巴西石油 (PBR) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to Petrobras webcast with analysts and investors about our second quarter 2026 results. It's a pleasure to have you with us today. This event will be presented in Portuguese with simultaneous interpretation into English. Links for both languages are available on our Investor Relations website. (Operator Instructions)

下午好，歡迎各位參加巴西國家石油公司（Petrobras）與分析師及投資人就我們2026年第二季業績所舉行的網路直播。很高興今天與各位相聚。本活動將以葡萄牙語進行，並提供英語同步口譯。兩種語言的連結皆可於我們的投資人關係網站取得。(接線員指示)

Joining us today are Magda de Chambriard, the President of Petrobras and Angelica Laureano, Executive Officer for logistics, commercialization and market. Clarice Coppetti, Executive Officer for Corporate Affairs; Fernando Melgarejo, Chief Financial and Investor Relations Officer, Renata Baruzzi, Executive Officer for Engineering, Technology and Innovation. Ricardo Wagner, Chief Governance and Compliance Officer; Sylvia Anjos, Chief Exploration and Production Officer; William France, Chief Industrial Processing and Product Officer; and William Nozaki, Executive Officer for Energy Transition and Sustainability.

今天與會者包括：Petrobras總裁Magda de Chambriard，以及物流、商業化與市場執行長Angelica Laureano。企業事務執行長Clarice Coppetti；財務長暨投資人關係長Fernando Melgarejo；工程、技術與創新執行長Renata Baruzzi。治理與法遵長Ricardo Wagner；勘探與生產長Sylvia Anjos；工業加工與產品長William France；以及能源轉型與永續執行長William Nozaki。

To begin with, I will hand it over to our President, Magda Chambriard for her remarks. President, please go ahead.

首先，我將把時間交給我們的總裁Magda Chambriard發表談話。總裁，請開始。

Good morning, everyone. It's a pleasure to be with you today to demonstrate once again Petrobras' capacity to surpass its goals and deliver impressive results to our investors, be they from the public or private sectors. We have the full board of Petrobras with us, and I'd like to take the opportunity to greet all investors, all of the representatives of our investors, all of the executives that are in this session with us and our partners and everybody that joined us remotely for the disclosure of our second quarter 2026 results.

各位早安。很高興今天與各位一同再次展現Petrobras超越目標的能力，並為我們的投資人（無論公部門或民間）交出亮眼成果。今天Petrobras全體董事會成員與我們同在，我也藉此機會向所有投資人、投資人代表、今天與會的各位主管、合作夥伴，以及透過遠端加入我們、共同見證2026年第二季業績揭露的各位致意。

Also, I'd like to greet everybody from the press joining us. We become increasingly prouder of our results. It's a pleasure to be here once again joined by you to once again present another result that surpassed the previous ones, a result of our intensive work with our diverse teams working in a partnership to deliver an increasing amount of oil, gas and byproducts with security, quality, efficiency and capital discipline.

同時，也向今天與會的媒體朋友致意。我們對自身成果感到愈來愈自豪。很高興再次與各位相聚，向各位呈現又一次超越以往的成果；這是我們與多元團隊密切合作、共同努力的結果，在安全、品質、效率與資本紀律之下，持續交付更多的石油、天然氣及其副產品。

In the first quarter of 2026 we reached several records, and in the second quarter, we surpassed them with important milestones once again. We reached, and I must highlight this we reached the highest net profit on a recurring basis for the quarter in dollars in the history of Petrobras, this recurring profit excludes exclusive events. And it's also the highest gross profit in the history of Petrobras. And we're proud to say that we achieved those results with no sales of assets. Of course, Brent above USD100 per barrel strengthened our results, but the highest results achieved are the ones that we will go over now the recurring only events was not with history's highest Brent. We had over 10 quarters with oil prices above that one in the past. And nonetheless, we achieved the highest recurring results in terms of net profits in the history of Petrobras.

2026年第一季我們創下多項紀錄，而在第二季，我們再次以重要里程碑超越這些紀錄。我們達成——我必須強調——以美元計、按經常性口徑計算的單季最高淨利，創下Petrobras歷史新高；此經常性淨利排除一次性事件。同時，這也是Petrobras史上最高的毛利。我們也自豪地表示，這些成果是在未出售資產的情況下達成的。當然，布蘭特原油每桶高於100美元強化了我們的表現，但我們現在要回顧的這些最高成果——也就是經常性成果——並非發生在歷史最高的布蘭特油價期間。過去我們曾有超過10個季度的油價高於當時水準。即便如此，我們仍創下Petrobras歷史上最高的經常性淨利表現。

Our key differentiator, which we're proud of is operational administration, which is shared with the company's several different departments operational records in terms of the production of oil, gas, refining and selling of products. That's been our commitment. In the quarter, we produced 2.7 million barrels of oil per day in addition to gas if we consider in equivalent barrels of oil, it was more than 3 million barrels per day. We can't promise that we will surpass our goal.

我們引以為傲的關鍵差異化在於營運管理，這是由公司多個部門共同推動，並在原油與天然氣產量、煉製與產品銷售等方面創下營運紀錄。這一直是我們的承諾。本季我們日產270萬桶原油；若以油當量計入天然氣，則超過每日300萬桶。我們無法承諾一定會超越目標。

But I guarantee that we've always worked towards that. surpassing our goals. In the second quarter of 2026, our goal was to produce 2.5 million barrels per day. We surpassed the goal of the second quarter by 200,000 barrels of oil per day that's due among other factors to increase efficiency in the production of platforms and also by pushing forward the delivery of projects.

但我可以保證，我們始終朝著這個方向努力——超越目標。2026年第二季，我們的目標是日產250萬桶。我們超出第二季目標每日20萬桶，這主要歸因於平台生產效率提升，以及專案交付進度的提前推進等因素。

You probably remember that we pushed forward the delivery and the wrap-up of P78 as well as the delivery and the ramp-up of P79. Other platforms will come. Some of them are already arriving this year. And once again, I'm going to repeat that. We will move forward the delivery of big projects. With greater volumes, we also increased our oil export levels with an additional 12% in this quarter.

各位或許記得，我們提前推進了P78的交付與收尾工作，也完成了P79的交付並加速爬坡。後續還會有其他平台。其中一些今年就會到位。我再重申一次。我們將提前推進大型專案的交付。在更高產量帶動下，本季我們的原油出口量也增加了12%。

And these sales become greater revenue and cash generation. And here, I must make a side note to highlight in addition to the work involved in production and the engineering work involved in these projects, the participation of refining by refining and teaching our buyers to further and further refine our oil and to further value our product and also with the participation of logistics at Petrobras with the intent of broadening the market for our end product, which is oil was impressive.

而這些銷售帶來更高的營收與現金創造。在此我必須補充說明：除了生產端的努力與這些專案所需的工程工作之外，煉油部門也扮演關鍵角色——透過煉製並引導買方持續提升對我們原油的精煉程度、進一步提高產品價值；同時，Petrobras物流團隊也以擴大我們最終產品（原油）市場為目標積極投入，其表現令人印象深刻。

And once again, it was these events and the joint work of all departments of Petrobras dedicated to the same purpose and the same goal that allowed us to achieve these great results. Our bigger generation of revenue and cash flow will be used to fund our investments and safely prepare us for the future of the company. The cash flow that's being generated today will be used to fund Petrobras's growth.

再次強調，正是這些因素，以及Petrobras各部門為同一目的與同一目標所投入的協同合作，讓我們得以取得如此優異的成果。更強的營收與現金流創造，將用於支持我們的投資，並以穩健方式為公司未來做好準備。今日所創造的現金流，將用於資助Petrobras的成長。

And I'd like to say that just like the company was successful in its first 72 years, we are preparing the company to successfully take on the following 72 years. The refining teams in addition to production and engineering did a great job. The utilization factor of our refineries surpassed 100% in the second quarter of 2026. And here at the company, we got into the habit of saying that goals are for the week of heart.

我也想說，正如公司在過去72年取得成功，我們正在為接下來的72年做好準備，讓公司持續成功。煉油團隊與生產及工程團隊一樣，表現非常出色。2026年第二季，我們煉油廠的開工率（利用率）超過100%。在公司內部，我們已經習慣說：目標是給膽小的人用的。

Petrobras is proud to always surpass its schools. We've increased processing, maintaining the same diesel yield and gasoline, which is equivalent to greater revenue for Petrobras and a greater value to our shareholders, be they public or private without losing sight of capital discipline the production of byproducts grew 6% vis-a-vis the previous quarter. And with that, we were able to reduce imports by 40%, especially those of diesel. We do what we have to do, we are doing it.

Petrobras以總是超越其目標為榮。我們提高了加工量，同時維持柴油與汽油的相同收率，這等同於為Petrobras帶來更高營收、也為股東（無論公部門或民間）創造更高價值；同時不忘資本紀律。與前一季相比，副產品產量成長6%。因此，我們得以將進口量降低40%，尤其是柴油進口。該做的事，我們正在做。

We've elevated operating efficiency, and we've produced way beyond the original capacity in seven platforms. we've also increased the utilization factor of refineries as a whole. Of course, with safety first. The Brent price and the exchange rate is not something we can control. We don't know where they'll go. And that's why we invest with capital discipline, prioritizing projects of high returns. All of our investments involve rigorous governance for approval to verify the attractiveness and the return for our shareholders, be they from the public or private sector.

我們提升了營運效率，在七座平台的產量遠超原始設計產能；同時也提高了整體煉油廠的利用率。當然，一切以安全為先。布蘭特油價與匯率並非我們能控制。我們不知道它們將走向何方。因此我們以資本紀律進行投資，優先選擇高報酬專案。我們所有投資皆需經過嚴謹的治理程序核准，以檢視其吸引力與對股東（無論公部門或民間）的回報。

And at the same time, to deliver value to society. Once again, be they comprised by our public or private shareholders and respect the governance, and we need to reiterate that every day is a pillar of our administration. We will continue focusing on our business plan, which is well known to all of you with the commitment to deliver to society a Petrobras that's profitable and absolutely relevant to our country.

同時，也為社會創造價值。再次強調，無論我們的股東是公部門或民間，尊重治理並且每天重申治理，是我們管理的支柱。我們將持續聚焦於各位都很熟悉的商業計畫，並承諾為社會交付一家獲利且對國家絕對重要的Petrobras。

I will now give the floor to our CFO, Fernando Melgarejo who will dive into the details of the second quarter of 2026, and I want to thank you for listening to us. Thank you all for your presence.

我現在把發言權交給我們的財務長（CFO）Fernando Melgarejo，他將深入說明2026年第二季的細節，也感謝各位聆聽。感謝各位的出席。

Thank you. President. Good morning, everyone. Thank you for joining us for this webcast for the results of the second quarter of 2026. I also want to greet everybody that's here at the headquarters of the company. As we said, we had a quarter of record operating performance, which drove Petrobras to one of its best financial results in history, which are deeply anchored in the good operating performance. And once again, I have to highlight that, that was a major step forward where we were able to manage.

謝謝。總裁。各位早安。感謝各位參加本次網路直播，收看2026年第二季的業績結果。我也要向今天在公司總部現場的各位致意。如同我們所說，本季創下營運表現紀錄，推動Petrobras達成其歷史上最佳的財務成果之一，而這些成果深深奠基於良好的營運表現。我必須再次強調，這是我們能夠有效管理所邁出的重要一步。

Also, at the same time, we are able to evolve in the best possible manner, which is one of the highlights of this administration. The search for increased oil production, production efficiency, accelerated ramp-ups that are also part of the records that we've been bringing to the company. If it were not for that, we wouldn't have achieved the financial records, financial records are firmly anchored in the operating records of the company.

同時，我們也能以最佳方式持續演進，這是本屆管理團隊的亮點之一。追求提高原油產量、提升生產效率、加速達產（ramp-up），也都是我們為公司帶來的紀錄的一部分。若非如此，我們不可能達成財務紀錄；財務紀錄是牢牢建立在公司營運紀錄之上的。

Now let's move forward to slide 3. Our oil production as the present already said, was 2.7 million barrels per day, a 15% increase over 12 months, which is equivalent to 350,000 additional barrels if we compare this period to the same previous period, personally three platforms producing additionals in only one year.

現在我們進到第3頁投影片。如同總裁剛才所說，我們的原油產量為每日270萬桶，較12個月前增加15%，相當於若與去年同期相比增加35萬桶；等同於僅在一年內就新增三座平台的額外產量。

And as a reminder, last year, we also had a record records in the third quarter. It was an additional 4% (inaudible) that's quite relevant. And we were always wondering where we would get to and now we can demonstrate with our production where -- that we are reaching our goals, surpassing some indicators as well. they showed good month, for instance, at the Metterfield is producing 100,000 barrels in P78 at Buzios, 120,000 and both have the capacity to produce 180,000 barrels per day. That is say that we have a greater capacity to achieve in addition to the record-breaking capacity.

提醒一下，去年第三季我們也創下紀錄。另外還有4%的增加（聽不清），這相當重要。我們一直在思考能達到什麼程度，而現在我們可以用產量來證明——我們正在達成目標，甚至在某些指標上也有所超越。例如，Metterfield本月表現良好，P78在Búzios的產量達到10萬桶、另一座達到12萬桶，而兩者的設計產能皆為每日18萬桶。也就是說，除了已創紀錄的產能之外，我們仍有更高的達成空間。

We still have some room to cover when they're at the nominal capacity will add another 90,000 barrels per day, and we also have the ramp-up of P-79, as I said, which started operations in May this year and has a capacity of 180,000 barrels. In summary, even with the record production of 2.7 million barrels of oil per day, we still have 270,000 barrels per day of capacity to ramp up in the second half.

當它們達到名目產能時，我們仍有一些空間可補足，將再增加每日9萬桶；此外還有我提到的P-79達產進程，它於今年5月開始運轉，產能為18萬桶。總結而言，即使原油日產量已創紀錄達270萬桶，我們在下半年仍有每日27萬桶的產能可逐步爬升。

Another highlight has been the increase in production of certain platforms beyond their nameplate capacities. The (inaudible) FPSO in Buzios has an original capacity of 225,000 barrels which makes it a large-scale platform. And the unit has reached a peak production of 270,000 barrels per day and is currently the highest producing platform in Brazil.

另一個亮點是部分平台的產量提升至超過其銘牌（設計）產能。Búzios的（聽不清）FPSO原始產能為22.5萬桶，是一座大型平台。該裝置的峰值產量已達每日27萬桶，目前是巴西產量最高的平台。

It's a huge platform in a huge field with a very positive potential for the next years. In addition to (inaudible) area, we have another six platforms adapted to operate above their original capacity. Today, this additional capacity already totals more than 100,000 barrels per day, practically a new platform, a midsized or a large-sized platform, and we're working to continue to expand this potential.

這是一座位於巨大油田中的大型平台，未來幾年具有非常正面的潛力。除了（聽不清）區域之外，我們還有另外六座平台已調整為可在原始產能之上運轉。目前這些額外產能合計已超過每日10萬桶，幾乎等同於一座新平台——中型或大型平台——我們也正持續努力擴大這項潛力。

The important thing is that we are increasing production safely, and we're doing that without the need for additional construction work, which allows us to increase revenue and cash flow immediately without the need for any additional investment. So it's only revenue without any investment, which is quite positive.

重要的是，我們是在安全的前提下提升產量，而且無需額外的建造工程，這使我們能在不需要任何額外投資的情況下，立即提高營收與現金流。因此這幾乎是「零投資的增量營收」，相當正面。

Now before moving over to the next slide, I'd like to highlight important news from this week. We announced a new guest discovery of gas in Colombia, which confirms the region's gas potential. Now this is a project which is aligned with our long-term strategy, which seeks to replenish reserves through exploration across new frontiers. So this doesn't mean that the Brazilian land is not our priority. Brazil is still is our focus, but we are an international company, so we need to look across our borders as well.

在進入下一張投影片之前，我想強調本週一則重要消息。我們宣布在哥倫比亞發現新的天然氣（聽不清）發現，確認該區域的天然氣潛力。這個專案與我們的長期策略一致，旨在透過在新前沿地區的勘探來補充儲量。這並不代表巴西本土不再是我們的優先事項。巴西仍是我們的重點，但我們是一家國際公司，因此也需要放眼國境之外。

So let's finally move on to slide 4, talking about CapEx. In the second quarter of this year, as we can see on the slide, we invested $5.3 billion up 4% over the first quarter when we had invested $5.1 billion. So overall, we have 10.4 billion over two quarters here at Petrobras. More than 80% of that investment.

接著我們終於來到第4頁，談資本支出（CapEx）。如投影片所示，今年第二季我們投資53億美元，較第一季投資51億美元增加4%。因此，兩個季度合計在Petrobras的投資為104億美元。其中超過80%的投資。

In fact, 82% is focused on E&P projects, focusing on increasing production with high returns for the company. We have a few examples here on the slide versus the previous quarter. We increased wall drilling by 40% and 45% in well completions. Interconnections also increased by 43%, driven by the ramp-up of Buzios 6 and Buzios 8 as well as complementary wells, which helped to maximize the production for each production unit.

實際上有82%集中於上游勘探與生產（E&P）專案，著重於以高報酬提升公司產量。投影片上列出幾個相較前一季的例子。我們的鑽井數量增加40%，完井增加45%。連接作業（interconnections）也增加43%，主要受Búzios 6與Búzios 8的達產推動，並加上補充井，協助最大化各生產單元的產量。

Part of the investment was also allocated to advancing the construction of new platforms, in Buzios, such as P78, P82 and PA83. These are all huge platforms each with nameplate capacity of 225,000 barrels. These are projects which offer high returns and rapid cash generation and with P78 we also expect -- rather P80, we expect to hear positive news with regards to moving ahead of schedule, much like what happened to P79.

部分投資也用於推進Búzios等地新平台的建造，例如P78、P82與PA83。這些都是大型平台，每座的銘牌（設計）產能為22.5萬桶。這些專案具備高報酬與快速現金創造能力；而就P78而言——更正，P80——我們也預期會有關於提前推進的正面消息，類似P79所發生的情況。

So now over to slide 5, talking a little about our products. In refining, we hit a record refinery utilization with a 101% FUT, increasing production by 68% of the yield mix in higher value-added products. In April and May, we came to about 102% FUT, a record for the company. We've been working with very low FUT rates. And another important point usually, when FUT increases, that's because we're focusing on lower value-added products. But in this case, we continue to see the same shares for higher value-added products with diesel, jet fuel and gasoline, which makes these even more effective refineries.

接著看第5頁，簡單談談我們的產品。在煉油方面，我們以101%的FUT創下煉廠利用率紀錄，並將產量結構中高附加價值產品的比重提高了68%。在4月與5月，我們約達到102%的FUT，為公司紀錄。我們一直在以非常低的FUT水準運作。另外一個重要點是，通常FUT上升是因為我們轉向較低附加價值產品。但在本案中，我們仍維持柴油、航空燃油與汽油等高附加價值產品的相同占比，使這些煉廠更具效益。

As a result, we expanded the supply of our own products and reduced need for imports, especially diesel, which we still need to import. We're essentially self-sufficient in terms of gasoline. And that's all because we have produced more. We also increased oil product output by 6% and reduced our imports by 40% versus the previous quarter. Again, this increases even more the company's efficiency and cash flow. Another factor with a positive impact for us for our imports. Even though we were processing more oil, production was so much higher that refining has increased, and our exports of Brazilian products also increased. We were already seeing high exports in the first or in the second quarter but increased even more in Q3.

因此，我們擴大自有產品供應並降低進口需求，尤其是柴油（我們仍需進口）。就汽油而言，我們基本上已自給自足。這一切都因為我們的產量提高。我們也將成品油產出提高6%，並將進口量較前一季降低40%。這再次進一步提升公司的效率與現金流。另一個對我們進口面帶來正面影響的因素是：即使我們加工了更多原油，但由於產量大幅提高，煉油量也增加，同時我們對巴西產品的出口也增加。我們在第一季或第二季已看到高出口，但在第三季又進一步增加。

My apologies. We just heard something from our civil defense. So we had to interrupt, but just jumping in now. We saw an increase by 12% in exports for the company and reached very significant increase in our exports of oil, which improved our cash flow even more. Moving over to the following slide,

很抱歉。我們剛剛從民防部門收到一些消息。因此我們不得不中斷一下，但現在就立刻接回來。我們看到公司出口增加了12%，並且我們的原油出口大幅成長，進一步改善了我們的現金流。接著看下一張投影片，

Slide 6, a little bit about our financial results. We can see our EBITDA and net profit. All of these operating records led us to one of the best results in Petrobras' history in terms of finances. In terms of recurring net income and gross profit as our President has already said, these were record-breaking figures. Brent prices were some of the highest excluding, obviously, all the one-off events, Brent prices were above 10. But as the President has already said, was not the highest from price we've ever seen, not even among the 10 highest, which also shows that our operating efficiency was very positive.

第6張投影片，簡要說明我們的財務結果。我們可以看到我們的EBITDA與淨利。所有這些營運紀錄，使我們在財務表現方面達成了Petrobras歷史上最好的成果之一。就經常性淨利與毛利而言，正如我們的總裁已經提到的，這些都是破紀錄的數字。布蘭特油價處於相對高位；當然，若排除所有一次性事件，布蘭特油價高於10。但如總裁所說，這並不是我們見過的最高油價，甚至不在前10高之列，這也顯示我們的營運效率非常正面。

Even so, we achieved adjusted EBITDA, excluding one-off events of $20 billion this quarter, which was 70% higher than in the previous quarter and nearly double the figure from 12 months ago. Gross profit is not shown on this slide, but it was $19.5 billion for the quarter, the highest in the company's history. So another record-breaking figure. All of that, as we keep repeating anchored in our stupendous operating performance, which is what's making the difference.

即便如此，本季我們達成調整後EBITDA（排除一次性事件）200億美元，較上一季高出70%，也幾乎是12個月前的兩倍。本頁未呈現毛利，但本季毛利為195億美元，為公司史上最高。因此又是一項破紀錄的數字。而這一切，如我們一再強調，都是奠基於我們卓越的營運表現，這才是造成差異的關鍵。

The higher volume of oil and oil product production and sales combined with higher Brent prices has strengthened our cash generation with operating cash flow of $12.3 billion for the quarter, growth of nearly 50% when compared with the previous quarter. So these are very strong results, and I therefore emphasize, we did not have record Brent prices. but we did have record production, which drove our financial results this quarter.

更高的原油與油品產銷量，加上較高的布蘭特油價，強化了我們的現金創造能力；本季營運現金流為123億美元，較上一季成長近50%。因此這些是非常強勁的結果；我也因此強調，我們並沒有創下布蘭特油價新高，但我們創下了產量新高，進而帶動本季的財務成果。

Now moving over to slide 7, a little bit about our debt. This year, we carried out a very important initiative to renegotiate contracts for recharters and well services, constantly monitoring the market to identify opportunities such as this one. The result is expected to generate an estimated cash flow savings of over $1 billion -- over 2026 35-year period, reducing our debt by over $400 million by 2030. This will lead to a significantly lower cash flow for the company, which will allow us to reach our goals.

接著看第7張投影片，談一下我們的負債。今年我們推動了一項非常重要的措施，重新協商再租船與井務服務的合約，並持續監測市場以辨識這類機會。預期成果是在2026年至2035年期間可節省超過10億美元的現金流，並在2030年前將我們的負債降低超過4億美元。這將使公司的現金流顯著降低（支出減少），讓我們能達成目標。

Now because the amendments extending your contract terms were signed in the second quarter, we had to reorganize the value of these contracts and lease liabilities immediately. These increase in the short term, but we reduce our future disbursements and cash flow creating value, and that's the key benefit. And that's how it has to work.

由於延長合約期限的修訂是在第二季簽署，我們必須立即重新調整這些合約與租賃負債的價值。短期內會增加，但我們降低了未來的支出與現金流，創造價值，而這就是主要效益。這也正是它應該運作的方式。

Now on this slide, we can also see the increase in lease liabilities, but the reduction in financial debt offset the increase, as you can see in the third column. So this is possible due to our prepayments during the quarter. We repaid loans and financing totaling $2.9 billion, close to $3 billion, notably the prepayment of $1.4 billion in bank market transactions and the repurchase and redemption of $700 million in bonds issued in the international capital markets.

在這張投影片上，我們也可以看到租賃負債的增加，但如第三欄所示，金融負債的下降抵銷了這項增加。這之所以可行，是因為我們在本季進行了提前償付。我們償還的貸款與融資合計29億美元、接近30億美元，其中包括在銀行市場交易中提前償付14億美元，以及回購並贖回在國際資本市場發行的7億美元債券。

Also during this quarter, we opportunely raised about $600 million. We therefore, ended the quarter with gross debt of $70.8 billion and a net debt of $60.4 billion. Without the recognition of the lease contract commitments, our debt would have been at the same level as in 2025, which is what you see in the first column on the slide. Even so the train is still downward. We maintain our expectation of Convey -- of converging to $65 billion over the horizon of this plan, a level that optimizes our capital structure. Moving over to the following slide. Now looking at our forecast for the year. Here, we have a snapshot of how we're progressing this semester versus our projections, which were laid out in 2025 and presented in our strategic plan.

此外，本季我們也適時籌資約6億美元。因此，本季末我們的總負債為708億美元，淨負債為604億美元。若不認列租賃合約承諾，我們的負債水準將與2025年相同，也就是投影片第一欄所示。即便如此，趨勢仍然向下。我們仍維持預期：在本計畫期間內收斂至650億美元的水準，這能最佳化我們的資本結構。接著看下一張投影片。現在來看我們對全年的預測。這裡呈現我們本學期相對於2025年所制定並在策略計畫中提出之預測的進展概況。

Production has remained above the top of the range, and we're working hard to exceed the target. We will deliver as much as possible, but obviously, there are challenges. Production is already at a very high level, but we are still committed to delivering as much as we can, especially this year when we have a very interesting price window. With regard to cash investments, we expect to end the year at the top of the range. The projection is $16.9 billion with a margin, give or take. And if we have to bring any investment forward, that will be because it will create more added value. And bring more value ahead of schedule for the company.

產量一直維持在區間上緣之上，我們正努力超越目標。我們會盡可能交付，但顯然也存在挑戰。產量已在非常高的水準，但我們仍致力於盡可能多交付，特別是在今年我們有一個非常有利的價格窗口。就資本性投資而言，我們預期年底將落在區間上緣。預估為169億美元，並有一定的上下浮動空間。若我們需要將任何投資提前，那將是因為它能創造更多附加價值。並為公司提前帶來更多價值。

Of course, we've pursued bringing projects forward, but not bringing cost forward. We pursue delivery, but we do not want higher project costs. We are making the most to accelerate delivery without increasing them. Operating expenses are slightly above plan for this half of the year, pressured by higher freight and logistics, which lead to increased reduction as well as exchange rate effects. So we totaled $11.7 billion in this half of the year versus a full year plan of $20.2 billion. We're monitoring the situation and expenses may exceed the projection if global market logistics costs and exchange rates remain at the same levels in the next few six months period.

當然，我們一直在推動專案提前，但不是把成本提前。我們追求交付，但不希望專案成本更高。我們正盡最大努力在不增加成本的情況下加速交付。本年度上半年營運費用略高於計畫，主要受到較高的運費與物流成本影響，導致減損增加，並且也有匯率效應。因此上半年合計為117億美元，而全年計畫為202億美元。我們正在監控情況；若未來六個月全球市場物流成本與匯率維持在目前水準，費用可能會高於預測。

We believe that there will be less uncertainty in the next quarter. And if need be, we will revise the figures, obviously, with full transparency to all our stakeholders. So moving over to the next slide about our collections Here, we see an example of the positive effects that our improved operating results have on society at large. When we produce more, we pay more taxes. So we paid BRL88.6 billion in taxes and government take in the second quarter alone, BRL500 million to municipalities, BRL31.5 billion to state governments, BRL34.2 billion to the federal government and $22.4 billion in government participation.

我們相信下一季不確定性會降低。如有需要，我們將修正數字，並且會對所有利害關係人保持完全透明。接著看下一張投影片，關於我們的徵收（收款）。在這裡，我們看到營運成果改善對整體社會所帶來正面影響的一個例子。當我們產量增加，我們繳的稅也更多。因此僅在第二季，我們繳納的稅款與政府分成合計886億巴西雷亞爾，其中5億雷亞爾給各市鎮、315億雷亞爾給州政府、342億雷亞爾給聯邦政府，以及224億雷亞爾的政府參與分成。

Petrobras paid about BRL22 billion more in taxes and government take versus the second quarter of last year. On an annualized basis, we're talking about an increase in government take in taxes of close to $90 billion, additional $90 billion for the government procedure. So now I conclude my presentation with the message that we're reaffirming our commitment to growing the company with profitability and responsibility when it comes to capital.

相較去年第二季，Petrobras繳納的稅款與政府分成約多出220億巴西雷亞爾。若以年化計算，我們談的是政府稅收與分成增加接近900億（額外）——為政府程序額外增加900億。因此，我以這個訊息作為簡報結語：我們再次確認承諾，在資本運用上兼顧獲利與責任，推動公司成長。

Petrobras' success does not remain within the company. It is shared with society as a whole. Once again, thank you all for your attention and alongside all our other executive officers and the President were available to answer all of your questions.

Petrobras的成功不僅止於公司內部。它與整體社會共享。再次感謝各位的關注；我也將與其他所有高階主管及總裁一同在此，回答各位的問題。

I will now hand it back to Eduardo, who will begin our question-and-answer session.

我現在把時間交還給Eduardo，由他開始我們的問答環節。

Thank you, Magda and Fernando. We'll now start our Q&A session. (Event Instructions)

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

Bruno Montanari, Morgan Stanley.

Bruno Montanari，摩根士丹利。

Congratulations on the results, especially for the execution in production growth. and focusing on production. (inaudible) Fernando already gave us an idea of by how much of the production or this year but I'd like to see if it's fair to say that the plan curve in the medium and long term, does not look very conservative and especially if you look at the highest peak of the curve, and it's at 2.3 million to 2.7 million barrels that you surpassed already. And in terms of CapEx and in terms of bringing Buzios deliveries forward and the sequence of P80 for the quarters and if there will be a ramp-up for the P80 this year or not? I'd like to know that.

恭喜本次業績，特別是在產量成長的執行力，以及對產量的聚焦。(聽不清) Fernando 已經讓我們大概了解今年產量會增加多少，但我想確認一下：是否可以說，中長期的計畫曲線看起來並不算非常保守，尤其是看曲線的最高峰，2.3 百萬到 2.7 百萬桶，你們其實已經超過了。另外在資本支出（CapEx）方面，以及將 Buzios 的交付提前、P80 在各季度的排程順序，以及今年 P80 是否會有爬坡（ramp-up），想請教一下。我想了解這些。

Thank you for your question, Bruno. We have to remember that we work with non-renewable resources, producing 2.7 million barrels every day per day is a challenge, especially because we have to face production declines. Nevertheless, these declines have been reduced. Just to give you an idea, when we took office, we were looking at a decline of 12% a year.

謝謝你的提問，Bruno。我們必須記得，我們使用的是不可再生資源，每天生產 270 萬桶是一項挑戰，特別是因為我們必須面對產量遞減。不過，這些遞減已經降低。舉例來說，我們上任時，看到的遞減率是每年 12%。

Currently, this decline is in the range of 4% per year due to the better administration of reservoirs and the better water injection, adequate production methods, better deposit management and so on and so forth. And of course, with the new platforms arriving, and the platforms that went into production recently and with the ramp-up achieving its peak, we will achieve the planned results and likely surpass them.

目前，因為更好的油藏管理、更好的注水、適當的生產方法、更好的儲層管理等等，遞減率大約在每年 4% 的區間。當然，隨著新平台到位，以及近期投產的平台在爬坡後達到峰值，我們將達成計畫結果，並且很可能超越。

However, surpassing results is something that we like delivering without promising anything, previously. With that, I'll give the floor to Sylvia and Renata. Renata will talk about the new platforms that will go into production. They're arriving soon in Brazil, they're leaving Asia and coming to Brazil. But I'd like to mention an important aspect. The first huge platform that's different from the previous ones that we had at Petrobras was (inaudible) with capacity of 225,000 barrels per day.

不過，超越結果是我們喜歡「做到了再交付」，而不是事先承諾的事情。接下來我把時間交給 Sylvia 和 Renata。Renata 會談談即將投產的新平台。它們很快就會抵達巴西，正從亞洲出發前往巴西。但我想提一個重要面向。第一座與我們過去在 Petrobras 的平台不同的超大型平台是（聽不清），其產能為每日 225,000 桶。

That platform, as Fernando mentioned, produced 270,000 barrels per day. Its capacity has been expanded to 270,000 barrels per day, and it has produced that many barrels, which is to say that with the pre-salt production capacity with the production capacity of Petrobras by interconnecting wells and making -- doing a better job of managing the deposits and drilling high productivity wells and connecting the platforms with all of that all of these efforts led us to transform a platform and move it from a capacity of 225,000 to a production capacity of 270,000 barrels per day, but that alone is not enough.

如 Fernando 所提到，那座平台產出達到每日 270,000 桶。它的產能已擴增至每日 270,000 桶，而且確實生產到這個水準；也就是說，透過鹽下（pre-salt）產能、透過井間連接、把油藏管理做得更好、鑽探高生產力井並連接到平台——所有這些努力，讓我們把一座平台從 225,000 的產能提升到每日 270,000 桶的生產能力，但光靠這個還不夠。

I should also say that in addition to those platforms, we have another that will be arriving between this year and the next year, all of them of 225 and all of them seeking to achieve 270,000 barrels per day in terms of capacity. So at the end of the day, that means 45,000 barrels per day times 4 or 180,000 barrels per day that are on top of the original ones as a result of Petrobras' efforts around surpassing its goals. So that's what we do. We do a better management of deposits. We do a better job of managing platforms with better efficiency, better platform design leading to bottlenecking and giant platform -- and that's what we've been delivering and which combined leads to this increased production.

我也要說，除了那些平台之外，我們還有其他平台會在今年到明年之間抵達；它們原本都是 225,000 的規格，且都以達到每日 270,000 桶的能力為目標。因此，最終等於每日 45,000 桶乘以 4，也就是在原本基礎之上額外增加每日 180,000 桶，這是 Petrobras 努力超越目標的成果。這就是我們在做的事。我們把油藏管理做得更好。我們也以更高效率、更好的平台設計來改善平台管理、消除瓶頸並打造超大型平台——這些交付成果結合起來，就帶來產量提升。

Well, we're talking about production, but we're doing the same thing in the refineries. I mentioned this and Fernando did it, too, the utilization factor of our refineries, which in the past would achieve a 65% or 70% currently surpasses 100% with Petrobras's capacity or purpose to every day surpass its best results and deliver them to its shareholders from the public or private market. Renata will talk about the stage delivery of the new platforms and Sylvia will talk about the ramp-up of P78 and P79. Over to you, Renata.

我們在談產量，但我們在煉油廠也做同樣的事。我提過，Fernando 也提過，我們煉油廠的利用率，過去可能只有 65% 或 70%，目前已超過 100%，這反映 Petrobras 每天都力求超越最佳成果，並把成果交付給公開或私募市場的股東。Renata 會談新平台的分階段交付，Sylvia 會談 P78 與 P79 的爬坡（ramp-up）。交給你，Renata。

Bruno, good afternoon. So we'll talk about P80, P82, and P83 and P82, the Silaway is scheduled for the third quarter of 2026, and production will start in the second quarter of 2027. What we're doing now is we're working strongly towards bringing forward the production of P80 to the first quarter of 2027. For P83, the is Silaway to occur in the beginning of the first quarter of 2027 with production starting in the second -- on the second half of 2027.

Bruno，下午好。我們將談 P80、P82 和 P83。P82 的 Silaway 預計在 2026 年第三季，並在 2027 年第二季開始生產。我們目前正全力推動把 P80 的投產提前到 2027 年第一季。至於 P83，Silaway 預計在 2027 年第一季初進行，生產將在 2027 年下半年開始。

As the President said, we are constantly working towards bringing production forward. We've been doing prereleases, pre-launching of lines and anchoring. But the thing is the second quarter the second half historically speaking, has worse conditions than the first half. So we cannot safely say that we will be able to bring it forward due to whether issues. So we're working on bringing it forward, P80 for the first quarter and the other ones are already scheduled to start operations.

如總裁所說，我們一直在努力把投產時間提前。我們已經在做一些前置釋放作業、管線預先下放與錨定。但問題是，歷史上第二季、下半年的海況條件比上半年更差。因此，基於天候因素，我們無法有把握地說一定能提前。所以我們正努力把 P80 提前到第一季，其他的則已按計畫啟動營運。

Just picking up on what the President said and also what Renata said, the forecast for production is based on a risk analysis of everything that's scheduled. We have scheduled the ramp-up for 78 or 79. All of that's been included in our risk analysis, and we always like to work with leeway of more or less 4% and we'll certainly reach the top of guidance always seeking to surpass the past results as the President likes to say. But right now, we are considering it reasonable to maintain the maximum at 4%, reaching 2.6.

延續總裁與 Renata 的說法，我們的產量預測是基於對所有既定事項的風險分析。我們已排定 78 或 79 的爬坡（ramp-up）。這些都納入風險分析中；而且我們一向喜歡保留約正負 4% 的緩衝，我們肯定會達到指引上緣，並一如總裁所說，總是力求超越過去成果。但目前我們認為維持最大 4% 的假設是合理的，目標達到 2.6。

We know that there is the downtime, and one thing that we always like to highlight is that we're receiving these super huge platforms, 220,000. And our concern is how are we going to work with the downtime of a super huge platform like this one. We've been strongly investing in three things, which is to do a better job of planning, downtimes, also working on the time lines and the head count capacity like we do in F1, and that's what we want to do with the platforms and with these scheduled downtimes.

我們知道會有停機時間（downtime），而我們總是想強調的一點是：我們正在接收這些超大型平台，22 萬桶（級）。我們關心的是，像這樣的超大型平台，停機時間要如何管理。我們正大力投資三件事：把停機規劃做得更好、在時程上更到位，以及人力配置能力（就像我們在 F1 所做的那樣）；這也是我們希望在平台與既定停機上做到的。

You can imagine that with the downtime of one month, if you reduce it by a week or even 3 days, that's a lot of additional oil. So we've been focusing heavily on scheduled downtimes. And another thing is to guarantee production, we're working on the integrity of platforms. We're reaching a record number of reducing the technical inspection recommendations.

你可以想像，若停機一個月，能縮短一週甚至 3 天，就會多出大量額外原油。因此我們非常聚焦在計畫性停機。另外，為了確保產量，我們也在做平台完整性（integrity）工作。我們正創下紀錄，降低技術檢查建議事項的數量。

And we do that because by doing proper maintenance and by taking care of integrity so that we can have a little less downtime and make sure that with the scheduled downtimes, we can maintain our stability, just to give you an idea of the scheduled downtimes for the year, we expect 290,000 barrels per day during the downtime, also -- we'll try to reach maximum production, but the guidance includes all possible variations, equipment inspections and any other occurrences.

我們之所以能做到，是因為透過適當維護與完整性管理，我們可以讓停機時間更少一些，並確保在計畫性停機下維持穩定；舉例來說，今年計畫性停機期間，我們預期停機影響約為每日 290,000 桶；同時——我們會努力達到最大產量，但指引已包含所有可能的變動、設備檢查以及任何其他事件。

Thank you, Sylvia. Renata. Thank you, Bruno, for your question. Now let's move forward. The next question comes from Monique Greco from Itau BBA.

謝謝你，Sylvia。Renata。Bruno，謝謝你的提問。現在我們繼續往下。下一個問題來自 Itaú BBA 的 Monique Greco。

Thank you for the opportunity to ask a questions. I'd like to approach the subject of the diesel import strategy. How is the company assessing the decision to import diesel given the current price scenario vis-a-vis its pricing strategy and its commercial strategy, especially now that with the -- there is a huge volatility. But with the recent increase. We saw, again, local prices below the import parity. So I'd like to hear from you, how does that all fit into the commercial strategy?

謝謝給我提問的機會。我想談談柴油進口策略這個主題。在目前的價格情境下，尤其是在——波動性非常大的情況下，公司如何在定價策略與商業策略的對照下，評估進口柴油的決策？但在最近一次上調之後，我們又看到本地價格低於進口平價。所以我想聽聽你們的看法：這一切如何納入商業策略之中？

(inaudible) this is Angelica. Let's go over our production planning process again. It takes into account the commitments we enter into with our customers and the seasonal variations in demand. Also our refining activities and how much of it is available, the refining margins and the logistics structures. We consider all of that. Given that context, our policies maintained -- our commercial strategy is maintained. Our importing decisions are still based on the criteria of competitiveness and profitability. And we have to say that we have a public policy in force that gives us support for the internal market and that leads the customer perceived prices to be lower.

(聽不清)我是 Angelica。我們再回顧一次生產規劃流程。它會考量我們與客戶所承諾的供應，以及需求的季節性變化。也會考量我們的煉製活動與可用產能、煉油利潤，以及物流結構。我們把這些都納入考量。在這樣的背景下，我們的政策維持——我們的商業策略維持不變。我們的進口決策仍以競爭力與獲利能力為準則。我們也必須說，目前有一項有效的公共政策支持國內市場，使得客戶感知到的價格更低。

Next question comes from Jorge Gabrich from Scotiabank.

下一個問題來自 Scotiabank 的 Jorge Gabrich。

Congratulations on the results, especially in terms of the volumes. I'd like to go back to one issue that was already approached before from the perspective of decline of the Petrobras decline is quite low at 4% more or less in the pre-salt. And I'd like to understand how sustainable that is moving forward. If you think about the forecast for the next few years, how do you see this decline behaving in the next few years?

恭喜你們的業績，尤其是在銷量方面。我想回到一個先前已經談過的議題：從遞減率的角度來看，Petrobras 在鹽下層（pre-salt）的遞減率相當低，大約只有 4%。我想了解這在未來有多可持續。如果看未來幾年的預測，你們如何看待這個遞減率在接下來幾年的走勢？

Well, George, thank you for your question. This decline, as I said, is the result of this strategy. that is followed strictly along with the monitoring of the deposits. We should not forget that we have huge deposits. Just to give you an idea, the 2P field is a field that has a contract to a limit of 12,000 square kilometers. If we compare that to a giant post-salt field, which was the reality that was preceded the presale, you take a line of more than 200 square kilometers in areas.

好的，George，謝謝你的提問。如我所說，這個遞減率是這項策略的結果，而且我們嚴格執行並搭配對油藏的監測。我們不應忘記，我們擁有非常巨大的油藏。舉例來說，2P 油田是一個合約面積上限達 12,000 平方公里的油田。如果把它與一個巨型的鹽上層（post-salt）油田相比——那是鹽下層之前的現實——其面積大約只有 200 多平方公里。

So these huge fields produce a lot with high productivity, but it's huge deposits. And if you compare to 2P to Marlim, you see that it's a field that's 6x larger in areas. So that is the type of administration that we're working on. We're managing the deposits as a whole, but also relying on assets that surpass by far the world-class, the so-called world-class assets. I'll give the floor to Sylvia.

因此，這些巨型油田以高生產力產出大量產量，但它們本身就是巨大的油藏。如果把 2P 與 Marlim 相比，你會看到它在面積上大約大 6 倍。這就是我們正在採用的管理方式。我們以整體方式管理油藏，同時也依賴遠遠超越世界級的資產，也就是所謂的世界級資產。我把時間交給 Sylvia。

There's a natural decline, George, and we attempt to fight against it. We worked more strongly on 4 areas: first, for the seismic, which better understands -- which better allows us to -- allows us to better understand the reservoirs. We also do intelligent completion our production -- our biggest production comes from pre-salt and it's huge reservoirs at the height of the sugar (inaudible), and the giant completion allows us to separate zones that produce water or gas and we do an intelligent management of these areas. Another important thing is water injection.

George，遞減是自然現象，而我們努力對抗它。我們在四個方面更強力地投入：第一是地震勘測，這能更好地理解——也讓我們能更好地——理解油藏。我們也做智慧完井；我們最大的產量來自鹽下層，那裡是巨大的油藏，位於「糖」的高度（聽不清），而智慧完井讓我們能分隔出產水或產氣的區段，並對這些區域進行智慧化管理。另一個重要事項是注水。

On my day 1 at Petrobras, the President said, we have to inject water. So Magda kept demanding that. And the biggest water injection happened. So we're reaching record-breaking numbers in terms of water injection guaranteeing a better pressurization of reservoirs, and that's another factor that reduces decline.

我到 Petrobras 的第一天，總裁就說：我們必須注水。所以 Magda 一直要求這件事。而且我們已經達成了最大規模的注水。因此，我們在注水量方面達到破紀錄的數字，確保油藏更好的壓力維持，而這也是降低遞減的另一個因素。

And obviously, the supplemental project, once we know the deposit, the seismic data allows us to better drill the wells. We have the supplemental wells well positioned thus guaranteeing this replacement. In 2P we've been able to maintain a very significant production level and not only for us, for our results, but it's been significantly contributing to the results of our partners as well. And we've been considering the Petrobras results something positive for the results achieved. And Brazil is 1 of the most important production areas for our partners as well.

當然，還有補充開發專案；一旦我們更了解油藏，地震資料就能讓我們更精準地鑽井。我們把補充井配置在合適的位置，從而確保產量補替。在 2P，我們得以維持非常顯著的產量水準；這不僅對我們、對我們的業績有幫助，也大幅貢獻了合作夥伴的成果。我們也把 Petrobras 的成果視為對已取得成果的正面因素。而巴西同樣也是我們合作夥伴最重要的產區之一。

Thank you Sylvia and Magda. Our next question comes from Yuri Pereira with Santender.

謝謝 Sylvia 和 Magda。下一個問題來自 Santander 的 Yuri Pereira。

With the very favorable cash generation environment, both because of market circumstances of the company itself. I wanted to understand how that works versus your plan for 2026, 2030, for example, thinking about the allocation of this incremental capital that's coming over throughout this year with regards to refining or maybe another ambition Petrobras has in mind.

在非常有利的現金創造環境下，這既來自市場情勢，也來自公司自身因素。我想了解，對照你們 2026、2030 的計畫，例如在思考今年陸續增加的增量資本配置時，這會如何運作？是投入煉油，或是 Petrobras 可能還有其他企圖心？

Good afternoon, Well, this is an ongoing discussion for us. wherever you go, any meeting we have, the question always comes up, what will we do with the additional cash flow that's coming up clearly with production unlike our usual strategic planning. So we do have a slightly larger cash though. But it's important to remember the dividend formula where any additional cash that comes in will be distributed over the ordinary cash distribution, which is 14%. And with regards to debt, that's the priority we've been discussing. So we have also the projects we're bringing forward, such as P18 and so on and so forth. So any investment that generates returns to our stakeholders, we are bringing forward. So that's our priority #1.

下午好。嗯，這對我們來說是一個持續在討論的議題。無論你去哪裡、我們開任何會，問題總會出現：面對因產量而明顯增加、不同於我們一般策略規劃的額外現金流，我們要怎麼運用？所以我們確實有稍微更多的現金。但重要的是要記得股利公式：任何新增進來的現金，都會在一般現金分配（14%）之上進行分配。至於負債，這是我們一直在討論的優先事項。同時我們也有一些提前推進的專案，例如 P18 等等。因此，任何能為利害關係人帶來回報的投資，我們都會提前推進。這就是我們的第一優先。

Priority #2 is to converge the debt as quickly as possible to $16.5 billion. That's the ambition we had in our strategic planning, which was supposed to take place in the end of this 5-year period, ending in 2030. So the idea is to bring that slightly forward. We're already in August. And we're already looking into the new strategic planning for the company. And we'll be discussing questions that escape the current strategic planning, so it is within that realm that those discussions will take place. With regards to extraordinary dividend sharing, we find it very unlikely to look into that possibility even though that would if something we would love to do. If we have no investment in site and our debt is well adjusted, we see no problem with that.

第二優先是盡快把負債收斂到 165 億美元。這是我們在策略規劃中的目標，原本預計在這個五年期的末端、也就是 2030 年結束時達成。所以想法是把它稍微提前。我們現在已經是 8 月了。我們也已經在著手公司新的策略規劃。我們會討論一些超出目前策略規劃範圍的問題，因此相關討論會在那個框架下進行。至於特別股利分配，我們認為去考慮這個可能性非常不太可能，儘管那是我們很想做的事。如果我們沒有投資要做、而且負債也調整得當，我們認為那沒有問題。

The same logic remains since we arrived here according to which any surplus should be allocated somewhere. If we have no investment to make and or debt is well adjusted, the natural path is to share more dividends. that's very unlikely now because first brand is expected to stay at the same level for quite a while. And that's also a challenge for next year because it is expected to move back to the levels we expected it to be when we built and designed our 2025 to 2030 strategic plan.

自從我們來到這裡以來，同樣的邏輯一直不變：任何盈餘都應該被配置到某個用途。如果我們沒有投資要做，且/或負債調整得當，自然的路徑就是分配更多股利。但目前這非常不太可能，因為首先，Brent 預期將在相當一段時間內維持在同一水準。而這也會成為明年的挑戰，因為它預期會回到我們在制定 2025 至 2030 策略計畫時所預期的水準。

Our next question comes from Gabriel Barra with Citi.

我們的下一個問題來自花旗的 Gabriel Barra。

I wanted to touch on something we haven't talked about yet, which is Braskem. We have been getting a lot of questions we seeing the companies at a very tricky time. We're seeing news about a potential legal reorganization. And Petrobras has some active input in these conversations. My question is, how do you see that from Petrobras's side? I understand there's a number of rules with governance and there's great concern about capital allocation. So maybe more discussions about a potential capital injection in Tebraskin. So I wanted to hear from you -- what is your stance on Braskem's future. It seems the company is moving toward court order reorganization. And what we're hearing now is that's where they're headed. So what I'd like to hear from you to help our discussion is how have you been approaching that issue -- what's the conversation with bondholders like? And what should be the outcome in your opinion?

我想談一個我們還沒討論到的議題，也就是 Braskem。我們收到很多問題，因為我們看到這些公司正處於非常棘手的時刻。我們看到有關可能進行司法重整的新聞。而 Petrobras 也在這些對話中積極參與。我的問題是，從 Petrobras 的角度，你們如何看待這件事？我理解在公司治理方面有許多規則，而且市場對資本配置非常關切。因此，可能會有更多關於對 Tebraskin 進行潛在注資的討論。所以我想聽聽你們的看法——你們對 Braskem 未來的立場是什麼。看起來公司正朝向法院主導的重整邁進。而我們目前聽到的消息也是他們正往那個方向走。因此，為了幫助我們的討論，我想聽你們說明你們如何處理這個議題——與債券持有人之間的對話是什麼樣子？以及你們認為最終應該出現什麼結果？

Well, I'll start with my 5 cents, but then I'll turn it over to Fernando. We had very little input in terms of Braskem's bylaws. This latest change gave Petrobras more political power. So we're now -- we're only now moving closer to the company to look into what's going on with Braskem with a new set of eyes and to understand what the future of Braskem might be. I would like to not same a lot more Braskem right now because they will be sharing their earnings next week. But I'd like to turn over to our Director, Fernando to talk about this within the realm of possibility at this point.

我先說幾句我的淺見，然後交給 Fernando。就 Braskem 的公司章程而言，我們的介入其實非常有限。最近這次變更讓 Petrobras 擁有更多政治影響力。所以我們現在——也只是現在才更靠近這家公司，用新的角度去了解 Braskem 發生了什麼，以及 Braskem 的未來可能會是什麼樣子。我現在不想再多談 Braskem，因為他們下週將公布財報。不過我想把問題交給我們的董事 Fernando，請他在目前可行的範圍內談談這件事。

Yes, I think we have to take a step back when it comes to Braskem to remember that we have a new shareholders' agreement as the President mentioned, where our economic capital within the company is compared to the political power and influences in the company's decisions. Now that's happened over 2 months ago, and since then, we are looking into all our options within the agreement we have with shareholders. We are in touch with their Board of Directors. So there is an injunction in place, which is in the public domain, as you mentioned. It ends on October 24, and as the President mentioned as well, on August 13, that company will be sharing their earnings with the market. So this is a very sensitive time. We have a lot of decisions to make. So obviously, we can't say a lot more in terms of any other information we have, which may affect negotiations.

是的，我認為談到 Braskem 時，我們需要先退一步，記得如總裁所提到的，我們有一份新的股東協議，在該協議下，我們在公司中的經濟權益與在公司決策中的政治權力與影響力相對應。這件事大約在兩個月前發生，自那之後，我們一直在股東協議框架內檢視所有可行選項。我們也與其董事會保持聯繫。因此，正如你提到的，目前有一項禁令，且已屬公開資訊。該禁令將於 10 月 24 日到期；同時，如總裁也提到，該公司將於 8 月 13 日向市場公布財報。所以這是一個非常敏感的時點。我們有很多決策要做。因此，顯然我們無法就其他可能影響談判的資訊多作說明。

So let's move forward with the next question, Lilyanna Yang with HSBC.

那我們繼續下一個問題，來自匯豐的 Lilyanna Yang。

Thank you so much for the opportunity. Congratulations on your results. I have a more generic question in terms of energy policy. One has to do with gas, the Brazilian government would like to lower gas prices for Brazilian consumers. And I'd like to hear from you about the role of Petrobras. Will Petrobras be able to be a part or to contribute with this process, where, for example, will you sell the gas coming from Sergipe? And another question is -- in terms of new frontiers, we have the Victoria margin, but also initiatives in Africa. Could you give us an update about your investments in Namibia, Sentimenther areas outside of Brazil?

非常感謝給我這個提問機會。恭喜你們的業績表現。我有一個較為宏觀的能源政策問題。其中一個與天然氣有關：巴西政府希望降低巴西消費者的天然氣價格。我想聽聽你們對 Petrobras 角色的看法。Petrobras 是否能參與或協助這個過程？例如，你們是否會出售來自 Sergipe 的天然氣？另外一個問題是——就新前沿而言，我們有 Victoria 邊緣（margin），也有在非洲的布局。你們能否更新一下在納米比亞的投資，以及在巴西以外（例如 Sentimenther 地區）的投資進展？

Let me start and then maybe Angelica, William and Sylvia may add to my few words. Starting with gas, we have a few oil and gas projects. Our projects are usually focused on oil with an associated part touching on gas and any regulatory changes will affect our projects. Sometimes, they'll be beneficial. Other times, they'll be negative. Other times, they'll be neutral, but Regulatory changes everywhere in the world will have consequences when it comes to the way we structure our projects. With regards to the discussion around guests, we don't know yet how things will end up. The fact is, regardless of what happens, we'll have to look at our projects in light of any regulatory change. That's true everywhere in the world, it would not be different for Petrobras. So any project has to be lucrative for the company as our Director of Fernando has already said.

我先說幾句，之後 Angelica、William 和 Sylvia 也許可以補充。先談天然氣，我們有一些油氣專案。我們的專案通常以石油為主，並伴隨一部分涉及天然氣；任何監管變動都會影響我們的專案。有時會帶來正面影響。有時會帶來負面影響。有時則是中性，但全球各地的監管變動都會影響我們如何設計專案架構。至於圍繞天然氣的討論，我們目前還不知道最後會如何定案。事實是，不論發生什麼，我們都必須在任何監管變動下重新檢視我們的專案。這在全球皆然，Petrobras 也不會例外。因此，任何專案都必須對公司有利可圖，正如我們的董事 Fernando 已經說過的。

We're not an NGO. We are a company, and we have to be profitable. That being the case, any change that takes place in the realm of regulations or taxes or anything of that sort will have to require a reassessment of the premises underlying those projects, whether we're talking about oil and gas, refining, petrochemical, the logic is the same. Regulatory changes will require us to look back at those projects and reassess them. We have to make sure that wherever we invest brings the necessary returns. That's the logic.

我們不是非政府組織（NGO）。我們是一家公司，我們必須獲利。在此情況下，任何在法規、稅負或類似事項上的變動，都需要我們重新評估支撐這些專案的基本假設；無論我們談的是油氣、煉油或石化，邏輯都是一樣的。監管變動將要求我們回頭檢視並重新評估這些專案。我們必須確保我們投資的地方能帶來必要的回報。這就是邏輯。

Just adding to President Magda's comments, Petrobras' assessment of these regulatory changes have been outlined over the past few weeks. This is the Board's position, which is the mere transference of the gas molecules ownership is not going to ensure any increase in supply, which is what the market needs. And the Brazilian market is already seeing a significant opening and pulverization, and the Board members themselves have already spoken out in the last few weeks, pointing out that there are over 30 companies competing with Petrobras in over 100 free consumers. And if we add all 5 terminals privately operated they're already bigger than Petrobras. So our assessment is that regulatory stability and legal certainty are critical to maintain cravability discipline when it comes to capital investments. As the President said, everyone in Petrobras' robust governance within our discipline in investments in capital, every project assessment we'll consider the regulatory scenario.

補充 Magda 總裁的評論，Petrobras 對這些監管變動的評估在過去幾週已經有所說明。這是董事會的立場：僅僅移轉天然氣分子所有權，並不能確保供給增加，而供給增加才是市場所需要的。而巴西市場已經出現顯著的開放與分散化；董事會成員在過去幾週也已指出，目前有超過 30 家公司與 Petrobras 競爭，且有超過 100 個自由用戶。此外，如果把 5 座由民間營運的終端加總起來，其規模已經大於 Petrobras。因此，我們的評估是：監管穩定性與法律確定性，對於維持資本投資的可預測性與紀律至關重要。如總裁所說，Petrobras 具備健全的公司治理與資本投資紀律，在每一個專案評估中，我們都會納入監管情境。

So any change will inevitably require a reassessment. But a draft has been made available today, Petrobras will spoke up in the next 45 days via a public hearing, and that's our position.

因此，任何變更都不可避免地需要重新評估。不過，今天已公布一份草案，Petrobras 將在未來 45 天內透過公開聽證會發表意見，這就是我們的立場。

Yes, I just wanted to add that, as William (inaudible) already said, we are only 15.6% of the market. So the market is already open. There's nothing to say about the need for gas release in a market where you already have 31 companies operating at this point. Over and above that, with the intention even of not passing through the volatility and brand prices to the market, we have extended the profile of our contracts and offering alternatives to prevent price increases, which is to say Petrobras is always looking to reduce the impact of gas price volatilities in the industry, especially in Brazil. And as William has said, with regards to the gas release issue, we're still waiting to see what the agency -- the regulatory agency's position will be.

是的，我只想補充一點：正如 William（聽不清）已經說過的，我們只占市場的 15.6%。所以市場其實已經開放。在一個目前已有 31 家公司營運的市場中，沒有什麼可說需要所謂的「天然氣釋出」。此外，為了甚至不把波動性與品牌價格傳導到市場，我們延長了合約期限結構並提供替代方案，以避免價格上漲；也就是說，Petrobras 一直在尋求降低天然氣價格波動對產業的影響，特別是在巴西。而如 William 所說，關於天然氣釋出議題，我們仍在等待監管機構——監管機構的立場。

And we're at a time where SAP can still look into alternatives. And within that context, we're still looking into alternatives when it comes to supply. All right from the E&P standpoint, what we're doing is, over the last few years, we have significantly increased gas exports, which were coming closer to 50 cubic meters. So we are making more gas available, and we believe that it is only by offering more gas that we can reduce prices, also increasing gas production and land and Urucu, and on the issue of gas, we've also discovered more gas in Colombia and combined all those 3 discoveries exceed Columbia's needs. So it's another opportunity to export gas and supply more gas to the country. Going back to Africa, to your other question, we also have been investing and exploring about $7 billion, $2.5 billion in the equatorial margin, $2.4 million in the Southeast margin and about $2.2 billion invested in other areas, including overseas, which includes Africa.

而我們正處於SAP仍可評估替代方案的時點。在此脈絡下，就供應而言，我們仍在研究替代方案。好，從E&P（勘探與生產）的角度來看，過去幾年我們已大幅提高天然氣出口，接近50立方公尺。因此我們讓更多天然氣可供使用，我們相信唯有提供更多天然氣，才能降低價格，同時也在提升陸上與Urucu的天然氣產量；在天然氣方面，我們也在哥倫比亞發現了更多天然氣，而這三項發現合計已超過哥倫比亞的需求。因此，這是另一個出口天然氣、並向該國提供更多天然氣供應的機會。回到非洲、也回應你另一個問題，我們也一直在投資與勘探，金額約70億美元，其中赤道邊緣約25億美元、東南邊緣約240萬美元，另有約22億美元投資於其他地區（包含海外），其中包括非洲。

We have hired areas in South Africa and in partnership with Total. We have partnerships with Shell. We have partnerships in Namibia. We're looking into other opportunities as well. So internationally speaking, the Ivory Coast and Mexico are also places we're looking into, always with the purpose of replenishing and increase our reservoirs considering that our production is on the rise.

我們已在南非取得區塊，並與Total合作。我們與Shell有合作夥伴關係。我們在納米比亞也有合作。我們也在評估其他機會。因此，就國際布局而言，象牙海岸與墨西哥也是我們正在關注的地點，目的始終是補充並增加我們的儲量，因為我們的產量正在上升。

Our next question comes from Tasso Vasconcellos with UBS.

下一個問題來自UBS的Tasso Vasconcellos。

Thank you. Good afternoon to the entire team. picking up on the last discussion. Petrobras team has been quite emphatic about the subject, the replacement of research new discoveries, but moving away from this domestic scenario. In your opinion, what are the main priorities for international expansion, if it really occurs. So we discussed that in the previous question, but I'd like to further understand where you see more of an upside and where the Petrobras team is interested in dedicating more time to the analysis. We talked about Mexico, Venezuela, Bolivia is -- also appears to be back on the radar. So I'd like to hear your take on that. If you look at a scenario outside of Brazil, where would you focus if these expansions truly occur?

謝謝。各位團隊下午好，延續剛才的討論。Petrobras團隊對於以勘探新發現來替代（補充）儲量這個主題一直相當強調，但先把焦點從國內情境移開。以你們的看法，如果真的進行國際擴張，主要優先事項會是什麼？我們在上一題已討論過，但我想更進一步了解，你們認為哪裡上行空間更大，以及Petrobras團隊有興趣投入更多時間做分析的方向。我們談到墨西哥、委內瑞拉、玻利維亞——看起來也重新回到雷達上。因此我想聽聽你們的看法。如果看巴西以外的情境，若這些擴張真的發生，你們會把重點放在哪裡？

Thank you, Tasso, for the question. We've been saying repeatedly that there is no future for an oil company without exploration and without the replacement of reserves. And along those lines, what we do is to try to reinforce our expertise which is well in South America, we've been working for more than 30 years. We import and produce gas in Bolivia for more than 30 years now. We've been importing gas from Argentina for at least 2 years, reverting the route of the Bolivian gas, which in the past used to go to Argentina, and now we have Argentinian gas coming to Brazil, through the same pipeline. We're also working in Colombia. So yes, South America has been a big action field for Petrobras for at least 3 decades, which reinforces our knowledge of the area and our search for new opportunities in these places -- the same day occurs with Mexico.

謝謝你，Tasso，謝謝你的問題。我們一再強調，沒有勘探、沒有儲量替代（補充），一家石油公司就沒有未來。基於這個方向，我們所做的是強化我們的專長——而我們在南美的經驗非常深厚，已經耕耘超過30年。我們在玻利維亞進口並生產天然氣也已超過30年。我們至少2年來一直從阿根廷進口天然氣，並逆轉了玻利維亞天然氣的輸送路線；過去玻利維亞天然氣是輸往阿根廷，現在則是阿根廷天然氣透過同一條管線輸往巴西。我們也在哥倫比亞運作。所以是的，南美至少30年來一直是Petrobras的重要作戰場域，這也強化了我們對該區域的了解，並在這些地方尋找新機會——墨西哥也是同樣的情況。

If you take Mexico in the past, more or less 10 years ago, we used to focus on the exploration of deep waters that we used to call the Golden Triangle, which was comprised of Brazil, Africa and the Gulf of Mexico with similarities in terms of exploration and design approaches and all of that. So in that regard, Africa, due to geological similarities and also similarities in terms of its approach to production and engineering. It's also one of our targets, especially the Atlantic margin of Africa. And if you look at everything at all of that, we -- similar to the ones that we faced in Brazil, where, for instance, we drilled pre-salt in the south of Espirito Santo in the Compass Basin in 2002, and we didn't see it. We overlooked it. And once again, we paid attention to it only 6 years after that. after we discovered a deposit of 1 billion barrels of recoverable oil. So our learnings and Petrobras in terms of geology, production, and the selling of products, all of that from the perspective of a geopolitical partnership, that seems to be quite profitable to us.

若回顧墨西哥，約在10年前，我們曾聚焦於深水勘探，我們稱之為「黃金三角」，由巴西、非洲與墨西哥灣組成，在勘探與設計方法等方面具有相似性。因此在這方面，非洲因地質相似性，以及在生產與工程方法上的相似性，也是我們的目標之一，特別是非洲的大西洋邊緣。而綜觀這些，我們——與在巴西面對的情況相似；例如，我們在2002年於Espirito Santo南部的Compass盆地鑽探鹽下層，但當時並未看見它。我們忽略了它。而我們再次注意到它，已是6年之後——在我們發現一處可採儲量達10億桶的油藏之後。因此，我們的學習，以及Petrobras在地質、生產與產品銷售等方面的能力，從地緣政治夥伴關係的角度來看，對我們而言似乎相當有利可圖。

That's the direction we're headed. Now I'll give the floor to Sylvia since she's been monitoring these aspects from up close. She is the Exploration and Production Director.

這就是我們前進的方向。現在我把發言交給Sylvia，因為她一直近距離監測這些面向。她是勘探與生產總監。

As Magda put very well, we have a competency in terms of the geology and the exploration of deep and ultra-deep waters. So when we go to these African opportunities, we actually talking about very similar areas that we have a high amount of knowledge about in the African coast, in Mexico, the equatorial margin, we are looking for turbiditic reservoirs that are similar to the ones that we have at Compass Basin. So the pre-salt is quite unique and exclusive to the Santos Basin. And in Mexico, we have the (inaudible) and reservoirs and the Pemex expertise is not that high in deep and ultra-deep waters they concentrate mostly on shallow water. So we have this non-binding MOU, we are now surveying seismic data so that we are able to analyze what areas could add value and be interesting to Petrobras and Pemex. So far we are collecting seismic data and further ahead, we will have an opinion on what areas could be interesting to us.

正如Magda說得很好，我們在地質以及深水與超深水勘探方面具備能力。因此當我們評估這些非洲機會時，我們其實是在談論非常相似的區域——在非洲海岸、墨西哥、赤道邊緣——這些都是我們高度熟悉的；我們在尋找與Compass盆地相似的濁積岩（turbiditic）儲層。因此，鹽下層（pre-salt）相當獨特，且幾乎是Santos盆地所獨有。而在墨西哥，我們有（聽不清）以及儲層；Pemex在深水與超深水方面的專長並不高，他們主要集中在淺水。因此我們有一份不具約束力的MOU（合作備忘錄），目前正在蒐集地震資料，以便分析哪些區域能創造價值、並對Petrobras與Pemex具有吸引力。到目前為止我們正在蒐集地震資料，後續我們會對哪些區域可能對我們有興趣提出看法。

The next question comes from Milene Clifford from JPMorgan.

下一個問題來自JPMorgan的Milene Clifford。

Like a quick follow-up about downstream. You talked about the important strategy considering seasonality, but I'd like to hear from you how the company sees the scenario of crack spreads for the second half and the maintenance strategy for refineries in that scope. You've been running the refinery firm above 102%. And we heard about downtimes as well in the second half. So talking about the refining farm and what can we expect in terms of timing and duration of these downtimes for the second half?

我想就下游業務快速追問一下。你們談到考量季節性的關鍵策略，但我想聽聽公司如何看待下半年裂解價差（crack spreads）的情境，以及在此範圍內的煉油廠維修策略。你們一直讓煉油廠開工率維持在102%以上。我們也聽到下半年會有停工（downtime）。因此就煉油資產而言，下半年這些停工的時間點與持續期間大概會如何？

Thank you for the question. The third quarter is from a seasonal perspective, a quarter of higher diesel demand. So given that context, our operating planning takes that into account. And obviously, in this quarter, we're going to have to import and the cracking of diesel has less to attempt to produce as much diesel as we can internally, so given the context, we have an operating planning that's done in close conjunction with refining, so as to maximize the use of our refineries so as to minimize imports. In any case, imports are happening naturally with no problems, whatsoever, there is no shortage of diesel in the market right now.

謝謝你的問題。從季節性角度來看，第三季是柴油需求較高的一季。因此在這樣的背景下，我們的營運規劃會把這點納入考量。而且很明顯，在這一季我們將需要進口；柴油裂解價差的情況也使我們更傾向於盡可能在內部生產更多柴油，因此在此背景下，我們與煉油端密切協作制定營運規劃，以最大化煉油廠使用率、並將進口降到最低。無論如何，進口都在自然進行且完全沒有任何問題，目前市場上並沒有柴油短缺。

That's a very important question because it will allow me to clarify certain things. When we postponed the downtimes of Hagop and replan, what we have no postponed downtimes for the second half. The downtimes that are going to occur on the catalytic cracking FCC downtimes and the rep downtime. And the Cuba Town diesel downtime was already scheduled on our plans. There was no postponing, the only big downtime that's scheduled is the Cubaton time that's scheduled for August and the other ones are minor downtimes. In the specific case of postponement of Heap and (inaudible) downtimes, we were have an ongoing expansion projects, but since they were not yet mature, we decided to postpone them to the beginning of 2027 after reliability, analysis, inspections and so on and so forth.

這是一個非常重要的問題，因為它能讓我釐清一些事情。當我們延後 Hagop 與 replan 的停工時，針對下半年我們並沒有延後任何停工。將會發生的停工是催化裂化（FCC）裝置的停工，以及 rep 的停工。而 Cuba Town 的柴油停工原本就已排入我們的計畫。沒有任何延後；唯一排定的大型停工是 Cubaton 的停工，排在 8 月，其他都是小型停工。就延後 Heap 與（聽不清）停工的特定情況而言，我們當時有正在進行的擴建專案，但由於尚未成熟，我們決定在完成可靠度分析、檢查等等之後，將其延後到 2027 年初。

We saw that we were able to guarantee the reliability if we did postpone the downtimes the next year and still expand it. So we would reduce the loss of profit by 45 days. We have 2 important expansions at revamp and replan and recap that will lead us to an additional load of 10,000 -- almost 10,000 cubic meters per day of additional load, so we have almost 300,000 of diesel, of which 100,000 come from the expansions and optimizations of refineries with a very low CapEx and the remaining $200 million come from the new diesel plant, the Boventura, HCC and Renata, with engineering, we'll be delivering that at the end of the year.

我們看到，如果把停工延到隔年，同時仍推進擴建，我們就能確保可靠性。因此我們可以把獲利損失減少 45 天。我們在 revamp、replan 與 recap 上有 2 項重要擴建，將帶來每日額外 10,000——接近 10,000 立方公尺的額外負荷，因此我們將新增接近 300,000 的柴油，其中 100,000 來自煉油廠以非常低的資本支出（CapEx）進行的擴建與最佳化，其餘 2 億美元來自新的柴油工廠——Boventura、HCC 與 Renata；在工程推進下，我們將於年底交付。

We're going to up the load that's at 140 at RNEST, and that's a result of a very important work done by our presidents, we're going to increase it to 180,000 or 200,000. So back to your point, we're going to have just the regular downtimes. There were no postponements from the first half to the second half. we simply postponed the recap and replan downtimes for next year to guarantee the new investments. But even with the postponement of these downtimes for ReGap and replan, they were scheduled for March and in April and May, June and July, we had very important results in terms of foot.

我們將把 RNEST 的負荷從 140 提升，這是我們各位總裁做了非常重要工作的成果，我們會把它提高到 180,000 或 200,000。所以回到你的問題，我們只會有例行的停工。沒有把上半年的停工延到下半年；我們只是把 recap 與 replan 的停工延到明年，以確保新的投資。但即使延後了這些 ReGap 與 replan 的停工——原本排在 3 月——在 4 月、5 月、6 月與 7 月，我們在 foot 方面仍取得了非常重要的成果。

In July, we were able to reach a record breaking production level for diesel. We reached $101.2 million versus $101.1 million in the third quarter of 2014. So that was a historical record. With 70% of average yield, 5% above the yield of that previous record. So it gives us more revenue with aviation, kerosene and it's a greater result than that of that previous record with a greater FUT.

在 7 月，我們達到了柴油產量的破紀錄水準。我們達到 1.012 億美元，相較於 2014 年第三季的 1.011 億美元。因此那是一項歷史紀錄。平均收率 70%，比前一次紀錄的收率高出 5%。因此它為我們帶來更多來自航空煤油（aviation kerosene）的收入，而且其結果比前一次紀錄更好，FUT 也更高。

Not to mention that -- so I talked about the FUT. And in July, we reached a historical, the diesel production record, reaching 394,000 cubic meters of total diesel production in July. So that shows us that our decision was a very positive decision in terms of the scheduled downtimes, and Angelica has always been asking us, is it close to 200? Is it close to 100? So we shouldn't go any lower than that. So we intend to keep on doing above 95%, 98% in those levels of 65%, 67%, up to 90%. They're all in the past, always with reliability and with guaranteed safety and security.

更不用說——我剛才談到 FUT。而在 7 月，我們達到歷史性的柴油產量紀錄，7 月柴油總產量達到 394,000 立方公尺。這顯示我們在排定停工方面的決策非常正面；Angelica 一直問我們，是否接近 200？是否接近 100？所以我們不應該低於那個水準。因此我們打算持續維持在 95%、98% 以上，在 65%、67% 這些水準，最高到 90%。這些都已經是過去的事了，我們始終以可靠性為前提，並確保安全與保全。

So we have in terms of the rate of recordable incidents, which is a very good result, way below the best average of our global benchmarks, showing that it is all about the load, the FUT and the reliability of the units. Thank you for your question.

因此，就可記錄事故率而言，我們取得了非常好的結果，遠低於我們全球同業標竿的最佳平均水準，顯示關鍵在於負荷、FUT 以及裝置的可靠性。謝謝你的提問。

Yes. I just wanted to reinforce -- or to stress what William said, remembering of two things that we're doing. First one, we are exceeding our targets. And number two, -- we are replacing Petrobras's refining capacity so that we are able to produce increasingly more value-added products and less regular products. Diesel has been our flagship and the results that you're seeing with regards to diesel are a result of that effort.

是的。我只是想強化——或強調 William 所說的，並提醒我們正在做的兩件事。第一，我們正在超越我們的目標。第二——我們正在替代 Petrobras 的煉製能力，使我們能生產越來越多高附加價值產品、越來越少一般產品。柴油一直是我們的旗艦產品，而你們看到的柴油相關成果正是這項努力的結果。

Our next question comes from Rodrigo Almeida with BTG.

下一個問題來自 BTG 的 Rodrigo Almeida。

Well, we talked a little bit about opportunities outside of Brazil. So I wanted to go back a little bit to that and maybe talk a little bit about opportunities in Brazil and mentioned maybe 3 projects that I think would be interesting for us to discuss a little bit further. First of all, I wanted to hear from you an update on your thoughts about PIRA. There's the issue of the extension of your concession or maybe a change. So I wonder if you have any updates on that sense. And what you see moving forward. And also another project that saw a lot of success in exploration, and it ends next year. So I wanted to hear from you about the project and whether you see the need for any adjustments? And how do you see the economics of that asset?

我們稍早談到一些巴西以外的機會。所以我想回到這個話題，也許談談巴西境內的機會，並提到我認為值得我們更深入討論的 3 個專案。首先，我想聽聽你們對 PIRA 的最新看法。其中涉及特許權展延或可能變更的議題。所以我想知道你們在這方面是否有任何更新。以及你們對未來的看法。另外還有一個在勘探上非常成功的專案，明年就到期。所以我想聽聽你們對該專案的看法，以及是否認為需要做任何調整？以及你們如何看待該資產的經濟性？

And then I also wanted to hear about the equatorial margin. I'd like to hear an update maybe should we expect any news from you over the next few weeks. And I just wanted to hear a little bit about that to (inaudible) Central and the equitorial margins. If you could please touch on them. Well, let me tell you that 2P is now under negotiation. Any result that we would tell you from that side would be getting ahead of ourselves. But we have been talking to government institutions in terms of moving forward there.

然後我也想聽聽關於赤道邊緣（equatorial margin）的情況。我想了解一下，未來幾週我們是否應該期待你們有任何消息。我也想稍微聽聽關於（聽不清）Central 與赤道邊緣的情況。如果可以的話，請你們也一併談談。我可以告訴你，2P 目前正在談判中。我們若在這方面對你們透露任何結果，都會是言之過早。但我們一直在與政府機構就推進相關事宜進行溝通。

As for equatorial margin, we have said that before, but we continue to drill the block and FCA 49. And in addition to that, well, we are also waiting for the permit for other 3 wells in that lock. And if you remember, the license we received last year was for 1 firm well plus 3 contingent wells. Nobody looks into an area of that size to drill only 1 well. So whether we find oil or not, our conclusion is the same. We need to continue to explore this area which is enormous in this block alone, BBMFCA49 alone, just to give you an example, our ask for the kickoff is for 1 firm well plus 3 contingent wells so we are now awaiting since that time when we made the request for the permit and authorization to drill in addition to this initial well 3 more contingent wells.

至於赤道邊緣，我們之前說過，但我們仍持續在該區塊與 FCA 49 進行鑽探。此外，我們也在等待該區塊另外 3 口井的許可。如果你還記得，我們去年取得的許可是 1 口確定井加上 3 口或有井。沒有人會只為了鑽 1 口井就去看那麼大的一個區域。所以不論我們是否發現石油，我們的結論都一樣。我們需要持續探索這個龐大的區域；即使只看這個區塊——僅 BBMFCA49——舉例來說，我們在啟動時的申請是 1 口確定井加 3 口或有井，因此自從我們提出許可申請、要求授權在這口初始井之外再鑽 3 口或有井以來，我們一直在等待。

I will now turn it over to Sylvia, who will talk more about the equitorial margin and the out to the cover.

我現在把時間交給 Sylvia，她會進一步談赤道邊緣以及 out to the cover。

Yes. As Magda, we're moving forward with negotiations with 2P. So we have to wait for the assessment of all the stakeholders. As for equatorial margin, we are anxiously waiting for the drilling of this well. All our challenges have been surpassed with technology and time. We are moving fast through the learning curve so that we can come to the next wells with a lot more speed and results. But there are still 500 meters to go to reach the reservoir. And this is 1 that we expect will provide a lot of oil, but if not, we will have to look into the contingent well so that we can understand what the area looks like. As I said earlier, we have 32 blocks in the equatorial margin and huge potential to explore this new frontier. That's what happened with the Campos Basin and the Equitorial margin definitely need wells to be drilled so that we can accurately assess its potential.

是的。以 Magda 的立場，我們正推進與 2P 的談判。因此我們必須等待所有利害關係人的評估。至於赤道邊緣（Equatorial Margin），我們正焦急等待這口井的鑽探。我們所有的挑戰都已透過技術與時間被克服。我們正快速跨越學習曲線，以便在下一批井能以更快速度並取得更多成果。但距離到達儲層仍有 500 公尺。這是一口我們預期會產出大量原油的井，但若不如預期，我們就必須研究備援井（contingent well），以便了解該區域的樣貌。如我先前所說，我們在赤道邊緣有 32 個區塊，具備探索這一新前沿的巨大潛力。Campos 盆地就是如此，而赤道邊緣確實需要鑽井，才能精準評估其潛力。

The existing potential that we've assessed thinking about the Suriname and Guiana and Ghana wells have been very positive. So we're now anxiously waiting the at the end of the month when we expect to have that well. As I said, this is the eighth and last phase of the well drilling to ensure safety. And all (inaudible) this is an area that we're still assessing alongside our partners. This is an area where we have a few challenges because of the high content of oil that we have to return to the federal government. So we need a very, very deep assessment, which is what we're doing right now with (inaudible).

我們在評估既有潛力時，參考了蘇利南、蓋亞那以及迦納的井，結果非常正面。因此我們現在正焦急等待月底，屆時我們預期會有那口井的結果。如我所說，這是該井鑽探的第八也是最後一個階段，以確保安全。而所有（聽不清）這是一個我們仍在與合作夥伴一同評估的區域。這個區域有一些挑戰，因為我們必須回饋給聯邦政府的原油比例很高。因此我們需要非常、非常深入的評估，而這正是我們目前正在進行的工作，與（聽不清）。

Our next question comes from Vicente Falanga with Bradesco BBI.

下一個問題來自 Bradesco BBI 的 Vicente Falanga。

The company has been very vocal on the media with regards to investments that obviously have been discussed already. But in addition to Africa, the Mexican Gulf and Latin America, recently, we've also read about rare metals and assessment of the Jupiter basin with the potential offshore exploration. How much do you plan to invest in that segment? I understand that rare metals sort of escape the company's main focus. So I just wanted to understand a little bit about that side.

公司在媒體上對於投資議題一直相當積極發聲，這些顯然也已經討論過。但除了非洲、墨西哥灣與拉丁美洲之外，最近我們也讀到關於稀有金屬，以及對木星盆地（Jupiter basin）進行評估、具備離岸勘探潛力的消息。你們計畫在那個領域投資多少？我理解稀有金屬某種程度上偏離公司的主要重點。所以我想更了解一下這一塊。

I think I can start. Indeed, the company has been growing and improving production. We've been focusing on the company's operational side. But we've also looked at new opportunities at the same time and every potential opportunity the company may seize to generate value to its shareholders. And everything that comes out and comes up in that sense, we have been looking into. We currently have no commitment in terms of investing in what you mentioned. We have made no commitment in that sense. These are only opportunities that we've been discussing and looking into and assessing both domestically and internationally. You mentioned Mexico. There's a very positive institutional aspect that may produce benefits for us in the future. But it's important to remember that any investment we make will have to be approved by the company's governance, which will assess every remaining assessment we use $50,000 flat throughout the process. We need to assess its economic visibility and it has to fit our ambitions, which has to be very -- it has to have a good fit.

我想我可以先回答。確實，公司一直在成長並提升產量。我們一直專注於公司的營運面。但同時我們也在尋找新機會，以及公司可能把握的每一個潛在機會，以為股東創造價值。凡是以此為出發點所出現、所提出的事項，我們都會加以研究。目前我們對你提到的投資並沒有任何承諾。我們在這方面沒有做出承諾。這些只是我們正在討論、研究並評估的機會，涵蓋國內與國際。你提到墨西哥。那裡有非常正面的制度面因素，未來可能為我們帶來效益。但重要的是要記得，我們做出的任何投資都必須經公司治理機制核准；其將評估我們所使用的所有剩餘評估（remaining assessment），在整個流程中我們一律使用 50,000 美元的固定金額。我們需要評估其經濟可見度，並且必須符合我們的企圖心，也就是——必須非常契合，且要有良好的匹配度。

Our next and last question will come from Caio Ribeiro with Bank of America.

下一個也是最後一個問題，來自美國銀行（Bank of America）的 Caio Ribeiro。

Good afternoon, everyone, and thank you for the opportunity. I have a question about capital allocation, more specifically with regards to M&A. I wonder if you could add some color to what your priorities will look like with regards to going back to licensing and fuel or moving into ethanol or even purchasing the (inaudible) epay refinery. If you could also talk a little bit about the timing of these decisions, when should we expect them to be made also the timing for assessments and where it stands today, all of that would be very helpful.

各位下午好，謝謝給我提問的機會。我有一個關於資本配置的問題，更具體來說是關於併購（M&A）。想請你們多談談你們的優先順序會是什麼：例如回到牌照與燃料業務，或是進入乙醇，甚至收購（聽不清）epay 煉油廠。也請談談這些決策的時間點：我們應該何時預期會做出決定，以及評估的時程、目前進度如何；這些資訊都會很有幫助。

I can start and if anyone finds it necessary, you can add to my answer. Well, we remain on track with what's in our strategic planning. That's our -- the driver of our decision-making process. Obviously, we are building and other things may add to what we're doing if we understand that could be positive for bondholders. In terms of position, we have the non-compete with FIBRA, and this would be honored in full and maybe we can discuss that later and evolve if need be. We have an ambition when it comes to distribution, which is not on the retail side, but rather on the B2B side, we have a few projects in that sense, and they have been progressing well. And what we're seeing, we find very positive.

我可以先回答，如果有人覺得有必要，也可以補充。我們仍然依照策略規劃的方向推進。那是我們——決策流程的驅動因素。當然，我們也在建構中；若我們理解某些事項可能對債券持有人有正面影響，其他事情也可能加入我們正在做的事。就立場而言，我們與 FIBRA 有競業禁止（non-compete），我們會完全遵守；之後如有需要也許可以再討論並視情況演進。在配銷方面我們有企圖心，但不是零售端，而是 B2B 端；我們在這方面有一些專案，進展良好。而我們所看到的情況，我們認為非常正面。

As for Montaripa, as we said, there's due diligence in place. We have no news in that sense and negotiations have not moved forward so far. But as usual, if anything comes up, we will communicate to the market in due time.

至於 Montaripa，如我們所說，已在進行盡職調查（due diligence）。目前在這方面沒有新消息，談判至今也尚未推進。但如往常一樣，若有任何進展，我們會在適當時間向市場溝通。

Well, I can talk specifically about ethanol. The topic is moving forward. As Magda said, it's still a priority within our business plan. We understand that this is a priority segment. And Brazil has maturity in terms of technology and public policy, but negotiations are still ongoing. And in due time, we will be communicating any development, respecting the confidentiality and the sensitive aspect involved in negotiations. But in terms of the transfer of energy, this is something we have been looking very closely into.

我可以特別談談乙醇。這個議題正在推進。如 Magda 所說，它仍是我們商業計畫中的優先事項。我們理解這是一個優先的領域。巴西在技術與公共政策方面都相當成熟，但談判仍在進行中。在適當時間，我們會在尊重保密性與談判敏感性的前提下，對任何進展進行溝通。但就能源轉型而言，這是我們一直非常密切關注的事項。

It's also interesting to talk about that the distribution of fuel and LGP will always be our goal and will reinforce the strategy to move closer to the market. So wherever possible, Obviously, all impediments being removed, we will come back to the market with opportunities.

另外也值得一提的是，燃料與 LPG 的配銷將永遠是我們的目標，並將強化我們更貼近市場的策略。因此在可能的情況下，當然，在所有障礙都被排除後，我們將帶著機會重返市場。

We would like to thank everyone for joining us. This concludes our question-and-answer session and any additional questions may be sent to our Investor Relations team. I will now hand it over to Petrobras's President Magda Chambriard for closing remark. President, please go ahead.

我們感謝各位的參與。問答環節到此結束，任何其他問題可寄送至我們的投資人關係團隊。接下來我將把時間交給 Petrobras 總裁 Magda Chambriard 作結語。總裁，請開始。

Well, reiterating what we said before, Petrobras' performance has been very professional and guided by capital discipline, attention to our projects and our deposits as well as our assets so as to always maximize value with our operational efficiency, respect to health and safety regulations. And that's what's guided the technical Board of Petrobras and it's advisory board as well with the purpose of delivering to our bondholders, whether in the private or the public side also guided by capital discipline, rest assured that will remain our policy. Thank you, and I hope to see you by delivering equally satisfying results next quarter.

好的，重申我們先前所說，Petrobras 的表現一直非常專業，並以資本紀律為指引，關注我們的專案與我們的油氣藏，以及我們的資產，以便在營運效率之下始終最大化價值，同時遵守健康與安全法規。這一直是 Petrobras 技術董事會以及其諮詢董事會的指引，目的是交付給我們的債券持有人——無論是民間或公部門——同樣以資本紀律為導向；請放心，這將持續是我們的政策。謝謝，也希望下個季度能再見，並交出同樣令人滿意的成果。

Thank you, Magda. A recording of this conference will be available for replay online. So good afternoon.

謝謝你，Magda。本次會議的錄音將可於線上回放。那麼，祝各位下午愉快。