Q2 2023 Petroleo Brasileiro SA Petrobras Earnings Call

August 4, 2023

[music].

Operator: Good morning, everyone. Welcome to Petrobras webcast with analysts and investors regarding our results for Q2 2023. It's a pleasure to be here today. This event will be presented in Portuguese with simultaneous translation into English. The links for both languages can be found on our investor relations page. We would like to inform that all participants will follow the broadcast over the internet as listeners. After our intro, we will have a Q&A session where you can send your questions to petroinvest@petrobras.com.br. Today with us, we have Carlos Travassos, the Chief Engineering, Technology and Innovation Officer, Clarice Coppetti, Chief Corporate Affairs Officer, Claudio Schlosser, Chief Logistics, Commercialization and Markets Officer, Joelson Falcão Mendes, Chief Exploration and Production Officer, Mario Spinelli, Chief Governance and Compliance Officer, Mauricio Tolmasquim, Chief Energy Transition and Sustainability Officer, and Sergio Caetano Leite, Chief Finance and Investor Relations Officer.

Speaker 1: Good morning, everyone. Welcome to Petrobras Web Task with Vanillist and Investors regarding our results for a Q2 of 2023. It's a pleasure to be here today. This event will be presented in Portuguese with simultaneous translation into English.

Good morning, everyone welcome to Petrobras webcast with analysts and investors regarding our results for Q2 of 2023 it's a pleasure to be here today, there so that will be presented in Portuguese with simultaneous.

Translation into English the links for both languages can be found on our Investor Relations page, we would like to inform that all participants will follow the broadcast over the internet at listener is after our intro, we will have a Q&A session, where you can send your questions to Petro invest at.

Speaker 1: The links for both languages can be found on our Investor Relations page.

Speaker 1: We would like to inform that all participants will follow the broadcast over the internet as listeners. After our intro, we will have a Q&A session where you can send your questions to www.betrouinvest.br.

That's all that I stopped comed out be are.

Speaker 1: Today with us we have Carlos Chavez, the Chief Engineering, Technology and Innovation Officer, Clarice Coppeci

Today with US we have Carlos Tavares, Chief Engineering Technology, and innovation officer.

Glad Easco patchy.

Speaker 1: Chief Corporate Affairs Officer, Cloud-O, Cloud-Josilosser, Chief Logistic Commercialization and Market Officer, Joel Sonfalco-Mendee.

Keith Corporate Affairs officer cloud or cloud, just schlosser, chief logistics commercialization and market Officer, Joe Al So Falco Mendez, Chief exploration and production Officer, Mario Spin Alley, Chief governance, and compliance officer, Mauricio So my skiing Chi.

Speaker 1: Chief Exploration and Production Officer, Mario Spinelli, Chief Governance and Compliance Officer, Mauricio Tomasquin, Chief Energy Transition and Sustainability Officer, Sergio Caetano, Late Chief Finance and Investor Relations Officer, and William Prensa, Chief Industrial Processes and Products Officer.

<unk> energy transition and sustainability officer, Sergio Caetano nature, Chief Finance, and Investor Relations Officer, and William Transact, Chief industrial processes and products office or.

Operator: William França, Chief Industrial Processes and Products Officer. To initiate, we will watch a video with a message from our President, Jean Paul Prates.

Speaker 1: To initiate, we will watch a video with a message from our president, Joan Polis and I think. But I'm allowed to be here again to share our results with all of you.

Two initiate we will watch a video with a message from our precedent and Joan.

Jean Paul Prates: Good morning. It is an honor to be here again to share our results with all of you. It has been six months of achievements and accomplishments which reflect the quality of the work that we are doing within Petrobras. In this first semester of management, we were able to establish a new commercial strategy that is producing the results we wanted so much, more flexibility and competitiveness for fuel prices. At the same time, we are committed to leading the energy transition in the country in a fair, safe, and inclusive way, driven by partnerships we are building with companies of technical excellence and by the growing decarbonization of our operations. One of these results is the neutralization of Scope 2 emissions, since all electricity purchased by Petrobras now has a proven renewable origin.

So it'll be here again to share our results with all of you.

Speaker 2: It has been six months of achievements and accomplishments.

It hasn't been six months of achievements and accomplishments, which reflect the quality of the work that we're doing within Petrobras.

Speaker 2: which reflect the quality of the work that we are doing within Petroba.

Speaker 2: In this first semester of management, we were able to establish a new commercial strategy that is producing the results we wanted so much. For flexibility and competitiveness, for fuel price.

In this first semester of management, we were able to establish a new commercial strategy that is producing the results. We wanted so much more flexibility and competitiveness for fuel prices at the same time, we are committed to leading the energy transition in the.

Speaker 2: At the same time, we are committed to leading the energy transition in the country, in a fair, safe and inclusive way driven by partnerships we are building with companies of technical experts.

Country in a fair safe and inclusive way driven by partnerships. We are building with companies of technical excellence.

Speaker 2: and by the growing decolonization of our opera.

And by the growing decarbonization of our operations.

Speaker 2: One of these results is the neutralization of scope 2 emissions since all electricity per se by Petrobras now has a proven renewable ore.

One of these results is the neutralization of scope two emissions since all electricity purchased by Petrobras No has a proven renewable origin. It is important to highlight that we approved that the revision of the strategic elements for our 2020 for 2028.

Jean Paul Prates: It is important to highlight that we approved the revision of the strategic elements for our 2024-2028 strategic plan, as well as the driver to increase low carbon investments to up to 15% of our total investments. On the operational side, FPSOs Anna Nery in the Campos Basin and Almirante Barroso in the Búzios field started up production. FPSOs Anita Garibaldi and Sepetiba are expected to join them soon, helping us to continue increasing pre-salt production. The utilization factor of our refineries reached 93%, with the highest level since 2015, even with several scheduled shutdowns at our refineries, respecting safety, environment, and health issues. We achieved record sales in the H1, with 10 PPM diesel accounting for 62% of the total diesel sales of Petrobras.

Speaker 2: It is important to highlight that we approved the revision of the strategic elements for our 2020-2028 strategic plan, as well as the driver to increase low carbon investors to up to 15% of our total income.

Strategic plan as well as the driver to increase low carbon investors to up to 15% of our total investments.

Speaker 2: in the operational side, FPSOs Ananeri in the campus basin and Almirante Barrozo in the busiest field started up production. FPSOs Anita Garibaldi and Cepetiba are expected to join them soon, helping us to continue increasing pre-salt production.

In the operational side F. P. S. Those I'm not nearly in the Campos basin and Oh, My lunch about who is in the bushes field started up production F. P. S O a need that got about the Sippet T. But are expected to join them soon helping us to continue increasing pre salt.

Production.

Speaker 2: The utilization factor of our refineries reached 93% with highest level since 2015, even with several scheduled shutdowns at our refineries, respecting safety, environment and health.

The utilization factor of our refineries reached 93% with the highest level since 2015, even with several scheduled shutdowns at our refineries respecting safety environment and health issues.

Speaker 2: and we achieved record sales in the first half with 10 ppm diesel accounting for 62% of the total diesel sales.

We achieved record sales in the first half.

With 10 P. P M diesel accounting for 62% of the total diesel sales of Petrobras regarding diesel our which is our diesel with 5% of renewable content, we project to increase our processing capacity by 146 per cent later.

Jean Paul Prates: Regarding Diesel R, which is our diesel with 5% of renewable content, we project to increase our processing capacity by 146% later this year. We increased our investments to $5.7 billion in H1, and we kept our debt under control at a gross debt of $58 billion, while our operating generation reached BRL 10 billion. In H1 2023, we continued with our total focus on people. We had an unprecedented initiative with the launch of our diversity supplement to reinforce awareness among our internal public and our society at large. All these results achieved in H1 this year represent only the beginning of a journey that will take us increasingly further for our benefit and for the benefit of the shareholders, and the society. Thank you very much.

Speaker 2: Regarding Diesel R, which is our diesel with 5% of renewable content, we project to increase our processing capacity by 146% later this year.

This year, we increased our investments two $5.7 billion in the first half of the year and we kept our debt under control at a gross debt of $58 billion, while our operating generation reached 10 billion.

Speaker 2: We increased our investments to $5.7 billion in the first half of the year, and we kept our debt under control at a gross debt of $58 billion while our operating generation reached 10 billion.

Speaker 2: In the first half of 2023, we continued with our total focus on

In the first half of 2023, we continued with our total focus on people, we had an unprecedented initiative with the launch of our diversity supplement to reinforce awareness among our internal public and our society at large.

Speaker 2: We had a non-precedented initiative with the launch of our diversity supplement to reinforce awareness among our internal public and our society at last.

Speaker 2: All these results received in the first half of this year represent only the beginning of a journey that will take us increasingly further for our benefit and for the benefit of the shareholders and the society. Thank you very much.

All of these results were achieved in the first half of this year represent all at the beginning of a journey that will take us increasingly further for our benefit and for the benefit of the shareholders and the society.

Oh very much.

Yeah.

Okay.

Sergio Caetano Leite: Now we will initiate our results of Q2 2023, and now I will hand it over to Sergio Caetano Leite. Good morning. I am very pleased to be here today to discuss our results for the second quarter. During this quarter, our gross recurring EBITDA was BRL 12 billion. This, our operational cash flow, demonstrates the resilience of our company despite an adverse foreign scenario. We have approximately 10 billion, 9.6 billion BRL in operating cash flow. Our debt, our net debt over EBITDA, also shows the control of our indebtedness and the financial soundness of our company. That would be 0.74 times. Now, the return on capital employed is almost 13%. This is 12.8%. Our net profit totaled 5.8 billion. Free cash flow, $7 billion. We continue contributing sustainably.

Operator: Now we will initiate our results of Q2 2023, and now I will hand it over to Sergio Caetano Leite.

Speaker 1: Now we will initiate our results of Q2 of 2023, and now I will hand it over to Sejo Caetano-Late.

Now we will initiate.

Our results of Q2 of 'twenty 23, and now I will hand, it over to special K Thano nature.

Sergio Caetano Leite: Good morning. I am very pleased to be here today to discuss our results for the second quarter. During this quarter, our gross recurring EBITDA was BRL 12 billion. This, our operational cash flow, demonstrates the resilience of our company despite an adverse foreign scenario. We have approximately 10 billion, 9.6 billion BRL in operating cash flow. Our debt, our net debt over EBITDA, also shows the control of our indebtedness and the financial soundness of our company. That would be 0.74 times. Now, the return on capital employed is almost 13%. This is 12.8%. Our net profit totaled 5.8 billion. Free cash flow, $7 billion. We continue contributing sustainably.

Good morning.

I am very pleased.

Speaker 1: to be here today to discuss our results for the second quarter.

To be here today to discuss our results for the second quarter.

Okay.

Yeah.

Okay.

Yeah.

Mismatched during this quarter.

Yes.

Thank you.

Gotcha.

Speaker 1: During this quarter, our gross recurring EBITDA was 12 billion BRL. Our operational cash flow demonstrates the resilience of our company despite an adverse foreign scenario. We have approximately 10 billion, 9.6 billion BRL in operating cash flow.

During this quarter, our gross recurring EBIDTA was 12 billion BRL. This our operational cash flow demonstrates the resilience of our company, despite and Ed first foreign scenario.

We have approximately 10 billion 9.6 billion BRL and operating cash flow.

Speaker 1: Our dads are not that over EBITDA.

Our debt our net debt over EBITDA also shows the control of our indebtedness and the financial soundness of our company that would be point 74 times now the return on capital employed is almost 13%. This is 12 point.

Speaker 1: also shows the control of our indebtedness and the financial soundness of our company that would be 0.7G for times now the return on capital is almost 13%. This is 12.8% our net profit total 5.8 billion a keep free cash flow, $7 billion. And we continue contributing system.

8%, our net profit totaled 5.8 billion of free cash flow $7 billion, and we continue contributing sustainably.

Sergio Caetano Leite: We promote inclusive development, paying BRL 56.1 billion in taxes, contributing towards social development. Our dividends totaled $6.2 billion, and we have a comfortable cash flow of $15.8 billion. Despite external adversities, Petrobras' financial soundness is positive, and the results take us this. This is one of the 10 best years of the company. Now here you can see the foreign environment. There was a drop in Brent. It was significant. We're talking about the second quarter of 2020 to $114 in Brent. Now during this quarter, $78 per barrel. This is the drop of the barrel price was highly significant. Although the exchange rate is in line with last year's quarter, the drop of Brent is another factor that I will comment subsequently.

Speaker 1: We promote inclusive development, paying 56.1 billion reais in taxes.

We promote inclusive development paving 56.1 billion reais in taxes.

Speaker 1: contributing towards social development. Our dividends totaled $6.2 billion, and we have a comfortable cash flow of $15.8 billion, so despite external adversities, Petrobras, financial, Soudness is positive and the results.

Contributing towards social development, our dividends totaled 6.2.

$6.2 billion, and we have a comfortable cash flow of $15.8 million. So despite external adversity ease.

<unk> financial soundness is positive and the results.

Speaker 1: Take us this, this is why we're this is one of the 10 best years of the company. Now here you can

Take us. This this is why we're this is one of the 10 best years of the company.

Now here you can see.

Speaker 1: These foreign environment, there was a drop in Brent. It was significant. We're talking about the second quarter of 2020 to $114 in Brent. Now, during this quarter, $78 per barrel.

The foreign environment, there was a drop in Brent today with significant worth talking about the SEC, good cute or quarter of 2020 to $114 in Brent now.

During this quarter $78 per barrel.

Speaker 1: This is the drop of the barrel price was highly significant, although G exchange rate is in line with last year's quarter. The drop of Brent is another factor that I will comment subsequently. And this is why this dropped our results, although we continue with sustainable development and the company continues resilient.

This is the drop of the barrel price was highly significant told though D exchange rate is in line with last year's quarter. The drop of Brent is another factor that I will comment subsequently and this is why this dropped our resolve.

Sergio Caetano Leite: This is why this dropped our results. Although we continue with sustainable development and the company continues resilient. Our EBITDA demonstrates that we are aligned with the drop of the Brent and the appreciation of the dollar. There is an important interpretation. Since the beginning of the year, I mean Q1 and Q2, our adjusted EBITDA is very close, almost at the same level of a recurrent EBITDA or recurring EBITDA. This is because there has been a lower disinvestment program because of our asset portfolio. Our company continues adjustment, presenting very important value. Below, you can see the devaluation of Brent, which impacts significantly our operations. There was a lower Brent reduction in exploration and production. Now refining and marketing captures the foreign scenario factors. If we consider the EBITDA with stock turnaround, we have a drop of 33% vis-à-vis Q1.

Although we continue with sustainable development in the content and the company continues resilient.

Moshe.

Uh huh.

Demonstrate.

Speaker 1: that we are aligned with the drop of the Brent and the appreciation of the dollar. But there is an important interpretation since the beginning of the year. I mean Q1 and Q2 are adjusted. Edita is very close.

Though we are aligned with the drop of the Brent and the appreciation of the dollar but there is an important.

Interpretations since the beginning of the year at me Q1, and Q2, our adjusted EBITA is very close.

Speaker 1: almost at the same level of a recurrent avatar, a recurring avatar. This is because...

Almost at the same level ever recurrent avatar recurring EBIDTA this is because.

Speaker 1: There has been a lower disinvestment program because of our effort for the poll loop. So our company continues adjustment presenting very important value below you can see the evaluation of Brent, which impacts significantly our operations.

There has been a lowered this investment program because of our asset portfolio.

This solar company continues adjustment presenting very important value below you can see the devaluation of Brent which impact significantly our operations.

Speaker 1: There was a lower grant reduction in exploration and production now refining and marketing captures.

There was a lull or Brent reduction.

In exploration and production now refining and marketing captures.

Speaker 1: The foreign scenario factors, if we consider the EBITDA with a stock turnaround, we have a drop of 33% vis-a-vis Q1 with a replenishment cost. We have an EBITDA minus 42% gas and power aligned with the refining area. So, we have a 33% drop if we consider the first quarter in comparison to Q2.

The foreign scenario factors, if we consider.

The editor, where the stocks turned around we have a drop of 33% vis vis Q1 with a replenishment cost we have another tough minus 42% gas and power aligned with the refining area. So we have a 33% drop if we.

Sergio Caetano Leite: With a replenishment cost, we have an EBITDA of -42%. Gas and power aligned with the refining area. We have a 33% drop if we consider Q1 in comparison to Q2. Now, our cash generation, as I mentioned, continues strong and robust. There was a slight contribution of non-recurring results that are because of the sale of Potiguar and Norte Capixaba Complex. Our debt management allowed us to amortize $0.7 million. This is data that is aligned with the market. In reality, in oil and gas, Petrobras has presented one of the best results despite an adverse scenario. Now, when we talk about our debt, there was a slight spike in our total indebtedness because of the freight of Anna Nery and Almirante Tamandaré. Our financial debt maintains its dropping trajectory.

We consider the first quarter in comparison to Q2.

Speaker 1: Now our cast generation, as I mentioned, continue strong and robust.

Now our cash generation as I mentioned continues strong and robust.

There was a slight.

Speaker 1: contribution of non-recurring results that are because of the sale of what you got and notchikapishava complex arm debt management from allowed us to amortize point seven.

Contribution of non recurring resolved that are because of the sale of what you're glad not chicopee Charver complex arm that management from allowed us to.

To amortize 0.7.

Millions of dollars.

Speaker 1: And these are data, this is data that is aligned with the market in reality in oil and gas. PetroVise has presented one of the best results despite an adverse scenario. Now when we talk about our debt, there was a slight

And these are data. This is data that is aligned with the market in reality in oil and gas Petrobras has presented one of the best results. Despite an adverse scenario now when we talk about our debt there was a flight.

Speaker 1: fight in our total in that, that's because of

Spike in our total indebtedness because.

Speaker 1: the freight of Ananeri and Omitam Chimbao's buds are financial that maintains its dropping trajectory. We drop we lowered .6 million in depth. Our gross debt is within the limits that we establish and what we announce in our strategic plan. Now our next slide. Now pour the fold

The freight of an anatomy and I'll need them chip Bowser, but our financial that men tanks, it's dropping trajectory, we drop we've lowered 0.6% million in debt. Our gross debt is within the limits that we stablish and what we announced in our strategic.

Sergio Caetano Leite: We've lowered $0.6 billion in debt. Our gross debt is within the limits that we establish and what we announced in our strategic plan. Now our next slide. Now, portfolio management. This is a question. This is a constant question mark from our investments. We have a dynamic portfolio in Petrobras, so this means that we are going to work with this divestment, with investments, and with partnerships. There are assets that are of interest, and we can do this through partnerships. All our portfolio is being reassessed under a different view. This is a long-term view. In addition, or aligned with what we announced regarding the signed contracts for divestments, they remain. There are fields, Albacora Leste, that was sold in Q1. We have Norte Capixaba cluster or complex or Potiguar complex.

He Jake plant now our next slide.

Now part of Folio of management.

Speaker 1: This is a question, this is a constant question mark from our investments. We have a dynamic portfolio in Petrobras. So this means that we are going to work with this divestment with investments and with partnerships. We, there are assets that are of interest and we can do three this through.

This is a question. This is a constant constant question Mark from our investments we have a dynamic portfolio in Petrobras. So this means that we are going to work with this divestment with investments and with partnerships are we there.

There are assets that are of interest and we can do this through.

Speaker 1: partnerships. So all our portfolio is being re-assessed under a different view. This is a long-term view.

Partnerships. So all our portfolio is being re assessed under a different view this as a long term view.

Speaker 1: In addition, or aligned with what we announced, regarding the sign contracts for divestments, they remain. There are fields, Laubacora, Leschi, that was sold. In Q1, we have not yet tapishava cluster, or complex, or Puchihuahar complex. Now, in terms of cash and flow.

In addition, or aligned with what we announced regarding the signed contracts for divestments. They remain there are fields lull backorder less Gee that was sold.

In Q1, we have nurtured coffee shop, a cluster or complex or what your water complex now in terms of cash inflow.

Sergio Caetano Leite: Now, in terms of cash inflow generated from these divestments until June 2023, we're talking about the end of Q2. Well, this was $3.5 billion. Well, our net results reflect the stringency of the market, the drop of the Brent, and the appreciation of the dollar vis-à-vis the real. What is important is the crack spread of the diesel. The market is being pressured by the low offering of Russian diesel, dropping 40%. Well, higher operating expenses, $0.4 billion, and this has been reduced to when we compare it to other quarters. Now, what we give back to society, this is part of our ESG program. It is highly consistent and strong. We give back to society in terms of taxes, and we gave back BRL 56.1 billion. Another important fact was in

Speaker 1: generated from these divestments until June of 2023. We're talking about the end of the second quarter. Well, this was $3.5 billion.

Generated from these divestments had until June of 2023, we're talking about the end of the second quarter. While this was $3 $5 billion.

Thank you.

Speaker 1: Well, our net results reflect.

Our net results.

Reflect.

Okay.

Speaker 1: The stringent of the market, the top of the branch and the appreciation of the dollar, the Zabita dollar, what is important is the crack spread of the diesel, the market is being pressured by the low offering of Russian diesel dropping 40%. Well, higher operating expenses, this is a point for a billion dollars.

The stringent ness of the Mark is the job of the branch and the appreciation of the dollar vis vis the dollar what is important is the crack spread of the diesel the market is being pressured by the low offering of Russia.

Diesel dropping 40% well higher operating expenses point $4 billion.

Speaker 1: and this has been reduced to when we compare it to other quarters.

And this has been reduced to when we compare it to other quarters.

Speaker 1: Now, what we give back to the society, this is part of our ESG.

Now what we give back to society.

This is part of our E S D.

Speaker 1: program, it is highly consistent and strong. We give back to the styrofoam in terms of taxes and we gave back 56.1 billion BRLs.

Program It is highly consistent and strong.

We gave back to society in terms of taxes, and we gave back 56.1 billion be our house.

Okay.

Speaker 1: Another important fact was...

Another important fact was.

Speaker 1: in we reviewed the shareholders, remuneration policy. In this policy review, we...

Sergio Caetano Leite: We reviewed the shareholders' remuneration policy. In this policy review, we will maintain important aspects that will guarantee the financial soundness of the company, the control of the debt. We maintain the same periods. We continue with the same guides of indebtedness. We have a reference. We have our gross debt and how we pay out quarterly our dividends, and we've reformulated our formula going from 60% to 45% of free cash flow designated to dividend payout. This level is in line with the major worldwide enterprises up here considering independent enterprises and also state companies. Remuneration to shareholders, I would like to highlight the main dates that were already announced to the market here for the Q2 remuneration. The base data will be 21 August. The first tranche will be paid of twenty...

We reboot re review the shareholders' remuneration policy in this policy review them we.

Speaker 1: We will maintain important aspects that will guarantee the financial soundness of the company, the control of the dot. We maintain the same periods. We continue with the same guides of indebtedness. We have a reference. We have our gross debt.

We will maintain important aspects that will guarantee the financial soundness of the company the control of the Dod we maintained the same periods. We continue with the same guides of indebtedness. We have of reference we have our grasp that.

Speaker 1: and how we pay out quarterly our dividends. And we've reformulated.

And how we pay out quarterly our dividends and we've reformulated.

Thanks.

Our formula.

Speaker 1: going from 60% to 45% of free cash flow designated to did it in payout. This level is in line with the major worldwide enterprises up here considering inter independent enterprises and also state companies.

Going from 60% to 45% of free cash flow Destiny, two dividend payout this level.

Is in line with the major worldwide enterprises up here considering enter it in.

Independent enterprises and also state companies.

Speaker 1: remuneration to shareholders I would like to highlight the main date that we're already announced to the market here for the second quarter remuneration the base data will be August 21st. The first tranche will be paid of 20 the person will be paid November 21st and the second December 15th we continue controlling our debt using

Remuneration to shareholders I would like to highlight the main dates that were already announced to the market.

Here for the second quarter of remuneration the base data will be August 21st the first tranche will be paid out of.

Sergio Caetano Leite: The person will be paid 21 November and 15 December. We continue controlling our debt using capital discipline that is part of the guidance of the company, and we continue committed to generate and to distribute value. Now our buyback program. Well, Petrobras is one of the companies that communicates most with the market in Brazil and abroad. These are the shares that are mostly traded abroad. What we do have impacts, and this is why we have to be careful. Therefore, our buyback program will start in a conservative fashion. We will buy 157.8 million preferred shares. This will be done with preferred shares, which represent a small amount of the free float. That would be 3.5%, and this is a pilot program, will last around 12 months.

<unk> 'twenty the Purcell will be paid November 21st and the second December 15, we continue controlling our debt using cap.

Speaker 1: capital principle that is part of the guidance of the companies. And we continue committed to generate and to distribute value.

Capital principal that is part of the guidance of the company and we continue committed to generate and to distribute value.

Speaker 1: Now, our buybacks program will pair to a crisis when other companies that communicate most.

Now our buyback program as well.

<unk> is one of the companies that communicates most.

Speaker 1: with the market in Brazil and abroad. These are the shares that are mostly traded abroad. What we do have impacts, and this is why we have to be careful. Therefore, our buyback program will start in a conservative fashion. We will buy a 157.8 million preferred shares.

With the market in Brazil and abroad. The these are the shares that are mostly traded abroad. What we do have impacts and this is why we have to be careful.

Therefore.

Our buyback program will start in a conservative fashion, we will buy a 157.8 million preferred share.

This will.

Yeah.

Speaker 1: This will be done with preferred shares which represent

This will be done with preferred shares which we present.

Speaker 1: a small amount of these free float that would be

A small.

The amount of these free float that would be.

Speaker 1: 3.5% and this is a pilot program will last around 12 months. So we areuh

3.5% and this is a pilot program will last around 12 months. So we expect.

Sergio Caetano Leite: We expect to conclude this. We believe that this will not cause major price fluctuation, and it's the first share buyback program that Petrobras will use to remunerate their shareholders. They can be bought in parcels. With this, the main highlights. Here you can see more in our IR sites, and now I will give the floor to Mauricio Tolmasquim, Chief Energy Transition and Sustainability Officer.

Two.

Speaker 1: To conclude this, we believe that this will not cause major price fluctuation and it's the first shared buyback program that petal products will use to remunerate their shareholders. So these, so they can be bought in part self.

To conclude this we believe that this will not cause a major price fluctuation and it's the first share buyback program that.

Better guys will use to remunerate their shareholders. So these.

So they can be bought in parcels.

So with this the main highlights.

Speaker 1: here you can see more in our our sites and now I will give the floor to Mauricio Tomas King.

Here you can see more in our IR sites and now I will give the floor to <unk> tomo skiing.

Speaker 1: Sheath, Sustainability and Transition Officer.

Chief sustainability and transition office Sir.

Okay.

Thanks, Jason.

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