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, 2022
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 1Q22
Rio de Janeiro, May 05, 2022 - Once
again we delivered solid quarterly results. “These financial results are due to the fact that today we have a healthy
Petrobras, which has reduced its debt burden, invests responsibly and operates efficiently. Therefore, it is possible to generate
this compelling return to our shareholders, especially the Brazilian society, represented by the State. This generates economic
development throughout the production chain, generating jobs, income and tax revenues for the country. In this quarter, we have paid
out to the federal government, states and municipalities the equivalent of 1.5 times our net income. Petrobras is distributing the
fruits of its value generation to the Brazilian population”, underlines Petrobras’ CEO, José Mauro
Coelho.
According to the CFO, Rodrigo Araujo Alves,
"First quarter results show that we stand firm in our trajectory of transforming Petrobras into a much more solid company that
invests responsibly and is able to create and distribute wealth to our shareholders and to society. In this regard, we approved shareholder
remuneration of R$ 3.72 per common and preferred share. Additionally, in the first quarter alone, we collected a total of R$ 69.9 billion
in taxes and government take, an increase of 95% compared to the first quarter of last year”.
Main achievements:
| § | Recurring EBITDA of US$ 15.1 billion
(+35% vs 4Q21) and free cash flow of US$ 7.9 billion (+6% vs 4Q21). |
| § | Net debt of US$ 40.1 billion (-16%
vs 4Q21), resulting in a Net Debt/EBITDA ratio of 0.8x. |
| § | Recurring net income of US$ 8.4
billion (+96% vs 4Q21). |
| § | Strong cash generation, solid liquidity
and the outlook for sustainable results allowed the Company to approve shareholder remuneration in the amount of R$ 3.72 per outstanding
common and preferred share. |
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 1Q22 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 audited by independent auditors in accordance with international accounting
standards (IFRS).
Main items
Table 1 - Main items*
| |
|
|
|
Variation (%) |
| R$ million |
1Q22 |
4Q21 |
1Q21 |
1Q22 X 4Q21 |
1Q22 X 1Q21 |
| Sales revenues |
141,641 |
134,190 |
86,174 |
5.6 |
64.4 |
| Gross profit |
74,766 |
59,047 |
44,033 |
26.6 |
69.8 |
| Operating expenses |
(11,184) |
(1,341) |
(11,148) |
734.0 |
0.3 |
| Consolidated net income (loss) attributable to the shareholders of Petrobras |
44,561 |
31,504 |
1,167 |
41.4 |
3718.4 |
| Recurring consolidated net income (loss) attributable to the shareholders of Petrobras * |
43,347 |
23,795 |
1,412 |
82.2 |
2969.9 |
| Net cash provided by operating activities |
52,824 |
51,392 |
40,070 |
2.8 |
31.8 |
| Free cash flow |
40,486 |
41,986 |
31,089 |
(3.6) |
30.2 |
| Adjusted EBITDA |
77,710 |
62,945 |
48,949 |
23.5 |
58.8 |
| Recurring adjusted EBITDA* |
78,214 |
62,466 |
47,698 |
25.2 |
64.0 |
| Gross debt (US$ million) |
58,554 |
58,743 |
70,966 |
(0.3) |
(17.5) |
| Net debt (US$ million) |
40,072 |
47,626 |
58,424 |
(15.9) |
(31.4) |
| Net debt/LTM Adjusted EBITDA ratio ** |
0.81 |
1.09 |
2.03 |
(25.7) |
(60.1) |
| Average commercial selling rate for U.S. dollar |
5.23 |
5.58 |
5.47 |
(6.3) |
(4.4) |
| Brent crude (US$/bbl) |
101.40 |
79.73 |
60.90 |
27.2 |
66.5 |
| Domestic basic oil by-products price (R$/bbl) |
544.25 |
485.84 |
350.07 |
12.0 |
55.5 |
| TRI (total recordable injuries per million men-hour frequency rate) |
0.51 |
0.54 |
0.62 |
(5.6) |
(17.7) |
| ROCE (Return on Capital Employed) |
9.9% |
7.8% |
2.8% |
2.1 p.p. |
7.1 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 |
1Q22 |
4Q21 |
1Q21 |
1Q22 X 4Q21 |
1Q22 X 1Q21 |
| Diesel |
38,875 |
37,688 |
25,161 |
3.1 |
54.5 |
| Gasoline |
19,404 |
21,009 |
11,068 |
(7.6) |
75.3 |
| Liquefied petroleum gas (LPG) |
6,172 |
6,495 |
5,018 |
(5.0) |
23.0 |
| Jet fuel |
5,176 |
4,552 |
2,328 |
13.7 |
122.3 |
| Naphtha |
3,182 |
2,681 |
1,812 |
18.7 |
75.6 |
| Fuel oil (including bunker fuel) |
1,911 |
2,824 |
1,829 |
(32.3) |
4.5 |
| Other oil products |
6,650 |
6,589 |
4,815 |
0.9 |
38.1 |
| Subtotal Oil Products |
81,370 |
81,838 |
52,031 |
(0.6) |
56.4 |
| Natural gas |
9,028 |
10,035 |
5,678 |
(10.0) |
59.0 |
| Crude oil |
9,147 |
3,339 |
290 |
173.9 |
3054.1 |
| Renewables and nitrogen products |
343 |
31 |
74 |
1006.5 |
363.5 |
| Revenues from non-exercised rights |
539 |
242 |
365 |
122.7 |
47.7 |
| Electricity |
1,553 |
4,064 |
2,970 |
(61.8) |
(47.7) |
| Services, agency and others |
1,239 |
1,338 |
876 |
(7.4) |
41.4 |
| Total domestic market |
103,219 |
100,887 |
62,284 |
2.3 |
65.7 |
| Exports |
35,110 |
30,093 |
22,800 |
16.7 |
54.0 |
| Crude oil |
25,043 |
18,442 |
15,462 |
35.8 |
62.0 |
| Fuel oil (including bunker fuel) |
9,865 |
10,359 |
6,598 |
(4.8) |
49.5 |
| Other oil products and other products |
202 |
1,292 |
740 |
(84.4) |
(72.7) |
| Sales abroad (*) |
3,312 |
3,210 |
1,090 |
3.2 |
203.9 |
| Total foreign market |
38,422 |
33,303 |
23,890 |
15.4 |
60.8 |
| Total |
141,641 |
134,190 |
86,174 |
5.6 |
64.4 |
| (*) Sales revenues from operations outside of Brazil, including trading and excluding exports |
|
|
|
In 1Q22, net revenue grew 6%
compared to 4Q21, mainly due to the 27% increase in Brent prices, higher volumes of oil sales in the domestic market due to the sale of
the Mataripe refinery (RLAM), which was concluded on November 30, 2021, and the higher volume of oil exports due to the growth in oil
production and the realization of ongoing exports from 4Q21. These effects were partially offset by the lower volume of oil product sales
in the domestic market mainly due to seasonal aspects and the divestment of RLAM, impacting sales of diesel, gasoline and LPG in 1Q22.
There was also a drop in electricity
revenues, given the lower thermoelectric generation due to the improvement in hydrological conditions in 1Q22.
In terms of the breakdown of
revenues in the domestic market, diesel and gasoline continued to be the main products, together accounting for 72% of oil products domestic
sales in 1Q22.
Graph 1 – Oil products sales revenues 1Q22 – domestic market
In 1Q22, we kept on diversifying
our global customer base for our oil exports. Búzios remained the main stream in our export basket. Recently added streams, Atapu
and Sepia, have increased their relevance in exports. In 4Q21, we traded the first export of the Sépia stream and in 1Q22 new cargoes
of this stream were traded and new clients were added to our portfolio.
In 1Q22, we had the following distribution
of export destinations:
Table 3 – Volumes of oil exports
| Country |
1Q22 |
4Q21 |
1Q21 |
| China |
56% |
38% |
38% |
| Europe |
14% |
14% |
28% |
| Latam |
9% |
23% |
17% |
| Usa |
3% |
9% |
11% |
| Caribbean |
4% |
2% |
2% |
| Asia (Ex China) |
14% |
16% |
4% |
Table 4 – Volume of oil products exports
| Country |
1Q22 |
4Q21 |
1Q21 |
| Singapore |
59% |
84% |
75% |
| USA |
28% |
10% |
15% |
| Virgin Islands |
5% |
4% |
0% |
| Others |
9% |
2% |
10% |
Cost of goods gold
Table 5 – Cost of goods sold
| |
|
|
|
Variation (%) |
| R$ million |
1Q22 |
4Q21 |
1Q21 |
1Q22 X 4Q21 |
1Q22 X 1Q21 |
| Acquisitions |
(24,207) |
(31,042) |
(12,838) |
(22.0) |
88.6 |
| Crude oil imports |
(8,808) |
(8,900) |
(5,220) |
(1.0) |
68.7 |
| Oil products imports |
(7,012) |
(10,396) |
(3,649) |
(32.6) |
92.2 |
| Natural gas imports |
(8,387) |
(11,746) |
(3,969) |
(28.6) |
111.3 |
| Production |
(39,111) |
(35,253) |
(27,256) |
10.9 |
43.5 |
| Crude oil |
(32,198) |
(29,547) |
(21,572) |
9.0 |
49.3 |
| Production taxes |
(16,562) |
(15,709) |
(8,922) |
5.4 |
85.6 |
| Other costs |
(15,636) |
(13,838) |
(12,650) |
13.0 |
23.6 |
| Oil products |
(3,260) |
(3,025) |
(3,265) |
7.8 |
(0.2) |
| Natural gas |
(3,653) |
(2,681) |
(2,419) |
36.3 |
51.0 |
| Production taxes |
(1,210) |
(988) |
(666) |
22.5 |
81.7 |
| Other costs |
(2,443) |
(1,693) |
(1,753) |
44.3 |
39.4 |
| Services, electricity, operations abroad and others |
(3,557) |
(8,848) |
(2,047) |
(59.8) |
73.8 |
| Total |
(66,875) |
(75,143) |
(42,141) |
(11.0) |
58.7 |
In 1Q22, cost of goods sold decreased
11% when compared to 4Q21, mainly reflecting lower natural gas and oil products imports. It is worth noting the decline of LNG in the
breakdown of natural gas purchases, given the reduction of 14 MMm³/day in regasification volumes, which reached 10 MM m3/day in 1Q22,
mainly due to lower demand for gas for thermoelectric plants because of the improvement in hydrological conditions.
Production costs increased 19% in 1Q22,
mainly due to production growth and higher government take, which followed Brent prices.
Power generation costs fell in 1Q22 compared
with 4Q21, due to the reduction in dispatch from the Company's own thermal plants.
Operating expenses
Table 6 – Operating expenses
| |
|
|
|
Variation (%) |
| R$ million |
1Q22 |
4Q21 |
1Q21 |
1Q22 X 4Q21 |
1Q22 X 1Q21 |
| Selling, General and Administrative Expenses |
(7,718) |
(7,810) |
(6,694) |
(1.2) |
15.3 |
| Selling expenses |
(6,159) |
(6,100) |
(5,198) |
1.0 |
18.5 |
| Materials, third-party services, freight, rent and other related costs |
(4,967) |
(5,075) |
(4,299) |
(2.1) |
15.5 |
| Depreciation, depletion and amortization |
(1,038) |
(905) |
(814) |
14.7 |
27.5 |
| Allowance for expected credit losses |
(40) |
(6) |
31 |
566.7 |
− |
| Employee compensation |
(114) |
(114) |
(116) |
− |
(1.7) |
| General and administrative expenses |
(1,559) |
(1,710) |
(1,496) |
(8.8) |
4.2 |
| Employee compensation |
(1,036) |
(1,100) |
(1,013) |
(5.8) |
2.3 |
| Materials, third-party services, freight, rent and other related costs |
(403) |
(490) |
(351) |
(17.8) |
14.8 |
| Depreciation, depletion and amortization |
(120) |
(120) |
(132) |
− |
(9.1) |
| Exploration costs |
(408) |
(834) |
(1,196) |
(51.1) |
(65.9) |
| Research and Development |
(1,081) |
(827) |
(639) |
30.7 |
69.2 |
| Other taxes |
(311) |
(197) |
(581) |
57.9 |
(46.5) |
| Impairment of assets |
4 |
1,537 |
(508) |
(99.7) |
− |
| Other income and expenses, net |
(1,670) |
6,790 |
(1,530) |
− |
9.2 |
| Total |
(11,184) |
(1,341) |
(11,148) |
734.0 |
0.3 |
In 1Q22, operating expenses were R$ 11.2 billion
in comparison with R$ 1.3 billion in 4Q21. This variation was mainly because of the gains of R$ 8.5 billion, in 4Q21, with the sale of
the Mataripe Refinery (RLAM) and with the contingent portion of the sale of the Carcará asset (currently the Bacalhau field), partially
offset by the gain of R$ 1.7 billion with the sale of the Alagoas Cluster in 1Q22.
Selling and general and administrative expenses
remained at a similar level to 4Q21.
In 1Q22, there was a reduction in exploration
costs, mainly due to lower expenses with geology and geophysics and with projects without economic viability.
The increase in R&D costs was mainly due
to the increase in Brent prices, given that the provision for R&D projects considers a percentage of gross production revenues in
certain fields.
In 4Q21, there was an impairment reversal of
US$ 0.3 billion, mainly due to the inclusion of the 2nd unit of RNEST in the 2022-26 Strategic Plan, which also contributed
to the increase in operating expenses in 1Q22.
Adjusted EBITDA
In 1Q22, Adjusted EBITDA rose 33% to R$ 77.7 billion mainly
due to the increase in Brent prices in the period, higher oil exports, higher diesel margins and lower LNG imports, partially offset by
lower sales volumes of oil products.
Financial results
Table 7 – Financial results
| |
|
|
|
Variation (%) |
| R$ million |
1Q22 |
4Q21 |
1Q21 |
1Q22 X 4Q21 |
1Q22 X 1Q21 |
| Finance income |
1,360 |
1,485 |
676 |
(8.4) |
101.2 |
| Income from investments and marketable securities (Government Bonds) |
844 |
785 |
160 |
7.5 |
427.5 |
| Other income, net |
516 |
700 |
516 |
(26.3) |
− |
| Finance expenses |
(3,969) |
(4,915) |
(6,613) |
(19.2) |
(40.0) |
| Interest on finance debt |
(2,784) |
(3,046) |
(4,119) |
(8.6) |
(32.4) |
| Unwinding of discount on lease liabilities |
(1,526) |
(1,816) |
(1,607) |
(16.0) |
(5.0) |
| Discount and premium on repurchase of debt securities |
(134) |
(25) |
(1,013) |
436.0 |
(86.8) |
| Capitalized borrowing costs |
1,244 |
1,274 |
1,154 |
(2.4) |
7.8 |
| Unwinding of discount on the provision for decommissioning costs |
(682) |
(1,017) |
(1,027) |
(32.9) |
(33.6) |
| Other finance expenses and income, net |
(87) |
(285) |
(1) |
(69.5) |
8600.0 |
| Foreign exchange gains (losses) and indexation charges |
5,592 |
(10,374) |
(24,811) |
− |
− |
| Foreign exchange gains (losses) |
12,535 |
(4,292) |
(18,727) |
− |
− |
| Reclassification of hedge accounting to the Statement of Income |
(7,221) |
(6,954) |
(6,094) |
3.8 |
18.5 |
| Recoverable taxes inflation indexation income |
108 |
167 |
71 |
(35.3) |
52.1 |
| Other foreign exchange gains (losses) and indexation charges, net |
170 |
705 |
(61) |
(75.9) |
− |
| Total |
2,983 |
(13,804) |
(30,748) |
− |
− |
The financial result was positive by R$ 3 billion in 1Q22,
compared to a negative result of US$ 13.8 billion in 4Q21, mainly reflecting the appreciation of the BRL against the USD (appreciation
of 15% in 1Q22 against a depreciation of 3% in 4Q21).
We ended 1Q22 with a currency exposure of US$ 17 billion
compared to US$ 17.6 billion in 4Q21. It is worth noting that in 1Q21, the currency exposure was US$ 34.8 billion, causing higher volatility
in financial results.
Net profit (loss) attributable to Petrobras shareholders
Net income in 1Q22 was
R$ 44.6 billion, compared to R$ 31.5 billion in 4Q21. This increase was mainly due to the higher Brent prices in the period, coupled with
higher margins on diesel, higher oil exports, lower costs with LNG imports, foreign exchange gains due to the appreciation of the BRL
against the USD, and gains from equity-accounted investments. On the other hand, in 1Q22 there were lower gains from the disposal of assets
(-R$ 6.7 billion) and from the reversal of impairment (-R$ 1.5 billion) compared to 4Q21. With higher pre-tax income, there was a higher
income tax and social contribution expense (+R$ 10.8 billion) in 1Q22 compared with 4Q21.
Recurring net income
attributable to Petrobras shareholders and recurring Adjusted EBITDA
In 1Q22, net income was benefited by non-recurring items in the
total amount of R$ 1.2 billion. Net income in 1Q22 would have been R$ 43.4 billion without the non-recurring items. Adjusted EBITDA was
basically unaffected by non-recurring items.
Special items
Table 8 – Special items
| |
|
|
|
Variation (%) |
| R$ million |
1Q22 |
4Q21 |
1Q21 |
1Q22 X 4Q21 |
1Q22 X 1Q21 |
| Net income |
44,783 |
31,723 |
1,276 |
41.2 |
3409.6 |
| Non-recurring items |
1,862 |
11,676 |
(179) |
(84.1) |
− |
| Non-recurring items that do not affect Adjusted EBITDA |
2,366 |
11,197 |
(1,430) |
(78.9) |
− |
| Impairment of assets and investments |
(40) |
1,538 |
(699) |
− |
(94.3) |
| Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
(183) |
− |
− |
| Gains and losses on disposal / write-offs of assets |
2,472 |
9,654 |
257 |
(74.4) |
861.9 |
| Results from co-participation agreements in auctioned areas |
− |
(202) |
− |
− |
− |
| Agreements signed for the electricity sector |
− |
161 |
− |
− |
− |
| Pis and Cofins inflation indexation charges - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
8 |
− |
− |
− |
| Discount and premium on repurchase of debt securities |
(66) |
28 |
(1,013) |
− |
(93.5) |
| Financial updating on state amnesty programs |
− |
10 |
208 |
− |
− |
| Other non-recurring items |
(504) |
479 |
1,251 |
− |
− |
| Voluntary Separation Plan |
(20) |
10 |
21 |
− |
− |
| Amounts recovered from Lava Jato investigation |
60 |
75 |
790 |
(20.0) |
(92.4) |
| Gains / (losses) on decommissioning of returned/abandoned areas |
(125) |
619 |
(35) |
− |
257.1 |
| State amnesty programs |
− |
3 |
659 |
− |
− |
| Gains (Losses) related to legal proceedings |
(557) |
(363) |
− |
53.4 |
− |
| Equalization of expenses - Production Individualization Agreements |
138 |
(235) |
(244) |
− |
− |
| PIS and COFINS recovered - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
2 |
− |
− |
− |
| Gains/(losses) with the transfer of rights on concession agreements |
− |
368 |
60 |
− |
− |
| Net effect of non-recurring items on IR / CSLL |
(648) |
(3,967) |
(66) |
(83.7) |
881.8 |
| Recurring net income |
43,569 |
24,014 |
1,521 |
81.4 |
2764.5 |
| Shareholders of Petrobras |
43,347 |
23,795 |
1,412 |
82.2 |
2969.9 |
| Non-controlling interests |
222 |
219 |
109 |
1.4 |
103.7 |
| Adjusted EBITDA |
77,710 |
62,945 |
48,949 |
23.5 |
58.8 |
| Non-recurring Items |
(504) |
479 |
1,251 |
− |
− |
| Recurring Adjusted EBITDA |
78,214 |
62,466 |
47,698 |
25.2 |
64.0 |
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
Investment (Capex) 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.
Table 9 - Capex
| |
|
|
|
Variation (%) |
| US$ million |
1Q22 |
4Q21 |
1Q21 |
1Q22 X 4Q21 |
1Q22 X 1Q21 |
| Exploration and Production |
1,374 |
2,100 |
1,626 |
(34.6) |
(15.5) |
| Refining, Transportation and Marketing |
252 |
258 |
193 |
(2.4) |
30.9 |
| Gas and Power |
94 |
161 |
63 |
(41.5) |
49.4 |
| Others |
48 |
112 |
32 |
(57.7) |
50.7 |
| Total |
1,768 |
2,631 |
1,913 |
(32.8) |
(7.6) |
In 1Q22, capex totaled US$ 1.8 billion, out
of which more than 53% capex was related to growth.
Growth capex are those with the primary objective
of increasing the capacity of existing assets, deploying new production, offloading, and storage assets, increasing asset efficiency or
profitability, and deploying essential infrastructure to enable other growth projects. It includes acquisitions of assets/companies and
remaining investments in systems that started up as of 2020 and exploratory investments.
Sustaining capex, on the other hand, has the
main objective of maintaining the operation of existing assets. It does not aim at increasing the capacity of the facilities. It includes
investments in safety and reliability of facilities, replacement well projects, complementary development, remaining investments in systems
that started up before 2020, scheduled stoppages and revitalizations (without new systems), 4D seismic, health, environment, and safety
(HSE) projects, subsea line exchanges, operational infrastructure and information technology (IT).
In 1Q22, capex in the Exploration & Production
segment totaled US$ 1.4 billion, with approximately 61% related to growth. Investments were mainly concentrated on: (i) the development
of ultra-deepwater production in the Santos Basin pre-salt (US$ 0.5 billion); (ii) development of new deepwater projects (US$ 0.2 billion);
and (iii) exploratory investments in the pre-salt and post-salt (US$ 0.1 billion).
In the Refining, Transportation and Marketing
segment, capex totaled US$ 0.3 billion in 1Q22, of which approximately 16% was related to growth. In Gas & Power, capex totaled US$
0.1 billion in 1Q22, with approximately 64% related to growth.
The following table presents the main information
about the new oil and gas production systems, already contracted.
Table 10 – Main projects
| Unit |
Start-up |
FPSO capacity (bbl/day) |
CAPEX Petrobras Actual
US$ bn |
CAPEX Petrobras Total
US$ bn1 |
Petrobras Stake |
Status |
|
Búzios 5
FPSO Alm. Barroso (Chartered unit) |
2023 |
150,000 |
0.87 |
2.0 |
92,66%2 |
Project in phase of execution with production system under construction. 10 wells drilled and 7 completed. |
|
Marlim 1
FPSO Anita Garibaldi
(Chartered unit) |
2023 |
80,000 |
0.11 |
1.7 |
100% |
Project in phase of execution with production system under construction. 2 wells drilled and 1 completed4 |
|
Marlim 2
FPSO Anna Nery (Chartered unit) |
2023 |
70,000 |
0.06 |
1.3 |
100% |
Project in phase of execution with production system under construction4 |
|
Mero 2
FPSO Sepetiba (Chartered unit) |
2023 |
180,000 |
0.14 |
0.8 |
38,6%3 |
Project in phase of execution with production system under construction. 9 wells drilled and 2 completed |
|
Itapu
P-71 (Owned unit) |
2023 |
150,000 |
1.88 |
3.4 |
100% |
Project in phase of execution with production system under construction. 3 wells drilled and 1 completed |
|
Mero 3
FPSO Marechal Duque de Caxias (Chartered unit) |
2024 |
180,000 |
0.04 |
0.8 |
38,6%3 |
Project in phase of execution with production system under construction. 3 wells drilled and 1 completed |
|
Integrado Parque das Baleias (IPB)
FPSO Maria Quitéria
(Chartered unit) |
2024 |
100,000 |
0.22 |
1.7 |
100% |
Project in phase of execution with production system under construction. 3 wells drilled and 1 completed4 |
|
Búzios 7
FPSO Almirante Tamandaré (Chartered unit) |
2024 |
225,000 |
0.03 |
2.1 |
92,66%2 |
Project in phase of execution with production system under construction.
2 wells drilled |
|
Búzios 6
P-78 (Owned unit) |
2025 |
180,000 |
0.21 |
4.1 |
92,66%2 |
Project in phase of execution with production system under construction |
|
Búzios 8
P-79 (Owned unit) |
2025 |
180,000 |
0.17 |
4.2 |
92,66%2 |
Project in phase of execution with production system under construction. 3 wells drilled and 1 completed |
|
Mero 4
FPSO Alexandre de Gusmão
(Chartered unit) |
2025 |
180,000 |
0.02 |
0.8 |
38,6%3 |
Project in phase of execution with production system under construction
4 wells drilled and 2 completed |
|
1 Total CAPEX with the Strategic Plan 2022-26
assumptions and Petrobras work interest (WI). Chartered units leases are not included.
2 In March 2022, Petrobras has signed the
contract with the partner CNOOC Petroleum Brasil Ltda. (CPBL) for the assignment of 5% of its interest in the Production Sharing Contract
of the Transfer of Rights Surplus for the Buzios field. Petrobras stake will be ajusted after the transaction's approval by the regulatory
agencies.
3 Petrobras stake updated after the approval
of the Production Individualization Agreement (AIP) of the Mero accumulation. As the compensation relative to the non-contracted area
expenses will be paid in oil to the consortium, the work interest (WI) of the CAPEX reported will not change.
4 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. |
Portfolio management
In 1Q22, cash inflows from divestments totaled
US$ 1.8 billion, including US$950 million deferred payment from the sale of the Bacalhau field (formerly Carcará area) in February
2022. From January 1, 2022, to May 05, 2022, we concluded the sale of the Alagoas Cluster and exploratory blocks in Parana Basin. Additionally,
we signed the contracts for the sale of the Potiguar Cluster, the Norte Capixaba Cluster, the Albacora East field and Deten Química.
Finnaly, it is worth mentioning that in April 2022, we received a deferred payment for the sale of 90% of NTS, in the amount of US$ 1
billion.
Table 11 – Main transactions by May
05th, 2022 and respective transaction amounts (excluding deferred payments)
| Assets |
Amount received
(US$ million) |
Transaction amount1
(US$ million) |
| Block PAR-T-198_ Paraná Basin |
0.031 |
0.0316 |
| Block PAR-T-218_ Paraná Basin |
0.032 |
0.0326 |
| East Albacora field |
293 |
2,201 |
| Papa-Terra field |
6 |
105.66 |
| Deten Química |
6 |
118² |
| Gaspetro |
- |
3946 |
| Alagoas cluster |
300 |
3006 |
| Carmópolis cluster |
275 |
1,1006 |
| Fazenda Belém cluster |
- |
355 |
| Norte Capixaba cluster |
35.85 |
544 |
| Peroá cluster |
5 |
556 |
| Pescada cluster |
- |
25 |
| Potiguar cluster |
110 |
1,380 |
| Recôncavo cluster |
- |
2505 |
| REMAN |
28.4 |
189.56 |
| SIX |
3 |
336 |
| Total |
1.062 |
6.707 |
¹ Amounts agreed in
the signing date, subject to adjustments upon closing
² Original amounts in BRL, converted to
US$ at the PTAX rate on the day of the SPA signing or of the cash inflow
3Transaction signed in 2018 4Transaction
signed in 2019 5Transaction signed in 2020 6Transaction signed in 2021
Liquidity and capital resources[1]
Table 12 - Liquidity and capital resources
| R$ million |
1Q22 |
4Q21 |
1Q21 |
| Adjusted cash and cash equivalents at the beginning of period |
62,112 |
62,346 |
64,354 |
| Government bonds and time deposits with maturities of more than 3 months at the beginning of period* |
(3,630) |
(2,920) |
(3,424) |
| Cash and cash equivalents at the beginning of period |
58,482 |
59,426 |
60,930 |
| Net cash provided by (used in) operating activities |
52,824 |
51,392 |
40,070 |
| Net cash provided by (used in) investing activities |
(4,983) |
3,108 |
(7,427) |
| Acquisition of PP&E and intangibles assets |
(12,338) |
(9,406) |
(8,981) |
| Investments in investees |
(49) |
(49) |
(4) |
| Proceeds from disposal of assets - Divestment |
9,255 |
10,441 |
1,054 |
| Financial compensation for the Búzios Coparticipation Agreement |
319 |
− |
− |
| Divestment (Investment) in marketable securities |
(2,445) |
(630) |
138 |
| Dividends received |
275 |
2,752 |
366 |
| (=) Net cash provided by operating and investing activities |
47,841 |
54,500 |
32,643 |
| Net cash provided by (used) in financing activities |
(16,455) |
(55,732) |
(30,822) |
| Net financings |
(9,923) |
(6,437) |
(22,679) |
| Proceeds from financing |
782 |
726 |
299 |
| Repayments |
(10,705) |
(7,163) |
(22,978) |
| Repayment of lease liability |
(6,916) |
(8,077) |
(8,040) |
| Dividends paid to shareholders of Petrobras |
(2) |
(40,976) |
− |
| Dividends paid to non-controlling interest |
(26) |
(169) |
(1) |
| Investments by non-controlling interest |
412 |
(73) |
(102) |
| Effect of exchange rate changes on cash and cash equivalents |
(8,227) |
288 |
5,408 |
| Cash and cash equivalents at the end of period |
81,641 |
58,482 |
68,159 |
| Government bonds and time deposits with maturities of more than 3 months at the end of period* |
5,967 |
3,630 |
3,299 |
| Adjusted cash and cash equivalents at the end of period |
87,608 |
62,112 |
71,458 |
| Reconciliation of Free Cash Flow |
|
|
|
| Net cash provided by operating activities |
52,824 |
51,392 |
40,070 |
| Acquisition of PP&E and intangibles assets |
(12,338) |
(9,406) |
(8,981) |
| Free cash flow** |
40,486 |
41,986 |
31,089 |
As of March 31, 2022, cash and cash equivalents
totaled R$ 81.6 billion and adjusted cash and cash equivalents totaled R$ 87.6 billion.
In 1Q22, cash generated from operating activities
reached R$ 52.8 billion. The company's operating cash generation was impacted by the partial prepayment of a pension liability - the Pre-70
Term of Financial Commitment (TFC Pre-70) and Pension Difference Term of Financial Commitment (TCF Pension Difference), celebrated with
the Fundação Petrobras de Seguridade Social (Petros), in the amount of R$ 6.9 billion.
Positive free cash flow totaled R$ 40.5 billion.
This level of cash generation, together with the inflow from divestments of R$ 9.3 billion, were used to: (a) prepay debt and amortize
principal and interest due in the period (R$ 10.7 billion), (b) amortize lease liabilities (R$ 6.9 billion), and (c) fund capex of R$
12.3 billion (including the payment of the signature bonus of Sépia and Atapu, in the amount of R$ 4.2 billion).
In 1Q22, liability management was carried out
aiming at improving the debt profile and matching maturities of long-term investments. The company settled several loans and financial
debt, in the amount of R$ 10.7 billion, notably the repurchase and redemption of R$ 3.5 billion of securities in the international capital
market.
The maintenance of gross debt at the level established
in our 2022-26 Strategic Plan, the high level of cash generation, and solid liquidity allowed the company to approve shareholder remuneration
in the amount of R$ 3.72 per outstanding common and preferred share.
[1]
* Includes short-term government bonds and time deposits and cash and cash equivalents of companies classified
as held for sale.
** Free cash flow (FCF) is in accordance with the Shareholder Remuneration
Policy, which is the result of the equation: FCF = net cash provided by operating activities less acquisitions of PP&E and intangible
assets
Debt
As of March 31, 2022, gross debt reached US$ 58.6 billion,
in line with the 4Q21 position, of US$58.7, and 17.5% lower than March 31, 2021, mainly due to debt prepayments and amortizations.
Average maturity shifted from 13.4 years on December 31,
2021, to 13.2 years on March 31, 2022.
The gross debt/EBITDA ratio decreased from 1.35x on December
31, 2021, to 1.18x on March 31, 2022.
Net debt decreased by 15.9% to US$ 40.1 billion. The net
debt/Adjusted EBITDA ratio decreased significantly from 1.09x on December 31, 2021, to 0.81x on March 31, 2022.
Table 13 – Debt indicators
| US$ million |
03.31.2022 |
12.31.2021 |
Δ % |
03.31.2021 |
| Financial Debt |
35,421 |
35,700 |
(0.8) |
50,317 |
| Capital Markets |
21,683 |
22,031 |
(1.6) |
28,393 |
| Banking Market |
9,970 |
9,762 |
2.1 |
17,359 |
| Development banks |
878 |
769 |
14.2 |
1,149 |
| Export Credit Agencies |
2,708 |
2,951 |
(8.2) |
3,210 |
| Others |
182 |
187 |
(2.7) |
206 |
| Finance leases |
23,133 |
23,043 |
0.4 |
20,649 |
| Gross debt |
58,554 |
58,743 |
(0.3) |
70,966 |
| Adjusted cash and cash equivalents |
18,482 |
11,117 |
66.2 |
12,542 |
| Net debt |
40,072 |
47,626 |
(15.9) |
58,424 |
| Net Debt/(Net Debt + Market Cap) - Leverage |
30% |
41% |
(26.8) |
51% |
| Average interest rate (% p.a.) |
6.2 |
6.2 |
− |
6.0 |
| Weighted average maturity of outstanding debt (years) |
13.22 |
13.39 |
(1.3) |
11.84 |
| Net debt / LTM Adjusted EBITDA ratio |
0.81 |
1.09 |
(25.7) |
2.03 |
| Gross debt / LTM Adjusted EBITDA ratio |
1.18 |
1.35 |
(12.5) |
2.47 |
| R$ million |
|
|
|
|
| Financial Debt |
167,819 |
199,224 |
(15.8) |
286,672 |
| Finance Lease |
109,599 |
128,594 |
(14.8) |
117,644 |
| Adjusted cash and cash equivalents |
87,568 |
62,040 |
41.1 |
71,454 |
| Net Debt |
189,850 |
265,778 |
(28.6) |
332,862 |
Results by segment
Exploration and Production
Table 14 – E&P results
| |
Variation (%) (*) |
| R$ million |
1Q22 |
4Q21 |
1Q21 |
1Q22 X 4Q21 |
1Q22 X 1Q21 |
| Sales revenues |
102,567 |
88,065 |
63,952 |
16.5 |
60.4 |
| Gross profit |
62,455 |
51,601 |
35,316 |
21.0 |
76.8 |
| Operating expenses |
(252) |
3,182 |
(2,888) |
− |
(91.3) |
| Operating income (loss) |
62,203 |
54,783 |
32,428 |
13.5 |
91.8 |
| Net income (loss) attributable to the shareholders of Petrobras |
41,317 |
36,349 |
21,533 |
13.7 |
91.9 |
| Adjusted EBITDA of the segment |
72,975 |
61,302 |
44,163 |
19.0 |
65.2 |
| EBITDA margin of the segment (%) |
71 |
70 |
69 |
1.5 |
2.1 |
| ROCE (Return on Capital Employed) (%) |
14.2 |
11.2 |
4.0 |
3.0 |
10.2 |
| Average Brent crude (US$/bbl) |
101.40 |
79.73 |
60.90 |
27.2 |
66.5 |
| Internal Transfer Price to RTM - Crude oil (US$/bbl) |
93.71 |
77.56 |
57.32 |
20.8 |
63.5 |
| Lifting cost - Brazil (US$/boe) |
|
|
|
|
|
| excluding production taxes and leases |
5.22 |
5.15 |
4.91 |
1.4 |
6.4 |
| excluding production taxes |
6.97 |
6.93 |
6.66 |
0.6 |
4.7 |
| Onshore and shallow waters |
|
|
|
|
|
| with leases |
16.44 |
14.78 |
12.37 |
11.3 |
32.9 |
| excluding leases |
16.44 |
14.78 |
12.37 |
11.3 |
32.9 |
| Deep and ultra-deep post-salt |
|
|
|
|
|
| with leases |
11.28 |
10.50 |
11.11 |
7.4 |
1.5 |
| excluding leases |
9.57 |
9.10 |
9.39 |
5.3 |
2.0 |
| Pre-salt |
|
|
|
|
|
| with leases |
5.13 |
5.26 |
4.63 |
(2.6) |
10.7 |
| excluding leases |
3.25 |
3.24 |
2.70 |
0.4 |
20.5 |
| including production taxes and excluding leases |
24.36 |
20.19 |
16.11 |
20.7 |
51.2 |
| including production taxes and leases |
26.11 |
21.96 |
17.87 |
18.9 |
46.1 |
| Production taxes - Brazil |
21,165 |
17,731 |
12,934 |
19.4 |
63.6 |
| Royalties |
11,151 |
9,312 |
6,520 |
19.7 |
71.0 |
| Special participation |
9,953 |
8,355 |
6,366 |
19.1 |
56.3 |
| Retention of areas |
61 |
64 |
48 |
(4.7) |
27.1 |
| (*) EBITDA margin and ROCE variations in percentage points |
|
|
|
|
|
In 1Q22, E&P gross profit was R$ 62.5 billion,
an increase of 21% when compared to 4Q21. This increase was due to higher Brent prices and higher production, partially offset by higher
government participation. Operating profit was 13.5% higher than in 4Q21, as a consequence of the higher gross profit.
Lifting cost for 1Q22, without government take
and leasing, was US$ 5.22/boe, an increase of 6% when compared to US$ 4.91/boe in 1Q21. The increase is explained by the appreciation
of the BRL and higher expenses with integrity, mainly with platforms maintenance (activities that were held off during the COVID-19 pandemic
and which could be carried out once the scenario improved. These actions aim to ensure systems reliability). These effects were partially
offset by the active management of the portfolio with the divestments in onshore fields and the ramp-up of FPSO Carioca.
In 1Q22, Petrobras recorded a 1% increase in
lifting cost, without government take and leasing, when compared to 4Q21, remaining practically stable versus the previous quarter.
In the pre-salt, the lifting cost remained
stable compared to 4Q21.
In the post-salt, the increase of 5% in the
lifting cost, when compared to 4Q21, was mainly due to the effect of the appreciation of the BRL.
In onshore and shallow water assets, there
was an increase in the lifting cost in 1Q22, mainly due to higher expenses with wells intervention, also associated with the effect of
the BRL appreciation and some production decline. These effects were partially offset by the divestments in Bahia and Sergipe.
The higher expenses with government take in
dollars are explained by higher Brent prices
Refining, Transportation and Marketing
Table 15 - RTM results
| |
|
|
|
Variation (%) (*) |
| R$ million |
1Q22 |
4Q21 |
1Q21 |
1Q22 X 4Q21 |
1Q22 X 1Q21 |
| Sales revenues |
128,476 |
117,499 |
76,741 |
9.3 |
67.4 |
| Gross profit (Loss) |
16,311 |
12,661 |
11,766 |
28.8 |
38.6 |
| Operating expenses |
(2,781) |
1,713 |
(2,186) |
− |
27.2 |
| Operating Income (Loss) |
13,530 |
14,374 |
9,580 |
(5.9) |
41.2 |
| Net income (loss) attributable to the shareholders of Petrobras |
10,345 |
9,785 |
6,939 |
5.7 |
49.1 |
| Adjusted EBITDA of the segment |
16,222 |
12,471 |
12,464 |
30.1 |
30.2 |
| EBITDA margin of the segment (%) |
13 |
11 |
16 |
2 |
(4) |
| ROCE (Return on Capital Employed) (%) |
7.4 |
6.2 |
0.9 |
1.2 |
6.5 |
| Refining cost (US$/barrel) - Brazil |
1.77 |
1.70 |
1.61 |
4.1 |
9.9 |
| Refining cost (R$/barrel) - Brazil |
9.16 |
9.42 |
8.82 |
(2.8) |
3.9 |
| Domestic basic oil by-products price (R$/bbl) |
544.25 |
485.84 |
350.07 |
12.0 |
55.5 |
| (*) EBITDA margin and ROCE variations in percentage points |
|
|
|
|
|
In 1Q22, gross profit for the Refining, Transportation
and Marketing (RTM) segment, was R$ 16.3 billions, R$ 3.7 billions above 4Q21, mainly due to the higher positive effect of inventory turnover
between quarters (R$ 10.3 billions in 1Q22 vs. R$ 7.3 billion in 4Q21). Excluding this effect, gross profit would have been R$ 6 billions
in 1Q22 and R$ 5.4 billions in 4Q21.
In 1Q22, there was a higher margin of oil products
in the domestic market, mainly diesel, due to the increase of international margins. There were lower sales volumes in the domestic market
for gasoline, diesel and LPG due to the typical seasonality of these oil products and the conclusion of the sale of the Mataripe Refinery
(RLAM), on November 30 , 2021, whose capacity represented approximately 13% of the total capacity of Petrobras Refining facilities.
In 1Q22, the operating result was lower than
4Q21. The increase in gross profit was offset by the equity gain from the sale of the Mataripe Refinery (RLAM) and by the reversal of
impairment related to the 2nd train of RNEST, events that took place in 4Q21.
In 1Q22, the refining cost per barrel in BRL
was lower than in 4Q21, due to the cost reduction achieved in Petrobras Refining facilities. There was also an effect of lower throughput
in 1Q22, due to the lower number of days in this quarter. With the sale of RLAM, this was the first quarter without the full contribution
of this refinery in our refining facilities.
Gas and Power
Table 16 – G&P results
| |
|
|
|
Variation (%) (*) |
| R$ million |
1Q22 |
4Q21 |
1Q21 |
1Q22 X 4Q21 |
1Q22 X 1Q21 |
| Sales revenues |
17,655 |
20,926 |
12,087 |
(15.6) |
46.1 |
| Gross profit |
2,383 |
(509) |
4,816 |
− |
(50.5) |
| Operating expenses |
(4,616) |
(3,836) |
(4,103) |
20.3 |
12.5 |
| Operating income (loss) |
(2,233) |
(4,345) |
713 |
(48.6) |
− |
| Net income (loss) attributable to the shareholders of Petrobras |
(1,461) |
(2,991) |
558 |
(51.2) |
− |
| Adjusted EBITDA of the segment |
(1,670) |
(3,608) |
1,784 |
(53.7) |
− |
| EBITDA margin of the segment (%) |
(9) |
(17) |
15 |
8.0 |
(24.0) |
| ROCE (Return on Capital Employed) (%) |
(5.3) |
(2.4) |
3.4 |
(2.9) |
(8.7) |
| Natural gas sales price - Brazil (US$/bbl) |
55.85 |
53.53 |
34.04 |
4.3 |
64.1 |
| Fixed revenues from power auctions |
500 |
570 |
555 |
(12.3) |
(9.9) |
| Average price for power generation (R$/MWh) |
297.24 |
464.66 |
388.31 |
(36.0) |
(23.5) |
| (*) EBITDA margin and ROCE variations in percentage points |
|
|
|
|
|
In 1Q22, in the Gas and Power segment, there
was an increase in gross profit (+R$ 2.9 billions) when compared to 4Q21, due to the higher average natural gas sales prices, due to the
increase in Brent prices and new sales contracts for the non-thermoelectric segment. Additionally, with the recovery of hydroelectric
reservoir levels, there was a reduction in demand for natural gas for thermoelectric generation, which led to a lower volume of regasified
LNG and, consequently, to a reduction in the average cost of purchased gas.
Despite the efforts made to rebalance the portfolios
and the increase of 49% in operational result in 1Q22, we recorded an operating loss of R$ 2.2 billions. The increase in selling expenses,
mainly driven by the yearly adjustment of natural gas transport prices, also contributed to this result.
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
Instruction 527 of October 2012.
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 17 - Reconciliation of Adjusted EBITDA
| |
|
|
|
Variation (%) (*) |
| R$ million |
1Q22 |
4Q21 |
1Q21 |
1Q22 X 4Q21 |
1Q22 X 1Q21 |
| Net income (loss) |
44,783 |
31,723 |
1,276 |
41.2 |
3409.6 |
| Net finance income (expense) |
(2,983) |
13,804 |
30,748 |
(121.6) |
(109.7) |
| Income taxes |
23,598 |
12,762 |
1,880 |
84.9 |
1155.2 |
| Depreciation, depletion and amortization |
16,604 |
16,228 |
15,630 |
2.3 |
6.2 |
| EBITDA |
82,002 |
74,517 |
49,534 |
10.0 |
65.5 |
| Results in equity-accounted investments |
(1,816) |
(583) |
(1,019) |
(211.5) |
(78.2) |
| Impairment |
(4) |
(1,537) |
508 |
99.7 |
(100.8) |
| Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
183 |
- |
(100.0) |
| Results from co-participation agreements in bid areas |
− |
202 |
− |
(100.0) |
- |
| Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(2,472) |
(9,654) |
(257) |
74.4 |
(861.9) |
| Adjusted EBITDA |
77,710 |
62,945 |
48,949 |
23.5 |
58.8 |
| |
|
|
|
|
|
| Adjusted EBITDA margin (%) |
55 |
47 |
57 |
8.0 |
(1.8) |
| (*) EBITDA Margin variations in percentage points |
|
|
|
|
|
Financial statements
Table 18 - Income statement - Consolidated
| R$ million |
1Q22 |
4Q21 |
1Q21 |
| Sales revenues |
141,641 |
134,190 |
86,174 |
| Cost of sales |
(66,875) |
(75,143) |
(42,141) |
| Gross profit |
74,766 |
59,047 |
44,033 |
| Selling expenses |
(6,159) |
(6,100) |
(5,198) |
| General and administrative expenses |
(1,559) |
(1,710) |
(1,496) |
| Exploration costs |
(408) |
(834) |
(1,196) |
| Research and development expenses |
(1,081) |
(827) |
(639) |
| Other taxes |
(311) |
(197) |
(581) |
| Impairment of assets |
4 |
1,537 |
(508) |
| Other income and expenses |
(1,670) |
6,790 |
(1,530) |
| |
(11,184) |
(1,341) |
(11,148) |
| Operating income (loss) |
63,582 |
57,706 |
32,885 |
| Finance income |
1,360 |
1,485 |
676 |
| Finance expenses |
(3,969) |
(4,915) |
(6,613) |
| Foreign exchange gains (losses) and inflation indexation charges |
5,592 |
(10,374) |
(24,811) |
| Net finance income (expense) |
2,983 |
(13,804) |
(30,748) |
| Results in equity-accounted investments |
1,816 |
583 |
1,019 |
| Income (loss) before income taxes |
68,381 |
44,485 |
3,156 |
| Income taxes |
(23,598) |
(12,762) |
(1,880) |
| Net Income (Loss) |
44,783 |
31,723 |
1,276 |
| Net income (loss) attributable to: |
|
|
|
| Shareholders of Petrobras |
44,561 |
31,504 |
1,167 |
| Non-controlling interests |
222 |
219 |
109 |
Table 19 - Statement of financial position – Consolidated
| ASSETS - R$ million |
03.31.2022 |
12.31.2021 |
| Current assets |
199,512 |
168,247 |
| Cash and cash equivalents |
81,601 |
58,410 |
| Marketable securities |
5,967 |
3,630 |
| Trade and other receivables, net |
26,849 |
35,538 |
| Inventories |
48,351 |
40,486 |
| Recoverable taxes |
6,175 |
7,511 |
| Assets classified as held for sale |
20,910 |
13,895 |
| Other current assets |
9,659 |
8,777 |
| Non-current assets |
799,150 |
804,704 |
| Long-term receivables |
85,532 |
79,992 |
| Trade and other receivables, net |
9,289 |
10,603 |
| Marketable securities |
257 |
247 |
| Judicial deposits |
47,602 |
44,858 |
| Deferred taxes |
2,962 |
3,371 |
| Other tax assets |
18,547 |
18,197 |
| Other non-current assets |
6,875 |
2,716 |
| Investments |
9,601 |
8,427 |
| Property, plant and equipment |
687,051 |
699,406 |
| Intangible assets |
16,966 |
16,879 |
| Total assets |
998,662 |
972,951 |
| |
|
|
| |
|
|
| LIABILITIES - R$ million |
03.31.2022 |
12.31.2021 |
| Current liabilities |
130,222 |
134,913 |
| Trade payables |
28,029 |
30,597 |
| Finance debt |
17,957 |
20,316 |
| Lease liability |
25,361 |
30,315 |
| Taxes payable |
27,568 |
26,414 |
| Short-term employee benefits |
11,430 |
11,967 |
| Liabilities related to assets classified as held for sale |
7,369 |
4,840 |
| Other current liabilities |
12,508 |
10,464 |
| Non-current liabilities |
431,379 |
448,457 |
| Finance debt |
149,862 |
178,908 |
| Lease liability |
84,238 |
98,279 |
| Income Tax payable |
1,646 |
1,676 |
| Deferred taxes |
43,185 |
6,857 |
| Employee benefits |
45,936 |
52,310 |
| Provision for legal and administrative proceedings |
12,107 |
11,263 |
| Provision for decommissioning costs |
83,737 |
87,160 |
| Other non-current liabilities |
10,668 |
12,004 |
| Shareholders' equity |
437,061 |
389,581 |
| Share capital (net of share issuance costs) |
205,432 |
205,432 |
| Profit reserves and others |
228,762 |
181,897 |
| Non-controlling interests |
2,867 |
2,252 |
| Total liabilities and shareholders´ equity |
998,662 |
972,951 |
Table 20 - Statement of cash flows – Consolidated
| R$ million |
1Q22 |
4Q21 |
1Q21 |
| Cash Flow from Operating Activities |
|
|
|
| Net income (loss) for the period |
44,783 |
31,723 |
1,276 |
| Adjustments for: |
|
|
|
| Pension and medical benefits (actuarial expense) |
1,605 |
1,629 |
1,726 |
| Results of equity-accounted investments |
(1,816) |
(583) |
(1,019) |
| Depreciation, depletion and amortization |
16,604 |
16,228 |
15,630 |
| Impairment of assets (reversal) |
(4) |
(1,537) |
508 |
| Inventory write-down (write-back) to net realizable value |
(34) |
11 |
(6) |
| Allowance (reversals) for credit loss on trade and other receivables |
105 |
(87) |
(86) |
| Exploratory expenditures write-offs |
114 |
187 |
740 |
| Disposal/write-offs of assets and remeasurement of investment retained with loss of control |
(2,472) |
(9,654) |
(74) |
| Foreign exchange, indexation and finance charges |
(2,440) |
14,248 |
30,244 |
| Deferred income taxes, net |
10,135 |
397 |
1,231 |
| Revision and unwinding of discount on the provision for decommissioning costs |
806 |
398 |
1,062 |
| Results from co-participation agreements in bid areas |
− |
202 |
− |
| Assumption of interest in concessions |
− |
(368) |
− |
| Early termination and cash outflows revision of lease agreements |
(1,140) |
(1,114) |
(395) |
| Decrease (Increase) in assets |
|
|
|
| Trade and other receivables, net |
3,123 |
(3,279) |
(479) |
| Inventories |
(9,763) |
(887) |
(10,793) |
| Judicial deposits |
(2,002) |
(1,478) |
(839) |
| Other assets |
249 |
(927) |
137 |
| Increase (Decrease) in liabilities |
|
|
|
| Trade payables |
(1,267) |
1,208 |
3,375 |
| Other taxes payable |
14,021 |
14,424 |
6,106 |
| Income taxes paid |
(7,927) |
(6,653) |
(710) |
| Pension and medical benefits |
(7,677) |
(1,027) |
(5,253) |
| Provision for legal proceedings |
919 |
(737) |
(1,159) |
| Short-term benefits |
(769) |
(982) |
(468) |
| Provision for decommissioning costs |
(702) |
(1,137) |
(887) |
| Other liabilities |
(1,627) |
1,187 |
203 |
| Net cash provided by operating activities |
52,824 |
51,392 |
40,070 |
| Cash flows from Investing activities |
|
|
|
| Acquisition of PP&E and intangible assets |
(12,338) |
(9,406) |
(8,981) |
| Investments in investees |
(49) |
(49) |
(4) |
| Proceeds from disposal of assets - Divestment |
9,255 |
10,441 |
1,054 |
| Financial compensation for the Búzios Co-participation Agreement |
319 |
− |
− |
| Divestment (Investment) in marketable securities |
(2,445) |
(630) |
138 |
| Dividends received |
275 |
2,752 |
366 |
| Net cash (provided) used by investing activities |
(4,983) |
3,108 |
(7,427) |
| Cash flows from Financing activities |
|
|
|
| Changes in non-controlling interest |
412 |
(73) |
(102) |
| Financing and loans, net: |
|
|
|
| Proceeds from financing |
782 |
726 |
299 |
| Repayment of principal - finance debt |
(7,683) |
(5,150) |
(17,080) |
| Repayment of interest - finance debt |
(3,022) |
(2,013) |
(5,898) |
| Repayment of lease liability |
(6,916) |
(8,077) |
(8,040) |
| Dividends paid to Shareholders of Petrobras |
(2) |
(40,976) |
− |
| Dividends paid to non-controlling interests |
(26) |
(169) |
(1) |
| Net cash provided (used) in financing activities |
(16,455) |
(55,732) |
(30,822) |
| Effect of exchange rate changes on cash and cash equivalents |
(8,227) |
288 |
5,408 |
| Net increase (decrease) in cash and cash equivalents |
23,159 |
(944) |
7,229 |
| Cash and cash equivalents at the beginning of the period |
58,482 |
59,426 |
60,930 |
| Cash and cash equivalents at the end of the period |
81,641 |
58,482 |
68,159 |
Financial information by business areas
Table 21 - Consolidated income by segment – 1Q22
| R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
| Sales revenues |
102,567 |
128,476 |
17,655 |
658 |
(107,715) |
141,641 |
| Intersegments |
100,949 |
2,258 |
4,490 |
18 |
(107,715) |
− |
| Third parties |
1,618 |
126,218 |
13,165 |
640 |
− |
141,641 |
| Cost of sales |
(40,112) |
(112,165) |
(15,272) |
(649) |
101,323 |
(66,875) |
| Gross profit |
62,455 |
16,311 |
2,383 |
9 |
(6,392) |
74,766 |
| Expenses |
(252) |
(2,781) |
(4,616) |
(3,515) |
(20) |
(11,184) |
| Selling expenses |
(10) |
(2,139) |
(3,974) |
(16) |
(20) |
(6,159) |
| General and administrative expenses |
(68) |
(196) |
(84) |
(1,211) |
− |
(1,559) |
| Exploration costs |
(408) |
− |
− |
− |
− |
(408) |
| Research and development expenses |
(909) |
(13) |
(14) |
(145) |
− |
(1,081) |
| Other taxes |
(76) |
(39) |
(52) |
(144) |
− |
(311) |
| Impairment of assets |
7 |
− |
3 |
(6) |
− |
4 |
| Other income and expenses |
1,212 |
(394) |
(495) |
(1,993) |
− |
(1,670) |
| Operating income (loss) |
62,203 |
13,530 |
(2,233) |
(3,506) |
(6,412) |
63,582 |
| Net finance income (expense) |
− |
− |
− |
2,983 |
− |
2,983 |
| Results in equity-accounted investments |
257 |
1,415 |
149 |
(5) |
− |
1,816 |
| Income (loss) before income taxes |
62,460 |
14,945 |
(2,084) |
(528) |
(6,412) |
68,381 |
| Income taxes |
(21,149) |
(4,600) |
759 |
(788) |
2,180 |
(23,598) |
| Net income (loss) |
41,311 |
10,345 |
(1,325) |
(1,316) |
(4,232) |
44,783 |
| Net income (loss) attributable to: |
|
|
|
|
|
|
| Shareholders of Petrobras |
41,317 |
10,345 |
(1,461) |
(1,408) |
(4,232) |
44,561 |
| Non-controlling interests |
(6) |
− |
136 |
92 |
− |
222 |
Table 22 - Consolidated income by segment – 1Q21
| R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
| Sales revenues |
63,952 |
76,741 |
12,087 |
836 |
(67,442) |
86,174 |
| Intersegments |
62,783 |
1,282 |
3,026 |
351 |
(67,442) |
− |
| Third parties |
1,169 |
75,459 |
9,061 |
485 |
− |
86,174 |
| Cost of sales |
(28,636) |
(64,975) |
(7,271) |
(823) |
59,564 |
(42,141) |
| Gross profit |
35,316 |
11,766 |
4,816 |
13 |
(7,878) |
44,033 |
| Expenses |
(2,888) |
(2,186) |
(4,103) |
(1,943) |
(28) |
(11,148) |
| Selling expenses |
(1) |
(1,839) |
(3,301) |
(29) |
(28) |
(5,198) |
| General and administrative expenses |
(178) |
(180) |
(94) |
(1,044) |
− |
(1,496) |
| Exploration costs |
(1,196) |
− |
− |
− |
− |
(1,196) |
| Research and development expenses |
(467) |
(11) |
(27) |
(134) |
− |
(639) |
| Other taxes |
(91) |
(220) |
(127) |
(143) |
− |
(581) |
| Impairment of assets |
(538) |
− |
− |
30 |
− |
(508) |
| Other income and expenses |
(417) |
64 |
(554) |
(623) |
− |
(1,530) |
| Operating income (loss) |
32,428 |
9,580 |
713 |
(1,930) |
(7,906) |
32,885 |
| Net finance income (expense) |
− |
− |
− |
(30,748) |
− |
(30,748) |
| Results in equity-accounted investments |
126 |
616 |
215 |
62 |
− |
1,019 |
| Income (loss) before income taxes |
32,554 |
10,196 |
928 |
(32,616) |
(7,906) |
3,156 |
| Income taxes |
(11,025) |
(3,257) |
(242) |
9,956 |
2,688 |
(1,880) |
| Net income (loss) |
21,529 |
6,939 |
686 |
(22,660) |
(5,218) |
1,276 |
| Net income (loss) attributable to: |
|
|
|
|
|
|
| Shareholders of Petrobras |
21,533 |
6,939 |
558 |
(22,645) |
(5,218) |
1,167 |
| Non-controlling interests |
(4) |
− |
128 |
(15) |
− |
109 |
Table 23 - Quarterly consolidated income by segment
– 4Q21
| R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
| Sales revenues |
88,065 |
117,499 |
20,926 |
803 |
(93,103) |
134,190 |
| Intersegments |
86,307 |
2,260 |
4,092 |
444 |
(93,103) |
− |
| Third parties |
1,758 |
115,239 |
16,834 |
359 |
− |
134,190 |
| Cost of sales |
(36,464) |
(104,838) |
(21,435) |
(824) |
88,418 |
(75,143) |
| Gross profit |
51,601 |
12,661 |
(509) |
(21) |
(4,685) |
59,047 |
| Expenses |
3,182 |
1,713 |
(3,836) |
(2,374) |
(26) |
(1,341) |
| Selling expenses |
− |
(2,172) |
(3,897) |
(5) |
(26) |
(6,100) |
| General and administrative expenses |
(233) |
(227) |
(112) |
(1,138) |
− |
(1,710) |
| Exploration costs |
(834) |
− |
− |
− |
− |
(834) |
| Research and development expenses |
(620) |
(10) |
(41) |
(156) |
− |
(827) |
| Other taxes |
(413) |
(120) |
347 |
(11) |
− |
(197) |
| Impairment of assets |
46 |
1,704 |
(219) |
6 |
− |
1,537 |
| Other income and expenses |
5,236 |
2,538 |
86 |
(1,070) |
− |
6,790 |
| Operating income (loss) |
54,783 |
14,374 |
(4,345) |
(2,395) |
(4,711) |
57,706 |
| Net finance income (expense) |
− |
− |
− |
(13,804) |
− |
(13,804) |
| Results in equity-accounted investments |
187 |
298 |
78 |
20 |
− |
583 |
| Income (loss) before income taxes |
54,970 |
14,672 |
(4,267) |
(16,179) |
(4,711) |
44,485 |
| Income taxes |
(18,627) |
(4,887) |
1,477 |
7,673 |
1,602 |
(12,762) |
| Net income (loss) |
36,343 |
9,785 |
(2,790) |
(8,506) |
(3,109) |
31,723 |
| Net income (loss) attributable to: |
|
|
|
|
|
|
| Shareholders of Petrobras |
36,349 |
9,785 |
(2,991) |
(8,530) |
(3,109) |
31,504 |
| Non-controlling interests |
(6) |
− |
201 |
24 |
− |
219 |
Table 24 - Other income and expenses by segment – 1Q22
| R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
| Unscheduled stoppages and pre-operating expenses |
(1,860) |
(22) |
(36) |
(34) |
− |
(1,952) |
| Losses with legal, administrative and arbitration proceedings |
(319) |
(342) |
(274) |
(372) |
− |
(1,307) |
| Pension and medical benefits - retirees |
− |
− |
− |
(1,242) |
− |
(1,242) |
| Performance award program |
(250) |
(126) |
(32) |
(210) |
− |
(618) |
| Losses with Commodities Derivatives |
− |
− |
− |
(282) |
− |
(282) |
| Profit sharing |
(67) |
(40) |
(8) |
(46) |
− |
(161) |
| Losses on decommissioning of returned/abandoned areas |
(125) |
− |
− |
− |
− |
(125) |
| Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
− |
− |
| Amounts recovered from Lava Jato investigation (*) |
− |
− |
− |
60 |
− |
60 |
| Recovery of taxes (**) |
− |
3 |
− |
86 |
− |
89 |
| Equalization of expenses - Production Individualization Agreements |
138 |
− |
− |
− |
− |
138 |
| Expenses/Reimbursements from E&P partnership operations |
138 |
− |
− |
− |
− |
138 |
| Fines imposed on suppliers |
242 |
48 |
53 |
12 |
− |
355 |
| Early termination and changes to cash flow estimates of leases |
1,020 |
105 |
16 |
(1) |
− |
1,140 |
| Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
2,162 |
299 |
(4) |
15 |
− |
2,472 |
| Others |
133 |
(319) |
(210) |
21 |
− |
(375) |
| |
1,212 |
(394) |
(495) |
(1,993) |
− |
(1,670) |
| (*) The total amount recovered from Lava Jato Investigation through December 31, 2021 was R$ 6,220, recognized through collaboration and leniency agreements entered into with individuals and legal entities. |
| (**) It Includes the effects of the exclusion of ICMS (VAT tax) from the basis of calculation of sales taxes PIS and COFINS, except for the effects of inflation indexation. |
Table 25 - Other income and expenses by segment – 1Q21
| R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
| Unscheduled stoppages and pre-operating expenses |
(1,596) |
(7) |
(32) |
(6) |
− |
(1,641) |
| Losses with legal, administrative and arbitration proceedings |
(237) |
229 |
− |
302 |
− |
294 |
| Pension and medical benefits - retirees |
− |
− |
− |
(1,189) |
− |
(1,189) |
| Performance award program |
(208) |
(119) |
(22) |
(179) |
− |
(528) |
| Losses with Commodities Derivatives |
− |
− |
− |
(126) |
− |
(126) |
| Profit sharing |
(64) |
(41) |
(6) |
(46) |
− |
(157) |
| Losses on decommissioning of returned/abandoned areas |
(35) |
− |
− |
− |
− |
(35) |
| Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
(183) |
− |
(183) |
| Amounts recovered from Lava Jato investigation (*) |
− |
− |
− |
790 |
− |
790 |
| Recovery of taxes (**) |
− |
14 |
− |
102 |
− |
116 |
| Equalization of expenses - Production Individualization Agreements |
(244) |
− |
− |
− |
− |
(244) |
| Expenses/Reimbursements from E&P partnership operations |
552 |
− |
− |
− |
− |
552 |
| Fines imposed on suppliers |
129 |
11 |
10 |
10 |
− |
160 |
| Early termination and changes to cash flow estimates of leases |
411 |
(19) |
10 |
(7) |
− |
395 |
| Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
675 |
66 |
(489) |
5 |
− |
257 |
| Others |
200 |
(70) |
(25) |
(96) |
− |
9 |
| |
(417) |
64 |
(554) |
(623) |
− |
(1,530) |
| (*) The total amount recovered from Lava Jato Investigation through December 31, 2021 was R$ 6,220, recognized through collaboration and leniency agreements entered into with individuals and legal entities. |
| (**) It Includes the effects of the exclusion of ICMS (VAT tax) from the basis of calculation of sales taxes PIS and COFINS, except for the effects of inflation indexation. |
Table 26 - Other income and expenses by segment – 4Q21
| R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
| Unscheduled stoppages and pre-operating expenses |
(1,910) |
(45) |
(37) |
(67) |
− |
(2,059) |
| Gains / (losses) related to legal, administrative and arbitration proceedings |
(811) |
(373) |
(13) |
107 |
− |
(1,090) |
| Pension and medical benefits - retirees |
− |
− |
− |
(1,177) |
− |
(1,177) |
| Variable compensation program |
(277) |
(154) |
(30) |
(224) |
− |
(685) |
| Gains/(losses) with Commodities Derivatives |
− |
− |
− |
(128) |
− |
(128) |
| Profit Share |
(69) |
(47) |
(12) |
(47) |
− |
(175) |
| Result Related to Area Dismantling |
619 |
− |
− |
− |
− |
619 |
| Realization of comprehensive income due to the sale of equity interest |
− |
− |
− |
− |
− |
− |
| Amounts recovered from Lava Jato investigation (*) |
50 |
− |
− |
25 |
− |
75 |
| Recoverable taxes (**) |
− |
8 |
1 |
93 |
− |
102 |
| Equalization of expenses - Production Individualization Agreements |
(235) |
− |
− |
− |
− |
(235) |
| Expenses/Reimbursements from E&P partnership operations |
326 |
− |
− |
− |
− |
326 |
| Fines imposed on suppliers |
163 |
34 |
15 |
3 |
− |
215 |
| Early Contract Terminations |
938 |
118 |
8 |
50 |
− |
1,114 |
| Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
6,560 |
3,140 |
63 |
(109) |
− |
9,654 |
| Others |
(118) |
(143) |
91 |
404 |
− |
234 |
| |
5,236 |
2,538 |
86 |
(1,070) |
− |
6,790 |
| (*) The total amount recovered from Lava Jato Investigation through December 31, 2021 was R$ 6,220, recognized through collaboration and leniency agreements entered into with individuals and legal entities. |
| (**) It Includes the effects of the exclusion of ICMS (VAT tax) from the basis of calculation of sales taxes PIS and COFINS, except for the effects of inflation indexation. |
Table 27 - Consolidated assets by segment – 03.31.2022
| R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
| Total assets |
627,184 |
205,371 |
58,143 |
145,803 |
(37,839) |
998,662 |
| |
|
|
|
|
|
|
| Current assets |
35,602 |
82,586 |
18,524 |
100,639 |
(37,839) |
199,512 |
| Non-current assets |
591,582 |
122,785 |
39,619 |
45,164 |
− |
799,150 |
| Long-term receivables |
33,284 |
13,937 |
3,189 |
35,122 |
− |
85,532 |
| Investments |
1,909 |
6,892 |
662 |
138 |
− |
9,601 |
| Property, plant and equipment |
541,606 |
101,417 |
35,380 |
8,648 |
− |
687,051 |
| Operating assets |
477,877 |
87,276 |
25,211 |
7,113 |
− |
597,477 |
| Assets under construction |
63,729 |
14,141 |
10,169 |
1,535 |
− |
89,574 |
| Intangible assets |
14,783 |
539 |
388 |
1,256 |
− |
16,966 |
Table 28 - Consolidated assets by segment – 12.31.2021
| R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
| Total assets |
631,412 |
191,898 |
59,087 |
122,215 |
(31,661) |
972,951 |
| |
|
|
|
|
|
|
| Current assets |
33,672 |
70,822 |
21,418 |
73,995 |
(31,660) |
168,247 |
| Non-current assets |
597,740 |
121,076 |
37,669 |
48,220 |
(1) |
804,704 |
| Long-term receivables |
28,136 |
12,342 |
1,795 |
37,720 |
(1) |
79,992 |
| Investments |
2,194 |
5,412 |
662 |
159 |
− |
8,427 |
| Property, plant and equipment |
552,654 |
102,788 |
34,829 |
9,135 |
− |
699,406 |
| Operating assets |
486,676 |
89,770 |
20,868 |
7,662 |
− |
604,976 |
| Assets under construction |
65,978 |
13,018 |
13,961 |
1,473 |
− |
94,430 |
| Intangible assets |
14,756 |
534 |
383 |
1,206 |
− |
16,879 |
Table 29 - Reconciliation of Adjusted EBITDA by segment –
1Q22
| R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
| Net income (loss) |
41,311 |
10,345 |
(1,325) |
(1,316) |
(4,232) |
44,783 |
| Net finance income (expense) |
− |
− |
− |
(2,983) |
− |
(2,983) |
| Income taxes |
21,149 |
4,600 |
(759) |
788 |
(2,180) |
23,598 |
| Depreciation, depletion and amortization |
12,941 |
2,991 |
562 |
110 |
− |
16,604 |
| EBITDA |
75,401 |
17,936 |
(1,522) |
(3,401) |
(6,412) |
82,002 |
| Results in equity-accounted investments |
(257) |
(1,415) |
(149) |
5 |
− |
(1,816) |
| Impairment |
(7) |
− |
(3) |
6 |
− |
(4) |
| Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
− |
− |
| Results from co-participation agreements in bid areas |
− |
− |
− |
− |
− |
− |
| Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(2,162) |
(299) |
4 |
(15) |
− |
(2,472) |
| Adjusted EBITDA |
72,975 |
16,222 |
(1,670) |
(3,405) |
(6,412) |
77,710 |
Table 30 - Reconciliation of Adjusted EBITDA by segment –
1Q21
| R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
| Net income (loss) |
21,529 |
6,939 |
686 |
(22,660) |
(5,218) |
1,276 |
| Net finance income (expense) |
− |
− |
− |
30,748 |
− |
30,748 |
| Income taxes |
11,025 |
3,257 |
242 |
(9,956) |
(2,688) |
1,880 |
| Depreciation, depletion and amortization |
11,872 |
2,950 |
582 |
226 |
− |
15,630 |
| EBITDA |
44,426 |
13,146 |
1,510 |
(1,642) |
(7,906) |
49,534 |
| Results in equity-accounted investments |
(126) |
(616) |
(215) |
(62) |
− |
(1,019) |
| Impairment losses / (reversals) |
538 |
− |
− |
(30) |
− |
508 |
| Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
183 |
− |
183 |
| Results from co-participation agreements in bid areas |
− |
− |
− |
− |
− |
− |
| Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(675) |
(66) |
489 |
(5) |
− |
(257) |
| Adjusted EBITDA * |
44,163 |
12,464 |
1,784 |
(1,556) |
(7,906) |
48,949 |
Table 31 - Reconciliation of Adjusted EBITDA by segment –
4Q21
| R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
| Net income (loss) |
36,343 |
9,785 |
(2,790) |
(8,506) |
(3,109) |
31,723 |
| Net finance income (expense) |
− |
− |
− |
13,804 |
− |
13,804 |
| Income taxes |
18,627 |
4,887 |
(1,477) |
(7,673) |
(1,602) |
12,762 |
| Depreciation, depletion and amortization |
12,923 |
2,941 |
581 |
(217) |
− |
16,228 |
| EBITDA |
67,893 |
17,613 |
(3,686) |
(2,592) |
(4,711) |
74,517 |
| Results in equity-accounted investments |
(187) |
(298) |
(78) |
(20) |
− |
(583) |
| Impairment |
(46) |
(1,704) |
219 |
(6) |
− |
(1,537) |
| Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
− |
− |
| Results from co-participation agreements in bid areas |
202 |
− |
− |
− |
− |
202 |
| Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(6,560) |
(3,140) |
(63) |
109 |
− |
(9,654) |
| Adjusted EBITDA |
61,302 |
12,471 |
(3,608) |
(2,509) |
(4,711) |
62,945 |
|
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, government bonds and time deposits from highly rated financial institutions abroad with maturities of more than 3 months
from the date of acquisition, considering the expected realization of those financial investments in the short-term. 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 - EBITDA plus 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 is not a
measure defined by 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 profitability. Adjusted EBITDA shall be considered in conjunction
with other metrics for a better understanding on our performance.
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.
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 - Net cash provided by operating activities
less acquisition of PP&E and intangibles assets (except for signature bonus) and, investments in investees. 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 - Crude oil and natural gas lifting cost
indicator, which considers expenditures occurred in the period.
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)
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 5, 2022
PETRÓLEO BRASILEIRO S.A–PETROBRAS
By: /s/ Rodrigo Araujo Alves
______________________________
Rodrigo Araujo Alves
Chief Financial Officer and Investor Relations
Officer
Petroleo Brasileiro ADR (NYSE:PBR)
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