UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 6-K
Report of Foreign Private
Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange
Act of 1934
For the month of
May, 2024
Commission File Number
1-15106
PETRÓLEO BRASILEIRO
S.A. – PETROBRAS
(Exact name of registrant
as specified in its charter)
Brazilian Petroleum
Corporation – PETROBRAS
(Translation of Registrant's
name into English)
Avenida Henrique Valadares, 28 – 19th floor
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil
(Address of principal
executive office)
Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form
40-F _______
Indicate by check mark
whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
Petrobras financial performance in 1Q24
Main highlights:
- Consistent results: adjusted EBITDA of
R$ 60.0 billion, Operating Cash Flow (FCO) of R$ 46.5 billion and Net profit of R$ 23.7 billion.
- Financial debt at US$ 27.7 billion, the
lowest level since 2010. Gross debt is under control at US$61.8 billion, within the range established in our Strategic Plan.
- Return to society with payment of R$ 68.2
billion in taxes.
- In line with our commitment to distributing
the results generated and the company's financial sustainability, shareholder remuneration for 1Q24 totaled R$14.60 billion, including
R$1.15 billion in share buybacks and R$ 13.45 billion in dividends and interest on capital.
- Production milestone in Búzios:
cumulative production of 1 billion barrels of oil, with five platforms: P-74, P-75, P-76, P-77, and Almirante Barroso.
- High utilization of the refining facilities
with value generation: utilization factor reached 92% with a yield of 67% for diesel, jet fuel, and gasoline.
- Expansion of the offer of more sustainable
products: start of marketing of R5 diesel with renewable content and establishment of a partnership for the sale of CAP Pro W asphalt.
- Acquisition of I-RECs (Renewable Energy
Certificates): certifies that all the electricity acquired by Petrobras for the development of its activities has been generated by renewable
sources (neutrality of scope 2 emissions in 2023)
Disclaimer
This report may contain forward-looking
statements. Such forward-looking statements only reflect expectations of the Company's managers regarding future economic conditions,
as well as the Company's performance, financial performance and results, among others. The terms "anticipates", "believes",
"expects", "predicts", "intends", "plans", "projects", "objective", "should",
and similar terms, which evidently involve risks and uncertainties that may or may not be anticipated by the Company and therefore are
not guarantees of future results of the Company's operations that may differ from current expectations. The readers should not rely exclusively
on any forward-looking statement contained herein. The Company does not undertake any responsibility to update the presentations and forecasts
in the light of new information or its future developments, and the figures reported for 1Q24 onwards are estimates or targets. These
indicators do not have standardized meanings and may not be comparable to indicators with a similar description used by others. We provide
these indicators because we use them as measures of company performance; they should not be considered in isolation or as a substitute
for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS. See definitions of Free Cash Flow, Adjusted EBITDA
and Net Indebtedness in the Glossary and their reconciliations in the Liquidity and Capital Resources sections, Reconciliation of Adjusted
EBITDA and Net Indebtedness. Consolidated accounting information in accordance with International Accounting Standard IAS 34 - Interim
Financial Reporting, issued by the International Accounting Standards Board (IASB) and revised by independent auditors.
Main items
Table
1 - Main items*
| |
|
|
|
Variation (%) |
| R$ million |
1Q24 |
4Q23 |
1Q23 |
1Q24 X 4Q23 |
1Q24 X 1Q23 |
| Sales revenues |
117,721 |
134,258 |
139,068 |
(12.3) |
(15.4) |
| Gross profit |
60,701 |
72,626 |
73,311 |
(16.4) |
(17.2) |
| Operating expenses |
(16,217) |
(32,655) |
(13,295) |
(50.3) |
22.0 |
| Consolidated net income (loss) attributable to the shareholders of Petrobras |
23,700 |
31,043 |
38,156 |
(23.7) |
(37.9) |
| Recurring consolidated net income (loss) attributable to the shareholders of Petrobras * |
23,873 |
40,986 |
38,419 |
(41.8) |
(37.9) |
| Net cash provided by operating activities |
46,481 |
57,658 |
53,759 |
(19.4) |
(13.5) |
| Free cash flow |
32,428 |
39,854 |
41,126 |
(18.6) |
(21.1) |
| Adjusted EBITDA |
60,044 |
66,852 |
72,497 |
(10.2) |
(17.2) |
| Recurring adjusted EBITDA* |
61,523 |
74,265 |
75,613 |
(17.2) |
(18.6) |
| Gross debt (US$ million) |
61,838 |
62,600 |
53,349 |
(1.2) |
15.9 |
| Net debt (US$ million) |
43,646 |
44,698 |
37,588 |
(2.4) |
16.1 |
| Net debt/LTM Adjusted EBITDA ratio ** |
0.86 |
0.85 |
0.58 |
1.2 |
48.3 |
| Average commercial selling rate for U.S. dollar |
4.95 |
4.95 |
5.19 |
− |
(4.6) |
| Brent crude (US$/bbl) |
83.24 |
84.05 |
81.27 |
(1.0) |
2.4 |
| Domestic basic oil by-products price (R$/bbl) |
476.14 |
516.70 |
568.99 |
(7.8) |
(16.3) |
| TRI (total recordable injuries per million men-hour frequency rate) |
0.61 |
0.80 |
0.77 |
(23.8) |
(20.8) |
| ROCE (Return on Capital Employed) |
10.4% |
11.2% |
15.7% |
-0,8 p.p. |
-5,3 p.p. |
* See reconciliation of Recurring net income and Adjusted
EBITDA in the Special Items section.
* *Ratio calculated in USD.
Consolidated
results
Net revenues
Table 2 – Net revenues by products
| |
|
|
|
Variation (%) |
| R$ million |
1Q24 |
4Q23 |
1Q23 |
1Q24 X 4Q23 |
1Q24 X 1Q23 |
| Diesel |
35,051 |
43,042 |
43,150 |
(18.6) |
(18.8) |
| Gasoline |
15,868 |
16,970 |
19,189 |
(6.5) |
(17.3) |
| Liquefied petroleum gas (LPG) |
3,756 |
3,882 |
4,829 |
(3.2) |
(22.2) |
| Jet fuel |
5,865 |
6,626 |
7,302 |
(11.5) |
(19.7) |
| Naphtha |
2,118 |
2,376 |
2,485 |
(10.9) |
(14.8) |
| Fuel oil (including bunker fuel) |
1,702 |
1,607 |
1,486 |
5.9 |
14.5 |
| Other oil products |
5,047 |
5,271 |
5,633 |
(4.2) |
(10.4) |
| Subtotal oil products |
69,407 |
79,774 |
84,074 |
(13.0) |
(17.4) |
| Natural gas |
6,546 |
6,561 |
7,927 |
(0.2) |
(17.4) |
| Crude oil |
6,088 |
7,311 |
7,016 |
(16.7) |
(13.2) |
| Renewables and nitrogen products |
156 |
159 |
109 |
(1.9) |
43.1 |
| Revenues from non-exercised rights |
692 |
1,066 |
1,142 |
(35.1) |
(39.4) |
| Electricity |
631 |
1,157 |
570 |
(45.5) |
10.7 |
| Services, agency and others |
1,223 |
1,298 |
1,267 |
(5.8) |
(3.5) |
| Total domestic market |
84,743 |
97,326 |
102,105 |
(12.9) |
(17.0) |
| Exports |
31,690 |
35,952 |
35,014 |
(11.9) |
(9.5) |
| Crude oil |
24,318 |
25,773 |
28,809 |
(5.6) |
(15.6) |
| Fuel oil (including bunker fuel) |
6,554 |
6,813 |
5,372 |
(3.8) |
22.0 |
| Other oil products and other products |
818 |
3,366 |
833 |
(75.7) |
(1.8) |
| Sales abroad (*) |
1,288 |
980 |
1,949 |
31.4 |
(33.9) |
| Total foreign market |
32,978 |
36,932 |
36,963 |
(10.7) |
(10.8) |
| Total |
117,721 |
134,258 |
139,068 |
(12.3) |
(15.4) |
| (*) Sales revenues from operations outside of Brazil, including trading and excluding exports |
In 1Q24, net revenue fell 12% compared to 4Q23,
mainly influenced by lower revenue from diesel sales in the domestic market and exports.
The reduction in revenue from oil products in the
domestic market was mainly due to lower prices, the seasonality of consumption, the increase in the biodiesel content in the diesel blend
and the loss of competitiveness of gasoline to hydrated ethanol.
The lower revenue from the sale of oil on the domestic
market resulted from lower sales volumes for Acelen, alongside lower prices.
In 1Q24, there was a drop in export revenues, with
lower volume of gasoline exports and lower prices for oil exports. This reduction is mainly attributed to the devaluation of international
prices when exports were carried out, to gasoline quality change operations in 4Q23 and maintenance stoppages in the quarter.
* Managerial information (non-revised).
Cost
of goods sold *
Table 3 – Cost of goods sold
| |
|
|
|
Variation (%) |
| R$ million |
1Q24 |
4Q23 |
1Q23 |
1Q24 X 4Q23 |
1Q24 X 1Q23 |
| Acquisitions |
(17,388) |
(20,019) |
(25,381) |
(13.1) |
(31.5) |
| Crude oil imports |
(9,321) |
(11,525) |
(13,860) |
(19.1) |
(32.7) |
| Oil products imports |
(5,324) |
(5,946) |
(9,413) |
(10.5) |
(43.4) |
| Natural gas imports |
(2,743) |
(2,548) |
(2,108) |
7.7 |
30.1 |
| Production |
(37,489) |
(39,397) |
(37,166) |
(4.8) |
0.9 |
| Crude oil |
(31,719) |
(32,504) |
(32,464) |
(2.4) |
(2.3) |
| Production taxes |
(13,235) |
(16,525) |
(14,078) |
(19.9) |
(6.0) |
| Other costs |
(18,484) |
(15,979) |
(18,386) |
15.7 |
0.5 |
| Oil products |
(3,470) |
(4,118) |
(2,283) |
(15.7) |
52.0 |
| Natural gas |
(2,300) |
(2,775) |
(2,419) |
(17.1) |
(4.9) |
| Production taxes |
(619) |
(599) |
(477) |
3.3 |
29.8 |
| Other costs |
(1,681) |
(2,176) |
(1,942) |
(22.7) |
(13.4) |
| Services, electricity, operations abroad and others |
(2,143) |
(2,216) |
(3,210) |
(3.3) |
(33.2) |
| Total |
(57,020) |
(61,632) |
(65,757) |
(7.5) |
(13.3) |
In 1Q24, lower sales volume was the predominant factor for
the reduction in costs of goods sold. There were also lower costs with imports, mainly of oil, and a reduction in the costs of government
take in oil production, following the devaluation of prices in the formation of stocks.
Operating expenses
Table 4 – Operating expenses
| |
|
|
|
Variation (%) |
| R$ million |
1Q24 |
4Q23 |
1Q23 |
1Q24 X 4Q23 |
1Q24 X 1Q23 |
| Selling, General and Administrative Expenses |
(8,822) |
(8,832) |
(8,199) |
(0.1) |
7.6 |
| Selling expenses |
(6,606) |
(6,583) |
(6,344) |
0.3 |
4.1 |
| Materials, third-party services, freight, rent and other related costs |
(5,549) |
(5,678) |
(5,329) |
(2.3) |
4.1 |
| Depreciation, depletion and amortization |
(855) |
(709) |
(777) |
20.6 |
10.0 |
| Allowance for expected credit losses |
(51) |
(38) |
(107) |
34.2 |
(52.3) |
| Employee compensation |
(151) |
(158) |
(131) |
(4.4) |
15.3 |
| General and administrative expenses |
(2,216) |
(2,249) |
(1,855) |
(1.5) |
19.5 |
| Employee compensation |
(1,447) |
(1,431) |
(1,189) |
1.1 |
21.7 |
| Materials, third-party services, rent and other related costs |
(594) |
(639) |
(529) |
(7.0) |
12.3 |
| Depreciation, depletion and amortization |
(175) |
(179) |
(137) |
(2.2) |
27.7 |
| Exploration costs |
(670) |
(766) |
(817) |
(12.5) |
(18.0) |
| Research and Development |
(908) |
(1,061) |
(800) |
(14.4) |
13.5 |
| Other taxes |
(695) |
(1,216) |
(1,039) |
(42.8) |
(33.1) |
| Impairment of assets |
45 |
(10,763) |
(16) |
− |
− |
| Other income and expenses, net |
(5,167) |
(10,017) |
(2,424) |
(48.4) |
113.2 |
| Total |
(16,217) |
(32,655) |
(13,295) |
(50.3) |
22.0 |
In 1Q24, operating expenses reduced 50% compared to 4Q23,
mainly reflecting lower impairment expenses and the result from the abandonment of areas that occurred in 4Q23.
Adjusted EBITDA
In 1Q24, Adjusted EBITDA reached R$ 60.0 billion, 10%
lower compared to 4Q23, influenced by lower sales volumes of oil and oil products and the reduction in the price of oil and diesel margins.
These effects were partially offset by lower operating expenses, especially the result from the abandonment of areas that occurred in
4Q23.
Financial results
Table 5 – Financial results
| |
|
|
|
Variation (%) |
| R$ million |
1Q24 |
4Q23 |
1Q23 |
1Q24 X 4Q23 |
1Q24 X 1Q23 |
| Finance income |
2,736 |
2,915 |
2,419 |
(6.1) |
13.1 |
| Income from investments and marketable securities (Government Bonds) |
2,140 |
2,207 |
1,732 |
(3.0) |
23.6 |
| Other finance income |
596 |
708 |
687 |
(15.8) |
(13.2) |
| Finance expenses |
(5,310) |
(5,180) |
(4,387) |
2.5 |
21.0 |
| Interest on finance debt |
(2,744) |
(2,724) |
(2,812) |
0.7 |
(2.4) |
| Unwinding of discount on lease liability |
(2,708) |
(2,633) |
(1,862) |
2.8 |
45.4 |
| Discount and premium on repurchase of debt securities |
− |
(11) |
− |
− |
− |
| Capitalized borrowing costs |
1,861 |
1,799 |
1,408 |
3.4 |
32.2 |
| Unwinding of discount on the provision for decommissioning costs |
(1,347) |
(1,042) |
(1,099) |
29.3 |
22.6 |
| Other finance expenses |
(372) |
(569) |
(22) |
(34.6) |
1590.9 |
| Foreign exchange gains (losses) and indexation charges |
(7,005) |
3,633 |
(1,232) |
− |
468.6 |
| Foreign exchange gains (losses) |
(4,343) |
4,272 |
4,170 |
− |
− |
| Reclassification of hedge accounting to the Statement of Income |
(3,452) |
(3,826) |
(5,992) |
(9.8) |
(42.4) |
| Inflation indexation of anticipated dividends and dividends payable (*) |
(346) |
639 |
(164) |
− |
111.0 |
| Legal agreement with Eletrobras - compulsory loans |
− |
1,156 |
− |
− |
− |
| Recoverable taxes inflation indexation income |
245 |
447 |
335 |
(45.2) |
(26.9) |
| Other foreign exchange gains (losses) and indexation charges, net |
891 |
945 |
419 |
(5.7) |
112.6 |
| Total |
(9,579) |
1,368 |
(3,200) |
− |
199.3 |
| (*) In 2023, it refers to the income on the monetary restatement of paid anticipated dividends, in the amount of R$ 1,063 (R$ 6,782 in 2022), and to the expense on the indexation charges on dividends payable, in the amount of R$ 2,569 (R$ 1,431 in 2022). |
In 1Q24, the financial result was negative at
R$ 9.6 billion, compared to a positive result of R$ 1.4 billion in 4Q23. This financial result was primarily impacted by the loss from
the FX variation of the BRL against the USD, which depreciated by 3.2% in 1Q24 (from R$ 4.84/US$ on 12/31/23 to R$ 5.00/US$ on 03/31/24),
and by the absence of revenue from monetary restatement related to the legal agreement with Eletrobras in 4Q23.
Net profit (loss) attributable
to Petrobras shareholders
In 1Q24, net profit
was R$ 23.7 billion, compared to R$ 31.0 billion in 4Q23. This result is mainly attributed to lower sales volumes and a decrease in oil
price and diesel margins. Additionally, the result was impacted by worse financial results due to the depreciation of the Brazilian Real
against the US Dollar. These effects were partially offset by the reduction in operating expenses and income tax.
Recurring
net income attributable to Petrobras shareholders and recurring Adjusted EBITDA
In 1Q24, we did not have a relevant impact
from non-recurring items. Disregarding Excluding such items, net profit would remain at the same level of R$ 23.9 billion. Meanwhile,
Adjusted EBITDA suffered a negative impact of R$ 1.5 billion, mainly due to losses from contingencies. Excluding this effect, Adjusted
EBITDA would have reached R$ 61.5 billion.
Special items
Table 6 – Special items
| |
|
|
|
Variation (%) |
| R$ million |
1Q24 |
4Q23 |
1Q23 |
1Q24 X 4Q23 |
1Q24 X 1Q23 |
| Net income |
23,810 |
31,163 |
38,307 |
(23.6) |
(37.8) |
| Non-recurring items |
(306) |
(15,037) |
(403) |
(98.0) |
(24.1) |
| Non-recurring items that do not affect Adjusted EBITDA |
1,173 |
(7,624) |
2,713 |
− |
(56.8) |
| Impairment of assets and investments |
130 |
(10,817) |
(8) |
− |
− |
| Gains and losses on disposal / write-offs of assets |
806 |
700 |
2,577 |
15.1 |
(68.7) |
| Results from co-participation agreements in bid areas |
237 |
1,163 |
144 |
(79.6) |
64.6 |
| Discount and premium on repurchase of debt securities |
− |
174 |
− |
− |
− |
| Legal agreement with Eletrobras - compulsory loans |
− |
1,156 |
− |
− |
− |
| Other non-recurring items |
(1,479) |
(7,413) |
(3,116) |
(80.0) |
(52.5) |
| Voluntary Separation Plan |
(9) |
12 |
17 |
− |
− |
| Collective bargaining agreement |
(10) |
(1,031) |
− |
(99.0) |
− |
| Amounts recovered from Lava Jato investigation |
26 |
50 |
463 |
(48.0) |
(94.4) |
| Gains / (losses) on decommissioning of returned/abandoned areas |
(38) |
(5,776) |
(3) |
(99.3) |
1166.7 |
| Gains / (losses) related to legal proceedings |
(1,398) |
(613) |
(1,319) |
128.1 |
6.0 |
| Equalization of expenses - Production Individualization Agreements |
(50) |
(55) |
(91) |
(9.1) |
(45.1) |
| Compensation for the termination of a vessel charter agreement |
− |
− |
(1,654) |
− |
− |
| Export tax on crude oil |
− |
− |
(529) |
− |
− |
| Net effect of non-recurring items on IR / CSLL |
133 |
5,094 |
140 |
(97.4) |
(5.0) |
| Recurring net income |
23,983 |
41,106 |
38,570 |
(41.7) |
(37.8) |
| Shareholders of Petrobras |
23,873 |
40,986 |
38,419 |
(41.8) |
(37.9) |
| Non-controlling interests |
110 |
120 |
151 |
(8.3) |
(27.2) |
| Adjusted EBITDA |
60,044 |
66,852 |
72,497 |
(10.2) |
(17.2) |
| Non-recurring items |
(1,479) |
(7,413) |
(3,116) |
(80.0) |
(52.5) |
| Recurring Adjusted EBITDA |
61,523 |
74,265 |
75,613 |
(17.2) |
(18.6) |
In management's opinion, the special items presented
above, although related to the Company's business, were highlighted as complementary information for a better understanding and evaluation
of the result. Such items do not necessarily occur in all periods and are disclosed when relevant.
Capex
Table 7 - Capex
| |
|
|
|
Variation (%) |
| US$ million |
1Q24 |
4Q23 |
1Q23 |
1Q24 X 4Q23 |
1Q24 X 1Q23 |
| Exploration and Production |
2,472 |
2,752 |
2,040 |
(10.2) |
21.2 |
| Refining, Transportation and Marketing |
362 |
530 |
342 |
(31.7) |
5.7 |
| Gas and Low Carbon Energies |
108 |
134 |
33 |
(19.7) |
227.2 |
| Others |
101 |
142 |
67 |
(28.7) |
51.1 |
| Subtotal |
3,043 |
3,558 |
2,482 |
(14.5) |
22.6 |
| Signature bonus |
− |
− |
− |
− |
− |
| Total |
3,043 |
3,558 |
2,482 |
(14.5) |
22.6 |
In 1Q24, capex totaled US$ 3.0 billion.
In the Exploration and Production segment, capex
totaled US$ 2.5 billion, 21% higher than in 1Q23, due to increased investments in the development of major projects that will sustain
the production curve over the next few years. In 1Q24, Capex was 10% lower than in 4Q23, mainly due to the postponement of subsea activities
and of milestone payments for owned production units. Investments in 1Q24 were mainly concentrated in: (i) the Santos Basin pre-salt (US$
1.3 billion), with the Búzios and Mero fields standing out; (ii) the Campos Basin pre- and post-salt projects (US$ 0.6 billion),
with the Jubarte, Marlim and Raia Manta and Pintada fields standing out; and (iii) exploratory investments (US$ 0.2 billion).
In the Refining, Transportation and Marketing
segment, capex totaled US$ 0.36 billion, with emphasis on scheduled refinery stoppages and REPLAN's new HDT. In the Gas and Low Carbon
Energy segment, capex totaled US$ 0.10 billion in 1Q24, with the highlight being the Route 3 natural gas processing unit.
The following table presents the main information about the new oil and
gas production systems, already contracted.
Table 8 – Main projects
| Unit |
Start-up |
FPSO capacity (bbl/day) |
Petrobras Actual Investment
US$ bn |
Petrobras Total Investment
US$ bn1 |
Petrobras Stake |
Status |
|
Mero 3
FPSO Marechal Duque de Caxias (Chartered unit) |
2024 |
180,000 |
0.33 |
0.9 |
38.6% |
Project in phase of execution with production system in transit to Brazil. 11 wells drilled and 10 completed. |
|
Integrado Parque das Baleias (IPB)
FPSO Maria Quitéria
(Chartered unit) |
2025 |
100,000 |
0.62 |
1.9 |
100% |
Project in phase of execution with production system under construction. 3 wells drilled and 2 completed.2 |
|
Búzios 7
FPSO Almirante Tamandaré (Chartered unit) |
2025 |
225,000 |
0.59 |
2.1 |
88.99% |
Project in phase of execution with production system under construction.
7 wells drilled and 5 completed. |
|
Búzios 6
P-78 (Owned unit) |
2025 |
180,000 |
1.51 |
4.8 |
88.99% |
Project in phase of execution with production system under construction. 5 wells drilled and 3 completed. |
|
Mero 4
FPSO Alexandre de Gusmão
(Chartered unit) |
2025 |
180,000 |
0.08 |
1.3 |
38.6% |
Project in phase of execution with production system under construction.
6 wells drilled and 2 completed. |
|
Búzios 8
P-79 (Owned unit) |
2026 |
180,000 |
1.25 |
5.1 |
88.99% |
Project in phase of execution with production system under construction. 8 wells drilled and 2 completed. |
|
Búzios 9
P-80 (Owned unit) |
2026 |
225,000 |
0.59 |
5.4 |
88.99% |
Project in phase of execution with production system under construction.
2 wells drilled and 2 completed. |
|
Búzios 10
P-82 (Owned unit) |
2027 |
225,000 |
0.53 |
6.1 |
88.99% |
Project in phase of execution with production system under construction
1 well drilled. |
|
Búzios 11
P-83 (Owned unit) |
2027 |
225,000 |
0.32 |
5.5 |
88.99% |
Project in phase of execution with production system under construction. 2 wells drilled. |
|
Raia Manta e Raia Pintada
BM-C-33
(Non-operated project) |
2028 |
126,000 |
0.38 |
2,7 ³ |
30% |
Project in phase of execution. |
|
1 Total investment with the Strategic Plan 2024-28 assumptions and
Petrobras work interest (WI). Chartered units leases are not included.
2 Production Unit for revitalization project. Refers only to new
wells. The scope of the project also includes the relocation of some wells of the units being decommissioned.
3 It is included investment in the FPSO, contracted on a lump
sum turnkey modality, which includes engineering, procurement, construction and installation for the unit. The contractor will also provide
FPSO operation and maintenance services during the first year from the start of production. |
Liquidity
and capital resources1
Table 9 - Liquidity
and capital resources
| R$ million |
1Q24 |
4Q23 |
1Q23 |
| Adjusted cash and cash equivalents at the beginning of period |
86,670 |
86,493 |
64,092 |
| Government bonds, bank deposit certificates and time deposits with maturities of more than 3 months at the beginning of period * |
(25,057) |
(25,851) |
(22,369) |
| Cash and cash equivalents at the beginning of period |
61,613 |
60,642 |
41,723 |
| Net cash provided by operating activities |
46,481 |
57,658 |
53,759 |
| Net cash (used in) provided by investing activities |
(16,440) |
(15,977) |
(5,738) |
| Acquisition of PP&E and intangible assets |
(14,049) |
(17,794) |
(12,592) |
| Acquisition of equity interests |
(4) |
(10) |
(41) |
| Proceeds from disposal of assets - Divestment |
2,801 |
207 |
9,646 |
| Financial compensation from co-participation agreements |
1,951 |
− |
2,032 |
| Divestment (investment) in marketable securities |
(7,260) |
1,556 |
(4,838) |
| Dividends received |
121 |
64 |
55 |
| (=) Net cash provided by operating and investing activities |
30,041 |
41,681 |
48,021 |
| Net cash used in financing activities |
(35,582) |
(38,928) |
(36,261) |
| Changes in non-controlling interest |
463 |
502 |
(392) |
| Net financings |
(7,930) |
(6,172) |
(6,595) |
| Proceeds from finance debt |
8 |
4,459 |
263 |
| Repayments |
(7,938) |
(10,631) |
(6,858) |
| Repayment of lease liability |
(9,504) |
(8,861) |
(7,223) |
| Dividends paid to shareholders of Petrobras |
(17,182) |
(21,724) |
(21,803) |
| Share repurchase program |
(1,147) |
(2,669) |
− |
| Dividends paid to non-controlling interests |
(282) |
(4) |
(248) |
| Effect of exchange rate changes on cash and cash equivalents |
1,617 |
(1,782) |
(1,206) |
| Cash and cash equivalents at the end of period |
57,689 |
61,613 |
52,277 |
| Government bonds, bank deposit certificates and time deposits with maturities of more than 3 months at the end of period * |
33,201 |
25,057 |
27,791 |
| Adjusted cash and cash equivalents at the end of period |
90,890 |
86,670 |
80,068 |
| Reconciliation of Free Cash Flow |
|
|
|
| Net cash provided by operating activities |
46,481 |
57,658 |
53,759 |
| Acquisition of PP&E and intangible assets |
(14,049) |
(17,794) |
(12,592) |
| Acquisition of equity interests |
(4) |
(10) |
(41) |
| Free cash flow** |
32,428 |
39,854 |
41,126 |
As of March 31, 2024, cash and cash equivalents
totaled R$ 57.7 billion and adjusted cash and cash equivalents totaled R$ 90.9 billion.
In 1Q24, cash generated from operating activities
reached R$ 46.5 billion and positive free cash flow totaled R$ 32.4 billion. This level of cash generation was used to: (a) shareholders
remuneration (R$ 17.1 billion), (b) investments (R$ 14.0 billion), (c) lease liabilities amortization (R$ 9.5 billion), and (d) principal
and interest due in the period amortization (R$ 7.9 billion).
* Includes government bonds, bank deposit certificates
and time deposits of companies classified as held for sale.
** Free cash flow (FCF) is in accordance with the new Shareholder Remuneration
Policy (“Policy”) approved on 07/28/2023 and corresponds to operating cash flow minus acquisitions of property, plant and
equipment, intangible assets and equity interests. For comparative purposes, figures prior to 2Q23 have been adjusted in accordance with
the new Policy.
Debt indicators
As
of 03/31/2024, gross debt reached US$ 61.8 billion, a decrease of 1.2% compared to 12/31/2023.
Average maturity went from 11.38 years on 12/31/2023
to 11.30 years on 03/31/2024 and its average cost varied from 6.4% p.a. to 6.5% p.a. over the same period.
The gross debt/adjusted EBITDA ratio reached
1.22x on 03/31/2024 compared to 1.19x on 12/31/2023.
On 03/31/2024, net debt reached US$43.6 billion,
a decrease of 2.4% compared to 12/31/2023.
Table 10 – Debt indicators
| US$ million |
03.31.2024 |
12.31.2023 |
Δ % |
03.31.2023 |
| Financial Debt |
27,738 |
28,801 |
(3.7) |
29,836 |
| Capital Markets |
16,719 |
17,514 |
(4.5) |
17,011 |
| Banking Market |
8,502 |
8,565 |
(0.7) |
9,741 |
| Development banks |
664 |
698 |
(4.9) |
720 |
| Export Credit Agencies |
1,705 |
1,870 |
(8.8) |
2,201 |
| Others |
148 |
154 |
(3.9) |
163 |
| Finance leases |
34,100 |
33,799 |
0.9 |
23,513 |
| Gross debt |
61,838 |
62,600 |
(1.2) |
53,349 |
| Adjusted cash and cash equivalents |
18,192 |
17,902 |
1.6 |
15,761 |
| Net debt |
43,646 |
44,698 |
(2.4) |
37,588 |
| Net Debt/(Net Debt + Market Cap) - Leverage |
31% |
30% |
3.3 |
37% |
| Average interest rate (% p.a.) |
6.5 |
6.4 |
1.6 |
6.5 |
| Weighted average maturity of outstanding debt (years) |
11.30 |
11.38 |
(0.7) |
12.02 |
| Net debt/LTM Adjusted EBITDA ratio |
0.86 |
0.85 |
1.2 |
0.58 |
| Gross debt/LTM Adjusted EBITDA ratio |
1.22 |
1.19 |
2.4 |
0.82 |
| R$ million |
|
|
|
|
| Financial Debt |
138,587 |
139,431 |
(0.6) |
151,575 |
| Finance Lease |
170,368 |
163,631 |
4.1 |
119,456 |
| Adjusted cash and cash equivalents |
90,890 |
86,670 |
4.9 |
80,068 |
| Net Debt |
218,065 |
216,392 |
0.8 |
190,963 |
Results by segment
Exploration and Production
Table 11 – E&P results
| |
Variation (%) |
| R$ million |
1Q24 |
4Q23 |
1Q23 |
1Q24 X 4Q23 |
1Q24 X 1Q23 |
| Sales revenues |
79,644 |
91,760 |
81,722 |
(13.2) |
(2.5) |
| Gross profit |
46,884 |
54,160 |
48,579 |
(13.4) |
(3.5) |
| Operating expenses |
(3,117) |
(18,550) |
(638) |
(83.2) |
388.6 |
| Operating income |
43,767 |
35,610 |
47,941 |
22.9 |
(8.7) |
| Net income (loss) attributable to the shareholders of Petrobras |
28,975 |
23,638 |
31,742 |
22.6 |
(8.7) |
| Adjusted EBITDA of the segment |
55,396 |
57,533 |
56,592 |
(3.7) |
(2.1) |
| EBITDA margin of the segment (%)* |
70 |
63 |
69 |
7 |
− |
| ROCE (Return on Capital Employed) (%)* |
14.3 |
14.5 |
18.5 |
(0.2) |
(4.2) |
| Average Brent crude (US$/bbl) |
83.24 |
84.05 |
81.27 |
(1.0) |
2.4 |
| Production taxes Brazil |
14,765 |
16,140 |
14,461 |
(8.5) |
2.1 |
| Royalties |
9,268 |
9,628 |
8,362 |
(3.7) |
10.8 |
| Special participation |
5,451 |
6,466 |
6,037 |
(15.7) |
(9.7) |
| Retention of areas |
46 |
46 |
62 |
− |
(25.8) |
| Lifting cost Brazil (US$/boe) |
6.04 |
5.52 |
5.51 |
9.4 |
9.7 |
| Pre-salt |
3.99 |
3.78 |
3.71 |
5.5 |
7.5 |
| Deep and ultra-deep post-salt |
15.18 |
12.12 |
11.45 |
25.2 |
32.6 |
| Onshore and shallow waters |
16.35 |
16.15 |
14.70 |
1.3 |
11.2 |
| Lifting cost + Leases |
8.42 |
7.79 |
7.27 |
8.0 |
15.8 |
| Pre-salt |
6.28 |
6.13 |
5.61 |
2.4 |
11.9 |
| Deep and ultra-deep post-salt |
18.47 |
14.37 |
12.94 |
28.5 |
42.7 |
| Onshore and shallow waters |
16.35 |
16.15 |
14.70 |
1.3 |
11.2 |
| Lifting cost + Production taxes |
20.05 |
19.78 |
19.19 |
1.3 |
4.5 |
| Lifting cost + Production taxes + Leases |
22.43 |
22.05 |
20.95 |
1.7 |
7.0 |
| (*) EBITDA margin and ROCE variations in percentage points. |
In 1Q24, E&P gross profit was R$ 46.9 billion,
a 13% reduction compared to 4Q23, when the result was R$ 54.2 billion. This reduction was mainly due to lower production in the period
and lower Brent prices, partially offset by lower government take.
Operating profit in 1Q24 was R$ 43.8 billion,
23% higher than in 4Q23. This increase is due to higher impairment losses and abandonment provisions, both recorded in the previous quarter.
Regarding government take, there was a reduction
in the quarterly comparison (1Q24 vs. 4Q23), explained by the drop in production and the lower price of Brent.
The lifting cost for 1Q24, excluding government
take and leasing, was US$ 6.04/boe, representing an increase of 9% compared to the last quarter (US$ 5.52/boe). This increase was mainly
influenced by production losses in this period, generated by production stoppages and planned maintenance in the Campos Basin and Santos
Basin, as well as the natural decline of mature fields. In addition, there was an increase in costs due to the intensification of subsea
inspection and maintenance activities in the Campos Basin and Santos Basin.
In the pre-salt, there was a 6% increase in lifting
costs, due to the higher volume of production stoppages and planned maintenance in the period, mainly in the Tupi, Sépia and Sapinhoá
fields in the Santos Basin, associated with higher spending on subsea inspections in the Santos Basin.
In the post-salt, there was a 25% increase in
lifting costs, due to production stoppages and planned maintenance in the period, mainly in the Marlim Sul, Roncador and Barracuda/Caratinga
fields in the Campos Basin, associated with higher spending on subsea inspections in the Campos Basin.
In onshore and shallow water assets, there was
a 1% increase in lifting costs, mainly due to the effect of production, due to the higher volume of downtime losses. This effect was mitigated
by the reduction in maintenance costs in the quarter.
Refining, Transportation
and Marketing
Table 12 - RTM results
| |
|
|
|
Variation (%) (*) |
| R$ million |
1Q24 |
4Q23 |
1Q23 |
1Q24 X 4Q23 |
1Q24 X 1Q23 |
| Sales revenues |
109,905 |
125,208 |
129,052 |
(12.2) |
(14.8) |
| Gross profit (loss) |
10,934 |
10,777 |
15,449 |
1.5 |
(29.2) |
| Operating expenses |
(4,143) |
(4,773) |
(6,141) |
(13.2) |
(32.5) |
| Operating Income |
6,791 |
6,004 |
9,308 |
13.1 |
(27.0) |
| Net income (loss) attributable to the shareholders of Petrobras |
3,837 |
3,531 |
6,209 |
8.7 |
(38.2) |
| Adjusted EBITDA of the segment |
9,875 |
9,730 |
12,351 |
1.5 |
(20.0) |
| EBITDA margin of the segment (%) |
9 |
8 |
10 |
1 |
(1) |
| ROCE (Return on Capital Employed) (%) |
5.1 |
5.6 |
11.7 |
(0.5) |
(6.6) |
| Refining cost (US$/barrel) - Brazil |
2.63 |
2.75 |
2.12 |
(4.4) |
24.1 |
| Refining cost (R$/barrel) - Brazil |
13.05 |
13.52 |
11.06 |
(3.5) |
18.0 |
| Domestic basic oil by-products price (R$/bbl) |
476.14 |
516.70 |
568.99 |
(7.8) |
(16.3) |
| (*) EBITDA margin and ROCE variations in percentage points. |
In 1Q24, the gross profit was
1.5% higher than in 4Q23, mainly due to the effect of inventory turnover: in 1Q24 there was a positive variation in Brent, while in 4Q23
there was a negative variation in Brent. The estimated effect in 1Q24 was a positive R$ 2.2 billion compared to a negative R$ 1 billion
in 4Q23. Excluding this effect, gross profit would have been US$ 1.6 billion in 1Q24 against R$ 11.8 billion in 4Q23.
There was a lower volume of
sales of oil products on the domestic market, mainly diesel, due to the seasonality of consumption and the increase in biodiesel content,
and gasoline, due to the seasonality of consumption and the higher competitiveness of ethanol between quarters. There was also a higher
volume of oil exports as a result of less processing.
In 1Q24, operating profit was
higher than in 4Q23, reflecting higher gross profit and lower operating expenses, mainly impairment in 4Q23.
In 1Q24, the unit cost of refining in R$/barrel
was 3.5% lower than in 4Q23 due to lower absolute costs, and the highlights were the reductions in materials and services related to maintenance
and upkeep, and lower personnel expenses in 1Q24. Throughput was lower in 1Q24 compared to 4Q23, in a period of lower seasonal demand
and scheduled maintenance stoppages.
Gas and Low Carbon Energies
Table 13 – G&LCE results
| |
|
|
|
Variation (%) (*) |
| R$ million |
1Q24 |
4Q23 |
1Q23 |
1Q24 X 4Q23 |
1Q24 X 1Q23 |
| Sales revenues |
11,989 |
14,139 |
14,823 |
(15.2) |
(19.1) |
| Gross profit |
6,151 |
7,093 |
7,202 |
(13.3) |
(14.6) |
| Operating expenses |
(4,406) |
(4,623) |
(4,051) |
(4.7) |
8.8 |
| Operating income |
1,745 |
2,470 |
3,151 |
(29.4) |
(44.6) |
| Net income (loss) attributable to the shareholders of Petrobras |
1,191 |
1,523 |
2,010 |
(21.8) |
(40.7) |
| Adjusted EBITDA of the segment |
2,405 |
3,532 |
3,833 |
(31.9) |
(37.3) |
| EBITDA margin of the segment (%) |
20 |
25 |
26 |
(5) |
(6) |
| ROCE (Return on Capital Employed) (%) |
9.0 |
10.4 |
10.7 |
(1.4) |
(1.7) |
| Natural gas sales price - Brazil (US$/bbl) |
67.88 |
62.60 |
73.27 |
8.4 |
(7.4) |
| Natural gas sales price - Brazil (US$/MMBtu) |
11.45 |
10.56 |
12.35 |
8.4 |
(7.3) |
| Fixed revenues from power auctions (**) |
318 |
441 |
424 |
(27.9) |
(25.0) |
| Average price of electricity (R$/MWh) |
311.10 |
329.21 |
60.64 |
(5.5) |
413.0 |
| (*) EBITDA margin and ROCE variations in percentage points. |
| (**) The fixed revenue from auctions takes into account the remuneration for thermal availability and inflexible electricity committed in auctions. |
Gross profit in 1Q24 was 13% lower than in 4Q23,
mainly due to inter-segment revenues with annual commitments in December 2023, as well as lower natural gas sales volumes and the ending
of energy contracts during 1Q24.
Operating profit in 1Q24 was 29% lower than in
4Q23, impacted mainly by lower gross profit, which was partially offset by lower operating expenses with impairment.
Reconciliation of
Adjusted EBITDA
EBITDA is an indicator calculated as the net
income for the period plus taxes on profit, net financial result, depreciation and amortization. Petrobras announces EBITDA, as authorized
by CVM Resolution 156 of June 2022.
In order to reflect the management view regarding
the formation of the company's current business results, EBITDA is also presented adjusted (Adjusted EBITDA) as a result of: results in
equity-accounted investments; impairment, reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments,
results with co-participation agreement in production fields and gains/losses on disposal/write-offs of assets.
Adjusted EBITDA, reflecting the sum of the
last twelve months (Last Twelve Months), also represents an alternative to the company's operating cash generation. This measure is used
to calculate the Gross Debt and Net Debt to Adjusted EBITDA metric, helping to evaluate the company's leverage and liquidity.
EBITDA and adjusted EBITDA are not provided for in
International Financial Reporting Standards (IFRS) and should not serve as a basis for comparison with those disclosed by other companies
and should not be considered as a substitute for any other measure calculated in accordance with IFRS. These measures should be considered
in conjunction with other measures and indicators for a better understanding of the company's performance and financial condition.
Table 14 - Reconciliation of Adjusted EBITDA
| |
|
|
|
Variation (%) (*) |
| R$ million |
1Q24 |
4Q23 |
1Q23 |
1Q24 X 4Q23 |
1Q24 X 1Q23 |
| Net income |
23,810 |
31,163 |
38,307 |
(23.6) |
(37.8) |
| Net finance (expense) income |
9,579 |
(1,368) |
3,200 |
− |
199.3 |
| Income taxes |
10,638 |
9,833 |
18,690 |
8.2 |
(43.1) |
| Depreciation, depletion and amortization |
16,648 |
17,981 |
15,186 |
(7.4) |
9.6 |
| EBITDA |
60,675 |
57,609 |
75,383 |
5.3 |
(19.5) |
| Results in equity-accounted investments |
457 |
343 |
(181) |
33.2 |
− |
| Impairment of assets (reversals) |
(45) |
10,763 |
16 |
− |
− |
| Results from co-participation agreements in bid areas |
(237) |
(1,163) |
(144) |
(79.6) |
(90.8) |
| Results on disposal/write-offs of assets |
(806) |
(700) |
(2,577) |
15.1 |
− |
| Adjusted EBITDA |
60,044 |
66,852 |
72,497 |
(10.2) |
(58.6) |
| |
|
|
|
|
|
| Adjusted EBITDA margin (%) |
51 |
50 |
52 |
1.0 |
(53.3) |
| (*) EBITDA Margin variations in percentage points. |
Financial statements
Table 15 - Income statement - Consolidated
| R$ million |
1Q24 |
4Q23 |
1Q23 |
| Sales revenues |
117,721 |
134,258 |
139,068 |
| Cost of sales |
(57,020) |
(61,632) |
(65,757) |
| Gross profit |
60,701 |
72,626 |
73,311 |
| Selling expenses |
(6,606) |
(6,583) |
(6,344) |
| General and administrative expenses |
(2,216) |
(2,249) |
(1,855) |
| Exploration costs |
(670) |
(766) |
(817) |
| Research and development expenses |
(908) |
(1,061) |
(800) |
| Other taxes |
(695) |
(1,216) |
(1,039) |
| Impairment (losses) reversals, net |
45 |
(10,763) |
(16) |
| Other income and expenses, net |
(5,167) |
(10,017) |
(2,424) |
| |
(16,217) |
(32,655) |
(13,295) |
| Operating income |
44,484 |
39,971 |
60,016 |
| Finance income |
2,736 |
2,915 |
2,419 |
| Finance expenses |
(5,310) |
(5,180) |
(4,387) |
| Foreign exchange gains (losses) and inflation indexation charges |
(7,005) |
3,633 |
(1,232) |
| Net finance income (expense) |
(9,579) |
1,368 |
(3,200) |
| Results of equity-accounted investments |
(457) |
(343) |
181 |
| Income before income taxes |
34,448 |
40,996 |
56,997 |
| Income taxes |
(10,638) |
(9,833) |
(18,690) |
| Net Income |
23,810 |
31,163 |
38,307 |
| Net income attributable to: |
|
|
|
| Shareholders of Petrobras |
23,700 |
31,043 |
38,156 |
| Non-controlling interests |
110 |
120 |
151 |
| |
|
|
|
Table 16 - Statement of financial position
– Consolidated
| ASSETS - R$ million |
03.31.2024 |
12.31.2023 |
| Current assets |
165,964 |
157,079 |
| Cash and cash equivalents |
57,689 |
61,613 |
| Marketable securities |
24,072 |
13,650 |
| Trade and other receivables, net |
25,184 |
29,702 |
| Inventories |
40,849 |
37,184 |
| Recoverable taxes |
7,701 |
5,703 |
| Assets classified as held for sale |
1,672 |
1,624 |
| Other current assets |
8,797 |
7,603 |
| Non-current assets |
901,328 |
893,809 |
| Long-term receivables |
129,858 |
129,735 |
| Trade and other receivables, net |
7,302 |
8,942 |
| Marketable securities |
9,394 |
11,661 |
| Judicial deposits |
74,049 |
71,390 |
| Deferred taxes |
5,829 |
4,672 |
| Other tax assets |
22,067 |
21,861 |
| Other non-current assets |
11,217 |
11,209 |
| Investments |
6,168 |
6,574 |
| Property, plant and equipment |
750,483 |
742,774 |
| Intangible assets |
14,819 |
14,726 |
| Total assets |
1,067,292 |
1,050,888 |
| |
|
|
| |
|
|
| LIABILITIES - R$ million |
03.31.2024 |
12.31.2023 |
| Current liabilities |
153,876 |
163,928 |
| Trade payables |
25,801 |
23,302 |
| Finance debt |
24,552 |
20,923 |
| Lease liability |
37,246 |
34,858 |
| Taxes payable |
24,786 |
26,463 |
| Dividends payable |
99 |
17,134 |
| Provision for decommissioning costs |
10,261 |
9,837 |
| Short-term employee benefits |
13,970 |
14,194 |
| Liabilities related to assets classified as held for sale |
2,613 |
2,621 |
| Other current liabilities |
14,548 |
14,596 |
| Non-current liabilities |
503,494 |
504,620 |
| Finance debt |
114,035 |
118,508 |
| Lease liability |
133,122 |
128,773 |
| Income taxes payable |
1,396 |
1,446 |
| Deferred taxes |
50,160 |
52,820 |
| Employee benefits |
76,494 |
75,421 |
| Provision for legal and administrative proceedings |
16,834 |
16,000 |
| Provision for decommissioning costs |
101,811 |
102,493 |
| Other non-current liabilities |
9,642 |
9,159 |
| Shareholders' equity |
409,922 |
382,340 |
| Attributable to the shareholders of Petrobras |
407,636 |
380,441 |
| Share capital (net of share issuance costs) |
205,432 |
205,432 |
| Capital reserve and capital transactions |
(1,685) |
(538) |
| Profit reserves |
182,873 |
159,171 |
| Accumulated other comprehensive deficit |
21,016 |
16,376 |
| Attributable to non-controlling interests |
2,286 |
1,899 |
| Total liabilities and shareholders´ equity |
1,067,292 |
1,050,888 |
Table 17 - Statement of cash flow –
Consolidated
| R$ million |
1Q24 |
4Q23 |
1Q23 |
| Cash flows from operating activities |
|
|
|
| Net income for the period |
23,810 |
31,163 |
38,307 |
| Adjustments for: |
|
|
|
| Pension and medical benefits - actuarial losses |
2,145 |
1,925 |
1,924 |
| Results of equity-accounted investments |
457 |
343 |
(181) |
| Depreciation, depletion and amortization |
16,648 |
17,981 |
15,186 |
| Impairment of assets (reversals) |
(45) |
10,763 |
16 |
| Inventory write down (write-back) to net realizable value |
(216) |
(14) |
(44) |
| Allowance for credit loss on trade and other receivables |
151 |
(42) |
125 |
| Exploratory expenditure write-offs |
248 |
56 |
165 |
| Gain on disposal/write-offs of assets |
(806) |
(700) |
(2,577) |
| Foreign exchange, indexation and finance charges |
9,561 |
(1,450) |
3,377 |
| Income taxes |
10,638 |
9,833 |
18,690 |
| Revision and unwinding of discount on the provision for decommissioning costs |
1,385 |
6,818 |
1,102 |
| Results from co-participation agreements in bid areas |
(237) |
(1,163) |
(144) |
| Early termination and cash outflows revision of lease agreements |
(342) |
(264) |
(868) |
| Losses with legal, administrative and arbitration proceedings, net |
1,398 |
613 |
1,319 |
| Decrease (Increase) in assets |
|
|
|
| Trade and other receivables |
2,913 |
(2,366) |
2,146 |
| Inventories |
(3,115) |
2,060 |
5,127 |
| Judicial deposits |
(1,424) |
(3,138) |
(2,093) |
| Other assets |
183 |
754 |
570 |
| Increase (Decrease) in liabilities |
|
|
|
| Trade payables |
2,025 |
309 |
(2,467) |
| Other taxes payable |
(2,530) |
(229) |
(1,129) |
| Pension and medical benefits |
(1,006) |
(1,212) |
(925) |
| Provisions for legal proceedings |
(389) |
(1,105) |
(444) |
| Other employee benefits |
(292) |
959 |
181 |
| Provision for decommissioning costs |
(1,304) |
(1,511) |
(855) |
| Other liabilities |
(395) |
(968) |
(514) |
| Income taxes paid |
(12,980) |
(11,757) |
(22,235) |
| Net cash provided by operating activities |
46,481 |
57,658 |
53,759 |
| Cash flows from investing activities |
|
|
|
| Acquisition of PP&E and intangible assets |
(14,049) |
(17,794) |
(12,592) |
| Acquisition of equity interests |
(4) |
(10) |
(41) |
| Proceeds from disposal of assets - Divestment |
2,801 |
207 |
9,646 |
| Financial compensation from co-participation agreements |
1,951 |
− |
2,032 |
| Investment in marketable securities |
(7,260) |
1,556 |
(4,838) |
| Dividends received |
121 |
64 |
55 |
| Net cash (used in) provided by investing activities |
(16,440) |
(15,977) |
(5,738) |
| Cash flows from financing activities |
|
|
|
| Changes in non-controlling interest |
463 |
502 |
(392) |
| Financing and loans, net: |
|
|
|
| Proceeds from finance debt |
8 |
4,459 |
263 |
| Repayment of principal - finance debt |
(5,006) |
(8,613) |
(3,894) |
| Repayment of interest - finance debt |
(2,932) |
(2,018) |
(2,964) |
| Repayment of lease liability |
(9,504) |
(8,861) |
(7,223) |
| Dividends paid to Shareholders of Petrobras |
(17,182) |
(21,724) |
(21,803) |
| Share repurchase program |
(1,147) |
(2,669) |
− |
| Dividends paid to non-controlling interests |
(282) |
(4) |
(248) |
| Net cash used in financing activities |
(35,582) |
(38,928) |
(36,261) |
| Effect of exchange rate changes on cash and cash equivalents |
1,617 |
(1,782) |
(1,206) |
| Net change in cash and cash equivalents |
(3,924) |
971 |
10,554 |
| Cash and cash equivalents at the beginning of the period |
61,613 |
60,642 |
41,723 |
| Cash and cash equivalents at the end of the period |
57,689 |
61,613 |
52,277 |
| |
Financial information
by business areas
Table 18 - Consolidated income by segment – 1Q24
| R$ million |
E&P |
RTM |
Gas & Low Carbon Energies (G&LCE) |
CORP. |
ELIMIN. |
TOTAL |
| Sales revenues |
79,644 |
109,905 |
11,989 |
379 |
(84,196) |
117,721 |
| Intersegments |
79,124 |
1,499 |
3,564 |
9 |
(84,196) |
− |
| Third parties |
520 |
108,406 |
8,425 |
370 |
− |
117,721 |
| Cost of sales |
(32,760) |
(98,971) |
(5,838) |
(362) |
80,911 |
(57,020) |
| Gross profit |
46,884 |
10,934 |
6,151 |
17 |
(3,285) |
60,701 |
| Expenses |
(3,117) |
(4,143) |
(4,406) |
(4,551) |
− |
(16,217) |
| Selling expenses |
(4) |
(2,732) |
(3,806) |
(64) |
− |
(6,606) |
| General and administrative expenses |
(101) |
(417) |
(139) |
(1,559) |
− |
(2,216) |
| Exploration costs |
(670) |
− |
− |
− |
− |
(670) |
| Research and development expenses |
(690) |
(8) |
(3) |
(207) |
− |
(908) |
| Other taxes |
(98) |
(34) |
(25) |
(538) |
− |
(695) |
| Impairment (losses) reversals, net |
(21) |
− |
− |
66 |
− |
45 |
| Other income and expenses, net |
(1,533) |
(952) |
(433) |
(2,249) |
− |
(5,167) |
| Operating income (loss) |
43,767 |
6,791 |
1,745 |
(4,534) |
(3,285) |
44,484 |
| Net finance income (expense) |
− |
− |
− |
(9,579) |
− |
(9,579) |
| Results of equity-accounted investments |
85 |
(645) |
107 |
(4) |
− |
(457) |
| Income (loss) before income taxes |
43,852 |
6,146 |
1,852 |
(14,117) |
(3,285) |
34,448 |
| Income taxes |
(14,881) |
(2,309) |
(593) |
6,028 |
1,117 |
(10,638) |
| Net income (loss) |
28,971 |
3,837 |
1,259 |
(8,089) |
(2,168) |
23,810 |
| Net income (loss) attributable to: |
|
|
|
|
|
|
| Shareholders of Petrobras |
28,975 |
3,837 |
1,191 |
(8,135) |
(2,168) |
23,700 |
| Non-controlling interests |
(4) |
− |
68 |
46 |
− |
110 |
Table 19 - Consolidated income by segment – 1Q23
| R$ million |
E&P |
RTM |
Gas & Low Carbon Energies (G&LCE) |
CORP. |
ELIMIN. |
TOTAL |
| Sales revenues |
81,722 |
129,052 |
14,823 |
388 |
(86,917) |
139,068 |
| Intersegments |
80,267 |
2,462 |
4,181 |
7 |
(86,917) |
− |
| Third parties |
1,455 |
126,590 |
10,642 |
381 |
− |
139,068 |
| Cost of sales |
(33,143) |
(113,603) |
(7,621) |
(398) |
89,008 |
(65,757) |
| Gross profit |
48,579 |
15,449 |
7,202 |
(10) |
2,091 |
73,311 |
| Expenses |
(638) |
(6,141) |
(4,051) |
(2,442) |
(23) |
(13,295) |
| Selling expenses |
(35) |
(2,775) |
(3,390) |
(121) |
(23) |
(6,344) |
| General and administrative expenses |
(86) |
(405) |
(79) |
(1,285) |
− |
(1,855) |
| Exploration costs |
(817) |
− |
− |
− |
− |
(817) |
| Research and development expenses |
(645) |
(10) |
(7) |
(138) |
− |
(800) |
| Other taxes |
(90) |
(558) |
(46) |
(345) |
− |
(1,039) |
| Impairment (losses) reversals, net |
70 |
(86) |
− |
− |
− |
(16) |
| Other income and expenses, net |
965 |
(2,307) |
(529) |
(553) |
− |
(2,424) |
| Operating income (loss) |
47,941 |
9,308 |
3,151 |
(2,452) |
2,068 |
60,016 |
| Net finance income (expense) |
− |
− |
− |
(3,200) |
− |
(3,200) |
| Results of equity-accounted investments |
94 |
66 |
23 |
(2) |
− |
181 |
| Income (loss) before income taxes |
48,035 |
9,374 |
3,174 |
(5,654) |
2,068 |
56,997 |
| Income taxes |
(16,300) |
(3,165) |
(1,071) |
2,550 |
(704) |
(18,690) |
| Net income (loss) |
31,735 |
6,209 |
2,103 |
(3,104) |
1,364 |
38,307 |
| Net income (loss) attributable to: |
|
|
|
|
|
|
| Shareholders of Petrobras |
31,742 |
6,209 |
2,010 |
(3,169) |
1,364 |
38,156 |
| Non-controlling interests |
(7) |
− |
93 |
65 |
− |
151 |
Table 20 - Quarterly consolidated income by segment – 4Q23
| R$ million |
E&P |
RTM |
Gas & Low Carbon Energies (G&LCE) |
CORP. |
ELIMIN. |
TOTAL |
| Sales revenues |
91,760 |
125,208 |
14,139 |
549 |
(97,398) |
134,258 |
| Intersegments |
91,140 |
1,682 |
4,561 |
15 |
(97,398) |
− |
| Third parties |
620 |
123,526 |
9,578 |
534 |
− |
134,258 |
| Cost of sales |
(37,600) |
(114,431) |
(7,046) |
(568) |
98,013 |
(61,632) |
| Gross profit |
54,160 |
10,777 |
7,093 |
(19) |
615 |
72,626 |
| Expenses |
(18,550) |
(4,773) |
(4,623) |
(4,709) |
− |
(32,655) |
| Selling expenses |
(2) |
(2,857) |
(3,663) |
(61) |
− |
(6,583) |
| General and administrative expenses |
(169) |
(424) |
(140) |
(1,516) |
− |
(2,249) |
| Exploration costs |
(766) |
− |
− |
− |
− |
(766) |
| Research and development expenses |
(830) |
(4) |
(9) |
(218) |
− |
(1,061) |
| Other taxes |
(413) |
(75) |
(92) |
(636) |
− |
(1,216) |
| Impairment (losses) reversals, net |
(9,839) |
(528) |
(397) |
1 |
− |
(10,763) |
| Other income and expenses, net |
(6,531) |
(885) |
(322) |
(2,279) |
− |
(10,017) |
| Operating income (loss) |
35,610 |
6,004 |
2,470 |
(4,728) |
615 |
39,971 |
| Net finance income (expense) |
− |
− |
− |
1,368 |
− |
1,368 |
| Results of equity-accounted investments |
130 |
(431) |
(34) |
(8) |
− |
(343) |
| Income (loss) before income taxes |
35,740 |
5,573 |
2,436 |
(3,368) |
615 |
40,996 |
| Income taxes |
(12,107) |
(2,042) |
(839) |
5,364 |
(209) |
(9,833) |
| Net income (loss) |
23,633 |
3,531 |
1,597 |
1,996 |
406 |
31,163 |
| Net income (loss) attributable to: |
|
|
|
|
|
|
| Shareholders of Petrobras |
23,638 |
3,531 |
1,523 |
1,945 |
406 |
31,043 |
| Non-controlling interests |
(5) |
− |
74 |
51 |
− |
120 |
Table 21 - Other income and expenses by
segment – 1Q24
| R$ million |
E&P |
RTM |
Gas & Low Carbon Energies (G&LCE) |
CORP. |
ELIMIN. |
TOTAL |
| Unscheduled stoppages and pre-operating expenses |
(3,008) |
(129) |
(73) |
(23) |
− |
(3,233) |
| Pension and medical benefits - retirees |
− |
− |
− |
(1,531) |
− |
(1,531) |
| Losses with legal, administrative and arbitration proceedings |
(417) |
(476) |
(20) |
(485) |
− |
(1,398) |
| Profit sharing |
(354) |
(236) |
(46) |
(237) |
− |
(873) |
| Variable compensation programs |
(158) |
(100) |
(22) |
(110) |
− |
(390) |
| Operating expenses with thermoelectric power plants |
− |
− |
(326) |
− |
− |
(326) |
| Institutional relations and cultural projects |
− |
(4) |
− |
(132) |
− |
(136) |
| Expenses with contractual fines received |
(30) |
− |
(53) |
− |
− |
(83) |
| Gains/(losses) with Commodities Derivatives |
− |
23 |
2 |
− |
− |
25 |
| Amounts recovered from Lava Jato investigation |
− |
− |
− |
26 |
− |
26 |
| Ship/take or pay agreements and fines imposed to suppliers |
7 |
63 |
158 |
5 |
− |
233 |
| Results from co-participation agreements in bid areas |
237 |
− |
− |
− |
− |
237 |
| Fines imposed on suppliers |
242 |
14 |
3 |
17 |
− |
276 |
| Early termination and changes to cash flow estimates of leases |
331 |
9 |
(5) |
7 |
− |
342 |
| Government grants |
4 |
− |
3 |
378 |
− |
385 |
| Reimbursements from E&P partnership operations |
774 |
− |
− |
− |
− |
774 |
| Results on disposal/write-offs of assets |
683 |
123 |
96 |
(96) |
− |
806 |
| Others |
156 |
(239) |
(150) |
(68) |
− |
(301) |
| |
(1,533) |
(952) |
(433) |
(2,249) |
− |
(5,167) |
Table 22 - Other income and expenses by segment – 1Q23
| R$ million |
E&P |
RTM |
Gas & Low Carbon Energies (G&LCE) |
CORP. |
ELIMIN. |
TOTAL |
| Unscheduled stoppages and pre-operating expenses |
(2,478) |
(27) |
(54) |
(35) |
− |
(2,594) |
| Pension and medical benefits - retirees |
− |
− |
− |
(1,460) |
− |
(1,460) |
| Losses with legal, administrative and arbitration proceedings |
(302) |
(1,101) |
36 |
48 |
− |
(1,319) |
| Profit sharing |
(73) |
(45) |
(9) |
(53) |
− |
(180) |
| Variable compensation programs |
(288) |
(161) |
(36) |
(240) |
− |
(725) |
| Operating expenses with thermoelectric power plants |
− |
− |
(212) |
− |
− |
(212) |
| Institutional relations and cultural projects |
− |
(3) |
− |
(110) |
− |
(113) |
| Expenses with contractual fines received |
(11) |
8 |
(318) |
− |
− |
(321) |
| Gains/(losses) with Commodities Derivatives |
− |
441 |
(36) |
5 |
− |
410 |
| Amounts recovered from Lava Jato investigation |
− |
− |
− |
463 |
− |
463 |
| Ship/take or pay agreements and fines imposed to suppliers |
3 |
58 |
110 |
2 |
− |
173 |
| Results from co-participation agreements in bid areas |
144 |
− |
− |
− |
− |
144 |
| Fines imposed on suppliers |
194 |
22 |
− |
8 |
− |
224 |
| Early termination and changes to cash flow estimates of leases |
439 |
420 |
5 |
4 |
− |
868 |
| Government grants |
7 |
− |
− |
531 |
− |
538 |
| Reimbursements from E&P partnership operations |
835 |
− |
− |
− |
− |
835 |
| Results on disposal/write-offs of assets |
2,637 |
(58) |
(39) |
37 |
− |
2,577 |
| Others (*) |
(142) |
(1,861) |
24 |
247 |
− |
(1,732) |
| |
965 |
(2,307) |
(529) |
(553) |
− |
(2,424) |
| (*) It includes, in 2023, expenses with compensation for the termination of a vessel charter agreement in the amount of R$ 1,654. |
| |
Table 23 - Other income and expenses by segment – 4Q23
| R$ million |
E&P |
RTM |
Gas & Low Carbon Energies (G&LCE) |
CORP. |
ELIMIN. |
TOTAL |
| Unscheduled stoppages and pre-operating expenses |
(2,559) |
(28) |
(75) |
(27) |
− |
(2,689) |
| Pension and medical benefits - retirees |
− |
− |
− |
(1,460) |
− |
(1,460) |
| Losses with legal, administrative and arbitration proceedings |
(201) |
(304) |
(42) |
(66) |
− |
(613) |
| Profit sharing |
(1,082) |
(506) |
(134) |
(666) |
− |
(2,388) |
| Variable compensation programs |
161 |
(7) |
25 |
80 |
− |
259 |
| Operating expenses with thermoelectric power plants |
− |
− |
(273) |
− |
− |
(273) |
| Institutional relations and cultural projects |
− |
(6) |
− |
(330) |
− |
(336) |
| Expenses with contractual fines received |
(19) |
(8) |
(173) |
− |
− |
(200) |
| Gains/(losses) with Commodities Derivatives |
− |
155 |
− |
(2) |
− |
153 |
| Amounts recovered from Lava Jato investigation |
49 |
− |
− |
1 |
− |
50 |
| Ship/take or pay agreements and fines imposed to suppliers |
4 |
48 |
435 |
3 |
− |
490 |
| Results from co-participation agreements in bid areas |
1,163 |
− |
− |
− |
− |
1,163 |
| Fines imposed on suppliers |
216 |
36 |
15 |
36 |
− |
303 |
| Early termination and changes to cash flow estimates of leases |
226 |
34 |
5 |
(1) |
− |
264 |
| Government grants |
4 |
1 |
− |
282 |
− |
287 |
| Reimbursements from E&P partnership operations |
705 |
− |
− |
− |
− |
705 |
| Results on disposal/write-offs |
803 |
(116) |
22 |
(9) |
− |
700 |
| Others |
(6,001) |
(184) |
(127) |
(120) |
− |
(6,432) |
| |
(6,531) |
(885) |
(322) |
(2,279) |
− |
(10,017) |
| |
| |
Table 24 - Consolidated assets by segment
– 03.31.2024
| R$ million |
E&P |
RTM |
Gas & Low Carbon Energies (G&LCE) |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
| Total assets |
677,994 |
173,398 |
35,987 |
207,948 |
(28,035) |
1,067,292 |
| |
|
|
|
|
|
|
| Current assets |
12,240 |
58,666 |
2,164 |
120,929 |
(28,035) |
165,964 |
| Non-current assets |
665,754 |
114,732 |
33,823 |
87,019 |
− |
901,328 |
| Long-term receivables |
45,407 |
10,440 |
403 |
73,608 |
− |
129,858 |
| Investments |
1,692 |
3,434 |
762 |
280 |
− |
6,168 |
| Property, plant and equipment |
606,815 |
100,182 |
32,279 |
11,207 |
− |
750,483 |
| Operating assets |
520,895 |
85,994 |
19,619 |
8,522 |
− |
635,030 |
| Assets under construction |
85,920 |
14,188 |
12,660 |
2,685 |
− |
115,453 |
| Intangible assets |
11,840 |
676 |
379 |
1,924 |
− |
14,819 |
Table 25 - Consolidated assets by segment – 12.31.2023
| R$ million |
E&P |
RTM |
Gas & Low Carbon Energies (G&LCE) |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
| Total assets |
672,303 |
168,489 |
32,806 |
202,840 |
(25,550) |
1,050,888 |
| |
|
|
|
|
|
|
| Current assets |
13,574 |
53,265 |
1,793 |
113,997 |
(25,550) |
157,079 |
| Non-current assets |
658,729 |
115,224 |
31,013 |
88,843 |
− |
893,809 |
| Long-term receivables |
43,705 |
10,014 |
400 |
75,616 |
− |
129,735 |
| Investments |
1,667 |
3,926 |
703 |
278 |
− |
6,574 |
| Property, plant and equipment |
601,553 |
100,629 |
29,539 |
11,053 |
− |
742,774 |
| Operating assets |
524,822 |
87,762 |
17,454 |
8,570 |
− |
638,608 |
| Assets under construction |
76,731 |
12,867 |
12,085 |
2,483 |
− |
104,166 |
| Intangible assets |
11,804 |
655 |
371 |
1,896 |
− |
14,726 |
Table 26 - Reconciliation of Adjusted EBITDA
by segment – 1Q24
| R$ million |
E&P |
RTM |
Gas & Low Carbon Energies (G&LCE) |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
| Net income (loss) |
28,971 |
3,837 |
1,259 |
(8,089) |
(2,168) |
23,810 |
| Net finance income (expense) |
− |
− |
− |
9,579 |
− |
9,579 |
| Income taxes |
14,881 |
2,309 |
593 |
(6,028) |
(1,117) |
10,638 |
| Depreciation, depletion and amortization |
12,528 |
3,207 |
756 |
157 |
− |
16,648 |
| EBITDA |
56,380 |
9,353 |
2,608 |
(4,381) |
(3,285) |
60,675 |
| Results in equity-accounted investments |
(85) |
645 |
(107) |
4 |
− |
457 |
| Impairment of assets (reversals), net |
21 |
− |
− |
(66) |
− |
(45) |
| Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
− |
− |
| Results from co-participation agreements in bid areas |
(237) |
− |
− |
− |
− |
(237) |
| Results on disposal/write-offs of assets |
(683) |
(123) |
(96) |
96 |
− |
(806) |
| Adjusted EBITDA |
55,396 |
9,875 |
2,405 |
(4,347) |
(3,285) |
60,044 |
Table 27 - Reconciliation of Adjusted EBITDA by segment – 1Q23
| R$ million |
E&P |
RTM |
Gas & Low Carbon Energies (G&LCE) |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
| Net income (loss) |
31,735 |
6,209 |
2,103 |
(3,104) |
1,364 |
38,307 |
| Net finance income (expense) |
− |
− |
− |
3,200 |
− |
3,200 |
| Income taxes |
16,300 |
3,165 |
1,071 |
(2,550) |
704 |
18,690 |
| Depreciation, depletion and amortization |
11,502 |
2,899 |
643 |
142 |
− |
15,186 |
| EBITDA |
59,537 |
12,273 |
3,817 |
(2,312) |
2,068 |
75,383 |
| Results in equity-accounted investments |
(94) |
(66) |
(23) |
2 |
− |
(181) |
| Impairment of assets (reversals), net |
(70) |
86 |
− |
− |
− |
16 |
| Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
− |
− |
| Results from co-participation agreements in bid areas |
(144) |
− |
− |
− |
− |
(144) |
| Results on disposal/write-offs of assets |
(2,637) |
58 |
39 |
(37) |
− |
(2,577) |
| Adjusted EBITDA |
56,592 |
12,351 |
3,833 |
(2,347) |
2,068 |
72,497 |
Table 28 - Reconciliation of Adjusted EBITDA by segment – 4Q23
| $ million |
E&P |
RTM |
Gas & Low Carbon Energies (G&LCE) |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
| Net income (loss) |
23,633 |
3,531 |
1,597 |
1,996 |
406 |
31,163 |
| Net finance income (expense) |
− |
− |
− |
(1,368) |
− |
(1,368) |
| Income taxes |
12,107 |
2,042 |
839 |
(5,364) |
209 |
9,833 |
| Depreciation, depletion and amortization |
14,050 |
3,082 |
687 |
162 |
− |
17,981 |
| EBITDA |
49,790 |
8,655 |
3,123 |
(4,574) |
615 |
57,609 |
| Results in equity-accounted investments |
(130) |
431 |
34 |
8 |
− |
343 |
| Impairment of assets (reversals), net |
9,839 |
528 |
397 |
(1) |
− |
10,763 |
| Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
− |
− |
| Results from co-participation agreements in bid areas |
(1,163) |
− |
− |
− |
− |
(1,163) |
| Results on disposal/write-offs of assets |
(803) |
116 |
(22) |
9 |
− |
(700) |
| Adjusted EBITDA |
57,533 |
9,730 |
3,532 |
(4,558) |
615 |
66,852 |
Glossary
ACL - Ambiente de Contratação
Livre (Free contracting market) in the electricity system.
ACR - Ambiente de Contratação
Regulada (Regulated contracting market) in the electricity system.
Adjusted cash and cash equivalents - Sum of
cash and cash equivalents and investments in securities in domestic and international markets that have high liquidity, i.e., convertible
into cash within 3 months, even if maturity is longer than 12 months, held for the purpose of complying with cash commitments. This measure
is not defined under the International Financial Reporting Standards – IFRS and should not be considered in isolation or as a substitute
for cash and cash equivalents computed in accordance with IFRS. It may not be comparable to adjusted cash and cash equivalents of other
companies, however management believes that it is an appropriate supplemental measure to assess our liquidity and supports leverage management.
Adjusted EBITDA - Adjusted EBITDA (a non-GAAP measure
defined as net income plus net finance income (expense); income taxes; depreciation, depletion and amortization; results in equity-accounted
investments; impairment of assets (reversals); results on disposal/write-offs of assets, remeasurement of investment retained with loss
of control and reclassification of CTA; and results from co-participation agreements in bid areas).
Adjusted EBITDA margin - Adjusted EBITDA divided
by sales revenues.
Basic and diluted earnings (losses) per share
- Calculated based on the weighted average number of shares.
CAPEX – Capital Expenditure –
investments that encompasses acquisition of property, plant, and equipment, including costs with leasing, intangible assets, investments
in subsidiaries and affiliates, costs with geology and geophysics and pre-operating costs.
Consolidated Structured Entities – Entities
that have been designated so that voting rights or the like are not the determining factor in deciding who controls the entity. Petrobras
has no equity interest in certain structured entities that are consolidated in the Company's financial statements, but control is determined
by the power it has over its relevant operating activities. As there is no equity interest, the income from certain consolidated structured
entities is attributable to non-controlling shareholders in the income statement, and disregarding the profit or loss attributable to
Petrobras shareholders.
CTA – Cumulative translation adjustment
– The cumulative amount of exchange variation arising on translation of foreign operations that is recognized in Shareholders’
Equity and will be transferred to profit or loss on the disposal of the investment.
Effect of average cost in the Cost of Sales
– In view of the average inventory term of 60 days, the crude oil and oil products international prices movement, as well as foreign
exchange effect over imports, production taxes and other factors that impact costs, do not entirely influence the cost of sales in the
current period, having their total effects only in the following period.
Free cash flow – Corresponds to operating
cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. Free cash flow is not defined under
the IFRS and should not be considered in isolation or as a substitute for cash and cash equivalents calculated in accordance with IFRS.
It may not be comparable to free cash flow of other companies, however management believes that it is an appropriate supplemental measure
to assess our liquidity and supports leverage management.
Investments – Capital expenditures based on
the cost assumptions and financial methodology adopted in our Business and Management Plan, which include acquisition of PP&E, including
expenses with leasing, intangibles assets, investment in investees and other items that do not necessarily qualify as cash flows used
in investing activities, primarily geological and geophysical expenses, pre-operating charges, purchase of property, plant and equipment
on credit and borrowing costs directly attributable to works in progress.
Leverage – Ratio between the Net Debt
and the sum of Net Debt and Shareholders’ Equity. Leverage is not a measure defined in the IFRS and it is possible that it may not
be comparable to similar measures reported by other companies, however management believes that it is an appropriate supplemental measure
to assess our liquidity.
Lifting Cost - An indicator that represents
the lifting cost per barrel of oil equivalent, considering the ratio between production and costs. It includes expenses for the execution
and maintenance of production. Costs related to the leasing of third-party platforms, production taxes, and depreciation, depletion, and
amortization are not considered in this indicator.
Lifting Cost + Leases - An indicator that
includes costs related to the leasing of third-party platforms in the calculation of Lifting Cost. Costs related to production taxes and
depreciation, depletion, and amortization are not considered.
Lifting Cost + Production Taxes - An indicator
that includes costs related to production taxes in the calculation of Lifting Cost. Costs related to the leasing of third-party platforms
and depreciation, depletion, and amortization are not considered.
Lifting Cost + Production Taxes + Leases -
An indicator that includes costs related to the leasing of third-party platforms and production taxes in the calculation of Lifting Cost.
Costs related to depreciation, depletion, and amortization are not considered.
LTM Adjusted EBITDA - Sum of the last 12 months
(Last Twelve Months) of Adjusted EBITDA. This metric is not foreseen in the international accounting standards - IFRS and it is possible
that it is not comparable with similar indexes reported by other companies, however Management believes that it is supplementary information
to assess liquidity and helps manage leverage. Adjusted EBITDA should be considered in conjunction with other metrics to better understand
the Company's liquidity.
OCF - Net Cash provided by (used in) operating
activities (operating cash flow), presented in the consolidated cash flow statement.
Net Debt – Gross debt less adjusted
cash and cash equivalents. Net debt is not a measure defined in the IFRS and should not be considered in isolation or as a substitute
for total long-term debt calculated in accordance with IFRS. Our calculation of net debt may not be comparable to the calculation of net
debt by other companies, however our management believes that net debt is an appropriate supplemental measure that helps investors assess
our liquidity and supports leverage management.
Net Income by Business Segment - The information
by the company's business segment is prepared based on available financial information that is directly attributable to the segment or
that can be allocated on a reasonable basis, being presented by business activities used by the Executive Board to make resource allocation
decisions. and performance evaluation. When calculating segmented results, transactions with third parties, including jointly controlled
and associated companies, and transfers between business segments are considered. Transactions between business segments are valued at
internal transfer prices calculated based on methodologies that take into account market parameters, and these transactions are eliminated,
outside the business segments, for the purpose of reconciling the segmented information with the consolidated financial statements of
the company. company.
PLD (differences settlement price) - Electricity
price in the spot market. Weekly weighed prices per output level (light, medium and heavy), number of hours and related market capacity.
Refining - includes crude oil refining, logistics,
transportation, acquisition and export activities, as well as the purchase and sale of petroleum and ethanol products in Brazil and abroad.
Additionally, this segment includes the petrochemical area, which includes investments in companies in the petrochemical sector, shale
exploration and processing.
ROCE - operating profit after taxes / average capital
employed, both measured in US$ on a LTM basis
Operating profit after taxes: Adjusted EBITDA, minus DD&A
of assets booked at historical exchange rates and 34% income tax rate.
Average capital employed: quarterly average considering
inventories, intangibles and fixed assets at historical exchange rates.
Sales Price of Petroleum in Brazil - Average
internal transfer prices from the E&P segment to the Refining segment.
Total net liabilities - Total liability less
adjusted cash and cash equivalents.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 13, 2023
PETRÓLEO BRASILEIRO S.A–PETROBRAS
By: /s/ Sergio Caetano Leite
______________________________
Sergio Caetano Leite
Chief Financial Officer and Investor Relations
Officer
Petroleo Brasileiro ADR (NYSE:PBR)
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