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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