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
November, 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 3Q22
Rio de Janeiro, November 03, 2022
Message from the CFO
Dear shareholders and investors,
Once again, I am pleased to share with you the excellent
results achieved by Petrobras in the third quarter of 2022. The numbers make clear the value that a company can generate for society and
shareholders by making the right choices.
Guided by this commitment, we advanced significantly
in the procurement of critical facilities to enable the sustained and profitable growth in oil and gas production, focused on the pre-salt.
We signed contracts for three new FPSOs (P-80, P-82 and P-83) for the Búzios field, the largest in our portfolio and which will
account for about 1/3 of our production in 2026. As a result, only one of the fifteen platforms included in our 2022-2026 Strategic Plan
remains to be contracted.
The relevance of these contracts is demonstrated
by the fact that, in the absence of this additional capacity, we would not be able to exploit our reserves efficiently and profitably,
forsaking the economic benefits. Therefore, we are increasing the levels of confidence in achieving the goals of our plan, which is even
more important in a scenario of rising costs and challenges in global supply chains.
From the financial point of view, we brought our
cash position to a level more compatible with the financial needs of the company, considering that besides cash balances of US$ 6.8 billion,
we have access to revolving credit facilities, resulting in additional liquidity to the company should stress scenarios eventually materialize.
We managed to keep the company's capital structure at extremely healthy levels. It is worth highlighting the issuance of R$ 3 billion
in commercial notes in September, and the signing of a credit line with sustainability commitments in July, in the amount of US$ 1.25
billion. The relevance of ESG in our business decisions is also reflected in the approval of the first thirteen projects amounting to
US$ 76 million to be incorporated in the decarbonization fund. We estimate that these projects can mitigate 1.05 million tCO2e per year.
The decarbonization fund was created in the 2022-26 Strategic Plan, with US$ 248 million allocated to develop solutions, studies and implementation
of projects to mitigate our carbon emissions.
Our
operational cash generation alongside low debt level and solid liquidity perspectives allowed us to return to society and shareholders
dividends of R$ 3.35 per common and preferred share in the third quarter of 2022, totaling R$ 13.80 per common and preferred share in
2022. It is important to highlight that Brazilian society receives about 37% of this total, the largest single portion, in addition to
benefiting from tax payments, amounting to R$ 73 billion in the third quarter and reaching the record for the first nine months of the
year of R$ 222 billion, an amount already surpassing the total collected in 2021 (R$ 203 billion). It is worth noting that our shares
went up 1,436%[1]
relative to its lowest level in the previous
decade, Additionally, R$ 20.91 in shareholder remuneration was declared or paid out in this time span, including the amount approved in
3Q22. In this period, The Federal Government2 received R$ 113.8 billion in cumulative dividends. The fact that on October 21,
2022 Petrobras reached a record market value in reais of R$ 521 billion - reflecting the Company's strategic choices and management
- should also not be underestimated since it results in higher wealth for society. We cannot fail to emphasize that our operating cash
flow is directly related to management efficiency, our strategic decisions and our exposure and alignment to Brent prices. In a business
characterized by long-term projects, that require relevant capital expenditures and investments in state-of-the-art technologies, and
that depend on highly trained and motivated professionals, it is impossible to be successful if we deviate from the rationality of market
prices. Moreover, it is worth remembering that not only our production taxes
are referenced to international prices: our expenditures and investments also correlate to them to the extent that our industry’s
inflation reflects pricing contexts and our exploratory risk – a key element in deepwater and ultra-deepwater exploration - is also
quantified premised on market prices.
[1] PETR4 on 01/26/16 (R$
2.12, closing price) up to 10/28/22 (R$ 32.57, closing price)
2 Control group includes the Federal Government, BNDES, BNDESPar,
Caixa Econômica Federal, and Fundo de Participação Social (FPS).
Additional to these considerations is the fact that,
obviously, we must respect the existing legal framework, represented by laws such as the corporate act, the state-owned company act and
the oil law, besides the Company's governance - recently strengthened on the matter of pricing policy, through the formalization of pricing
guidelines by our BoD, which establishes a set of criteria and procedures for the approval of capital expenditures, with personal liabilities
to the executives involved in the decisions.
Furthermore, Petrobras is not alone in the fuel market:
nowadays we have in Brazil a dynamic that encompasses private refining capacity and importers that are necessary to meet oil products
demand, which exceeds Brazilian production capacity. Without market prices, there is a risk of shortage of products, with obvious negative
consequences for society as a whole.
Finally, it is also worth considering another aspect
of our strategy that generates social benefits. Petrobras continuously manages its portfolio of assets, holding only to the most accretive
to the Company. The ones eventually divested foster a positive economic dynamic not only by diversifying market agents but also because
the buyers increase investments, jobs generation and income for society.
I conclude by reiterating our deep conviction that
we are building a Petrobras which is more solid, more resilient and healthier and is able to invest, generate jobs, pay taxes, and return
value to society and its shareholders.
Rodrigo Araujo Alves
Main achievements:
- Recurring EBITDA of US$ 17.6 billion and free cash
flow of US$ 10.1 billion.
- Recurring net income of US$ 8.8 billion.
- Value creation and distribution to society and shareholders:
- R$ 73 billion in tax collections and government
take in 3Q22.
- By the end of 3Q22, R$ 10.45/share in remuneration
to shareholders relative to 2022.
- Optimization of our cash position, which reached
US$ 6.8 billion.
- Growth in ROCE, reaching 15% in 3Q22.
- Gross debt under control at US$ 54.3 billion.
- Largest issuance of Commercial Notes ever carried out
in Brazil, successfully opening a new alternative for domestic funding for Petrobras, in the total amount of R$ 3.0 billion.
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 3Q22 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 |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 X 2Q22 |
3Q22 X 3Q21 |
9M22 X 9M21 |
Sales revenues |
170,076 |
170,960 |
121,594 |
482,677 |
318,478 |
(0.5) |
39.9 |
51.6 |
Gross profit |
86,836 |
95,861 |
59,552 |
257,463 |
160,590 |
(9.4) |
45.8 |
60.3 |
Operating expenses |
(12,395) |
627 |
5,385 |
(22,952) |
(15,892) |
− |
− |
44.4 |
Consolidated net income (loss) attributable to the shareholders of Petrobras |
46,096 |
54,330 |
31,142 |
144,987 |
75,164 |
(15.2) |
48.0 |
92.9 |
Recurring consolidated net income (loss) attributable to the shareholders of Petrobras * |
46,290 |
44,885 |
17,374 |
134,521 |
59,490 |
3.1 |
166.4 |
126.1 |
Net cash provided by operating activities |
63,207 |
71,804 |
55,100 |
187,835 |
151,734 |
(12.0) |
14.7 |
23.8 |
Free cash flow |
52,982 |
63,421 |
47,243 |
156,889 |
127,006 |
(16.5) |
12.1 |
23.5 |
Adjusted EBITDA |
91,421 |
98,260 |
60,744 |
267,391 |
171,631 |
(7.0) |
50.5 |
55.8 |
Recurring adjusted EBITDA* |
92,268 |
99,337 |
63,873 |
269,819 |
171,603 |
(7.1) |
44.5 |
57.2 |
Gross debt (US$ million) |
54,268 |
53,577 |
59,588 |
54,268 |
59,588 |
1.3 |
(8.9) |
(8.9) |
Net debt (US$ million) |
47,483 |
34,435 |
48,132 |
47,483 |
48,132 |
37.9 |
(1.3) |
(1.3) |
Net debt/LTM Adjusted EBITDA ratio ** |
0.75 |
0.60 |
1.17 |
0.75 |
1.17 |
25.0 |
(35.9) |
(35.9) |
Average commercial selling rate for U.S. dollar |
5.25 |
4.92 |
5.23 |
5.13 |
5.33 |
6.7 |
0.4 |
(3.8) |
Brent crude (US$/bbl) |
100.85 |
113.78 |
73.47 |
105.35 |
67.73 |
(11.4) |
37.3 |
55.5 |
Domestic basic oil by-products price (R$/bbl) |
692.97 |
665.50 |
421.97 |
636.06 |
393.33 |
4.1 |
64.2 |
61.7 |
TRI (total recordable injuries per million men-hour frequency rate) |
|
|
|
0.58 |
0.56 |
- |
- |
3.6 |
ROCE (Return on Capital Employed) |
15.0% |
12.8% |
7.0% |
15.0% |
7.0% |
2,2 p.p. |
8 p.p. |
8 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 |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 X 2Q22 |
3Q22 X 3Q21 |
9M22 X 9M21 |
Diesel |
61,343 |
52,603 |
35,722 |
152,821 |
92,983 |
16.6 |
71.7 |
64.4 |
Gasoline |
21,575 |
21,187 |
17,690 |
62,166 |
43,197 |
1.8 |
22.0 |
43.9 |
Liquefied petroleum gas (LPG) |
7,108 |
7,074 |
6,747 |
20,354 |
17,673 |
0.5 |
5.4 |
15.2 |
Jet fuel |
8,058 |
6,899 |
3,292 |
20,133 |
7,727 |
16.8 |
144.8 |
160.6 |
Naphtha |
3,305 |
3,555 |
2,749 |
10,042 |
6,450 |
(7.0) |
20.2 |
55.7 |
Fuel oil (including bunker fuel) |
2,003 |
1,734 |
2,852 |
5,648 |
6,708 |
15.5 |
(29.8) |
(15.8) |
Other oil products |
7,780 |
7,949 |
6,265 |
22,379 |
16,399 |
(2.1) |
24.2 |
36.5 |
Oil Products |
111,172 |
101,001 |
75,317 |
293,543 |
191,137 |
10.1 |
47.6 |
53.6 |
Natural gas |
10,522 |
9,649 |
8,974 |
29,199 |
21,659 |
9.0 |
17.2 |
34.8 |
Crude oil |
10,379 |
13,251 |
137 |
32,777 |
427 |
(21.7) |
7475.9 |
7576.1 |
Renewables and nitrogen products |
364 |
466 |
63 |
1,173 |
184 |
(21.9) |
477.8 |
537.5 |
Revenues from non-exercised rights |
988 |
834 |
204 |
2,361 |
1,069 |
18.5 |
384.3 |
120.9 |
Electricity |
740 |
534 |
5,433 |
2,827 |
11,495 |
38.6 |
(86.4) |
(75.4) |
Services, agency and others |
1,333 |
1,508 |
1,243 |
4,080 |
3,019 |
(11.6) |
7.2 |
35.1 |
Total domestic market |
135,498 |
127,243 |
91,371 |
365,960 |
228,990 |
6.5 |
48.3 |
59.8 |
Exports |
29,859 |
40,401 |
29,308 |
105,370 |
85,675 |
(26.1) |
1.9 |
23.0 |
Crude oil |
19,031 |
27,589 |
21,582 |
71,663 |
61,803 |
(31.0) |
(11.8) |
16.0 |
Fuel oil (including bunker fuel) |
9,182 |
11,224 |
6,115 |
30,271 |
19,396 |
(18.2) |
50.2 |
56.1 |
Other oil products and other products |
1,646 |
1,588 |
1,611 |
3,436 |
4,476 |
3.7 |
2.2 |
(23.2) |
Sales abroad (*) |
4,719 |
3,316 |
915 |
11,347 |
3,813 |
42.3 |
415.7 |
197.6 |
Total foreign market |
34,578 |
43,717 |
30,223 |
116,717 |
89,488 |
(20.9) |
14.4 |
30.4 |
Total |
170,076 |
170,960 |
121,594 |
482,677 |
318,478 |
(0.5) |
39.9 |
51.6 |
(*) Sales revenues from operations outside of Brazil, including trading and excluding exports |
In 3Q22, revenues remained roughly
stable compared to 2Q22. Revenues from oil products in the domestic market grew 10% compared to 2Q22 - despite the drop in international
prices - due to higher sales volumes of all products in 3Q22. Crude oil revenues in the domestic market fell 22% due to lower sales to
Acelen and the drop in Brent prices.
Exports fell 26% in 3Q22 compared
to 2Q22. In addition to the global depreciation of Brent and oil products prices, there were lower volumes of oil and fuel oil exports,
mostly explained by exports that remained in progress for 4Q22.
In terms of revenue composition
in the domestic market, diesel and gasoline remained the main products, accounting for 74% of the oil products revenue in 3Q22.
Graph 1 – Oil products sales revenues 3Q22 – domestic market
As the conflict in Ukraine persists, we maintained
the strategy of diversifying oil flows carried out in 1H22. Russian exports, which previously supplied Europe, were diverted to Asian
markets, mainly India and China. Throughout the years Petrobras has been implementing a constant search for global opportunities and the
development of new clients, which was decisive for the company to change the flow of its exports as well, taking advantage of new arbitrages
and maximizing value generation in its sales. In 3Q22, we continued to work on market development for pre-salt oils, focusing on Atapu
and Sépia, which were the last streams added to Petrobras' export basket. In this quarter, four new clients were added, spread
among Asia, Europe and South America.
In 3Q22, we had the following distribution
of export destinations by volume:
Table 3 – Destination of oil exports
Country |
3Q22 |
2Q22 |
3Q21 |
China |
29% |
15% |
39% |
Europe |
29% |
39% |
29% |
Latam |
21% |
24% |
10% |
USA |
10% |
8% |
9% |
Asia (Ex China) |
9% |
12% |
11% |
Caribbean |
2% |
2% |
2% |
Table 4 – Destination of exports of oil products
Country |
3Q22 |
2Q22 |
3Q21 |
Singapore |
57% |
55% |
63% |
USA |
17% |
26% |
22% |
Europe |
9% |
7% |
0% |
Caribbean |
13% |
9% |
8% |
Others |
3% |
3% |
6% |
Cost of goods sold
Table 5 – Cost of goods sold
|
|
|
|
|
|
Variation (%) |
R$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 X 2Q22 |
3Q22 X 3Q21 |
9M22 X 9M21 |
Acquisitions |
(35,902) |
(26,649) |
(24,095) |
(86,760) |
(55,933) |
34.7 |
49.0 |
55.1 |
Crude oil imports |
(16,724) |
(12,930) |
(7,772) |
(38,463) |
(21,544) |
29.3 |
115.2 |
78.5 |
Oil products imports |
(14,771) |
(8,901) |
(9,418) |
(30,685) |
(19,965) |
65.9 |
56.8 |
53.7 |
Natural gas imports |
(4,407) |
(4,818) |
(6,905) |
(17,612) |
(14,424) |
(8.5) |
(36.2) |
22.1 |
Production |
(41,234) |
(44,117) |
(33,722) |
(124,461) |
(93,468) |
(6.5) |
22.3 |
33.2 |
Crude oil |
(34,079) |
(37,139) |
(28,044) |
(103,417) |
(75,730) |
(8.2) |
21.5 |
36.6 |
Production taxes |
(17,773) |
(20,327) |
(13,229) |
(54,662) |
(35,344) |
(12.6) |
34.3 |
54.7 |
Other costs |
(16,306) |
(16,812) |
(14,815) |
(48,755) |
(40,386) |
(3.0) |
10.1 |
20.7 |
Oil products |
(3,448) |
(3,152) |
(3,402) |
(9,859) |
(10,399) |
9.4 |
1.4 |
(5.2) |
Natural gas |
(3,707) |
(3,826) |
(2,276) |
(11,185) |
(7,339) |
(3.1) |
62.9 |
52.4 |
Production taxes |
(1,150) |
(1,282) |
(738) |
(3,641) |
(2,218) |
(10.3) |
55.8 |
64.2 |
Other costs |
(2,557) |
(2,544) |
(1,538) |
(7,544) |
(5,121) |
0.5 |
66.3 |
47.3 |
Services, electricity, operations abroad and others |
(6,104) |
(4,333) |
(4,225) |
(13,993) |
(8,487) |
40.9 |
44.5 |
64.9 |
Total |
(83,240) |
(75,099) |
(62,042) |
(225,214) |
(157,888) |
10.8 |
34.2 |
42.6 |
In 3Q22, cost of goods sold grew
11% compared to 2Q22, mainly reflecting higher purchases and imports of crude and oil products. The depreciation of Brent prices contributed
to the drop in government participation.
It is worth noting the continued
decline of LNG in the composition of natural gas purchases, with a reduction of 2 MMm³/day in regasification volumes, reaching 5
MM m3/day in 3Q22, essentially explained by the low demand for gas for thermoelectric plants due to the positive hydrological scenario
Operating expenses
Table 6 – Operating expenses
|
|
|
|
|
|
Variation (%) |
R$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 X 2Q22 |
3Q22 X 3Q21 |
9M22 X 9M21 |
Selling, General and Administrative Expenses |
(8,110) |
(7,725) |
(7,529) |
(23,553) |
(21,336) |
5.0 |
7.7 |
10.4 |
Selling expenses |
(6,358) |
(6,136) |
(5,766) |
(18,653) |
(16,706) |
3.6 |
10.3 |
11.7 |
Materials, third-party services, freight, rent and other related costs |
(5,102) |
(4,922) |
(4,831) |
(14,991) |
(14,020) |
3.7 |
5.6 |
6.9 |
Depreciation, depletion and amortization |
(1,020) |
(1,066) |
(831) |
(3,124) |
(2,384) |
(4.3) |
22.7 |
31.0 |
Allowance for expected credit losses |
(107) |
(30) |
37 |
(177) |
71 |
256.7 |
− |
− |
Employee compensation |
(129) |
(118) |
(141) |
(361) |
(373) |
9.3 |
(8.5) |
(3.2) |
General and administrative expenses |
(1,752) |
(1,589) |
(1,763) |
(4,900) |
(4,630) |
10.3 |
(0.6) |
5.8 |
Employee compensation |
(1,171) |
(1,060) |
(1,364) |
(3,267) |
(3,390) |
10.5 |
(14.1) |
(3.6) |
Materials, third-party services, rent and other related costs |
(446) |
(411) |
(294) |
(1,260) |
(894) |
8.5 |
51.7 |
40.9 |
Depreciation, depletion and amortization |
(135) |
(118) |
(105) |
(373) |
(346) |
14.4 |
28.6 |
7.8 |
Exploration costs |
(565) |
(196) |
(696) |
(1,169) |
(2,897) |
188.3 |
(18.8) |
(59.6) |
Research and Development |
(984) |
(1,080) |
(792) |
(3,145) |
(2,206) |
(8.9) |
24.2 |
42.6 |
Other taxes |
(489) |
(455) |
(1,141) |
(1,255) |
(1,983) |
7.5 |
(57.1) |
(36.7) |
Impairment of assets |
(1,336) |
(847) |
16,358 |
(2,179) |
15,353 |
57.7 |
− |
− |
Other income and expenses, net |
(911) |
10,930 |
(815) |
8,349 |
(2,823) |
− |
11.8 |
− |
Total |
(12,395) |
627 |
5,385 |
(22,952) |
(15,892) |
− |
− |
44.4 |
In 3Q22, selling expenses grew 4% compared to
2Q22, mainly due to higher logistics expenses related to offshore trading operations.
General and Administrative expenses rose 10%
compared to 2Q22, mainly reflecting wage adjustments under the Collective Bargaining Agreement.
The increase in exploration expenses is explained
mostly by the reversal of expenses in 2Q22, due to the approval of the execution of a Conduct Adjustment Agreement (TAC) with the National
Petroleum Agency to offset local content fines. The TAC provides for the conversion of fines into investment commitments in Exploration
and Production with local content, and, under the terms of the agreement, Petrobras commits to invest in local content until 2026. In
addition, there were higher expenses with geology and geophysics. The signature of the TAC does not alter the investments foreseen in
the Strategic Plan 2022-26, disclosed by Petrobras on November 24, 2021, and is in line with the strategy of generating value by managing
the Company's liabilities and improving its capital allocation.
In 3Q22, other expenses totaled R$ 911 million
against revenues of R$ 10.9 billion in 2Q22. This variation is mainly explained by capital gain of R$ 14.2 billion in 2Q22 related to
the co-participation agreements in the Sepia and Atapu fields.
Adjusted EBITDA
In 3Q22, Adjusted EBITDA reached R$ 91.4 billion,
a 7% decrease compared to 2Q22, mainly due to the depreciation of Brent prices in the period and lower sales in the foreign market due
to the increase in ongoing exports.
Financial results
Table 7 – Financial results
|
|
|
|
|
|
Variation (%) |
R$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 X 2Q22 |
3Q22 X 3Q21 |
9M22 X 9M21 |
Finance income |
2,713 |
3,054 |
1,188 |
7,127 |
2,973 |
(11.2) |
128.4 |
139.7 |
Income from investments and marketable securities (Government Bonds) |
1,783 |
1,821 |
519 |
4,448 |
921 |
(2.1) |
243.5 |
383.0 |
Other income, net |
930 |
1,233 |
669 |
2,679 |
2,052 |
(24.6) |
39.0 |
30.6 |
Finance expenses |
(4,157) |
(4,691) |
(6,237) |
(12,817) |
(22,721) |
(11.4) |
(33.3) |
(43.6) |
Interest on finance debt |
(2,963) |
(3,396) |
(3,499) |
(9,143) |
(12,415) |
(12.8) |
(15.3) |
(26.4) |
Unwinding of discount on lease liabilities |
(1,773) |
(1,644) |
(1,579) |
(4,943) |
(4,768) |
7.8 |
12.3 |
3.7 |
Discount and premium on repurchase of debt securities |
(54) |
(404) |
(1,309) |
(592) |
(5,813) |
(86.6) |
(95.9) |
(89.8) |
Capitalized borrowing costs |
1,364 |
1,464 |
1,406 |
4,072 |
3,970 |
(6.8) |
(3.0) |
2.6 |
Unwinding of discount on the provision for decommissioning costs |
(668) |
(675) |
(1,017) |
(2,025) |
(3,071) |
(1.0) |
(34.3) |
(34.1) |
Other finance expenses and income, net |
(63) |
(36) |
(239) |
(186) |
(624) |
75.0 |
(73.6) |
(70.2) |
Foreign exchange gains (losses) and indexation charges |
(6,529) |
(14,120) |
(20,431) |
(15,057) |
(25,704) |
(53.8) |
(68.0) |
(41.4) |
Foreign exchange gains (losses) |
(4,073) |
(8,184) |
(15,507) |
278 |
(10,659) |
(50.2) |
(73.7) |
− |
Reclassification of hedge accounting to the Statement of Income |
(5,813) |
(5,442) |
(5,396) |
(18,476) |
(17,823) |
6.8 |
7.7 |
3.7 |
Monetary restatement of anticipated dividends and dividends payable (*) |
2,085 |
(1,335) |
104 |
749 |
32 |
− |
1904.8 |
2240.6 |
Recoverable taxes inflation indexation income (**) |
155 |
119 |
79 |
382 |
2,587 |
30.3 |
96.2 |
(85.2) |
Other foreign exchange gains (losses) and indexation charges, net |
1,117 |
722 |
289 |
2,010 |
159 |
54.7 |
286.5 |
1164.2 |
Total |
(7,973) |
(15,757) |
(25,480) |
(20,747) |
(45,452) |
(49.4) |
(68.7) |
(54.4) |
(*) In 2022, it refers to the income on the monetary restatement of paid anticipated
dividends, in the amount of R$ 2.180 (R$ 105, in 2021) , and to the expense on the indexation charges on dividends payable, in the amount
of R$ 1.431(R$ 73, in 2021)
(**) In 2021, includes PIS and Cofins inflation indexation income - exclusion
of ICMS (VAT tax) from the basis of calculation. |
The financial result in 3Q22 was negative by
R$ 8 billion, a 49% improvement over 2Q22 (R$ 15.8 billion), mainly reflecting the weaker depreciation of the BRL against USD (3% in 3Q22
against 11% in 2Q22). In addition, there was an improvement in monetary variations mainly due to the monetary restatement of anticipated
dividends for the fiscal year 2022. In 3Q22, we also observed lower transaction costs in the repurchase of securities and a lower goodwill
compared to 2Q22, when we carried out a tender offer of US$ 2.0 billion in April 2022.
Net profit (loss) attributable to Petrobras
shareholders
Net income in 3Q22 was
R$ 46.1 billion, compared to R$ 54.3 billion in 2Q22. This result is mainly explained by the depreciation of Brent prices, as well as
capital gain of R$ 14.2 billion related to the co-participation agreements in Sepia and Atapu in 2Q22. These factors were partially offset
by the improved financial result (R$ 7.8 billion) reflecting the lower depreciation of the BRL versus the USD in 3Q22 compared to 2Q22.
With the lower pre-tax income, there was a lower income tax and social contribution expense of R$ 5.8 billion.
Recurring net income
attributable to Petrobras shareholders and recurring Adjusted EBITDA
In 3Q22, net income was negatively impacted
by R$ 0.2 billion and would have summed up to R$ 46.3 billion without the non-recurring items. Adjusted EBITDA was negatively impacted
by R$ 0.8 billion and would have summed up to R$ 92.3 billion without the non-recurring items.
Special items
Table 8 – Special items
|
|
|
|
|
|
Variation (%) |
R$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 X 2Q22 |
3Q22 X 3Q21 |
9M22 X 9M21 |
Net income |
46,236 |
54,484 |
31,224 |
145,503 |
75,541 |
(15.1) |
48.1 |
92.6 |
Non-recurring items |
(299) |
14,318 |
20,752 |
15,881 |
23,834 |
− |
− |
(33.4) |
Non-recurring items that do not affect Adjusted EBITDA |
548 |
15,395 |
23,881 |
18,309 |
23,805 |
(96.4) |
(97.7) |
(23.1) |
Impairment of assets and investments |
(1,324) |
(860) |
16,313 |
(2,224) |
17,256 |
54.0 |
− |
− |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
(1) |
− |
(35) |
(1) |
(220) |
− |
(97.1) |
(99.5) |
Gains and losses on disposal / write-offs of assets |
1,550 |
1,828 |
613 |
5,850 |
1,235 |
(15.2) |
152.9 |
373.7 |
Results from co-participation agreements in bid areas |
(50) |
14,243 |
3,519 |
14,193 |
3,519 |
− |
− |
303.3 |
Agreements signed for the electricity sector |
− |
− |
− |
− |
436 |
− |
− |
− |
Pis and Cofins inflation indexation charges - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
− |
(2) |
− |
2,402 |
− |
− |
− |
Discount and premium on repurchase of debt securities |
373 |
184 |
(1,294) |
491 |
(5,798) |
102.7 |
− |
− |
Non-incidence of income taxes on indexation charges (SELIC interest rate) over undue paid taxes |
− |
− |
4,767 |
− |
4,767 |
− |
− |
− |
Financial updating on state amnesty programs |
− |
− |
− |
− |
208 |
− |
− |
− |
Other non-recurring items |
(847) |
(1,077) |
(3,129) |
(2,428) |
28 |
(21.4) |
(72.9) |
− |
Voluntary Separation Plan |
(4) |
(9) |
9 |
(33) |
52 |
(55.6) |
− |
− |
Amounts recovered from Lava Jato investigation |
115 |
− |
132 |
175 |
1,197 |
− |
(12.9) |
(85.4) |
Gains / (losses) on decommissioning of returned/abandoned areas |
(7) |
(15) |
(22) |
(147) |
(60) |
(53.3) |
(68.2) |
145.0 |
State amnesty programs |
− |
− |
137 |
− |
796 |
− |
− |
− |
Gains (losses) related to legal proceedings |
(950) |
(866) |
(545) |
(2,373) |
(1,271) |
9.7 |
74.3 |
86.7 |
Equalization of expenses - Production Individualization Agreements |
(1) |
(187) |
98 |
(50) |
(190) |
(99.5) |
− |
(73.7) |
PIS and COFINS over inflation indexation charges - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
− |
1 |
− |
(111) |
− |
− |
− |
PIS and COFINS recovered - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
− |
61 |
− |
2,554 |
− |
− |
− |
Gains/(losses) arising from actuarial review of health care plan |
− |
− |
(4,518) |
− |
(4,518) |
− |
− |
− |
Gains/(losses) with the transfer of rights on concession agreements |
− |
− |
1,518 |
− |
1,579 |
− |
− |
− |
Net effect of non-recurring items on IR / CSLL |
105 |
(4,873) |
(6,984) |
(5,415) |
(8,159) |
− |
− |
(33.6) |
Recurring net income |
46,430 |
45,039 |
17,456 |
135,037 |
59,867 |
3.1 |
166.0 |
125.6 |
Shareholders of Petrobras |
46,290 |
44,885 |
17,374 |
134,521 |
59,490 |
3.1 |
166.4 |
126.1 |
Non-controlling interests |
140 |
154 |
82 |
516 |
377 |
(9.1) |
70.7 |
36.9 |
Adjusted EBITDA |
91,421 |
98,260 |
60,744 |
267,391 |
171,631 |
(7.0) |
50.5 |
55.8 |
Non-recurring items |
(847) |
(1,077) |
(3,129) |
(2,428) |
28 |
(21.4) |
(72.9) |
− |
Recurring Adjusted EBITDA |
92,268 |
99,337 |
63,873 |
269,819 |
171,603 |
(7.1) |
44.5 |
57.2 |
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 |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 X 2Q22 |
3Q22 X 3Q21 |
9M22 X 9M21 |
Exploration and Production |
1,685 |
1,674 |
1,456 |
4,734 |
5,030 |
0.7 |
15.8 |
(5.9) |
Refining, Transportation and Marketing |
295 |
274 |
226 |
821 |
673 |
7.6 |
30.2 |
21.9 |
Gas and Power |
65 |
92 |
94 |
251 |
252 |
(29.3) |
(31.2) |
(0.3) |
Others |
86 |
141 |
86 |
274 |
186 |
(39.1) |
(0.4) |
47.7 |
Subtotal |
2,131 |
2,181 |
1,863 |
6,080 |
6,140 |
(2.3) |
14.4 |
(1.0) |
Signature bonus |
− |
892 |
− |
892 |
− |
− |
− |
− |
Total |
2,131 |
3,073 |
1,863 |
6,972 |
6,140 |
(30.6) |
14.4 |
13.5 |
In 3Q22, capex totaled US$ 2.1 billion, 31% below
2Q22, mainly due to the impact of the signature bonus of the Sépia and Atapu fields that occurred in 2Q22. In the first nine months
of the year, capex totaled US$ 7.0 billion, an increase of 14% compared to 9M21, reaching 59% of the US$ 11.9 billion initially estimated
for 2022, in the Strategic Plan 2022-26, including the $0.9 billion signing bonus.
Considering: (i) adjustments to the schedule
of activities, (ii) optimization of exploratory expenses, and (iii) non-replacement of pipelines affected by SCC-CO2 in Búzios
and Tupi, which when inspected indicated a longer useful life, we project investments between US$ 9 and US$ 10 billion for the year, with
no impact on the 2022 production target.
Investments in growth correspond to 48%
of total capex in 3Q22.
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 3Q22, capex in the Exploration & Production
segment totaled US$ 1.7 billion, in line with 2Q22. Investments in growth corresponded to 57% and were mainly concentrated on: (i) the
development of ultra-deepwater production in the Santos Basin pre-salt (US$ 0.6 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 3Q22, of which approximately 18% was related to growth. In Gas & Power, capex totaled US$
0.1 billion in 3Q22, with approximately 10% 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 |
0.93 |
2.0 |
92,66%2 |
Project in phase of execution with production system under commisioning. 10 wells drilled and 7 completed. |
Marlim 1
FPSO Anita Garibaldi
(Chartered unit) |
2023 |
80,000 |
0.15 |
1.7 |
100% |
Project in phase of execution. Production system is sailing to Brazil. |
Marlim 2
FPSO Anna Nery (Chartered unit) |
2023 |
70,000 |
0.15 |
1.3 |
100% |
Project in phase of execution with production system under commisioning. 2 wells drilled and completed.4 |
Mero 2
FPSO Sepetiba (Chartered unit) |
2023 |
180,000 |
0.22 |
0.8 |
38,6%3 |
Project in phase of execution with production system under construction. 11 wells drilled and 4 completed |
Itapu
P-71 (Owned unit) |
20235 |
150,000 |
2.11 |
3.4 |
100% |
Project in phase of execution. Production system arrived in Itapu field. 4 wells drilled and 2 completed |
Mero 3
FPSO Marechal Duque de Caxias (Chartered unit) |
2024 |
180,000 |
0.07 |
0.8 |
38,6%3 |
Project in phase of execution with production system under construction. 4 wells drilled and 1 completed |
Integrado Parque das Baleias (IPB)
FPSO Maria Quitéria
(Chartered unit) |
2024 |
100,000 |
0.30 |
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 |
0.11 |
2.1 |
92,66%2 |
Project in phase of execution with production system under construction.
3 wells drilled and 1 completed |
Búzios 6
P-78 (Owned unit) |
2025 |
180,000 |
0.37 |
4.1 |
92,66%2 |
Project in phase of execution with production system under construction. |
Búzios 8
P-79 (Owned unit) |
2025 |
180,000 |
0.29 |
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 |
0.05 |
0.8 |
38,6%3 |
Project in phase of execution with production system under construction.
6 wells drilled and 2 completed |
Búzios 9
P-80 (Owned unit) |
2026 |
225,000 |
0.04 |
4.8 |
92,66%2 |
Project in phase of execution. Production system construction contract signed
on August 2022.
2 wells drilled and completed |
Búzios 10
P-82 (Owned unit) |
2026 |
225,000 |
0.03 |
5.1 |
92,66%2 |
Project in phase of execution. Production system construction contract signed
on October 2022.
1 well drilled |
Búzios 11
P-83 (Owned unit) |
2027 |
225,000 |
0.02 |
4.8 |
92,66%2 |
Project in phase of execution. Production system construction contract signed
on September 2022.
2 wells drilled |
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 adjusted 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.
5 Anticipation to 2022 expected |
Portfolio management
In 3Q22, cash inflows from divestments totaled
US$ 537 million, including the payment for the sale of Gaspetro, in the amount of US$ 392 million. In the first nine months of the year,
we received US$3.9 billion from asset sales, including deferred payments from the sales of NTS (US$1.0 billion) in 2Q22 and Bacalhau (US$950
million) in 1Q22.
From January 1, 2022, to November 02, 2022,
we concluded the sale of the Alagoas and Recôncavo Clusters, exploratory blocks in Parana and Potiguar Basins and our equity interests
in Deten Química and Gaspetro. Additionally, we signed the contracts for the sale of the Potiguar, Norte Capixaba, Golfinho and
Camarupim Clusters, the Albacora East field and LUBNOR Refinery.
Table 11 – Main transactions
by November 02nd, 2022 and respective transaction amounts (excluding deferred payments)
Assets |
Amount received
(US$ million) |
Transaction amount1
(US$ million) |
Bloco PAR-T-198_Paraná Basin |
0.031 |
0.0316 |
Bloco PAR-T-218_Paraná Basin |
0.032 |
0.0326 |
Bloco POT-T-794_Potiguar Basin |
0.525 |
0.5256 |
East Albacora field |
293 |
2,201 |
Papa-Terra field |
6 |
105.66 |
Deten Química |
101.2² |
117² |
Gaspetro |
392.32 |
3946 |
Alagoas cluster |
300 |
3006 |
Carmópolis cluster |
275 |
1,1006 |
Fazenda Belém cluster |
13.4 |
355 |
Golfinho e Camarupim clusters |
3 |
75 |
Norte cluster |
35.85 |
544 |
Peroá cluster |
13.07 |
556 |
Pescada cluster |
- |
25 |
Potiguar cluster |
110 |
1,380 |
Recôncavo cluster |
256 |
2505 |
LUBNOR refinery |
3.4 |
34 |
REMAN refinery |
28.4 |
189.56 |
SIX |
3 |
336 |
Total amount |
1,834 |
6,816 |
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[2]
Table 12 - Liquidity and Capital Resources
R$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
Adjusted cash and cash equivalents at the beginning of period |
100,268 |
87,568 |
52,139 |
62,040 |
64,280 |
Government bonds and time deposits with maturities of more than 3 months at the beginning of period* |
(14,957) |
(5,967) |
(3,013) |
(3,630) |
(3,424) |
Cash and cash equivalents in companies classified as held for sale at the beginning of the period |
37 |
40 |
4 |
72 |
74 |
Cash and cash equivalents at the beginning of period |
85,348 |
81,641 |
49,130 |
58,482 |
60,930 |
Net cash provided by operating activities |
63,207 |
71,804 |
55,100 |
187,835 |
151,734 |
Net cash provided by (used in) investing activities |
(3,823) |
16,727 |
20,579 |
7,921 |
7,965 |
Acquisition of PP&E and intangibles assets |
(10,225) |
(8,383) |
(7,857) |
(30,946) |
(24,728) |
Investments in investees |
(3) |
(49) |
(20) |
(101) |
(80) |
Proceeds from disposal of assets - Divestment |
2,872 |
7,800 |
12,325 |
19,927 |
15,053 |
Financial compensation from co-participation agreements |
650 |
24,512 |
15,510 |
25,481 |
15,510 |
Dividends received |
402 |
938 |
484 |
1,615 |
1,581 |
Divestment (Investment) in marketable securities |
2,481 |
(8,091) |
137 |
(8,055) |
629 |
(=) Net cash provided by operating and investing activities |
59,384 |
88,531 |
75,679 |
195,756 |
159,699 |
Net cash used in financing activities |
(121,013) |
(89,705) |
(68,216) |
(227,173) |
(164,565) |
Net financings |
(3,297) |
(20,212) |
(39,404) |
(33,432) |
(109,620) |
Proceeds from financing |
11,677 |
863 |
452 |
13,322 |
8,921 |
Repayments |
(14,974) |
(21,075) |
(39,856) |
(46,754) |
(118,541) |
Repayment of lease liability |
(6,954) |
(6,697) |
(7,750) |
(20,567) |
(23,323) |
Dividends paid to shareholders of Petrobras |
(111,046) |
(62,027) |
(20,895) |
(173,075) |
(31,177) |
Dividends paid to non-controlling interest |
(50) |
(264) |
(184) |
(340) |
(396) |
Investments by non-controlling interest |
334 |
(505) |
17 |
241 |
(49) |
Effect of exchange rate changes on cash and cash equivalents |
(69) |
4,881 |
2,833 |
(3,415) |
3,362 |
Cash and cash equivalents at the end of period |
23,650 |
85,348 |
59,426 |
23,650 |
59,426 |
Government bonds and time deposits with maturities of more than 3 months at the end of period* |
13,038 |
14,957 |
2,920 |
13,038 |
2,920 |
Cash and cash equivalents in companies classified as held for sale at the end of the period |
− |
(37) |
(32) |
− |
(32) |
Adjusted cash and cash equivalents at the end of period |
36,688 |
100,268 |
62,314 |
36,688 |
62,314 |
Reconciliation of Free Cash Flow |
|
|
|
|
|
Net cash provided by operating activities |
63,207 |
71,804 |
55,100 |
187,835 |
151,734 |
Acquisition of PP&E and intangibles assets |
(10,225) |
(8,383) |
(7,857) |
(30,946) |
(24,728) |
Free cash flow** |
52,982 |
63,421 |
47,243 |
156,889 |
127,006 |
As of September 30, 2022, cash and cash equivalents
totaled R$ 23.6 billion and adjusted cash and cash equivalents totaled R$ 36.7 billion, optimizing the company’s cash level.
In 3Q22, cash generated from operating activities
reached R$ 63.2 billion and positive free cash flow totaled R$ 53.0 billion. This level of cash generation, along with our cash balances
and the inflow of funds from the divestments of R$ 2.9 billion were used to: (a) pay remuneration to shareholders (R$ 111.0 billion) (b)
prepay debt and amortize principal and interest due in the period (R$ 15.0 billion), (c) amortize lease liabilities (R$ 7.0 billion) and
(d) make investments of R$ 10.2 billion.
* 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.
In 3Q22, the company settled several loans
and financial debt, in the amount of R$ 15.0 billion, notably the repurchase and redemption of R$ 5.2 billion of securities in the international
capital market. The company raised R$ 11.7 billion, of which (i) R$ 6.7 billion through a credit line with sustainability commitments
(Sustainability-Linked Loan) in the international banking market due in 2027, and (ii) R$ 3.0 billion through the issuance of commercial
notes in the domestic capital market due in 2030 and 2032.
The current level of gross debt, high cash
generation and solid liquidity allowed the company to approve a shareholder remuneration payment in the amount of R$ 3.35 per common and
preferred share.
Debt
As of September 30, 2022, gross debt reached
US$ 54.3 billion, a variation of 1.3% compared to June 30, 2022.
Average maturity shifted from 13 years on June
30, 2022, to 12 years on September 30, 2022, mainly because of the repurchase of long-term bonds in the international market, taking advantage
of falling prices.
The gross debt/EBITDA ratio reached 0.85x on
September 30, 2022, compared to 0.93x on June 30, 2022.
On September 30, 2022, net debt reached US$
47.5 billion, as a result of the cash level optimization during 3Q22. The net debt/adjusted EBITDA ratio increased from 0.60x on June
30, 2022 to 0.75x on September 30, 2022.
Table 13 – Debt indicators
US$ million |
09.30.2022 |
06.30.2022 |
Δ % |
09.30.2021 |
Financial Debt |
30,855 |
31,051 |
(0.6) |
36,716 |
Capital Markets |
16,800 |
18,261 |
(8.0) |
22,213 |
Banking Market |
10,713 |
9,158 |
17.0 |
10,524 |
Development banks |
721 |
770 |
(6.4) |
813 |
Export Credit Agencies |
2,452 |
2,688 |
(8.8) |
2,972 |
Others |
169 |
174 |
(2.9) |
194 |
Finance leases |
23,413 |
22,526 |
3.9 |
22,872 |
Gross debt |
54,268 |
53,577 |
1.3 |
59,588 |
Adjusted cash and cash equivalents |
6,785 |
19,142 |
(64.6) |
11,456 |
Net debt |
47,483 |
34,435 |
37.9 |
48,132 |
Net Debt/(Net Debt + Market Cap) - Leverage |
38% |
32% |
18.8 |
42% |
Average interest rate (% p.a.) |
6.4 |
6.3 |
1.6 |
6.0 |
Weighted average maturity of outstanding debt (years) |
12.04 |
13.04 |
(7.7) |
13.50 |
Net debt / LTM Adjusted EBITDA ratio |
0.75 |
0.60 |
25.0 |
1.17 |
Gross debt / LTM Adjusted EBITDA ratio |
0.85 |
0.93 |
(7.9) |
1.45 |
R$ million |
|
|
|
|
Financial Debt |
166,818 |
162,644 |
2.6 |
199,713 |
Finance Lease |
126,585 |
117,993 |
7.3 |
124,411 |
Adjusted cash and cash equivalents |
36,688 |
100,268 |
(63.4) |
62,314 |
Net Debt |
256,715 |
180,369 |
42.3 |
261,810 |
Results by segment
Exploration and Production
Table 14 – E&P results
|
|
|
Variation (%) (*) |
R$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 X 2Q22 |
3Q22 X 3Q21 |
9M22 X 9M21 |
Sales revenues |
101,391 |
108,041 |
76,472 |
311,999 |
211,864 |
(6.2) |
32.6 |
47.3 |
Gross profit |
62,342 |
67,813 |
43,489 |
192,610 |
120,578 |
(8.1) |
43.4 |
59.7 |
Operating expenses |
(2,316) |
12,551 |
19,572 |
9,983 |
14,276 |
− |
− |
(30.1) |
Operating income (loss) |
60,026 |
80,364 |
63,061 |
202,593 |
134,854 |
(25.3) |
(4.8) |
50.2 |
Net income (loss) attributable to the shareholders of Petrobras |
39,860 |
53,327 |
41,778 |
134,504 |
89,473 |
(25.3) |
(4.6) |
50.3 |
Adjusted EBITDA of the segment |
73,152 |
78,534 |
54,508 |
224,661 |
149,828 |
(6.9) |
34.2 |
49.9 |
EBITDA margin of the segment (%) |
72 |
73 |
71 |
72 |
71 |
(1) |
1 |
1 |
ROCE (Return on Capital Employed) (%) |
19.7 |
17.4 |
8.8 |
19.7 |
8.8 |
2.3 |
10.9 |
10.9 |
Average Brent crude (US$/bbl) |
100.85 |
113.78 |
73.47 |
105.35 |
67.73 |
(11.4) |
37.3 |
55.5 |
Internal Transfer Price to RTM - Crude oil (US$/bbl) |
98.81 |
106.90 |
69.54 |
99.79 |
64.19 |
(7.6) |
42.1 |
55.5 |
Lifting cost - Brazil (US$/boe) |
|
|
|
|
|
|
|
|
excluding production taxes and leases |
5.85 |
5.98 |
5.02 |
5.68 |
4.95 |
(2.2) |
16.5 |
14.8 |
excluding production taxes |
7.53 |
7.68 |
6.66 |
7.39 |
6.56 |
(1.9) |
13.2 |
12.6 |
Onshore and shallow waters |
|
|
|
|
|
|
|
|
with leases |
15.44 |
17.23 |
14.27 |
16.39 |
13.35 |
(10.4) |
8.2 |
22.8 |
excluding leases |
15.44 |
17.23 |
14.27 |
16.39 |
13.35 |
(10.4) |
8.2 |
22.8 |
Deep and ultra-deep post-salt |
|
|
|
|
|
|
|
|
with leases |
13.66 |
14.47 |
12.16 |
13.10 |
11.48 |
(5.6) |
12.3 |
14.1 |
excluding leases |
12.52 |
13.06 |
10.72 |
11.68 |
10.07 |
(4.2) |
16.8 |
16.0 |
Pre-salt |
|
|
|
|
|
|
|
|
with leases |
5.36 |
5.19 |
4.35 |
5.22 |
4.39 |
3.2 |
23.3 |
18.9 |
excluding leases |
3.44 |
3.31 |
2.53 |
3.33 |
2.58 |
3.8 |
35.8 |
29.1 |
including production taxes and excluding leases |
23.48 |
25.95 |
18.50 |
24.59 |
17.24 |
(9.5) |
27.0 |
42.6 |
including production taxes and leases |
25.16 |
27.64 |
20.13 |
26.30 |
18.86 |
(9.0) |
25.0 |
39.5 |
Production taxes - Brazil |
18,925 |
19,848 |
15,590 |
59,938 |
42,455 |
(4.7) |
21.4 |
41.2 |
Royalties |
10,692 |
11,062 |
8,021 |
32,905 |
21,722 |
(3.3) |
33.3 |
51.5 |
Special participation |
8,168 |
8,725 |
7,513 |
26,846 |
20,580 |
(6.4) |
8.7 |
30.4 |
Retention of areas |
65 |
61 |
56 |
187 |
153 |
6.6 |
16.1 |
22.2 |
(*) EBITDA margin and ROCE variations in percentage points |
In 3Q22, E&P gross profit was R$ 62.3 billion,
a reduction of 8.1% when compared to 2Q22, mainly due to the lower Brent prices. Operating income was 25.3% lower, reflecting the drop
in gross profit and the fact that the compensation from the co-participation agreements of Sépia and Atapu fields took place in
2Q22. We recorded a 2% reduction in the lifting cost without leasing and government take when compared to 2Q22 due to the 7% BRL depreciation
against the USD, partially offset by higher expenses related to project integrity, mainly subsea inspections in the Tupi field.
In the pre-salt, there was a slight increase
of 4% in lifting cost, mainly driven by the higher expenses related to the subsea inspections, partially offset by the BRL depreciation.
In the post-salt, there was a 4% reduction
in the same indicator when compared to 2Q22, mainly due to the aforementioned FX effect in the period.
In onshore and shallow water assets, we observed
lower lifting costs due to the effect of the BRL depreciation against USD and to the stoppage of production in Sergipe-Alagoas fields,
with higher lifting costs, for operational safety procedures.
The reduction in government take per barrel
in 3Q22 reflects the lower Brent prices in the period.
Refining, Transportation and Marketing
Table 15 - RTM results
|
|
|
|
|
|
Variation (%) (*) |
R$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 X 2Q22 |
3Q22 X 3Q21 |
9M22 X 9M21 |
Sales revenues |
154,035 |
157,429 |
107,188 |
439,940 |
284,257 |
(2.2) |
43.7 |
54.8 |
Gross profit (loss) |
14,428 |
25,532 |
11,642 |
56,271 |
35,490 |
(43.5) |
23.9 |
58.6 |
Operating expenses |
(3,519) |
(4,163) |
(5,396) |
(10,463) |
(10,334) |
(15.5) |
(34.8) |
1.2 |
Operating Income (loss) |
10,909 |
21,369 |
6,246 |
45,808 |
25,156 |
(48.9) |
74.7 |
82.1 |
Net income (loss) attributable to the shareholders of Petrobras |
7,082 |
13,629 |
5,465 |
31,056 |
21,298 |
(48.0) |
29.6 |
45.8 |
Adjusted EBITDA of the segment |
14,962 |
24,308 |
9,438 |
55,492 |
33,941 |
(38.4) |
58.5 |
63.5 |
EBITDA margin of the segment (%) |
10 |
15 |
9 |
13 |
12 |
(6) |
1 |
1 |
ROCE (Return on Capital Employed) (%) |
12.3 |
11.0 |
4.7 |
12.3 |
4.7 |
1.3 |
7.6 |
7.6 |
Refining cost (US$/barrel) - Brazil |
2.17 |
1.84 |
1.69 |
1.93 |
1.64 |
18.1 |
28.4 |
17.7 |
Refining cost (R$/barrel) - Brazil |
11.48 |
9.19 |
8.91 |
9.95 |
8.77 |
24.9 |
28.8 |
13.5 |
Domestic basic oil by-products price (R$/bbl) |
692.97 |
665.50 |
421.97 |
636.06 |
393.33 |
4.1 |
64.2 |
61.7 |
(*) EBITDA margin and ROCE variations in percentage points |
In 3Q22, gross profit from the Refining, Transportation
and Marketing (RTM) segment was R$ 14.4 billion, a decrease of 43% when compared to 2Q22, due to the negative effect of inventories turnover,
because of the decline in Brent prices, in contrast to the positive effect in 2Q22. Excluding the effect of inventory turnover (-R$ 8.4
billion in 3Q22 and +R$ 5.7 billion in 2Q22) gross profit would have been R$ 22.8 billion in 3Q22 and R$ 19.9 billion in 2Q22.
There were higher margins for oil products
in the domestic market, mainly diesel, due to the high international margins, besides higher sales volumes for diesel, due to the typical
seasonality, and gasoline, due to higher attractiveness compared to ethanol.
In 3Q22, the operating income was lower than
in 2Q22, due to the lower gross profit, partially offset by lower expenses with lawsuits.
In 3Q22, refining cost per barrel in BRL increased
by 25% when compared to 2Q22, due to the increase in expenses with inputs and maintenance for the upkeep and revitalization of the refineries,
in addition to readjustments in personnel costs.
Gas and Power
Table 16 – G&P results
|
|
|
|
|
|
Variation (%) (*) |
R$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 X 2Q22 |
3Q22 X 3Q21 |
9M22 X 9M21 |
Sales revenues |
21,747 |
18,390 |
18,014 |
57,792 |
44,061 |
18.3 |
20.7 |
31.2 |
Gross profit |
7,898 |
6,713 |
4,076 |
16,994 |
14,104 |
17.7 |
93.8 |
20.5 |
Operating expenses |
(3,078) |
(4,008) |
(4,043) |
(11,702) |
(11,645) |
(23.2) |
(23.9) |
0.5 |
Operating income (loss) |
4,820 |
2,705 |
33 |
5,292 |
2,459 |
78.2 |
14506.1 |
115.2 |
Net income (loss) attributable to the shareholders of Petrobras |
3,148 |
1,796 |
20 |
3,483 |
1,752 |
75.3 |
15640.0 |
98.8 |
Adjusted EBITDA of the segment |
4,610 |
3,219 |
1,022 |
6,159 |
4,820 |
43.2 |
351.1 |
27.8 |
EBITDA margin of the segment (%) |
21 |
18 |
6 |
11 |
11 |
3.0 |
15.0 |
− |
ROCE (Return on Capital Employed) (%) |
(0.6) |
(3.9) |
2.6 |
(0.6) |
2.6 |
3.3 |
(3.2) |
(3.2) |
Natural gas sales price - Brazil (US$/bbl) |
75.74 |
71.16 |
46.98 |
67.02 |
41.43 |
6.4 |
61.2 |
61.8 |
Fixed revenues from power auctions |
532 |
514 |
575 |
1,546 |
1,691 |
3.5 |
(7.5) |
(8.6) |
Average price for power generation (R$/MWh) |
72.78 |
90.75 |
504.97 |
216.15 |
434.73 |
(19.8) |
(85.6) |
(50.3) |
(*) EBITDA margin and ROCE variations in percentage points |
In 3Q22, gross profit was R$ 7.9 billion, an
increase of 17.7% when compared to 2Q22, mainly reflecting the recovery in commercialization margins, resulting from: (a) the improvement
in the natural gas sales portfolio, and; (b) the lower need for regasified LNG with the resumption of stoppages in production platforms
throughout 2Q22.
In 3Q22, operating income was R$ 4.8 billion,
78.2% higher than in 2Q22, due to higher gross profit and lower operating expenses due to the capital gain related to the sale of Gaspetro.
Reconciliation of Adjusted EBITDA
EBITDA is an indicator calculated as the net
income for the period plus taxes on profit, net financial result, depreciation and amortization. Petrobras announces EBITDA, as authorized
by CVM Resolution 156 of June 2022.
In order to reflect the management view regarding
the formation of the company's current business results, EBITDA is also presented adjusted (Adjusted EBITDA) as a result of: results in
equity-accounted investments; impairment, reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments,
results with co-participation agreement in production fields and gains/losses on disposal/write-offs of assets.
Adjusted EBITDA, reflecting the sum of the last
twelve months (Last Twelve Months), also represents an alternative to the company's operating cash generation. This measure is used to
calculate the Gross Debt and Net Debt to Adjusted EBITDA metric, helping to evaluate the company's leverage and liquidity.
EBITDA and adjusted EBITDA are not provided for
in International Financial Reporting Standards (IFRS) and should not serve as a basis for comparison with those disclosed by other companies
and should not be considered as a substitute for any other measure calculated in accordance with IFRS. These measures should be considered
in conjunction with other measures and indicators for a better understanding of the company's performance and financial condition.
Table 17 - Reconciliation of Adjusted EBITDA
|
|
|
|
|
|
Variation (%) (*) |
R$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 X 2Q22 |
3Q22 X 3Q21 |
9M22 X 9M21 |
Net income (loss) |
46,236 |
54,484 |
31,224 |
145,503 |
75,541 |
(15.1) |
48.1 |
92.6 |
Net finance income (expense) |
7,973 |
15,757 |
25,480 |
20,747 |
45,452 |
(49.4) |
(68.7) |
(54.4) |
Income taxes |
20,403 |
26,193 |
9,753 |
70,194 |
31,549 |
(22.1) |
109.2 |
122.5 |
Depreciation, depletion and amortization |
17,143 |
16,996 |
16,262 |
50,743 |
46,820 |
0.9 |
5.4 |
8.4 |
EBITDA |
91,755 |
113,430 |
82,719 |
287,187 |
199,362 |
(19.1) |
10.9 |
44.1 |
Results in equity-accounted investments |
(171) |
54 |
(1,520) |
(1,933) |
(7,844) |
− |
(88.8) |
(75.4) |
Impairment |
1,336 |
847 |
(16,358) |
2,179 |
(15,353) |
57.7 |
− |
− |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
1 |
− |
35 |
1 |
220 |
− |
(97.1) |
(99.5) |
Results from co-participation agreements in bid areas |
50 |
(14,243) |
(3,519) |
(14,193) |
(3,519) |
− |
− |
303.3 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(1,550) |
(1,828) |
(613) |
(5,850) |
(1,235) |
(15.2) |
152.9 |
373.7 |
Adjusted EBITDA |
91,421 |
98,260 |
60,744 |
267,391 |
171,631 |
(7.0) |
50.5 |
55.8 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin (%) |
54 |
57 |
50 |
55 |
54 |
(3.0) |
4.0 |
1.0 |
(*) EBITDA Margin variations in percentage points |
Financial statements
Table 18 - Income statement - Consolidated
R$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
Sales revenues |
170,076 |
170,960 |
121,594 |
482,677 |
318,478 |
Cost of sales |
(83,240) |
(75,099) |
(62,042) |
(225,214) |
(157,888) |
Gross profit |
86,836 |
95,861 |
59,552 |
257,463 |
160,590 |
Selling expenses |
(6,358) |
(6,136) |
(5,766) |
(18,653) |
(16,706) |
General and administrative expenses |
(1,752) |
(1,589) |
(1,763) |
(4,900) |
(4,630) |
Exploration costs |
(565) |
(196) |
(696) |
(1,169) |
(2,897) |
Research and development expenses |
(984) |
(1,080) |
(792) |
(3,145) |
(2,206) |
Other taxes |
(489) |
(455) |
(1,141) |
(1,255) |
(1,983) |
Impairment of assets |
(1,336) |
(847) |
16,358 |
(2,179) |
15,353 |
Other income and expenses |
(911) |
10,930 |
(815) |
8,349 |
(2,823) |
|
(12,395) |
627 |
5,385 |
(22,952) |
(15,892) |
Operating income (loss) |
74,441 |
96,488 |
64,937 |
234,511 |
144,698 |
Finance income |
2,713 |
3,054 |
1,188 |
7,127 |
2,973 |
Finance expenses |
(4,157) |
(4,691) |
(6,237) |
(12,817) |
(22,721) |
Foreign exchange gains (losses) and inflation indexation charges |
(6,529) |
(14,120) |
(20,431) |
(15,057) |
(25,704) |
Net finance income (expense) |
(7,973) |
(15,757) |
(25,480) |
(20,747) |
(45,452) |
Results in equity-accounted investments |
171 |
(54) |
1,520 |
1,933 |
7,844 |
Income (loss) before income taxes |
66,639 |
80,677 |
40,977 |
215,697 |
107,090 |
Income taxes |
(20,403) |
(26,193) |
(9,753) |
(70,194) |
(31,549) |
Net Income (loss) |
46,236 |
54,484 |
31,224 |
145,503 |
75,541 |
Net income (loss) attributable to: |
|
|
|
|
|
Shareholders of Petrobras |
46,096 |
54,330 |
31,142 |
144,987 |
75,164 |
Non-controlling interests |
140 |
154 |
82 |
516 |
377 |
|
|
|
|
|
|
Table 19 - Statement of financial position – Consolidated
ASSETS - R$ million |
09.30.2022 |
12.31.2021 |
Current assets |
159,327 |
168,247 |
Cash and cash equivalents |
23,650 |
58,410 |
Marketable securities |
13,038 |
3,630 |
Trade and other receivables, net |
22,026 |
35,538 |
Inventories |
52,825 |
40,486 |
Recoverable taxes |
7,763 |
7,511 |
Assets classified as held for sale |
28,684 |
13,895 |
Other current assets |
11,341 |
8,777 |
Non-current assets |
788,247 |
804,704 |
Long-term receivables |
92,717 |
79,992 |
Trade and other receivables, net |
10,516 |
10,603 |
Marketable securities |
264 |
247 |
Judicial deposits |
54,317 |
44,858 |
Deferred taxes |
2,673 |
3,371 |
Other tax assets |
19,871 |
18,197 |
Other non-current assets |
5,076 |
2,716 |
Investments |
9,041 |
8,427 |
Property, plant and equipment |
671,067 |
699,406 |
Intangible assets |
15,422 |
16,879 |
Total assets |
947,574 |
972,951 |
|
|
|
|
|
|
LIABILITIES - R$ million |
09.30.2022 |
12.31.2021 |
Current liabilities |
135,807 |
134,913 |
Trade payables |
28,164 |
30,597 |
Finance debt |
17,873 |
20,316 |
Lease liability |
28,855 |
30,315 |
Taxes payable |
24,063 |
26,414 |
Short-term employee benefits |
11,924 |
11,967 |
Liabilities related to assets classified as held for sale |
8,963 |
4,840 |
Other current liabilities |
15,965 |
10,464 |
Non-current liabilities |
437,662 |
448,457 |
Finance debt |
148,945 |
178,908 |
Lease liability |
97,730 |
98,279 |
Income taxes payable |
1,604 |
1,676 |
Deferred taxes |
35,472 |
6,857 |
Employee benefits |
47,260 |
52,310 |
Provision for legal and administrative proceedings |
13,621 |
11,263 |
Provision for decommissioning costs |
80,502 |
87,160 |
Other non-current liabilities |
12,528 |
12,004 |
Shareholders' equity |
374,105 |
389,581 |
Share capital (net of share issuance costs) |
205,432 |
205,432 |
Profit reserves and others |
167,066 |
181,897 |
Non-controlling interests |
1,607 |
2,252 |
Total liabilities and shareholders´ equity |
947,574 |
972,951 |
Table 20 - Statement of cash flow – Consolidated
R$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
Cash flow from operating activities |
|
|
|
|
|
Net income (loss) for the period |
46,236 |
54,484 |
31,224 |
145,503 |
75,541 |
Adjustments for: |
|
|
|
|
|
Pension and medical benefits (actuarial expense) |
1,605 |
1,605 |
6,152 |
4,815 |
9,586 |
Results of equity-accounted investments |
(171) |
54 |
(1,520) |
(1,933) |
(7,844) |
Depreciation, depletion and amortization |
17,143 |
16,996 |
16,262 |
50,743 |
46,820 |
Impairment of assets (reversal) |
1,336 |
847 |
(16,358) |
2,179 |
(15,353) |
Inventory write-down (write-back) to net realizable value |
19 |
49 |
− |
34 |
(5) |
Allowance (reversals) for credit loss on trade and other receivables |
18 |
90 |
(54) |
213 |
(100) |
Exploratory expenditures write-offs |
177 |
341 |
142 |
632 |
1,178 |
Disposal/write-offs of assets and remeasurement of investment retained with loss of control |
(1,550) |
(1,828) |
(578) |
(5,850) |
(1,015) |
Foreign exchange, indexation and finance charges |
9,698 |
16,618 |
24,001 |
23,876 |
44,143 |
Deferred income taxes, net |
1,222 |
136 |
620 |
11,493 |
21,247 |
Revision and unwinding of discount on the provision for decommissioning costs |
675 |
691 |
1,040 |
2,172 |
3,131 |
PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation |
18 |
(18) |
(57) |
− |
(4,955) |
Results from co-participation agreements in bid areas |
50 |
(14,243) |
(3,519) |
(14,193) |
(3,519) |
Assumption of interest in concessions |
− |
− |
(520) |
− |
(520) |
Early termination and cash outflows revision of lease agreements |
(826) |
(882) |
(632) |
(2,848) |
(1,846) |
Gains (losses) with legal, administrative and arbitration proceedings |
1,377 |
1,485 |
1,416 |
4,169 |
2,797 |
Decrease (Increase) in assets |
|
|
|
|
|
Trade and other receivables, net |
3,576 |
(2,876) |
(3,922) |
3,823 |
(7,504) |
Inventories |
(3,007) |
(489) |
(3,052) |
(13,259) |
(11,764) |
Judicial deposits |
(2,392) |
(2,248) |
(1,839) |
(6,760) |
(4,454) |
Other assets |
(518) |
(3,214) |
292 |
(3,483) |
(836) |
Increase (Decrease) in liabilities |
|
|
|
|
|
Trade payables |
(1,048) |
175 |
2,621 |
(2,140) |
4,459 |
Other taxes payable |
11,572 |
20,429 |
10,459 |
46,022 |
23,128 |
Income taxes paid |
(19,412) |
(17,522) |
(4,346) |
(44,861) |
(4,998) |
Pension and medical benefits |
(945) |
(1,044) |
(2,062) |
(9,666) |
(10,821) |
Provision for legal proceedings |
(412) |
(610) |
(460) |
(1,292) |
(1,923) |
Short-term benefits |
1,591 |
(1,006) |
481 |
(184) |
(795) |
Provision for decommissioning costs |
(861) |
(722) |
(1,055) |
(2,285) |
(2,798) |
Other liabilities |
(1,964) |
4,506 |
364 |
915 |
754 |
Net cash provided by operating activities |
63,207 |
71,804 |
55,100 |
187,835 |
151,734 |
Cash flows from Investing activities |
|
|
|
|
|
Acquisition of PP&E and intangible assets |
(10,225) |
(8,383) |
(7,857) |
(30,946) |
(24,728) |
Investments in investees |
(3) |
(49) |
(20) |
(101) |
(80) |
Proceeds from disposal of assets - Divestment |
2,872 |
7,800 |
12,325 |
19,927 |
15,053 |
Financial compensation from co-participation agreements |
650 |
24,512 |
15,510 |
25,481 |
15,510 |
Divestment (Investment) in marketable securities |
2,481 |
(8,091) |
137 |
(8,055) |
629 |
Dividends received |
402 |
938 |
484 |
1,615 |
1,581 |
Net cash provided (used) by investing activities |
(3,823) |
16,727 |
20,579 |
7,921 |
7,965 |
Cash flows from Financing activities |
|
|
|
|
|
Changes in non-controlling interest |
334 |
(505) |
17 |
241 |
(49) |
Financing and loans, net: |
|
|
|
|
|
Proceeds from financing |
11,677 |
863 |
452 |
13,322 |
8,921 |
Repayment of principal - finance debt |
(12,215) |
(19,357) |
(36,501) |
(39,255) |
(108,399) |
Repayment of interest - finance debt |
(2,759) |
(1,718) |
(3,355) |
(7,499) |
(10,142) |
Repayment of lease liability |
(6,954) |
(6,697) |
(7,750) |
(20,567) |
(23,323) |
Dividends paid to Shareholders of Petrobras |
(111,046) |
(62,027) |
(20,895) |
(173,075) |
(31,177) |
Dividends paid to non-controlling interests |
(50) |
(264) |
(184) |
(340) |
(396) |
Net cash provided (used) by financing activities |
(121,013) |
(89,705) |
(68,216) |
(227,173) |
(164,565) |
Effect of exchange rate changes on cash and cash equivalents |
(69) |
4,881 |
2,833 |
(3,415) |
3,362 |
Net change in cash and cash equivalents |
(61,698) |
3,707 |
10,296 |
(34,832) |
(1,504) |
Cash and cash equivalents at the beginning of the period |
85,348 |
81,641 |
49,130 |
58,482 |
60,930 |
Cash and cash equivalents at the end of the period |
23,650 |
85,348 |
59,426 |
23,650 |
59,426 |
Financial information by business areas
Table 21 - Consolidated income by segment – 9M22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
311,999 |
439,940 |
57,792 |
2,058 |
(329,112) |
482,677 |
Intersegments |
306,890 |
7,480 |
14,723 |
19 |
(329,112) |
− |
Third parties |
5,109 |
432,460 |
43,069 |
2,039 |
− |
482,677 |
Cost of sales |
(119,389) |
(383,669) |
(40,798) |
(2,089) |
320,731 |
(225,214) |
Gross profit |
192,610 |
56,271 |
16,994 |
(31) |
(8,381) |
257,463 |
Expenses |
9,983 |
(10,463) |
(11,702) |
(10,710) |
(60) |
(22,952) |
Selling expenses |
(65) |
(6,703) |
(11,778) |
(47) |
(60) |
(18,653) |
General and administrative expenses |
(163) |
(657) |
(247) |
(3,833) |
− |
(4,900) |
Exploration costs |
(1,169) |
− |
− |
− |
− |
(1,169) |
Research and development expenses |
(2,676) |
(31) |
(24) |
(414) |
− |
(3,145) |
Other taxes |
(240) |
(76) |
(177) |
(762) |
− |
(1,255) |
Impairment of assets |
(642) |
(1,535) |
4 |
(6) |
− |
(2,179) |
Other income and expenses |
14,938 |
(1,461) |
520 |
(5,648) |
− |
8,349 |
Operating income (loss) |
202,593 |
45,808 |
5,292 |
(10,741) |
(8,441) |
234,511 |
Net finance income (expense) |
− |
− |
− |
(20,747) |
− |
(20,747) |
Results in equity-accounted investments |
776 |
823 |
354 |
(20) |
− |
1,933 |
Income (loss) before income taxes |
203,369 |
46,631 |
5,646 |
(31,508) |
(8,441) |
215,697 |
Income taxes |
(68,882) |
(15,575) |
(1,799) |
13,192 |
2,870 |
(70,194) |
Net income (loss) |
134,487 |
31,056 |
3,847 |
(18,316) |
(5,571) |
145,503 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
134,504 |
31,056 |
3,483 |
(18,485) |
(5,571) |
144,987 |
Non-controlling interests |
(17) |
− |
364 |
169 |
− |
516 |
Table 22 - Consolidated income by segment – 9M21
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
211,864 |
284,257 |
44,061 |
1,929 |
(223,633) |
318,478 |
Intersegments |
207,677 |
5,349 |
9,755 |
852 |
(223,633) |
− |
Third parties |
4,187 |
278,908 |
34,306 |
1,077 |
− |
318,478 |
Cost of sales |
(91,286) |
(248,767) |
(29,957) |
(1,906) |
214,028 |
(157,888) |
Gross profit |
120,578 |
35,490 |
14,104 |
23 |
(9,605) |
160,590 |
Expenses |
14,276 |
(10,334) |
(11,645) |
(8,103) |
(86) |
(15,892) |
Selling expenses |
(4) |
(6,146) |
(10,410) |
(60) |
(86) |
(16,706) |
General and administrative expenses |
(597) |
(574) |
(275) |
(3,184) |
− |
(4,630) |
Exploration costs |
(2,897) |
− |
− |
− |
− |
(2,897) |
Research and development expenses |
(1,631) |
(28) |
(101) |
(446) |
− |
(2,206) |
Other taxes |
(616) |
(543) |
(530) |
(294) |
− |
(1,983) |
Impairment of assets |
16,329 |
(69) |
(914) |
7 |
− |
15,353 |
Other income and expenses |
3,692 |
(2,974) |
585 |
(4,126) |
− |
(2,823) |
Operating income (loss) |
134,854 |
25,156 |
2,459 |
(8,080) |
(9,691) |
144,698 |
Net finance income (expense) |
− |
− |
− |
(45,452) |
− |
(45,452) |
Results in equity-accounted investments |
451 |
4,695 |
450 |
2,248 |
− |
7,844 |
Income (loss) before income taxes |
135,305 |
29,851 |
2,909 |
(51,284) |
(9,691) |
107,090 |
Income taxes |
(45,850) |
(8,553) |
(836) |
20,395 |
3,295 |
(31,549) |
Net income (loss) |
89,455 |
21,298 |
2,073 |
(30,889) |
(6,396) |
75,541 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
89,473 |
21,298 |
1,752 |
(30,963) |
(6,396) |
75,164 |
Non-controlling interests |
(18) |
− |
321 |
74 |
− |
377 |
Table 23 - Quarterly consolidated income by segment –
3Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
101,391 |
154,035 |
21,747 |
657 |
(107,754) |
170,076 |
Intersegments |
99,712 |
2,773 |
5,262 |
7 |
(107,754) |
− |
Third parties |
1,679 |
151,262 |
16,485 |
650 |
− |
170,076 |
Cost of sales |
(39,049) |
(139,607) |
(13,849) |
(711) |
109,976 |
(83,240) |
Gross profit |
62,342 |
14,428 |
7,898 |
(54) |
2,222 |
86,836 |
Expenses |
(2,316) |
(3,519) |
(3,078) |
(3,463) |
(19) |
(12,395) |
Selling expenses |
(36) |
(2,297) |
(3,989) |
(17) |
(19) |
(6,358) |
General and administrative expenses |
(34) |
(253) |
(78) |
(1,387) |
− |
(1,752) |
Exploration costs |
(565) |
− |
− |
− |
− |
(565) |
Research and development expenses |
(828) |
(8) |
(7) |
(141) |
− |
(984) |
Other taxes |
(47) |
53 |
(83) |
(412) |
− |
(489) |
Impairment of assets |
(24) |
(1,313) |
1 |
− |
− |
(1,336) |
Other income and expenses |
(782) |
299 |
1,078 |
(1,506) |
− |
(911) |
Operating income (loss) |
60,026 |
10,909 |
4,820 |
(3,517) |
2,203 |
74,441 |
Net finance income (expense) |
− |
− |
− |
(7,973) |
− |
(7,973) |
Results in equity-accounted investments |
237 |
(118) |
62 |
(10) |
− |
171 |
Income (loss) before income taxes |
60,263 |
10,791 |
4,882 |
(11,500) |
2,203 |
66,639 |
Income taxes |
(20,409) |
(3,709) |
(1,639) |
6,103 |
(749) |
(20,403) |
Net income (loss) |
39,854 |
7,082 |
3,243 |
(5,397) |
1,454 |
46,236 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
39,860 |
7,082 |
3,148 |
(5,448) |
1,454 |
46,096 |
Non-controlling interests |
(6) |
− |
95 |
51 |
− |
140 |
Table 24 - Quarterly consolidated income by segment –
2Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
108,041 |
157,429 |
18,390 |
743 |
(113,643) |
170,960 |
Intersegments |
106,229 |
2,449 |
4,971 |
(6) |
(113,643) |
− |
Third parties |
1,812 |
154,980 |
13,419 |
749 |
− |
170,960 |
Cost of sales |
(40,228) |
(131,897) |
(11,677) |
(729) |
109,432 |
(75,099) |
Gross profit |
67,813 |
25,532 |
6,713 |
14 |
(4,211) |
95,861 |
Expenses |
12,551 |
(4,163) |
(4,008) |
(3,732) |
(21) |
627 |
Selling expenses |
(19) |
(2,267) |
(3,815) |
(14) |
(21) |
(6,136) |
General and administrative expenses |
(61) |
(208) |
(85) |
(1,235) |
− |
(1,589) |
Exploration costs |
(196) |
− |
− |
− |
− |
(196) |
Research and development expenses |
(939) |
(10) |
(3) |
(128) |
− |
(1,080) |
Other taxes |
(117) |
(90) |
(42) |
(206) |
− |
(455) |
Impairment of assets |
(625) |
(222) |
− |
− |
− |
(847) |
Other income and expenses |
14,508 |
(1,366) |
(63) |
(2,149) |
− |
10,930 |
Operating income (loss) |
80,364 |
21,369 |
2,705 |
(3,718) |
(4,232) |
96,488 |
Net finance income (expense) |
− |
− |
− |
(15,757) |
− |
(15,757) |
Results in equity-accounted investments |
282 |
(474) |
143 |
(5) |
− |
(54) |
Income (loss) before income taxes |
80,646 |
20,895 |
2,848 |
(19,480) |
(4,232) |
80,677 |
Income taxes |
(27,324) |
(7,266) |
(919) |
7,877 |
1,439 |
(26,193) |
Net income (loss) |
53,322 |
13,629 |
1,929 |
(11,603) |
(2,793) |
54,484 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
53,327 |
13,629 |
1,796 |
(11,629) |
(2,793) |
54,330 |
Non-controlling interests |
(5) |
− |
133 |
26 |
− |
154 |
Table 25 - Other income and expenses by segment – 9M22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Unscheduled stoppages and pre-operating expenses |
(6,508) |
(88) |
(114) |
(152) |
− |
(6,862) |
Losses with legal, administrative and arbitration proceedings |
(1,980) |
(948) |
(302) |
(939) |
− |
(4,169) |
Pension and medical benefits - retirees (*) |
− |
− |
− |
(4,083) |
− |
(4,083) |
Performance award program |
(838) |
(438) |
(101) |
(684) |
− |
(2,061) |
Losses with Commodities Derivatives |
− |
− |
− |
(627) |
− |
(627) |
Operating expenses with thermoelectric power plants |
− |
− |
(555) |
− |
− |
(555) |
Profit sharing |
(220) |
(130) |
(25) |
(155) |
− |
(530) |
Transfer of rights on concession agreements |
− |
− |
− |
− |
− |
− |
Amounts recovered from Lava Jato investigation |
90 |
− |
− |
85 |
− |
175 |
Recovery of taxes |
− |
45 |
1 |
224 |
− |
270 |
Fines imposed on suppliers |
634 |
80 |
171 |
19 |
− |
904 |
Government grants |
18 |
− |
− |
1,669 |
− |
1,687 |
Expenses/Reimbursements from E&P partnership operations |
2,314 |
− |
− |
− |
− |
2,314 |
Early termination and changes to cash flow estimates of leases |
2,602 |
244 |
86 |
(84) |
− |
2,848 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
4,458 |
534 |
839 |
19 |
− |
5,850 |
Results from the compensation of investments in bid areas (**) |
14,193 |
− |
− |
− |
− |
14,193 |
Others |
175 |
(760) |
520 |
(940) |
− |
(1,005) |
|
14,938 |
(1,461) |
520 |
(5,648) |
− |
8,349 |
(*) In 2022, it includes R$ 352 referring to the payment of a contribution as provided for in the Pre-70 Term of Financial Commitment (TFC) for the administrative funding of the PPSP-R pre-70 and PPSP-NR pre-70 plans. |
(**) It refers to the gain related to the Co-participation Agreements of Atapu and Sépia. |
Table 26 - Other income and expenses by segment – 9M21
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Unscheduled stoppages and pre-operating expenses |
(5,073) |
(56) |
(104) |
(48) |
− |
(5,281) |
Losses with legal, administrative and arbitration proceedings |
(972) |
(2,201) |
(10) |
386 |
− |
(2,797) |
Pension and medical benefits - retirees |
− |
− |
− |
(6,663) |
− |
(6,663) |
Performance award program |
(743) |
(407) |
(90) |
(617) |
− |
(1,857) |
Losses with Commodities Derivatives |
− |
− |
− |
(294) |
− |
(294) |
Operating expenses with thermoelectric power plants |
− |
− |
(334) |
− |
− |
(334) |
Profit sharing |
(202) |
(131) |
(19) |
(144) |
− |
(496) |
Transfer of rights on concession agreements |
1,579 |
− |
− |
− |
− |
1,579 |
Amounts recovered from Lava Jato investigation (*) |
39 |
− |
− |
1,158 |
− |
1,197 |
Recovery of taxes (**) |
− |
49 |
169 |
2,635 |
− |
2,853 |
Fines imposed on suppliers |
517 |
82 |
33 |
32 |
− |
664 |
Government grants |
15 |
6 |
− |
137 |
− |
158 |
Expenses/Reimbursements from E&P partnership operations |
2,254 |
− |
− |
− |
− |
2,254 |
Early termination and changes to cash flow estimates of leases |
1,864 |
156 |
(123) |
(51) |
− |
1,846 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
817 |
21 |
296 |
101 |
− |
1,235 |
Results from the compensation of investments in bid areas |
3,519 |
− |
− |
− |
− |
3,519 |
Others |
78 |
(493) |
767 |
(758) |
− |
(406) |
|
3,692 |
(2,974) |
585 |
(4,126) |
− |
(2,823) |
(*) The total amount recovered from Lava Jato Investigation through December 31, 2021 was R$ 6,220 million, recognized through collaboration and leniency agreements entered into with individuals and legal entities. |
(**) In the nine-month period ended September 30, 2021, 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 - Other income and expenses by segment – 3Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Unscheduled stoppages and pre-operating expenses |
(2,220) |
(32) |
(62) |
(76) |
− |
(2,390) |
Gains / (losses) related to legal, administrative and arbitration proceedings |
(1,296) |
288 |
(7) |
(362) |
− |
(1,377) |
Pension and medical benefits - retirees (*) |
− |
− |
− |
(1,596) |
− |
(1,596) |
Variable compensation program |
(322) |
(178) |
(35) |
(270) |
− |
(805) |
Gains/(losses) with Commodities Derivatives |
− |
− |
− |
464 |
− |
464 |
Operating expenses with thermoelectric power plants |
− |
− |
(196) |
− |
− |
(196) |
Profit Share |
(84) |
(50) |
(9) |
(58) |
− |
(201) |
Transfer of rights on concession agreements |
− |
− |
− |
− |
− |
− |
Amounts recovered from Lava Jato investigation |
90 |
− |
− |
25 |
− |
115 |
PIS and Cofins recovered - VAT tax exclusion from PIS and Cofins tax basis |
− |
12 |
− |
51 |
− |
63 |
Fines imposed on suppliers |
196 |
15 |
114 |
(15) |
− |
310 |
Government grants |
10 |
− |
− |
640 |
− |
650 |
Expenses/Reimbursements from E&P partnership operations |
1,538 |
− |
− |
− |
− |
1,538 |
Early Contract Terminations |
713 |
93 |
70 |
(50) |
− |
826 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
383 |
290 |
876 |
1 |
− |
1,550 |
Results from the compensation of investments in bid areas (**) |
(50) |
− |
− |
− |
− |
(50) |
Others |
260 |
(139) |
327 |
(260) |
− |
188 |
|
(782) |
299 |
1,078 |
(1,506) |
− |
(911) |
(*) In 2022, it includes R$ 352 referring to the payment of a contribution as provided for in the Pre-70 Term of Financial Commitment (TFC) for the administrative funding of the PPSP-R pre-70 and PPSP-NR pre-70 plans. |
(**) It refers to the gain related to the Co-participation Agreements of Atapu and Sépia. |
Table 28 - Other income and expenses by segment – 2Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Unscheduled stoppages and pre-operating expenses |
(2,428) |
(34) |
(16) |
(42) |
− |
(2,520) |
Gains / (losses) related to legal, administrative and arbitration proceedings |
(365) |
(894) |
(21) |
(205) |
− |
(1,485) |
Pension and medical benefits - retirees |
− |
− |
− |
(1,245) |
− |
(1,245) |
Variable compensation program |
(266) |
(134) |
(34) |
(204) |
− |
(638) |
Gains/(losses) with Commodities Derivatives |
− |
− |
− |
(809) |
− |
(809) |
Operating expenses with thermoelectric power plants |
− |
− |
(194) |
(1) |
− |
(195) |
Profit Share |
(69) |
(40) |
(8) |
(51) |
− |
(168) |
Transfer of rights on concession agreements |
− |
− |
− |
− |
− |
− |
Amounts recovered from Lava Jato investigation |
− |
− |
− |
− |
− |
− |
PIS and Cofins recovered - VAT tax exclusion from PIS and Cofins tax basis |
− |
30 |
1 |
87 |
− |
118 |
Fines imposed on suppliers |
196 |
17 |
4 |
22 |
− |
239 |
Government grants |
4 |
− |
− |
648 |
− |
652 |
Expenses/Reimbursements from E&P partnership operations |
638 |
− |
− |
− |
− |
638 |
Early Contract Terminations |
869 |
46 |
− |
(33) |
− |
882 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
1,913 |
(55) |
(33) |
3 |
− |
1,828 |
Results from the compensation of investments in bid areas (*) |
14,243 |
− |
− |
− |
− |
14,243 |
Others |
(227) |
(302) |
238 |
(319) |
− |
(610) |
|
14,508 |
(1,366) |
(63) |
(2,149) |
− |
10,930 |
(*) It refers to the gain related to the Co-participation Agreements of Atapu and Sépia. |
Table 29 - Consolidated assets by segment – 09.30.2022
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Total assets |
620,045 |
215,766 |
59,969 |
103,285 |
(51,491) |
947,574 |
|
|
|
|
|
|
|
Current assets |
45,211 |
94,689 |
19,688 |
51,231 |
(51,492) |
159,327 |
Non-current assets |
574,834 |
121,077 |
40,281 |
52,054 |
1 |
788,247 |
Long-term receivables |
33,526 |
15,124 |
3,240 |
40,826 |
1 |
92,717 |
Investments |
2,160 |
5,815 |
893 |
173 |
− |
9,041 |
Property, plant and equipment |
526,147 |
99,567 |
35,763 |
9,590 |
− |
671,067 |
Operating assets |
471,372 |
85,864 |
25,152 |
7,762 |
− |
590,150 |
Assets under construction |
54,775 |
13,703 |
10,611 |
1,828 |
− |
80,917 |
Intangible assets |
13,001 |
571 |
385 |
1,465 |
− |
15,422 |
Table 30 - 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 31 - Reconciliation of Adjusted EBITDA by segment – 9M22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
134,487 |
31,056 |
3,847 |
(18,316) |
(5,571) |
145,503 |
Net finance income (expense) |
− |
− |
− |
20,747 |
− |
20,747 |
Income taxes |
68,882 |
15,575 |
1,799 |
(13,192) |
(2,870) |
70,194 |
Depreciation, depletion and amortization |
40,077 |
8,682 |
1,710 |
274 |
− |
50,743 |
EBITDA |
243,446 |
55,313 |
7,356 |
(10,487) |
(8,441) |
287,187 |
Results in equity-accounted investments |
(776) |
(823) |
(354) |
20 |
− |
(1,933) |
Impairment |
642 |
1,535 |
(4) |
6 |
− |
2,179 |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
1 |
− |
− |
− |
1 |
Results from co-participation agreements in bid areas |
(14,193) |
− |
− |
− |
− |
(14,193) |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(4,458) |
(534) |
(839) |
(19) |
− |
(5,850) |
Adjusted EBITDA |
224,661 |
55,492 |
6,159 |
(10,480) |
(8,441) |
267,391 |
Table 32 - Reconciliation of Adjusted EBITDA by segment – 9M21
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
89,455 |
21,298 |
2,073 |
(30,889) |
(6,396) |
75,541 |
Net finance income (expense) |
− |
− |
− |
45,452 |
− |
45,452 |
Income taxes |
45,850 |
8,553 |
836 |
(20,395) |
(3,295) |
31,549 |
Depreciation, depletion and amortization |
35,639 |
8,737 |
1,743 |
701 |
− |
46,820 |
EBITDA |
170,944 |
38,588 |
4,652 |
(5,131) |
(9,691) |
199,362 |
Results in equity-accounted investments |
(451) |
(4,695) |
(450) |
(2,248) |
− |
(7,844) |
Impairment losses / (reversals) |
(16,329) |
69 |
914 |
(7) |
− |
(15,353) |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
220 |
− |
220 |
Results from co-participation agreements in bid areas |
(3,519) |
− |
− |
− |
− |
(3,519) |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(817) |
(21) |
(296) |
(101) |
− |
(1,235) |
Adjusted EBITDA |
149,828 |
33,941 |
4,820 |
(7,267) |
(9,691) |
171,631 |
Table 33 - Reconciliation of Adjusted EBITDA by segment – 3Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
39,854 |
7,082 |
3,243 |
(5,397) |
1,454 |
46,236 |
Net finance income (expense) |
− |
− |
− |
7,973 |
− |
7,973 |
Income taxes |
20,409 |
3,709 |
1,639 |
(6,103) |
749 |
20,403 |
Depreciation, depletion and amortization |
13,435 |
3,029 |
667 |
12 |
− |
17,143 |
EBITDA |
73,698 |
13,820 |
5,549 |
(3,515) |
2,203 |
91,755 |
Results in equity-accounted investments |
(237) |
118 |
(62) |
10 |
− |
(171) |
Impairment |
24 |
1,313 |
(1) |
− |
− |
1,336 |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
1 |
− |
− |
− |
1 |
Results from co-participation agreements in bid areas |
50 |
− |
− |
− |
− |
50 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(383) |
(290) |
(876) |
(1) |
− |
(1,550) |
Adjusted EBITDA |
73,152 |
14,962 |
4,610 |
(3,506) |
2,203 |
91,421 |
Table 34 - Reconciliation of Adjusted EBITDA by segment – 2Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
53,322 |
13,629 |
1,929 |
(11,603) |
(2,793) |
54,484 |
Net finance income (expense) |
− |
− |
− |
15,757 |
− |
15,757 |
Income taxes |
27,324 |
7,266 |
919 |
(7,877) |
(1,439) |
26,193 |
Depreciation, depletion and amortization |
13,701 |
2,662 |
481 |
152 |
− |
16,996 |
EBITDA |
94,347 |
23,557 |
3,329 |
(3,571) |
(4,232) |
113,430 |
Results in equity-accounted investments |
(282) |
474 |
(143) |
5 |
− |
54 |
Impairment |
625 |
222 |
− |
− |
− |
847 |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
− |
− |
Results from co-participation agreements in bid areas |
(14,243) |
− |
− |
− |
− |
(14,243) |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(1,913) |
55 |
33 |
(3) |
− |
(1,828) |
Adjusted EBITDA |
78,534 |
24,308 |
3,219 |
(3,569) |
(4,232) |
98,260 |
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 - Adjusted EBITDA (a non-GAAP measure
defined as net income plus net finance income (expense); income taxes; depreciation, depletion and amortization; results in equity-accounted
investments; impairment of assets (reversals); results on disposal/write-offs of assets, remeasurement of investment retained with loss
of control and reclassification of CTA; and results from co-participation agreements in bid areas).
Adjusted EBITDA margin - Adjusted EBITDA divided
by sales revenues.
Basic and diluted earnings (losses) per share
- Calculated based on the weighted average number of shares.
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: November 3, 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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