理充滿信心。我強調，我們的長期策略一直得到堅持。但這並不意味著我們沒有充分意識到並關注我們行業全球價格下跌的情況。

So let's move on to the next slide. We are incorporating cost-cutting actions and adapting the business plan to the new reality. Here on the last slide are some examples of what we're doing. We have three work fronts, mainly. First, measures to minimize the effects of inflation by optimizing spending.

那麼讓我們繼續看下一張投影片。我們正在採取削減成本的措施，並根據新的現實調整業務計劃。最後一張投影片是我們正在做的一些事情的例子。我們的工作主要有三個面向。第一，透過優化支出措施盡量減少通貨膨脹的影響。

Here, we're basically talking about reducing transversal corporate spending, seeking to return to levels of the past. Second, actions aimed at mitigating the impact of lower prices on our free cash flow. Let me give you some examples. Simplifying engineering projects. We're already doing this with the SEAP projects.

這裡我們主要討論的是減少橫向企業支出，尋求恢復到過去的水準。第二，採取行動減輕物價下跌對我們自由現金流的影響。讓我給你舉幾個例子。簡化工程項目。我們已經在 SEAP 專案中這樣做了。

Reassessment of the scope of recently tendered projects that were not very attractive. Examples include the [refits], Albacora, Marlim Sul, Marlim Leste and Barracuda and Caratinga. Reduced hybernatial costs for systems awaiting decommissioning, reassessment of the cost structure of mature systems such as onshore fields.

重新評估最近招標的不太有吸引力的項目的範圍。例如[改裝]、Albacora、Marlim Sul、Marlim Leste、Barracuda 和 Caratinga。降低等待退役的系統的休眠成本，重新評估陸上油田等成熟系統的成本結構。

And finally, in our portfolio, we are going to prioritize projects that generate cash flow in shorter time frames. Actions on this front include greater rigidity and the inclusion of new projects in the portfolio under implementation, reprioritization of projects under implementation with higher returns in the short and medium term.

最後，在我們的投資組合中，我們將優先考慮在較短時間內產生現金流的項目。這方面的行動包括提高剛性，將新專案納入正在實施的專案組合中，重新確定正在實施的專案的優先順序，以獲得短期和中期更高的回報。

And we will continue to study appropriate measures to strengthen our resilience. We will keep you informed of the developments and impacts of these actions.

我們將繼續研究適當的措施來增強我們的抵禦能力。我們將隨時向你們通報這些行動的進展和影響。

I'll end my presentation here, and thank you once again for your attention. I give the floor to Eduardo, who will start the question-and-answer session. Thank you, everyone.

我的演講就到這裡，再次感謝大家的關注。我請愛德華多開始問答。謝謝大家。

(Operator instructions)

（操作員指示）

Bruno Amorim, Goldman Sachs.

高盛的布魯諾·阿莫林。

Hi, thank you. Thank you for taking my question. My first question is about capital allocation. If you can tell us a bit more about the potential processes and how that -- you are buying back that refinery in [Bahia], also ethanol, if you have progress there. And as you've shown, most of the company's projects are resilient to oil prices -- or oil prices being low. So I'd just like to confirm if thus far, you don't believe there are any changes necessary to the investment plan?

你好，謝謝。感謝您回答我的問題。我的第一個問題是關於資本配置的。如果您能告訴我們更多有關潛在流程的信息，以及如何——您將回購巴伊亞州的煉油廠，如果那裡有進展的話，還有乙醇。正如您所展示的，該公司的大多數項目都能夠抵禦油價——或者當油價處於低位時。因此，我只是想確認一下，到目前為止，您是否認為投資計劃不需要進行任何更改？

And as a follow-up there, let's imagine a scenario in which oil prices go down even more. Are there specific areas in which you can make adjustments, whether it is by making onshore investments or investments in other areas where returns are lower than in deepwaters? So that's a broader question about your capital allocation. Thank you.

接下來，讓我們想像一下油價進一步下跌的情景。是否有一些特定的領域可以進行調整，無論是進行陸上投資還是投資於回報率低於深水區的其他領域？這是關於您的資本配置的一個更廣泛的問題。謝謝。

Thank you, Bruno. Fernando, if you may.

謝謝你，布魯諾。費爾南多，如果可以的話。

Hi, Bruno. So about RLAM. We didn't have any changes. We still follow the same logic. So we can't look at any investments and any M&As, but we need to have compatible returns to our investments.

你好，布魯諾。關於 RLAM。我們沒有任何變化。我們仍然遵循同樣的邏輯。因此，我們不能考慮任何投資和任何併購，但我們需要獲得與我們的投資相容的回報。

But for RLAM, we don't see any news. There have not been any advances considering capital, and this is important to mention to you. Petrobras will celebrate 72nd anniversary this year. And we're working on a commodity that has intrinsic volatility. And our 70-year experience has created a structure in which everything is thought out for volatile moments. And it was not different when we built this strategic plan for 2025 to 2029. So that was taken into consideration.

但對於 RLAM，我們沒有看到任何訊息。考慮到資本，還沒有任何進展，這一點值得向您提及。巴西石油公司今年將慶祝成立72週年。我們正在研究一種具有內在波動性的商品。我們憑藉 70 年的經驗創造了一個結構，其中的一切都為應對動盪時刻做好了準備。當我們制定 2025 年至 2029 年策略計畫時，情況也沒有什麼不同。因此這一點已被考慮在內。

Some important things about resilience. Our breakeven is $28 per barrel. So we always work with testing and modeling at $45 per barrel. And if it doesn't pass, the projects are not continued. So this year or at least thus far, we didn't see any changes to what we had planned with our CapEx.

關於彈性的一些重要事項。我們的損益平衡點是每桶28美元。因此我們始終以每桶 45 美元的價格進行測試和建模。如果該提案沒有通過，專案就不會繼續進行。因此，今年或至少到目前為止，我們沒有看到資本支出計劃有任何變化。

So we've maintained what we want to do without any further changes.

因此，我們保留了我們想要做的事情，沒有做任何進一步的改變。

Caio Ribeiro, Bank of America.

卡約·裡貝羅，美國銀行。

Good afternoon. Thank you. First of all, recently, Shell mentioned that it's going to some blocks in the Caribbean, where they have some participation with Ecopetrol. So since Petrobras has some presence in Caribbean offshore assets, would you be interested in assessing or even taking over this participation from Shell if Ecopetrol is seeking a new partner for these fields?

午安.謝謝。首先，殼牌公司最近提到，它將進入加勒比地區的一些區塊，並與哥倫比亞國家石油公司合作。那麼，既然巴西石油公司在加勒比海近海資產中佔有一席之地，如果哥倫比亞國家石油公司正在為這些油田尋找新的合作夥伴，您是否有興趣評估甚至接管殼牌的參與權？

Secondly, despite the adjustments to diesel prices made recently, we still see a premium on PPE for diesel of about 6%, especially gasoline, which is close to 10%, according to our calculations. So can you give us some color about this decision -- this recent decision on changing diesel prices, but not gasoline? And do you see a reason for new adjustments?

其次，儘管近期柴油價格有所調整，但根據我們的計算，柴油的PPE溢價率仍在6%左右，尤其是汽油，已經接近10%。那麼，您能否向我們介紹一下這個決定——最近關於改變柴油價格但不改變汽油價格的決定？您是否看到了進行新調整的理由？

Thank you, Caio. I'll let Sylvia answer the first question, and then Schlosser will answer the second question.

謝謝你，Caio。我請 Sylvia 回答第一個問題，然後 Schlosser 回答第二個問題。

Hi, good afternoon, Caio. Yeah, Shell is letting go of this asset. And just like this one, we're assessing others in our portfolio. So it's a constant process in which we assess opportunities to see what has the best adjustment, what provides the best returns and the ones that are the most significant.

你好，下午好，Caio。是的，殼牌正在放棄這項資產。就像這個一樣，我們正在評估我們投資組合中的其他產品。因此，這是一個持續的過程，我們會評估機會，看看哪些機會有最佳的調整，哪些機會能提供最好的回報以及哪些機會是最重要的。

And we have to say that exploration, as our head always says, cannot continue indefinitely. Of course, we have to look at our full portfolio, and we are assessing everything. But in Colombia, not only do we have this discovery, we're drilling two wells. One is [Buena Sorte], which will hopefully give us good luck, as its name implies. But yes, we are assessing these possibilities, but this is in our global portfolio.

我們必須說，正如我們的頭腦總是說的那樣，探索不能無限期地持續下去。當然，我們必須審視我們的全部投資組合，並且我們正在評估一切。但在哥倫比亞，我們不只這個發現，還在鑽兩口井。一個是【Buena Sorte】，正如它的名字所暗示的，希望能為我們帶來好運。但是的，我們正在評估這些可能性，但這是我們的全球投資組合。

Thank you, Sylvia. Schlosser, please?

謝謝你，西爾維亞。請問施洛瑟嗎？

Thank you for that question. Before I talk about your specific points, it's important to highlight that obviously, we are trying to see movements from the international market, but the company's strategy doesn't only take into consideration international prices. And now on May 19, we will celebrate our second year after implementing the new commercial strategy, which considers all of these aspects.

謝謝你的提問。在我談論您的具體觀點之前，有必要強調的是，顯然我們正在嘗試了解國際市場的動向，但公司的策略不僅僅考慮國際價格。現在，5 月 19 日，我們將慶祝實施新商業策略的第二年，該策略考慮到了所有這些方面。

To answer your question, Caio, I think there are 2 points that we need to clarify here and to try to address this issue of diesel and gasoline. We think each product deserves a specific look. Why am I saying that? Contrary to diesel, which is going down in the international market, gasoline is going up.

為了回答你的問題，Caio，我認為我們需要在這裡澄清兩點，並嘗試解決柴油和汽油的問題。我們認為每件產品都值得特別關注。我為什麼這麼說？與國際市場柴油價格下跌相反，汽油價格卻在上漲。

So inventories will probably be recomposed in the US, especially where the consumption of gasoline will go up, and that pressures international prices. So not only are we looking at this, but we're also seeing our own internal potential in Brazil, especially in our refining capacity for the oil that we produce and our logistics. So in diesel and gasoline, we have a broader perspective.

因此，美國的庫存可能會重新調整，尤其是汽油消費量將上升，這將對國際價格造成壓力。因此，我們不僅關注這一點，而且還看到了巴西自身的內部潛力，特別是我們生產的石油的煉製能力和物流能力。因此，在柴油和汽油方面，我們擁有更廣闊的視野。

And external volatility is also a factor. There are extremely strong geopolitical factors putting pressure on prices, prices of oil, spreads for products. They're all very pressured, and they have a high level of volatility. To give you an example, in early April -- and this was recent. Well, because of fake news, oil went up $4 in a couple of minutes.

外部波動也是一個因素。極其強大的地緣政治因素對價格、石油價格和產品價差造成壓力。它們都面臨很大的壓力，而且波動性很大。舉個例子，四月初──這是最近的事。好吧，由於假新聞，油價在幾分鐘內上漲了 4 美元。

And after that was debunked, it went down again. So the market is very volatile. And we're not transferring this volatility to the client as we did in the past. In the past in previous commercial strategies, you have, in some years, more than 90 adjustments or readjustments of fuel prices, which ensures some stability, just to give you a comparison for diesel. We were nearly for 400 days with stable prices. And that has a significant value for society, for our economy in general.

而當這消息被揭穿後，它又再次下跌。因此市場非常不穩定。我們不會像過去那樣將這種波動性轉移給客戶。在過去的商業策略中，有些年份燃料價格會進行 90 多次調整或再調整，以確保一定的穩定性，僅以柴油價格為例進行比較。我們已經有將近400天的價格保持穩定。這對社會、對我們的整個經濟都有著重大的價值。

And this is within our strategy. We have gasoline adjustments. And as you mentioned, the last one was in June 2024. So we have had stable prices for over 300 days, while the market is having a lot of volatility. So we're looking at prices every day, and we assess our logistics capacity and our infrastructure, and this helps us to keep it balanced.

這符合我們的策略。我們對汽油進行了調整。正如您所說，最後一次是在 2024 年 6 月。因此，在市場波動很大的情況下，我們的價格已經穩定了 300 多天。因此，我們每天都會關注價格，評估我們的物流能力和基礎設施，這有助於我們保持平衡。

So I'd just like to underscore that for diesel, with the market parameters and our commercial strategy, we recently had three price reductions. The first quarter was very interesting. We advanced in the Midwest. It grew 9.7%. We captured a very significant part of this increase in the Midwest.

因此，我想強調的是，對於柴油，根據市場參數和我們的商業策略，我們最近進行了三次降價。第一季非常有趣。我們在中西部取得了進展。增長了9.7%。我們在中西部地區佔據了這一增長的很大一部分。

And it represented an expansion of about 72% to 74% of the diesel market. So we have been making use of that. But we also saw some effects. The tariff wars, there was another announcement from OPEP to continue their production, and that's why we had three reductions. Just to give you an idea, they all completed $0.45.

這意味著柴油市場的擴張幅度約為 72% 至 74%。所以我們一直在利用這一點。但我們也看到了一些影響。關稅戰之後，石油輸出國組織（OPEP）又宣布將繼續生產，這就是我們三次減產的原因。只是為了給你一個概念，他們都完成了 0.45 美元。

And our expectation for -- is that $0.39 would be reflected as a cost reduction for our consumers, but this also has not happened. In conclusion, we're looking at all of these elements to decide how we're going to apply readjustments and do our commercial strategy in the best way possible.

我們的期望是——0.39 美元將體現為消費者成本的降低，但這還沒有發生。總之，我們正在考慮所有這些因素，以決定如何進行調整並以最佳方式實施我們的商業策略。

Rodolfo Angele, JPMorgan.

摩根大通的 Rodolfo Angele。

Thank you. Good afternoon, everyone. My first question is about costs. The message from the CEO was very interesting. And adjusting the company for lower oil prices. And we've noticed and we've had a discussion with investors. We posted a report on the fact that lifting costs have gone up. So we like to see this focus on cutting costs.

謝謝。大家下午好。我的第一個問題是關於成本。首席執行官傳達的訊息非常有趣。並針對較低的油價對公司進行調整。我們注意到了這一點，並且已經與投資者進行了討論。我們發布了一份有關起重成本上漲的報告。因此，我們希望看到將重點放在削減成本上。

So my question is, can you give us some more color about what initiatives you are taking? What is the highest potential for cost cutting? And if possible, what is your ambition? What value do you expect to capture? That's my first question.

我的問題是，您能否向我們詳細介紹您正在採取的舉措？削減成本的最大潛力是什麼？如果可能的話，你的願望是什麼？您希望捕獲什麼價值？這是我的第一個問題。

The second question is with lower price scenarios, we will obviously see companies getting more conservative about their cash use, but we would also like to know if -- considering capital allocation, if there's any space for in this effort of reviewing expenses and so on if we see -- we'll see lower CapEx levels and maybe some extraordinary dividends throughout the year? Thank you.

第二個問題是，在價格較低的情況下，我們顯然會看到公司在現金使用方面變得更加保守，但我們也想知道——考慮到資本配置，在審查費用等方面是否有任何空間——我們是否會看到較低的資本支出水平，或許全年都會有一些特別的股息？謝謝。

Thank you, Rodolfo. I'm going to forward to Fernando.

謝謝你，羅道夫。我要轉寄給費爾南多。

Rodolfo, let's start with your second question about CapEx. Well, first, I want to reiterate that the commitment -- our commitment is with sustainability of the company to be important to society and to adequately compensate all of our investors. So when you come across a lower Brent, you have to take some measures. As we said, we are optimizing sectional expenditures to make up for the inflation and to go back to historical levels. This is one objective, simplifying projects.

羅道夫，讓我們從資本支出的第二個問題開始。首先，我想重申我們的承諾——我們的承諾是公司的永續發展、對社會的重要性以及對所有投資者的充分補償。因此，當遇到布蘭特原油價格下跌時，你必須採取一些措施。正如我們所說，我們正在優化部門支出，以彌補通貨膨脹並回到歷史水平。這是一個目標，簡化專案。

We had a project that was postponed to undergo an engineering review and to make it more efficient and also prioritizing projects that are bringing about positive cash flows. (technical difficulty)

我們有一個項目被推遲，以進行工程審查並提高其效率，同時優先考慮那些帶來正現金流的項目。（技術難度）

Am I back? Okay. So in our investment portfolio, obviously, we've been trying to prioritize the most important projects from a financial and a strategic perspective. But before we can come up with a rationale of reducing the CapEx, we need to analyze our possibilities around reducing costs so that we can keep the CapEx at the current level and to execute the projects.

我回來了嗎？好的。因此，在我們的投資組合中，顯然我們一直在嘗試從財務和策略角度優先考慮最重要的項目。但在我們提出降低資本支出的理由之前，我們需要分析降低成本的可能性，以便我們可以將資本支出保持在當前水準並執行專案。

Today's projects are Petrobras' future, as we all know, and they'll be prioritized. Sylvia, Renata, would you like to say anything about the costs?

眾所周知，今天的項目代表著巴西石油公司的未來，因此這些項目將被優先考慮。西爾維亞、雷娜塔，你們想談談費用問題嗎？

Well, one way for us to assess the optimization of costs, we've been talking to the performance area, we could increase our operational efficiency, which is a way for us to bring down the costs of our offshore areas. And in the onshore areas, we've talked about a significant reduction of all costs so that they become profitable.

嗯，我們評估成本優化的一種方法是我們一直在討論績效領域，我們可以提高營運效率，這是我們降低離岸地區成本的一種方法。在陸上地區，我們談到了大幅降低所有成本，以實現盈利。

So for all of our assets, they have a positive ROI, and we will keep on improving it with the optimizations and with the search for lower costs so as to produce results and to lower the costs, as I said.

因此，對於我們所有的資產來說，它們都有正的投資回報率，而且我們將繼續透過優化和尋求降低成本來改進它，以便產生成果並降低成本，正如我所說的那樣。

Vicente Falanga, Bradesco BBI.

文森特法蘭加 (Vicente Falanga)，布拉德斯科 BBI。

Thank you. I also have two questions. Well, first, we haven't seen some FPSOs delivering growth for quite some time now. In an area in Maria Quiteria, their projects that have been more or less flat for some time. Are there any difficulties being faced by these projects?

謝謝。我也有兩個問題。首先，我們已經有相當長一段時間沒有看到一些 FPSO 實現成長了。在瑪麗亞基特里亞 (Maria Quiteria) 的一個地區，他們的專案一段時間以來或多或少已經停滯不前。這些項目目前面臨哪些困難？

Are the revamps profitable, or is it about time that we thought these assets, maybe resell these assets? And my second question is about gas and energy, which dropped expressively in this quarter, as was explained in the release. Is it possible to say that the company will recover its EBITDA with the Route three ramp-up? And if so, at what levels will the EBITDA stabilize after this ramp-up?

這些改造是否有利可圖，或者我們是否應該考慮轉售這些資產？我的第二個問題是關於天然氣和能源的，正如新聞稿中所解釋的那樣，本季天然氣和能源價格大幅下降。是否可以說，隨著三號線的開通，該公司的 EBITDA 將會恢復？如果是這樣，那麼在這次成長之後，EBITDA 將會穩定在什麼水準？

Thanks, Vicente. I'll give the floor to Sylvia.

謝謝，維森特。我現在請西爾維亞發言。

Vicente, when we deal with revamping projects, while they are mature fields and in order for them to resume that production levels, they need more water injection, more producing wells. So differently from the pre-salt fields that are quick to achieve the peak, they take more time.

維森特，當我們處理改造計畫時，雖然它們是成熟的油田，但為了恢復生產水平，它們需要注入更多的水，並開採更多的井。因此，與快速達到高峰的鹽下油田不同，它們需要更多時間。

In the case of these fields, the forecast is 2026. The same thing happens with Maria Quiteria as anticipated, but our forecast is that it will only reach peak levels towards the end of the year. So these are areas that really require more wells, more water injection, and they take longer to produce results. This is more or less taken into account when it comes to developing these wells. Renata?

對於這些領域，預測是 2026 年。正如預期的那樣，瑪麗亞·基特里亞 (Maria Quiteria) 也發生了同樣的事情，但我們預測它要到年底才會達到高峰。因此，這些地區確實需要更多的井、更多的注水，而且需要更長的時間才能產生效果。在開發這些油井時，或多或少都會考慮到這一點。雷娜塔？

You're right. the productivity of the pre-salt wells reaches 50,000 or 60,000 barrels per day from one well only. That's why with four wells, we can top up a platform, which is different from what Sylvia said about the revamping projects. But I'd like to reinforce that all of these revamped projects, they are submitted to our robustness factors. And one of our best projects is the Albacora, an excellent tier VPL.

你說得對。光是一口鹽下井的產量就達到每天5萬或6萬桶。這就是為什麼有了四口井，我們就可以補充一個平台，這與西爾維亞所說的改造計畫不同。但我想強調的是，所有這些改進的項目都經過了我們穩健性的因素考量。我們最好的項目之一是 Albacora，一個優秀的 VPL 等級。

So we'll keep on implementing these projects. As we said before, we're looking for simplification. And once again, revision Albacora. We have a top side, which is one of the possibilities to measure the possibility of the project, it's at 35,000 tonnes. And with other projects where we're looking at 60,000 or 70,000 tonnes, we're able to truly simplify Albacora after lots of conversations with the market and suggestions to simplify the project.

因此我們將繼續實施這些項目。正如我們之前所說，我們正在尋求簡化。再次，修改 Albacora。我們有一個頂部，這是衡量專案可能性的可能性之一，它是 35,000 噸。對於我們正在考慮的 6 萬或 7 萬噸的其他項目，在與市場進行了大量對話並聽取了簡化項目的建議後，我們能夠真正簡化 Albacora 項目。

So the Albacora project is really one of our best projects in our portfolio today.

因此，Albacora 計畫確實是我們目前投資組合中最好的項目之一。

When it comes to gas, Vicente, a series of initiatives indicate that we'll probably see an improvement in the performance and the results of gas. The first one is a quite aggressive policy around capturing new clients in the free market. We saw significant progress in this quarter, and we will keep on seeing this progress. There's also this incentive policy that was launched, a premium for increased demand on the market. That applies to distributors and the free market equally.

談到天然氣，維森特，一系列舉措表明我們可能會看到天然氣性能和結果的改善。第一個是在自由市場中吸引新客戶的相當積極的政策。我們在本季度看到了重大進展，我們將繼續看到這種進展。另外也推出了激勵政策，對市場需求增加給予獎勵。這同樣適用於經銷商和自由市場。

And this also generates more revenue and more clients.

這也會帶來更多的收入和更多的客戶。

Third important factor that shows that our results will get better is -- I think you mentioned this, the full operations of the UPGN in the Boaventura Complex Route 3, which will improve our product portfolio and increase -- will increase our competitiveness. There's 2 more important aspects. The first one being the auction which is scheduled to happen. And we have 9 existing plants already registered for this tender and 2 new plants with good expectations around hiring these plants. And finally, the last important factor in terms of producing results is a very solid initiative involving several stakeholders around the discussion of the regulatory framework for the transportation assets or the so-called -- the so-called BRA.

表明我們的業績將會更好的第三個重要因素是——我想您提到過這一點，UPGN 在 Boaventura 綜合體 3 號路線的全面運營，這將改善我們的產品組合併提高——將增強我們的競爭力。還有兩個重要面向。第一個是即將舉行的拍賣會。目前，我們已有 9 家現有工廠報名參加此次招標，另有 2 家新工廠，我們對租用這些工廠抱持良好的期望。最後，產生結果的最後一個重要因素是涉及多個利益相關者的關於運輸資產監管框架或所謂的 BRA 的討論的非常堅實的倡議。

When it comes to gas, Vicente, a series of initiatives indicate that we'll probably see an improvement in the performance and the results of gas. The first one is a quite aggressive policy around capturing new clients in the free market. We saw significant progress in this quarter, and we will keep on seeing this progress. There's also this incentive policy that was launched, a premium for increased demand on the market. That applies to distributors and the free market equally. And this also generates more revenue and more clients.

談到天然氣，維森特，一系列舉措表明我們可能會看到天然氣性能和結果的改善。第一個是在自由市場中吸引新客戶的相當積極的政策。我們在本季度看到了重大進展，我們將繼續看到這種進展。另外也推出了激勵政策，對市場需求增加給予獎勵。這同樣適用於經銷商和自由市場。這也會帶來更多的收入和更多的客戶。

Third important factor that shows that our results will get better is -- I think you mentioned this, the full operations of the UPGN in the Boaventura Complex Route 3, which will improve our product portfolio and increase -- will increase our competitiveness.

表明我們的業績將會更好的第三個重要因素是——我想您提到過這一點，UPGN 在 Boaventura 綜合體 3 號路線的全面運營，這將改善我們的產品組合併提高——將增強我們的競爭力。

There's two more important aspects. The first one being the auction which is scheduled to happen. And we have nine existing plants already registered for this tender and two new plants with good expectations around hiring these plants.

還有兩個更重要的面向。第一個是即將舉行的拍賣會。目前，我們已有 9 家現有工廠報名參加此次招標，另有 2 家新工廠對租用這些工廠抱持良好的期望。

And finally, the last important factor in terms of producing results is a very solid initiative involving several stakeholders around the discussion of the regulatory framework for the transportation assets or the so-called -- the so-called BRA.

最後，產生結果的最後一個重要因素是涉及多個利益相關者的關於運輸資產監管框架或所謂的 BRA 的討論的非常堅實的倡議。

And we are now asking for the amounts paid by Petrobras and the other players to be considered equally. So our expectations for the next quarters is one of improvement.

我們現在要求平等考慮巴西石油公司和其他參與者支付的金額。因此，我們對下一季的預期是有所改善。

Bruno Montanari, Morgan Stanley.

摩根士丹利的布魯諾蒙塔納裡。

Good afternoon, and thanks for answering my questions. First, about the CapEx. In terms of what we can expect for the CapEx for the next quarters of 2025, it probably makes sense to think that it was a bit higher than what we normally see in the beginning of the year.

下午好，感謝您回答我的問題。首先，關於資本支出。就我們對 2025 年下一季的資本支出的預期而言，認為它比我們通常在年初看到的水平略高一些可能是有道理的。

And that being the case, maybe the second and the third quarter will probably go to lower levels before it goes up again to regular levels towards the end of the year, if that's to be expected. And secondly, as the President said, the beginning of the year was very good for oil production in Brazil, maybe even above the expectations.

在這種情況下，如果可以預期的話，第二季和第三季可能會降至較低水平，然後在年底前再次回升至正常水平。其次，正如總統所說，今年年初巴西的石油產量非常好，甚至可能超乎預期。

So I'd like to hear from you, what was the scheduled maintenance pipeline like for these months and which units have a scheduled maintenance -- have maintenance scheduled for the next few months? Just so we can understand how much of this results from -- project from maintenance and how much comes from the ramp-up.

所以我想聽聽您的意見，這幾個月的預定維護流程是什麼樣的，哪些單位有預定維護——未來幾個月有預定維護嗎？這樣我們就可以了解其中有多少來自維護項目，有多少來自提升。

Thank you. I'll give the floor to Fernando for your first question.

謝謝。我請費爾南多回答您的第一個問題。

Bruno, thank you for your question. The first question about CapEx. It's important to say that there was a transfer carryover from the measurement that was done in December, and the first payment occurred in the first quarter of 2025. So there was this carryover effect and also some measurements that were not completed in December and that were just completed in the first quarter.

布魯諾，謝謝你的提問。第一個問題是關於資本支出的。值得一提的是，12 月進行的測量產生了轉移結轉，第一次付款發生在 2025 年第一季。因此存在這種結轉效應，並且還有一些測量在 12 月尚未完成，而在第一季才完成。

And therefore, in the second quarter, we're going to see additional payments. And after that period, it will normalize. And we'll no longer see these extraordinary events, so it will become regular. Our guidance remains at BRL18.5 billion, of course, with FX rate adjustments. And our goal is to deliver a guidance of BRL18.5 billion, as I said. Would you like to add anything?

因此，在第二季度，我們將看到額外的付款。這段時間過後，它就會恢復正常。我們將不再看到這些異常事件，因此它將成為常態。當然，我們的指導金額仍為 185 億巴西雷亞爾，並會根據匯率進行調整。正如我所說，我們的目標是實現 185 億巴西雷亞爾的指導目標。您想添加什麼嗎？

Hi, Bruno, the downtimes, the scheduled downtimes are essential for maintenance of the rig. And for safety purposes, we have a schedule of -- scheduled maintenances for all of the rigs, and the first quarter was no different. Our downtime resulted in 245,000 barrels due to P-68, 70 FPSO Marica in the Santos Basin. So basically, we did what we had planned in terms of scheduled downtime for the first quarter.

你好，布魯諾，停機時間，即計劃的停機時間對於鑽機的維護至關重要。為了安全起見，我們對所有鑽孔機都制定了定期維護計劃，第一季也不例外。由於桑托斯盆地的 P-68,70 FPSO Marica 停工，導致石油損失 245,000 桶。因此，基本上，我們按照第一季預定的停機時間進行了規劃。

And I should reiterate this. It was very good from the perspective of production and also from the perspective of new discoveries. We had three. We made two discoveries in Aram, also the North of Brava. And if we combine the [Forno Brava] in the North of Brava, basically, we have a pre-salt unit around the Santos -- the Campos Basin, which is really a reconstruction of the Campos spacing using not only the oil that we have there in the pre-salt, but also in the salt area.

我應該重申這一點。從製作角度和新發現角度來看，這都非常好。我們有三個。我們在阿拉姆和布拉瓦北部有兩項發現。如果我們將布拉瓦北部的 [Forno Brava] 結合起來，基本上，我們在桑托斯周圍有一個鹽下單元——坎波斯盆地，它實際上是對坎波斯間隔的重建，不僅使用我們在鹽下中的石油，還使用我們在鹽區的石油。

This is very significant and very soon, all be seeing results for the other units. In addition to protection, these discoveries also strengthen the Campos Basin and also the Santos Basin.

這非常重要，而且很快其他單位都會看到成果。除了保護之外，這些發現還加強了坎波斯盆地和桑托斯盆地。

Renata, would you like to add anything?

雷娜塔，您還有什麼要補充的嗎？

Yes, please, about the CapEx, Bruno. Last year, we reviewed our planning process, our CapEx planning process and how it would behave throughout the year. So we're pretty sure that we'll stay within the guidance, 18.5, more or less, 10%. And one thing that reassures us is that most of the big projects are already hired. So there won't be too many bumps along the road for this year. And our forecast is that will really (inaudible)

是的，請談談資本支出，布魯諾。去年，我們回顧了我們的規劃流程、資本支出規劃流程以及它全年的運作方式。因此，我們非常確定我們將保持在指導範圍內，即 18.5，或多或少，10%。讓我們放心的是，大多數大項目都已經被承包了。所以今年的道路上不會有太多坎坷。我們的預測是（聽不清楚）

Matheus, UBS

瑞銀集團馬修斯

My first question is about dividends. The way our policy is set up in our accounts with oil close to or below $60 per barrel, Petrobras may be required to issue debt to pay the dividends of 45% in terms of free cash flow. If it comes to that, wouldn't make sense to -- for you to change the policy? That's my first question.

我的第一個問題是關於股息的。根據我們的政策，當油價接近或低於每桶 60 美元時，巴西石油公司可能需要發行債務來支付 45% 的自由現金流股息。如果事情發展到這個地步，你改變政策是否有意義？這是我的第一個問題。

And the second question is that in terms of LNG, we understand that there is restrictions in terms of the supply and the fact that the company has to depend on the LNG market. How do you see the competition in this industry given the higher costs in terms of import infrastructure? And how do you think about increasing the availability of LNG? Will you increase the number of refineries as the revamp plan for the next 5 years states? Those are my questions.

第二個問題是，就液化天然氣而言，我們了解到供應方面有限制，而且公司必須依賴液化天然氣市場。鑑於進口基礎設施成本較高，您如何看待該產業的競爭？您如何看待提高液化天然氣的供應量？你們會像未來5年的改造計畫中所說的增加煉油廠的數量嗎？這些都是我的問題。

Well, thank you, Matheus. I will give the floor to Fernando.

好吧，謝謝你，馬修斯。我現在請費爾南多發言。

Good afternoon, Matheus. First, I'd like to reiterate our commitment to the ordinary dividends, according to the methodology, 45% over the free cash flow. And it's self-addressable. Because the basis as it increases, it will increase and vice versa. So it gets adjusted according to our base.

下午好，馬修斯。首先，我想重申我們對普通股股利的承諾，根據方法論，普通股股利應為自由現金流的 45%。並且它是可自尋址的。因為基礎隨著它的增加而增加，反之亦然。所以它會根據我們的基礎進行調整。

And as for the debt when we defined the strategic plan at the end of the year, we decided that we would change the size of the debt to $75 billion. It was $65 billion before, with three main motivations. The first o being potential investments that we were not able to see back then and are still not able to see that would lead to an increase in the debt. And that's why we considered a debt of around $65 billion approximately.

至於債務，當我們在年底制定戰略計劃時，我們決定將債務規模改為 750 億美元。之前是650億美元，主要有三個動機。首先是我們當時無法預見、現在仍無法預見的會導致債務增加的潛在投資。這就是為什麼我們認為債務約為 650 億美元。

The second thing was to account for the fragment because with the beginning of the first oil in Maria Quiteria and Tamandare, it had an impact on the worsening of the debt. So we acknowledge the debt with the first oil as expected and with the first oil that's associated with the revenue. So it's an increase in the debt with an associated revenue, which is positive.

第二件事是解釋碎片，因為隨著瑪麗亞基特里亞和塔曼達雷第一批石油的開始，它對債務的惡化產生了影響。因此，我們按預期承認第一批石油帶來的債務，以及與收入相關的第一批石油所帶來的債務。因此，債務增加的同時收入也增加，這是正面的。

And the third aspect is cash management. If there was any change in the scenario like the Brent price, we would need to have flexibility in terms of accounting for the cash flow with the company and moving forward and facing any occasional turbulences. So nothing changes in terms of the debt size, it's still at 75, and that's why it's possible that the 65 that we said would be our goal for the entire strategic planning might see some oscillations. But of course, with the constant commitment on our part towards maintaining the payment of dividends.

第三個方面是現金管理。如果情況發生任何變化，例如布蘭特原油價格的變化，我們需要在核算公司現金流、向前發展以及應對任何偶爾出現的動盪方面具有靈活性。因此，債務規模沒有任何變化，仍為 75，這就是為什麼我們所說的整個策略規劃目標 65 可能會出現一些波動。當然，我們始終致力於維持股利支付。

As for the extraordinary dividends, it will depend on the capacity to generate cash flow. If there is a cash flow above the adequate levels, undoubtedly, we will distribute special dividends.

至於特別股息，則取決於產生現金流的能力。如果現金流超過充足水平，毫無疑問，我們將派發特別股息。

Thanks, Fernando. Schlosser about the LNG, please.

謝謝，費爾南多。請向 Schlosser 介紹一下 LNG。

Well, Matheus, about the LNG and the infrastructure. One thing we have prepared for the future is an increase in the production of LNG. Investments in refining and expansion of capacity are highly focused on diesel, but also they focus on LNG. In terms of infrastructure, the prediction of LNG in Brazil, the most relevant fact is Boaventura. We have two trains for the processing of natural gas starting up with a very significant production.

嗯，馬修斯，關於液化天然氣和基礎設施。我們為未來所做的準備之一就是增加液化天然氣的產量。煉油和產能擴張的投資主要集中在柴油上，但也關注液化天然氣。在基礎設施方面，巴西液化天然氣的預測，最相關的事實是博阿文圖拉。我們有兩條天然氣加工生產線投入運行，產量非常可觀。

So this infrastructure that was initiated or will yield relevant production levels and the logistic aspects related to the distribution of LNG is being planned by the department. There are projects involving the investments of third parties, companies, especially distributors, which have been doing that for quite some time, but which have not materialized yet, but they would effectively be very helpful when it comes to the supply of LNG. But the company has been increasing the production of LNG, especially given that Boaventura has the highest levels right now.

因此，該部門正在規劃已啟動或將產生相關生產水準的基礎設施以及與液化天然氣分銷相關的物流方面。有些項目涉及第三方、公司（特別是分銷商）的投資，這些公司已經做了相當長一段時間，但尚未實現，但在液化天然氣供應方面，這些項目實際上會非常有幫助。但該公司一直在增加液化天然氣的產量，尤其是考慮到博阿文圖拉目前的液化天然氣產量最高。

If I may add to that. Before we began, the CEO gave us an important message of austerity. So we have three major fronts that I've discussed before with you, and we're going to continue with this austerity plan, and we have some forward term measures to see if we can make some short-term reductions, but we also have some medium- and long-term initiatives. But this is all in our strategic plan. So it's not that we're increasing our debt.

如果我可以補充一點的話。在我們開始之前，執行長向我們傳達了一條重要的緊縮訊息。因此，我們有三個主要方面，我之前已經與你們討論過，我們將繼續執行這項緊縮計劃，並且我們有一些前瞻性措施，看看我們是否可以進行一些短期削減，但我們也有一些中長期舉措。但這一切都在我們的戰略計劃之中。所以，這並不是說我們的債務增加了。

Rodrigo Almeida, Santander Bank.

羅德里戈·阿爾梅達，桑坦德銀行。

Good afternoon. I have a specific point about the Equatorial Margin. I think there were some advances at this or at least it seems to have advanced, looking at it from outside. So I'd just like to get an update on what we can expect and monitor for the next months with the licensing process and the exploration process in the region, if you have a license approved?

午安.我對赤道邊緣有一個具體的觀點。我認為在這方面取得了一些進展，或者至少從外部來看似乎取得了進展。因此，如果許可證獲得批准，我只想了解我們可以預期並監控未來幾個月該地區的許可流程和勘探流程的最新情況嗎？

Still on the same topic, I'd like to ask your long-term view on the Equatorial Margin. I know that we don't have all of the details, but I think we'll have a relevant part of the exploratory section in the plan. We've been talking about this for a long time.

還是同樣的話題，我想問一下您對赤道邊緣的長期看法。我知道我們還沒有掌握全部細節，但我認為我們會在計劃中加入相關的探索部分。我們已經談論這個問題很久了。

But if we start developing assets in the region, how do you believe the business plan will support these additional investments in CapEx and in developing the region? Would you be willing to share these assets with other partners to help fund these projects? Or having a portfolio recycling plan for other assets to finance the development of the Equatorial Margin? Thank you.

但是，如果我們開始在該地區開發資產，您認為商業計劃將如何支持這些額外的資本支出和該地區的發展？您是否願意與其他合作夥伴分享這些資產以幫助資助這些專案？或是製定其他資產的投資組合回收計畫來資助赤道邊緣的發展？謝謝。

Thank you. I'll pass it over to Sylvia and Clarice.

謝謝。我會把它交給西爾維亞和克拉麗斯。

Hi, Rodrigo. So yeah, we have some expectations for the Equatorial Margins. We've already complied all the requirements from Ibama. They have been handed to Director Clarice. We have two centers in [Belem] and Oiapoque awaiting Ibama to go and see if everything is fine.

你好，羅德里戈。是的，我們對赤道邊緣有一些期望。我們已經滿足了 Ibama 的所有要求。它們已被交給克拉麗斯主任。我們在貝倫和奧亞波克有兩個中心正在等待 Ibama 的前往，看看一切是否正常。

We already have a probe being -- here in [Bahia]. So now what we need to do is to receive approval for the probe and start drilling. In our strategic plan, we have foreseen $3 billion for the margin. The first well for this year is included in that. And for all of the margin, we will -- we have 15 wells planned for the next five years.

我們已經進行了一次探測——[巴伊亞州]。所以現在我們需要做的就是獲得探測批准並開始鑽探。在我們的戰略計劃中，我們預計利潤為 30 億美元。其中包括今年的第一口井。對於所有的利潤，我們計劃在未來五年內開採 15 口油井。

So once the discovery started, we are delineating the field. So we have some margins in our budget to do this. But this will take four or five additional years for production to begin once the field has been marked. So that will be outside of this five-year limit, and we can reschedule our investments according to the future investment plan.

因此，一旦開始發現，我們就會劃定該領域。因此我們的預算中還留有一些餘地來做這件事。但一旦油田被標記，還需要四到五年的時間才能開始生產。因此這將超出五年期限，我們可以根據未來的投資計劃重新安排投資。

However, what we need is to truly have a discovery so that we can think about getting to work in production. But meanwhile, we don't depend only on this. We have other wells to drill here in the Southeast Margin. And we even have some wells planned for abroad in Colombia and also Sao Tome and Principe, where we also have some drills planned. So we are optimizing our fields, the Campos and Santos fields, improving our efficiency, adding complementary wells and we're making strong investments to obtain a license in the Equatorial Margin.

然而，我們需要的是真正有一個發現，這樣我們才能考慮將其投入生產。但同時，我們也不只依賴這一點。我們在東南邊緣還有其他井要鑽。我們甚至計劃在哥倫比亞、聖多美和普林西比等國外國家打一些油井，並計劃在那裡進行一些鑽探。因此，我們正在優化我們的油田，即坎波斯油田和桑托斯油田，提高我們的效率，增加補充井，並且我們正在大力投資以獲得赤道邊緣的許可證。

But meanwhile, other areas are being worked on, such as the Colombia well and also Sao Tome and Principe. And at the end of the year, South Africa as well.

但同時，其他地區也正在進行作業，例如哥倫比亞油井以及聖多美和普林西比油井。年底，南非也將迎來同樣的盛況。

Hi, Rodrigo, that's an excellent question because it gives us the opportunity of telling you about something. We just recently had a simulation in Petrobras with Oiapoque with over 200 people involved. We went through all the exercises, responding to emergencies, rescuing and treating fauna. And across all of these exercises, our results were according to Ibama manuals. So that's very important.

你好，羅德里戈，這個問題問得非常好，因為它讓我們有機會告訴你一些事情。我們最近剛與 Oiapoque 在巴西石油公司進行了一次模擬，有 200 多人參與。我們進行了所有演習，應對緊急情況，救援和治療動物。在所有這些演習中，我們的結果都符合 Ibama 手冊。所以這非常重要。

It demonstrates that we are ready. And Sylvia has even talked about cleaning the probe. We already have a licensed fauna. We have a license to operate from CEMA. And in Oiapoque, we're also bringing a contingency of equipment and trained professionals to respond to emergencies.

這表明我們已經做好了準備。西爾維亞甚至談到了清理探測器。我們已經擁有獲得許可的動物群。我們擁有 CEMA 頒發的經營許可證。在奧亞波克，我們也提供了緊急設備和訓練有素的專業人員來應對緊急情況。

So everything that is in our environmental defense systems are present in Oiapoque as well. Every week, we've communicated to Ibama all the steps that the company has taken, and we're demonstrating our readiness to have the preoperational assessment, which is one step before the license to operate. Thank you.

因此，我們環境防禦系統中的一切也都存在於奧亞波克。每週，我們都會向 Ibama 通報公司採取的所有措施，並表明我們已準備好進行營運前評估，這是獲得營運許可證之前的一步。謝謝。

[Gabriel Barra].

[加布里埃爾巴拉]

Hi, everyone, can you hear me?

大家好，聽得到我說話嗎？

Yes, go ahead.

是的，請繼續。

I have two. The first is we recently had OTC. I got a presentation from Renata about this. And this has been an important topic for the company, especially in contracting not only services, but also projects. So in this presentation, Renata discussed vessels, vessels here in Brazil.

我有兩個。首先是我們最近有場外交易。我從 Renata 那裡得到了有關此事的演示。這對公司來說一直是一個重要的課題，尤其是在承包服務以及專案方面。因此，在本次演講中，雷娜塔討論了巴西的船隻。

We also saw some news from Magda with some meetings she had with people in other countries who are trying to bring investments to the country with shipyards. So I'd like to hear from Renata, how we can solve this equation. With oil prices being low, we also see that prices -- or excuse me, services have also received conservative investments. So if you can give us that feedback on OTC, how we can understand this issue from your perspective? That would be an important point.

我們也看到了瑪格達的一些新聞，她與其他國家一些試圖透過造船廠為該國帶來投資的人舉行了一些會議。所以我想聽聽雷娜塔的意見，我們如何才能解決這個問題。隨著油價低迷，我們也看到價格——或者不好意思，服務業也獲得了保守的投資。因此，如果您可以向我們提供有關 OTC 的回饋，我們如何從您的角度理解這個問題？這是一個重要的觀點。

And my second point is about the gas market. For a while, Brazil has had discussions about opening the gas market, the price of gas in Brazil. And there has been a long discussion on how to make gas prices lower in Brazil. So I'd like to hear your take on that. What would the company's strategy be with [Heventura] and with the highest capacity for gas in a market that is not having higher demands and that still has a high price?

我的第二點是關於天然氣市場。一段時間以來，巴西一直在討論開放天然氣市場、巴西天然氣價格等議題。關於如何降低巴西的天然氣價格，人們已經進行了長期的討論。所以我想聽聽你對此的看法。在需求沒有增加但價格仍然很高的市場中，該公司對 [Heventura] 和最高天然氣容量的策略是什麼？

So I'd just like to hear what your strategy is. You've signed some agreements in the free market with the ceramics industry. So I'd just like to hear about your strategy in the gas market and how this will back the company's results from now on? Thank you.

所以我只是想聽聽你的策略是什麼。你們已經與陶瓷產業在自由市場上簽署了一些協議。所以我想聽聽您在天然氣市場的策略，以及這將如何影響公司的表現？謝謝。

I'll start with Director Renata. Thank you for your questions, and then we'll answer the second question.

我首先從雷娜塔主任開始。謝謝大家的提問，接下來我們來回答第二個問題。

Hi, Gabriel. So we have been simplifying our projects. I had mentioned a couple of other times talking again about the top side of the projects. This is one of the complexity measures that we have. When we have the first FPSOs installed in the pre-salt layer, the weight of these top sites was not over 30,000 tonnes, and the ones in Buzios are over 60,000 tonnes.

你好，加布里​​埃爾。因此我們一直在簡化我們的項目。我曾多次提到再次討論專案的頂層。這是我們的複雜度衡量標準之一。當我們在鹽下層安裝第一批FPSO時，這些頂級站點的重量不超過3萬噸，而布茲奧斯的站點的重量超過6萬噸。

So we really need to go back to basics. This is the effort we're making. We took a project from replicates. And what we need to do is have minimal changes to have a very lean project. So we made this effort.

所以我們確實需要回歸本源。這就是我們正在做出的努力。我們從重複中選取了一個項目。我們需要做的是盡量減少改變，以打造一個非常精簡的項目。所以我們做出了這個努力。

We concluded this study, and we're implementing it in several projects. I've mentioned Albacora, which is simple. We've implemented many simplifications with [CF 1 and 2]. The tender winners -- or excuse me, the tender organizers asked for some more days to organize this, but we also have to look at in the last year, this has grown because of a lack of competition. We had basically two suppliers there.

我們完成了這項研究，並正在幾個項目中實施它。我提到過 Albacora，它很簡單。我們實施了許多簡化措施[CF 1 和 2]。投標獲勝者——或者對不起，投標組織者要求多花些時間來組織此事，但我們也必須看看去年的情況，由於缺乏競爭，這一規模有所擴大。我們在那裡基本上有兩家供應商。

And we made a strong effort with the market. We try to find new suppliers. And in the last bid tender, we were pleasantly surprised by receiving proposals that were far below the other ones that we had carried out.

我們在市場上做出了巨大努力。我們嘗試尋找新的供應商。在上次投標中，我們驚訝地發現，收到的提案遠低於我們執行過的其他提案。

So this is what we have been trying to do. We're trying to find more suppliers. We went to China to try to see if we can attract partners to Brazilian shipyards. As a company and just as with any other company, we prefer to have our suppliers nearby. Geopolitical issues are on the top of mind.

這就是我們一直在努力做的事情。我們正在努力尋找更多的供應商。我們去中國是為了看看是否能吸引合作夥伴到巴西造船廠。作為一家公司，就像任何其他公司一樣，我們希望我們的供應商就在我們附近。地緣政治問題是人們最關心的問題。

So we need to understand if our projects can be carried out here in Brazil. Of course, quality and price are factors, and we're not going to let go of that, but we want to have it in Brazil. And we're inviting partners from other companies and from other countries to join us.

因此我們需要了解我們的計畫是否可以在巴西開展。當然，品質和價格也是考慮因素，我們不會放棄這些，但我們希望在巴西實現這一目標。我們也邀請其他公司和其他國家的合作夥伴加入我們。

One example is Singapore. (inaudible) which is the merge of the previous (inaudible) with [Jurong], has two shipyards in Brazil. They are completely full. The [Arakurus-1] had 1,800 employees, and now they have 5,000 employees. In [Andres Duceis], they also have 5,000 employees.

新加坡就是一個例子。 (聽不清楚) 是由之前的 (聽不清楚) 與 [裕廊] 合併而成，在巴西擁有兩家造船廠。它們已經完全飽了。[Arakurus-1] 最初有 1,800 名員工，現在有 5,000 名員工。在[Andres Duceis]，他們也有 5,000 名員工。

And their demand is so high that they're already spreading it to other partners like (inaudible) So this is about making waves in the market. So our strategy is to simplify projects so that we can attract more suppliers in order to become more competitive with our bid tender processes.

他們的需求如此之高，以至於他們已經將其傳播給其他合作夥伴，例如（聽不清楚）因此這是為了在市場上掀起波瀾。因此，我們的策略是簡化項目，以便我們能夠吸引更多的供應商，從而使我們的投標招標流程更具競爭力。

Thank you, Renata. Director Tolmasquim will now answer.

謝謝你，雷娜塔。托爾馬斯奎姆主任現在將作出答案。

Yes, Gabriel, you're right. This is a much more competitive environment than we had in the past. In about three years with market opening, we have had 19 suppliers in the market. So these are 19 potential competitors. And this creates a challenge for us.

是的，加布里埃爾，你是對的。現在的競爭環境比過去更加激烈。市場開放約三年，目前我們在市場上已有 19 家供應商。所以這些是 19 個潛在競爭對手。這給我們帶來了挑戰。

We have to find new clients. So in order to do that, we have created a significantly aggressive strategy with pricing, and this has had its results in the last few quarters, we've talked about three buyers who have signed contracts with Petrobras, and we can't give details, but we are negotiating with many others, and this will be announced as the contracts are signed.

我們必須尋找新客戶。因此，為了做到這一點，我們制定了非常積極的定價策略，並且在過去幾個季度中取得了成效，我們已經談及了三家與巴西石油公司簽訂合約的買家，我們無法透露細節，但我們正在與許多其他買家進行談判，我們將在簽訂合約時宣布這一消息。

We have a policy because our contracts with distributors have a clause in which we can reduce the contract if a free consumer has a contract in the free market. So this has also hindered gas distributors work. So this is an environment that we're facing, but we believe we are prepared and we will continue to launch new products in order to get a better share of the market.

我們制定了一項政策，因為我們與分銷商簽訂的合同中有一項條款，規定如果自由消費者在自由市場上簽訂了合同，我們可以減少合同金額。所以這也阻礙了天然氣經銷商的工作。這就是我們所面臨的環境，但我們相信我們已經做好了準備，我們將繼續推出新產品，以獲得更好的市場份額。

Luiz Carvalho, BTG.

路易斯·卡瓦略，BTG。

Hello, good afternoon. Thank you for taking my question. I also have two. The first is for Director Renata. Referring back to one of the questions that was asked about President Magda's initial comments on cost reduction, simplifying projects.

大家好，下午好。感謝您回答我的問題。我也有兩個。第一個是獻給雷娜塔主任的。回顧一下有關瑪格達總統最初關於降低成本、簡化項目的評論的一個問題。

I was trying to quantify the potential impact of the simplification process and the reduction of the top side weight. We saw PSUs that had a total cost of $2.5 billion, and this went up to $4 billion. Do you have any estimates or any expectations about the cost of these units if it will be between $2.5 billion or $3 billion or between $3 billion or $4 billion? And how does that match the impact on the total CapEx that is projected for this plan? My second question is for Director Fernando, about leverage.

我試圖量化簡化過程和減少頂部重量的潛在影響。我們看到，國營企業的總成本為 25 億美元，而這個數字上升到了 40 億美元。您對這些單位的成本有什麼估計或預期嗎？是在 25 億美元或 30 億美元之間，還是在 30 億美元或 40 億美元之間？這與該計劃預計的總資本支出的影響有何關係？我的第二個問題是關於槓桿作用，請問費爾南多主任。

This quarter, we saw that the company's net leverage reached nearly 1.5 times, and it was 0.8 times a year ago. Gross debt was at $65 billion, and that was very close to that $75 billion limit. And your cash is close to your minimal or your ideal levels. In your presentation, you were showing your CapEx resilience at a different oil levels. So my question is, what is the ideal maximum level of leverage for you, especially with lower oil prices, considering this current context? Thank you.

本季度，我們看到該公司的淨槓桿率達到近1.5倍，而一年前為0.8倍。總債務達到 650 億美元，非常接近 750 億美元的限額。並且您的現金接近最低或理想水平。在您的演示中，您展示了不同石油水平下的資本支出彈性。所以我的問題是，考慮到目前的情況，尤其是在油價較低的情況下，您理想的最大槓桿水平是多少？謝謝。

I'll hand it over to Renata, and then Fernando will answer your second question.

我將把它交給雷娜塔，然後費爾南多將回答你的第二個問題。

Hi, Luiz. Our expectation is for platforms to be below $3.5 billion. For rigs to be below $3.5 billion. Of course, this depends on the complexity of each rig, but our expectation is that it will not be above $3.5 billion.

你好，路易斯。我們預計平台規模將低於 35 億美元。鑽井成本低於 35 億美元。當然，這取決於每個鑽井平台的複雜程度，但我們預計不會超過 35 億美元。

Thank you, Renata. Luiz, thank you for those questions. And Fernando will answer your second question. Go ahead, Fernando.

謝謝你，雷娜塔。路易斯，謝謝你提出這些問題。費爾南多將回答您的第二個問題。繼續吧，費爾南多。

Hi, Luiz. First, leasing is 70% of our leverage. And leasing is most of all connected to generating revenue. So when it comes to leveraging a company that has leasing, we have to consider this point. Financial leverage is much lower.

你好，路易斯。首先，租賃占我們槓桿的70%。租賃與創收最為相關。因此，當談到利用擁有租賃業務的公司時，我們必須考慮這一點。財務槓桿要低得多。

But as we've been seeing, leverage is related to the indebtedness cap that we have. No one is considering having something that is outside that indebtedness level of $75 billion. And of course, as a financial manager, this is something that we keep an eye on sustainability, cash generation and payment capacity. So this is how we're seeing our leverage.

但正如我們所見，槓桿與我們的債務上限有關。沒有人會考慮擁有超過 750 億美元債務水平的東西。當然，作為財務經理，我們會專注於永續性、現金產生和支付能力。這就是我們所看到的槓桿作用。

Lilyanna Yang, HSBC.

匯豐銀行的 Lilyanna Yang。

Hi, thank you for taking my question. You've talked a lot about the investment plan execution for 2025. But I'd like to understand what cost pressures you're facing today and if there's any possibility of executing CapEx above [18.5 billion] in the budget. Mr. Fernando mentioned the foreign exchange as a caveat, and I also have the same question for 2026. That's my first question.

你好，謝謝你回答我的問題。您談了很多有關2025年投資計畫執行的情況。但我想了解您目前面臨的成本壓力，以及是否有可能在預算中執行超過 [185 億] 的資本支出。費爾南多先生提到了外匯作為一個警告，我對 2026 年也有同樣的疑問。這是我的第一個問題。

If you'll allow me a second question. Can you talk about the status of the investment plans in fertilizers? Are there any ongoing studies for Petrobras' growth strategy in petrochemicals? Have they advanced? Thank you.

請容許我問第二個問題。能談談化肥投資計畫的現況嗎？是否有針對巴西石油化工成長策略的正在進行的研究？他們進步了嗎？謝謝。

Thank you, Lily. Renata will answer your first question. Renata, please.

謝謝你，莉莉。雷娜塔 (Renata) 將回答您的第一個問題。請叫我雷娜塔。

Lilyanna, don't see any possibility of surpassing our CapEx guidelines. Fernando is looking at me sideways, and he is definitely demanding that we don't surpass it, especially because the prices are already defined. So there is no reason for us to have any prices above those that we forecast. For 2026, we are now planning the next five years. Right now, we don't have those numbers yet, but we will abide by whatever is defined. Thank you.

Lilyanna，我認為不可能超出我們的資本支出指導方針。費爾南多斜眼看著我，他肯定要求我們不要超越這個價格，尤其是因為價格已經確定了。因此，我們沒有理由將價格定得高於我們的預測。針對2026年，我們現在正在規劃未來五年。目前，我們還沒有這些數字，但我們會遵守所定義的任何內容。謝謝。

Lilyanna -- yes, Lilyanna. Thank you for your question. And good afternoon, everybody, both petrochemicals and fertilizers. According to our -- they are in our strategic planning approved by our Board, given that the company is an integrated energy company, and therefore, they're part of our investment portfolio and also value generation for Petrobras.

莉莉安娜－是的，莉莉安娜。感謝您的提問。各位石化和化肥行業的朋友們，大家下午好。根據我們的策略規劃，這些都經過了董事會的批准，因為該公司是一家綜合能源公司，因此，它們是我們投資組合的一部分，也是巴西石油公司的價值創造者。

For fertilizers, in May, we'll be completing the scheduled downtime of the Parana plant. And as of the end of the month, we'll be resuming the operations of that plant. Concerning [Rio de Janeiro], it was approved by our Board as well as the term of settlement of outstanding amounts was approved and along with arbitration, we'll initiate a tender so that as of October, we'll go back to the operations of fastening [GP], putting them back on our portfolio. The agreement provides for the return of these plants to the Petrobras assets.

對於化肥，五月我們將完成巴拉那工廠的預定停工時間。從本月底開始，我們將恢復該工廠的運作。關於[裡約熱內盧]，它已獲得我們董事會的批准，並且未償金額的結算期限也已獲得批准，並且隨著仲裁的進行，我們將啟動招標，以便從 10 月份開始，我們將恢復緊固 [GP] 的運營，並將其重新納入我們的投資組合。該協議規定將這些工廠歸還給巴西石油公司的資產。

And also, I don't know if Renata wants to mention that we're now performing in the middle of the tender process for the UFNTs and to initiate some storage and trading activities soon in '26 and the completion of the loading operations in 2028 or 2029. Would you like to say anything? I'm sorry, about petrochemicals. Petrochemicals, we're also seeking opportunities, and Braskem announced two or three weeks ago, the kickoff between the [Novonor] and Petrobras shareholders to expand the Rio hub, the Braskem Rio de Janeiro hub, given that we initiated Train 1 and starting Train 2.

另外，我不知道雷娜塔是否想提一下，我們目前正在進行 UFNT 的招標過程，並將於 2026 年啟動一些儲存和交易活動，並於 2028 年或 2029 年完成裝載作業。你想說些什麼嗎？抱歉，關於石化產品。在石化領域，我們也在尋找機會，巴西石化公司在兩三週前宣布，[Novonor] 和巴西石油公司的股東將啟動裡約樞紐即巴西石化公司裡約熱內盧樞紐的擴建，因為我們已經啟動了 1 號列車和 2 號列車。

So we'll be expanding into 50% of polyethylene production capacity in Rio with the Novonor investments. And with a surplus of ethane in the hub, we are now assessing plant acidic acid, and that's an opportunity in terms of petrochemicals.

因此，我們將利用 Novonor 的投資將裡約的聚乙烯生產能力擴大到 50%。由於樞紐中乙烷過剩，我們現在正在評估植物酸性，這對石化產品來說是一個機會。

In terms of energy transition, we've carried out a test for the production of green ethane at (inaudible) And as of July in the Rio Grande relighting plant with our partners, Braskem and Grupo Ultra, we'll be starting the Phase 1 to transforming into a catalytic plant producing gases for the production of naphtha. So by operating only with renewables, the cracking process producing green naphtha and green ethane, which are raw materials for petrochemicals as well. So both in terms of raw materials.

在能源轉型方面，我們在（聽不清楚）進行了綠色乙烷生產的測試，從 7 月開始，我們將與合作夥伴 Braskem 和 Grupo Ultra 在 Rio Grande 重燃工廠開始第一階段的轉型，將其轉變為催化工廠，生產用於生產石腦油的氣體。因此，透過僅使用再生能源，裂解過程可以生產出綠色石腦油和綠色乙烷，它們也是石化產品的原料。就原材料而言，兩者都是如此。

And in case of plastics, we are working on opportunities and investments that are able to generate value for the company in petrochemicals, especially because this synergy and integration between refining and petrochemicals is increasingly required globally for oil-producing companies, Renata?

就塑膠而言，我們正在尋找能夠為公司在石化領域創造價值的機會和投資，特別是因為全球石油生產公司越來越需要煉油和石化之間的協同作用和整合，雷納塔？

Well about UFN-III, we are now in the middle of a tender process, and we'll be receiving proposals in June. And I can tell you that the market is pretty excited. We're seeing a lot of interest in all the not packages that we launched and lots of questions being asked about Petrobras and the collaboration room. So we're pretty excited about that project as well.

關於 UFN-III，我們目前正處於招標過程中，我們將在六月收到提案。我可以告訴你，市場非常興奮。我們看到人們對我們推出的所有非套餐都很感興趣，並且對巴西石油公司和協作室提出了許多問題。所以我們對這個項目也非常興奮。

Regis Cardoso, XP.

雷吉斯·卡多佐，XP。

Thank you, Eduardo, and the Board of Petrobras. I have a specific question about production. The one is an important schedule in terms of some platforms going into production and some of them going into ramp up. I'd like to hear your comments about that. I know that we have a guidance for an average of '25.

謝謝你，愛德華多和巴西石油公司董事會。我有一個關於生產的具體問題。其中一個是重要的時間表，一些平台將投入生產，一些平台將進入加速階段。我想聽聽你對此的看法。我知道我們對平均的指導是 25。

Or is there any downtime still scheduled? Or maybe I could hear your comments about the production by December? And the end of 2025 given the ramp-up of these rigs?

或是否仍安排有停機時間？或者我可以在 12 月之前聽聽您對製作的評論？考慮到這些鑽井平台的增多，到 2025 年底會怎麼樣？

And I'd also like to hear a few examples in terms of flexibilizing the investment plans to make adjustments based on the lower oil prices discussed in the beginning of the call. I was under the impression that there may be a possibility to change the scope of the top side of the rigs. Maybe if -- what the hired ones or the ones that haven't been hired yet in the five-year plan?

我還想聽幾個例子，關於如何根據電話會議開始時討論的油價下跌情況對投資計劃進行靈活調整。我的印像是，有可能改變鑽孔機頂部的範圍。也許如果——五年計劃中被雇用的人或尚未被雇用的人呢？

Can I start? Regis, given the prediction schedule, our entire production is submitted to a risk analysis that's been pretty consistent and reassuring. So last year, we stayed within the range of 2.7. For 2025, we also expect to remain within the range of 2.8. And with that, these important platforms, the ones that came from Mero and Buzios, they'll go into production.

我可以開始嗎？雷吉斯，根據預測時間表，我們的整個生產過程都會接受風險分析，而分析結果一直非常一致，令人放心。所以去年，我們保持在 2.7 的範圍內。對於 2025 年，我們預計該數字仍將保持在 2.8 的範圍內。就這樣，這些來自 Mero 和 Buzios 的重要平台將投入生產。

With the ramp-up on the second quarter Almirante Tamandare towards the end of 2025 and [Mero 4] next year. So that is strictly within our production levels. In addition to the revitalization ramp-ups. So all of these scheduled downtimes are scheduled.

隨著第二季 Almirante Tamandare 的產能提升，預計到 2025 年底，而 [Mero 4] 產能將於明年提升。所以這嚴格符合我們的生產水準。除了振興步伐加快。所以所有這些預定的停機時間都是預定的。

And we can say that 260 to 270 barrels a day per year are not produced because of the downtimes and -- but that's already considered by our risk analysis. And also with occasional downtimes for Ibama, for instance, we've been attempting to include them in our analysis to give us a bit more accuracy for the results. We do not change any projects already in execution because that's held for us.

我們可以說，由於停工，每年每天有 260 到 270 桶石油無法生產——但我們的風險分析已經考慮到了這一點。例如，由於 Ibama 偶爾會出現停機，我們一直嘗試將其納入我們的分析中，以使結果更加準確。我們不會改變任何已在執行的項目，因為這些項目是為我們保留的。

It generates claims and whatnot. So we don't tamper with projects and execution accepted except if it's for security or safety purposes. We don't change any projects. We only change the projects that have not been hired yet.

它會產生索賠等等。因此，除非出於安全目的，否則我們不會篡改已接受的項目和執行。我們不會改變任何項目。我們只改變尚未被聘用的項目。

So we're strongly working on the projects that we're still hiring or for those that will still initiate the hiring process. And we don't see -- we don't forecast any changes, like we said, our projects are resilient to a Brent of 45. So there is no perspective of making any changes. But in terms of simplification. Well, that's our model moving forward to simplify the projects into attract more suppliers so as to increase the competitiveness in the tender processes.

因此，我們正在大力開展仍在招募的計畫或仍在啟動招募流程的計畫。我們沒有看到——我們沒有預測任何變化，就像我們所說的那樣，我們的項目對布倫特原油價格 45 具有彈性。因此，不存在做出任何改變的前景。但就簡化而言。嗯，這就是我們的模式，旨在簡化項目，吸引更多的供應商，從而提高招標過程中的競爭力。

Jorge Gabrich, Scotiabank.

加拿大豐業銀行的 Jorge Gabrich。

Probably, we looked at the utilization factor of refineries, it decreased in the first quarter. How can we think about normalizing the load for the next quarters? And my second question is we saw a successful task in anticipating the protection systems. What are the learning points in terms of processing and contracts that were generated? And is there any other opportunity for another protection system to be anticipated to be moved forward?

可能，我們查看了煉油廠的利用率，發現第一季該利用率有所下降。我們如何考慮在下個季度實現負載正常化？我的第二個問題是，我們看到了預測保護系統的成功任務。在處理和產生的合約方面有哪些學習要點？是否還有其他機會可以推動另一種保護系統向前發展？

Thanks for your questions, George. I'll give the floor to William and Renata. William?

謝謝你的提問，喬治。我將把發言權交給威廉和雷娜塔。威廉？

Hello, George, and thank you for your question. Actually, our utilization factor was really good. It didn't go down. It may sound like a paradox, but it's not. We were able to maintain our utilization factor for the refinery is at above 90% with strong efforts from refinement and logistics and trading areas of the company.

你好，喬治，謝謝你的提問。實際上，我們的利用率非常好。它沒有下降。這聽起來可能有點矛盾，但事實並非如此。在公司煉油、物流和貿易等部門的共同努力下，煉油廠的使用率一直維持在90%以上。

Even in the face of -- in the face of a downtime for revamp at RNEST, which is a refinery that was -- went into downtime for 60 days, we stopped distillation coking, diesel, naphtha. And we also did the revamp of distillation from 115,000 to 130,000 in addition to SNOX maintenance. And giving us the possibility of reaching 130,000. So it was a long downtime.

即使面臨 RNEST 煉油廠停工改造的情況（煉油廠已停工 60 天），我們也停止了焦化、柴油和石腦油的蒸餾。除了 SNOX 維護之外，我們還對蒸餾裝置進行了改造，將蒸餾裝置從 115,000 升至 130,000 公升。並使我們有可能達到 130,000。因此停機時間很長。

But even with this downtime with the logistic planning and the high availability of the other units, we were able to maintain the utilization factor above 90%. For this year, we'll have the downtime at the Cuba Town refinery with two units, 1 of them (inaudible) that basically produces diesel and S10. And towards the end of the year, we'll have a downtime for the Replan revamp. It will be revamped to 73,000 cubic meters day -- almost 450,000 barrels per day, a big refinery.

但即使有停機時間，由於物流規劃和其他單位的高可用性，我們仍能將利用率保持在 90% 以上。今年，古巴鎮煉油廠的兩個裝置將停工，其中一個裝置（聽不清楚）主要生產柴油和 S10。臨近年底，我們將暫停一段時間以進行 Replan 改版。改造後，該煉油廠的日產量將達到 73,000 立方米，即每天可生產近 45 萬桶石油，成為一座大型煉油廠。

We're expanding it even further and producing more S10 and the revamp downtime as of September for distillation and amplification of the HDT unit allowing us to produce more S10 diesel. So it's three downtimes. But due to the length and the shorter length of time, we do expect a utilization factor in some months in the range of 95%, 96% and an average at around 92% or 93%, which is the strategic planning defines.

我們正在進一步擴大規模，生產更多的 S10，並從 9 月開始對 HDT 裝置進行蒸餾和放大改造，使我們能夠生產更多的 S10 柴油。因此有三次停機時間。但由於長度和時間較短，我們確實預期某些月份的利用率在 95%、96% 的範圍內，平均利用率在 92% 或 93% 左右，這是策略規劃定義的。

So the reliability level of the company is still very good in terms of the international availability, 6 out of 10 refineries are already on the first quartile of the solo indicator. Thanks for your question. Renata?

因此，從國際可用性來看，該公司的可靠性水平仍然非常好，10 家煉油廠中有 6 家已經處於單獨指標的第一個四分位數。謝謝你的提問。雷娜塔？

So what have we learned? Okay? First, we are monitoring everything that's done at the shipyards much more closely. We discussed, for instance, which welding operations will be performed on a given day. Are we frozen?

那我們學到了什麼？好的？首先，我們正在更密切地監視造船廠所做的一切。例如，我們討論了某一天將進行哪些焊接操作。我們凍僵了嗎？

Okay. So that's one thing. We've been doing that at the shipyards so as to guarantee and also move the deliveries forward. Each day matters in terms of moving these dates forward, and we're constantly trying to do that.

好的。這是一回事。我們一直在船廠進行這項工作，以確保並加快交貨。為了提前實現這些日期，每一天都很重要，我們一直在努力做到這一點。

So what are we doing differently after the rig is ready? Once the rig gets here, you have to anchor it. You have to interconnect the wells through lines. And as Magda said, Alexandre de Gusmao reached record-breaking anchoring levels. What we did differently was that before we received the rig, we launched the torpedo piles, which do the anchoring.

那麼鑽機準備好後我們會做哪些不同的事情呢？一旦鑽孔機到達這裡，你就必須將其錨定。您必須透過管線將各個井連接起來。正如瑪格達所說，亞歷山大·德·古斯芒達到了破紀錄的錨定水準。我們所做的不同之處在於，在接收鑽孔機之前，我們先下水了用於錨定的魚雷樁。

Once the platform got here, they were already here, and we just needed to attach the line to the platform. So anything that we would wait in the past, after the rig was delivered, we did that before the rig has been delivered because once it gets here, we have completed a lot of tests already. And that's been allowing us to anticipate many things.

一旦平台到達這裡，他們就已經在這裡了，我們只需要將線路連接到平台上。因此，我們過去在鑽機交付後會等待的任何事情，我們都在鑽機交付之前就完成了，因為一旦鑽機到達這裡，我們就已經完成了很多測試。這使我們能夠預見很多事情。

Another thing is that for the chartered platforms, they are manned and they say that they are hot. The systems are already connected, all of them. And our own platforms in the past, the way we did it was we would bring them to Brazil, they would be standing at Guanabara Bay. The crew would come on board and start switching everything on the machinery would take 15 days to start running to then go to the location. For P-38, we'll do a manned trip.

還有就是對於包租的平台來說，都是有人載人的，而且據說很熱。所有系統均已連線。過去，我們的做法是將自己的平台帶到巴西，並矗立在瓜納巴拉灣。工作人員將登上船並開始切換機器上的所有部件，需要 15 天才能開始運行，然後才能到達現場。對於 P-38，我們將進行載人飛行。

It will leave Singapore or demand. Once it gets here, it will go to the location, and that will give us an additional month in terms of moving production forward. So those are things that we've been thinking every day about what can be done differently because each day matters, as I said.

它將離開新加坡或提出要求。一旦到達這裡，它就會被送到指定地點，這將給我們額外一個月的時間來推進生產。所以，正如我所說，這些都是我們每天都在思考的事情，我們可以採取哪些不同的做法，因為每一天都很重要。

Thank you, Renata, and this is the end of the Q&A session. If there are additional questions. You can send them to our Investor Relations team. I'll give the floor to Fernando for a few additional comments.

謝謝你，雷娜塔，問答環節到此結束。如果還有其他問題。您可以將它們發送給我們的投資者關係團隊。我將請費爾南多發表幾點補充評論。

Well, I also want to thank everybody for participating. This is very significant for Petrobras. And our final message is that the entire company is fully aware of the volatile situation we are going through and the Brent price levels.

好吧，我也要感謝大家的參與。這對巴西石油公司來說意義重大。我們最後要說的是，整個公司都充分意識到我們正在經歷的動盪局勢和布蘭特原油價格水準。

We are committed to analyzing several scenarios to allow us to understand the possible effects on the balance sheet of the company, production, CapEx, cash flow, debts. So all of that is being taken into account very carefully to allow us to make the best possible decisions with a technical base so that we can make the best possible progress in the company.

我們致力於分析幾種情景，以便我們了解對公司資產負債表、生產、資本支出、現金流量、債務的可能影響。因此，我們會非常仔細地考慮所有因素，以便我們能夠在技術基礎上做出最佳決策，從而讓公司取得最佳進展。

There's also the austerity measures that, in our opinion, will be very productive. And this will bring about more reliability to the company. And we should never forget that we always talk about long-term results. So a short-term decision that disregards the long term between the exploration and the first oil, we're talking about 70 years. So it's not such a short period.

我們認為，緊縮措施也將非常有效。這將為公司帶來更多的可靠性。我們永遠不應忘記，我們談論的始終是長期結果。因此，這是一個短期決策，不考慮從勘探到首次發現石油之間的長期時間，我們談論的是 70 年。所以這並不是一個很短的時期。

Any decisions need to consider that. So this is the commitment of the Board. We are concerned, but we're also highly optimistic about the possibility to increase production. And we are confident in our resilience that's been mirrored by our strategic plan. So I wish you a great day, a great week and see you next time.

任何決定都需要考慮到這一點。這是董事會的承諾。我們很擔心，但我們對增加產量的可能性也非常樂觀。我們對我們的韌性充滿信心，這已在我們的策略計劃中得到體現。祝大家有美好的一天、美好的一周，下次再見。

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

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。