巴西石油 (PBR) 2026 Q1 法說會逐字稿

Good morning, and welcome to Petrobras' webcast for investors and analysts about our results for the first quarter of 2026. It's a pleasure to be here with you today. This event will be held in Portuguese and English. You can access the links to both languages on our Investor Relations website. (Event Instructions)

早安，歡迎收看巴西國家石油公司（Petrobras）面向投資人與分析師的網路直播，我們將介紹2026年第一季的業績結果。很高興今天能與各位相聚。本活動將以葡萄牙語與英語進行。您可於我們的投資人關係網站取得兩種語言的連結。（活動說明）

We have with us today Magda Chambriard, CEO of Petrobras; and Angelica Laureano, Executive Logistics and Commercialization Director; Clarice Coppetti, Executive Director for Corporate Affairs; Fernando Melgarejo, Executive Director and Investor Relations, (inaudible), representing the Engineering Technology and Innovation Directors; Ricardo Wagner, Governance and Compliance Executive Director; Sylvia Anjos, Exploration and Production Director; and William França, Industrial Processes and Products and Temporary Energy Transition and Sustainability Director.

今天與會者包括：Petrobras執行長Magda Chambriard；物流與商業化執行董事Angelica Laureano；企業事務執行董事Clarice Coppetti；執行董事暨投資人關係負責人Fernando Melgarejo，（聽不清），代表工程、技術與創新董事團隊；治理與合規執行董事Ricardo Wagner；勘探與生產董事Sylvia Anjos；以及工業流程與產品董事、並暫代能源轉型與永續董事的William França。

To start us off, we will begin with Fernando Melgarejo -- excuse me for CEO, Magda, who will make her opening remarks. Go ahead, ma'am.

為了開始，我們將先請Fernando Melgarejo——抱歉，是執行長Magda——進行開場致詞。女士，請。

Thank you, Eduardo. Good morning, ladies and gentlemen. It's a pleasure to be here with you to present our good results once again for Petrobras. I'd like to agree Fernando Melgarejo, our Financial Director; Clarice Coppetti, Corporate Affairs; Flavio Bretana, Representing Renata Engineering; Sylvia Anjos, Exploration and Production; Angelica Laureano, Logistics and Trade; William França, Industrial Processes and Refinement; Eduardo De Nardi, Investor Relations, who just started us off and all the investors joining us today for this earnings call for the first quarter of 2026.

謝謝你，Eduardo。各位女士、先生，早安。很高興再次與各位一同分享Petrobras的良好成果。我想向Fernando Melgarejo（我們的財務總監）、Clarice Coppetti（企業事務）、Flavio Bretana（代表Renata工程）、Sylvia Anjos（勘探與生產）、Angelica Laureano（物流與貿易）、William França（工業流程與煉製）、以及剛才為我們開場的投資人關係負責人Eduardo De Nardi致意；也向今天參與本次2026年第一季財報電話會議的所有投資人致意。

And the press as well as all the other executives who are here with us, who will support us in answering your questions. I'd like to greet all of them and congratulate all of our employees for the results that they delivered this quarter, which have made us so proud. So I'd like to welcome you once again. We are happy once more to present this quarter's results, which have been marked by operational records. Our oil and gas production has reached unprecedented levels, which is the result of the exceptional effort we've made and a strong partnership between all the different areas of Petrobras.

也向媒體朋友以及在場的其他所有高階主管致意，他們將協助我們回答各位的提問。我向各位致上問候，並祝賀我們所有員工在本季交出的成果，讓我們深感自豪。因此，我再次歡迎各位。我們很高興再次公布本季業績，本季以營運紀錄為主要亮點。我們的油氣產量達到前所未有的水準，這是我們付出卓越努力的成果，也是Petrobras各領域之間強力合作的結果。

This is what has allowed us to reach these results and overcome the several challenges we faced. I would like to highlight two of the main milestones we reached in oil exploration and production in the first quarter. Our average production was 2.58 million barrels of oil per day, of which 2.18 million barrels were directly produced from the pre-salt layer. We're very proud of this result because it was much higher than last year's average. However, this has already been surpassed in April. So it was a production of 2.58 million on average last year, which has already been surpassed as we reached a milestone of 2.73 million barrels per day in April, up 6% versus the average we had in the first quarter.

正是這些因素讓我們得以達成上述成果，並克服所面臨的多項挑戰。我想強調第一季在油氣勘探與生產方面達成的兩項主要里程碑。我們的平均產量為每日258萬桶，其中每日218萬桶直接來自鹽下層（pre-salt）。我們對此成果非常自豪，因為它遠高於去年的平均水準。不過，這項紀錄已在4月被再度超越。也就是說，第一季平均為每日258萬桶，而我們在4月達到每日273萬桶的里程碑，較第一季平均再增加6%。

As I said, every day, Petrobras has been overcoming and surpassing its own results. So when we see these results, it might seem like reaching these records has been simple. But this is due to a joint effort from our teams, like I mentioned before. It's a highly complex job with high levels of technology involving capacity expansion projects, managing our reservoir operational efficiency and using all the opportunities that we have to offer our investors from the government or from the private sector, increasingly more oil and gas and byproducts.

如我所說，Petrobras每天都在突破並超越自身的成果。因此，當我們看到這些數據時，可能會覺得達成這些紀錄似乎很容易。但這其實是我們團隊共同努力的結果，正如我先前提到的。這是一項高度複雜、技術含量極高的工作，涵蓋產能擴建專案、提升油藏營運效率管理，並運用我們所擁有的一切機會，向政府或民間部門的投資人提供更多的油氣及其副產品。

At the end, we are providing energy in general with safety first. Since we're talking about surpassing our own results, I would like to remind you that Petrobras has been doing this also in capacity. When we remember that FPSO Almirante, Tamandare, the biggest one we had was an oil rig designed to produce 225,000 barrels of oil per day. It was the biggest in Brazil, and we were able to expand its capacity to reach 270,000 barrels a day. We have simply increased in this platform, our production by 45,000 barrels of oil per day.

最終，我們是在以安全為第一優先，提供整體能源供應。既然談到超越自身成果，我也想提醒各位，Petrobras在產能方面同樣持續突破。回想FPSO「Almirante Tamandaré」，它曾是我們最大的海上生產平台，原設計產能為每日22.5萬桶。它曾是巴西最大的，而我們已將其產能擴增至每日27萬桶。也就是說，僅在這座平台上，我們就把日產量提高了4.5萬桶。

In the future, we have three more rigs which are exactly like this that will be delivered and are being built in Singapore. And we will have a total of four with this capacity expansion of 45,000 barrels of oil per day beyond their original design. So 45,000 x 4 is 180,000. So as a result of this capacity, expansion. And as we overcome the challenges we have in Petrobras, we will deliver 180,000 barrels a day rig in addition to what we already have.

未來，我們還有另外三座與其完全相同的平台正在新加坡建造並將交付。因此，具備同樣每日日產增加4.5萬桶、超出原始設計的產能擴增能力的平台，總計將達四座。也就是4.5萬乘以4，合計18萬。因此，這是產能擴增所帶來的成果。隨著我們在Petrobras持續克服各項挑戰，我們將在既有基礎上，額外交付每日18萬桶的產能。

So this is all the result of the excellent work we have done in the company. But I would like to say that beyond the technical excellence of our teams in developing these opportunities, we are also counting on rising productivity from the pre-salt wells. So when we say that we're expanding by 45,000 barrels a day of oil at Almirante Tamandaré and that we have three other rigs that can do that. In these four rigs, we will add 180,000 barrels of oil a day, and that's because this can only happen due to the exceptional production capacity of the pre-salt layer that we have in our hands.

這一切都源自公司內部所做的卓越工作。但我也想說，除了團隊在開發這些機會上的技術卓越之外，我們也受益於鹽下層油井生產力的提升。因此，當我們說在Almirante Tamandaré把日產能提高4.5萬桶，且還有另外三座平台也能做到同樣的事。這四座平台合計將新增每日18萬桶的產量，而這之所以能實現，唯有仰賴我們手中鹽下層所具備的卓越產能。

Currently, we have the biggest deepwater oil field in the world, which is the Buzios field, a giant field that produces a little over 1 million barrels of oil per day, which will soon reach 1.5 million. And we might be able to deliver a field some time from now that will produce 2 million barrels of oil per day. Now we have 2 fields that have surpassed the milestone of 1 million barrels per day, which is Buzios and 2P.

目前，我們擁有全球最大的深水油田——Búzios油田，這是一座巨型油田，日產略高於100萬桶，且很快將達到150萬桶。而在未來某個時間點，我們甚至可能交付一座日產200萬桶的油田。目前已有兩座油田突破日產100萬桶的里程碑，分別是Búzios與2P。

And going back to Buzios, now we have eight platforms in operation in Buzios, on May 1, the P-79 platform, the eighth platform of the Buzios field started production three months before the scheduled start of operations. We expect to reach the capacity of 180,000 barrels of oil per day with only three to four wells. As a reminder, the original project was based on four wells and we will be able to reach the capacity of the platform with three or four wells, which is amazing, both in terms of our productivity and the productivity of the pre-salt area. But when it comes to project capacity, we also need to say that Petrobras is delivering more than what was initially designed.

回到Búzios，目前我們在Búzios已有八座平台投入運轉；5月1日，P-79平台——Búzios油田的第八座平台——比原定投產時程提前三個月開始生產。我們預期僅需三到四口井，就能達到每日18萬桶的產能。提醒各位，原始專案是以四口井為基礎，但我們將能以三或四口井達到平台產能，這在我們的生產力以及鹽下層區域的生產力方面都令人驚豔。不過，就專案產能而言，我們也必須指出，Petrobras交付的成果正超出最初設計。

And we're looking at this platform of 180,000 barrels per day. I'm telling the team that, well, now you've spoiled us. Now we need 200,000 barrels per day. And the teams are working on that and making it possible. As I said, we are overcoming challenges every day. Recently, we also took a very important step for the production of oil and gas in the Northeast of Brazil. Due to the increased prices in the international oil market, we decided to expedite the possibility to fund the Sergipe deepwater project. You probably remember that in our group of projects with guaranteed funding, one of the Sergipe platforms had undergone a value increase in terms of crude oil.

當我們看著這座日產18萬桶的平台時，我對團隊說，嗯，你們現在把我們寵壞了。現在我們需要日產20萬桶。而團隊正在為此努力，並讓它成為可能。如我所說，我們每天都在克服挑戰。近期，我們也為巴西東北部的油氣生產邁出了非常重要的一步。由於國際油市價格上升，我們決定加速推進Sergipe深水專案的融資可行性。各位可能記得，在我們具備保證資金的專案組合中，其中一座Sergipe平台在原油價值方面曾出現上調。

So we can guarantee the funding of two of these platforms. So Sergipe has now two projects approved that will have the capacity so far to produce 240,000 barrels of oil per day and to process 22 million cubic meters of gas per day. When it comes to natural gas, Petrobras has been consistently investing to expand the capacity to produce natural gas and also to expand its capacity to deliver energy coming from thermal power plants. So we're going to have a gas pipeline that will be able to produce in this deepwater project to deliver 18 million cubic meters of gas in addition to what had been initially planned, which corresponds to half of our supply of natural gas for the first quarter of 2026.

因此，我們可以確保其中兩座平台的資金到位。因此，塞爾希培州目前已有兩個獲批專案，迄今將具備每日生產24萬桶原油、每日處理2,200萬立方公尺天然氣的能力。在天然氣方面，Petrobras 一直持續投資，以擴大天然氣產能，並同時提升其輸送來自燃氣火力發電廠能源的能力。因此，我們將建設一條天然氣管線，使該深水專案能夠在原先規劃之外，額外輸送1,800萬立方公尺天然氣，這相當於我們2026年第一季天然氣供應量的一半。

And we're also proud to say that we have contracted all of our thermal power plants that had gone out of contract in the last auction that was promoted in Brazil. And with that, with the delivery of another nine thermal power plant contracts, we're being able to add to Petrobras' annual revenue another BRL4.5 billion per year.

我們也很自豪地表示，在巴西最近一次招標中，所有先前合約到期的燃氣火力發電廠，我們都已完成續約簽約。藉由再交付另外九份燃氣火力發電廠合約，我們得以為 Petrobras 的年度營收每年再增加45億巴西雷亞爾。

When it comes to refining, the team spirit is the same. And the goal to surpass our challenges is equally the same. We're permanently in search of excellence. and in search of more and better results. In March, we reached yet another record in the production of S10 diesel with a low or lower sulfur content. We are producing 512,000 barrels per day for the S10 diesel, a result that reflects the investments we've been making to modernize our refineries and to increase the supply of greater added value byproducts.

在煉油方面，團隊精神同樣一致。而克服挑戰的目標也同樣一致。我們持續追求卓越，並追求更多、更好的成果。3月，我們在低（或更低）硫含量的 S10 柴油產量方面再創新高。我們S10柴油日產量達51.2萬桶，這一成果反映了我們為現代化煉油廠、並提高高附加價值產品供應所進行的投資。

Our S10 diesel is our highest added value product as a reminder. Last year, we started to operate this new hydro treatment unit at (inaudible), our refinery, and we completed the modernization of RVAP which shows that these investments are already creating results in terms of a higher S10 diesel production. In terms of our refining park, the utilization factor reached 97.4%, which recently due to the war between the US and Iran has now surpassed 100%.

提醒一下，S10 柴油是我們附加價值最高的產品。去年，我們在（聽不清）煉油廠啟用這座新的加氫處理裝置，並完成 RVAP 的現代化改造，顯示這些投資已在提高 S10 柴油產量方面開始產生成效。就我們的煉油體系而言，開工率達到97.4%；而近期由於美國與伊朗之間的戰爭，該數字如今已超過100%。

As I said, Petrobras does not like limitations. Our goal is to surpass limitations each and every day. And going back to the 97.4% figure, it is the highest level of utilization since 2014, since December 2014 in total safety, a level that we're very proud to have reached, but something that we've already left behind in April and in May. in addition to the diesel in terms of processing capacity, we've expanded it while keeping the yield profile for diesel and gasoline, also for aviation kerosene.

如我所說，Petrobras 不喜歡限制。我們的目標是每天都要突破限制。回到97.4%這個數字，這是在完全安全的前提下，自2014年（自2014年12月）以來的最高開工率；我們對達成這一水準深感自豪，但在4月與5月我們已經把它拋在身後。除了柴油之外，在加工能力方面，我們也在維持柴油與汽油以及航空煤油的收率結構下，擴大了處理能力。

This increased processing capacity is very important in a scenario of higher prices of oil byproducts, which has been intensified by the recent conflicts in the Middle East, which bring about restrictions to the global supply of products and a higher pressure on our prices. It's also important to say that Petrobras constantly asked about price volatility and how we as a company, how we see the increase in international prices, whether we're talking about crude oil or byproducts.

在油品價格走高的情境下，這種加工能力的提升非常重要；近期中東衝突加劇了這一局面，導致全球成品供應受限，並對我們的價格形成更大壓力。同樣重要的是，外界經常詢問 Petrobras 對價格波動的看法，以及我們作為公司如何看待國際價格上漲，無論是原油還是成品油。

We're proud to say that we're having excellent results in terms of the sales of crude oil to international markets. And we've also been working alongside the Brazilian government in terms of providing funding to sales in the national territory of our byproducts in the domestic market. Just to give you an idea, in March, up until mid-April, our diesel, which reached a BRL2 per liter of increase for Brazilian consumers was funded, which represented an increase in diesel prices of over 46%. These results have not yet been fully seen in the results of the first quarter, but they will appear in the results of the second quarter.

我們很自豪地表示，在向國際市場銷售原油方面，我們取得了極佳的成果。同時，我們也與巴西政府並肩合作，為我們在國內市場、於巴西境內銷售成品油提供資金支持。舉例來說，3月到4月中旬期間，我們的柴油對巴西消費者的價格上調至每公升增加2巴西雷亞爾，該部分由資金支持，這相當於柴油價格上漲超過46%。這些成果尚未在第一季業績中完全反映，但將會在第二季業績中呈現。

We're also working on the issue of gasoline. And very soon, you're going to hear good news concerning our gasoline. Our efforts towards increasing the production of byproducts for the Brazilian market in a profitable manner has been contributing to mitigate the effects of this global context in Brazil, strengthening the energy security of Brazil and preserving the expected returns for the company.

我們也在處理汽油的議題。而且很快，你們將會聽到關於我們汽油的好消息。我們致力於以具獲利性的方式提高供應巴西市場的成品油產量，這有助於減輕此全球環境對巴西的影響、強化巴西的能源安全，並維持公司預期的報酬。

The increase in the processing of oil and in the diesel supply is one of the pillars of our refining strategy. We are committed to offering high-quality products and to being the best alternative for our customers. When we look at the outcome of this war, we see a big opportunity in our business plan for 2026 to 2030, we expect to supply 85% of the Brazilian demand for diesel with the results achieved by the company and due to the confidence of the Brazilian market in Petrobras we are looking at an opportunity that will probably come with our next business plan, which is to achieve self-sufficiency in the diesel supply for Brazil.

提高原油加工量與柴油供應，是我們煉油策略的支柱之一。我們致力於提供高品質產品，並成為客戶的最佳選擇。當我們觀察這場戰爭的結果時，我們在2026至2030年的商業計畫中看到了重大機會；我們預期憑藉公司已取得的成果，以及巴西市場對 Petrobras 的信心，將可供應巴西柴油需求的85%。我們也看到一個很可能會在下一版商業計畫中出現的機會：讓巴西的柴油供應達到自給自足。

What I'm saying is that we're now analyzing projects that will have the capacity not only to produce 85% of the entire demand for diesel in Brazil up until 2030. But once again, to surpass these milestones, this is something that's on our radar every day with our possibility to surpass milestones and challenges. And we will likely be able to deliver a refining plant that will be able to supply 100% of the Brazilian demand for diesel.

我的意思是，我們目前正在評估一些專案，其產能不僅能在2030年前供應巴西全部柴油需求的85%。但再一次，超越這些里程碑是我們每天都在關注的事項，我們有能力突破里程碑與挑戰。而我們很可能能夠交付一座煉油裝置，使其可供應巴西100%的柴油需求。

And when we talk about diesel, of course, gasoline always comes in the wake of diesel. So we're talking about supplying 100% of the demand for diesel and gasoline in Brazil. We've increased our processing level. We are committed to these milestones, but even more importantly, we're committed to offering high-quality products and to being the best alternative for our customers.

當我們談到柴油時，當然，汽油總是緊隨其後。因此，我們談的是在巴西供應100%的柴油與汽油需求。我們已提高加工水準。我們致力於達成這些里程碑，但更重要的是，我們致力於提供高品質產品，並成為客戶的最佳選擇。

We keep on monitoring the international scenario, the impacts of volatility on the oil and gas market and our commercial strategy remains the same. Our governance remains the same. We attempt to compete in a more efficient manner, taking into account our market share, the optimization of our refining assets and the profitability of our company in an ever-sustainable manner. And since we do not transfer to Brazilian consumers, the abrupt price changes.

我們持續監測國際情勢、波動對油氣市場的影響，而我們的商業策略維持不變。我們的治理架構維持不變。我們力求以更有效率的方式競爭，並在可持續的前提下，考量我們的市占率、煉油資產的最佳化，以及公司的獲利能力。同時，我們不會將劇烈的價格變動轉嫁給巴西消費者。

And since we can also rely on the support of the federal government in terms of funding these products so that the price increases due to the war do not impact the Brazilian market, we've been very open to this partnership with the federal government. After all, the federal government is keen on maintaining Petrobras' capacity to remain stable at difficult times and also to keep offering products that are accessible to the Brazilian consumers. This is our market. We take good care of it.

而且，由於我們也能仰賴聯邦政府在資金支持方面的協助，使因戰爭導致的漲價不致衝擊巴西市場，我們對與聯邦政府的這項合作一直非常開放。畢竟，聯邦政府希望維持 Petrobras 在艱難時期保持穩定的能力，並持續向巴西消費者提供可負擔的產品。這就是我們的市場。我們會好好照顧它。

We make money from it. The Brazilian government has been acknowledging our role in delivering to the Brazilian market accessible products and this partnership between Petrobras and the Brazilian government has been, I can tell you, very fruitful for Petrobras and for Brazilian society. These were my operational highlights because they're the foundation of our financial results, especially in a context of high Brent prices. Ine where we look forward into the future, and we see every possibility to increase our production and also to increase the capture of the returns of this market to Petrobras.

我們也從中獲利。巴西政府一直在肯定我們在向巴西市場提供可負擔產品方面所扮演的角色；我可以告訴各位，Petrobras 與巴西政府之間的這項夥伴關係，對 Petrobras 與巴西社會而言都非常有成果。以上是我的營運重點，因為它們是我們財務成果的基礎，特別是在布蘭特油價高企的背景下。在我們展望未來時，我們看到各種可能性：提高產量，並讓 Petrobras 更充分地捕捉這個市場的回報。

We are now in the midst of a virtual cycle. Our investments are being converted into more production and higher added value products available on the market as well as higher revenue for the company. More revenue for the company, more taxes for society in addition to increasingly more profitable projects in the company's portfolio. This cycle results in the creation of more job positions and a greater economic development for Brazilians as well as a wider and deeper presence of Petrobras abroad.

我們現在正處於一個良性循環之中。我們的投資正轉化為更高的產量、在市場上提供更多高附加價值產品，以及為公司帶來更高的營收。公司營收越高，社會稅收也越多，同時公司投資組合中也將出現越來越多獲利性更高的專案。這個循環帶來更多就業機會、促進巴西人的經濟發展，並使 Petrobras 在海外的布局更廣、更深。

We've been reiterating our interest in producing oil for international customers. The Atlantic margin of Africa has been one of our goals in addition to possibilities in other countries as well. You probably heard that a while ago, we were in Mexico. We now have a delegation going to Mexico soon to analyze new business opportunities. And we remain persistent in our search for increasingly better results for the company and for expanding our business portfolio, always attempting to -- while maintaining our focus on return and tax discipline.

我們一直重申我們有意為國際客戶生產石油。非洲大西洋邊緣地帶一直是我們的目標之一，此外我們也在其他國家尋找可能性。你們可能聽說過，不久前我們曾在墨西哥。我們現在很快會派出代表團前往墨西哥，分析新的商業機會。我們也將持續不懈地追求公司更佳的成果並擴大我們的業務組合，同時始終努力——在維持對報酬率與稅務紀律的專注之下。

And to give you details about the excellent operational performance that was reflected in the financial results for the first quarter of 2026. I'd like to give the floor to our Financial Officer, Fernando Melgarejo. I'd like to thank you for your presence and remind you what we've been saying. If you place your bets against Petrobras, you're going to lose money. We're very proud to say that.

接下來，為了向各位說明優異的營運表現如何反映在2026年第一季的財務結果中。我想把時間交給我們的財務長（Financial Officer）Fernando Melgarejo。感謝各位蒞臨，也提醒各位我們一直在說的話。如果你押注做空巴西石油公司（Petrobras），你會賠錢。我們非常自豪能這麼說。

Thank you. Thank you for joining us, and good morning to all here in this room. And we're going to present our results for the first quarter of 2026. We're very pleased with our operational performance as well as our strategic position. These are strong points that are highlights for this company's management. We're going to start on slide 3, talking about production. Last year, we discussed CapEx frequently on our webcast, always emphasizing our focus on executing the business plan and delivering on projects often ahead of schedule. That goes for deliveries and for production.

謝謝。感謝各位與會，也向在座各位道早安。我們將呈報2026年第一季的業績。我們對營運表現以及策略定位都非常滿意。這些都是公司管理層的亮點與強項。我們將從第3頁投影片開始，談論產量。去年我們在網路直播中經常討論資本支出（CapEx），並一再強調我們專注於執行商業計畫、交付專案，而且往往提前達成進度。這同樣適用於交付與產量。

So the chart on the left-hand side shows the results of this strategy, a rising production curve. In the first quarter of 2026, we produced 2.58 million barrels of oil per day. And in April, we significantly produced 2.73 million barrels of oil per day, a new monthly record for Petrobras. And this all is the result of our focus and commitment.

因此，左側圖表顯示了這項策略的成果：產量曲線持續上升。2026年第一季，我們每日產油258萬桶。而在4月，我們的日產量顯著達到273萬桶，創下巴西石油公司新的單月紀錄。這一切都是我們專注與承諾的結果。

If we compare the first column on the left, which represents 2024, where we produced 2.152 million of barrels per day with April 2026. This is a 30% growth, which is truly significant. Three factors have sustained this production growth, more projects to increase capacity such as new oil rigs, increased operational efficiency, which has strengthened the stability of our operations and in efficient reservoir management. This shows that we are more efficient in managing our reservoirs better. Here on this slide, we have some concrete examples of this strategy. In the Buzios field platforms, P78 and P79 have come online, both have a capacity of 180,000 barrels per day.

如果比較左側第一欄（代表2024年）當時我們每日產量為215.2萬桶，與2026年4月相比。這是30%的成長，確實相當顯著。有三項因素支撐了這個產量成長：更多提升產能的專案（例如新油井平台/鑽井平台）、營運效率提升（強化了營運穩定性），以及高效率的油藏管理。這顯示我們在油藏管理上更有效率。在這張投影片上，我們提供一些此策略的具體例子。在Búzios油田的平台方面，P78與P79已投產，兩者的產能皆為每日18萬桶。

Let's continue on slide 4. Petrobras invested $5 billion in the first quarter, with nearly 90% going to E&P projects. Our CapEx is focused on high return projects. On the right-hand side, you can see the evolution of investments in wells, subsea activities, oil rig construction and others. We increased our investments into wells by 11%, 75% in subsea activities and 22% in rigs. All of these investments have been focused on production. We also increased the number of physical deliveries.

我們繼續看第4頁投影片。巴西石油公司在第一季投資50億美元，其中近90%投入上游勘探與生產（E&P）專案。我們的資本支出聚焦於高報酬專案。在右側，各位可以看到在油井、海底作業、鑽井平台建造及其他項目的投資演進。我們對油井的投資增加11%，海底作業增加75%，鑽井平台增加22%。所有這些投資都聚焦於提升產量。我們也增加了實體交付的數量。

We recently delivered P-78 and 79 with their related investments already completed and our focus is now on the well interconnection campaign and the construction of P-80, 82 and 83. These three rigs will have a capacity of 225,000 barrels per day each. And all of them, it's important to highlight, are owned by us and are no longer chartered as was our previous strategic model before Alexandre de Gusmão and Almirante Tamandaré.

我們近期已交付P-78與P-79，相關投資也已完成；目前我們的重點轉向油井連接（interconnection）作業，以及P-80、P-82與P-83的建造。這三座平台每座的產能將達每日22.5萬桶。並且必須強調的是，它們全部由我們自有，不再像先前的策略模式那樣採租賃（chartered）方式——那是Alexandre de Gusmão與Almirante Tamandaré之前的模式。

On slide 5, we can see that in the first quarter, we increased both our oil production and our fuel production. Our refineries produced 1.8 million barrels of byproducts per day. with S10 diesel production hitting a record high of 512,000 barrels per day in March. Another highlight is our utilization factor, which went up by 6 percentage points in the quarter and in March exceeded 97%, the highest level since 2014.

在第5頁投影片，我們可以看到第一季我們的原油產量與燃料產量都增加。我們的煉油廠每日生產180萬桶成品與副產品，其中S10柴油在3月創下每日51.2萬桶的歷史新高。另一個亮點是我們的設備利用率（utilization factor），本季提高了6個百分點，並在3月超過97%，為2014年以來最高水準。

And we did this safely and profitably with a 68% yield of diesel, gasoline and QAV. As a result, we have more fuel for the Brazilian market with fewer imports. I'd like to emphasize the importance of this increase in processing capacity in the current scenario of global supply constraints and price pressures, producing more refined products helps mitigate the effects of geopolitical conflicts on the domestic market. Petrobras is demonstrating once again that it is fundamental to the country's energy security. We are self-sufficient in gasoline. And as we heard before, in the future, we will also be self-sufficient in diesel. It's a matter of time.

而且我們是在安全且具獲利性的前提下達成，柴油、汽油與航空燃油（QAV）的收率達68%。因此，我們能為巴西市場提供更多燃料並減少進口。我想強調，在當前全球供應受限與價格壓力的情境下，提升加工能力非常重要；生產更多精煉產品有助於減輕地緣政治衝突對國內市場的影響。巴西石油公司再次證明其對國家能源安全至關重要。我們在汽油方面已自給自足。而如同先前所聽到的，未來我們在柴油方面也將自給自足。只是時間問題。

Let's move on to slide 6. Now we highlight the key figures for our financial results. We achieved an EBITDA excluding onetime items of USD11.7 billion, driven mainly by higher production volumes. Our net income, excluding onetime items, reached USD4.5 billion, and our operating cash flow stood at USD8.4 billion in the first quarter. There are two important points here.

我們進入第6頁投影片。現在我們重點說明財務結果的關鍵數字。我們達成剔除一次性項目（onetime items）的EBITDA為117億美元，主要由更高的產量所帶動。剔除一次性項目後的淨利達45億美元，而第一季營運現金流為84億美元。這裡有兩個重要重點。

First, the rise in Brent prices is not reflected in the first quarter results because the price surge began in March and exports recognize this month are mostly priced in February when they are traded and shipped from Brazil to their destinations. So all the prices we got in March or most of them was still priced before these higher oil prices. And we will start seeing this increase in the second quarter of 2026.

第一，布蘭特（Brent）油價上漲並未反映在第一季結果中，因為這波漲勢始於3月，而3月認列的出口多數是在2月定價——也就是在巴西完成交易並裝運至目的地時所定的價格。因此，我們在3月取得的價格，或其中大多數，仍是在油價走高之前就已定價。而我們將在2026年第二季開始看到這項上升的影響。

Furthermore, the record production levels had virtually no impact on earnings because we had a backlog of exports amounting to around 80,000 barrels per day, which is another important point that will sustain our results for the second quarter. This inventory will be monetized at a higher price than it would have been in the first quarter.

此外，創紀錄的產量水準幾乎未對獲利造成影響，因為我們有約每日8萬桶的出口積壓（backlog）；這也是另一個將支撐我們第二季業績的重要因素。這些庫存將以高於第一季的價格變現。

Let's continue on slide 7. Looking now at gross debt. We remain within the limit set out in our business plan below USD75 billion. We closed the quarter with USD71.2 billion in gross debt, a slight increase, but the trend is downward. I reiterate our expectation of convergence to USD67 billion in 2026 and USD65 billion by the end of the plan. It may be even smaller -- lower than that.

我們繼續看第7頁投影片。現在來看總負債（gross debt）。我們仍維持在商業計畫所設定的750億美元上限之內。本季末總負債為712億美元，略有增加，但趨勢仍向下。我再次重申，我們預期在2026年收斂至670億美元，並在計畫期末降至650億美元。甚至可能更小——低於該水準。

As stated in our business plan, our priority is using cash to invest in the profitable projects in our plan that were left out of the approved budget due to a scenario that was very different from the current one and our responsibility to the company's capital discipline. When we made this plan, it was a different moment and a different scenario.

如同我們在商業計畫中所述，我們的優先事項是運用現金投資於計畫中具獲利性的專案；這些專案先前因當時的情境與目前大不相同，以及我們對公司資本紀律的責任，而未納入已核准的預算。我們制定這個計畫時，所處的時點與情境都不同。

But we laid out some flexibility on this plan, which allowed us to include projects or postpone them. What we call base and target CapEx. We have to emphasize that over 60% of the total debt comes from leases that under accounting standards must be recognized as debt. These amounts are associated with assets that generate production and consequently, revenue for the company. We have an efficient and flexible capital structure even in more challenging scenarios, and we remain committed to capital discipline and the efficient allocation of resources. So we will continue to invest to generate value, always maintaining our debt level. And we maintain a robust liquidity position. We closed the first quarter of the year with USD9.1 billion in cash and cash equivalents. Our minimum cash is USD6 billion.

但我們在這項計畫中保留了一定的彈性，使我們能夠納入專案或將其延後。也就是我們所稱的基礎與目標資本支出（CapEx）。我們必須強調，總負債中超過60%來自租賃，依會計準則必須認列為負債。這些金額與可帶來產量、進而為公司創造營收的資產相關。即使在更具挑戰的情境下，我們仍擁有高效率且具彈性的資本結構，並持續致力於資本紀律與資源的有效配置。因此，我們將持續投資以創造價值，同時始終維持我們的負債水準。我們也維持穩健的流動性部位。我們以91億美元的現金及約當現金結束今年第一季。我們的最低現金水位為60億美元。

On slide 8, we show the status of some indicators in relation to our targets for the 2026, 2030 plan. Oil production reached 2.6 million barrels per day in the first quarter, therefore, within the upper range of the target for the year. We highlight the continued ramp-up of the new production systems, P-78 and P-79 in addition to complementary projects.

在第8頁投影片中，我們展示部分指標相對於2026、2030計畫目標的達成狀況。第一季原油產量達到每日260萬桶，因此落在年度目標區間的上緣範圍內。我們強調新投產系統P-78與P-79持續爬坡增產，並搭配其他補充性專案。

Efficiency in reservoir management and improvements in asset integrity and management were also key to our excellent operational performance. We're working to deliver production above the midpoint of the target and the first quarter 2026 results indicate that we are on the right track. This is not a promise, but rather a pursuit of greater operational efficiency. We're maintaining our guidance while making every effort to produce even more.

油藏管理效率，以及資產完整性與管理的改善，也是我們優異營運表現的關鍵。我們正努力將產量提升至高於目標中位數，而2026年第一季的結果顯示我們走在正確的軌道上。這不是承諾，而是對更高營運效率的追求。我們在維持既有指引的同時，也將盡一切努力生產更多。

We invested USD4.5 billion in the quarter out of a total of USD16.9 billion projected for 2026. We continue to strictly adhere to capital discipline, prioritizing projects that create value and accelerating deliveries whenever possible. Our commitment is delivering value. Operating expenses totaled USD5.6 billion for the quarter. It's worth noting that the exchange rates, transportation costs and increased production all impact this metric.

本季我們投資45億美元，而2026年預計總投資為169億美元。我們持續嚴格遵守資本紀律，優先推動能創造價值的專案，並在可能時加速交付。我們的承諾是交付價值。本季營運費用合計56億美元。值得注意的是，匯率、運輸成本以及產量增加都會影響此項指標。

For the year, we are maintaining our forecast of USD20.2 billion. As for lease cash flow, USD2.4 billion in the first quarter of 2026 compared to USD10 billion for the year is also in line with expectations. It is under control from our perspective. In summary, our projections remain unchanged, even though we are working to accelerate projects and exceed our production targets.

就全年而言，我們維持202億美元的預測。至於租賃現金流，2026年第一季為24億美元，相較全年100億美元的預估也符合預期。從我們的角度來看，這是在可控範圍內。總結而言，儘管我們正努力加速專案並超越產量目標，我們的預測仍維持不變。

We continue on slide 9. Here, we present our contribution through tax payments. It was BRL72.4 billion total for the first quarter, of which BRL27.3 billion were paid in federal taxes, BRL29 billion to the states, BRL700 million to municipality and nearly $15 billion in government royalties.

我們繼續看第9頁。在此我們呈現透過稅款繳納所做出的貢獻。第一季合計為724億巴西雷亞爾，其中273億巴西雷亞爾繳納聯邦稅、290億巴西雷亞爾繳納各州稅、7億巴西雷亞爾繳納市政稅，另有近150億美元的政府權利金。

On this last slide, we have a few final remarks. Oil prices have risen, but we remain committed to the same goals set out in our business plan, a focus on capital discipline and responsible investment execution. We also remain focused on increasing our production through operational efficiency and the proper management of all our assets.

在最後一張投影片，我們做幾點結語。油價已上升，但我們仍致力於商業計畫中所設定的相同目標，聚焦資本紀律與負責任的投資執行。我們也持續專注於透過營運效率與妥善管理所有資產來提升產量。

Last but not least, our commitment to governance, an essential pillar for value creation in the company. Thank you once again, and I will be available along with the other directors to answer any questions you may have. I'll now hand it over to Eduardo, who will begin the Q&A.

最後同樣重要的是，我們對公司治理的承諾，這是公司創造價值不可或缺的支柱。再次感謝各位，我將與其他董事一同待命，回答各位可能提出的任何問題。接下來我把時間交給Eduardo，由他開始問答環節。

Thank you, Fernando. Thank you, Magda. We will now begin the question-and-answer session. (Event Instructions)

謝謝你，Fernando。謝謝你，Magda。我們現在開始問答環節。（活動說明）

Leonardo Marcondes, Bank of America.

Leonardo Marcondes，美國銀行。

Hello, good afternoon, ladies and gentlemen. Thanks for taking my question. I would like to hear your perspective on the downstream market. What can you tell us about the market and prices in a broader sense? Can you tell us about what the supply dynamics are like in Brazil right now. And if you can tell us if there's any risk of shortages and considering the recent price increases, how do you assess the need for adjustments in diesel and gasoline prices. Thank you.

各位女士、先生，大家下午好。感謝讓我提問。我想聽聽你們對下游市場的看法。就更廣泛的角度而言，你們能否談談市場與價格情況？也請談談目前巴西的供給動態如何。另外，若能說明是否存在短缺風險；並考量近期價格上漲，你們如何評估柴油與汽油價格調整的必要性。謝謝。

Thank you, Marcondes. I'll start answering your question, and then I'll hand it over to Angelica and William. So we are keeping track of prices. And we also know that when things are set in the press, oil goes up, and then we hear something else in the press, and it goes even higher. So sometimes you see a difference of $15 per barrel within a single day.

謝謝你，Marcondes。我先回答你的問題，接著再交給Angelica和William補充。我們一直在追蹤價格。我們也知道，有時媒體一報導，油價就上漲；接著媒體又出現其他消息，油價又更高。因此有時你會看到單日每桶出現15美元的差異。

Our governance and our price policies is not passing this volatility on, so we are reducing the anxiety that we see in international prices. When we set prices for Brazilian consumers, even though we're following the market in general, and we have a tendency to follow international prices. So this is what we've done. In March, the war broke out on February 28. So in March, exactly on the 12 we had a subvention from the federal government about diesel prices.

我們的治理與定價政策並不會把這種波動直接轉嫁出去，因此我們降低了國際價格波動所帶來的焦慮。在為巴西消費者訂價時，雖然我們整體上會跟隨市場，也傾向參考國際價格。這就是我們一直以來的做法。3月時，戰爭在2月28日爆發。因此在3月，也就是12日當天，我們獲得聯邦政府針對柴油價格的補貼。

So within 12 days of the war, we got a $0.70 subvention. After 15 days, we also got another one with an additional $0.80. So the domestic market currently has a subvention of $1.50 and there's also one for imports, which has been approved and is being applied retroactively. So when it comes to diesel prices, we are keeping track of it accompanying it, and we understand that we are 100% compliant to our pricing policy as international prices change.

也就是在戰爭爆發後12天內，我們獲得了0.70美元的補貼。15天後，我們又獲得另一筆補貼，額外增加0.80美元。因此目前國內市場的補貼合計為1.50美元；進口方面也有一項補貼已獲核准，並正以追溯方式適用。因此就柴油價格而言，我們持續追蹤並同步調整；隨著國際價格變動，我們理解自己100%符合定價政策。

Gasoline is a little bit more complicated because not only does it -- not only is it affected, but it competes with Brazilian ethanol. So we're looking at gasoline prices internationally hiking up. But at the same time, we know that here in Brazil, we have ethanol, which competes with gasoline and in Brazil, we also have a flex fuel fleet. Most passenger vehicles in Brazil allow drivers to decide between gasoline and ethanol in every station, so they can choose between gasoline or ethanol, whatever has the lowest price.

汽油則稍微更複雜，因為它不僅受到影響，還要與巴西乙醇競爭。我們看到國際汽油價格上升。但同時我們也知道，在巴西有乙醇可與汽油競爭，而且巴西還有彈性燃料（flex fuel）車隊。巴西多數乘用車允許駕駛在每個加油站於汽油與乙醇之間做選擇，因此他們可以選擇價格較低的那一種。

As gas prices go up, and you heard me saying about a potential price increase for gasoline. We are always keeping track of that in comparison to ethanol prices in the Brazilian market. About 15 days ago, ethanol prices were going down significantly in the Brazilian market. It is a competitor for us. So we are always keeping track of our market share and how the international market is changing as well as the ethanol market in Brazil. There will be a gas price increase, but we have to be sure that this market is still partly ours.

隨著汽油價格上升，你也聽到我提到汽油可能調價。我們會一直將其與巴西市場的乙醇價格進行比較並持續追蹤。大約15天前，巴西市場的乙醇價格顯著下滑。這對我們而言是競爭品。因此我們會持續追蹤市占率、國際市場的變化，以及巴西乙醇市場的走勢。汽油價格會上調，但我們必須確保這個市場仍有一部分屬於我們。

We also had an increase in QAV prices. As you know, QAV is a product that follows parametric formulas for its prices with signed contracts. So airlines and distribution companies had trouble with QAV. So we had to extend deadlines and the Financial Director will explain it to you better. But we diluted prices for payment in the second half of the year. It's as if we were finding a higher QAV prices passing this guaranteeing that this will passed on, but with an extension financed by Petrobras.

我們也調升了QAV價格。如各位所知，QAV是一種依參數化公式、並透過已簽署合約來定價的產品。因此航空公司與配銷公司在QAV方面遇到困難。所以我們必須延長期限，財務總監會向你更清楚地說明。但我們把付款的價格影響分散到下半年。這就像是我們在反映較高的QAV價格、確保其會被轉嫁，但同時由Petrobras提供融資、以延長付款期限。

We recently had an increase in natural gas prices. And again, this is compliant to our current contracts and we're looking at figures for August to see if this increase will also require something from us. We might need to support these price increases with extended payment dates. But as I'm seeing here, we are always analyzing how prices are changing in the international market. And our policy is not to pass this volatility to consumers. The most important thing is that we are maintaining the company's market share in the Brazilian market. We understand that this is our market, and we're not willing to let go with it.

我們最近看到天然氣價格上漲。再次強調，這符合我們現行合約的條款，我們正在查看 8 月的數據，以判斷這次上漲是否也會對我們提出額外要求。我們可能需要透過延長付款期限來支撐這些價格上漲。但如各位所見，我們一直在分析國際市場價格的變化。而我們的政策是不把這種波動轉嫁給消費者。最重要的是，我們正在維持公司在巴西市場的市占率。我們明白這就是我們的市場，我們不打算放手。

Okay. Angelica will now talk about the price evolution, and Front will also tell you how we are going to increase the production of byproducts.

好的。Angelica 接下來會談價格走勢，而 Front 也會向各位說明我們將如何提高副產品的產量。

Well, it's also important to say that there is no indication of any risk of structural shortage on the market because in Brazil, we have multiple agents and A&P as a regulatory coordinator, and they've been constantly monitoring the volumes available on the market. Petrobras has been contributing with our production and also within the safety parameters. We've been monitoring the market constantly in order to define the prices of our products. Thank you.

另外也很重要的一點是，市場上沒有任何跡象顯示存在結構性短缺風險，因為在巴西我們有多個市場參與者，且 A&P 作為監管協調機構，一直在持續監測市場可供量。Petrobras 也在安全參數範圍內貢獻了我們的產量。我們持續監測市場，以便制定我們產品的價格。謝謝。

Hi, Leonardo. Thank you for your question. Concerning refineries, we've -- and the quarter at $95.97, we're operating at 102%, 103%. Since yesterday, we've been at 103%. And concerning self-sufficiency, since last year, we added 70 new S10 diesel barrels with replants new diesel HDT and the revamp of the Paraiba Valley refinery.

嗨，Leonardo。謝謝你的提問。關於煉油廠，我們——本季在 95.97 美元的情境下，我們的運轉率在 102%、103%。從昨天起，我們一直在 103%。至於自給自足方面，自去年起，我們透過新建柴油 HDT 裝置以及對 Paraiba Valley 煉油廠的改造，新增了 70 個 S10 柴油桶（barrels）的產能。

This year, we started to expand train one at [Greenash]. We're operating at 85% now we're at 140% due to huge efforts by President Magda and this increase has been achieved within the regulatory safety limits. We are now at 140,000 barrels and Greenash produces more than 100,000 worth of diesel, an additional 30,000.

今年，我們開始擴建[Greenash] 的第一列（train one）。我們目前的運轉率為 85%，但在 Magda 總裁的大力推動下，我們已提升至 140%，且這項提升是在法規安全限制內達成的。我們現在達到 140,000 桶，而 Greenash 的柴油產量超過 100,000 桶，另外再增加 30,000 桶。

Our plants are expecting to achieve another 30,000 barrels of diesel, and we are quite advanced in terms of our plans, '27, '31, to reach 500 in terms of barrels of diesel. This is our goal, and this is also our challenge at Petrobras.

我們的工廠預期還能再增加 30,000 桶柴油產量；而在我們的計畫方面（'27、'31），我們已相當超前，目標是在柴油桶數方面達到 500。這是我們的目標，也是 Petrobras 的挑戰。

(Event Instructions) Rodrigo Almeida, BTG.

（活動指示）Rodrigo Almeida，BTG。

Thank you, Eduardo, and good afternoon, Magda, Fernando, everyone. I'd like to keep on discussing the fuels and I'd like to dive into more details about the funding. So in terms of working capital, this is possibly what stands out the most looking from an outside perspective, the first quarter had a slight effect due to the funding or subsidies. So I'd like to further understand from you first about the discussions with the government concerning the sharing of invoices and information with A&P so that they can start making payments?

謝謝你，Eduardo，下午好，Magda、Fernando，以及各位。我想繼續討論燃料，並更深入了解資金安排。就營運資金而言，從外部觀點來看，這可能是最突出的部分；第一季因融資或補貼而受到些微影響。因此，我想先進一步了解你們與政府之間，關於與 A&P 共享發票與資訊、以便他們開始付款的討論進展如何？

And also the current scenario in terms of internal projections concerning the receipts timeline and about diesel and all the other products such as aviation kerosene and natural gas, what's the impact of these products in terms of working capital for the company given that these volumes tend to grow very quickly? Those were my questions. Thank you.

另外，就內部預測而言，目前收款時程的情境如何？以及柴油與其他產品（例如航空煤油與天然氣）在公司營運資金上的影響為何，考量到這些銷量往往成長很快？以上是我的問題。謝謝。

Thank you, Rodrigo. I'm going to ask Directors Fernando and Angelica to answer your question.

謝謝你，Rodrigo。我會請 Fernando 與 Angelica 兩位董事回答你的問題。

Good afternoon, Rodrigo. Starting with the subsidies in March, it's -- they're in accounts receivable. They've been accounted for in our -- concerning -- now it's only a matter of procedures and we expect to get paid within this quarter.

下午好，Rodrigo。先談 3 月的補貼——它們列在應收帳款中。我們已在帳上入帳——就目前而言，現在只剩程序問題，我們預期會在本季內收到款項。

As for the other ones, there is still an ongoing operational workflow -- we get paid. And the impacts are reflected in the increased operational cash flow of the company. And the free cash flow that we'll be seeing in the next few days, much closer to the current market prices, not paid by the end customers.

至於其他部分，仍有一套持續進行的作業流程——我們會收到款項。其影響會反映在公司營運現金流的增加上。而我們在接下來幾天將看到的自由現金流，將更貼近目前的市場價格，而非由終端客戶支付的價格。

As a result of the efforts made by the government, these revenues come from the end consumers and part of them come from the government. Therefore, the prices will be within our expectations in a few days.

由於政府所做的努力，這些收入一部分來自終端消費者，另一部分來自政府。因此，價格在幾天內就會落在我們的預期範圍內。

Diesel is still being operationalized. We signed also a subsidy in April. We signed a declaration of adhesion to the subsidy program, and that will also have a positive impact in terms of working capital and cash flow for the company. Actually, it's not natural gas; it's liquid gas. And Petrobras is able to receive subsidies both for imported and domestically produced diesel.

柴油仍在作業化推進中。我們也在 4 月簽署了補貼。我們簽署了加入補貼計畫的同意聲明，這也將對公司的營運資金與現金流帶來正面影響。其實不是天然氣；是液化氣。而 Petrobras 對於進口與國內生產的柴油都能獲得補貼。

Vicente Falanga, Bradesco.

Vicente Falanga，Bradesco。

Good afternoon, everybody. Thanks for taking my question. It's about the visit of the committee to Mexico, as President Magda mentioned, that's also related to Braskem. Now that Petrobras has a new shareholders agreement, and probably a few things have already been discussed and decided, my question is, what can Petrobras do to strengthen Braskem in terms of competitiveness, capital structure?

各位下午好。謝謝讓我提問。我的問題是關於委員會訪問墨西哥一事，如 Magda 總裁提到的，這也與 Braskem 有關。現在 Petrobras 已有新的股東協議，可能已有一些事項討論並做出決定；我的問題是，Petrobras 能做些什麼來在競爭力、資本結構等方面強化 Braskem？

I read an article about the committee and the press and one of the items in the agenda was the polyethylene plant in Mexico. And who's running the risk of losing control and et cetera. So I mean, what can Petrobras do to contribute to petrochemicals and to invest in the Gulf of Mexico?

我讀到一篇關於委員會與媒體的文章，議程項目之一是墨西哥的聚乙烯工廠。以及誰有失去控制權的風險等等。所以，我的意思是，Petrobras 能做些什麼來促進石化業，並在墨西哥灣投資？

Thanks for your question, Vicente, but our trip to Mexico involved multiple goals. One of them was to talk to the President of Mexico about the opportunity of entering a partnership with Pemex to explore the Mexican part of Mexico that's been split into two parts. You see that the North American part of it is highly developed and the Mexican portion, with very little development, especially in the ultra-deep water environment, which is our specialization at Petrobras.

謝謝你的提問，Vicente，但我們這次墨西哥之行有多個目標。其中之一是與墨西哥總統討論與 Pemex 建立合作夥伴關係的機會，以開發墨西哥灣中屬於墨西哥的那一部分，該區域被分成兩部分。你可以看到北美那一側高度開發，而墨西哥那一側開發很少，尤其是在超深水環境——這正是 Petrobras 的專長。

So this trip to Mexico had the goal of opening up new markets, which is what we're doing, like I said. In Africa, we're also doing it in Mexico and we'll also likely do it in Venezuela. So this is our goal to have future incorporations of oil and gas reserves.

因此，這次墨西哥之行的目標是開拓新市場，正如我所說，我們正在這麼做。在非洲我們也在做，在墨西哥也在做，未來也很可能在委內瑞拉進行。因此，我們的目標是為未來新增油氣儲量。

And in that regard, we think that the Mexican area of the Gulf of Mexico cannot be forgotten. Partnership with Pemex would be beneficial in order for us to assess new possibilities to operate and do new explorations in these areas.

在這方面，我們認為墨西哥灣的墨西哥海域不應被忽視。與 Pemex 的合作將有助於我們評估在這些區域營運與進行新勘探的更多可能性。

The partnership with Pemex is also positive in terms of expanding synergies. They use oil and gas that may start to be produced as the result of a partnership between Petrobras and Pemex. The Mexican Gulf of Mexico has mature fields.

與 Pemex 的合作在擴大協同效益方面也具有正面意義。他們會使用因 Petrobras 與 Pemex 合作而可能開始生產的油氣。墨西哥灣的墨西哥海域有成熟油田。

It's not restricted to exploration opportunities alone. It also offers opportunities for us to make partnerships in the operation of mature fields. This is also another analysis that we're going to undertake alongside Pemex.

這不僅限於勘探機會。它也為我們在成熟油田的營運方面建立合作夥伴關係提供機會。這也是我們將與 Pemex 一起進行的另一項分析。

And if that's possible, what are we going to do with this oil? Well, we are thinking about refining it in Mexico itself. So if it's being produced in Mexico and being refined in Mexico, and if we can use the gas surplus in Mexico, that's the best case scenario. And if we're able to do that to the benefit of the synergies that are possible between exploration, production, and refining, and the production of gas and gas processing in Mexico, that will be the icing on the cake of all of our efforts.

如果這是可行的，那我們要如何處理這些原油？嗯，我們正在考慮在墨西哥本地進行煉製。因此，如果在墨西哥生產、也在墨西哥煉製，並且如果我們能利用墨西哥的天然氣盈餘，那就是最佳情境。而如果我們能做到這一點，並受益於勘探、開發與煉製之間的協同效應，以及在墨西哥的天然氣生產與天然氣處理之間可能形成的協同效應，那將是我們所有努力的錦上添花。

What we have so far in Mexico are the best intentions. They have not yet become a reality though. But since you asked the reason for our trip, well, that was the reason. Those were the subjects that we discussed, the possibility to do exploration and production in Mexico and the possibility to increase production in mature fields in Mexico.

我們目前在墨西哥所擁有的是最好的意願。但它們尚未成為現實。不過既然你問到我們此行的原因，嗯，那就是原因。我們討論的就是這些主題：在墨西哥進行勘探與開發的可能性，以及在墨西哥成熟油田提高產量的可能性。

And possibly also using gas surplus and also a synergy with petrochemicals, which should also happen in Brazil. That's what we're working for in Brazil. And as a reminder, we have 46%, the 47% of the shares with the right to vote at Braskem, which is the sixth largest petrochemical plant in the world. And as Petrobras, we are totally interested in being more present at Braskem and to make the most out of all synergies, resulting from our manufacturing plants, whether in Brazil or abroad, and the synergies, given that the synergies that are possible to which achieved.

也可能同時利用天然氣盈餘，並與石化業形成協同效應，而這在巴西也應該發生。這正是我們在巴西努力的方向。提醒一下，我們在Braskem持有46%、47%具表決權的股份；Braskem是全球第六大石化企業。作為Petrobras，我們完全有興趣在Braskem更積極參與，並最大化所有協同效應，這些協同效應來自我們的製造工廠（無論在巴西或海外），以及所有可實現的協同效應。

We have a scheduled meeting that will occur on the 13. A group in charge of refining will go to Mexico and another group in charge of exploration and production will be arriving in Mexico on the 13 to keep having this conversation that was started.

我們已安排一場會議，將在13日舉行。一個負責煉製的團隊將前往墨西哥，另一個負責勘探與開發的團隊也會在13日抵達墨西哥，以延續已展開的對話。

Thank you, Magda. William is telling me that you asked about [EDESA] and if we're going to lose it. Well, I can tell you that our intention is not to lose anything. We just want to win and conquer new things. Our development phase is over. And now, as I used to say, we no longer like to sell. We only like buying and increasing our shares.

謝謝你，Magda。William告訴我你問到了[EDESA]，以及我們是否會失去它。嗯，我可以告訴你，我們的意圖不是失去任何東西。我們只想贏，並開拓、取得新的事物。我們的發展階段已經結束了。而現在，正如我過去常說的，我們不再喜歡出售。我們只喜歡買入並提高我們的持股比例。

Gabriel Barra, Citi.

Gabriel Barra，花旗。

I'll try to cover something that we didn't touch upon about CapEx and production. I think the week before last, I don't know if I'm wrong, but there was an event to talk about Buzios, and we had the opportunity to talk about increased production in Buzios, not only in Buzios, but for the company as a whole.

我會嘗試補充一些我們尚未觸及、關於資本支出（CapEx）與產量的內容。我想在上上週，如果我沒記錯的話，有一場活動談到Buzios，我們也有機會談到Buzios的增產，不僅是Buzios，也包括公司整體的增產。

And now, the oil scenario is much stronger than we had imagined during the company's last investment plan. And to paraphrase a few things that were touched upon during this conference call, the company's been focusing on increasing production regionally.

而現在，油價情境比我們在公司上一版投資計畫時所想像的要強得多。並呼應本次電話會議中提到的一些內容，公司一直在聚焦於區域性的增產。

So my question is, this plan that we're currently following that was designed last year, how much of it can be modified? [79] just started in Buzios. The [80] will begin next year. So what can we do in terms of increasing CapEx given this new oil scenario? Does anything change or does not change?

所以我的問題是：我們目前正在執行、去年制定的這個計畫，有多少可以調整？[79]剛在Buzios啟動。[80]將在明年開始。在這個新的油價情境下，我們在提高CapEx方面能做些什麼？有任何改變嗎，還是沒有改變？

So my question to try to summarize it is basically related to CapEx. So what we should think about in terms of CapEx and if there should be an upside in terms of the numbers we've been working with given the new oil scenario?

因此，總結來說，我的問題基本上與CapEx有關。在新的油價情境下，對於CapEx我們應該如何看待？相較於我們一直採用的數字，是否應該考慮上修？

Thanks, Gabriel. I'm going to ask Fernando to answer your question.

謝謝你，Gabriel。我會請Fernando來回答你的問題。

Thanks for your question, Gabriel. Well, our focus, like we said, in our strategic planning is the same. We still see a very volatile Brent price. We do believe that these prices will increase between now and the end of the year. And this will bring about additional revenues in the short-term.

謝謝你的提問，Gabriel。嗯，我們的重點，如同我們在策略規劃中所說的，仍然相同。我們仍然看到Brent價格非常波動。我們確實相信，從現在到年底，這些價格會上升。而這將在短期帶來額外收入。

The decision to include new investments do not involve only a short-term perspective. Rather, it's a long-term perspective and it involves identifying the resilience of the assets. Nothing has changed in terms of governance. It still has to undergo the technical assessments of strategic committees, the Executive Board, and depending on how much we're investing, some of them need to be submitted to the administrative council of the company.

是否納入新的投資決策，不僅僅取決於短期觀點。相反地，這是一個長期觀點，並涉及辨識資產的韌性。在公司治理方面沒有任何改變。仍需經過策略委員會的技術評估、執行董事會審議；並且視投資金額而定，其中一些還需要提交公司行政委員會（董事會）審核。

We've just included [SIAP] with 22,000 million cubic meters, that's the capacity that we're talking about. They were not on our budget and now, we have included them on our budget. They were outside of our base CapEx. So we are evolving in that regard.

我們剛把[SIAP]納入，規模為220億立方公尺，這就是我們所談的產能。它們原本不在我們的預算內，現在我們已將其納入預算。它們原本在我們的基礎CapEx之外。因此我們在這方面正在演進。

I mean, there could be others that have not yet been analyzed. And of course, it's also a matter of opportunity. If we see that there is anything that we can invest in to increase the company's value, we'll do that, of course, always focusing on the long-term and not the short-term.

也就是說，可能還有其他項目尚未分析。當然，這也取決於機會。如果我們看到有任何可以投資、以提升公司價值的事項，我們當然會去做，但始終以長期而非短期為重。

The cash surplus, certainly our main goal is to focus on investments and to anticipate it. We created a certain flexibility on our plan, stating that we could postpone investments, but that was based on the old scenario. And now, if there are opportunities, we will bring things forward in terms of our 2030 plan.

至於現金盈餘，我們的主要目標當然是聚焦投資，並提前推進。我們在計畫中建立了一定的彈性，表示我們可以延後投資，但那是基於舊的情境。而現在，如果有機會，我們將在2030計畫的框架下把一些事項提前。

Well, just to add to what he said, we are in the waiting list for Buzios 12 for [Abu Coris], which is something spectacular that can be done much more easily, and yeah, it's already on our plan. So the plan gives us this flexibility of having assets and absolutely relevant projects. So, yeah, so it's all about drive. This is our '26-'30 strategic plan.

嗯，補充他所說的，我們在Buzios 12的等待名單上，針對[Abu Coris]，那是一個非常出色、而且可以更容易完成的項目；是的，它已經在我們的計畫中。因此，這個計畫賦予我們彈性，能夠配置資產與絕對相關的重要專案。所以，是的，關鍵在於推動力。這就是我們的'26-'30策略計畫。

Tasso Vasconcellos, UBS.

Tasso Vasconcellos，瑞銀。

Thank you. Good afternoon, everyone. My question is a follow-up question to the last one, Fernando. Obviously, the company started the year with a certain plan. Maybe they were budgeting at around $60 per barrel, but now it's a much more positive scenario in terms of cash generation.

謝謝。各位下午好。我的問題是延續上一題，Fernando。顯然，公司在年初是以某個計畫開始的。也許當時預算是以每桶約60美元來編列，但現在在現金創造方面是更正面的情境。

I know how difficult it is to predict oil prices, but at the same time, the company has its own internal plan with course correction when necessary. You've talked about not passing on the price volatility to the consumer. You, yourself, talked about reinvesting or resuming investments in the Sergipe Alagoas project.

我知道預測油價有多困難，但同時公司也有自己的內部計畫，必要時會進行修正。你們談到不把價格波動轉嫁給消費者。你也提到在Sergipe Alagoas專案上再投資或恢復投資。

So if you can tell us a little bit more about how much course correction you've been talking about? How frequently does the company talk about this or actually do it when necessary? And what oil scenarios have you been working with for the second-half of the year? Thank you.

所以，如果你能多談一點你所說的「修正」幅度有多大？公司多頻繁會討論這件事，或在必要時實際執行？以及你們對今年下半年採用的是哪些油價情境？謝謝。

Thank you, Tasso. I'll hand it over to Fernando, who will answer.

謝謝你，Tasso。我把時間交給Fernando，由他來回答。

Thank you for your question, Tasso. I'll start with the end part of your question. The company has been getting prepared to work with a Brent balance of $59. So this is what we foresee in the company, regardless of our future Brent prices. We stated this in our strategic plan. We ran the company last year at around $81 for a balance $8 or $50, regardless of what happens.

謝謝你的提問，Tasso。我先從你問題的最後一部分開始。公司一直在為以每桶59美元的布蘭特（Brent）平衡油價來運作做準備。因此，這就是我們在公司內部所預見的情境，不論未來布蘭特價格如何。我們已在策略計畫中說明過。去年我們在大約81美元的情境下運作，公司平衡點約為50美元（或約8美元的差額），不管發生什麼。

And after that, we have -- our priority is to continue to invest. We can postpone or advance these investments, but this is all being analyzed within the company in our technical analysis. And we also are always looking at the long-term, never the short-term. This assumption will facilitate some things, but this is not the decision driver if we have to hedge the project.

在那之後，我們——我們的優先事項是持續投資。我們可以延後或提前這些投資，但這些都在公司內部的技術分析中評估。而且我們一向著眼長期，而非短期。這項假設會讓某些事情更容易，但若我們必須對專案進行避險（hedge），它並不是決策的驅動因素。

The second point is that we are directing additional resources that we might have this year to reduce our debt, to converge towards $65 billion as quick as we can or even below it and if we find any excess cash where we don't have any profitable projects for if we don't have any opportunities that might be an alternative for Investments then our path will always be the same that we've always said. We don't want to work with excess cash.

第二點是，我們正把今年可能取得的額外資源用來降低負債，盡快收斂至650億美元，甚至低於此水準；若我們出現多餘現金，而又沒有任何具獲利性的專案、或沒有可作為投資替代方案的機會，那麼我們的路徑將一如我們一直所說的那樣。我們不希望持有過多現金。

Our minimum cash is $6 billion. We're running the company with $8 billion, $9 billion, between $8 billion and $10 billion. And if we find an excess, that will not be missed in the future. In any case, our projects are always aiming at the next 20 to 30 years. So if we don't find any, then we would consider extraordinary dividends, but we don't believe there's any possibility for that this year.

我們的最低現金水位是60億美元。我們目前以80億到90億美元在運作，約在80億到100億美元之間。如果出現超額，未來也不會被忽略。無論如何，我們的專案一向以未來20到30年為目標。因此，如果我們找不到合適機會，我們會考慮特別股利，但我們認為今年沒有任何可能性。

Lilyanna Yang, HSBC.

Lilyanna Yang，匯豐（HSBC）。

I would like to get a little bit more color about your appetite for Mexico and Venezuela. And if you can compare this with the equatorial margin. I'd just like to get an understanding if, for example, Venezuela and Mexico would be $1 billion or $5 billion in the next two years or the next five years? Thank you.

我想更了解你們對墨西哥與委內瑞拉的投資意願。以及是否能與赤道邊緣（equatorial margin）做比較。我想了解的是，例如，未來兩年或五年內，委內瑞拉與墨西哥的投資規模會是10億美元還是50億美元？謝謝。

Thank you Liliana but I think you're in a bit of a hurry like Sylvia said a short while ago we are about 1,000 meters from our goal in the equatorial margin. So that is our main goal. The first goal in our explorations.

謝謝你，Liliana，但我想你有點著急；就像Sylvia剛才說的，我們距離在赤道邊緣的目標大約還有1,000公尺。所以那是我們的主要目標。也是我們勘探的第一目標。

Beyond that, we also have efforts or let me say it this way, we have much more concrete, ongoing efforts on the Atlantic margin of Africa, for example. So we're talking about Cote d'Ivoire, Namibia. We're talking about South Africa, maybe also Ghana. We have projects in Colombia, Peru. So we're focusing on South America and Africa.

除此之外，我們也在努力——或者我換個說法，我們在非洲大西洋邊緣也有更具體、持續進行的工作。例如象牙海岸（Cote d'Ivoire）、納米比亞（Namibia）。也包括南非，或許還有迦納。我們在哥倫比亞、秘魯也有專案。因此我們聚焦在南美與非洲。

Along with that, we also discuss other opportunities. Notice that 10 years ago, we talked about the Golden Triangle, which was Africa, Brazil, and the Gulf of Mexico. The Mexican part of the Gulf of Mexico is relatively unexplored. So naturally, we would look at it and think what might happen there. But so far, all we've done is visit the Mexican presidency.

同時，我們也會討論其他機會。請注意，10年前我們談過「黃金三角」，也就是非洲、巴西與墨西哥灣。墨西哥灣的墨西哥區域相對尚未充分勘探。因此我們自然會關注並思考那裡可能發生什麼。但到目前為止，我們所做的只是拜會墨西哥總統府。

So there's still a long road ahead before we can quantify any kinds of investments in the Gulf of Mexico. I hope I can do it. I hope that Petrobras really has a good opportunity to work in the Mexican part of the Gulf of Mexico, but this is still a wish list item.

所以在我們能量化任何在墨西哥灣的投資之前，仍有很長的路要走。我希望我能做到。我希望Petrobras在墨西哥灣的墨西哥區域確實有很好的合作機會，但這仍然只是願望清單上的項目。

And Venezuela is a similar case. Venezuela has relevant resources found. They are our neighbor, so naturally, we would want to consider Venezuela. But right now, we still have it just as a wish list item. So I still can't look at Venezuela or Mexico to see any investment value because this is still an initial discussion.

委內瑞拉也是類似情況。委內瑞拉已發現相當可觀的資源。他們是我們的鄰國，因此我們自然會想把委內瑞拉納入考量。但目前我們仍只是把它列為願望清單項目。因此我現在仍無法就委內瑞拉或墨西哥評估任何投資價值，因為這仍處於初步討論階段。

Regis Cardoso, XP.

Regis Cardoso，XP。

If I can ask a specific question about Braskem. I think this is an important milestone from the recent shareholders' agreement being signed, and as the company's governance changed, Petrobras will have a much more active role over Braskem.

我想就Braskem問一個具體問題。我認為近期簽署的新股東協議是一個重要里程碑；隨著公司治理架構改變，Petrobras將在Braskem扮演更積極的角色。

And this might be a crucial moment in which Braskem was moving towards a debt restructuring, and at the same time, petrochemical spreads improved significantly since March. So my question is, what changes with this new role for Petrobras? Does Braskem still require debt restructuring? Is there really a greater spread level? I'd just like to hear your take on these changes.

而這可能是關鍵時點：Braskem正朝向債務重整，同時自3月以來石化利差（spreads）也顯著改善。所以我的問題是，Petrobras的新角色會帶來哪些改變？Braskem是否仍需要債務重整？利差水準是否真的更高？我想聽聽你對這些變化的看法。

Hedges, what we have now is a willingness at Petrobras to work strongly on Braskem. If you look at the last 10 years, Petrobras was basically absent from Braskem. Our understanding is that this was not the right way. Braskem and Petrobras have very relevant synergies, especially with our refinement plants and the Brazilian gas consumption. And that Petrobras's participation in Braskem is so relevant that it cannot be absent from this work.

Hedges（Hedges），我們目前的情況是：Petrobras有強烈意願在Braskem上投入更多工作。如果你回顧過去10年，Petrobras基本上缺席了Braskem。我們的理解是，這不是正確的做法。Braskem與Petrobras之間有非常重要的協同效益，特別是與我們的煉油廠以及巴西的天然氣消費。Petrobras在Braskem的持股如此重要，以至於不可能在這項工作中缺席。

And we have to be strong, like Petrobras usually is. So this is what we're saying. We want to be active participants in the Braskem operation, because if anyone understands about cracking here or this kind of work, it's us.

而且我們必須強勢，就像Petrobras一向那樣。所以這就是我們要表達的。我們希望在Braskem的營運中成為積極參與者，因為若有人了解這裡的裂解（cracking）或這類工作，那就是我們。

So of course, Petrobras can't have this refinery infrastructure, this presence in Brazilian refinement and gas production, and the share of the gas and byproducts market in Brazil, and let all of these discussions run at Braskem without Petrobras being included as a relevant partner. So I think that's what changed. It was just the company's willingness to work with Braskem in a stronger way.

因此，Petrobras不可能擁有這些煉油基礎設施、在巴西煉製與天然氣生產上的布局，以及在巴西天然氣與副產品市場的市占，卻讓所有這些討論都在Braskem進行而不把Petrobras納入為重要夥伴。所以我認為改變就在這裡。也就是公司更強烈地願意以更有力的方式與Braskem合作。

And I'll let William and Angelica add to my answer.

我也請William和Angelica補充我的回答。

Just adding to that answer, it's true, since we joined the company, we had a mission of facing the issues of Braskem. First, we have the right political power vis-a-vis the economic capital that Petrobras had there. It took longer than we wanted. We had to experiment with several designs until we got to the current one with IG4 representing banks that hold shares.

補充一下，確實，自從我們加入公司以來，我們的任務之一就是正面處理Braskem的問題。首先，就Petrobras在那裡的經濟資本而言，我們具備相應的政治影響力。這比我們希望的花了更久時間。我們必須嘗試數種架構，直到形成目前由IG4代表持股銀行的這個架構。

Since then, we created a shareholders agreement reflecting our intention, and we believe that that's the best for the company. We're going to focus on the operational issues, as we heard. We know their operation. We know the situation of the petrochemical industry. We're very connected, and we have a lot of synergy between them and oil and gas. So that's what we did.

自那之後，我們建立了一份反映我們意圖的股東協議，我們相信這對公司是最好的。我們將聚焦在營運議題上，如同我們所聽到的。我們了解他們的營運。我們了解石化產業的狀況。我們彼此連結非常緊密，且他們與油氣之間有很大的協同效益。所以這就是我們所做的。

Right now, the company is in a transition. And after signing the agreement, without the closing, we are already taking greater action, not fully as we have set out in the shareholders' agreement, but we've advanced significantly. As soon as the closing happens, this should take place. This is expected for the next 30 to 90 days.

目前，公司正處於轉型期。在簽署協議之後、在尚未完成交割的情況下，我們已經採取了更積極的行動；雖然尚未完全依照股東協議中所規劃的方式推進，但我們已取得顯著進展。一旦交割完成，這些安排就應該會落實。預計會在未來30到90天內發生。

So this G4 will also be more active in the company, and all of the decisions will be made there with their structure. During the transitional period, we're also going to assess and understand the best alternatives we have. And whenever we have a material fact from the company to Petrobras, we will assess that.

因此，這個G4也將在公司中更積極參與，所有決策都將在那裡依其架構作出。在過渡期間，我們也會評估並了解我們所擁有的最佳替代方案。而每當公司對Petrobras有任何重大事項時，我們都會加以評估。

I can say that we do not intend to consolidate debt. We will continue to be a minority in the company and all the decisions made within Petrobras will happen according to the best practices for what will be best for our shareholders, always following this concept of you know investing -- investments creating value for shareholders.

我可以說，我們無意合併負債。我們將繼續作為公司中的少數股東，而Petrobras內部所做的所有決策都將依循最佳實務、以對股東最有利為原則，始終遵循你知道的這個概念：投資——投資要為股東創造價值。

Going into details about this management, we got an important position with G4. So we're working in a joint manner, assessing their operations, their logistics, their trade, the synergies that we have with our refineries. This is being assessed in work groups with the new G4. This is expected for the next 30 to 60 days.

談到這項管理的細節，我們在G4中取得了一個重要席位。因此我們以共同合作的方式運作，評估其營運、物流、貿易，以及我們與自家煉油廠之間的協同效益。這些都在與新G4的工作小組中進行評估。預計在未來30到60天內完成。

But we are already doing this together. That's very important because we have several issues that need to be discussed immediately because of the spread, which is very good with the war and that will tend to be extended. The Middle East represents 25% of global petrochemical supplies. We know that they had issues because of the war, which is providing us with a better spread.

但我們其實已經在一起做這些事了。這非常重要，因為由於價差（spread）非常好——在戰爭影響下價差走強，且可能延續——我們有好幾個議題需要立即討論。中東占全球石化供應的25%。我們知道他們因戰爭而出現問題，這讓我們獲得更好的價差。

So this is a part of our discussion. We're speaking to Braskem about the working capital so that they can have the right working capital levels to really capture and monetize this excellent spread that will be longer. So we're doing this together, and our expectations are very positive.

因此，這也是我們討論的一部分。我們正在與Braskem討論營運資金，讓他們能有適當的營運資金水位，以真正把握並將這段將更長久的優異價差變現。所以我們正共同推進，而我們的預期非常正面。

As Magda and Fernando said about Braskem, and as a reminder, highlighting what Fernando said, we will continue to have a stake of 40%, 46%. We don't want to consolidate the debt. We want to be partners with Braskem, and that's how it will be. And we're not going to let go of our percentage in Mexico.

如Magda與Fernando談到Braskem時所說，並提醒一下、強調Fernando所說的，我們將繼續持有40%、46%的持股。我們不希望合併負債。我們希望成為Braskem的合作夥伴，未來也會如此。而且我們不會放棄在墨西哥的持股比例。

Rodolfo Angele, JPMorgan.

Rodolfo Angele，摩根大通。

My question is about the diesel and refinement market. We can see that Petrobras is doing its part trying to supply the most it can to the market with refinery utilization reaching record levels. So what do you think will happen in the future? And what can you tell us about other levers to help supply the market with sporadic imports? Thank you.

我的問題是關於柴油與煉製（refining）市場。我們看到Petrobras正盡其所能供應市場，煉油廠利用率也達到歷史新高。那麼你認為未來會發生什麼？另外，關於透過零星進口來協助市場供應的其他槓桿，你能告訴我們什麼？謝謝。

Hi, Rodolfo. This is Angelica. So we frequently assess our plans and how we're going to supply the market. We're always looking at this from an economic perspective, but also from a physical perspective, how we're doing, how much we're producing.

嗨，Rodolfo。我是Angelica。我們會經常評估我們的計畫以及我們將如何供應市場。我們總是從經濟面來看，也從實體面來看：我們目前的狀況、產量有多少。

Right now, we have been producing well. This is not the highest seasonal moment for diesel. But right now, we've produced enough volume to comply with our commitments. We believe that probably in the second half of the year, we will need to import diesel in June already. But in the second-half of the year, without a doubt, will require diesel imports, since that's usually when harvests happen and that has a higher demand.

目前我們的生產表現良好。現在不是柴油的季節性高峰。但就目前而言，我們生產的量足以履行我們的承諾。我們認為可能在今年下半年，我們在6月就會需要進口柴油。但在下半年，毫無疑問將需要進口柴油，因為那通常是收成季，需求會更高。

We had two stops. The war helped us with Brent, and it got us at a very favorable moment because we don't have a lot of programmed downtime. So that allowed us to raise the food above 100. We're going to have one stoppage in Cubatão and one in Parana at the end of the year. So this will be in the middle of the second half of the year.

我們有兩次停工。戰爭在布蘭特（Brent）方面對我們有利，而且時點非常好，因為我們沒有太多計畫性停機。因此這讓我們能把開工率提高到100以上。我們將在年底於Cubatão有一次停工、在Paraná也有一次停工。因此這會發生在下半年中段。

And that also helped us to produce more. We're producing an additional 100,000 barrels of diesel with this increase in the utilization factor and the expansion of RNEST. This is allowing us to reduce and eliminate any need for imports, which is very good.

而這也幫助我們提高產量。隨著利用率係數的提升以及RNEST的擴建，我們額外多生產了10萬桶柴油。這使我們得以降低並消除任何進口需求，這非常好。

Just adding to that, there's no diesel shortage in the market, even in the foreign market. If we need to import, we will do that without any trouble. It's important to mention one thing. RNEST had a significant participation in the increased load. We're going from 75,000 to 115,000.

再補充一下，市場上並沒有柴油短缺，即使在海外市場也是如此。如果我們需要進口，我們也能毫無困難地進口。有一點很重要需要提到。RNEST在提高加工量方面貢獻顯著。我們正從75,000提升到115,000。

After the first engineering assessment, Magda went to CPRH, the Environmental Agency in Pernambuco, A&P. She spoke to the governor. We're always being supported by our refinery engineers and our engineering directors.

在第一次工程評估之後，Magda前往Pernambuco州的環境機構CPRH（A&P）。她也與州長進行了溝通。我們一直都獲得煉油廠工程師與工程主管的支持。

So we were able to raise the load to 140,000, and we're testing for 150,000 barrels a day. This was a refinery that was projected for 115,000 and an additional 5,000. We are currently at 150,000 in each train. So we're going from 230,000 to 300,000. So this is a part of our self-sufficiency project for 2030.

因此我們得以把加工量提高到140,000，並正在測試每日150,000桶。這座煉油廠原本的設計是115,000，外加5,000。我們目前每條產線（train）已達到150,000。因此我們將從230,000提升到300,000。這是我們2030年自給自足計畫的一部分。

Also to add to your response, it's also important to say that the [BRL1.52 million] health subsidy that's being proposed by the government is enough to let us import diesel and supply it to the Brazilian market; importing without any losses. We have to highlight that. Petrobras is not incurring any losses when it comes to any type of action to avoid the volatility of prices for the Brazilian consumers. Petrobras is making profit and we intend to continue to make profit.

另外補充你的問題，也很重要的一點是：政府提出的[BRL1.52 million]健康補貼足以讓我們進口柴油並供應巴西市場；進口也不會造成任何虧損。我們必須強調這一點。Petrobras在採取任何行動以避免巴西消費者面臨價格波動時，並未承受任何損失。Petrobras正在獲利，而且我們打算持續獲利。

And one thing that I must say is that the generation that preceded my generation used to love oil and gas. And now I must say that our current generation, what we like is money. So please rest assured that what we like is money. We do not want to simply make any social in it -- to do any social initiatives. Our social initiative is to provide more value to our brand.

還有一點我必須說：在我這一代之前的那一代人過去熱愛石油與天然氣。而現在我必須說，我們這一代喜歡的是錢。所以請放心，我們喜歡的是錢。我們不想只是去做任何社會性——去做任何社會倡議。我們的社會倡議是為我們的品牌創造更多價值。

Bruno Amorim, Goldman Sachs

Bruno Amorim，高盛

I have a follow-up on Fernando's comment that there will not be an extraordinary dividends this year. According to my calculations, the company's cash flow should be above the dividends to be paid according to the policy. So I'd just like to confirm if the priority will be given to reducing indebtedness with any additional cash flow? Or if you see any extraordinary item in cash flow, such as the consumption of working capital that might produce the cash flow to something closer to the dividends defined by the policy?

我想追問Fernando關於今年不會有特別股利（extraordinary dividends）的評論。依我的計算，公司的現金流應該會高於依政策應支付的股利。因此我想確認，是否會優先把任何額外現金流用於降低負債？或者你是否看到現金流中有任何一次性項目，例如營運資金的消耗，可能使現金流更接近政策所定義的股利水準？

Hi, Bruno. The first thing is that when there is an increase in the working capital, that will have an impact on the net cash flow and automatically, there's an increase in the extraordinary dividends to all shareholders. So 45% of what we see in terms of additional revenue will be made available through ordinary dividends.

嗨，Bruno。第一點是，當營運資金增加時，這會對淨現金流產生影響，而且自動地，對所有股東的特別股利也會增加。因此，就我們所看到的額外收入而言，其中45%將透過普通股利的形式提供。

And then our priority becomes investments and that's why we decided to have the base and target CapEx so that we can securely add new funding projects there. And we have already added a few and if there are no additional projects for the period, the next item in the agenda would be to pay the debt so that we can converge towards [BRL65 billion] or less.

接著，我們的優先事項就變成投資，這也是為什麼我們決定設定基礎與目標資本支出（CapEx），以便我們能夠更有把握地在其中加入新的募資專案。我們已經加入了幾個；如果在此期間沒有額外專案，議程上的下一項就是償還債務，讓我們能夠收斂至[650億巴西雷亞爾]或更低。

And if we have already paid the debt, yes, the investments this year are already adequate and as long as this has no negative impact on the next years, we do see the possibility of paying extraordinary dividends. That's always been our line of thinking. That hasn't changed. We don't want to operate the company with a cash flow that's seen as an excessive cash flow.

如果我們已經償還了債務，是的，今年的投資已經足夠，而且只要這不會對未來幾年造成負面影響，我們確實看到支付特別股利的可能性。這一直是我們的思路。這沒有改變。我們不希望以被視為現金流過剩的狀態來經營公司。

This year, the situation is still pretty cloudy to allow us to say that there will be a surplus that will allow us to pay extraordinary dividends. So right now, I can tell you that the possibilities are quite low so far. As Magda said, we've seen the brand. Go from $110 to $90 overnight. $20 of volatility over the course of one day does not make us feel secure enough to make any decisions to distribute dividends.

今年的情況仍然相當不明朗，讓我們無法說會有足以支付特別股利的盈餘。所以目前我可以告訴你，到目前為止可能性相當低。正如Magda所說，我們看到這個基準。一夜之間從110美元跌到90美元。一天之內20美元的波動，讓我們覺得不夠安心去做任何配發股利的決定。

We'd be happy to get to the end of the year with such a high amount of surplus that will allow us to distribute dividends, but I cannot tell you that yet that that will be the case. As I said, the situation's pretty cloudy so far. But we've been doing that during the construction of our strategic plan, so we're going to revise it towards the end of the year.

如果年底能有如此高的盈餘讓我們得以配發股利，我們會很高興，但我現在還不能告訴你一定會如此。如我所說，目前情況仍相當不明朗。不過我們在制定策略計畫的過程中一直在做這件事，因此我們會在年底前後進行修訂。

Thank you, Bruno, for the question. And thanks, Fernando, for your answer. I want to thank everybody that participated, and I'd like to apologize to those of you that we could not answer on this occasion.

謝謝你，Bruno，提出這個問題。也謝謝你，Fernando，給出的回答。我要感謝所有參與的人，也要向這次我們無法回答到的各位致歉。

This is the end of our Q&A session. If you have any additional questions, they can be answered through our Investor Relations team. I will now give the floor to President Magda. So please, President Magda, you have the floor.

我們的問答環節到此結束。如果你有任何其他問題，可以透過我們的投資人關係團隊獲得回覆。我現在把時間交給總裁Magda。那麼，Magda總裁，請您發言。

I want to thank everybody for patiently listening to us talk about the results of the first quarter and investments priorities for Petrobras. It's very important that we can count on your trust in our operations. After all, it is this mutual trust --

我要感謝大家耐心聆聽我們談論第一季的業績以及Petrobras的投資優先事項。我們能夠獲得各位對我們營運的信任非常重要。畢竟，正是這份相互信任--

On the one side, Petrobras, that it has the interest of investors in mind; and investors, on the other hand, that their interests are taken into account. This is what moves us forward. We can tell you that we're going to continue to deal with the company with a lot of capital discipline and compliance with all of our governance standards so that we can contribute to the growth of Petrobras in a way that's secure and profitable, catering to the interests of our shareholders, be they governmental, private, or society in general.

一方面，Petrobras把投資人的利益放在心上；另一方面，投資人也確保其利益被納入考量。這正是推動我們前進的力量。我們可以向各位保證，我們將持續以高度的資本紀律來管理公司，並遵循所有治理標準，以便以安全且獲利的方式促進Petrobras的成長，兼顧股東的利益，不論是政府、民間或整體社會。

So we are certain that we reached a great level during the first 76 years of Petrobras and that we still have a lot to deliver and contribute to Brazil for the next 72 years of Petrobras' existence. In order for that to happen, we need to be strong, thriving with a consistent free cash flow. Petrobras is a strong cash generator. I don't have to convince you of that. That's something that you can see even before we can. So we keep on willing to deliver an increasingly strong Petrobras.

因此，我們確信在Petrobras的前76年已達到很高的水準，而在未來Petrobras存在的72年裡，我們仍有很多可以交付並為巴西做出貢獻。要做到這一點，我們需要強健並蓬勃發展，擁有穩健的自由現金流。Petrobras是一家強勁的現金創造者。我不需要說服各位。這是你們甚至在我們之前就能看到的。因此，我們將持續致力於打造一個愈發強大的Petrobras。

Thank you all. Our doors are open. Our investor relations channels are always available. Eduardo is constantly available to all of you, as well as all of us. Thank you.

謝謝大家。我們的大門永遠敞開。我們的投資人關係管道隨時可用。Eduardo一直都能為各位提供協助，我們所有人也是如此。謝謝。

Thank you, President Magda. Thanks, everybody. This presentation will be made available on our Investor Relations website, and we will also make the audio recording available. Thank you, and have a great day.

謝謝你，Magda總裁。謝謝大家。本次簡報將公布於我們的投資人關係網站，我們也會提供音訊錄音。謝謝，祝各位有美好的一天。

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.

本逐字稿中的英文內容由現場電話會議中的口譯員口譯。該口譯員由贊助本活動的公司提供。