Q1 2026 Petroleo Brasileiro SA Petrobras Earnings Call

May 12, 2026

Operator: This meeting is being recorded.

Eduardo De Nardi Ros: Good morning, welcome to Petrobras' webcast for investors and analysts about our results for Q1 2026. It's a pleasure to be here with you today. This event will be held in Portuguese and English. You can access the links to both languages on our investor relations website. All participants will be in listen-only mode during the company's presentation. After that, we will have a question and answer session. We have with us today Magda Chambriard, CEO of Petrobras, Angélica Laureano, Executive Logistics and Commercialization Director, Clarice Coppetti, Executive Director for Corporate Affairs, Fernando Melgarejo, Executive Director and Investor Relations, Flávio Bretanha, representing the Engineering Technology and Innovation Directors, Ricardo Vactor, Governance and Compliance Executive Director, Sylvia dos Anjos, Exploration and Production Director, and William França, Industrial Processes and Products and Temporary Energy Transition and Sustainability Director.

Eduardo De Nardi Ros: We have with us today Magda Chambriard, CEO of Petrobras, Angélica Laureano, Executive Logistics and Commercialization Director, Clarice Coppetti, Executive Director for Corporate Affairs, Fernando Melgarejo, Executive Director and Investor Relations,

Eduardo De Nardi Ros: Flávio Bretanha, representing the Engineering Technology and Innovation Directors, Ricardo Vactor, Governance and Compliance Executive Director, Sylvia dos Anjos, Exploration and Production Director, and William França, Industrial Processes and Products and Temporary Energy Transition and Sustainability Director. To start us off, we will begin with Fernando Melgarejo. Excuse me, for CEO Magda, who will make her opening remarks. Go ahead, ma'am.

Eduardo De Nardi Ros: To start us off, we will begin with Fernando Melgarejo. Excuse me, for CEO Magda, who will make her opening remarks. Go ahead, ma'am. Thank you, Eduardo. Good morning, ladies and gentlemen. It's a pleasure to be here with you to present our good results once again for Petrobras. I'd like to greet Fernando Melgarejo, our Financial Director, Clarice Coppetti, Corporate Affairs, Flávio Bretanha, representing Renata, Engineering, Sylvia dos Anjos, Exploration and Production, Angelica Laureano, Logistics and Trade, William França, Industrial Processes and Refinement, Eduardo Dinard, Investor Relations, who just started us off, and all the investors joining us today for this earnings call for Q1 2026, and the press, as well as all the other executives who are here with us, who will support us in answering your questions.

Magda Chambriard: Thank you, Eduardo. Good morning, ladies and gentlemen. It's a pleasure to be here with you to present our good results once again for Petrobras. I'd like to greet Fernando Melgarejo, our Financial Director, Clarice Coppetti, Corporate Affairs, Flávio Bretanha, representing Renata, Engineering, Sylvia dos Anjos, Exploration and Production, Angelica Laureano, Logistics and Trade,

Magda Chambriard: William França, Industrial Processes and Refinement, Eduardo Dinard, Investor Relations, who just started us off, and all the investors joining us today for this earnings call for Q1 2026, and the press, as well as all the other executives who are here with us, who will support us in answering your questions.

Eduardo De Nardi Ros: I'd like to greet all of them and congratulate all of our employees for the results that they delivered this quarter, which have made us so proud. I'd like to welcome you once again. We are happy once more to present this quarter's results, which have been marked by operational records. Our oil and gas production has reached unprecedented levels, which is a result of the exceptional effort we've made and a strong partnership between all the different areas of Petrobras. This is what has allowed us to reach these results and overcome the several challenges we faced. I would like to highlight 2 of the main milestones we reached in oil exploration and production in Q1. Our average production was 2.58 million barrels of oil per day, of which 2.18 were directly produced from the pre-salt layer.

Magda Chambriard: I'd like to greet all of them and congratulate all of our employees for the results that they delivered this quarter, which have made us so proud. I'd like to welcome you once again. We are happy once more to present this quarter's results, which have been marked by operational records. Our oil and gas production has reached unprecedented levels, which is a result of the exceptional effort we've made and a strong partnership between all the different areas of Petrobras.

Magda Chambriard: This is what has allowed us to reach these results and overcome the several challenges we faced. I would like to highlight 2 of the main milestones we reached in oil exploration and production in Q1. Our average production was 2.58 million barrels of oil per day, of which 2.18 were directly produced from the pre-salt layer.

Eduardo De Nardi Ros: We're very proud of this result because it was much higher than last year's average. This has already been surpassed in April. It was a production of 2.58 on average last year, which has already been surpassed as we reached a milestone of 2.73 million barrels per day in April, up 6% versus the average we had in Q1. As I said, every day Petrobras has been overcoming and surpassing its own results. When we see these results, it might seem like reaching these records has been simple, but this is due to a joint effort from our teams, like I mentioned before.

Eduardo De Nardi Ros: It's a highly complex job with high levels of technology involving capacity expansion projects, managing our reservoir operational efficiency, and using all the opportunities that we have to offer our investors from the government or from the private sector, increasingly more oil and gas and byproducts. At the end, we are providing energy in general with safety first. Since we're talking about surpassing our own results, I would like to remind you that Petrobras has been doing this also in capacity.

Magda Chambriard: When we remember that FPSO Almirante Tamandaré, the biggest one we had was an oil rig designed to produce 225,000 barrels of oil per day. It was the biggest in Brazil, and we were able to expand its capacity to reach 270,000 barrels a day. We have simply increased in this platform our production by 45,000 barrels of oil per day. In the future, we have 3 more rigs, which are exactly like this, that will be delivered and are being built in Singapore, and we will have a total of 4 with this capacity expansion of 45,000 barrels of oil per day beyond their original design. 45 times 4 is 180.

Speaker #1: This meeting is being recorded.

Magda Chambriard: As a result of this capacity expansion, and as we overcome the challenges we have in Petrobras, we will deliver a 180,000 barrels a day rig in addition to what we already have. This is all the result of the excellent work we have done in the company. I would like to say that beyond the technical excellence of our teams in developing these opportunities, we are also counting on surprising productivity from the pre-salt wells.

Speaker #2: Good morning, and welcome to PETROBRAS's webcast for investors and analysts about our results for the first quarter of 2026. It's a pleasure to be here with you today.

Speaker #2: This event will be held in Portuguese and English. You can access the links to both languages on our investor relations website. All participants will be in listen-only mode during the company's presentation.

Magda Chambriard: When we say that we're expanding by 45,000 barrels a day of oil at Almirante Tamandaré, and that we have three other rigs that can do that, in these four rigs, we will add 180,000 barrels of oil a day, and that's because this can only happen due to the exceptional production capacity of the pre-salt layer that we have in our hands. Currently, we have the biggest deepwater oil field in the world, which is the Búzios field, a giant field that produces a little over 1 million barrels of oil per day, which will soon reach 1.5 million, and we might be able to deliver a field some time from now that will produce 2 million barrels of oil per day.

Speaker #2: And after that, we will have a question-and-answer session. We have with us today Magda Chambriard, CEO of PETROBRAS; Angelica Laureano, Executive Logistics and Commercialization Director; Clarice Copetti, Executive Director for Corporate Affairs; Fernando Melgarejo, Executive Director and Investor Relations; Flavio Bettanefre, Representing the Engineering Technology and Innovation Directors; Ricardo Wachter, Governance and Compliance Executive Director; Silvia Anjos, Exploration and Production Director; and William França, Industrial Processes and Products and Temporary Energy Transition and Sustainability Director.

Speaker #2: To start us off, we will begin with Fernando Melgarejo, excuse me, for CEO Magda, who will make her opening remarks. Go ahead, ma'am. Thank you, Eduardo.

Speaker #2: Good morning, ladies and gentlemen. It's a pleasure to be here with you to present our good results once again for PETROBRAS. I'd like to greet Fernando Melgarejo, our Financial Director; Clarice Copetti, Corporate Affairs; Flavio Bettane, Representing Renata Engineering; Silvia Anjos, Exploration and Production; and Angelica Laureano, Logistics and Trade; William França, Industrial Processes and Refinement; Eduardo Dinard, Investor Relations who just started us off; and all the investors joining us today for this earnings call for the first quarter of 2026.

Magda Chambriard: Now we have two fields that have surpassed the milestone of a million barrels per day, which is Búzios and Tupi. Going back to Búzios, now we have 8 platforms in operation in Búzios. On 1 May, the P-79 platform, the 8th platform of the Búzios field, started production 3 months before the scheduled start of operations. We expect to reach the capacity of 180,000 barrels of oil per day with only 3 to 4 wells. As a reminder, the original project was based on 4 wells, and we will be able to reach the capacity of the platform with 3 or 4 wells, which is amazing, both in terms of our productivity and the productivity of the pre-salt area.

Speaker #2: And the press, as well as all the other executives who are here with us, who will support us in answering your questions. I'd like to greet all of them and congratulate all of our employees for the results that they delivered this quarter, which have made us so proud.

Magda Chambriard: When it comes to project capacity, we also need to say that Petrobras is delivering more than what was initially designed, and we're looking at this platform of 180,000 barrels per day and telling the team that, Well, now you've spoiled us. Now we need 200,000 barrels per day. The teams are working on that and making it possible. As I said, we are overcoming challenges every day. Recently, we also took a very important step for the production of oil and gas in the northeast of Brazil. Due to the increased prices in the international oil market, we decided to expedite the possibility to fund the Sergipe Deepwater Project.

Speaker #2: So, I'd like to welcome you once again. We are happy, once more, to present this quarter's results, which have been marked by operational records.

Speaker #2: Our oil and gas production has reached unprecedented levels, which is a result of the exceptional effort we've made and a strong partnership between all the different areas of PETROBRAS.

Speaker #2: This is what has allowed us to reach these results and overcome the several challenges we faced. I would like to highlight two of the main milestones we reached in oil exploration and production in the first quarter.

Magda Chambriard: You probably remember that in our group of projects with guaranteed funding, one of the Sergipe platforms had undergone a value increase in terms of crude oil, we can guarantee the funding of 2 of these platforms. Sergipe has now 2 projects approved that will have the capacity so far to produce 240,000 barrels of oil per day and to process 22 million cubic meters of gas per day. When it comes to natural gas, Petrobras has been consistently investing to expand the capacity to produce natural gas, and also to expand its capacity to deliver energy coming from thermal power plants.

Speaker #2: Our average production was 2.58 million barrels of oil per day, of which 2.18 were directly produced from the pre-salt layer. We're very proud of this result because it was much higher than last year's average.

Speaker #2: However, this has already been surpassed in April. So it was a production of 2.58 on average last year, which has already been surpassed. As we reached the milestone of 2.73 million of barrels per day in April, up 6% versus the average we had in the first quarter.

Speaker #2: As I said, every day PETROBRAS has been overcoming and surpassing its own results. When we see these results, it might seem like reaching these records has been simple.

Speaker #2: But this is due to a joint effort from our teams. Like I mentioned before, it's a highly complex job with high levels of technology, involving capacity expansion projects, managing our reservoir, operational efficiency, and using all the opportunities that we have to offer our investors—whether from the government or from the private sector—increasingly more oil and gas and byproducts.

Magda Chambriard: We're gonna have a gas pipeline that will be able to produce in this deepwater project to deliver 18 million cubic meters of gas in addition to what had been initially planned, which corresponds to half of our supply of natural gas for Q1 2026. We're also proud to say that we have contracted all of our thermal power plants that had gone out of contract in the last auction that was promoted in Brazil. With that, with the delivery of another nine thermal power plant contracts, we're being able to add to Petrobras' annual revenue another BRL 4.5 billion per year. When it comes to refining, the team spirit is the same, and the goal to surpass our challenges is equally the same.

Speaker #2: At the end, we are providing energy in general, with safety first. Since we're talking about surpassing our own results, I would like to remind you that PETROBRAS has been doing this also in capacity.

Speaker #2: When we remember that FPSO, Almirante Tamandaré, the biggest one we had was an oil rig designed to produce 225,000 barrels of oil per day.

Magda Chambriard: We're permanently in search of excellence and in search of more and better results. In March, we've reached yet another record in the production of S10 diesel with a low or lower sulfur content. We are producing 512 thousand barrels per day for the S10 diesel, a result that reflects the investments we've been making to modernize our refineries and to increase the supply of greater added value byproducts. Our S10 diesel is our highest added value product, as a reminder. Last year, we started to operate this new hydrotreatment unit at REPLAN, our refinery, and we completed the modernization of Revap, which shows that these investments are already creating results in terms of a higher S10 diesel production.

Speaker #2: It was the biggest in Brazil and we were able to expand its capacity to reach 270,000 barrels a day. We have simply increased in this platform our production by 45,000 barrels of oil per day.

Speaker #2: In the future, we have three more rigs which are exactly like this. That will be delivered and are being built in Singapore. And we will have a total of four with this capacity expansion of 45,000 barrels of oil per day beyond their original design.

Speaker #2: So 45 times 4 is 180. So as a result of this capacity, expansion, and as we overcome the challenges we have in PETROBRAS, we will deliver a 180,000 barrels a day rig in addition to what we already have.

Speaker #2: So this is all the result of the excellent work we have done in the company. And I would like to say that beyond the technical excellence of our teams in developing these opportunities, we are also counting on surprising productivity from the pre-salt wells.

Magda Chambriard: In terms of our refining park, the utilization factor reached 97.4%, which recently, due to the war between the US and Iran, has now surpassed 100%. As I said, Petrobras does not like limitations. Our goal is to surpass limitations each and every day. Going back to the 97.4% figure, it is the highest level of utilization since 2014, since December 2014, in total safety, a level that we're very proud to have reached, but something that we've already left behind in April and in May. In addition, in addition to the diesel, in terms of processing capacity, we've expanded it while keeping the yield profile for diesel and gasoline, also for aviation kerosene.

Speaker #2: So when we say that we're expanding by 45,000 barrels a day of oil at Almirante Tamandaré, and that we have three other rigs that can do that, in these four rigs, we will add 180,000 barrels of oil a day.

Speaker #2: And that's because this can only happen due to the exceptional production capacity of the pre-salt layer that we have in our hands.

Speaker #3: Currently, we have the biggest deep water oil field in the world, which is the Bouzes field, a giant field that produces a little over 1 million barrels of oil per day, which will soon reach a million and a half.

Speaker #3: And we might be able to deliver a field sometime from now that will produce 2 million barrels of oil per day. Now we have two fields that have surpassed the milestone of 1 million barrels per day, which is Bouzes and 2P.

Magda Chambriard: This increased processing capacity is very important in a scenario of higher prices of oil byproducts, which has been intensified by the recent conflicts in the Middle East, which bring about restrictions to the global supply of products and a higher pressure on our prices. It's also important to say that Petrobras is constantly asked about price volatility and how we, as a company, how we see the increase in international prices, whether we're talking about crude oil or byproducts. We're proud to say that we're having excellent results in terms of the sales of crude oil to international markets, and we've also been working alongside the Brazilian government in terms of providing funding to sales in the national territory of our byproducts in the domestic market.

Speaker #3: And going back to Bouzes, now we have a platform in operation in Bouzes. On May 1st, the P79 platform, the eighth platform of the Bouzes field, started production three months before the scheduled start of operations.

Speaker #3: We expect to reach the capacity of 180,000 barrels of oil per day with only three to four wells. As a reminder, the original project was based on four wells and we will be able to reach the capacity of the platform with three or four wells, which is amazing.

Speaker #3: Both in terms of our productivity and the productivity of the pre-salt area. But when it comes to project capacity, we also need to say that PETROBRAS is delivering more than what was initially designed.

Speaker #3: And we're looking at this platform of 180,000 barrels per day and telling the team that, "Well, now you've spoiled us. Now we need 200,000 barrels per day." And the teams are working on that and making it possible.

Magda Chambriard: Just to give you an idea, in MarchUp until mid-April, our diesel, which reached a BRL 0.002 per liter of increase for Brazilian consumers, was funded, which represented an increase in diesel prices of over 46%. These results have not yet been fully seen in the results of the Q1, but they will appear in the results of the Q2. We're also working on the issue of gasoline, and very soon you're gonna hear good news concerning our gasoline. Our efforts towards increasing the production of byproducts for the Brazilian market in a profitable manner has been contributing to mitigate the effects of these, this global context in Brazil, strengthening the energy security of Brazil and preserving the expected returns for the company.

Speaker #3: As I said, we are overcoming challenges every day. Recently, we also took a very important step for the production of oil and gas in the northeast of Brazil.

Speaker #3: Due to the increased prices in the international oil market, we decided to expedite the possibility to fund the Sergipe deep water project. You probably remember that in our group of projects with guaranteed funding, one of the Sergipe platforms had undergone a value increase in terms of crude oil so we can guarantee the funding of two of these platforms, the Sergipe has now two projects approved that will have the capacity so far to produce 240,000 barrels of oil per day and to process 22 million cubic meters of gas per day.

Speaker #3: When it comes to natural gas, PETROBRAS has been consistently investing to expand the capacity to produce natural gas and also to expand its capacity to deliver energy coming from thermal power plants.

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

Speaker #3: So we're going to have a gas pipeline that will be able to produce in this deep water project to deliver 18 million cubic meters of gas in addition to what had been initially planned, which corresponds to half of our supply of natural gas for the first quarter of 2026.

Speaker #3: And we're also proud to say that we have contracted all of our thermal power plants that have gone out of contract in the last auction that was promoted in Brazil.

Speaker #3: And with that, with the delivery of another nine thermal power plant contracts, we're able to add to PETROBRAS's annual revenue another $4.5 million per year.

Speaker #3: When it comes to refining the team spirit is the same. And the goal to surpass the challenges is equally the same. We're permanently in search of excellence and in search of more and better results.

Magda Chambriard: What I'm saying is that we're now analyzing projects that will have the capacity not only to produce 85% of the entire demand for diesel in Brazil up until 2030, but once again, to surpass these milestones. This is something that's on our radar every day, with our possibility to surpass milestones and challenges. We will likely be able to deliver a refining plant that will be able to supply 100% of the Brazilian demand for diesel. When we talk about diesel, of course, gasoline always comes in the wake of diesel. We're talking about supplying 100% of the or demand for diesel and gasoline in Brazil. We've increased our processing level.

Speaker #3: In March, we reached yet another record. The production of S10 diesel with a low or lower sulfur content. We are producing 512,000 barrels per day for the S10 diesel.

Speaker #3: The result reflects the investments that have been made to modernize our refineries and to increase the supply of higher added-value byproducts.

Speaker #3: Our S10 diesel is our highest added value product. As a reminder, last year, we started to operate this new hydro treatment unit at Replan, our refinery.

Speaker #3: And we completed the modernization of REVAP, which shows that these investments are already creating results in terms of a higher S10 diesel production. In terms of our refining park, the utilization factor reached 97.4%, which recently due to the war between the US and Iran has now surpassed 100%.

Magda Chambriard: We are committed to these milestones, but even more importantly, we're committed to offering high-quality products and to being the best alternative for our customers. We keep on monitoring the international scenario, the impacts of volatility on the oil and gas market, and our commercial strategy remains the same. Our governance remains the same. We attempt to compete in a more efficient manner, taking into account our market share, the optimization of our refining assets, and the profitability of our company in an ever-sustainable manner.

Speaker #3: As I said, PETROBRAS does not like limitations. Our goal is to surpass limitations. Each and every day. Going back to the 97.4% figure, it is the highest level of utilization since 2014.

Magda Chambriard: Since we do not transfer to Brazilian consumers the abrupt price changes, since we can also rely on the support of the Federal Government in terms of funding these products so that the price increases due to the war do not impact the Brazilian market, we've been very open to this partnership with the Federal Government. After all, the Federal Government is keen on maintaining Petrobras' capacity to remain stable at difficult times, and also to keep offering products that are accessible to the Brazilian consumers. This is our market. We take good care of it. We make money from it. The Brazilian Government has been acknowledging our role in delivering to the Brazilian market accessible products. This partnership between Petrobras and the Brazilian Government has been, I can tell you, very fruitful for Petrobras and for Brazilian society.

Speaker #3: Since December 2014. In total safety. Level that we're very proud to have reached, but something that we've already left behind in April and in May.

Speaker #3: In addition to the diesel, in terms of processing capacity, we've expanded it while keeping the yield profile for diesel and gasoline. Also, for aviation kerosene.

Speaker #3: This increased processing capacity is very important in a scenario of higher prices of oil by products, which has been intensified by the recent conflicts in the Middle East, which bring about restrictions to the global supply of products.

Speaker #3: And a higher pressure on our prices. It's also important to say that PETROBRAS is constantly asked about price volatility. And how we as a company how we see the increase in international prices.

Speaker #3: Whether we're talking about crude oil or by products. We're proud to say that we're having excellent results in terms of the sales of crude oil to international markets.

Magda Chambriard: These were my operational highlights because they're the foundation of our financial results, especially in a context of high prices. Where we look forward into the future, and we see every possibility to increase our production and also to increase the capture of the returns of this market to Petrobras. We are now in the midst of a virtual cycle. Our investments are being converted into more production and higher added value products available on the market, as well as higher revenue for the company. More revenue for the company, more taxes for society, in addition to increasingly more profitable projects in the company's portfolio. This cycle results in the creation of more job positions and a greater economic development for Brazilians, as well as a wider and deeper presence of Petrobras abroad.

Speaker #3: And we've also been working alongside the Brazilian government in terms of providing funding to sales in the international territory. Of our by products in the domestic market.

Speaker #3: Just to give you an idea. In March, up until mid-April, our diesel which reached 0.2 cents per liter of increase for Brazilian consumers was funded which represented an increase in diesel prices of over 46%.

Speaker #3: These results have not yet been fully seen in the results of the first quarter but they will appear in the results of the second quarter.

Speaker #3: We're also working on the issue of gasoline and very soon you're going to hear good news concerning our gasoline. Our efforts towards increasing the production of by products for the Brazilian market in a profitable manner has been contributing to mitigate the effects of these this global context in Brazil.

Magda Chambriard: We've been reiterating our interest in producing oil for international customers. The Atlantic margin of Africa has been one of our goals, in addition to possibilities in other countries as well. You probably heard that a while ago we were in Mexico. We now have a delegation going to Mexico soon to analyze new business opportunities. We remain persistent in our search for increasingly better results for the company and for expanding our business portfolio. While maintaining our focus on return and tax discipline. To give you details about the excellent operational performance that was reflected in the financial results for Q1 2026, I would like to give the floor to our financial officer, Fernando Melgarejo.

Speaker #3: Strengthening the energy security of Brazil and preserving the expected returns for the company. The increase in the processing of oil and in the diesel supply is one of the pillars of our refining strategy.

Speaker #3: We are committed to offering high-quality products and to being the best alternative for our customers. When we look at the outcome of this war, we see a big opportunity.

Speaker #3: In our business plan, we expect to supply 85% of the Brazilian demand for diesel. With the results achieved by the company, and due to the confidence of the Brazilian market in PETROBRAS, we are looking at an opportunity that will probably come with our next business plan.

Magda Chambriard: I'd like to thank you for your presence and remind you, like we've been saying, if you place your bets against Petrobras, you're going to lose money. We're very proud to say that.

Eduardo De Nardi Ros: Thank you. Thank you for joining us, and good morning to all here in this room. We're going to present our results for Q1 2026. We're very pleased with our operational performance as well as our strategic position. These are strong points that are highlights for this company's management. We're going to start on slide 3, talking about production. Last year, we discussed CapEx frequently in our webcasts, always emphasizing our focus on executing the business plan and delivering on projects, often ahead of schedule. That goes for deliveries and for production. The chart on the left-hand side shows the results of this strategy, a rising production curve. In Q1 2026, we produced 2.58 million barrels of oil per day.

Speaker #3: Which is to achieve self-sufficiency in the diesel supply for Brazil. What I'm saying is that we're now analyzing projects that will have the capacity not only to produce 85% of the entire demand for diesel in Brazil up until 2030, but once again to surpass these milestones.

Speaker #3: This is something that's on our radar every day. With our possibility to surpass milestones and challenges. And we will likely be able to deliver a refining plant that will be able to supply 100% of the Brazilian demand for diesel.

Eduardo De Nardi Ros: In April, we significantly produced 2.73 million barrels of oil per day, a new monthly record for Petrobras. This all is the result of our focus and commitment. If we compare the first column on the left, which represents 2024, where we produced 2.152 million of barrels per day, with April 2026, this is a 30% growth, which is truly significant. Three factors have sustained this production growth: More projects to increase capacity, such as new oil rigs, increased operational efficiency, which has strengthened the stability of our operations, and an efficient reservoir management. This shows that we are more efficient and managing our reservoirs better. Here on this slide, we have some concrete examples of this strategy. In the Búzios field, platforms P-78 and P-79 have come online.

Speaker #3: And when we talk about diesel, of course, gasoline always comes in the wake of diesel. So we're talking about supplying 100% of the demand for diesel and gasoline in Brazil.

Speaker #3: We've increased our processing levels. We are committed to these milestones, but even more importantly, we're committed to offering high-quality products and to being the best alternative for our customers.

Speaker #3: We keep on monitoring the international scenario, the impacts of volatility on the oil and gas market, and our commercial strategy remains the same. Our governance remains the same.

Speaker #3: We attempt to compete in more efficient manner taking into account our market share, the optimization of our refining assets, and the profitability of our company in an ever-sustainable manner.

Eduardo De Nardi Ros: Both have a capacity of 180,000 barrels per day. Let's continue on slide 4. Petrobras invested $5 billion in Q1, with nearly 90% going to E&P projects. Our CapEx is focused on high-return projects. On the right-hand side, you can see the evolution of investments in wells, subsea activities, oil rig construction, and others. We increased our investments into wells by 11%, 75% in subsea activities, and 22% in rigs. All of these investments have been focused on production. We also increased the number of physical deliveries. We recently delivered P-78 and P-79 with their related investments already completed. Our focus is now on the well interconnection campaign and the construction of P-80, 82, and 83.

Speaker #3: And since we do not transfer to Brazilian consumers, the abrupt price changes, and since we can also rely on the support of the federal government in terms of funding these products so that the price increases due to the war, do not impact the Brazilian market, we've been very open to partnership with the federal government.

Speaker #3: After all, the federal government is keen on maintaining PETROBRAS' capacity to remain stable at difficult times and also to keep offering products that are accessible to the Brazilian consumers.

Speaker #3: This is our market. We take good care of it. We make money from it. The Brazilian government has been acknowledging our the Brazilian market accessible products.

Eduardo De Nardi Ros: These three rigs will have a capacity of 225,000 barrels per day each, and all of them, it's important to highlight, are owned by us and are no longer chartered, as was our previous strategic model before Alexandre Gusmão and Almirante Tamandaré. On slide 5, we can see that in Q1, we increased both our oil production and our fuel production. Our refineries produced 1.8 million barrels of byproducts per day, with S10 diesel production hitting a record high of 512,000 barrels per day in March. Another highlight is our utilization factor, which went up by 6 percentage points in the quarter, and in March exceeded 97%, the highest level since 2014. We did this safely and profitably with a 68% yield of diesel, gasoline, and QAV.

Speaker #3: And this partnership between PETROBRAS and the Brazilian government has been, I can tell you, very fruitful for PETROBRAS and for Brazilian society. These were my operational highlights because they're the foundation of our financial results.

Speaker #3: Especially in a context of high prices. One, where we look forward into the future and we see every possibility to increase our production and also to increase the capture of the returns of this market to PETROBRAS.

Speaker #3: We are now in the midst of a virtuous cycle. Our investments are being converted into more production and higher added value products available on the market.

Eduardo De Nardi Ros: As a result, we have more fuel for the Brazilian market with fewer imports. I'd like to emphasize the importance of this increase in processing capacity in the current scenario of global supply constraints and price pressures. Producing more refined products helps mitigate the effects of geopolitical conflicts on the domestic market. Petrobras is demonstrating once again that it is fundamental to the country's energy security. We are self-sufficient in gasoline. As we heard before, in the future, we will also be self-sufficient in diesel. It's a matter of time. Now we highlight the key figures for our financial results. We achieved an EBITDA excluding one-time items of $11.7 billion, driven mainly by higher production volumes.

Speaker #3: As well as a higher revenue. For the company. More revenue for the company. More taxes for society. In addition to increasingly more profitable projects in the company's portfolio.

Speaker #3: This cycle will reduce results in the creation of more job positions and a greater economic development for Brazilians as well as a wider and deeper presence of PETROBRAS abroad.

Speaker #3: We’ve been reiterating our interest in producing oil for international customers. The Atlantic margin of Africa has been one of our goals, in addition to possibilities in other countries as well.

Eduardo De Nardi Ros: Our net income, excluding one-time items, reached $4.5 billion, and our operating cash flow stood at BRL 8.4 billion in Q1. There are two important points here. First, the rise in Brent prices is not reflected in Q1 results because the price surge began in March, and exports recognized this month are mostly priced in February when they are traded and shipped from Brazil to their destinations. All the prices we got in March, or most of them, was still priced before these higher oil prices. We will start seeing this increase in Q2 2026.

Speaker #3: You probably heard that a while ago we were in Mexico. We now have delegation going to Mexico soon to analyze new business opportunities. And we remain persistent in our search for increasingly better results for the company and for expanding our business portfolio.

Speaker #3: Always attempting to while maintaining our focus on return and tax discipline. And to give you details about the excellence operational performance that was reflected in the financial results of the first quarter of 2026, I'd like to give the floor to our financial officer, Fernando Melgarejo.

Eduardo De Nardi Ros: Furthermore, the record production levels had virtually no impact on earnings because we had a backlog of exports amounting to around 80,000 barrels per day, which is another important point that will sustain our results for the Q2. This inventory will be monetized at a higher price than it would have been in the Q1. Let's continue on slide 7. Looking now at gross debt, we remain within the limit set out in our business plan below $75 billion. We closed the quarter with $71.2 billion in gross debt, a slight increase, but the trend is downward. I reiterate our expectation of convergence to $67 billion in 2026 and $65 billion by the end of the plan. It may be even smaller, lower than that.

Speaker #3: I'd like to thank you for your presence and remind you, like we've been saying, if you place your bets against PETROBRAS, you're going to lose money.

Speaker #3: We're very proud to say that.

Speaker #2: Thank you. Thank you for joining us and good morning to all. Here in this room, and we're going to present our results for the first quarter of 2026.

Speaker #2: We're very pleased with our operational performance as well as our strategic position. There are strong points that are highlights for this company's management. We're going to start on slide three, talking about production.

Speaker #2: Last year, we discussed CAPEX frequently on our webcasts, always emphasizing our focus on executing the business plan and delivering on projects, often ahead of schedule.

Eduardo De Nardi Ros: As stated in our business plan, our priority is using cash to invest in the profitable projects in our plan that were left out of the approved budget due to a scenario that was very different from the current one and our responsibility to the company's capital discipline. When we made this plan, it was a different moment and a different scenario, but we laid out some flexibility in this plan, which allowed us to include projects or postpone them, what we call base and target CapEx. We have to emphasize that over 60% of the total debt comes from leases that, under accounting standards, must be recognized as debt. These amounts are associated with assets that generate production and consequently revenue for the company.

Speaker #2: That goes for deliveries and for production. So the chart on the left-hand side shows the results of the strategy, rising production curve. And the first quarter of 2026, we produced 258 million barrels of oil per day.

Speaker #2: In April, we significantly produced 2.73 million barrels of oil per day, a new monthly record for PETROBRAS. And this all is the result of our focus and commitment.

Speaker #2: If we compare the first column on the left, which represents 2024, where we produced 2.152 million barrels per day with April 2026, this is the 30% growth, which is truly significant.

Speaker #2: Three factors have sustained this production growth. More projects to increase capacity such as new oil rigs, increased operational efficiency, which has strengthened the stability of our operations, and an efficient reservoir management.

Eduardo De Nardi Ros: We have an efficient and flexible capital structure, even in more challenging scenarios, and we remain committed to capital discipline and the efficient allocation of resources. We will continue to invest to generate value, always maintaining our debt level. We maintain a robust liquidity position. We closed Q1 of the year with BRL 9.1 billion in cash and cash equivalents. Our minimum cash is BRL 6 billion. On slide 8, we show the status of some indicators in relation to our targets for the 2026, 2030 plan. Oil production reached 2.6 million barrels per day in Q1, therefore within the upper range of the target for the year. We highlight the continued ramp-up of the new production systems, P-78 and P-79, in addition to complementary projects.

Speaker #2: This shows that we are more efficient and managing our reservoirs better. Here on this slide, we have some concrete examples of this strategy. In the Búzios field, platforms P78 and P79 have come online.

Speaker #2: Both have a capacity of 180,000 barrels per day. Let's continue on slide four. PETROBRAS invested $5 billion in the first quarter. With nearly 90% going to E&B projects, our CAPEX is focused on high-return projects.

Speaker #2: On the right-hand side, you can see the evolution of investments in wells, subsea activities, oil rig construction, and others. We increased our investments into wells by 11%, 75% in subsea activities, and 22% in rigs.

Eduardo De Nardi Ros: Efficiency in reservoir management and improvements in asset integrity and management were also key to our excellent operational performance. We're working to deliver production above the midpoint of the target, and the Q1 2026 results indicate that we are on the right track. This is not a promise, but rather a pursuit of greater operational efficiency. We're maintaining our guidance while making every effort to produce even more. We invested BRL 4.5 billion in the quarter out of a total of BRL 16.9 billion projected for 2026. We continue to strictly adhere to capital discipline, prioritizing projects that create value and accelerating deliveries whenever possible. Our commitment is delivering value. Operating expenses totaled BRL 5.6 billion for the quarter. It's worth noting that the exchange rates, transportation costs, and increased production all impact this metric.

Speaker #2: All of these investments have been focused on production. We also increased the number of physical deliveries. We recently delivered P78 and P79 with their related investments already completed.

Speaker #2: And our focus is now on the well interconnection campaign and the construction of P80, P82, and P83. These three rigs will have capacity of 225,000 barrels per day each.

Speaker #2: And all of them, it's important to highlight, are owned by us and are no longer chartered, as was our previous strategic model. Before Alexandre Guzmán and Almirante Tamandaré.

Speaker #2: On slide five, we can see that in the first quarter, we increased both our oil production and our fuel production. Our refineries produced 1.8 million barrels of byproducts per day with S10D, so production hitting a record high of 512,000 barrels per day in March.

Eduardo De Nardi Ros: For the year, we are maintaining our forecast of BRL 20.2 billion. As for lease cash flow, BRL 2.4 billion in Q1 2026 compared to BRL 10 billion for the year is also in line with expectations. It is under control from our perspective. In summary, our projections remain unchanged, even though we are working to accelerate projects and exceed our production targets. We continue on slide 9. Here we present our contribution through tax payments. It was BRL 72.4 billion total for Q1, of which BRL 27.3 billion were paid in federal taxes, BRL 29 billion to the states, BRL 700 million to municipality, and nearly BRL 15 billion in government royalties. On the last slide, we have a few final remarks.

Speaker #2: Another highlight is our utilization factor, which went up by 6 percentage points in the quarter and in March exceeded 97%, the highest level since 2014.

Speaker #2: And we did this safely and profitably, with a 68% yield of diesel, gasoline, and QAV. As a result, we have more fuel for the Brazilian market with fewer imports.

Speaker #2: I'd like to emphasize the importance of this increase in processing capacity in the current scenario of global supply constraints and price pressures, producing more refined products helps mitigate the effects of geopolitical conflicts on the domestic market.

Speaker #2: PETROBRAS has demonstrated once again that it is fundamental to the country's energy security. We are self-sufficient in gasoline, and as you heard before in the future, we will also be self-sufficient in diesel.

Eduardo De Nardi Ros: Oil prices have risen, but we remain committed to the same goals set out in our business plan, a focus on capital discipline and responsible investment execution. We also remain focused on increasing our production through operational efficiency and the proper management of all our assets. Last but not least, our commitment to governance, an essential pillar for value creation in the company. Thank you once again, and I will be available along with the other directors to answer any questions you may have. I will now hand it over to Eduardo, who will begin the Q&A. Thank you, Fernando. Thank you, Magda. We will now begin the question and answer session. I am going to ask each analyst to only ask one question so that everyone can participate. The first question will be asked by Leonardo Marcondes from Bank of America. Go ahead. Hello. Good afternoon, ladies and gentlemen.

Speaker #2: It's a matter of time. Let's move on to slide six. Now we highlight the key figures for our financial results. We achieved an EBITDA excluding one-time items of 11.7 billion, driven mainly by higher production volumes.

Speaker #2: Our net income excluding one-time items reached 4.5 billion US dollars. And our operating cash flow stood at 8.4 billion dollars in the first quarter.

Speaker #2: There are two important points here. First, the rise in bread prices is not reflected in the first quarter results because the price surge began in March and exports recognized this month are mostly priced in February.

Eduardo De Nardi Ros: Thank you, Fernando. Thank you, Magda. We will now begin the question and answer session. I am going to ask each analyst to only ask one question so that everyone can participate. The first question will be asked by Leonardo Marcondes from Bank of America. Go ahead.

Speaker #2: When they are traded and shipped from Brazil to their destinations. So all the prices we got in March or most of them would still priced before these higher oil prices.

Speaker #2: And we will start seeing this increase in the second quarter of 2026. Furthermore, the record production levels had virtually no impact on earnings because we had a backlog of exports amounting to around 80,000 barrels per day.

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

Leonardo Marcondes: Thank you for taking my question. I would like to hear your perspective on the downstream market. What can you tell us about the market and prices in a broader sense? Can you tell us about what the supply dynamics are like in Brazil right now? If you can tell us if there's any risk of shortages. Considering the recent price increases, how do you assess the need for adjustments in diesel and gasoline prices? Thank you. Thank you, Marcondes. I'll start answering your question, and then I'll hand it over to Angélica and William. We are keeping track of prices. We also know that when things are said in the press, oil goes up, then we hear something else in the press, and it goes even higher.

Speaker #2: Which is another important point that will sustain our results for the second quarter. This inventory will be monetized at a higher price than it would have been in the first quarter.

Speaker #2: Let's continue on slide seven. Looking now at gross debt, we remain within the limit set out in our business plan, below 75 billion US dollars.

Speaker #2: We closed the quarter with 71.2 billion dollars in gross debt, a slight increase, but the trend is downward. I reiterate our expectation of convergence to 67 billion in 2026 and 65 billion by the end of the plan.

Magda Chambriard: Thank you, Marcondes. I'll start answering your question, and then I'll hand it over to Angélica and William. We are keeping track of prices. We also know that when things are said in the press, oil goes up, then we hear something else in the press, and it goes even higher.

Speaker #2: It may be even smaller, lower than that. As stated in our business plan, our priority is using cash to invest in profitable projects in our plan that were left out of the approved budget due to a scenario that was very different from the current one and our responsibility to the company's capital discipline.

Speaker #2: When we made this plan, it was a different moment and different scenario. But we laid out some flexibility in this plan, which allowed us to include projects or postpone them.

Speaker #2: What we call base and target CAPEX. We have to emphasize that over 60% of the total debt comes from leases that under accounting standards must be recognized as debt.

Magda Chambriard: Sometimes you see a difference of $15 per barrel within a single day. Our governance and our price policies is not passing this volatility on. We are reducing the anxiety that we see in international prices when we set prices for Brazilian consumers, even though we're following the market in general, and we have a tendency to follow international prices. This is what we've done. In March, the war broke out on 28 February. In March, exactly on the 12th, we had a subvention from the federal government about diesel prices. Within 12 days of the war, we got a $0.70 subvention. After 15 days, we also got another one with an additional $0.80. The domestic market currently has a subvention of $1.50.

Speaker #2: These amounts are associated with assets that generate production and consequently revenue for the company. We have an efficient and flexible capital structure, even in more challenging scenarios.

Speaker #2: And we remain committed to capital discipline and the efficient allocation of resources. So we will continue to invest to generate value, always maintaining our debt level.

Speaker #2: And we maintain a robust liquidity position. We closed the first quarter of the year with 9.1 billion in cash and cash equivalents. Our minimum cash is 6 billion.

Speaker #2: On slide eight, we show the status of some indicators in relation to our targets for 2026-2030 plan. Oil production reached 2.6 million barrels per day in the first quarter.

Speaker #2: Therefore, within the upper range of the target for the year. We highlight the continued ramp-up of the new production systems, P78 and P79, in addition to complementary projects.

Speaker #2: Efficiency in reservoir management and improvements in asset integrity and management were also key to our excellent operational performance. We're working to deliver production above the midpoint of the target and the first quarter of 2026 results indicate that we are on the right track.

Eduardo De Nardi Ros: There's also one for imports, which has been approved and is being applied retroactively. When it comes to diesel prices, we are keeping track of it, accompanying it, and we understand that we are 100% compliant to our pricing policy as international prices change. Gasoline is a little bit more complicated because not only is it affected, but it competes with Brazilian ethanol. We're looking at gasoline prices internationally hiking up, but at the same time, we know that here in Brazil, we have ethanol, which competes with gasoline. In Brazil, we also have a flex-fuel fleet. Most passenger vehicles in Brazil allow drivers to decide between gasoline and ethanol in every station. They can choose between gasoline or ethanol, whatever has the lowest price.

Speaker #2: This is not a promise, but rather a pursuit of greater operational efficiency. We're maintaining our guidance while making every effort to produce even more.

Speaker #2: We invested $4.5 billion in the quarter, out of a total of $16.9 billion projected for 2026. We continue to strictly adhere to capital discipline, prioritizing projects that create value and accelerating deliveries whenever possible.

Speaker #2: Our commitment is delivering value. Operating expenses totaled 5.6 billion for the quarter. It's worth noting that the exchange rate transportation costs can increase production while impacting this metric.

Speaker #2: For the year, we are maintaining our forecast of 20.2 billion. As for lease cash flow, 2.4 billion in the first quarter of 2026 compared to 10 billion for the year is also in line with expectations.

Speaker #2: It is under control from our perspective. In summary, our projections remain unchanged even though we are working to accelerate projects and exceed our production targets.

Speaker #2: We continue on slide nine. Here we present our contribution through tax payments. It was 72.4 billion total for the first quarter, of which 27.3 billion were paid in federal taxes, 29 to the states, 700 million to municipalities, and nearly 15 billion in government royalties.

Speaker #2: On the last slide, we have a few final remarks. Oil prices have risen, but we remain committed to the same goals set out in our business plan.

Eduardo De Nardi Ros: As gas prices go up, and you heard me saying about a potential price increase for gasoline, we are always keeping track of that in comparison to ethanol prices in the Brazilian market. About 15 days ago, ethanol prices were going down significantly in the Brazilian market. It is a competitor for us, we are always keeping track of our market share and how the international market is changing, as well as the ethanol market in Brazil. There will be a gas price increase, we have to be sure that this market is still partly ours. We also had an increase in QAV prices. As you know, QAV is a product that follows parametric formulas for its prices with signed contracts.

Speaker #2: A focus on capital discipline and responsible investment execution. We also remain focused on increasing our production through operational efficiency and the proper management of all our assets.

Speaker #2: Last but not least, our commitment to governance, an essential pillar for value creation in the company. Thank you once again. And I will be available along with the other directors to answer any questions you may have.

Speaker #2: I'll now hand it over to Eduardo, who will begin the Q&A. Thank you, Fernando. Thank you, Magda. We will now begin the question and answer session.

Speaker #2: I'm going to ask each analyst to only ask one question so that everyone can participate. The first question will be asked by Leonardo Marcones from Bank of America.

Speaker #2: Go ahead. Hello. Good afternoon, ladies and gentlemen. Thank you for taking my question. I would like to hear your perspective on the downstream market.

Eduardo De Nardi Ros: Airlines and distribution companies had trouble with QAV, so we had to extend deadlines, and the financial director will explain it to you better, but we diluted prices for payment in H2. It's as if we were financing higher QAV prices, guaranteeing that this will pass on, but with an extension financed by Petrobras. We recently had an increase in natural gas prices. Again, this is compliant to our current contracts, and we're looking at figures for August to see if this increase will also require something from us. We might need to support these price increases with extended payment dates. As I'm seeing here, we are always analyzing how prices are changing in the international market, and our policy is not to pass this volatility to consumers.

Speaker #2: What can you tell us about the market and prices in a broader sense? Can you tell us about what the supply dynamics are like in Brazil right now?

Speaker #2: And if you can tell us if there's any risk of shortages, and considering the recent price increases? How do you assess the need for adjustments in diesel and gasoline prices?

Speaker #2: Thank you. Thank you, Marcones. I'll start answering your question, and then I'll hand it over to Angelica and William. So we are keeping track of prices and we also know that when things are set in press, oil goes up, and then we hear something else in the press, and it goes even higher.

Speaker #2: So sometimes you see difference of $15 per barrel, within a single day. Our governance and our price policies are not passing this volatility on.

Speaker #2: So we are reducing the anxiety that we see in international prices when we set prices for Brazilian consumers, even though we're following the market in general.

Eduardo De Nardi Ros: The most important thing is that we are maintaining the company's market share in the Brazilian market. We understand that this is our market, and we're not willing to let go of it.

Speaker #2: And we have a tendency to follow international prices. So this is what we've done. In March, the war broke out. On February 28th, so in March, exactly on the 12th, we had a subvention from the federal government about diesel prices.

Eduardo De Nardi Ros: Okay. Angélica will now talk about the price evolution, and França will also tell you how we are going to increase the production of byproducts. Well, it's also important to say that there is no indication of any risk of structural shortage on the market, because in Brazil, we have multiple agents and ANP as a regulatory coordinator, and they've been constantly monitoring the volumes available on the market. Petrobras has been contributing with our production. Also within the safety parameters. We've been monitoring the market constantly in order to define the prices of our products. Thank you. Hi, Leonardo. Thank you for your question. Concerning refineries, we've ended the quarter at 95, 97. We're operating at 100%, 102%, 103%. Since yesterday, we've been at 103%.

Speaker #2: So within 12 days of the war, we got a 70-cent subvention after 15 days we also got another one with an additional 80 cents.

Speaker #2: So the domestic market currently has a subvention of 150. And there's also one for imports, which has been approved and is being applied retroactively.

Speaker #2: So when it comes to diesel prices, we are keeping track of it, accompanying it, and we understand that we are 100% compliant to our pricing policy.

Speaker #2: As international prices change, gasoline is a little bit more complicated because not only does it not only is it affected, but it competes with Brazilian ethanol.

Speaker #2: So we're looking at gasoline prices internationally hiking up. But at the same time, we know that here in Brazil, we have ethanol. Which competes with gasoline and in Brazil, we also have a flex fuel fleet.

Speaker #2: Most passenger vehicles in Brazil allow drivers to decide between gasoline and ethanol in every station. So they can choose between gasoline or ethanol. Whatever has the lowest price.

William França da Silva: Concerning self-sufficiency, since last year, we added 70 in new S10 diesel barrels with Replan new diesel HDT and the revamp of the Paraíba Valley Refinery. This year, we started to expand train 1 at RNEST. We were operating at 85%, now we are at 140 due to huge efforts by President Magda. This increase has been achieved within the regulatory safety limits. We are now at 140,000 barrels. RNEST produces more than 100,000 worth of diesel, an additional 30,000. Our plants are expecting to achieve another 30,000 barrels of diesel, and we are quite advanced in terms of our plants, 27, 31, to reach 500 in terms of barrels of diesel.

Speaker #2: As gas prices go up and you heard me saying about a potential price increase for gasoline, we are always keeping track of that in comparison to ethanol prices in the Brazilian market.

Speaker #2: About 15 days ago, ethanol prices were going down significantly in the Brazilian market. It is a competitor for us. So we are always keeping track of our market share and how the international market is changing, as well as the ethanol market in Brazil.

Speaker #2: There will be a gas price increase, but we have to be sure that this market is still partly ours. We also had an increase in QAV prices.

Speaker #2: As you know, QAV is a product that follows parametric formulas for its prices with signed contracts. So, airlines and distribution companies had trouble with QAV.

Eduardo De Nardi Ros: This is our goal, this is also our challenge at Petrobras. Thank you, President Magda, William, and Angélica. Now, before I give the floor to Rodrigo for the next question, I'd like to ask you to restrict your questions to 1 question per analyst, that everybody can ask their questions. Rodrigo Almeida from BTG, you have the floor. Thank you, Edu, good afternoon, Magda, Fernando, everyone. I'd like to keep on discussing the fuels, I'd like to dive into more details about the funding. In terms of working capital, this is possibly what stands out the most looking from an outside perspective. The Q1 had a slight effect due to the funding or subsidies.

Eduardo De Nardi Ros: Thank you, President Magda, William, and Angélica. Now, before I give the floor to Rodrigo for the next question, I'd like to ask you to restrict your questions to 1 question per analyst, that everybody can ask their questions. Rodrigo Almeida from BTG, you have the floor.

Speaker #2: So we had to extend deadlines and the financial director will explain it to you better, but we diluted prices for payment in the second half of the year.

Rodrigo Almeida: Thank you, Edu, good afternoon, Magda, Fernando, everyone. I'd like to keep on discussing the fuels, I'd like to dive into more details about the funding. In terms of working capital, this is possibly what stands out the most looking from an outside perspective. The Q1 had a slight effect due to the funding or subsidies.

Speaker #2: It says if we were financing higher QAV prices, passing this, guaranteeing that this will pass on, but with an extension. Financed by Petrobras. We recently had an increase in natural gas prices.

Speaker #2: And again, this is compliant to our current contracts and we're looking at figures for August to see if this increase will also require something from us.

Rodrigo Almeida: I'd like to further understand from you first, about the discussions with the government concerning the sharing of invoices and information with ANP so that they can start making payments. Also the current scenario in terms of internal projections concerning the receipts timeline. About diesel and all of the other products, such as aviation kerosene and natural gas. What's the impact of these products in terms of working capital for the company, given that these volumes tend to grow very quickly? Those were my questions. Thank you. Thank you, Rodrigo. I'm gonna ask Directors Fernando and Angélica to answer your question. Good afternoon, Rodrigo. Starting with the subsidies in March, it's, they're in accounts receivable. They've been accounted for in our BRL 740 million results.

Speaker #2: We might need to support these price increases with extended payment dates. But as I'm seeing here, we are always analyzing how prices are changing in the international market.

Speaker #2: And our policy is not to pass this volatility to consumers. The most important thing is that we are maintaining the company's market share in the Brazilian market.

Speaker #2: We understand that this is our market, and we're not willing to let go of it.

Speaker #1: Okay. Angelica will now talk about the price evolution and Fransa will also tell you how we are going to increase the production of our products.

Magda Chambriard: Thank you, Rodrigo. I'm gonna ask Directors Fernando and Angélica to answer your question. Good afternoon, Rodrigo. Starting with the subsidies in March, it's, they're in accounts receivable. They've been accounted for in our BRL 740 million results.

Speaker #1: Well, it's also important to say that there is no indication of any risk of structural shortage in the market because, in Brazil, we have multiple agents, and ANP has a regulatory coordinator.

Fernando Melgarejo: Concerning, now it's only a matter of procedures, and we expect to get paid within this quarter. As for the other ones, there is still an ongoing operational workflow that needs to be completed before we get paid. The impacts are reflected in the increased operational cash flow of the company and the free cash flow that we'll be seeing in the next few days, much closer to the current market prices, not paid by the end customers. The end customers are being protected as a result of the efforts made by the government. We, part of these revenues come from the end consumers, and part of them come from the government. Therefore, the prices will be within our expectations in a few days. Diesel is still being operationalized.

Speaker #1: And they've been constantly monitoring the volumes available on the market. PETROBRAS has been contributing with our production and also within the safety parameters. We've been monitoring the market constantly in order to define the prices of our products.

Speaker #1: Thank you. Hi, Leonardo. Thank you for your question. Concerning refineries, we've entered the quarter at 90 of 597. We're operating at 100 and 102, 103% since yesterday.

Speaker #1: We've been at 103%. Concerning self-sufficiency, since last year, we added 70 new S10 diesel barrels with applied new diesel HDT and the revap of the parameber valley refinery.

Angélica Garcia Cobas Laureano: Also, a subsidy in April. We signed a declaration of adhesion to the subsidy program, and that will also have a positive impact in terms of working capital and cash flow for the company. Actually, it's not natural gas. It's liquid gas, and Petrobras is able to receive subsidies both for imported and domestically produced diesel. Thank you, Angélica and Fernando. Next question comes from Vicente Falanga from Bradesco. You have the floor, Vicente. Good afternoon, everybody. Thanks for taking my question. It's about the visit of the committee to Mexico. As President Magda mentioned, that's also related to Braskem. Now that Petrobras has a new shareholders' agreement, and probably a few things have already been discussed and decided, my question is, what can Petrobras do to strengthen Braskem in terms of competitiveness, capital structure?

Speaker #1: This year, we started to expand train one at Greenwich. We were operating at 85%. Now we're at 140 due to huge efforts by the present that is increased has been achieved within the regulatory safety limits.

Speaker #1: We are now at 140,000 barrels. And Greenwich produces more than 100,000 worth of diesel. An additional 40,000 our plants are expecting to achieve another 30,000 barrels of diesel and we are quite advanced in terms of our plants 2731 to reach 500 in terms of barrels of diesel.

Speaker #1: This is our goal, and this is also our challenge at Petrobras. Thank you, President Magda, William, and Angelica. Now, before I give the floor to Rodrigo for the next question, I'd like to ask you to restructure your questions.

Magda Chambriard: I read an article about the committee in the press, and one of the items in the agenda was the polyethylene plant in Mexico, and who's running the risk of losing control and et cetera. I mean, what can Petrobras do to contribute to petrochemicals and to invest in the Gulf of Mexico? Thanks for your question, Vicente, but our trip to Mexico involved multiple goals. One of them was to talk to the president of Mexico about the opportunity of entering a partnership with Pemex to explore the Mexican part of the Gulf of Mexico.

Speaker #1: The one question per analyst. So everybody can ask their questions. Rodrigo Almond, the Almeda from BTG. You have the floor. Thank you. And good afternoon, Magda Fernando, everyone.

Speaker #1: I'd like to keep on discussing the fuels and I'd like to dive into more details about the funding. So in terms of working capital, this is possibly what stands out the most looking from an outside perspective.

Speaker #1: The first quarter had a slight effect due to the funding or subsidies. So I'd like to further understand from you first about the discussions with the government concerning the sharing of invoices and information with ANP, so that they can start making payments, and also the current scenario in terms of internal projections concerning the receipt timeline.

Magda Chambriard: If you look at the Gulf of Mexico that's been split into two parts, you see that the North American part of it is highly developed and the Mexican portion with very little development, especially in the ultra-deepwater environment, which is our specialization at Petrobras. This trip to Mexico had the goal of opening up new markets, which is what we're doing, like I said, in Africa. We're also doing it in Mexico, and we'll also likely do it in Venezuela. This is our goal to have future incorporations of oil and gas reserves. In that regard, we think that the Mexican area of the Gulf of Mexico cannot be forgotten. A partnership with Pemex would be beneficial in order for us to assess new possibilities to operate and do new explorations in these areas.

Speaker #1: And about diesel and all of the other products, such as aviation, kerosene, and natural gas. What's the impact of these products in terms of working capital?

Speaker #1: For the company, these volumes tend to grow very quickly. Those were my questions. Thank you. Thank you, Rodrigo. I'm going to ask Director Fernando and Angelica to answer your question.

Speaker #1: Good afternoon, Rodrigo. Starting the subsidies in March, they're in accounts receivable. They've been accounted for in our 740 million results. Concerning now, it's only a matter of procedures and we expect to get paid within this quarter.

Speaker #1: As for the other ones, there is still an ongoing operational workflow that needs to be completed before we get paid. And the impacts are reflected in the increased operational cash flow of the company and the free cash flow that we'll be seeing in the next few days.

Magda Chambriard: The partnership with Pemex is also positive in terms of expanding synergies to use oil and gas that may start to be produced as the result of a partnership between Petrobras and Pemex. The Mexican Gulf of Mexico has mature fields. It's not restricted to exploration opportunities alone. It also offers opportunities for us to make partnerships in the operation of mature fields. This is also another analysis that we're going to undertake alongside Pemex. If that's possible, what are we going to do with this oil? Well, we are thinking about refining it in Mexico itself. If it's being produced in Mexico and being refined in Mexico, and if we can use the gas surplus in Mexico, that's the best-case scenario.

Speaker #1: Much closer to the current market prices not paid by the end customers. The end customers are being protected as a result of the efforts made by the government and we part of these revenues come from the end customers and consumers and part of them come from the government.

Speaker #1: Therefore, the prices will be within our expectations in a few days. Diesel is still being operationalized. We signed also a subsidy in April. We signed a declaration of adhesion to the subsidy program that will also have a positive impact in terms of working capital and cash flow for the company.

Magda Chambriard: If we're able to do that to the benefit of the synergies that are possible between exploration, production, and refining and the production of gas and gas processing in Mexico, that will be the icing on the cake of all of our efforts. What we have so far in Mexico are the best intentions. They have not yet become a reality, though. Since you asked the reason for our trip, well, that was the reason. Those were the subjects that we discussed: the possibility to do exploration and production in Mexico, and the possibility to increase production in mature fields in Mexico, and possibly also using gas surplus and also a synergy with petrochemicals, which should also happen in Brazil.

Speaker #1: Actually, it's not natural gas. It's liquid gas in PETROBRAS is able to receive subsidies both for imported and domestically produced diesel. Thank you, Angelica and Fernando.

Speaker #1: Next question comes from Vicente Falanga from Badesco. You have the floor, Vicente. Good afternoon, everybody. Thanks for taking my question. It's about the visit of the committee to Mexico as President Magda mentioned that also related to Brazil.

Speaker #1: Now that Petrobras has a new shareholders' agreement, and probably a few things have already been discussed and decided, my question is: what can Petrobras do to strengthen BRACM in terms of competitiveness and capital structure? I read an article about the committee and the press, and one of the items on the agenda was the polyethylene plant in Mexico.

Magda Chambriard: That's what we're working for in Brazil. As a reminder, we have 46% to 47% of the shares with the right to vote at Braskem, which is the 6th largest petrochemical plant in the world. As Petrobras, we are totally interested in being more present at Braskem, and to make the most out of all synergies resulting from our manufacturing plants, whether in Brazil or abroad. Given that the synergies that are possible to be achieved. We have a scheduled meeting that will occur on the 13th. A group in charge of refining will go to Mexico, and another group in charge of exploration and production will be arriving in Mexico on the 13th. To keep having this conversation that was. Thank you, Magda.

Speaker #1: And who's running the risk of losing control? Etc. So, I mean, what can PETROBRAS do to contribute to petrochemicals and to invest in the Gulf of Mexico?

Speaker #1: Thanks for your question, Vicente. But our trip to Mexico involved multiple goals. One of them was to talk to the President of Mexico about the opportunity of entering a partnership with PEMEX.

Speaker #1: To explore the Mexican part of the Gulf of Mexico. If you look at the Gulf of Mexico, that's been split into two parts, you see that the North American part of it is highly developed and the Mexican portion was very little development, especially in the ultra-deep water environment, which is our specialization.

Speaker #1: PETROBRAS. So this trip to Mexico had the goal of opening up new markets, which is what we're doing. Like I said, in Africa, we're also doing it in Mexico.

Speaker #1: And we'll also do it in Venezuela. So this is our goal. To have future incorporations of oil and gas resource. And in that regard, we think that the Mexican area of the Gulf of Mexico cannot be forgotten.

Speaker #1: Partnership with PEMEX would be beneficial in order for us to assess new possibilities to operate and do new explorations in these areas. The partnership with PEMEX is also positive in terms of expanding synergies.

Eduardo De Nardi Ros: William is telling me that you asked about Odessa, and if we're gonna lose it. Well, I can tell you that, our intention is not to lose anything. We just wanna win and conquer new things. Our development phase is over, and now, as I used to say, we no longer like to sell. We only like buying and increasing our shares. Thank you, Magda. Thank you for your answer. Thank you for your question, Vicente. Now onto the next question, from Gabriel Barra from Citi. Over to you, Gabriel. Thanks for taking my question. I'll try to cover something that we didn't touch upon about CapEx and production.

Speaker #1: To use oil and gas that may start to be produced as the result of a partnership between PETROBRAS and PEMEX. The Mexican Gulf of Mexico has mature fields; it's not restricted to exploration opportunities alone.

Eduardo De Nardi Ros: Thank you, Magda. Thank you for your answer. Thank you for your question, Vicente. Now onto the next question, from Gabriel Barra from Citi. Over to you, Gabriel.

Speaker #1: It also offers opportunities for us to make partnerships in the operation of mature fields. This is also another analysis that we're going to undertake alongside PEMEX.

Gabriel Barra: Thanks for taking my question. I'll try to cover something that we didn't touch upon about CapEx and production. I think the week before last, I don't know if I'm wrong, but there was an event to talk about Búzios, and we had the opportunity to talk about increased production in Búzios, not only in Búzios, but for the company as a whole. Now, the oil scenario is much stronger than we had imagined during the company's last investment plan. To paraphrase a few things that were touched upon during this conference call, the company's been focusing on increasing production regionally. My question is, this plan that we're currently following that was designed last year, how much of it can be modified? P-79 just started in Búzios. The P-80 will begin next year. What can we do in terms of increasing CapEx given this new oil scenario?

Gabriel Barra: I think the week before last, I don't know if I'm wrong, but there was an event to talk about Búzios, and we had the opportunity to talk about increased production in Búzios, not only in Búzios, but for the company as a whole. Now, the oil scenario is much stronger than we had imagined during the company's last investment plan. To paraphrase a few things that were touched upon during this conference call, the company's been focusing on increasing production regionally. My question is, this plan that we're currently following that was designed last year, how much of it can be modified? P-79 just started in Búzios. The P-80 will begin next year. What can we do in terms of increasing CapEx given this new oil scenario?

Speaker #1: And if that's possible, what are we going to do with this oil? Well, we are thinking about refining it in Mexico itself. So, if it's been produced in Mexico and being refined in Mexico, if we can use the gas surplus in Mexico, that's the best-case scenario.

Speaker #1: If we're able to do that to the benefit of the synergies that are possible between exploration, production, and refining and the production of gas and gas processing in Mexico, that will be the icing on the cake.

Speaker #1: Of all of our efforts. What we have so far in Mexico are the best intentions. They have not yet become a reality though. But since you asked the reason for our trip, that was the reason those were the subjects that we discussed.

Speaker #1: The possibility to do exploration, production, in Mexico and the possibility to increase production in mature fields in Mexico and possibly also using gas surplus and also a synergy with petrochemicals, which should also happen in Brazil.

Eduardo De Nardi Ros: Does anything change or does it not change? My question, to try to summarize it, is basically related to CapEx. What we should think about in terms of CapEx, and if there should be an upside in terms of the numbers we've been working with given the new oil scenario. Thanks, Gabriel. I'm gonna ask Fernando to answer your question. Thanks for your question, Gabriel. Well, our focus, like we said, in our strategic planning, is the same. We still see a very volatile Brent price. We do believe that these prices will increase between now and the end of the year. This will bring about additional revenues in the short term. The decision to include new investments do not involve only a short-term perspective.

Magda Chambriard: Thanks, Gabriel. I'm gonna ask Fernando to answer your question. Thanks for your question, Gabriel. Well, our focus, like we said, in our strategic planning, is the same. We still see a very volatile Brent price. We do believe that these prices will increase between now and the end of the year. This will bring about additional revenues in the short term. The decision to include new investments do not involve only a short-term perspective.

Speaker #1: That's what we were working for in Brazil. And as a reminder, we have 46. The 47% of the shares with the right to vote at BRACM, which is the sixth largest petrochemical plant in the world.

Speaker #1: And as Petrobras, we are totally interested in being more present at BRACM and to make the most out of all synergies resulting from our manufacturing plants, whether in Brazil or abroad.

Fernando Melgarejo: Rather, it's a long-term perspective, and it involves identifying the resilience of the assets. Nothing has changed in terms of governance. It still has to undergo the technical assessments of strategic committees, the executive board. Depending on how much we're investing, some of them need to be submitted to the administrative council of the company. We've just included SEAP with 22 thousand million cubic meters. That's the capacity that we're talking about. They were not on our budget, and now we have included them on our budget. They were outside of our base CapEx, so we are evolving in that regard. There I mean, there could be others that have not yet been analyzed. Of course, it's also a matter of opportunity.

Speaker #1: And the synergies given that the synergies that are possible which we achieved. We have a scheduled meeting that will occur on the 13th. The group in charge of refining will go to Mexico in another group in charge of exploration and production will be arriving in Mexico on the 13th.

Speaker #1: To keep having this conversation that was started thank you, Magda. William is telling me that you asked about Edessa and if we're going to lose it.

Magda Chambriard: If we see that there is anything that we can invest in to increase the company's value, we'll do that. Of course, always focusing on the long term and not the short term. The cash surplus, certainly our main goal is to focus on investments.

Speaker #1: Well, I can tell you that our intention is not to lose anything. We just want to win and conquer new things. Our development phase is over.

Speaker #1: And now at least to say we no longer like to sell. We only like buying and increasing our shares. Thank you, Magda. Thank you for your answer.

Speaker #1: Thank you for your question, Vicente. Now onto the next question. From Gabriel Baja from Citi. Over to you, Gabriel. Thanks for taking my question.

Magda Chambriard: To anticipate it, we created a certain flexibility on our plan, stating that we could postpone investments, but that was based on the old scenario. Now we, if there are opportunities, we will bring things forward in terms of our 2030 plan. Well, just to add to what he said, we are in the waiting list for Búzios 12 or Albacora, which is something spectacular that can be done much more easily. It, yeah, it's already on our plan. The plan gives us this flexibility of having assets and absolutely irrelevant projects. Yeah, it's all about drive. This is our 2060 strategic plan. Thank you, Fernando. Thank you, Sylvia. The next question will be asked by Tasso Vasconcellos from UBS. Go ahead. Thank you.

Speaker #1: I'll try to cover something that we didn't touch upon about PEMEX and production. I think we forelast from wrong that there was an event to talk about Busios and we had the opportunity to talk about increased production in Busios not only in Busios, but for the company as a whole.

Speaker #1: And now the oil scenario is much stronger than we had imagined during the company's last investment plan. And, to paraphrase a few things that were touched upon during this conference call, the company has been focusing on increasing production regionally.

Speaker #1: So my question is, this plan that we're currently following, that was designed last year, how much of it can be modified? Seventy-nine just started in Búzios.

Tasso Vasconcellos: Good afternoon, everyone. My question is a follow-up question to the last one, Fernando. Obviously, the company started the year with a certain plan. Maybe they were budgeting at around $60 per barrel. Now, it's a much more positive scenario in terms of cash generation. I know how difficult it is to predict oil prices. At the same time, the company has its own internal plan with a course correction when necessary. You've talked about not passing on the price volatility to the consumer. You yourself talked about investing or resuming investments in the Sergipe-Alagoas project. If you can tell us a little bit more about how much course correction you've been talking about, how frequently does the company talk about this or actually do it when necessary?

Speaker #1: The 80 will begin next year. So what can we do in terms of increasing PEMEX given this new oil scenario? Does anything change or does not change?

Speaker #1: So my question to try to summarize it is basically related to PEMEX. What we should think about in terms of PEMEX and if there should be an upside in terms of the numbers we've been working with in the new oil scenario?

Speaker #1: Yes, Gabriel. I'm going to ask Fernando to answer your question. Thanks for your question, Gabriel. Well, our focus, like we said in our strategic planning, is the same.

Speaker #1: We still see a very volatile Brent price. We do believe that these prices will increase between now and the end of the year, and this will bring about additional revenues in the short term.

Speaker #1: The decision to include new investments does not involve only a short-term perspective. Rather, it's a long-term perspective and it involves identifying the resilience of the assets.

Eduardo De Nardi Ros: What oil scenarios have you been working with for H2 of the year? Thank you. Thank you, Tasso. I will hand it over to Fernando, who will answer. Thank you for your question, Tasso. I will start with the end part of your question. The company has been getting prepared to work with a Brent balance of $59. This is what we foresee in the company regardless of our future Brent prices. We stated this in our strategic plan. We ran the company last year at around $81 for a balanced Brent, and we expect it to reduce until the end of 2030 to around 48 or 50, regardless of what happens. After that, we have prices. What if prices are higher? Our priority is to continue to invest.

Speaker #1: Nothing has changed in terms of governance. It still has to undergo the technical assessment of strategic committees. The executive board and the pending on how much we're investing so that they need to be submitted to the administrative council of the company.

Speaker #1: We've just included CAB with two 22,000 million cubic meters as a capacity that we're talking about. They were not on our budget and now we have included them.

Speaker #1: On our budget, they were outside of our base CAPEX. So we are evolving in that regard. There are I mean, there could be others.

Speaker #1: I have not yet been analyzed and of course, it's also a matter of opportunity. If we see that there is anything that we can invest in to increase the company's value, we'll do that.

Speaker #1: Of course, always focusing on the long term and not the short term. The cash surplus certainly our main goal is to focus on investments and to anticipate it.

Fernando Melgarejo: We can postpone or advance these investments, this is all being analyzed within the company in our technical analysis, we also are always looking at the long term, never the short term. This assumption will facilitate some things, this is not the decision driver if we have to hedge the project. The second point is that we are directing additional resources that we might have this year to reduce our debt, to converge towards BRL 65 billion as quick as we can or even below it. If we find any excess cash where we don't have any profitable project for, if we don't have any opportunities that might be an alternative for investments, our path will always be the same that we've always said. We don't want to work with excess cash. Our minimum cash is six.

Speaker #1: We could in a certain flexibility in our plan stating that we could postpone investments, but that was based on the old scenario. And now we if there are opportunities, we will bring things forward in terms of our 2030 plan.

Speaker #1: Well, just to add to what I've said, we are on the waiting list for Busios 12 or Bocora, which is something spectacular that can be done much more easily.

Speaker #1: And yeah, it's already on our plan. So the plan gives us the flexibility of putting assets and absolutely irrelevant projects. So yeah, so it's all about drive.

Speaker #1: This is our 2630 strategic plan. Thank you for. Thank you, Sylvia. The next question will be by Tas Vasconcelos from UPS. Go ahead. Thank you, good afternoon, everyone.

Eduardo De Nardi Ros: We're running the company with 8, 9, between 8 billion and 10 billion. If we find an excess that will not be missed in the future. In any case, our projects are always aiming at the next 20 to 30 years. If we don't find any, then we would consider extraordinary dividends. We don't believe there's any possibility for that this year. Thank you, Fernando. Thank you, Tasso. The next question will be asked by Lilyanna Yang from HSBC. Hello, can you hear me? Yes, go ahead. Thank you, Dr. Magda, Dr. Fernando. Thank you for this opportunity. I would like to get a little bit more color about your appetite for Mexico and Venezuela, and if you can compare this with the equatorial margin.

Speaker #1: My question is a follow-up question to the last one Fernando. Obviously, the company started the year with a certain plan. Maybe they were budgeting at around $60 per barrel, but now it's a much more positive scenario in terms of cash generation.

Speaker #1: I know how difficult it is to predict oil prices, but at the same time, the company has its own internal plan with course correction when necessary.

Speaker #1: You've talked about not passing on the price volatility to the consumer. You yourself talked about investing, or resuming investments, in the Sergipe-Alagoas project.

Speaker #1: So, if you can tell us a little bit more about how much course correction you've been talking about—how frequently does the company talk about this, or actually do it when necessary?

Lilyanna Yang: Hello, can you hear me? Yes, go ahead. Thank you, Dr. Magda, Dr. Fernando. Thank you for this opportunity. I would like to get a little bit more color about your appetite for Mexico and Venezuela, and if you can compare this with the equatorial margin. I'd just like to get an understanding if, for example, Venezuela and Mexico would be $1 or $5 billion in the next 2 years or the next 5 years. Thank you. Thank you, Liliana. I think you're in a bit of a hurry. Like Silvia said a short while ago, we are about 1,000 meters from our goal in the equatorial margin. That is our main goal, the first goal in our explorations. Beyond that, we also have efforts. Or let me say it this way: We have much more concrete ongoing efforts on the Atlantic margin of Africa, for example. We're talking about Côte d'Ivoire, Namibia. We're talking about South Africa. Maybe also Ghana. We have projects in Colombia, Peru. We're focusing on South America and Africa. Along with that, we also discuss other opportunities.

Speaker #1: And what oil scenarios have you been working with for the second half of the year? Thank you. Thank you, Tascio. I'll hand it over to Fernando, who will answer.

Lilyanna Yang: I'd just like to get an understanding if, for example, Venezuela and Mexico would be $1 or $5 billion in the next 2 years or the next 5 years. Thank you. Thank you, Liliana. I think you're in a bit of a hurry. Like Silvia said a short while ago, we are about 1,000 meters from our goal in the equatorial margin. That is our main goal, the first goal in our explorations. Beyond that, we also have efforts. Or let me say it this way: We have much more concrete ongoing efforts on the Atlantic margin of Africa, for example. We're talking about Côte d'Ivoire, Namibia. We're talking about South Africa. Maybe also Ghana. We have projects in Colombia, Peru. We're focusing on South America and Africa. Along with that, we also discuss other opportunities.

Speaker #1: Thank you for your question, Tascio. I'll start with the end part of your question. The company has been getting prepared to work with a Brent balance of 59 dollars.

Speaker #1: So this is what we foresee in the company regardless of our future Brent prices. We stated this in our strategic plan. We ran the company last year at around $81 for a balanced Brent.

Speaker #1: And we expected to reduce until the end of 2030 to around $48 or $50 regardless of what happens. And after that, we have prices.

Speaker #1: What if prices are higher? Our priority is to continue to invest. We can postpone or advance these investments. But this is all being analyzed within the company and our technical analysis.

Speaker #1: And we also are always looking at the long term. Never the short term. This assumption will facilitate some things, but this is not a decision driver if we have to hedge the project.

Speaker #1: The second point is that we are directing additional resources that we might have this year to reduce our debt. To converge towards 65 billion as quick as we can or even below it, then we find any excess cash where we don't have any profitable projects for.

Speaker #1: If we don't have any opportunities that might be an alternative for investments, then our path will always be the same that we've always said.

Magda Chambriard: Notice that 10 years ago, we talked about the Golden Triangle, which was Africa, Brazil, and the Gulf of Mexico. The Mexican part of the Gulf of Mexico is relatively unexplored, so naturally, we would look at it and think what might happen there. So far, all we've done is visit the Mexican presidency. There's still a long road ahead before we can quantify any kinds of investments in the Gulf of Mexico. I hope I can do it. I hope that Petrobras really has a good opportunity to work in the Mexican part of the Gulf of Mexico, but this is still a wish list item. Venezuela is a similar case. Venezuela has relevant resources found. They are our neighbor, so naturally, we would want to consider Venezuela. Right now, we still have it just as a wish list item.

Speaker #1: We don't want to work with excess cash. Our minimum cash is 6. We're running the company with 8, 9, between 8 and 10 billion.

Speaker #1: And if we find an excess that will not be missed in the future, in any case, our projects are always aiming at the next 20 to 30 years.

Speaker #1: So if we don't find anything, then we would consider extraordinary dividends. We don't believe there's any possibility for that this year. Thank you, Fernando.

Speaker #1: Thank you, Tascio. The next question will be asked by Lilianna Young from ASBC. Hello, can you hear me? Yes, go ahead. Thank you, Dr. Magda, Dr. Fernando.

Speaker #1: Thank you for this opportunity. I would like to get a little bit more color about your appetite for Mexico and Venezuela. And if you can compare this with the Equatorial Margin, it's just like to get an understanding if, for example, Venezuela and Mexico would be one or $5 billion in the next two years or the next five years.

Eduardo De Nardi Ros: I still can't look at Venezuela or Mexico to see any investment value because this is still an initial discussion. Thank you. We will now receive a question from Regis Cardoso from XP. Go ahead. Good morning, Eduardo. Thank you to the Petrobras team. If I can ask a specific question about Braskem. I think this is an important milestone from the recent shareholders' agreement being signed, and as the company's governance changed, Petrobras will have a much more active role over Braskem. This might be a crucial moment in which Braskem was moving towards a debt restructuring, and at the same time, petrochemical spreads improved significantly since March. My question is, what changes with this new role for Petrobras? Does Braskem still require debt restructuring? Is there really a greater spread level? I'd just like to hear your take on these changes.

Speaker #1: Thank you. Thank you, Liliana. But I think you're a bit of a hurry. Like Sylvia said, short while ago, we are about 1,000 years from our goal in the Equatorial Margin.

Regis Cardoso: Good morning, Eduardo. Thank you to the Petrobras team. If I can ask a specific question about Braskem. I think this is an important milestone from the recent shareholders' agreement being signed, and as the company's governance changed, Petrobras will have a much more active role over Braskem. This might be a crucial moment in which Braskem was moving towards a debt restructuring, and at the same time, petrochemical spreads improved significantly since March. My question is, what changes with this new role for Petrobras? Does Braskem still require debt restructuring? Is there really a greater spread level? I'd just like to hear your take on these changes.

Speaker #1: So that is our main goal. The first goal in our explorations. Beyond that, we also have efforts or let me say it this way.

Speaker #1: We have much more concrete ongoing efforts on the Atlantic Margin of Africa, for example. So we're talking about Côte d'Ivoire, Namibia, we're talking about South Africa, maybe also Ghana.

Speaker #1: We have projects in Colombia, Peru, so we're focusing on South America and Africa. Along with that, we also discuss other opportunities. This is the 10 years ago we talked about the golden triangle.

Magda Chambriard: Regis, what we have now is a willingness at Petrobras to work strongly on Braskem. If you look at the last 10 years, Petrobras was basically absent from Braskem. Our understanding is that this was not the right way. Braskem and Petrobras have very relevant synergies, especially with our refinement plants and the Brazilian gas consumption. That Petrobras' participation in Braskem is so relevant that it cannot be absent from this work. We have to be strong like Petrobras usually is. This is what we're saying. We want to be active participants in the Braskem operation, because if anyone understands about cracking here or this kind of work, it's us.

Speaker #1: Which was Africa, Brazil, and the Gulf of Mexico. The Mexican part of the Gulf of Mexico is relatively unexplored. So naturally, we would look at it and think what might happen there.

Speaker #1: But so far, all we've done is visit the Mexican presidency. So there's still a long road ahead before we can quantify any kinds of investments in the Gulf of Mexico.

Speaker #1: I hope I can do it. I hope that PETROBRAS really has good opportunity to work in the Mexican part of the Gulf of Mexico.

Speaker #1: But this is still a wish list item. And Venezuela is a similar case. Venezuela has relevant resources found. They are our neighbor. So naturally, we would want to consider Venezuela.

Speaker #1: But right now, we still have it just as a wish list item. So I still can't look at Venezuela or Mexico to see any investment value.

Eduardo De Nardi Ros: Of course, Petrobras can't have this refinery infrastructure, this presence in Brazilian refinement and gas production, and the share of the gas and byproducts market in Brazil, and let all of these discussions run at Braskem without Petrobras being included as a relevant partner. I think that's what changed. It was just the company's willingness to work with Braskem in a stronger way. I'll let William and Angélica add to my answer. Just adding to that answer. It's true. Since we joined the company, we had a mission of facing the issues of Braskem. First, we have the right political power vis-à-vis the economic capital that Petrobras have there. It took longer than we wanted. We had to experiment with several designs until we got to the current one, with G4 representing banks that hold shares.

Speaker #1: Because this is still an initial discussion. Thank you. We will now receive a question from Regis Cabos from Mexico. Go ahead. Good morning, Eduardo.

Speaker #1: Thank you, the PETROBRAS team. If I can ask a specific question about PETROBRAS-CAM, I think this is an important milestone from the recent shareholders' agreement being signed.

Speaker #1: And as the company's governance changed, Petrobras will have a much more active role for Petrobras-CAM. And this might be a crucial moment in which Petrobras-CAM was moving towards a debt restructuring at the same time petrochemical spreads improved significantly since March.

Speaker #1: So my question is, what changes with this new role for Petrobras? Does Petrobras-CAM still require debt restructuring? Is there really a greater spread level?

Speaker #1: I'd just like to hear your take on these changes. Regis, what we have now is a willingness at Petrobras to work strongly on Petrobras-CAM.

Speaker #1: If you look at the last 10 years, PETROBRAS was basically absent from PETROBRAS-CAM. Our understanding is that this was not the right way. PETROBRAS-CAM and PETROBRAS have very relevant synergies especially with our refinement plans and the Brazilian gas consumption.

Clarice Coppetti: Since then, we created a shareholders agreement reflecting our intention, and we believe that that's the best for the company. We're going to focus on the operational issues. As we heard, we know their operation, we know the situation of the petrochemical industry. We're very connected, and we have a lot of synergy between them and oil and gas. That's what we did. Right now, the company is in a transition. After signing the agreement, without the closing, we are already taking greater action. Not fully, as we have set out in the shareholders agreement, but we've advanced significantly. As soon as the closing happens, this should take place. This is expected for the next 30 to 90 days. This G4 will also be more active in the company, and all of the decisions will be made there with their structure.

Speaker #1: And that PETROBRAS is participation in PETROBRAS-CAM is so relevant that it cannot be absent from this work. And we have to be strong like PETROBRAS usually is.

Speaker #1: So this is what we're saying. We want to be active participants in the PETROBRAS-CAM operation. Because if anyone understands about cracking, here, or this kind of work with us, so of course, PETROBRAS can't have this refinery infrastructure.

Speaker #1: This presence in Brazilian refinement and gas production and the share of the gas and byproduct market in Brazil and let all of these discussions run at PETROBRAS-CAM.

Fernando Melgarejo: During the transitional period, we're also going to assess and understand the best alternatives we have. Whenever we have a material fact from the company to Petrobras, we will assess that. I can say that we do not intend to consolidate debt. We will continue to be a minority in the company. All the decisions made within Petrobras will happen according to the best practices for what will be best for our shareholders. Always following this concept of, you know, investments creating value for shareholders. Going into details about this management. We got an important position with G4. We're working in a joint manner, assessing their operations, their logistics, their trade, the synergies that we have with our refineries. This is being assessed in work groups with the new G4.

Speaker #1: Without PETROBRAS being included, as a relevant partner. So I think that's what changed. It was just the company's willingness to work with PETROBRAS-CAM stronger way.

Speaker #1: Now let William and Angelica add to my answer. Adding to that answer, it's true since we joined the company, we had a mission of facing the issues of PETROBRAS-CAM.

Speaker #1: First, so we have the right political power vis-à-vis the economic capital that PETROBRAS had there. It took longer than we wanted. We had to experiment with several designs until we got to the current one with IG4 representing banks that hold shares.

Speaker #1: Since then, we created a shareholders' agreement reflecting our intention and we believe that that's the best for the company. We're going to focus on the operational issues as we heard.

William França da Silva: This is expected for the next 30 to 60 days. We are already doing this together. That's very important because we have several issues that need to be discussed immediately because of the spread, which is very good with the war, and that will tend to be extended. The Middle East represents 25% of global petrochemical supplies. We know that they had issues because of the war, which is providing us with a better spread. This is a part of our discussion. We're speaking to Braskem about the working capital so that they can have the right working capital levels to really capture and monetize this excellent spread that will be longer. We're doing this together, and our expectations are very positive.

Speaker #1: We know their operation. We know the situation of the petrochemical industry. We're very connected and we have a lot of synergy between them and oil and gas.

Speaker #1: So that's what we did. Right now, the company is a transition. And after signing the agreement, without the closing, we are already taking greater action not fully as we have set out in the shareholders' agreement, but we've invested significantly.

Speaker #1: As soon as the closing happens, this should take place. This is expected for the next 30 to 90 days. So the G4 will also be more active in the company.

Speaker #1: And all the decisions will be made there. With their structure, during the transitional period, we're also going to assess and understand the best alternatives we have.

Speaker #1: And whenever we have a material fact from the company to PETROBRAS, we will assess it. I can say that we do not intend to consolidate debt.

Eduardo De Nardi Ros: As Magda and Fernando said about Braskem, as a reminder, highlighting what Fernando said, we will continue to have a stake of 40%, 46%. We don't want to consolidate the debt. We want to be partners with Braskem, and that's how it will be. We're not going to let go of our percentage in Mexico. Thank you, Fernando. William. We'll now hear a question from Rodolfo Angele from JP Morgan. Go ahead. Good afternoon, Magda, all of the directors and executives. My question is about the diesel and refinement market. We can see that Petrobras is doing its part, trying to supply the most it can to the market, with refinery utilization reaching record levels.

Speaker #1: We will continue to be a minority in the company. And all the decisions made within PETROBRAS will happen according to the best practices for what will be best for our shareholders.

Speaker #1: Always following this concept of investing investments creating value for shareholders. Going into details about this management. We got an important position with the G4.

Speaker #1: So we're working in a joint manner assessing their operations, their logistics, their trade. The synergy that we have with our refineries this is being assessed in work groups with the new G4.

Rodolfo Angele: Good afternoon, Magda, all of the directors and executives. My question is about the diesel and refinement market. We can see that Petrobras is doing its part, trying to supply the most it can to the market, with refinery utilization reaching record levels.

Speaker #1: This is expected for the next 30 to 60 days. But we are already doing this together. That's very important. Because we have several issues that need to be discussed immediately.

Speaker #1: Because of the spread, which is very good with the war and that will tend to be extended. The Middle East represents 25% of global petrochemical supplies.

Rodolfo Angele: What do you think will happen in the future, and what can you tell us about other levers to help supply the market with sporadic imports? Thank you. Hi, Rodolfo. This is Angelica. We frequently assess our plans and how we're going to supply the market. We're always looking at this from an economic perspective, but also from a physical perspective, how we're doing, how much we're producing. Right now, we have been producing well. This is not the highest seasonal moment for diesel, but right now we've produced enough volume to comply with our commitments. We believe that probably in H2 of the year, we will need to import diesel. In June already, but in H2 of the year, without a doubt, we'll require diesel imports, since that's usually when harvests happen and that has a higher demand.

Speaker #1: We know that they had issues because of the war, which is providing us with a better spread. So this is a part of our discussion with speaking to PETROBRAS-CAM about the working capital so that they can have the right working capital levels to really capture and monetize this excellent spread that will be longer.

Speaker #1: So we're doing this together and our expectations are very positive. As Magda and Fernando said about PETROBRAS-CAM, and as a reminder, highlighting what Fernando said, we will continue to have a stake of 40, 46%.

Speaker #1: We don't want to consolidate the debt. We want to be partners with PETROBRAS-CAM. And that's how it will be. And we're not going to let go of our percentage.

Speaker #1: In Mexico. Thank you, Fernando, William. We will now hear a question from Rodolfo Angeli from JPMorgan. Go ahead. Good afternoon, Magda and all of the directors and executives.

Angélica Garcia Cobas Laureano: We had two stops. The war helped us with Brent, and it got us at a very favorable moment because we don't have a lot of programmed downtime. That allowed us to raise the load above 100. We're going to have one stoppage in Cubatão and one in Paraná at the end of the year. This will be in the middle of H2, and that also helped us to produce more. We're producing an additional 100,000 barrels of diesel with this increase in the utilization factor and the expansion of RNEST. This is allowing us to reduce and eliminate any need for imports, which is very good. Just adding to that, there's no diesel shortage in the market, even in the foreign market.

Speaker #1: My question is about the diesel and refinement market. We can see that PETROBRAS is doing its part trying to supply the most it can to the market with refinery utilization reaching record levels.

Speaker #1: So what do you think will happen in the future? And what can you tell us about other levers to help supply the market? With sporadic imports.

Speaker #1: Thank you. Hi, Rodolfo. This is Ben Delta. So, we frequently assess our plans and how we're going to supply the market. We're always looking at this from an economic perspective, but also from a physical perspective—how we're doing, how much we're producing.

William França da Silva: If we need to import, we will do that without any trouble. It's important to mention one thing. RNEST had a significant participation in the increased load. We're going from 75 to 115,000 after the first engineering assessment. Magda went to CPRH, the environmental agency in Pernambuco, ANP. She spoke to the governor. We're always being supported by our refinery engineers and our engineering director. We were able to raise the load to 140, and we're testing for 150,000 barrels a day. This was a refinery that was projected for 115,000 and an additional 5,000. We are currently at 150 in each train. We're going from 230,000 to 300,000.

Speaker #1: Right now, we have been producing well. This is not the high seasonal moment for diesel. But right now, we've produced enough volume to comply with our commitments.

Speaker #1: We believe that probably in the second half of the year, we will need to import diesel. In June already, but in the second half of the year without a doubt will require diesel imports.

Speaker #1: Since that's usually when harvests happen and there is higher demand. We had two stops. The war helped us with Bridge and it got us at a very favorable moment because we don't have a lot of programs downtime.

Speaker #1: So that allowed us to raise the food above 100. We're going to have one stopage in Cuba Town and one in Paraná at the end of the year.

Speaker #1: So this will be in the middle of the second half of the year. And that also helped us to produce more. We're producing additional 100,000 barrels of diesel with this increase in the utilization factor.

Eduardo De Nardi Ros: This is a part of our self-sufficiency project for 2030.

Magda Chambriard: Well, to add to your response, it is also important to say that the BRL 1.52 subsidy that is being proposed by the government is enough to let us import diesel and supply it to the Brazilian market. Importing without any losses, we have to highlight that. Petrobras is not incurring any losses when it comes to any type of action to avoid the volatility of prices for the Brazilian consumers. Petrobras is making profit, and we intend to continue to make profit. One thing that I must say is that the generation that preceded my generation used to love oil and gas, and now I must say that our current generation, what we like is money. Please rest assured that what we like is money.

Speaker #1: And the expansion of RENEST—this is allowing us to reduce and eliminate any need for imports, which is very good. Adding to that, there's no diesel shortage in the market, even in the foreign market.

Speaker #1: If we need to import, we will do that without any trouble. It's important to mention one thing. RENEST had a significant participation in the increased load we're going from 75 to 115,000 after the first engineering assessment.

Speaker #1: Magda went to CPRH, the Environmental Agency in Pernambuco, ANP, she spoke to the governor. We're always being supported by our refinery engineers. And our engineering directors.

Speaker #1: We were able to raise the load to 240. And we're testing for 150,000 barrels a day. This was a refinery that was projected for 115,000.

Speaker #1: And an additional 5,000. We are currently at 150. In each train. So we're going from 230,000 to 300,000. So this is a part of our self-sufficiency project.

Eduardo De Nardi Ros: We do not want to simply make any social initiatives. Our social initiative is to provide more value to our brand. Thank you. Now let's move forward to the last question. The last question comes from Bruno Amorim from Goldman Sachs. Over to you, Bruno. Thank you. Thanks for taking my question. I have a follow-up on Fernando's comment that there will not be any extraordinary dividends this year. According to my calculations, the company's cash flow should be above the dividends to be paid according to the policy.

Speaker #1: For 2030. I'll add to your response it's also important to say that the 1.52-hour subsidy that's being proposed by the government is enough to let us import diesel and supply it to the Brazilian market.

Bruno Amorim: Thank you. Thanks for taking my question. I have a follow-up on Fernando's comment that there will not be any extraordinary dividends this year. According to my calculations, the company's cash flow should be above the dividends to be paid according to the policy.

Speaker #1: Importing without any losses, we have to highlight that. PETROBRAS is not incurring any losses when it comes to any type of action to avoid the volatility of prices for the Brazilian consumers.

Bruno Amorim: I'd just like to confirm if the priority will be given to reducing indebtedness, or with any additional cash flow, or if you see any extraordinary item in cash flow, such as the consumption of working capital that might reduce the cash flow to something closer to the dividends defined by the policy. Hi, Bruno. The first thing is that when there is an increase in the working capital. That will have an impact on the net cash flow, and automatically, there's an increase in the extraordinary dividends to all shareholders. 45% of what we see in terms of additional revenue will be made available through ordinary dividends. Our priority becomes investments, and that's why we decided to have the base and target CapEx, so that we can securely add new funding projects there.

Speaker #1: PETROBRAS is making profit and we intend to continue to make profit and one thing that I must say is that the generation that preceded my generation used to love oil and gas and now I must say that our current generation what we like is money.

Speaker #1: So please rest assured that what we like is money. We do not want to simply make any social initiatives or do any social initiatives.

Speaker #1: Our social initiative is to provide more value to our brand. Thank you. And now let's move forward to the last question. The last question comes from Bruno MRM from Goldman Sachs.

Speaker #1: Over to you, Bruno. Thank you. Thanks for taking my question. I have a follow-up on Fernando's comment that there will not be any extraordinary dividends this year.

Fernando Melgarejo: We have already added a few, and if there are no additional projects for the period, the next item in the agenda would be to pay the debt so that we can converge towards 65 billion or less. If we have already paid the debt, yes, the investments this year are already adequate, and as long as this has no negative impact on the next year, we do see the possibility of paying extraordinary dividends. That's always been our line of thinking. That hasn't changed. We don't wanna operate the company with a cash flow that's seen as an excessive cash flow. This year, the situation is still pretty cloudy, to allow us to say that there will be a surplus that will allow us to pay extraordinary dividends.

Speaker #1: According to my calculations, the company's cash flow should be above the dividends to be paid according to the policies. So I'd just like to confirm if the party will be given to reducing indebtedness or if any additional cash flow or if you see any extraordinary item in cash flow such as the consumption of working cattle that might produce cash flow something closer to the dividends defined by the policy.

Speaker #1: Hi, Bruno. The first thing is that when there is an increase in the working capital, that will have an impact on the net cash flow automatically if there is an increase in the extraordinary dividends to all shareholders.

Speaker #1: So 45% of what we see in terms of additional revenue will be made available through ordinary dividends. And then our priority becomes investments. And that's why we decided to have the base and target capex so that we can securely add new funding projects there.

Magda Chambriard: Right now I can tell you that the possibilities are quite low so far. As Magda said, we've seen the Brent go from 110 to 90 overnight. BRL 20 of volatility over the course of 1 day does not make us feel secure enough to make any decisions to distribute dividends. We'd be happy to get to the end of the year with such a high amount of surplus that will allow us to distribute dividends. I cannot tell you that yet, that that will be the case. As I said, the situation's pretty cloudy so far. We've been doing that during the construction of our strategic plan, we're gonna revise it towards the end of the year. Thank you, Bruno, for the question, and thanks, Fernando, for your answer.

Speaker #1: And we have already added a few. And if there are no additional projects for the period, the next item in the agenda would be to pay the debt so that we can converge towards $65 billion or less.

Speaker #1: And if we have already paid the debt, yes, the investments this year are already adequate, and as long as this has no negative impact on the next years, we do see the possibility of paying extraordinary dividends.

Speaker #1: That's always been our line of thinking. That hasn't changed. We don't want to operate the company with a cash flow that's seen as an excessive cash flow.

Magda Chambriard: I wanna thank everybody that participated, and I'd like to apologize to those of you that we could not answer on this occasion. This is the end of our Q&A session. If you have any additional questions, they can be answered through our investor relations team. I will now give the floor to President Magda. Please, President Magda, you have the floor. I want to thank everybody for patiently listening to us talk about the results of the first quarter and investments priorities for Petrobras. It's very important that we can count on your trust in our operations. After all, it is this mutual trust. On the one side, Petrobras, that it has the interest of investors in mind, and investors, on the other hand, that their interests are taken into account.

Eduardo De Nardi Ros: I wanna thank everybody that participated, and I'd like to apologize to those of you that we could not answer on this occasion. This is the end of our Q&A session. If you have any additional questions, they can be answered through our investor relations team. I will now give the floor to President Magda. Please, President Magda, you have the floor.

Speaker #1: This year, the situation is still pretty cloudy. To allow us to say that there will be a surplus that will allow us to pay extraordinary dividends.

Speaker #1: Right now, I can tell you that the possibilities are quite low so far. As Magda said, we've seen the brand go from 110 to 90 overnight.

Speaker #1: Twenty dollars of volatility over the course of one day does not make us feel secure enough to make any decisions to distribute dividends. We'd be happy to get to the end of the year with such a high amount of surplus that will allow us to distribute dividends.

Magda Chambriard: I want to thank everybody for patiently listening to us talk about the results of the first quarter and investments priorities for Petrobras. It's very important that we can count on your trust in our operations. After all, it is this mutual trust. On the one side, Petrobras, that it has the interest of investors in mind, and investors, on the other hand, that their interests are taken into account.

Speaker #1: But I cannot tell you that yet that that will be the case. As I said, the situation is pretty cloudy so far. But we've been doing that during construction of our strategic plan.

Speaker #1: So we're going to revise it towards the end of the year. Thank you, Bruno, for the question. Thanks, Fernando, for your answer. I want to thank everybody that participated.

Speaker #1: And I'd like to apologize to those of you that we could not answer on this occasion. This is the end of our Q&A session.

Magda Chambriard: This is what moves us forward. We can tell you that we're gonna continue to deal with the company with a lot of capital discipline and compliance with all of our governance standards so that we can contribute to the growth of Petrobras in a way that's secure and profitable, catering to the interests of our shareholders, be they governmental, private, or society in general. We are certain that we reached a great level during the first 76 years of Petrobras, and that we still have a lot to deliver and contribute to Brazil for the next 72 years of Petrobras' existence. In order for that to happen, we need to be strong, thriving, with a consistent free cash flow. Petrobras is a strong cash generator. I don't have to convince you of that.

Speaker #1: If you have any additional questions, they can be answered through our investor relations team. I'll now give the floor to President Magda to please present Magda.

Speaker #1: You have the floor. I want to thank everybody for patiently listening to us talk about the results of the first quarter. And investments priorities for PETROBRAS.

Speaker #1: It's very important that we can count on your trust in our operations. After all, it is this mutual trust on the one side, PETROBRAS, that it has the interest of investors in mind.

Speaker #1: And investors on the other hand, that their interests are taken into account. This is what moves us forward. We can tell you that we're going to continue to deal with the company with a lot of capital discipline and compliance with all of our governance standards.

Magda Chambriard: That's something that you can see even before we can. We keep on willing to deliver an increasingly strong Petrobras. Thank you all. Our doors are open. Our investor relations channels are always available. Eduardo is constantly available to all of you, as well as all of us. Thank you. Thank you, President Magda. Thanks, everybody. This presentation will be made available on our investor relations website, and we will also make the audio recording available. Thank you, and have a great day.

Speaker #1: So that we can contribute to the growth of PETROBRAS in a way that's secure and profitable, catering to the interests of our shareholders, be they governmental, private, or society in general.

Speaker #1: So we are certain that we reached a great level during the first 76 years of PETROBRAS and that we still have a lot to deliver and contribute to Brazil for the next 72 years of PETROBRAS's existence.

Speaker #1: In order for that to happen, we need to be strong thriving with a consistent free cash flow. PETROBRAS is a strong cash generator. I don't have to convince you of that.

Speaker #1: That's something that you can see even before we can, so we keep on willing to deliver an increasingly strong PETROBRAS. Thank you all, our doors are open.

Speaker #1: Our investor relations channels are always available. Eduardo is constantly available to all of you, as well as all of us. Thank you. Thank you, President Magda.

Speaker #1: Thanks, everybody. This presentation will be made available on our investor relations website. And we will also make the audio recording available. Thank you. Have a great day.