巴西石油 (PBR) 2021 Q1 法說會逐字稿

Good morning, everyone. Welcome to Petrobras (inaudible) to his analysts and investors about the First Quarter 2021 Results. It's a pleasure to have you with us today. I would like to inform you that all participants will follow the transmission by Internet as listeners. After introduction, a Q&A session will begin. You can send those questions by e-mail, petroinvest@petrobras.com.br.

大家，早安。歡迎巴西國家石油公司（聽不清楚）向分析師和投資者介紹 2021 年第一季業績。很高興今天您能和我們在一起。我謹通知您，所有參與者將以聽眾的身分關注網路的傳輸。介紹完畢後，將開始問答環節。您可以透過電子郵件發送這些問題，petroinvest@petrobras.com.br。

Today, we have with us Claudio Mastella, Chief Trading and Logistics Officer; Fernando Borges, Chief Exploration and Production Officer; João Henrique Rittershaussen, Chief Production Development Officer; Marcelo Zenkner, Chief Governance and Compliance Officer; Nicolas Simone; Chief Digital Transformation and Innovation Officer; Roberto Ardenghy, Chief Institutional Relations and Sustainability Officer; Rodrigo Araujo Alves, Chief Financial and Investor Relations Officer; Rodrigo Costa e Silva, Chief Refining and Natural Gas Officer.

今天，我們邀請了首席貿易和物流官 Claudio Mastella；費爾南多·博爾赫斯 (Fernando Borges)，首席勘探和生產官； João Henrique Rittershaussen，首席生產開發長； Marcelo Zenkner，首席治理與合規長；尼可拉斯‧西蒙娜；首席數位轉型與創新長； Roberto Ardenghy，首席機構關係與永續發展長； Rodrigo Araujo Alves，財務與投資者關係長； Rodrigo Costa e Silva，首席煉油和天然氣官。

The presentation will be available throughout the webcast on our company's website. We will start by watching a video of Petrobra's CEO, Mr. Joaquim Silva e Luna.

該簡報將在我們公司網站上的整個網路廣播中提供。我們首先觀看 Petrobra 執行長 Joaquim Silva e Luna 先生的影片。

(presentation)

（推介會）

(foreign language)

（外語）

Now we start the presentation, I will call our CFO, Rodrigo Araujo Alves. Rodrigo, you may start, please.

現在我們開始演示，我將致電我們的財務長羅德里戈·阿勞霍·阿爾維斯。羅德里戈，請開始吧。

Thank you. Thank you, Carla. Hello, everyone. Good morning. It's a pleasure to be here with you for the first time as Petrobras' Chief Financial and Investor Relations Officer, and I hope everyone is safe in doing well.

謝謝。謝謝你，卡拉。大家好。早安.很高興第一次以巴西國家石油公司首席財務和投資者關係官的身份與大家在一起，我希望每個人都平安無事。

So first of all, let me start next slide, please. Next one. Let me start with safety, which is, of course, a fundamental value for our company. And we've been very proud with the results we've achieved over time. And it's important that for the first quarter of 2021, we have a total recordable injuries per million man-hours of 0.62, which is within the maximum acceptable limit that we have of 0.7. And of course, with respect to safety, we always have a 0 fatalities ambition. And unfortunately, we had 1 fatality during the first quarter. But our ambition is always to have 0 fatalities.

首先，請讓我開始下一張投影片。下一個。讓我從安全開始，這當然是我們公司的基本價值。我們對長期以來所取得的成果感到非常自豪。重要的是，2021 年第一季度，每百萬工時的可記錄工傷總數為 0.62，這在我們可接受的最大限額 0.7 之內。當然，在安全方面，我們始終有零死亡的目標。不幸的是，第一季我們有 1 人死亡。但我們的目標始終是零死亡。

With respect to the recent actions that we developed to support the Brazilian society in incumbent against COVID-19 Pandemic, we've engaged in the donation of intubation medication to the Ministry of Health in a joint action with other Brazilian companies, and we've also acquired mini oxygen units and -- to supply public hospitals and donated oxygen cylinders in an action that was involved the amount above $15 million. And we have also changed for certain platforms, the boarding schedule in order to reduce the turnover and reduce the risk of contagion within our employees. Some of them have already returned to the original schedule, but some of them are still working on a different schedule to support lower in contagion.

關於我們最近為支持巴西社會對抗 COVID-19 大流行而採取的行動，我們與其他巴西公司聯合行動，向衛生部捐贈了插管藥物，我們已經還購買了迷你氧氣裝置，並為公立醫院提供供應，並捐贈了氧氣瓶，此行動涉及金額超過1,500 萬美元。我們也改變了某些平台的登機時間，以減少人員流動並降低員工內部傳染的風險。其中一些已經恢復到原來的時間表，但其中一些仍在製定不同的時間表，以支持較低的傳染率。

With respect to the emissions in the first quarter, we have with -- in terms of E&P carbon intensity, we have reached 16 kilograms of CO2 per boe and in terms of refining, we had 39.9. They're both within the acceptable maximum limit for the year that we defined as our 2021 target.

就第一季的排放量而言，就勘探和生產碳強度而言，我們已達到每桶油當量 16 公斤二氧化碳，而在煉油方面，我們達到了 39.9 公斤。它們都在我們定義為 2021 年目標的一年可接受的最高限度內。

And in terms of absolute GHG emissions in the first quarter, we've emitted 15.4 million tons of carbon dioxide equivalent. And we are a little bit above our annual target, but we expect that we can recover throughout the year.

就第一季的絕對溫室氣體排放量而言，我們排放了 1,540 萬噸二氧化碳當量。我們略高於年度目標，但我們預計全年都能恢復。

Next slide, please. So now I'm going to talk a little bit about our financial results in the first quarter. We had a very strong quarter with solid operational and financial performance. Our recurring EBITDA achieved a 34% growth in the quarter with 55% recurring EBITDA margin. And we also posted a very strong cash generation of $7.2 billion. And when we reduced by the investments that we made in the first quarter, we have a positive free cash flow of $5.6 billion. And of course, it's important that this free cash flow is supporting our trajectory to reduce our debt and to improve our balance sheet. So basically, when we compare annually, we have reduced already $18.3 billion year-on-year and the quarterly reduction of $4.6 billion. And it's also good to note that we've reduced additional $3.2 billion after the end of the quarter to April 2021. So we're highly focused on our deleveraging trajectory.

請下一張投影片。現在我要談談我們第一季的財務表現。我們的季度業績非常強勁，營運和財務表現穩健。本季我們的經常性 EBITDA 成長了 34%，經常性 EBITDA 利潤率為 55%。我們也公佈了 72 億美元的強勁現金流。當我們減少第一季的投資時，我們的自由現金流為 56 億美元。當然，重要的是，這種自由現金流支持我們減少債務和改善資產負債表的軌跡。所以基本上，當我們進行年度比較時，我們已經比去年同期減少了 183 億美元，季度減少了 46 億美元。值得一提的是，截至 2021 年 4 月的季末後，我們又減少了 32 億美元。因此，我們高度關注去槓桿化軌跡。

In the first quarter, we repurchased bonds in the amount of $1.4 billion, and we prepaid bilateral debt in the amount of $0.3 billion as well. We had a cash flow from our divestment proceedings that we've closed during the quarter of $200 million. And of course, it's important to note that we've increased our natural gas and oil production in the first quarter, 3%. And even more important is to point out that we had almost 70% of participation of our pre-salt layer production, which, of course, adds more value to our portfolio. So this was a very important result for the first quarter. And we also had record sales of our S-10 [ppm] low sulfur diesel.

一季度，我們回購債券14億美元，預付雙邊債務3億美元。我們在本季結束的撤資程序中獲得了 2 億美元的現金流。當然，值得注意的是，我們第一季的天然氣和石油產量增加了 3%。更重要的是要指出的是，我們幾乎 70% 參與了鹽下層生產，這當然為我們的投資組合增加了更多價值。所以這是第一季非常重要的結果。我們的 S-10 [ppm] 低硫柴油的銷售也創下了紀錄。

With respect to production, it's good to mention as well that we had inventories made during first quarter. So there's around 27 million barrels that were not realized as exports in the first quarter. So we already have an important improvement coming out for the second quarter with respect to exports that are ongoing by the end of the first quarter.

關於生產，值得一提的是我們在第一季有庫存。因此，第一季約有 2700 萬桶未實現出口。因此，與第一季末持續的出口相比，第二季我們已經取得了重要的改善。

When we look at the external environment, we had an important improvement in Brent prices, 38% during the quarter. And of course, our performance was positively affected by the improvement on Brent prices. And we also had, in terms of the average exchange rate during the quarter, an improvement from 5.4% to 5.47%. So this was almost flat during the quarter. But when we look at the end-of-period exchange rate, and this is important because there's a relevant impact in our earnings for the first quarter due to the foreign exchange -- noncash foreign exchange losses. There was a depreciation of the Brazilian real from BRL 5.2 to BRL 5.7 per dollar, so a 10% depreciation that affected our earnings for the first quarter.

當我們觀察外部環境時，布蘭特原油價格出現了重大改善，本季上漲了 38%。當然，我們的業績受到布蘭特原油價格上漲的正面影響。就本季的平均匯率而言，我們也從 5.4% 提高到 5.47%。因此，本季這一數字幾乎持平。但是，當我們查看期末匯率時，這一點很重要，因為外匯非現金外匯損失對我們第一季的收益產生了相關影響。巴西雷亞爾從每美元 5.2 雷亞爾貶值至 5.7 雷亞爾，因此貶值 10% 影響了我們第一季的收益。

Next slide, please. As I mentioned before, we are highly focused on reducing our debt, and we experienced a $4.6 billion reduction in the first quarter and additional $3.2 million until the end of April. But when we look at the monetization profile, it's also interesting to note that we have a very solid liquidity at this point. And the profile of the schedule of amortization of our debt is very comfortable. We've increased the average maturity of our debt to a point very close to 12 years. So we're at 11.84 years at this point.

請下一張投影片。正如我之前提到的，我們高度重視減少債務，第一季減少了 46 億美元，到 4 月底又減少了 320 萬美元。但當我們查看貨幣化情況時，有趣的是我們目前擁有非常堅實的流動性。我們的債務攤銷時間表的概況非常舒適。我們已將債務的平均期限延長至非常接近 12 年。現在我們已經是 11.84 歲了。

The average cost of our debt had a marginal increase from 5.9% to 6%. But as we look at the portfolio and the schedule of amortization of our debt, we're very comfortable with the current situation. Of course, we are continually monitoring opportunities to reduce the cost of our debt and to increase the maturity of our debt, but we're comfortable with our amortization profile.

我們的平均債務成本從 5.9% 微幅上升至 6%。但當我們審視投資組合和債務攤銷時間表時，我們對目前的情況感到非常滿意。當然，我們正在不斷監控降低債務成本和延長債務期限的機會，但我們對我們的攤銷狀況感到滿意。

And it's also important to note that alongside we've our $12.5 billion in cash. That, of course, that's been reduced after the end of the quarter with the prepayments that we made after the end of the first quarter. We also have $8.3 billion in revolving credit lines that give us enough support in terms of liquidity even during challenging times like what we had in 2020.

同樣重要的是要注意，我們還有 125 億美元的現金。當然，隨著我們在第一季末後支付的預付款，該金額在季度末後有所減少。我們也擁有 83 億美元的循環信貸額度，即使在 2020 年這樣的充滿挑戰的時期，也能為我們提供足夠的流動性支持。

Next slide, please. Looking at the recurring EBITDA in the quarter, as I mentioned before, we've had a very strong quarter, and it's interesting to know that our recurring EBITDA indicates that we had an increase of 34%, supported by the increase in Brent prices, as I mentioned before, but it was in terms of both financial results and operational results, a very strong quarter. We had a very strong operational position in the quarter as well. And it's good to mention of course, that we had also lower operating expenses in the first quarter. So our cost resilience is also supporting the improvement in our performance.

請下一張投影片。看看本季的經常性EBITDA，正如我之前提到的，我們度過了一個非常強勁的季度，有趣的是，我們的經常性EBITDA 表明，在布蘭特原油價格上漲的支持下，我們成長了34%，正如我之前提到的，但就財務業績和營運業績而言，這是一個非常強勁的季度。我們在本季的營運狀況也非常強勁。當然，值得一提的是，我們第一季的營運費用也有所下降。因此，我們的成本彈性也支持我們業績的提升。

When we look at the adjusted EBITDA Q-on-Q, it's basically flat, a little bit of increase from 8.8% to 8.9%. But when we look at the recurring EBITDA, it points out that we had a quarter with less noise and very good financial operational performance.

當我們看調整後的 EBITDA 環比時，它基本上持平，從 8.8% 到 8.9% 有一點增長。但當我們查看經常性 EBITDA 時，它指出我們有一個季度噪音較小，財務營運績效非常好。

Next, please. We are looking at our segment performance, of course, E&P was strongly impacted by the positive increase in Brent prices. So we had Brent appreciation. And also, we have an increase in our production in the first quarter, especially because we had stoppages in the fourth quarter of 2020. With respect to our RTC segment, we see a very important improvement -- a very important improvement in performance during the quarter which, of course, was highly affected by the inventory turnover effect, especially coming from the increase in Brent prices. So we had higher realization prices, and we have lower costs that were made in prior periods. So when we removed the inventory turnover effect, when we look at replacement cost, EBITDA, we had a 7% decrease in the quarter. Especially due to the seasonality and, of course, to the lower levels at the end of the period, given the restrictions that are still remaining with the pandemic.

下一個。我們正在關注我們的細分市場表現，當然，勘探與生產受到布蘭特原油價格上漲的強烈影響。所以我們對布蘭特原油讚賞有加。此外，我們第一季的產量增加，特別是因為我們在 2020 年第四季出現了停工。就我們的RTC 業務而言，我們看到了非常重要的改善——本季度業績的非常重要的改善，當然，這很大程度上受到庫存週轉效應的影響，特別是來自布倫特原油價格上漲的影響。因此，我們的變現價格較高，而前期的成本較低。因此，當我們消除庫存週轉效應時，當我們考慮重置成本 EBITDA 時，本季下降了 7%。特別是由於季節性，當然，考慮到大流行仍然存在的限制，期末的水平較低。

With respect to the Gas and Power segment, we had a 24% decrease, which was mainly affected by lower margins in the generation of energy and in the commercialization of natural gas, especially given the increase in the cost of importing LNG, especially JKM LNG has increased substantially in the first quarter. So this affected the performance of our Gas and Power segment.

天然氣和電力部門下降了 24%，這主要是受到能源生產和天然氣商業化利潤率下降的影響，特別是考慮到進口液化天然氣（尤其是 JKM 液化天然氣）成本的增加一季大幅增加。因此，這影響了我們天然氣和電力部門的表現。

Next, please. As I mentioned before, when we look at the cash generation for the period, we had a very strong operational cash flow, $7.2 billion. This -- our operational cash flow was positively affected by tax credits by the decision of removing VAT from the calculation basis of PIS/COFINS. So we had tax credits in the first quarter, which were almost offset by prepayments that we made to our pension plan in order to support our divestment of refineries. So we prepaid certain obligations that we had with our pension plan in order to streamline the process of divesting our refineries.

下一個。正如我之前提到的，當我們觀察這段時期的現金產生情況時，我們的營運現金流非常強勁，達到 72 億美元。由於決定從 PIS/COFINS 的計算基礎中刪除增值稅，我們的營運現金流受到了稅收抵免的正面影響。因此，我們在第一季度獲得了稅收抵免，這幾乎被我們為支持煉油廠撤資而向退休金計劃預付的款項所抵消。因此，我們預付了退休金計畫中的某些義務，以簡化剝離煉油廠的流程。

And as I mentioned, when we look at the financing part, we paid around $2.6 billion when we include leasings and interest payments, and we also had net payments of $3 billion in terms of financing. A substantial part of these payments were prepayments, so it's -- we had a strong free cash flow of $5.6 billion, supporting our deleveraging efforts. And it's also good to notice that we had a $0.2 billion inflow of cash from our divestment procedures.

正如我所提到的，當我們看融資部分時，如果包括租賃和利息支付，我們支付了約 26 億美元，並且在融資方面我們還淨支付了 30 億美元。這些付款的很大一部分是預付款，因此我們擁有 56 億美元的強勁自由現金流，支持我們的去槓桿化努力。值得注意的是，我們透過撤資程序獲得了 2 億美元的現金流入。

Next, please. I've already mentioned before, but we are continually focused on liability management and capital optimization. So we've repurchased bonds after the end of the quarter. We had a tender offer of about $2.5 billion. And we also have the extension of the maturity of revolving credit lines of around $2 billion to 2026, which supports our liquidity and helps us to reduce the optimal level of cash that we remain in our balance sheet.

下一個。我之前已經提到過，但我們持續關注負債管理和資本優化。因此，我們在季度末後回購了債券。我們收到了約 25 億美元的要約收購。我們還將約 20 億美元的循環信貸額度的期限延長至 2026 年，這支持了我們的流動性，並幫助我們降低了資產負債表中剩餘的最佳現金水準。

And looking at liability management from a broader perspective, we also settled tax contingencies during the quarter. This is very important for us. We're continually monitoring opportunities to settle tax liabilities and all kinds of contingent liabilities in terms that are favorable for the company. So we've paid around BRL 500 million, a little bit less than $100 billion to reduce liabilities of BRL 1.5 billion in the first quarter. And we are also recovering around BRL 0.2 billion in judicial deposits that we had. So it was a very relevant transaction and a very good transaction in terms of liability management that we were able to realize in the first quarter.

從更廣泛的角度來看負債管理，我們也在本季解決了稅務意外事件。這對我們來說非常重要。我們不斷監控以有利於公司的方式解決稅務負債和各種或有負債的機會。因此，我們在第一季支付了約 5 億雷亞爾（略低於 1000 億美元）來減少 15 億雷亞爾的負債。我們也追回了約 2 億雷亞爾的司法存款。因此，這是一項非常相關的交易，也是我們在第一季實現的負債管理方面非常好的交易。

Next, please. In terms of portfolio management, our portfolio management agenda is continuing very strongly, and we're trying to implement as fast as we can, our M&A processes. We had already closed -- we had already signed 6 transactions in 2021, and we have closed 7 transactions, of course, the most relevant is the [RLAM] Refinery, and -- that we signed in the first quarter of 2021. So up until May 11, we have already signed $2.5 billion in transactions, and we had cash inflows of around $500 million.

下一個。在投資組合管理方面，我們的投資組合管理議程正在大力推進，我們正在努力盡快實施我們的併購流程。我們已經結束了——我們已經在2021 年簽署了6 筆交易，並且我們已經完成了7 筆交易，當然，最相關的是[RLAM] 煉油廠，並且——我們在2021 年第一季度簽署了交易。截至5月11日，我們已經簽署了25億美元的交易，現金流入約5億美元。

Next, please. This is a general picture of our portfolio. We have around 50 transactions ongoing and of course, we are highly focused on expediting our M&A transactions. And we have signed relevant procedures with -- I highlight you the NTS, which is the Natural Gas Transportation company that we sold the remaining 10% that we had. We closed this before May 2021. So this is the general picture.

下一個。這是我們投資組合的整體情況。我們正在進行大約 50 項交易，當然，我們高度重視加快併購交易。我們已經與我們簽署了相關程序——我向您強調的是 NTS，這是一家天然氣運輸公司，我們出售了我們剩餘的 10% 股份。我們在 2021 年 5 月之前關閉了該專案。這就是總體情況。

Next, please. And finally, we've respected our net income to our earnings in the first quarter, we had a recurring net income of 0.2 billion compared to $5.4 billion in the fourth quarter of 2020. And this is basically due to the impact of the devaluation of the Brazilian real. As you know, we have our debt indexed to U.S. dollars, and we look at the fewer than foreign exchange rate to mark our debt by the end of the period. So we had a negative foreign exchange loss in the first quarter, noncash, of course, but this impacted substantially our recurring net income.

下一個。最後，我們將第一季的淨利潤與收益進行比較，我們的經常性淨利潤為 2 億美元，而 2020 年第四季為 54 億美元。而這基本上是由於巴西雷亞爾貶值的影響。如您所知，我們的債務與美元掛鉤，我們會在期末使用低於外匯的匯率來標記我們的債務。因此，我們在第一季出現了負外匯損失，當然是非現金損失，但這極大地影響了我們的經常性淨利潤。

So this is the general picture of our financial highlights of the first quarter. And now I'll give the word back to you, Carla. Thank you.

這是我們第一季財務亮點的總體情況。現在我會把話還給你，卡拉。謝謝。

Thank you, Rodrigo. We can move now to the Q&A session. And the first question that we received comes from Frank McGann with Bank of America Merrill Lynch. And it's for you, Rodrigo. The new deadlines for refinery sale, though giving more time to complete the sales still seem to be challenging in terms of time. How does the company see the process to sell the refineries advancing? What are the key challenges? Would contracts include any guarantee in terms of pricing or returns that could be provided by Petrobras.

謝謝你，羅德里戈。我們現在可以進入問答環節。我們收到的第一個問題來自美銀美林的 Frank McGann。這是給你的，羅德里哥。煉油廠銷售的新截止日期儘管給了更多時間來完成銷售，但在時間方面似乎仍然具有挑戰性。公司如何看待販賣煉油廠的進程？主要挑戰是什麼？合約是否包括巴西國家石油公司可能提供的定價或回報方面的任何保證。

Frank, thank you for your question. First of all, in terms of the general picture of our M&A process, it's good to highlight that they continue normally, and we're going through the pretty fine gates that you already know that occurred in our M&A activity. But of course, you know that especially for refining assets, these involve complex transactions that, of course, have several steps, both from our side and from the buyer side. And of course, with the regulators as well. But we are highly focused on complying with the deadlines that were established by the Brazilian antitrust body. And in the first quarter, we've signed the sale of [RLAM] our refinery. So we're focused on complying with the deadlines of the antibody -- antitrust body in Brazil.

弗蘭克，謝謝你的提問。首先，就我們併購過程的整體情況而言，值得強調的是，併購過程仍在正常進行，而且我們正在經歷您已經知道的併購活動中發生的非常好的大門。但當然，您知道，特別是對於精煉資產，這些涉及複雜的交易，當然，這些交易有幾個步驟，無論是從我們這邊還是從買方那邊。當然，還有監管機構。但我們高度重視遵守巴西反壟斷機構規定的最後期限。在第一季度，我們簽署了出售 [RLAM] 我們煉油廠的協議。因此，我們的重點是遵守巴西反壟斷機構抗體的最後期限。

And in terms of guarantees and returns, we don't expect to provide those. Of course, each transaction has its own SPA, its own contract, but this is a more of a general picture.

在保證和回報方面，我們不希望提供這些。當然，每筆交易都有自己的 SPA、自己的合約，但這只是一個整體情況。

Thank you, Rodrigo. The second question from Frank, it's for Ardenghy. So Ardenghy, in recent months, there seems to be a more focused effort globally to deal with climate change that could at least on the margin speed, energy transition. To date, understandably, Petrobras has focused on maximizing its own privileged hydrocarbons asset base. Over the medium to long term, what are the options? If any, the company could be studying to possibly adjust the strategy to meet long-term challenges.

謝謝你，羅德里戈。Frank 的第二個問題是問 Ardenghy 的。因此，Ardenghy，近幾個月來，全球似乎在應對氣候變遷方面做出了更集中的努力，至少可以在一定程度上加快能源轉型。迄今為止，可以理解的是，巴西國家石油公司一直專注於最大化其自身的特權碳氫化合物資產基礎。從中長期來看，有哪些選擇？如果有的話，該公司可能正在研究調整策略以應對長期挑戰。

And I'll divide the answer in 2 parts. First, what we have accomplished over the years. And it's true that Petrobras has been very focused on recovering and -- the financial side but also we have done a lot in terms of carbon performance because carbon performance is key to the future of any oil and gas company. It's what we call the double resilience, not just have a good project, a profitable project, but also a low-carbon project that we can market our products in the world, in the future. And in this particular area, looking at the past, we have done a lot already. The carbon -- the so-called carbon intensity for the exploration and production of Petrobras has been very -- improving over the years. We have reduced the amount of carbon greenhouse gases produced by barrel in more than 47% from 2009 to 2020. So that's a good number.

我將把答案分為兩部分。首先，我們這些年來取得了哪些成就。確實，巴西國家石油公司一直非常注重經濟復甦和財務方面，但我們在碳績效方面也做了很多工作，因為碳績效是任何石油和天然氣公司未來的關鍵。這就是我們所說的雙重彈性，不僅要有一個好項目，一個有利可圖的項目，而且要有一個低碳項目，我們可以在未來將我們的產品銷往世界各地。在這個特定領域，回顧過去，我們已經做了很多事情。多年來，巴西國家石油公司勘探和生產的碳排放強度，即所謂的碳強度，一直在大幅改善。從 2009 年到 2020 年，我們已將木桶產生的碳溫室氣體量減少了 47% 以上。所以這是一個很好的數字。

And also in the presalt that is today, the key project for Petrobras. We have today, the third largest carbon capture project in the world. Last year, we have been able to capture and put back to the reservoir 7 million tons of CO2. This is 18% of the world projects in a global scale. So this is what we have done. Also, it's worth to mention the low sulfur diesel in our refining plants. We have already mentioned this in our press release that the increase of the sales of low sulfur diesel is very important for Petrobras and has been improving over the year. That's very important to Brazil, as you know, Brazil is very diesel prone. We are a country that is very high in terms of consuming diesel, especially for transportation and public transportation in our urban areas. So reducing the amount of sulfur in our diesel brings a lot of benefit for society. But looking at the future because, as I said, any transition is speed up, and we have to be prepared. So we are very focused on technology.

今天的鹽下也是巴西國家石油公司的關鍵項目。今天，我們擁有世界第三大碳捕獲項目。去年，我們捕獲了 700 萬噸二氧化碳並將其放回水庫。這佔全球範圍內項目的 18%。這就是我們所做的。此外，值得一提的是我們煉油廠的低硫柴油。我們已經在新聞稿中提到這一點，低硫柴油銷量的增加對巴西國家石油公司來說非常重要，並且多年來一直在改善。這對巴西非常重要，如您所知，巴西非常依賴柴油。我們是一個柴油消耗量非常高的國家，尤其是城市地區的交通和公共交通。因此，減少柴油中的硫含量會為社會帶來許多好處。但展望未來，因為正如我所說，任何轉變都會加速，我們必須做好準備。所以我們非常注重技術。

Petrobras, as you know, very technology-driven company. So we see opportunities in projects like the or electric in our platforms. If we can receive the necessary authorization from the authorities to put this kind of systems in our platform, we are going to be able to reduce in 20%, our greenhouse emissions in our offshore projects in ultradeep water, especially in the presalt. The HISEP that is a technology developed by Petrobras, in which we are able to capture the gas leaving their reservoir and separating the gas and returning back to the reservoir, the CO2, that's also very, very important.

如您所知，巴西國家石油公司是一家技術驅動型公司。因此，我們在我們的平台中看到了諸如 或 electric 等專案的機會。如果我們能夠獲得當局必要的授權，將此類系統安裝在我們的平台上，我們將能夠將超深水（尤其是鹽下）海上項目的溫室氣體排放量減少 20%。HISEP 是巴西國家石油公司開發的一項技術，我們能夠捕獲離開儲層的氣體，分離氣體並返回儲層，即二氧化碳，這也非常非常重要。

And also the renewable fuels that we are also waiting for the authorities here in Brazil to authorize us to produce the renewable diesel in our refining plants. And as a side effect of this production, the aviation biokerosene for -- as a jet fuel. And -- so those are the areas in which we are seeing the progress. So we are very much focused on progressing and improving our carbon efficiency over the next year.

還有再生燃料，我們也在等待巴西當局授權我們在煉油廠生產再生柴油。作為這種生產的副作用，航空生物煤油可用作噴射燃料。而且──這些就是我們看到進展的領域。因此，我們非常關註明年的進展和提高碳效率。

The next question comes from Gavin Wiley with Scotiabank. And it's for Rodrigo. Rodrigo, do you expect higher dividends to shareholders to remain a priority for Petrobras. Staying consistent with plans to distribute $30 billion to $35 billion over the period of 2021 to 2025? Will the new Board look to review the various aspects of Petrobra's dividend policy, in particular do you back any amendments to the 60% payout of free cash flow once gross debt plus capitalized leases moves below to $60 billion?

下一個問題來自豐業銀行的加文威利 (Gavin Wiley)。這是為了羅德里戈。羅德里戈，您是否認為向股東提供更高的股息仍然是巴西國家石油公司的首要任務？是否與 2021 年至 2025 年期間分配 300 億至 350 億美元的計畫保持一致？新董事會是否會考慮審查 Petrobra 股息政策的各個方面，特別是一旦總債務加上資本化租賃低於 600 億美元，您是否支持對 60% 自由現金流支付的任何修改？

First of all, we will stay consistent both with our dividend policy and with our expected dividend payments. Of course, our focus now is on achieving our debt target of $60 billion to 2022. So we're moving as fast as we can to achieve our debt target and you can see that, as I mentioned during the quarter, we're using basically all the free cash flow that we have to reduce our debt. Given the challenges is still imposed by the pandemic, of course, that we're still running on a higher cash level than what we think it's optimal. But our focus of the free cash flow at this point is to reduce our leverage.

首先，我們將維持股利政策和預期股利支付的一致。當然，我們現在的重點是實現 2022 年 600 億美元的債務目標。因此，我們正在盡快實現我們的債務目標，你可以看到，正如我在本季提到的，我們基本上使用了所有的自由現金流來減少債務。當然，考慮到疫情仍然帶來的挑戰，我們的現金水平仍然高於我們認為的最佳水平。但目前我們對自由現金流的關注重點是降低槓桿。

And of course, we want to improve our -- the level of our dividend payments. And once we reach our $60 billion debt target, our current dividend policy gives us enough flexibility to evaluate the timing and how to better implement our additional dividend payments in order to also ensure that we are -- we have a financial sustainability, both in terms of our short term, medium-term and long term. So it's important, of course, to preserve our financial stability as well. So this is what we had in terms of targets and prospects.

當然，我們希望提高股息支付水準。一旦我們達到 600 億美元的債務目標，我們當前的股息政策就為我們提供了足夠的靈活性來評估時機以及如何更好地實施我們的額外股息支付，以確保我們在財務方面具有可持續性我們的短期、中期和長期。因此，當然，保持我們的金融穩定也很重要。這就是我們的目標和前景。

The second question also from Gavin is to (inaudible), the 5-year plan outlines the majority of capital spending will be allocated to upstream, pre-salt developments and has deemphasized exploration. Do you expect any changes to capital allocations relatively to what has been outlined in the current 2021, 2025 plan? Do you believe the upstream production growth or exploration should be accelerated?

加文提出的第二個問題是（聽不清楚），五年計畫概述了大部分資本支出將分配給上游、鹽下開發，不再強調勘探。您預期資本配置相對於目前 2021 年、2025 年計畫中概述的內容是否會發生任何變化？您認為應該加速上游產量成長還是勘探？

Our expectation is to follow the premises of the plan present to the market in 2020. The discussions for the next 5-year plan are ongoing. And we hope that we approve this premises in the next strategic plan. But we expect no major changes in this direction.

我們的期望是遵循 2020 年向市場推出的計劃的前提。下一個五年計劃的討論正在進行中。我們希望在下一個戰略計劃中批准這項前提。但我們預計這個方向不會有重大變化。

I would like to make a complement to this answer to Gavin. We have allocated for this 5-year plan, $6.5 billion in exploration, and we have 46.5 billion allocated upstream area. We think that these 6.5 is a huge amount of money allocated to exploration. We have to look out that we do this exploration partnership with other companies. And we are focusing on the equatorial margin and first result could increase our appetite to deploy more efforts in the coming years. If you look to the development plan, we have, as already mentioned, 13 production units to come. We have the priority -- preferential rights, (inaudible) 2 areas that already has an expert of H1. (inaudible) come on strong in the second half of this year. And the production increase in this year is a result of the ramp-up of P-70 in Atapu area. And in these 2 areas, we have room for another production units. So we are doing, I think, a good speed on -- even production development and exploration.

我想對加文的這個回答做一個補充。我們為這個五年計畫分配了 65 億美元的勘探資金，並為上游地區分配了 465 億美元。我們認為這6.5是分配給勘探的巨額資金。我們必須注意與其他公司進行勘探合作。我們正在關注赤道邊緣，第一個結果可能會增加我們在未來幾年部署更多努力的慾望。如果你看看發展計劃，正如已經提到的，我們將有 13 個生產單位。我們有優先權－優先權，（聽不清楚）2個領域已經有H1專家。（聽不清楚）今年下半年表現強勁。今年產量的成長是阿塔普地區P-70產量增加的結果。在這兩個領域，我們有空間容納其他生產單位。因此，我認為，我們正在以很快的速度進行生產開發和探索。

Now the next question comes from Christian Audi with Santander and it's for Rodrigo. Rodrigo, uses of cash. So with your continued strong cash flow generation and already lower debt, how could you prioritize the use of your cash between paying down debt versus increasing CapEx versus paying dividends?

現在下一個問題來自桑坦德銀行的克里斯蒂安·奧迪，是向羅德里戈提出的。羅德里戈，現金的使用。因此，隨著您持續強勁的現金流產生和已經較低的債務，您如何在償還債務、增加資本支出和支付股息之間優先使用現金？

Well, in terms of -- if we can talk about a financial framework, it's important to see that the first dollar from the cash flow of our operations and of our M&A activity is, of course, directed to the payment of our commitments and the CapEx that is already committed in our business plan. Then, of course, that the second dollar is to reduce debt. So as I mentioned before, we're highly focused on achieving our $60 billion debt target as fast as we can, our 2022 $60 billion debt target. If we look at the general picture for 2021, we are very close to achieving our annual target of $67 billion. And of course, when we reach the $60 billion target, our current dividend policy gives us enough flexibility to evaluate the timing and the best way to implement our policy and pay additional dividends, of course, making sure that it is sustainable in terms of our financial ability for short, medium and long term.

好吧，就財務框架而言，重要的是要看到我們營運和併購活動的現金流中的第一美元當然是用於支付我們的承諾和我們的業務計劃中已承諾的資本支出。那麼，當然，第二塊錢是為了減少債務。正如我之前提到的，我們高度重視盡快實現 600 億美元的債務目標，也就是 2022 年 600 億美元的債務目標。如果我們看一下 2021 年的整體情況，我們非常接近實現 670 億美元的年度目標。當然，當我們達到600 億美元的目標時，我們目前的股息政策為我們提供了足夠的靈活性來評估實施政策和支付額外股息的時機和最佳方式，當然，確保它在我們的利益方面是可持續的。短期、中期和長期的財務能力。

With respect to future CapEx, of course, we are now focused on executing our '21, '25 business plan. And as you know, we annually review our business plan, as mentioned before. But of course, our CapEx, we'll always be focused on value-generating assets, optimizing our portfolio in terms of maximizing returns and efficiently allocating capital. So that we maximize our returns. So this is the general framework that we have.

當然，就未來的資本支出而言，我們現在專注於執行我們的 '21、'25 業務計劃。如您所知，我們每年都會審查我們的業務計劃，如前所述。但當然，我們的資本支出將始終專注於創造價值的資產，在最大化回報和有效分配資本方面優化我們的投資組合。以便我們最大化我們的回報。這就是我們現有的總體框架。

The next question is for Fernando Borges. It's about production outlook. So could you just touch on potential start-up schedule and maintenance schedule for the FPSO for the rest of the year? And how it could impact production?

下一個問題是問費爾南多·博爾赫斯的。這是關於生產前景的。那麼您能否談談 FPSO 今年剩餘時間的潛在啟動計劃和維護計劃？它如何影響生產？

We had a very busy maintenance work in the last quarter of 2020, just because of the COVID pandemic. And we postponed at maximum of the intervention, which brings more people to our units, but we had them to do them. And now for this year, we see a steady level of maintenance not causing any special decrease in production. So finally, we have come back to the normal in the speed of maintenance, the rate of maintenance of our production units. That's...

僅僅因為新冠疫情，我們在 2020 年最後一個季度的維護工作就非常繁忙。我們最大限度地推遲了乾預措施，這會讓更多的人來到我們的單位，但我們讓他們去做。今年，我們看到維護水準穩定，並未導致產量出現任何特別下降。所以最後，我們的生產單位的維護速度、維護率恢復到了正常水準。那是...

Thank you, Fernando. The next question comes from Lilyanna Yang with HSBC. And it's for Rodrigo. Rodrigo, how do you see Petrobras' current strategy plan? And what key issues pertaining to the plan? Do you foresee this new administration should review or improve? Could you please share your top 3 priorities for this year? Do you believe that Petrobras should raise CapEx towards $15 billion as opposed to the current $10 billion given the current levels of operating cash flow?

謝謝你，費爾南多。下一個問題來自匯豐銀行的 Lilyanna Yang。這是為了羅德里戈。羅德里戈，您如何看待巴西國家石油公司目前的策略計畫？該計劃涉及哪些關鍵問題？您認為新政府應該進行審查或改進嗎？能分享一下您今年的三大優先事項嗎？鑑於目前的營運現金流水平，您是否認為巴西國家石油公司應該將資本支出從目前的 100 億美元提高到 150 億美元？

First of all, with respect to our business plan. We have a very solid business plan in place. And of course, our focus will remain on the efficiency of our capital allocation and portfolio management in order to maximize our returns so this is a top priority for us, and we're going to be continually focused on maximizing returns for our portfolio management.

首先，關於我們的商業計劃。我們已經制定了非常可靠的商業計劃。當然，我們的重點仍然是資本配置和投資組合管理的效率，以便最大化我們的回報，因此這是我們的首要任務，我們將繼續專注於最大化我們的投資組合管理的回報。

We have, as you know, a significant challenge of reducing our leverage, reducing our debt levels in order to be closer to what our peer companies have and this, of course, brings a lot of resilience, both to our future plans and to our portfolio as well.

如您所知，我們面臨著降低槓桿率、降低債務水平的重大挑戰，以便更接近同行公司的水平，當然，這給我們的未來計劃和我們的業務帶來了很大的彈性。投資組合也是如此。

Another important message that we have is our focus on resilient projects. So resiliency is a key word and as I did mention before, not only financial resilience, but financial and environmental resilience is a main topic for us as well.

我們傳達的另一個重要訊息是我們對彈性項目的關注。因此，彈性是一個關鍵字，正如我之前提到的，不僅是金融彈性，金融和環境彈性也是我們的一個主要主題。

As I mentioned before, and our -- we have this annual process of reviewing our business plan. But we don't expect to see any major changes in terms of the general guidance. Our capital allocation will be focused on maximizing returns and on having an effective portfolio management policy. Again, focused on the dual resilience of being resilient for lower Brent prices as we experienced last year. All the companies had a major experience in terms of realizing the resilience scenarios that they had. And of course, focusing on our environmental resilience as well.

正如我之前提到的，我們每年都會審查我們的業務計劃。但我們預計整體指導不會發生任何重大變化。我們的資本配置將專注於回報最大化和有效的投資組合管理政策。再次強調對布蘭特原油價格下跌的雙重彈性，就像我們去年所經歷的。所有公司在實現其彈性場景方面都有豐富的經驗。當然，也要關注我們的環境適應能力。

Talking about the top 3 priorities. I would say that, of course, for 2021, our main priority is to ensure that our projects are on schedule. They support our cash flow generation, they support the cash flow of our operations. So our committed CapEx and making sure that the projects are on schedule for 2021 is very important for us. I would say also that our priority is to ensure that we are able to move as fast as we can with our portfolio management agenda, which is also important, both to improve the returns in our portfolio and to reduce our leverage as well. And of course, I've mentioned before, reducing our debt is definitely very important for us in order to give us a solid financial position to support the additional dividend payments that would come from our dividend policy, which, as I mentioned before, gives us enough flexibility to analyze the timing, the best way to implement, considering the need to support our financial stability as well.

談論最重要的 3 個優先事項。我想說，當然，2021年我們的首要任務是確保我們的專案按計劃進行。他們支持我們產生現金流，並支持我們營運的現金流。因此，我們承諾的資本支出並確保 2021 年專案按計劃進行對我們來說非常重要。我還要說，我們的首要任務是確保我們能夠盡快推進我們的投資組合管理議程，這對於提高我們投資組合的回報並降低我們的槓桿率也很重要。當然，我之前提到過，減少債務對我們來說絕對非常重要，以便讓我們擁有堅實的財務狀況來支持我們的股息政策帶來的額外股息支付，正如我之前提到的，我們有足夠的靈活性來分析時機、實施的最佳方式，同時考慮到支持我們金融穩定的需要。

The second question from Liliana is also for you. So what are your thoughts about the privitization of refining assets in Brazil? Is it necessary for Petrobras to sell the assets that are in the company's divestment plan in the coming 2 years? Or 3 to 5-year agenda for divestment is a more welcome one?

莉莉安娜的第二個問題也是問你的。那麼您對巴西煉油資產私有化有何看法？巴西國家石油公司是否有必要在未來兩年內出售公司撤資計畫中的資產？還是3到5年的撤資議程更受歡迎？

Well, first of all, with respect to the refining assets, as I mentioned before, we have a committed schedule with the Brazilian antitrust body. So we're very focused on complying with that schedule. And of course, that improving the number of players in the Brazilian refining market is good for the market, good for the Brazilian society and good for Petrobras as well. So we have an important output that comes from our divestments. So we're focused on complying with the deadlines that we agreed with the Brazilian Audit Court -- with the Brazilian antibody sorry.

嗯，首先，關於煉油資產，正如我之前提到的，我們與巴西反壟斷機構有一個承諾的時間表。因此，我們非常注重遵守該時間表。當然，巴西煉油市場參與者數量的增加對市場、巴西社會和巴西國家石油公司都有好處。因此，我們的撤資帶來了重要的產出。因此，我們專注於遵守與巴西審計法院商定的最後期限 - 巴西抗體很抱歉。

With respect to the should the divestment to the portfolio management plan as a whole and to the 3- to 5-year agenda. Of course, we are always trying to anticipate those process and to streamline them, looking for opportunities that we have in the market. So we're focused on doing things as fast as we can, but we're comfortable with the plan that we have in place now.

關於應該撤資到整個投資組合管理計劃和 3 至 5 年議程。當然，我們一直在努力預測這些流程並簡化它們，尋找市場上的機會。因此，我們專注於盡可能快地開展工作，但我們對現在製定的計劃感到滿意。

We also received questions from Luis Cavallo with UBS. And the first question is for [Marcelo]. So Marcelo , the company has been successfully in keeping with the international priority. And somehow, the results of refining have been solid. Would it make sense to think of a deadline of 24, 48 or even 72 hours for implementation of adjustments looking forward? What could change in the pricing policy?

我們也收到了瑞銀集團 (UBS) 路易斯卡瓦洛 (Luis Cavallo) 的提問。第一個問題是問[馬塞洛]的。因此，馬塞洛公司已經成功地與國際優先事項保持一致。而且不知何故，提煉的結果是紮實的。考慮未來實施調整的最後期限為 24 小時、48 小時甚至 72 小時是否有意義？定價政策可能會發生哪些變化？

Our internal pricing policy went through some learning process in the previous years. With the period with a very low volatility and another was very high volatility, even with daily adjustments. Today, we are at an intermediate level where, so my view, provides a balance with international markets allowing us to compete efficiently and flexibly without immediately passing on the volatility of international prices. Or the exchange rate to the domestic market. So the adjustments up or down without a defined frequency. And (inaudible) on the business day prior to the implementation, with wide visibility on the prices of products, by location and mode. And this information is immediately published on Petrobras' website.

我們的內部定價政策在前幾年經歷了一些學習過程。一段時期波動性非常低，另一段時期波動性非常高，即使每天都有調整。今天，我們處於中間水平，我認為，它與國際市場保持平衡，使我們能夠有效、靈活地競爭，而不會立即傳遞國際價格的波動。或國內市場的匯率。因此向上或向下的調整沒有定義的頻率。並且（聽不清楚）在實施前的工作日，按地點和模式對產品價格具有廣泛的可見性。這些資訊立即發佈在巴西國家石油公司的網站上。

The second question also from Luis Cavallo. It's for Rodrigo. So Rodrigo, the [RDT] stock price reached on Wednesday, the level above the price of the last to follow-on. In your view, would this be a trigger to unlock the sale of the remaining 37.5% stake? Otherwise, can you give more color on the rationale of the process?

第二個問題也是來自路易斯·卡瓦洛。這是為了羅德里戈。因此，羅德里戈（Rodrigo）的[RDT]股價在周三達到了高於最後後續價格的水平。您認為這是否會觸發出售剩餘 37.5% 的股權？否則，您能否進一步說明該過程的基本原理？

As you know, we've announced, and it's, of course, in our 2021, 2025 business plan, our intention to divest of our remaining stake in BR Distribuidora. What we're doing now is evaluating the timing of the transaction in order that we can maximize the value of the transaction for us. So this is basically where we are now.

如您所知，我們已經宣布，當然，在我們的 2021 年、2025 年業務計劃中，我們打算剝離 BR Distribuidora 的剩餘股權。我們現在正在做的是評估交易的時機，以便我們可以最大化交易的價值。這基本上就是我們現在的處境。

We received questions from Bruno Montanari with Morgan Stanley, and they are both for you. So the first does the company still intend to implement the enhanced dividend policy, distributing 60% of free cash flow once the optimal capital structure is achieved?

我們收到了摩根士丹利布魯諾·蒙塔納裡 (Bruno Montanari) 提出的問題，這些問題都是為您準備的。那麼第一，在達到最佳資本結構後，公司是否仍打算實施強化股利政策，並分配60%的自由現金流？

(technical difficulty)

（技術難度）

We're, of course, currently focused on reaching our debt target of $60 billion for the year of 2022. And we've been using all the free cash flow that we have to reduce debt. We know that given the scenarios imposed by the pandemic, we're still running on a higher cash level than we think it's optimal. But we think that it's necessary at this point. But we definitely want to improve our level of dividend payments. And as I mentioned before, our existing dividend policy gives us enough flexibility to evaluate the timing to implement the policy and to ensure, of course, we maintain our short, medium and long-term financial sustainability.

當然，我們目前的重點是實現 2022 年 600 億美元的債務目標。我們一直在使用我們擁有的所有自由現金流來減少債務。我們知道，考慮到大流行造成的情況，我們的現金水準仍然高於我們認為的最佳水準。但我們認為目前這是必要的。但我們肯定希望提高股息支付水準。正如我之前提到的，我們現有的股利政策為我們提供了足夠的靈活性來評估實施該政策的時機，並確保我們保持短期、中期和長期的財務可持續性。

So the second question also for you, Rodrigo, is about the agreement with (inaudible) So the company was recently granted an extension in the deadlines to sell refineries and also material gas assets. If Petrobras is not able to meet the new deadlines, could it be subject to any sort of fines from (inaudible). In the case of (inaudible) refinery, wholesale process had to be restarted. How to expedite the procedures in order to meet the new deadline?

因此，羅德里戈，您的第二個問題是關於與（聽不清楚）的協議，因此該公司最近獲得了延長出售煉油廠和重要天然氣資產的最後期限的許可。如果巴西國家石油公司無法滿足新的最後期限，是否會受到（聽不清楚）的任何形式的罰款。對於（聽不清楚）煉油廠，批發流程必須重新啟動。如何加快手續以趕上新的期限？

I've mentioned before that in general terms, our M&A, our portfolio management process are pretty normally ongoing through the gates that we have defined to our amature M&A activity. Of course, as I mentioned, that the refining transactions are complex transactions that involve activities from our side, from the buyer side, from the regulators. And of course, as I mentioned, we're highly focused on meeting the deadlines that were established by the Brazilian antitrust body. So this is where we are in terms of the general picture of the processes. Specifically with respect to HIPPA, we're still evaluating how to start and evaluating what we do with respect to the process, keeping our failed attempt in the first time.

我之前提到過，一般來說，我們的併購、我們的投資組合管理流程通常都是透過我們為成熟的併購活動定義的大門進行的。當然，正如我所提到的，煉油交易是複雜的交易，涉及我們方、買方和監管機構的活動。當然，正如我所提到的，我們高度重視遵守巴西反壟斷機構規定的最後期限。從流程的整體情況來看，這就是我們所處的位置。特別是在 HIPPA 方面，我們仍在評估如何開始並評估我們在流程方面所做的工作，將我們失敗的嘗試保留在第一時間。

We received questions from Rodo orangely with JPMorgan. The first question is for Fernando Borges. So Fernando, presalt lifting costs seem to have stabilized at very interest levels, below $3 per barrel. Is there room for further improvements? What is the expect trend here? (technical difficulty)

我們收到了 Rodo 向摩根大通提出的橙色問題。第一個問題是問費爾南多·博爾赫斯的。因此，費爾南多，鹽下開採成本似乎已經穩定在非常感興趣的水平，低於每桶 3 美元。還有進一步改進的空間嗎？這裡的預期趨勢是什麼？（技術難度）

On a more broad view Rodo, I could say, if you look back 5 years, we have a lifting cost of $9 per barrel of equivalent oil, the whole Petrobras. Today, we are in $5.2. In our strategic plan for the next 5 years, we hold on $5.2. Even with the decline of the fields and increase of the cost of the assets we have to manage. If you put a big eye on per salt, in the previous 5 years, we had $4.3 per barrel. Today, we are around $3 per barrel but in the next 5 years, we have a project of $3.8, $4 per barrel and go stand with that. So that's the whole view of lifting cost. And so the whole Petrobras, we could focus on (inaudible) 5 and presalt something around $4 per barrel.

從更廣泛的角度來看，Rodo，我可以說，如果你回顧 5 年，我們的整個巴西國家石油公司每桶等量石油的提升成本為 9 美元。今天，我們的價格是 5.2 美元。在我們未來 5 年的策略計畫中，我們持有 5.2 美元。即使隨著油田的減少和我們必須管理的資產成本的增加。如果你密切注意每鹽，在過去 5 年裡，我們每桶鹽的價格為 4.3 美元。今天，我們的價格約為每桶 3 美元，但在未來 5 年，我們的項目為每桶 3.8 美元、4 美元，並堅持下去。這就是提升成本的整體觀點。因此，整個 Petrobras，我們可以專注於（聽不清楚）5 並預鹽約每桶 4 美元。

The next question is from [Hodos] (inaudible) This is about the Búzios development. So can you give us an update on how things are moving along? Will all the new FPSOs had 225,000 barrels per day of capacity?

下一個問題來自 [Hodos]（聽不清楚）這是關於 Búzios 開發的問題。能為我們介紹一下事情的最新進展嗎？所有新的 FPSO 的產能是否為 225,000 桶/天？

Currently, we have 4 FPSOs in production in Búzios field and have already hired 3 FPSOs (inaudible) P-78. We have planned to start (inaudible) units in 2022, 2024 and 2025. And the capacity of these units will be 150 (inaudible) 225,000 barrels per day to (inaudible) 180 million to 78 million. We have already 2 new units on the (inaudible) P-79 and P-80, with the 180 (inaudible) 125,000 barrels per day and another 2 units are on planning, in the studying phase. This unity will be protected probably in the EPC format. And the idea is to have this unit with the production capacity of 225,000 barrels per day.

目前，我們在 Búzios 油田有 4 艘 FPSO 正在生產，並已租用了 3 艘 FPSO（聽不清楚）P-78。我們計劃於 2022 年、2024 年和 2025 年啟動（聽不清楚）裝置。這些裝置的產能將為每天 150（聽不清楚）225,000 桶至（聽不清楚）1.8 億至 7,800 萬桶。我們已經在（聽不清楚）P-79 和 P-80 上安裝了 2 個新裝置，每天生產 180（聽不清楚）125,000 桶，另外 2 個裝置正在規劃中，處於研究階段。這種統一性可能會以 EPC 格式受到保護。我們的想法是讓這個裝置的生產能力達到每天 225,000 桶。

On the end of the development phase of Búzios field, we expect total production around 2 million barrels per day, (inaudible) barrels per day.

在 Búzios 油田開發階段結束時，我們預計總產量約為每天 200 萬桶（聽不清楚）。

Now have questions from Bruno Morin with Goldman Sachs. And the question is Rodrigo. Rodrigo, has there been any change recently to the offers previously made for assets for sale?

現在有高盛布魯諾莫林的提問。問題是羅德里戈。羅德里戈，之前的資產出售報價最近有什麼變化嗎？

Well, we haven't seen any changes to offers previously made for assets. What we see, of course, is usual negotiation process that is part of any M&A transactions going through the gates that exist in our M&A activity process. And of course, what I can say is that we're focused on moving as fast as we can in our M&A transactions, but we haven't seen any specific changes.

嗯，我們沒有看到之前對資產的報價有任何變化。當然，我們看到的是通常的談判過程，它是透過我們併購活動流程中存在的大門的任何併購交易的一部分。當然，我可以說的是，我們專注於在併購交易中盡可能快地推進，但我們還沒有看到任何具體的變化。

The next question comes from Andre Sheng with Itaú beda, and it's for you. So amidst the recent volatility in the fuel price environment. How has the sale of the refineries being involved? And how the new management team see this topic? It's reasonable to assume that the sale (inaudible) could still happen this year and closing signings could come through next year?

下一個問題來自 Andre Shen 和 Itaú beda，是給你的。因此，在最近燃油價格環境波動的情況下。煉油廠的出售情況如何？新的管理團隊如何看待這個主題？是否可以合理地假設今年仍可能出售（聽不清楚）並且明年可能會完成簽約？

Well, as I mentioned before, we are focused on complying with the deadlines that were established by the Brazilian antitrust body and including (inaudible) , of course. So this is what we can say for now. We don't see any disturbance in the process at this point. But of course, we remain focused on complying with the deadlines. And as I mentioned before, with respect to (inaudible) , we're still reevaluating the process given our first field (inaudible).

嗯，正如我之前提到的，我們專注於遵守巴西反壟斷機構規定的最後期限，當然包括（聽不清楚）。這就是我們現在可以說的。目前我們沒有看到該過程有任何干擾。但當然，我們仍然專注於遵守最後期限。正如我之前提到的，關於（聽不清楚），我們仍在重新評估第一個欄位的流程（聽不清楚）。

The second question from Andre is to Fernando Borges. so Fernando, the agreement over the ToR surplus with the Chinese NOC was expected to occur during the second half of 2020. How has this been evolving? When should we expect to see a final agreement?

安德烈的第二個問題是問費南多·博爾赫斯的。因此，費爾南多預計與中國國家奧委會就職責範圍盈餘達成協議將在 2020 年下半年達成。這是如何演變的？我們什麼時候可以看到最終協議？

Andre, the negotiations are going well. It's a complex 1 because we have filled with (inaudible) installed and we have room for more egg, ones up to 80 units. So it complies in compensation sold, the single going very well, we expect next September to finalize this, and it's going to be opportunity for Petrobras to receive the compensation and starting sharing the production with the 2 partners.

安德烈，談判進展順利。這是一個複雜的 1，因為我們已經安裝了（聽不清楚），我們有空間容納更多雞蛋，最多 80 個單元。因此，它符合已售出補償的要求，單曲進展順利，我們預計明年 9 月將完成此工作，這將是巴西國家石油公司獲得補償並開始與兩個合作夥伴共享製作的機會。

The next question is from Isentia Langa with Bradesco BBI. It's for Rodrigo. Rodrigo, do you believe the sale of (inaudible) is positive for Petrobras from the perspective of capital reallocation?

下一個問題來自 Isentia Langa 和 Bradesco BBI。這是為了羅德里戈。羅德里戈，您認為從資本重新分配的角度來看，出售（聽不清楚）對巴西國家石油公司有正面影響嗎？

Well, as I mentioned before, that BR Distribuidora is one of the assets that we intend to divest from the remaining stake in our business plan. So yes, we do believe that is positive in terms of capital allocation. And what we're doing now is evaluating the timing in order to maximize the value of the transaction for us.

嗯，正如我之前提到的，BR Distribuidora 是我們打算從業務計劃中剩餘股權中剝離的資產之一。所以，是的，我們確實相信這對資本配置來說是正面的。我們現在正在做的是評估時機，以便最大限度地提高我們交易的價值。

So next question also from Isentia this for [Mastella]. So Mastella what in your view is an optimum price policy for (inaudible). Do you believe that the government will push for a stabilization fund?

下一個問題也是來自 Isentia，針對 [Mastella]。您認為 Mastella 的最佳價格政策是（聽不清楚）。您認為政府會推動設立平準基金嗎？

Trying to answer your question. We do believe it's the one we are currently practicing the best one. But of course, we (inaudible) that to the business environment, taking into account our options and also our competitors, options of course, inform the best in profitability. It's important to say that we do -- we try not to press on so the customers in rental market volatilities, but we maintain the alignment to prices in the international market. This is very important to ensure that the market continues supply without risk of shortages. I -- not only Petrobras, but there's several actors responsible today for serving different (inaudible) regions. In addition to Petrobras today, we have distributors in quarters, other refiners doing this job. The same balance -- this competition balance is responsible for price reductions when the supply grows in the international market, it has occurred throughout 2020.

試著回答你的問題。我們確實相信這是我們目前正在實踐的最好的一種。但當然，我們（聽不清楚）考慮到商業環境，考慮到我們的選擇以及我們的競爭對手，選擇當然可以提供最佳的獲利能力。重要的是，我們確實這樣做了——我們盡量不給租賃市場波動的客戶施加壓力，但我們會保持與國際市場價格的一致。這對於確保市場持續供應而不出現短缺風險非常重要。我——不僅是巴西國家石油公司，今天還有幾個參與者負責為不同的（聽不清楚）地區提供服務。除了今天的巴西國家石油公司之外，我們還有季度分銷商和其他煉油廠從事這項工作。同樣的平衡—當國際市場供應增加時，這種競爭平衡導致價格下降，這種情況在 2020 年一直發生。

Important to say that fuel prices by Petrobras are not the only component of the price felt by end consumers. We have to add the federal taxes, state taxes, cost of acquisition, mandatory mix now, I diesel and ethanol, (inaudible) gasoline. On top of that, gross margins for distribution companies and (inaudible) stations. So we do our part trying not to press on volatility, but it's very, very important for us and for the other factors in this market to keep on -- keeping on -- making our prices, make it internal market. It's very important for the workings of this market.

重要的是，巴西國家石油公司的燃油價格並不是最終消費者感受到的價格的唯一組成部分。我們必須添加聯邦稅、州稅、購置成本、現在的強制混合、柴油和乙醇、（聽不清楚）汽油。最重要的是，分銷公司和（聽不清楚）電視台的毛利率。因此，我們盡了自己的努力，盡量不施加波動性，但這對我們和這個市場中的其他因素來說非常非常重要，繼續制定我們的價格，使其成為內部市場。這對這個市場的運作非常重要。

Thank you, [Mastella]. The next question comes from Regis Cardoso with Crédit Suisse, and it's for Fernando Borges. Fernando, Petrobras recently declared interest in both (inaudible) and Atapu areas. Does it make sense to participate in the auction with a consortium? Is there any synergy in replicating in Atapu in the new surplus volumes auction, the same consortium of the construction contract and for Sapinhoá, would it make sense to enter in the bidding process alone?

謝謝你，[馬斯特拉]。下一個問題來自瑞士信貸銀行的雷吉斯·卡多佐，是問費爾南多·博爾赫斯的。費爾南多，巴西國家石油公司最近宣布對（聽不清楚）和阿塔普地區感興趣。與財團一起參加拍賣有意義嗎？在阿塔普新的剩餘量拍賣中複製是否有任何協同作用，施工合約的同一財團以及薩皮尼奧，單獨進入投標過程是否有意義？

Bidding strategies, some seem that any company used to open. But Petrobras has a policy. (inaudible) that is go with partnership in how our new activities in the ultradeep waters or exploration. So we are confident that open to share the risks and the profits of our activities even always listed partners. That's the one component of our strategic plan.

競價策略，有些好像是任何公司都用過的。但巴西國家石油公司有一項政策。（聽不清楚）那就是我們在超深水域或探勘方面的新活動與夥伴關係。因此，我們有信心開放地分擔我們活動的風險和利潤，即使是一直上市的合作夥伴。這是我們策略計劃的一個組成部分。

We have one last question from Barbara Halberstadt with JPMorgan. And it's for Mastella. Mastella, it would be great to get some additional color on the dynamic for the export market after the first quarter of 2021.

摩根大通的芭芭拉·哈爾伯施塔特 (Barbara Halberstadt) 向我們提出了最後一個問題。這是給馬斯特拉的。Mastella，如果能夠了解 2021 年第一季後出口市場動態的更多信息，那就太好了。

Thank you, Barbara, for the question. I'd like to share our crystal ball related to the future scenario. Well, what we have seen in first quarter this year, some weaker premiums. But since then, the market fundamentals, in our view, have improved significantly. So China demand is picking up. And we are getting some strong support for premiums (inaudible). Vaccines rollout in several places, also improved market sentiment. And in our view, this provides a path for the recovery of the oil demand. So we do see some improvement in the premiums for our oil -- crude oils over the next quarters.

謝謝芭芭拉的提問。我想分享我們與未來場景相關的水晶球。嗯，我們在今年第一季看到，保費有些疲軟。但我們認為，自那以後，市場基本面已顯著改善。因此，中國的需求正在回升。我們在保費方面得到了一些強而有力的支持（聽不清楚）。多地疫苗的推出也改善了市場情緒。我們認為，這為石油需求的復甦提供了一條路徑。因此，我們確實看到未來幾季我們的石油溢價有所改善。

Thank you, Mastella. We also have one more question from Barber to Rodrigo. It's about liability management. So Rodrigo, what do you expect in terms of liability management for the rest of the year?

謝謝你，馬斯特拉。巴伯也向羅德里戈提出了一個問題。這是關於責任管理的。那麼羅德里戈，您對今年剩餘時間的負債管理有何期望？

Well, first of all, as I mentioned, we, of course, we are highly focused on reaching our debt targets, both the $67 billion for 2021 and $60 billion for 2022. But we are, of course, always looking for opportunities to reduce the cost and to increase the maturity of our debt profile for the remaining portion of the debt that we'll still carry after we achieved our targets. So we're continually focused on this.

嗯，首先，正如我所提到的，我們當然高度重視實現我們的債務目標，即 2021 年 670 億美元和 2022 年 600 億美元。但當然，我們一直在尋找機會降低成本並延長我們在實現目標後仍將承擔的剩餘部分債務的債務狀況的期限。所以我們持續關注這一點。

And when we think about liability management in a broader perspective, as I mentioned during the presentation, we are continually looking for opportunities to settle liabilities that we have in general -- contingent liabilities in general. Whenever we find opportunities to settle them in favorable terms for the company, we are, of course, always looking for opportunities to do this. So this is how we view liability management as a whole.

當我們從更廣泛的角度思考負債管理時，正如我在演講中提到的那樣，我們不斷尋找機會來解決我們的一般負債——一般的或有負債。每當我們找到機會以對公司有利的條件解決這些問題時，我們當然總是在尋找機會這樣做。這就是我們對整個負債管理的看法。

At this time, we conclude our Q&A session. If you have any further questions, you can send it to our Investor Relations team. Rodrigo will now make his final remarks. So please, Rodrigo.

至此，我們的問答環節就結束了。如果您還有任何疑問，可以將其發送給我們的投資者關係團隊。羅德里戈現在將發表最後演說。所以拜託，羅德里戈。

Well, thank you. Thank you, everyone, for your time today for being here with us for our earnings call of the first quarter of 2021. As I mentioned before, we had a very strong quarter, both in terms of operational and financial performance. And we are highly focused on executing our strategy in delivering our '21-'25 business plan. So thank you for being here today, and feel free to contact our IR team with whatever questions you still have. Thank you very much.

嗯，謝謝。感謝大家今天抽空與我們一起參加 2021 年第一季的財報電話會議。正如我之前提到的，我們的季度業績非常強勁，無論是營運業績還是財務表現。我們高度專注於執行我們的策略，以交付我們的「21-25」業務計劃。感謝您今天來到這裡，如有任何疑問，請隨時聯繫我們的 IR 團隊。非常感謝。