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 March, 2023
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 4Q22
Rio de Janeiro, March 01, 2023
Message from the CFO
Dear shareholders and investors,
With a strong sense of accomplishment, we are very proud to share
2022 results. They are the synthesis of a long trajectory of huge
challenges which were overcome, efficient management, consistent
strategic choices which were vindicated and the focus on value
generation, all of which are today reflected in excellent economic
and financial results and a solid balance sheet.
We have reached superlative records: recurring net income and
EBITDA of, respectively, US$ 34 billion and US$ 67 billion, which,
notwithstanding the positive external backdrop, represent the
result of several relevant management decisions taken over the past
years, as oil prices had previously been at levels similar to those
of 2022, without equivalent results. And we have generated those
results while investing in 2022 US$ 10 billion in our businesses
and delivering an oil and gas production of 2.7 million boed, 3%
above the center of the target and with 73% of pre-salt oil in the
mix, demonstrating how serious and effective is the execution of
our robust and resilient strategic planning. We continue to break
production records. FPSO Carioca, in Sépia field, reached in
November the average monthly production of 174 kbpd and the ATP-6
well in Atapu reached in the same period 56.5 kbpd. In 2022
reserves incorporation was the highest ever (2.0 billion boe), for
the second year in a row, reflecting the excellent performance of
our assets. The reserves to production metric (R/P) went up to 12.2
years.
We started up 2 new production platforms, in the Mero and Itapu
fields, the latter brought forward relative to the initial
schedule. We shall have 17 additional ones coming online over the
next 5 years.
We delivered world-class results in refining and trading and
logistics. We continue with our plans to modernize our refining
facilities, with works in the Sulfur Recovery Unit at REGAP,
procurement of the new HDT for REPLAN and the system for reduction
of emissions into the atmosphere (blowdown closure at RPBC). We
have kept the utilization factor in our refineries at high and
efficient levels, despite relevant maintenance stoppages, and we
also increased energy efficiency and reduced emissions.
The year 2022 was challenging with global supply limitations caused
by the conflict in Ukraine. Our global market coverage and
development of new customers were instrumental for the shift in our
exports flow aimed at generating value and seizing new arbitrage
opportunities. We have been able to diversify the destinations of
our exports and practice competitive prices, while reducing
volatility to our customers.
In regard to innovation and technological development, it is worth
noting that for the second year in a row we have reached the record
of 1,100 active patents filed only in 2022. For the fourth
consecutive year we were in the top position in high performance
and ecoefficient computers in Latin America, with the Pegasus
supercomputer, which happens to be the 5th most powerful
on the global oil industry. Processing more data enables us to
generate ever-sharper images for the areas mapped for oil and gas
exploration and production, besides reducing processing time. This
contributes to production optimization, increase in recovery factor
of the existing reserves and the maximization of the efficiency of
our exploratory projects.
These results and the countless other efforts and processes, it is
always worth remembering, were carried out with the utmost respect
for the highest governance and compliance standards. Consistent
with the continuous improvement of our governance and transparency,
in 2022 we approved our Tax Policy and improved the governance of
our Pricing Policy with the approval by our Board of Directors of
the guideline for prices in the domestic market. Our Governance
efforts have been rewarded and for the 6th consecutive
year we have received the Level 1 Governance Certification from the
Secretariat of Coordination and Governance of State-Owned Companies
(SEST). We also stand in the top position in the ranking for active
transparency of the General Federal Inspector’s Office
(Controladoria Geral da União).
We have accomplished all this always prioritizing the safety of our
employees – captured in the total recordable injuries metric of
0.68 per million men-hour – and respecting the environment and
society. We have today the largest program for offshore
CO2 capture worldwide. In 2022 we injected 10.6 million
tCO2, the most we injected in a single year. In light of
the cumulative results our reinjection commitment was revised up to
80 million tCO2 by 2025 in CCUS (carbon capture usage
and storage) projects. CO2 reinjection will continue to
have a relevant role in the reduction of the intensity of GHG
emissions on oil and gas production. Besides, as can be witnessed
in the evolution of our strategic plans, we are seeking to expand
even further our environmental initiatives, developing capabilities
also for the offshore wind, hydrogen and biorefining businesses.
For the second year in a row, Petrobras has joined the Dow Jones
Sustainability Index World and we have reached the maximum score in
the Environmental Report, Water-related Risks and Social Report
criteria. The company also stood out in terms of Operating
Eco-efficiency, Labor Practices and Human Rights. It is also
noteworthy that we are implementing a green recycling policy for
platforms to be decommissioned, in line with the market’s best ESG
practices.
All those efforts were translated
into huge wealth for Brazilian society. In 2022, we have paid the
record amount of R$ 279 billion in taxes and government take and we
have surpassed the mark of R$ 1 trillion over the last 5 years. Our
strong results have also been translated into returns to our
shareholders. Our Board of Directors approved dividends of R$
2.75[1]
per common and preferred share,
relative to 4Q22 results. And we can continue to deliver even more.
With the perspectives on oil and gas production growth, with higher
profitability due to the pre-salt, and the capacity of our company
to face the challenges imposed by the inevitable energy transition
we shall be in a unique position to continue to generate long term
value. It is obviously worth nothing that we cannot ignore the
cyclical nature of our industry: who can forget negative oil prices
during the height of the pandemic? In 2022 our return on capital
employed was 16%. In 2020 it was only 3%. Therefore, we need to
focus on our portfolio’s resilience, ensuring long term financial
sustainability.
[1] For more
information and details please access the material fact released
today.
All that has been constructed was only possible due to the efforts,
capacity and commitment of thousands of people, who, infused with
collaborative spirit and working for a common good, are capable of
generating so much wealth for society.
Lastly, we are confident that Petrobras will keep moving forward to
a bright future, overcoming challenges, developing technologies to
the energy transition and, in the meantime, generating value to
society and to our shareholders and investors.
Rodrigo Araujo Alves
Disclaimer
This report may contain forward-looking statements. Such
forward-looking statements only reflect expectations of the
Company's managers regarding future economic conditions, as well as
the Company's performance, financial performance and results, among
others. The terms "anticipates", "believes", "expects", "predicts",
"intends", "plans", "projects", "objective", "should", and similar
terms, which evidently involve risks and uncertainties that may or
may not be anticipated by the Company and therefore are not
guarantees of future results of the Company's operations that may
differ from current expectations. The readers should not rely
exclusively on any forward-looking statement contained herein. The
Company does not undertake any responsibility to update the
presentations and forecasts in the light of new information or its
future developments, and the figures reported for 4Q22 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 |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
| Sales
revenues |
158,579 |
170,076 |
134,190 |
641,256 |
452,668 |
(6.8) |
18.2 |
41.7 |
| Gross
profit |
76,637 |
86,836 |
59,047 |
334,100 |
219,637 |
(11.7) |
29.8 |
52.1 |
| Operating
expenses |
(18,184) |
(12,395) |
(1,341) |
(41,136) |
(17,233) |
46.7 |
1256.0 |
138.7 |
| Consolidated
net income (loss) attributable to the shareholders of
Petrobras |
43,341 |
46,096 |
31,504 |
188,328 |
106,668 |
(6.0) |
37.6 |
76.6 |
| Recurring consolidated
net income (loss) attributable to the shareholders of Petrobras
* |
42,910 |
46,290 |
23,795 |
177,431 |
83,286 |
(7.3) |
80.3 |
113.0 |
| Net cash
provided by operating activities |
67,575 |
63,207 |
51,392 |
255,410 |
203,126 |
6.9 |
31.5 |
25.7 |
| Free cash
flow |
48,865 |
52,982 |
41,986 |
205,754 |
168,992 |
(7.8) |
16.4 |
21.8 |
|
Adjusted
EBITDA |
73,091 |
91,421 |
62,945 |
340,482 |
234,576 |
(20.1) |
16.1 |
45.1 |
| Recurring
adjusted EBITDA* |
75,504 |
92,268 |
62,466 |
345,323 |
234,069 |
(18.2) |
20.9 |
47.5 |
| Gross debt
(US$ million) |
53,799 |
54,268 |
58,743 |
53,799 |
58,743 |
(0.9) |
(8.4) |
(8.4) |
| Net debt
(US$ million) |
41,516 |
47,483 |
47,626 |
41,516 |
47,626 |
(12.6) |
(12.8) |
(12.8) |
|
Net
debt/LTM Adjusted EBITDA ratio ** |
0.63 |
0.75 |
1.09 |
0.63 |
1.09 |
(16.0) |
(42.2) |
(42.2) |
| Average
commercial selling rate for U.S. dollar |
5.26 |
5.25 |
5.58 |
5.16 |
5.40 |
0.2 |
(5.7) |
(4.4) |
| Brent
crude (US$/bbl) |
88.71 |
100.85 |
79.73 |
101.19 |
70.73 |
(12.0) |
11.3 |
43.1 |
| Domestic
basic oil by-products price (R$/bbl) |
621.25 |
692.97 |
485.84 |
632.22 |
416.34 |
(10.3) |
27.9 |
51.9 |
| TRI (total
recordable injuries per million men-hour frequency
rate) |
|
|
|
0.68 |
0.56 |
- |
- |
21.4 |
|
ROCE (Return
on Capital Employed) |
15.9% |
14.8% |
7.8% |
15.9% |
7.8% |
1,1
p.p. |
8,1
p.p. |
8,1
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 |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
| Diesel |
54,139 |
61,343 |
37,688 |
206,960 |
130,671 |
(11.7) |
43.7 |
58.4 |
| Gasoline |
21,188 |
21,575 |
21,009 |
83,354 |
64,206 |
(1.8) |
0.9 |
29.8 |
| Liquefied
petroleum gas (LPG) |
6,008 |
7,108 |
6,495 |
26,362 |
24,168 |
(15.5) |
(7.5) |
9.1 |
| Jet
fuel |
7,874 |
8,058 |
4,552 |
28,007 |
12,279 |
(2.3) |
73.0 |
128.1 |
| Naphtha |
2,270 |
3,305 |
2,681 |
12,312 |
9,131 |
(31.3) |
(15.3) |
34.8 |
| Fuel oil
(including bunker fuel) |
1,639 |
2,003 |
2,824 |
7,287 |
9,532 |
(18.2) |
(42.0) |
(23.6) |
|
Other oil
products |
6,114 |
7,780 |
6,589 |
28,493 |
22,988 |
(21.4) |
(7.2) |
23.9 |
|
Subtotal
oil products |
99,232 |
111,172 |
81,838 |
392,775 |
272,975 |
(10.7) |
21.3 |
43.9 |
| Natural
gas |
10,418 |
10,522 |
10,035 |
39,617 |
31,694 |
(1.0) |
3.8 |
25.0 |
| Crude
oil |
6,836 |
10,379 |
3,339 |
39,613 |
3,766 |
(34.1) |
104.7 |
951.9 |
| Renewables
and nitrogen products |
281 |
364 |
31 |
1,454 |
215 |
(22.8) |
806.5 |
576.3 |
| Revenues
from non-exercised rights |
1,087 |
988 |
242 |
3,448 |
1,311 |
10.0 |
349.2 |
163.0 |
| Electricity |
795 |
740 |
4,064 |
3,622 |
15,559 |
7.4 |
(80.4) |
(76.7) |
|
Services,
agency and others |
1,283 |
1,333 |
1,338 |
5,363 |
4,357 |
(3.8) |
(4.1) |
23.1 |
|
Total
domestic market |
119,932 |
135,498 |
100,887 |
485,892 |
329,877 |
(11.5) |
18.9 |
47.3 |
| Exports |
36,151 |
29,859 |
30,093 |
141,521 |
115,768 |
21.1 |
20.1 |
22.2 |
| Crude
oil |
27,811 |
19,031 |
18,442 |
99,474 |
80,245 |
46.1 |
50.8 |
24.0 |
| Fuel oil
(including bunker fuel) |
7,858 |
9,182 |
10,359 |
38,129 |
29,755 |
(14.4) |
(24.1) |
28.1 |
| Other oil
products and other products |
482 |
1,646 |
1,292 |
3,918 |
5,768 |
(70.7) |
(62.7) |
(32.1) |
|
Sales
abroad (*) |
2,496 |
4,719 |
3,210 |
13,843 |
7,023 |
(47.1) |
(22.2) |
97.1 |
|
Total
foreign market |
38,647 |
34,578 |
33,303 |
155,364 |
122,791 |
11.8 |
16.0 |
26.5 |
|
Total |
158,579 |
170,076 |
134,190 |
641,256 |
452,668 |
(6.8) |
18.2 |
41.7 |
|
(*) Sales
revenues from operations outside of Brazil, including trading and
excluding exports |
In 2022, net revenues increased 42%, driven mainly by the 43% rise
in Brent prices compared to 2021 and higher oil product and natural
gas prices in a year of continuing recovery in global demand and
with supply impacted by the war in Ukraine. The strong growth of
oil sales in the domestic market in 2022 is explained by sales to
Acelen (Mataripe Refinery), after the divestment concluded on
November 30, 2021.
In 2022, export revenues grew 22% due to higher Brent prices,
despite a 12% drop in volumes compared to 2021.
In 4Q22, revenues decreased 7% compared to 3Q22 mainly due to the
12% depreciation of Brent in the quarter. Revenues from oil
products in the domestic market fell 11% compared to 3Q22,
influenced by the reduction in oil product prices, which were more
aligned to international prices. Oil revenues in the domestic
market fell 34% in 4Q22 due to lower sales to Acelen and the drop
in Brent prices.
Export revenues, despite the depreciation in Brent prices,
increased 21% in 4Q22 compared to 3Q22. This result mainly
reflected the realization in 4Q22 of ongoing exports from 3Q22.
Diesel and gasoline remained the main products, together accounting
for 76% of oil products revenues in 4Q22.
Graph
1 – Oil products sales revenues 4Q22 – domestic market
As the war in Ukraine continued, we maintained our strategy of
diversifying oil flows in 2022 and market development of pre-salt
oil streams in order to maximize the value of Petrobras
exports.
Búzios remains the main export stream, representing almost 50% of
the volume exported in 2022. The global market coverage allowed the
best use of arbitrage throughout the year, which was characterized
by high volatility and change in flows due to the war in
Ukraine.
Over 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 also change the flow of its
exports, taking advantage of new arbitrage opportunities and
maximizing value generation. In 4Q22 we made our first export of
Mero, opening a new market in Thailand.
In 4Q22, we had the following distribution of export destinations
by volume:
Table 3 – Destination of oil exports
|
Country |
4Q22 |
3Q22 |
4Q21 |
|
China |
45% |
29% |
38% |
|
Europe |
29% |
27% |
16% |
|
Latam |
10% |
21% |
23% |
|
USA |
7% |
10% |
8% |
|
Asia
(Ex China) |
7% |
11% |
13% |
|
Caribbean |
2% |
2% |
2% |
Table 4 – Destination of exports of oil products
|
Country |
4Q22 |
3Q22 |
4Q21 |
| Singapore |
70% |
59% |
84% |
| USA |
16% |
20% |
10% |
| Caribbean |
8% |
14% |
4% |
| Europe |
6% |
7% |
0% |
| Others |
- |
- |
2% |
Cost of goods sold
Table 5 – Cost of goods sold
|
|
|
|
|
|
|
Variation (%) |
|
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
| Acquisitions |
(36,216) |
(35,902) |
(31,042) |
(122,975) |
(86,975) |
0.9 |
16.7 |
41.4 |
|
Crude oil
imports |
(15,723) |
(16,724) |
(8,900) |
(54,185) |
(30,444) |
(6.0) |
76.7 |
78.0 |
| Oil
products imports |
(15,954) |
(14,771) |
(10,396) |
(46,639) |
(30,361) |
8.0 |
53.5 |
53.6 |
|
Natural
gas imports |
(4,539) |
(4,407) |
(11,746) |
(22,151) |
(26,170) |
3.0 |
(61.4) |
(15.4) |
| Production |
(40,973) |
(41,234) |
(35,253) |
(165,434) |
(128,721) |
(0.6) |
16.2 |
28.5 |
|
Crude
oil |
(33,443) |
(34,079) |
(29,547) |
(136,860) |
(105,277) |
(1.9) |
13.2 |
30.0 |
| Production
taxes |
(16,536) |
(17,773) |
(15,709) |
(71,198) |
(51,053) |
(7.0) |
5.3 |
39.5 |
|
Other
costs |
(16,907) |
(16,306) |
(13,838) |
(65,662) |
(54,224) |
3.7 |
22.2 |
21.1 |
| Oil
products |
(3,919) |
(3,448) |
(3,025) |
(13,778) |
(13,424) |
13.7 |
29.6 |
2.6 |
|
Natural
gas |
(3,611) |
(3,707) |
(2,681) |
(14,796) |
(10,020) |
(2.6) |
34.7 |
47.7 |
| Production
taxes |
(901) |
(1,150) |
(988) |
(4,542) |
(3,206) |
(21.7) |
(8.8) |
41.7 |
|
Other
costs |
(2,710) |
(2,557) |
(1,693) |
(10,254) |
(6,814) |
6.0 |
60.1 |
50.5 |
| Services,
electricity, operations abroad and others |
(4,753) |
(6,104) |
(8,848) |
(18,747) |
(17,335) |
(22.1) |
(46.3) |
8.1 |
|
Total |
(81,942) |
(83,240) |
(75,143) |
(307,156) |
(233,031) |
(1.6) |
9.0 |
31.8 |
In 2022, cost of goods sold increased 32% compared to 2021
reflecting mainly higher expenses with imports, as a result of
higher prices of oil and oil products, and with government take, as
a consequence of the appreciation of Brent and natural gas prices.
The reduction in the volume of LNG and Bolivian gas imports
partially offset this effect. In 2022 there was a 15% reduction in
Bolivian gas imports and a 74% reduction in the volume of
regasified LNG, which is mainly explained by the lower natural gas
thermoelectric dispatch due to the favorable hydrological
scenario.
In 4Q22, the cost of goods sold dropped 2% compared to 3Q22, due to
the devaluation of Brent, which contributed to the drop in
government take.
Operating expenses
Table 6 – Operating expenses
|
|
|
|
|
|
|
Variation (%) |
|
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
|
Selling,
General and Administrative Expenses |
(8,772) |
(8,110) |
(7,810) |
(32,325) |
(29,146) |
8.2 |
12.3 |
10.9 |
| Selling
expenses |
(6,795) |
(6,358) |
(6,100) |
(25,448) |
(22,806) |
6.9 |
11.4 |
11.6 |
|
Materials,
third-party services, freight, rent and other related
costs |
(5,601) |
(5,102) |
(5,075) |
(20,592) |
(19,095) |
9.8 |
10.4 |
7.8 |
| Depreciation,
depletion and amortization |
(938) |
(1,020) |
(905) |
(4,062) |
(3,289) |
(8.0) |
3.6 |
23.5 |
|
Allowance
for expected credit losses |
(127) |
(107) |
(6) |
(304) |
65 |
18.7 |
2016.7 |
− |
| Employee
compensation |
(129) |
(129) |
(114) |
(490) |
(487) |
− |
13.2 |
0.6 |
|
General
and administrative expenses |
(1,977) |
(1,752) |
(1,710) |
(6,877) |
(6,340) |
12.8 |
15.6 |
8.5 |
| Employee
compensation |
(1,197) |
(1,171) |
(1,100) |
(4,464) |
(4,490) |
2.2 |
8.8 |
(0.6) |
|
Materials,
third-party services, rent and other related costs |
(611) |
(446) |
(490) |
(1,871) |
(1,384) |
37.0 |
24.7 |
35.2 |
| Depreciation,
depletion and amortization |
(169) |
(135) |
(120) |
(542) |
(466) |
25.2 |
40.8 |
16.3 |
|
Exploration
costs |
(3,447) |
(565) |
(834) |
(4,616) |
(3,731) |
510.1 |
313.3 |
23.7 |
| Research
and Development |
(942) |
(984) |
(827) |
(4,087) |
(3,033) |
(4.3) |
13.9 |
34.8 |
|
Other
taxes |
(1,017) |
(489) |
(197) |
(2,272) |
(2,180) |
108.0 |
416.2 |
4.2 |
| Impairment
of assets |
(4,680) |
(1,336) |
1,537 |
(6,859) |
16,890 |
250.3 |
− |
− |
| Other
income and expenses, net |
674 |
(911) |
6,790 |
9,023 |
3,967 |
− |
(90.1) |
127.5 |
|
Total |
(18,184) |
(12,395) |
(1,341) |
(41,136) |
(17,233) |
46.7 |
1256.0 |
138.7 |
In 2022, operating expenses increased 139 mostly reflecting the
absence of gains in 2022 from the impairment reversals (-R$ 23,7
billion), the complementary gain from the exclusion of ICMS from
the PIS/COFINS tax base (-R$ 2.6 billion), higher expenses with
legal contingencies (-R$ 3.1 billion), and lower gains with the
disposal and write-off of assets (-R$ 5.0 billion), partially
offset by higher gains with co-participation agreements in the
Sepia, Atapu, and Buzios fields (+R$ 18.3 billion).
The 12% growth in selling expenses in 2022 is explained by higher
freight costs for exports, higher logistics expenses with natural
gas transportation and higher oil sales in the domestic market,
mainly to Acelen.
In 2022, general and administrative expenses increased by 9%
compared to 2021, which is explained by the increase in services
expenses, mainly related to digital transformation, and the
resumption of activities post-pandemic.
Exploration expenses grew in 2022 mainly due to higher spending on
the write-off of exploratory wells, partly offset by the reversal
of local content fines with the National Agency of Petroleum,
Natural Gas and Biofuels (ANP) after the execution of the Conduct
Adjustment Agreement (TAC), related to investment commitments in
Exploration and Production with local content.
The growth in expenses with research and technological development
in 2022 is explained by the increase in the regulatory obligation
to invest in research, development and innovation (RD&I),
mainly due to the increase in revenues from pre-salt fields.
In 4Q22, operating expenses grew 47% compared to 3Q22, impacted
mainly by higher impairment expenses (-R$ 3.3 billion) and
exploratory expenses due mainly to the write-off of 8 exploratory
wells in the Sergipe-Alagoas area (SEAL) (-R$ 2.9 billion), as well
as higher expenses with judicial contingencies (-R$ 1.5 billion)
and lower gains with the sale and write-off of assets (-R$ 1.5
billion), partly offset by the gain with co-participation
agreements in the Sépia, Atapu, and Búzios fields (+R$ 7.5
billion).
Adjusted EBITDA
In 2022, Adjusted EBITDA grew 45% compared to 2021, reaching R$
340.5 billion mainly influenced by the 43% appreciation of average
Brent for the year and higher oil products prices in 2022.
In 4Q22, Adjusted EBITDA reached R$ 73.1 billion, a 20% decline
compared to 3Q22, due to the 12% depreciation of Brent and lower
oil products margins in the period, as well as higher exploration
expenses and legal contingencies.
Financial results
Table 7 – Financial results
|
|
|
|
|
|
|
Variation (%) |
|
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
|
Finance
income |
2,293 |
2,713 |
1,485 |
9,420 |
4,458 |
(15.5) |
54.4 |
111.3 |
| Income
from investments and marketable securities (Government
Bonds) |
1,507 |
1,783 |
785 |
5,955 |
1,706 |
(15.5) |
92.0 |
249.1 |
| Other
income, net |
786 |
930 |
700 |
3,465 |
2,752 |
(15.5) |
12.3 |
25.9 |
| Finance
expenses |
(5,223) |
(4,157) |
(4,915) |
(18,040) |
(27,636) |
25.6 |
6.3 |
(34.7) |
| Interest
on finance debt |
(3,030) |
(2,963) |
(3,046) |
(12,173) |
(15,461) |
2.3 |
(0.5) |
(21.3) |
| Unwinding
of discount on lease liabilities |
(1,993) |
(1,773) |
(1,816) |
(6,936) |
(6,584) |
12.4 |
9.7 |
5.3 |
| Discount
and premium on repurchase of debt securities |
(4) |
(54) |
(25) |
(596) |
(5,838) |
(92.6) |
(84.0) |
(89.8) |
| Capitalized
borrowing costs |
1,247 |
1,364 |
1,274 |
5,319 |
5,244 |
(8.6) |
(2.1) |
1.4 |
| Unwinding
of discount on the provision for decommissioning costs |
(655) |
(668) |
(1,017) |
(2,680) |
(4,088) |
(1.9) |
(35.6) |
(34.4) |
| Other
finance expenses, net |
(788) |
(63) |
(285) |
(974) |
(909) |
1150.8 |
176.5 |
7.2 |
| Foreign
exchange gains (losses) and indexation charges |
4,420 |
(6,529) |
(10,374) |
(10,637) |
(36,078) |
− |
− |
(70.5) |
| Foreign
exchange gains (losses) |
5,359 |
(4,073) |
(4,292) |
5,637 |
(14,951) |
− |
− |
− |
| Reclassification
of hedge accounting to the Statement of Income |
(6,698) |
(5,813) |
(6,954) |
(25,174) |
(24,777) |
15.2 |
(3.7) |
1.6 |
| Monetary
restatement of anticipated dividends and dividends
payable (*) |
4,602 |
2,085 |
570 |
5,351 |
602 |
120.7 |
707.4 |
788.9 |
| Recoverable
taxes inflation indexation income (**) |
61 |
155 |
167 |
443 |
2,754 |
(60.6) |
(63.5) |
(83.9) |
| Other
foreign exchange gains (losses) and indexation charges,
net |
1,096 |
1,117 |
135 |
3,106 |
294 |
(1.9) |
711.9 |
956.5 |
|
Total |
1,490 |
(7,973) |
(13,804) |
(19,257) |
(59,256) |
− |
− |
(67.5) |
|
(*) 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, it includes inflation indexation income related to
the exclusion of ICMS (VAT tax) from the basis of calculation of
PIS and COFINS
|
In 2022, the financial result was negative by R$ 19.3 billion, a
68% improvement compared to 2021, mostly explained by the gain with
the BRL variation against the USD (R$/US$ 5.22 in Dec/2022 against
R$/US$ 5.58 in Dec/2021). Additionally, the monetary restatement of
anticipated dividends, lower transaction costs and goodwill on the
repurchase of securities, lower interest expenses, gains on
financial investments and discount on the repurchase of securities
contributed to this result in 2022.
On the other hand, the financial result for 4Q22 was positive by R$
1.5 billion, compared to a negative result of R$ 8.0 billion in
3Q22, reflecting the appreciation of the BRL against the USD
(R$/US$ 5.22 in Dec/2022 versus R$/US$ 5.41 in Sep/2022) and gains
in monetary restatement of anticipated dividends.
Net profit (loss) attributable to Petrobras shareholders
Net income in 2022 was R$ 188.3 billion, compared to R$ 106.7
billion in 2021. This increase is mainly due to the 43%
appreciation of Brent, higher margins on oil products, improved
financial results and gains from co-participation agreements in the
Transfer of Rights fields, partially offset by higher tax
collection and the absence of gains from the impairment
reversals.
In 4Q22 net income was R$ 43.3 billion, compared to R$ 46.1 billion
in 3Q22. This result is mainly explained by the depreciation of
Brent, lower margins on oil products, higher impairment expenses,
partially offset by gains from co-participation agreements in the
Sepia, Atapu and Búzios fields and by the appreciation of the BRL
against the USD, generating a positive financial result for
Petrobras.
Recurring net income attributable to Petrobras shareholders and
recurring Adjusted EBITDA
In 2022, the net income was R$ 188.3 billion, benefited from
non-recurring items, especially the gains with co-participation
agreements and asset sales, partially offset by expenses with
impairment, legal contingencies and dismantling of areas, in
addition to the net effect on income tax and social contribution on
the sale of assets. Excluding the non-recurring effects, net income
would have been R$ 177.4 billion. Adjusted EBITDA was negatively
impacted by R$ 4.8 billion and would have totaled R$ 345.3 billion
without the effect of non-recurring items in 2022.
In 4Q22, net income also benefited from non-recurring items by R$
0.5 billion and would have been R$ 42.9 billion excluding these
items. Adjusted EBITDA was negatively impacted by R$ 2.4 billion
and would have totaled R$ 75.5 billion excluding the non-recurring
items.
Special items
Table 8 – Special items
| |
|
|
|
|
|
Variation (%) |
|
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
| Net
income |
43,502 |
46,236 |
31,723 |
189,005 |
107,264 |
(5.9) |
37.1 |
76.2 |
| Non-recurring
items |
647 |
(299) |
11,676 |
16,528 |
35,510 |
− |
(94.5) |
(53.5) |
| Non-recurring
items that do not affect Adjusted EBITDA |
3,060 |
548 |
11,197 |
21,369 |
35,002 |
458.4 |
(72.7) |
(38.9) |
| Impairment
of assets and investments |
(4,667) |
(1,324) |
1,538 |
(6,891) |
18,794 |
252.5 |
− |
− |
| Reclassification
of comprehensive income (loss) due to the disposal of
equity-accounted investments |
− |
(1) |
− |
(1) |
(220) |
− |
− |
(99.5) |
| Gains and
losses on disposal / write-offs of assets |
34 |
1,550 |
9,654 |
5,884 |
10,889 |
(97.8) |
(99.6) |
(46.0) |
|
Results
from co-participation agreements in bid areas |
7,467 |
(50) |
(202) |
21,660 |
3,317 |
− |
− |
553.0 |
| Agreements
signed for the electricity sector |
− |
− |
161 |
− |
597 |
− |
− |
− |
|
Pis and
Cofins inflation indexation charges - exclusion of ICMS
(VAT tax) from the basis of calculation |
− |
− |
8 |
− |
2,410 |
− |
− |
− |
| Discount
and premium on repurchase of debt securities |
226 |
373 |
28 |
717 |
(5,770) |
(39.4) |
707.1 |
− |
| Non-incidence
of income taxes on indexation charges (SELIC interest rate) over
undue paid taxes |
− |
− |
− |
− |
4,767 |
− |
− |
− |
| Financial
updating on state amnesty programs |
− |
− |
10 |
− |
218 |
− |
− |
− |
| Other
non-recurring items |
(2,413) |
(847) |
479 |
(4,841) |
507 |
184.9 |
− |
− |
| Voluntary
Separation Plan |
(59) |
(4) |
10 |
(92) |
62 |
1375.0 |
− |
− |
| Amounts
recovered from Lava Jato investigation |
324 |
115 |
75 |
499 |
1,272 |
181.7 |
332.0 |
(60.8) |
| Gains /
(losses) on decommissioning of returned/abandoned areas |
(1,031) |
(7) |
619 |
(1,178) |
559 |
14628.6 |
− |
− |
| State
amnesty programs |
− |
− |
3 |
− |
799 |
− |
− |
− |
| Gains
(losses) related to legal proceedings |
(1,575) |
(950) |
(363) |
(3,948) |
(1,634) |
65.8 |
333.9 |
141.6 |
| Equalization
of expenses - Production Individualization Agreements |
(72) |
(1) |
(235) |
(122) |
(425) |
7100.0 |
(69.4) |
(71.3) |
| PIS and
COFINS over inflation indexation charges - exclusion of ICMS (VAT
tax) from the basis of calculation |
− |
− |
− |
− |
(111) |
− |
− |
− |
| PIS and
COFINS recovered - exclusion of ICMS (VAT tax) from the basis of
calculation |
− |
− |
2 |
− |
2,556 |
− |
− |
− |
| Gains/(losses)
arising from actuarial review of health care plan |
− |
− |
− |
− |
(4,518) |
− |
− |
− |
| Gains/(losses)
with the transfer of rights on concession agreements |
− |
− |
368 |
− |
1,947 |
− |
− |
− |
| Net
effect of non-recurring items on IR / CSLL |
(216) |
105 |
(3,967) |
(5,631) |
(12,126) |
− |
(94.6) |
(53.6) |
| Recurring
net income |
43,071 |
46,430 |
24,014 |
178,108 |
83,882 |
(7.2) |
79.4 |
112.3 |
| Shareholders
of Petrobras |
42,910 |
46,290 |
23,795 |
177,431 |
83,286 |
(7.3) |
80.3 |
113.0 |
| Non-controlling
interests |
161 |
140 |
219 |
677 |
596 |
15.0 |
(26.5) |
13.6 |
| Adjusted
EBITDA |
73,091 |
91,421 |
62,945 |
340,482 |
234,576 |
(20.1) |
16.1 |
45.1 |
| Non-recurring
items |
(2,413) |
(847) |
479 |
(4,841) |
507 |
184.9 |
− |
− |
|
Recurring
Adjusted EBITDA |
75,504 |
92,268 |
62,466 |
345,323 |
234,069 |
(18.2) |
20.9 |
47.5 |
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 |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
|
Exploration
and Production |
2,218 |
1,685 |
2,100 |
6,952 |
7,129 |
31.6 |
5.6 |
(2.5) |
|
Refining,
Transportation and Marketing |
372 |
295 |
258 |
1,193 |
932 |
26.2 |
44.0 |
28.1 |
|
Gas and
Power |
99 |
65 |
161 |
350 |
412 |
52.0 |
(38.6) |
(15.2) |
|
Others |
187 |
86 |
112 |
461 |
298 |
117.5 |
66.2 |
54.7 |
|
Subtotal |
2,876 |
2,131 |
2,631 |
8,956 |
8,772 |
35.0 |
9.3 |
2.1 |
|
Signature
bônus |
− |
− |
− |
892 |
− |
− |
− |
− |
|
Total |
2,876 |
2,131 |
2,631 |
9,848 |
8,772 |
35.0 |
9.3 |
12.3 |
In 4Q22, capex
totaled US$ 9.8 billion, an increase of 12% compared to
2021, as a result of the payment of the signature bonus
related to the Sépia and Atapu fields and higher investments in
modernization and adaptation of refineries, in addition to expenses
with maintenance of logistical assets. In the year 2022,
investments in growth corresponded to approximately 55% of the
total.
Capex for 2022 was 17% lower than planned for the year in the
2022-26 Strategic Plan, mainly due to: (a) schedule adjustments
postponing activities to the following year, (b) optimization of
exploratory expenses and (c) non-replacement of pipelines affected
by SCC-CO2 in Búzios and Tupi, which when inspected indicated a
longer useful life.
In relation to the procurement of P-80 and P-82 FPSOs, which will
operate in the Búzios field, due to contractual issues, we had
asupplier down paymente, with the respective cash outflow, of
around US$0.5 billion in 2022. Although these values were estimated
as Capex in 2022, they will only be accounted for the Capex of the
projects, during the execution of the works in the coming
years.
In 4Q22, capex totaled US$ 2.9 billion, 35% above 3Q22, due to the
intensification of well interconnection activities, construction
and integration of platforms, in addition to drilling and
completion of wells, with emphasis on the P-71 in Itapu field,
which started operating in December. Investments in growth
corresponded to approximately 53% of the total in 4Q22 and the
increase compared to 3Q22 is in line with the ramp-up of projects
expected for the year 2023.
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 4Q22, capex in the Exploration and & Production segment
totaled US$ 2.2 billion, 32% higher when compared to 3Q22, with
approximately 67% in growth. This increase was mainly due to
activities related to the implementation of platforms P-71 and P-80
for the Itapu and Búzios fields and the increase in construction
activities and well interconnections in Itapu, Revitalization of
Marlim 2 and Búzios 8. Investments in 4Q22 were mainly focused on:
(a) the development of ultra-deepwater production in the Santos
Basin pre-salt (US$ 1.0 billion); (b) exploratory investments (US$
0.1 billion); and (c) development of new deepwater projects (US$
0.1 billion).
In the Refining, Transport and Marketing segment, capex totaled US$
372 million in 4Q22, an increase of 26% when compared to 3Q22, of
which approximately 85% were sustaining. This increase was mainly
due to the scheduled stoppage of REPAR, in addition to expenses
with the pre-stoppage of REFAP and RPBC, scheduled for the
beginning of 2023. Additionally, there were expenses with the
implementation of Train 2 of RNEST, mainly due to the
implementation of the SNOx unit.
In the Gas and Power segment, capex totaled US$ 99 million in 4Q22,
52% higher when compared to 3Q22, of which approximately 88% were
sustaining. The increase was mainly due to scheduled stoppages and
corrective maintenance of thermal plants.
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 |
0.95 |
2.0 |
88.99%2 |
Project in
phase of execution. Production system arrived at the Buzios field.
10 wells drilled and 7 completed. |
|
Marlim
1
FPSO
Anita Garibaldi
(Chartered unit)
|
2023 |
80,000 |
0.17 |
1.8 |
100% |
Project in
phase of execution with production system in Brazil in
final construcion stage. 4 |
|
Marlim
2
FPSO Anna
Nery (Chartered unit)
|
2023 |
70,000 |
0.32 |
1.4 |
100% |
Project in
phase of execution. Production system arrived at the Marlim
field. 4 wells drilled and 3
completed.4 |
|
Mero
2
FPSO
Sepetiba (Chartered unit)
|
2023 |
180,000 |
0.28 |
0.8 |
38.6%3 |
Project in
phase of execution with production system under construction. 12
wells drilled and 6 completed |
|
Mero
3
FPSO
Marechal Duque de Caxias (Chartered unit)
|
2024 |
180,000 |
0.09 |
0.8 |
38.6%3 |
Project in
phase of execution with production system under
construction. 6 wells drilled and 1
completed |
|
Integrado
Parque das Baleias (IPB)
FPSO
Maria Quitéria
(Chartered unit)
|
2024 |
100,000 |
0.36 |
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 |
0.16 |
2.0 |
88.99%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 |
0.48 |
4.2 |
88.99%2 |
Project in
phase of execution with production system under construction. 1
well drilled. |
|
Búzios
8
P-79
(Owned unit)
|
2025 |
180,000 |
0.40 |
4.3 |
88.99%2 |
Project in
phase of execution with production system under construction. 4
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 |
0.10 |
5.0 |
88.99%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 |
5.5 |
88.99%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 |
0.04 |
4.8 |
88.99%2 |
Project
in phase of execution. Production system construction contract
signed on September 2022.
2 wells
drilled
|
|
1 Total CAPEX with the Strategic Plan 2023-27
assumptions and Petrobras work interest (WI). Chartered units
leases are not included.
2 In November 2022, Petrobras concluded the assignment
of 5% of its interest in the Production Sharing Contract of the
Surplus Volume of the Transfer of Rights, for the Búzios field, in
the pre-salt of Santos Basin, to the partner CNOOC. Petrobras stake
was adjusted.
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 2022, we received US$ 4.8 billion from assets sales, including
deferred payments from the sales of NTS (US$ 1.0 billion), in 2Q22,
and Bacalhau (US$ 950 million), in 1Q22. In 4Q22, cash inflows
related to divestments totaled US$ 931 million, including the
receipt of payment for the sale of Polo Carmópolis (US$ 548
million) and Reman (US$ 257.2 million).
From January 1, 2022, to March 01, 2023, we concluded the sale of
the Alagoas, Recôncavo, Peroá and Fazenda Belém Clusters, Albacora
East field, exploratory blocks in Parana and Potiguar Basins, our
equity interests in Deten Química and Gaspetro, and SIX and REMAN
Refineries. We also signed the contracts for the sale of the
Potiguar, Norte Capixaba, Golfinho and Camarupim Clusters and
LUBNOR Refinery.
Table 11 – Main transactions by March 01st, 2023 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 |
1,928 |
2,201 |
| Papa-Terra
field |
24.2 |
105.66 |
| Deten
Química |
101.2² |
117² |
| Gaspetro |
392.32 |
3946 |
| Alagoas
cluster |
300 |
3006 |
| Carmópolis
cluster |
823 |
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 |
257.2 |
189.56 |
| SIX |
44.6 |
336 |
|
Total amount |
4,306 |
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 |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
| Adjusted
cash and cash equivalents at the beginning of
period |
36,688 |
100,268 |
62,314 |
62,040 |
64,280 |
|
Government
bonds and time deposits with maturities of more than 3 months at
the beginning of period* |
(13,038) |
(14,957) |
(2,920) |
(3,630) |
(3,424) |
|
Cash and
cash equivalents in companies classified as held for sale at the
beginning of the period |
− |
37 |
32 |
72 |
74 |
|
Cash
and cash equivalents at the beginning of period |
23,650 |
85,348 |
59,426 |
58,482 |
60,930 |
| Net cash
provided by operating activities |
67,575 |
63,207 |
51,392 |
255,410 |
203,126 |
|
Net
cash provided by (used in) investing activities |
(12,298) |
(3,823) |
3,108 |
(4,377) |
11,073 |
| Acquisition
of PP&E and intangibles assets |
(18,710) |
(10,225) |
(9,406) |
(49,656) |
(34,134) |
| Investments
in investees |
(37) |
(3) |
(49) |
(138) |
(129) |
| Proceeds
from disposal of assets - Divestment |
4,888 |
2,872 |
10,441 |
24,815 |
25,494 |
| Financial
compensation from co-participation agreements |
10,288 |
650 |
− |
35,769 |
15,510 |
| Dividends
received |
290 |
402 |
2,752 |
1,905 |
4,333 |
| Divestment
(Investment) in marketable securities |
(9,017) |
2,481 |
(630) |
(17,072) |
(1) |
|
(=) Net
cash provided by operating and investing activities |
55,277 |
59,384 |
54,500 |
251,033 |
214,199 |
|
Net
cash used in financing activities |
(36,983) |
(121,013) |
(55,732) |
(264,156) |
(220,297) |
| Net
financings |
(8,413) |
(3,297) |
(6,437) |
(41,845) |
(116,057) |
| Proceeds
from finance debt |
1,834 |
11,677 |
726 |
15,156 |
9,647 |
| Repayments |
(10,247) |
(14,974) |
(7,163) |
(57,001) |
(125,704) |
| Repayment
of lease liability |
(7,482) |
(6,954) |
(8,077) |
(28,049) |
(31,400) |
| Dividends
paid to shareholders of Petrobras |
(21,125) |
(111,046) |
(40,976) |
(194,200) |
(72,153) |
| Dividends
paid to non-controlling interest |
(69) |
(50) |
(169) |
(409) |
(565) |
| Investments
by non-controlling interest |
106 |
334 |
(73) |
347 |
(122) |
|
Effect of
exchange rate changes on cash and cash equivalents |
(221) |
(69) |
288 |
(3,636) |
3,650 |
|
Cash
and cash equivalents at the end of period |
41,723 |
23,650 |
58,482 |
41,723 |
58,482 |
|
Government
bonds and time deposits with maturities of more than 3 months at
the end of period* |
22,369 |
13,038 |
3,630 |
22,369 |
3,630 |
|
Cash and
cash equivalents in companies classified as held for sale at the
end of the period |
− |
− |
(72) |
− |
(72) |
|
Adjusted
cash and cash equivalents at the end of period |
64,092 |
36,688 |
62,040 |
64,092 |
62,040 |
| Reconciliation
of Free Cash Flow |
|
|
|
|
|
| Net cash
provided by operating activities |
67,575 |
63,207 |
51,392 |
255,410 |
203,126 |
| Acquisition
of PP&E and intangibles assets |
(18,710) |
(10,225) |
(9,406) |
(49,656) |
(34,134) |
|
Free
cash flow** |
48,865 |
52,982 |
41,986 |
205,754 |
168,992 |
As of December 31, 2022, cash and cash equivalents totaled R$ 41.7
billion and adjusted cash and cash equivalents totaled R$ 64.1
billion.
In 2022, cash
generated from operating activities reached R$ 255.4 billion and
positive free cash flow totaled R$ 205.8 billion. This level of
cash generation, along with the inflow of funds from the
divestments of R$ 24.8 billion and the inflow of R$ 35.8
billion referring to financial compensation for co-participation
agreements in Sepia and Atapu were used to: (a) pay remuneration to
shareholders (R$ 194.2 billion) (b) prepay debt and amortize
principal and interest due in the period (R$ 57.0 billion), (c)
make investments (R$ 49.7 billion), and (d) amortize lease
liabilities (R$ 28.0 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 2022, the company settled several loans and financial debt, in
the amount of R$ 57.0 billion, notably the repurchase of R$ 27.3
billion of securities in the international capital market. The
company raised R$ 15.2 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; and (iii) R$ 1.5 billion through the issuance of private
placement commercial notes that backed the issuance of real estate
receivables certificates, with maturities in 2030, 2032 and 2037.
The real estate receivables certificates were issued by a
securitization company that fully subscribed the Commercial Notes
issued by Petrobras.
Debt
As of 12/31/2022, gross debt reached US$ 53.8 billion, a decrease
of 8.4% compared to 12/31/2021.
Average maturity shifted from 13.39 years on 12/31/2021, to 12.07
years on 12/31/2022, mainly because of the repurchase of long-term
bonds in the international market.
The gross debt/EBITDA ratio reached 0.81x on 12/31/2022, compared
to 1.35x on 12/31/2021.
On 12/31/2022, net debt reached US$ 41.5 billion, an annual
decrease of 12.6%.
Table 13 – Debt indicators
|
US$ million |
12.31.2022 |
09.30.2022 |
Δ % |
12.31.2021 |
|
Financial
Debt |
29,954 |
30,855 |
(2.9) |
35,700 |
|
Capital
Markets |
16,957 |
16,800 |
0.9 |
22,031 |
|
Banking
Market |
9,672 |
10,713 |
(9.7) |
9,762 |
|
Development
banks |
723 |
721 |
0.3 |
769 |
|
Export
Credit Agencies |
2,443 |
2,452 |
(0.4) |
2,951 |
|
Others |
159 |
169 |
(5.9) |
187 |
|
Finance
leases |
23,845 |
23,413 |
1.8 |
23,043 |
|
Gross
debt |
53,799 |
54,268 |
(0.9) |
58,743 |
|
Adjusted
cash and cash equivalents |
12,283 |
6,785 |
81.0 |
11,117 |
|
Net
debt |
41,516 |
47,483 |
(12.6) |
47,626 |
|
Net
Debt/(Net Debt + Market Cap) - Leverage |
39% |
38% |
2.6 |
41% |
|
Average
interest rate (% p.a.) |
6.5 |
6.4 |
1.6 |
6.2 |
|
Weighted
average maturity of outstanding debt (years) |
12.07 |
12.04 |
0.2 |
13.39 |
|
Net
debt/LTM Adjusted EBITDA ratio |
0.63 |
0.75 |
(16.0) |
1.09 |
|
Gross
debt/LTM Adjusted EBITDA ratio |
0.81 |
0.85 |
(4.8) |
1.35 |
|
R$ million |
|
|
|
|
|
Financial
Debt |
156,286 |
166,818 |
(6.3) |
199,224 |
|
Finance
Lease |
124,417 |
126,585 |
(1.7) |
128,594 |
|
Adjusted
cash and cash equivalents |
64,092 |
36,688 |
74.7 |
62,040 |
|
Net
Debt |
216,611 |
256,715 |
(15.6) |
265,778 |
Results by segment
Exploration and Production
Table
14 – E&P results
|
|
|
|
Variation (%) (*) |
|
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
|
Sales
revenues |
89,205 |
101,391 |
88,065 |
401,204 |
299,929 |
(12.0) |
1.3 |
33.8 |
|
Gross
profit |
51,448 |
62,342 |
51,601 |
244,058 |
172,179 |
(17.5) |
(0.3) |
41.7 |
|
Operating
expenses |
(5,771) |
(2,509) |
2,983 |
3,994 |
17,216 |
130.0 |
− |
(76.8) |
|
Operating
income |
45,677 |
59,833 |
54,584 |
248,052 |
189,395 |
(23.7) |
(16.3) |
31.0 |
|
Net income
(loss) attributable to the shareholders of Petrobras |
30,240 |
39,732 |
36,217 |
164,600 |
125,662 |
(23.9) |
(16.5) |
31.0 |
|
Adjusted
EBITDA of the segment |
57,644 |
72,959 |
61,103 |
282,087 |
210,888 |
(21.0) |
(5.7) |
33.8 |
|
EBITDA
margin of the segment (%) |
65 |
72 |
69 |
70 |
70 |
(7) |
(5) |
− |
|
ROCE
(Return on Capital Employed) (%) |
19.8 |
19.4 |
11.1 |
19.8 |
11.1 |
0.4 |
8.7 |
8.7 |
|
Average
Brent crude (US$/bbl) |
88.71 |
100.85 |
79.73 |
101.19 |
70.73 |
(12.0) |
11.3 |
43.1 |
|
Internal
Transfer Price to RTM - Crude oil (US$/bbl) |
83.99 |
98.81 |
77.56 |
95.91 |
67.48 |
(15.0) |
8.3 |
42.1 |
|
Lifting
cost - Brazil (US$/boe) |
|
|
|
|
|
|
|
|
|
excluding
production taxes and leases |
6.07 |
5.85 |
5.15 |
5.78 |
5.00 |
3.8 |
18.0 |
15.6 |
|
excluding
production taxes |
7.81 |
7.53 |
6.93 |
7.49 |
6.65 |
3.7 |
12.7 |
12.7 |
|
Onshore
and shallow waters |
|
|
|
|
|
|
|
|
|
with
leases |
18.77 |
15.44 |
14.78 |
16.96 |
13.69 |
21.6 |
27.0 |
23.9 |
|
excluding
leases |
18.77 |
15.44 |
14.78 |
16.96 |
13.69 |
21.6 |
27.0 |
23.9 |
|
Deep
and ultra-deep post-salt |
|
|
|
|
|
|
|
|
|
with
leases |
13.72 |
13.66 |
10.50 |
13.25 |
11.25 |
0.4 |
30.6 |
17.7 |
|
excluding
leases |
11.94 |
12.52 |
9.10 |
11.74 |
9.84 |
(4.6) |
31.3 |
19.3 |
|
Pre-salt |
|
|
|
|
|
|
|
|
|
with
leases |
5.70 |
5.36 |
5.26 |
5.35 |
4.61 |
6.4 |
8.4 |
15.9 |
|
excluding
leases |
3.89 |
3.44 |
3.24 |
3.47 |
2.75 |
13.2 |
20.1 |
26.2 |
|
including
production taxes and excluding leases |
21.12 |
23.48 |
20.19 |
23.73 |
17.97 |
(10.1) |
4.6 |
32.0 |
|
including
production taxes and leases |
22.85 |
25.16 |
21.96 |
25.44 |
19.62 |
(9.2) |
4.1 |
29.7 |
|
Production
taxes - Brazil |
16,220 |
18,925 |
17,731 |
76,158 |
60,186 |
(14.3) |
(8.5) |
26.5 |
|
Royalties |
9,207 |
10,692 |
9,312 |
42,112 |
31,034 |
(13.9) |
(1.1) |
35.7 |
|
Special
participation |
6,951 |
8,168 |
8,355 |
33,797 |
28,935 |
(14.9) |
(16.8) |
16.8 |
|
Retention
of areas |
62 |
65 |
64 |
249 |
217 |
(4.6) |
(3.1) |
14.7 |
|
(*) EBITDA
margin and ROCE variations in percentage points |
In 2022, E&P gross profit was R$ 244.1 billion, a 42% increase
when compared to 2021. This increase was due to higher Brent
prices, which led to higher revenues, partially offset by higher
government take.
Operating income for 2022 was R$ 248.1billion, a 31% increase when
compared to 2021. Besides the increase in gross profit, the results
of Buzios, Sepia and Atapu co-participation agreements also had a
positive contribution. These results were partially offset by
impairments, lower revenue from the sale of assets when compared to
2021 and higher abandonment and R&D expenses.
In 4Q22, E&P gross profit was R$ 51.4 billion, an 17% reduction
when compared to 3Q22, mainly due to lower Brent prices. Operating
income was also 24% lower, reflecting the drop in gross profit, in
addition to the results from impairments, higher exploratory and
abandonment expenses, partially offset by the Buzios, Sepia and
Atapu co-participation agreements.
Lifting costs in 2022, excluding production taxes and leases, were
US$ 5.78/boe, 16% higher when compared to 2021 (US$ 5.00/boe). The
increase was due to higher expenses with integrity, such as
interventions in wells, subsea inspections and FPSOs maintenance
after the critical period of the pandemic, associated with the BRL
appreciation against the USD. These effects were partially offset
by active portfolio management and the production start up of new
platforms (FPSO Carioca, FPSO Guanabara, and P-71).
In 4Q22, we recorded a 4% increase in lifting costs excluding
production taxes and leases when compared to 3Q22, mainly due to
the resumption of production from the Sergipe-Alagoas onshore
fields, after a stoppage for operational safety measures carried
out in 3Q22. These fields have higher costs per barrel.
In the pre-salt, there was a 13% increase in lifting costs, mainly
driven by the higher concentration of integrity expenditures in
4Q22, such as well interventions, subsea inspections and platforms
maintenance.
In the post-salt, there was a 5% reduction in the cost per barrel
when compared to 3Q22, due to lower expenditures on well
interventions and to the decommissioning of P-18, P-19 and P-20
production units, which have higher costs per barrel.
In onshore and shallow water assets, as aforementioned, there was
an increase due to the resumption of production form the
Sergipe-Alagoas onshore fields after the stoppage for operational
safety adjustments in 3Q22. These fields have higher costs per
barrel.
The increase in government take in 2022 reflects higher Brent
prices when compared to 2021. On the other hand, in 4Q22, the
reduction in government take per barrel when compared to 3Q22
reflects lower Brent prices in the period.
Refining, Transportation and Marketing
Table
15 - RTM results
|
|
|
|
|
|
|
Variation (%) (*) |
|
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
|
Sales
revenues |
144,757 |
154,035 |
117,499 |
584,697 |
401,756 |
(6.0) |
23.2 |
45.5 |
|
Gross
profit (loss) |
17,493 |
14,428 |
12,661 |
73,764 |
48,151 |
21.2 |
38.2 |
53.2 |
|
Operating
expenses |
(4,561) |
(3,185) |
1,526 |
(16,030) |
(9,603) |
43.2 |
− |
66.9 |
|
Operating
Income |
12,932 |
11,243 |
14,187 |
57,734 |
38,548 |
15.0 |
(8.8) |
49.8 |
|
Net income
(loss) attributable to the shareholders of Petrobras |
7,750 |
7,302 |
9,662 |
38,142 |
30,435 |
6.1 |
(19.8) |
25.3 |
|
Adjusted
EBITDA of the segment |
14,793 |
15,296 |
12,284 |
69,279 |
45,430 |
(3.3) |
20.4 |
52.5 |
|
EBITDA
margin of the segment (%) |
10 |
10 |
10 |
12 |
11 |
− |
− |
1 |
|
ROCE
(Return on Capital Employed) (%) |
12.6 |
11.8 |
6.0 |
12.6 |
6.0 |
0.8 |
6.6 |
6.6 |
|
Refining
cost (US$/barrel) - Brazil |
1.98 |
2.17 |
1.70 |
1.94 |
1.66 |
(8.8) |
16.4 |
16.9 |
|
Refining
cost (R$/barrel) - Brazil |
10.55 |
11.48 |
9.42 |
10.10 |
8.94 |
(8.1) |
12.0 |
12.9 |
|
Domestic
basic oil by-products price (R$/bbl) |
621.25 |
692.97 |
485.84 |
632.22 |
416.34 |
(10.3) |
27.9 |
51.9 |
|
(*) EBITDA
margin and ROCE variations in percentage points |
In 2022, gross profit was R$ 73.8 billion, R$ 25.6 billion higher
than in 2021. The positive effect from inventories turnover was
lower in 2022 when compared to 2021. Excluding this effect (R$ 1.8
billion in 2022 and R$ 24.7 billion in 2021) the gross profit would
have been R$ 72 billion in 2022 and R$ 23.4 billion in 2021.
There were higher margins for oil products in the domestic market,
mainly diesel, jet fuel and gasoline, due to the increase in
international margins, strengthened by global oil products supply
restrictions and the embargo on Russian oil, as a consequence of
the geopolitical conflicts going on since march 2022. These effects
had also a positive impact on fuel oil margins and oil exports in
2022.
The operating income in 2022 was 49.8% higher than 2021, due to the
higher gross profit, partially offset by higher expenses, due to
the gain with the sale of the RLAM refinery in 2021 and to lower
impairment reversal related to the 2nd RNEST train in
2022 when compared to 2021.
The refining cost per barrel in 2022 was 12.9% higher than in 2021,
mainly due to higher expenses with the maintenance of the refining
facilities, in order to achieve greater reliability and keep the
high utilization factor, besides the inflationary effects on
materials and services and readjustments on personnel costs. The
appreciation of the BRL against the USD in 2022 also contributed to
higher refining costs per barrel. These effects, on the other hand,
were partially offset by the higher utilization of the refining
facilities in 2022.
In 4Q22, gross profit was R$ 17.5 billion, 21.2% above 3Q22, due to
the lower effect of inventories turnover in 4Q22 when compared to
3Q22. Excluding this effect (-R$ 3.8 billion in 4Q22 and -R$ 7.5
billion in 3Q22) gross profit would have been R$ 21.3 billion in
4Q22 and R$ 21.9 billion in 3Q22.
There were higher margins on gasoline sales in the domestic market,
associated with the higher volume sold in 4Q22, due to seasonality
and greater competitiveness against ethanol, as well as higher
margins on LPG sales, partially offsetting the lower volume of
diesel sold, due to seasonality. There was also a higher margin on
oil exports due to the higher volume exported in 4Q22, influenced
by the additional volume of ongoing exports of 3Q22.
In 4Q22, the operating income was 15% higher than 3Q22 due to the
higher gross profit, partially offset by higher expenses with
lawsuits related to Comperj.
In 4Q22, refining cost per barrel in BRL dropped 8.1% when compared
to 3Q22, due to lower expenditures with inputs (catalysts and
chemicals) and lower expenses with personnel due to provision
adjustments made in September 2022. The feedstock was slightly
lower when compared to 3Q22, partially offsetting the lower
cost.
Gas and
Power
Table 16 –
G&P results
|
|
|
|
|
|
|
Variation (%) (*) |
|
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
|
Sales
revenues |
20,075 |
21,747 |
20,926 |
77,867 |
64,987 |
(7.7) |
(4.1) |
19.8 |
|
Gross
profit |
6,303 |
7,898 |
(509) |
23,297 |
13,595 |
(20.2) |
− |
71.4 |
|
Operating
expenses |
(3,718) |
(2,965) |
(3,832) |
(15,233) |
(15,575) |
25.4 |
(3.0) |
(2.2) |
|
Operating
income |
2,585 |
4,933 |
(4,341) |
8,064 |
(1,980) |
(47.6) |
− |
− |
|
Net income
(loss) attributable to the shareholders of Petrobras |
1,671 |
3,222 |
(2,988) |
5,277 |
(1,301) |
(48.1) |
− |
− |
|
Adjusted
EBITDA of the segment |
3,143 |
4,723 |
(3,604) |
9,489 |
1,118 |
(33.5) |
− |
748.7 |
|
EBITDA
margin of the segment (%) |
16 |
22 |
(17) |
12 |
2 |
(6.0) |
33.0 |
10.0 |
|
ROCE
(Return on Capital Employed) (%) |
5.6 |
(0.5) |
(2.5) |
5.6 |
(2.5) |
6.1 |
8.1 |
8.1 |
|
Natural
gas sales price - Brazil (US$/bbl) |
76.83 |
75.74 |
53.53 |
69.26 |
45.65 |
1.4 |
43.5 |
51.7 |
|
Fixed
revenues from power auctions |
542 |
533 |
570 |
2,089 |
2,261 |
1.7 |
(4.9) |
(7.6) |
|
Average
price for power generation (R$/MWh) |
59.40 |
72.80 |
464.70 |
185.80 |
442.70 |
(18.4) |
(87.2) |
(58.0) |
|
(*) EBITDA
margin and ROCE variations in percentage points |
In 2022, gross profit was R$ 23.3 billion, an improvement of R$ 9.7
billion when compared to 2021, mainly due to the recovery of
trading margins as an effect of the improvement in the portfolio
management of natural gas contracts, alongside the appreciation of
Brent prices and lower LNG imports.
In 2022, operating income was R$ 8 billion, an increase of R$ 10
billion over 2021, mainly due to higher gross profit, as operating
expenses were only 2% lower in 2022.
In 4Q22, gross profit was R$ 6.3 billion, 20% lower when compared
to 3Q22, due to non-recurring operations, despite stable gas and
power margins. Operating income reached R$ 2.6 billion in 4Q22,
47.6% lower than 3Q22, due to the lower gross profit and to the
positive effect of the Gaspetro divestment on 3Q22 operating
expenses.
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 |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
|
Net
income |
43,502 |
46,236 |
31,723 |
189,005 |
107,264 |
(5.9) |
37.1 |
76.2 |
| Net
finance (expense) income |
(1,490) |
7,973 |
13,804 |
19,257 |
59,256 |
− |
− |
(67.5) |
|
Income
taxes |
15,799 |
20,403 |
12,762 |
85,993 |
44,311 |
(22.6) |
23.8 |
94.1 |
| Depreciation,
depletion and amortization |
17,459 |
17,143 |
16,228 |
68,202 |
63,048 |
1.8 |
7.6 |
8.2 |
|
EBITDA |
75,270 |
91,755 |
74,517 |
362,457 |
273,879 |
(18.0) |
1.0 |
32.3 |
| Results in
equity-accounted investments |
642 |
(171) |
(583) |
(1,291) |
(8,427) |
− |
− |
(84.7) |
|
Impairment
of assets (reversals) |
4,680 |
1,336 |
(1,537) |
6,859 |
(16,890) |
250.3 |
− |
− |
| Reclassification
of comprehensive income (loss) due to the disposal of
equity-accounted investments |
− |
1 |
− |
1 |
220 |
− |
− |
(99.5) |
|
Results
from co-participation agreements in bid areas |
(7,467) |
50 |
202 |
(21,660) |
(3,317) |
− |
− |
553.0 |
| Results on
disposal/write-offs of assets and on remeasurement of investment
retained with loss of control |
(34) |
(1,550) |
(9,654) |
(5,884) |
(10,889) |
(97.8) |
(99.6) |
(46.0) |
|
Adjusted
EBITDA |
73,091 |
91,421 |
62,945 |
340,482 |
234,576 |
(20.1) |
16.1 |
45.1 |
| |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA margin (%) |
46 |
54 |
47 |
53 |
52 |
(8.0) |
(0.9) |
1.0 |
|
(*) EBITDA
Margin variations in percentage points |
Financial statements
Table 18 - Income statement - Consolidated
|
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
| Sales
revenues |
158,579 |
170,076 |
134,190 |
641,256 |
452,668 |
|
Cost of
sales |
(81,942) |
(83,240) |
(75,143) |
(307,156) |
(233,031) |
| Gross
profit |
76,637 |
86,836 |
59,047 |
334,100 |
219,637 |
|
Selling
expenses |
(6,795) |
(6,358) |
(6,100) |
(25,448) |
(22,806) |
| General
and administrative expenses |
(1,977) |
(1,752) |
(1,710) |
(6,877) |
(6,340) |
|
Exploration
costs |
(3,447) |
(565) |
(834) |
(4,616) |
(3,731) |
| Research
and development expenses |
(942) |
(984) |
(827) |
(4,087) |
(3,033) |
|
Other
taxes |
(1,017) |
(489) |
(197) |
(2,272) |
(2,180) |
| Impairment
(losses) reversals |
(4,680) |
(1,336) |
1,537 |
(6,859) |
16,890 |
| Other
income and expenses, net |
674 |
(911) |
6,790 |
9,023 |
3,967 |
|
|
(18,184) |
(12,395) |
(1,341) |
(41,136) |
(17,233) |
| Operating
income |
58,453 |
74,441 |
57,706 |
292,964 |
202,404 |
|
Finance
income |
2,293 |
2,713 |
1,485 |
9,420 |
4,458 |
| Finance
expenses |
(5,223) |
(4,157) |
(4,915) |
(18,040) |
(27,636) |
|
Foreign
exchange gains (losses) and inflation indexation
charges |
4,420 |
(6,529) |
(10,374) |
(10,637) |
(36,078) |
| Net
finance income (expense) |
1,490 |
(7,973) |
(13,804) |
(19,257) |
(59,256) |
|
Results of
equity-accounted investments |
(642) |
171 |
583 |
1,291 |
8,427 |
| Income
before income taxes |
59,301 |
66,639 |
44,485 |
274,998 |
151,575 |
|
Income
taxes |
(15,799) |
(20,403) |
(12,762) |
(85,993) |
(44,311) |
| Net
Income |
43,502 |
46,236 |
31,723 |
189,005 |
107,264 |
|
Net income
attributable to: |
|
|
|
|
|
| Shareholders
of Petrobras |
43,341 |
46,096 |
31,504 |
188,328 |
106,668 |
|
Non-controlling
interests |
161 |
140 |
219 |
677 |
596 |
| |
|
|
|
|
|
Table 19 - Statement of financial position –
Consolidated
|
ASSETS - R$ million |
12.31.2022 |
12.31.2021 |
|
Current
assets |
163,052 |
168,247 |
| Cash and
cash equivalents |
41,723 |
58,410 |
| Marketable
securities |
14,470 |
3,630 |
| Trade and
other receivables, net |
26,142 |
35,538 |
| Inventories |
45,804 |
40,486 |
| Recoverable
taxes |
6,819 |
7,511 |
| Assets
classified as held for sale |
18,823 |
13,895 |
| Other
current assets |
9,271 |
8,777 |
|
Non-current
assets |
813,657 |
804,704 |
| Long-term
receivables |
110,722 |
79,992 |
| Trade and
other receivables, net |
12,729 |
10,603 |
| Marketable
securities |
8,159 |
247 |
| Judicial
deposits |
57,671 |
44,858 |
| Deferred
taxes |
4,342 |
3,371 |
| Other tax
assets |
19,715 |
18,197 |
| Other
non-current assets |
8,106 |
2,716 |
| Investments |
8,172 |
8,427 |
| Property,
plant and equipment |
679,182 |
699,406 |
| Intangible
assets |
15,581 |
16,879 |
|
Total
assets |
976,709 |
972,951 |
| |
|
|
| |
|
|
|
LIABILITIES - R$ million |
12.31.2022 |
12.31.2021 |
|
Current
liabilities |
163,731 |
134,913 |
| Trade
payables |
28,507 |
30,597 |
| Finance
debt |
18,656 |
20,316 |
| Lease
liability |
28,994 |
30,315 |
| Taxes
payable |
30,951 |
26,414 |
| Dividends
payable |
21,762 |
− |
| Short-term
employee benefits |
11,555 |
11,967 |
| Liabilities
related to assets classified as held for sale |
7,646 |
4,840 |
| Other
current liabilities |
15,660 |
10,464 |
|
Non-current
liabilities |
448,593 |
448,457 |
| Finance
debt |
137,630 |
178,908 |
| Lease
liability |
95,423 |
98,279 |
| Income
taxes payable |
1,578 |
1,676 |
| Deferred
taxes |
35,220 |
6,857 |
| Employee
benefits |
55,701 |
52,310 |
| Provision
for legal and administrative proceedings |
15,703 |
11,263 |
| Provision
for decommissioning costs |
97,048 |
87,160 |
| Other
non-current liabilities |
10,290 |
12,004 |
|
Shareholders'
equity |
364,385 |
389,581 |
| Share
capital (net of share issuance costs) |
205,432 |
205,432 |
| Profit
reserves and others |
157,162 |
181,897 |
| Non-controlling
interests |
1,791 |
2,252 |
|
Total
liabilities and shareholders´ equity |
976,709 |
972,951 |
Table 20 - Statement of cash flow – Consolidated
|
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
| Cash
flows from operating activities |
|
|
|
|
|
| Net income
for the period |
43,502 |
46,236 |
31,723 |
189,005 |
107,264 |
| Adjustments
for: |
|
|
|
|
|
| Pension
and medical benefits - actuarial gains (expense) |
1,518 |
1,605 |
1,629 |
6,333 |
11,215 |
| Results of
equity-accounted investments |
642 |
(171) |
(583) |
(1,291) |
(8,427) |
| Depreciation,
depletion and amortization |
17,459 |
17,143 |
16,228 |
68,202 |
63,048 |
| Impairment
of assets (reversals) |
4,680 |
1,336 |
(1,537) |
6,859 |
(16,890) |
| Inventory
write-down (write-back) to net realizable value |
23 |
19 |
11 |
57 |
6 |
| Allowance
(reversals) for credit loss on trade and other
receivables |
118 |
18 |
(87) |
331 |
(187) |
| Exploratory
expenditure write-offs |
2,952 |
177 |
187 |
3,584 |
1,365 |
| Disposal/write-offs
of assets, remeasurement of investment retained with loss of
control and reclassification of CTA |
(33) |
(1,550) |
(9,654) |
(5,883) |
(10,669) |
| Foreign
exchange, indexation and finance charges |
(920) |
9,698 |
14,248 |
22,956 |
58,391 |
| Income
taxes, net |
15,799 |
20,403 |
12,762 |
85,993 |
44,311 |
| Revision
and unwinding of discount on the provision for decommissioning
costs |
1,686 |
675 |
398 |
3,858 |
3,529 |
| PIS and
COFINS recovery - exclusion of ICMS (VAT tax) from the basis of
calculation |
− |
18 |
(11) |
− |
(4,966) |
| Results
from co-participation agreements in bid areas |
(7,467) |
50 |
202 |
(21,660) |
(3,317) |
| Assumption
of interest in concessions |
− |
− |
(368) |
− |
(888) |
| Early
termination and cash outflows revision of lease
agreements |
(369) |
(826) |
(1,114) |
(3,217) |
(2,960) |
| (Gains)
losses with legal, administrative and arbitration proceedings,
net |
2,842 |
1,377 |
1,090 |
7,011 |
3,887 |
| Decrease
(Increase) in assets |
|
|
|
|
|
| Trade
and other receivables |
(1,932) |
3,576 |
(3,279) |
1,891 |
(10,783) |
| Inventories |
7,230 |
(3,007) |
(887) |
(6,029) |
(12,651) |
| Judicial
deposits |
(2,084) |
(2,392) |
(1,711) |
(8,844) |
(6,165) |
| Other
assets |
1,808 |
(518) |
(916) |
(1,675) |
(1,752) |
| Increase
(Decrease) in liabilities |
|
|
|
|
|
| Trade
payables |
(83) |
(1,048) |
1,208 |
(2,223) |
5,667 |
| Other
taxes payable |
(224) |
(7,609) |
2,059 |
(12,903) |
14,885 |
| Pension
and medical benefits |
(1,369) |
(945) |
(1,027) |
(11,035) |
(11,848) |
| Provisions
for legal proceedings |
(664) |
(412) |
(1,594) |
(1,956) |
(3,517) |
| Short-term
benefits |
(624) |
1,591 |
(982) |
(808) |
(1,777) |
| Provision
for decommissioning costs |
(838) |
(861) |
(1,137) |
(3,123) |
(3,935) |
| Other
liabilities |
(1,791) |
(1,964) |
1,187 |
(876) |
1,941 |
| Income
taxes paid |
(14,286) |
(19,412) |
(6,653) |
(59,147) |
(11,651) |
| Net
cash provided by operating activities |
67,575 |
63,207 |
51,392 |
255,410 |
203,126 |
| Cash
flows from investing activities |
|
|
|
|
|
| Acquisition
of PP&E and intangible assets |
(18,710) |
(10,225) |
(9,406) |
(49,656) |
(34,134) |
| Investments
in investees |
(37) |
(3) |
(49) |
(138) |
(129) |
| Proceeds
from disposal of assets - Divestment |
4,888 |
2,872 |
10,441 |
24,815 |
25,494 |
| Financial
compensation from co-participation agreements |
10,288 |
650 |
− |
35,769 |
15,510 |
| Divestment
(Investment) in marketable securities |
(9,017) |
2,481 |
(630) |
(17,072) |
(1) |
| Dividends
received |
290 |
402 |
2,752 |
1,905 |
4,333 |
|
Net
cash provided by (used in) investing activities |
(12,298) |
(3,823) |
3,108 |
(4,377) |
11,073 |
| Cash
flows from financing activities |
|
|
|
|
|
| Changes in
non-controlling interest |
106 |
334 |
(73) |
347 |
(122) |
| Financing
and loans, net: |
|
|
|
|
|
| Proceeds
from finance debt |
1,834 |
11,677 |
726 |
15,156 |
9,647 |
| Repayment
of principal - finance debt |
(8,082) |
(12,215) |
(5,150) |
(47,337) |
(113,549) |
| Repayment
of interest - finance debt |
(2,165) |
(2,759) |
(2,013) |
(9,664) |
(12,155) |
| Repayment
of lease liability |
(7,482) |
(6,954) |
(8,077) |
(28,049) |
(31,400) |
| Dividends
paid to Shareholders of Petrobras |
(21,125) |
(111,046) |
(40,976) |
(194,200) |
(72,153) |
| Dividends
paid to non-controlling interests |
(69) |
(50) |
(169) |
(409) |
(565) |
|
Net
cash (used in) financing activities |
(36,983) |
(121,013) |
(55,732) |
(264,156) |
(220,297) |
| Effect
of exchange rate changes on cash and cash
equivalents |
(221) |
(69) |
288 |
(3,636) |
3,650 |
|
Net
change in cash and cash equivalents |
18,073 |
(61,698) |
(944) |
(16,759) |
(2,448) |
| Cash
and cash equivalents at the beginning of the period |
23,650 |
85,348 |
59,426 |
58,482 |
60,930 |
| Cash
and cash equivalents at the end of the period |
41,723 |
23,650 |
58,482 |
41,723 |
58,482 |
Financial information by business areas
Table 21 - Consolidated income by segment – 2022
|
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
|
Sales
revenues |
401,204 |
584,697 |
77,867 |
2,636 |
(425,148) |
641,256 |
| Intersegments |
394,457 |
10,050 |
20,600 |
41 |
(425,148) |
− |
| Third
parties |
6,747 |
574,647 |
57,267 |
2,595 |
− |
641,256 |
| Cost of
sales |
(157,146) |
(510,933) |
(54,570) |
(2,689) |
418,182 |
(307,156) |
|
Gross
profit |
244,058 |
73,764 |
23,297 |
(53) |
(6,966) |
334,100 |
| Expenses |
3,994 |
(16,030) |
(15,233) |
(13,787) |
(80) |
(41,136) |
| Selling
expenses |
(111) |
(9,503) |
(15,369) |
(385) |
(80) |
(25,448) |
| General
and administrative expenses |
(248) |
(1,425) |
(317) |
(4,887) |
− |
(6,877) |
| Exploration
costs |
(4,616) |
− |
− |
− |
− |
(4,616) |
| Research
and development expenses |
(3,483) |
(26) |
(30) |
(548) |
− |
(4,087) |
| Other
taxes |
(410) |
(160) |
(223) |
(1,479) |
− |
(2,272) |
| Impairment
(losses) reversals |
(6,361) |
(495) |
4 |
(7) |
− |
(6,859) |
| Other
income and expenses, net |
19,223 |
(4,421) |
702 |
(6,481) |
− |
9,023 |
|
Operating
income (loss) |
248,052 |
57,734 |
8,064 |
(13,840) |
(7,046) |
292,964 |
| Net
finance income (expense) |
− |
− |
− |
(19,257) |
− |
(19,257) |
| Results of
equity-accounted investments |
863 |
38 |
417 |
(27) |
− |
1,291 |
|
Income
(loss) before income taxes |
248,915 |
57,772 |
8,481 |
(33,124) |
(7,046) |
274,998 |
| Income
taxes |
(84,338) |
(19,630) |
(2,742) |
18,321 |
2,396 |
(85,993) |
|
Net
Income (Loss) |
164,577 |
38,142 |
5,739 |
(14,803) |
(4,650) |
189,005 |
| Net income
(loss) attributable to: |
|
|
|
|
|
|
| Shareholders
of Petrobras |
164,600 |
38,142 |
5,277 |
(15,041) |
(4,650) |
188,328 |
| Non-controlling
interests |
(23) |
− |
462 |
238 |
− |
677 |
Table 22 - Consolidated income by segment – 2021
|
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
|
Sales
revenues |
299,929 |
401,756 |
64,987 |
2,732 |
(316,736) |
452,668 |
|
Intersegments |
293,984 |
7,609 |
13,847 |
1,296 |
(316,736) |
− |
|
Third
parties |
5,945 |
394,147 |
51,140 |
1,436 |
− |
452,668 |
|
Cost of
sales |
(127,750) |
(353,605) |
(51,392) |
(2,730) |
302,446 |
(233,031) |
|
Gross
profit |
172,179 |
48,151 |
13,595 |
2 |
(14,290) |
219,637 |
|
Expenses |
17,216 |
(9,603) |
(15,575) |
(9,159) |
(112) |
(17,233) |
|
Selling
expenses |
(3) |
(8,296) |
(14,388) |
(7) |
(112) |
(22,806) |
|
General
and administrative expenses |
(830) |
(1,322) |
(387) |
(3,801) |
− |
(6,340) |
|
Exploration
costs |
(3,731) |
− |
− |
− |
− |
(3,731) |
|
Research
and development expenses |
(2,251) |
(38) |
(142) |
(602) |
− |
(3,033) |
|
Other
taxes |
(1,029) |
(663) |
(183) |
(305) |
− |
(2,180) |
|
Impairment
(losses) reversals |
16,375 |
1,635 |
(1,133) |
13 |
− |
16,890 |
|
Other
income and expenses, net |
8,685 |
(919) |
658 |
(4,457) |
− |
3,967 |
|
Operating
income (loss) |
189,395 |
38,548 |
(1,980) |
(9,157) |
(14,402) |
202,404 |
|
Net
finance income (expense) |
− |
− |
− |
(59,256) |
− |
(59,256) |
|
Results of
equity-accounted investments |
638 |
4,993 |
528 |
2,268 |
− |
8,427 |
|
Income
(loss) before income taxes |
190,033 |
43,541 |
(1,452) |
(66,145) |
(14,402) |
151,575 |
|
Income
taxes |
(64,395) |
(13,106) |
673 |
27,620 |
4,897 |
(44,311) |
|
Net
Income (Loss) |
125,638 |
30,435 |
(779) |
(38,525) |
(9,505) |
107,264 |
|
Net income
(loss) attributable to: |
|
|
|
|
|
|
|
Shareholders
of Petrobras |
125,662 |
30,435 |
(1,301) |
(38,623) |
(9,505) |
106,668 |
|
Non-controlling
interests |
(24) |
− |
522 |
98 |
− |
596 |
Table 23 - Quarterly consolidated income by segment –
4Q22
|
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
|
Sales
revenues |
89,205 |
144,757 |
20,075 |
578 |
(96,036) |
158,579 |
| Intersegments |
87,567 |
2,570 |
5,877 |
22 |
(96,036) |
− |
| Third
parties |
1,638 |
142,187 |
14,198 |
556 |
− |
158,579 |
| Cost of
sales |
(37,757) |
(127,264) |
(13,772) |
(600) |
97,451 |
(81,942) |
|
Gross
profit |
51,448 |
17,493 |
6,303 |
(22) |
1,415 |
76,637 |
| Expenses |
(5,771) |
(4,561) |
(3,718) |
(4,114) |
(20) |
(18,184) |
| Selling
expenses |
(46) |
(2,791) |
(3,779) |
(159) |
(20) |
(6,795) |
| General
and administrative expenses |
(85) |
(379) |
(70) |
(1,443) |
− |
(1,977) |
| Exploration
costs |
(3,447) |
− |
− |
− |
− |
(3,447) |
| Research
and development expenses |
(807) |
5 |
(6) |
(134) |
− |
(942) |
| Other
taxes |
(170) |
(84) |
(46) |
(717) |
− |
(1,017) |
| Impairment
(losses) reversals |
(5,719) |
1,040 |
− |
(1) |
− |
(4,680) |
| Other
income and expenses, net |
4,503 |
(2,352) |
183 |
(1,660) |
− |
674 |
|
Operating
income (loss) |
45,677 |
12,932 |
2,585 |
(4,136) |
1,395 |
58,453 |
| Net
finance income (expense) |
− |
− |
− |
1,490 |
− |
1,490 |
| Results of
equity-accounted investments |
87 |
(785) |
63 |
(7) |
− |
(642) |
|
Income
(loss) before income taxes |
45,764 |
12,147 |
2,648 |
(2,653) |
1,395 |
59,301 |
| Income
taxes |
(15,530) |
(4,397) |
(879) |
5,481 |
(474) |
(15,799) |
|
Net
income (loss) |
30,234 |
7,750 |
1,769 |
2,828 |
921 |
43,502 |
| Net income
(loss) attributable to: |
|
|
|
|
|
|
|
Shareholders
of Petrobras |
30,240 |
7,750 |
1,671 |
2,759 |
921 |
43,341 |
|
Non-controlling
interests |
(6) |
− |
98 |
69 |
− |
161 |
Table 24 - 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 |
(2,509) |
(3,185) |
(2,965) |
(3,717) |
(19) |
(12,395) |
| Selling
expenses |
(36) |
(2,300) |
(3,879) |
(124) |
(19) |
(6,358) |
| General
and administrative expenses |
(34) |
(386) |
(78) |
(1,254) |
− |
(1,752) |
| Exploration
costs |
(565) |
− |
− |
− |
− |
(565) |
| Research
and development expenses |
(828) |
(8) |
(7) |
(141) |
− |
(984) |
| Other
taxes |
(47) |
53 |
(83) |
(412) |
− |
(489) |
| Impairment
(losses) reversals |
(24) |
(1,313) |
1 |
− |
− |
(1,336) |
| Other
income and expenses, net |
(975) |
769 |
1,081 |
(1,786) |
− |
(911) |
|
Operating
income (loss) |
59,833 |
11,243 |
4,933 |
(3,771) |
2,203 |
74,441 |
| Net
finance income (expense) |
− |
− |
− |
(7,973) |
− |
(7,973) |
| Results of
equity-accounted investments |
237 |
(118) |
62 |
(10) |
− |
171 |
|
Income
(loss) before income taxes |
60,070 |
11,125 |
4,995 |
(11,754) |
2,203 |
66,639 |
| Income
taxes |
(20,344) |
(3,823) |
(1,678) |
6,191 |
(749) |
(20,403) |
|
Net
income (loss) |
39,726 |
7,302 |
3,317 |
(5,563) |
1,454 |
46,236 |
| Net income
(loss) attributable to: |
|
|
|
|
|
|
| Shareholders
of Petrobras |
39,732 |
7,302 |
3,222 |
(5,614) |
1,454 |
46,096 |
| Non-controlling
interests |
(6) |
− |
95 |
51 |
− |
140 |
Table 25 - Other income and expenses by segment – 2022
|
R$
million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
| Unscheduled
stoppages and pre-operating expenses |
(8,970) |
(116) |
(160) |
(194) |
− |
(9,440) |
| Losses
with legal, administrative and arbitration proceedings |
(2,385) |
(2,189) |
(364) |
(2,073) |
− |
(7,011) |
| Pension
and medical benefits - retirees (*) |
− |
− |
− |
(5,240) |
− |
(5,240) |
| Performance
award program |
(1,154) |
(597) |
(142) |
(943) |
− |
(2,836) |
| Losses
with Commodities Derivatives |
− |
(1,236) |
− |
(25) |
− |
(1,261) |
| Losses on
decommissioning of returned/abandoned areas |
(1,178) |
− |
− |
− |
− |
(1,178) |
| Operating
expenses with thermoelectric power plants |
− |
− |
(774) |
− |
− |
(774) |
| Profit
sharing |
(293) |
(145) |
(34) |
(206) |
− |
(678) |
| Institutional
relations and cultural projects |
− |
(10) |
− |
(525) |
− |
(535) |
| Expenditures
on health, safety and environment |
(111) |
(51) |
(2) |
(246) |
− |
(410) |
| Transfer
of rights on concession agreements |
− |
− |
− |
− |
− |
− |
| Recovery
of taxes |
− |
61 |
1 |
285 |
− |
347 |
| Amounts
recovered from Lava Jato investigation |
90 |
− |
− |
409 |
− |
499 |
| (Losses)/gains
of non-core activities |
604 |
(310) |
475 |
113 |
− |
882 |
| Fines
imposed on suppliers |
915 |
109 |
105 |
55 |
− |
1,184 |
| Government
grants |
23 |
− |
− |
2,404 |
− |
2,427 |
| Early
termination and changes to cash flow estimates of
leases |
2,944 |
323 |
39 |
(89) |
− |
3,217 |
| Expenses/Reimbursements
from E&P partnership operations |
3,545 |
− |
− |
− |
− |
3,545 |
| Results on
disposal/write-offs of assets and on remeasurement of investment
retained with loss of control |
4,391 |
554 |
881 |
58 |
− |
5,884 |
| Results
from co-participation agreements in bid areas (**) |
21,660 |
− |
− |
− |
− |
21,660 |
| Others |
(858) |
(814) |
677 |
(264) |
− |
(1,259) |
|
|
19,223 |
(4,421) |
702 |
(6,481) |
− |
9,023 |
|
(*) 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. |
| (**) For
2022, it mainly refers to the gain related to the agreements of
Atapu and Sépia fields . |
Table 26 - Other income and expenses by segment – 2021
|
R$
million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
| Unscheduled
stoppages and pre-operating expenses |
(6,983) |
(101) |
(141) |
(115) |
− |
(7,340) |
| Losses
with legal, administrative and arbitration proceedings |
(1,783) |
(2,574) |
(23) |
493 |
− |
(3,887) |
| Pension
and medical benefits - retirees |
− |
− |
− |
(7,840) |
− |
(7,840) |
| Performance
award program |
(1,020) |
(561) |
(120) |
(841) |
− |
(2,542) |
| Losses
with Commodities Derivatives |
− |
(422) |
− |
− |
− |
(422) |
| Losses on
decommissioning of returned/abandoned areas |
559 |
− |
− |
− |
− |
559 |
| Operating
expenses with thermoelectric power plants |
− |
− |
(474) |
− |
− |
(474) |
| Profit
sharing |
(271) |
(178) |
(31) |
(191) |
− |
(671) |
| Institutional
relations and cultural projects |
− |
(8) |
− |
(511) |
− |
(519) |
| Expenditures
on health, safety and environment |
(165) |
(43) |
(3) |
(214) |
− |
(425) |
| Transfer
of rights on concession agreements |
1,947 |
− |
− |
− |
− |
1,947 |
| Recovery
of taxes (*) |
− |
57 |
170 |
2,728 |
− |
2,955 |
| Amounts
recovered from Lava Jato investigation |
89 |
− |
− |
1,183 |
− |
1,272 |
| (Losses)/gains
of non-core activities |
380 |
(11) |
448 |
100 |
− |
917 |
| Fines
imposed on suppliers |
680 |
116 |
48 |
35 |
− |
879 |
| Government
grants |
45 |
139 |
− |
673 |
− |
857 |
| Early
termination and changes to cash flow estimates of
leases |
2,802 |
274 |
(115) |
(1) |
− |
2,960 |
| Expenses/Reimbursements
from E&P partnership operations |
2,580 |
− |
− |
− |
− |
2,580 |
| Results on
disposal/write-offs of assets and on remeasurement of investment
retained with loss of control |
7,377 |
3,161 |
359 |
(8) |
− |
10,889 |
| Results
from co-participation agreements in bid areas (**) |
3,317 |
− |
− |
− |
− |
3,317 |
| Others |
(869) |
(768) |
540 |
52 |
− |
(1,045) |
|
|
8,685 |
(919) |
658 |
(4,457) |
− |
3,967 |
| (*) In
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. |
| (**) For
2021, it refers to the agreement of Buzios field. |
Table 27 - Other income and expenses by segment – 4Q22
|
R$
million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
| Unscheduled
stoppages and pre-operating expenses |
(2,462) |
(28) |
(46) |
(42) |
− |
(2,578) |
| Losses
with legal, administrative and arbitration proceedings |
(405) |
(1,241) |
(62) |
(1,134) |
− |
(2,842) |
|
Pension
and medical benefits - retirees (*) |
− |
− |
− |
(1,157) |
− |
(1,157) |
|
Performance
award program |
(316) |
(159) |
(41) |
(259) |
− |
(775) |
|
Losses
with Commodities Derivatives |
− |
(609) |
− |
(25) |
− |
(634) |
| Losses on
decommissioning of returned/abandoned areas |
(1,031) |
− |
− |
− |
− |
(1,031) |
|
Operating
expenses with thermoelectric power plants |
− |
− |
(219) |
− |
− |
(219) |
| Profit
sharing |
(73) |
(15) |
(9) |
(51) |
− |
(148) |
|
Institutional
relations and cultural projects |
− |
(3) |
− |
(193) |
− |
(196) |
| Expenditures
on health, safety and environment |
(28) |
(18) |
(1) |
(53) |
− |
(100) |
|
Transfer
of rights on concession agreements |
− |
− |
− |
− |
− |
− |
| Recovery
of taxes |
− |
16 |
− |
61 |
− |
77 |
| Amounts
recovered from Lava Jato investigation |
− |
− |
− |
324 |
− |
324 |
| (Losses)/gains
of non-core activities |
110 |
(109) |
217 |
129 |
− |
347 |
| Fines
imposed on suppliers |
281 |
29 |
(66) |
36 |
− |
280 |
| Government
grants |
5 |
− |
− |
735 |
− |
740 |
| Early
termination and changes to cash flow estimates of
leases |
342 |
79 |
(47) |
(5) |
− |
369 |
| Expenses/Reimbursements
from E&P partnership operations |
1,231 |
− |
− |
− |
− |
1,231 |
| Results on
disposal/write-offs of assets and on remeasurement of investment
retained with loss of control |
(67) |
20 |
42 |
39 |
− |
34 |
| Results
from co-participation agreements in bid areas (**) |
7,467 |
− |
− |
− |
− |
7,467 |
|
Others |
(551) |
(314) |
415 |
(65) |
− |
(515) |
|
|
4,503 |
(2,352) |
183 |
(1,660) |
− |
674 |
| (*) 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. |
| (**) For
2022, it mainly refers to the gain related to the agreement of
Atapu and Sépia fields. |
Table 28 - 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) |
| Losses
with legal, administrative and arbitration proceedings |
(1,296) |
288 |
(7) |
(362) |
− |
(1,377) |
|
Pension
and medical benefits - retirees (*) |
− |
− |
− |
(1,596) |
− |
(1,596) |
| Performance
award program |
(322) |
(178) |
(35) |
(270) |
− |
(805) |
|
Losses
with Commodities Derivatives |
− |
464 |
− |
− |
− |
464 |
| Losses on
decommissioning of returned/abandoned areas |
(7) |
− |
− |
− |
− |
(7) |
|
Operating
expenses with thermoelectric power plants |
− |
− |
(196) |
− |
− |
(196) |
| Profit
sharing |
(84) |
(50) |
(9) |
(58) |
− |
(201) |
|
Institutional
relations and cultural projects |
− |
(2) |
− |
(113) |
− |
(115) |
| Expenditures
on health, safety and environment |
(28) |
(11) |
− |
(57) |
− |
(96) |
|
Transfer
of rights on concession agreements |
− |
− |
− |
− |
− |
− |
| Recovery
of taxes |
− |
12 |
− |
51 |
− |
63 |
| Amounts
recovered from Lava Jato investigation |
90 |
− |
− |
25 |
− |
115 |
| (Losses)/gains
of non-core activities |
203 |
(72) |
116 |
(18) |
− |
229 |
| Fines
imposed on suppliers |
196 |
15 |
114 |
(15) |
− |
310 |
| Government
grants |
10 |
− |
− |
640 |
− |
650 |
|
Early
termination and changes to cash flow estimates of
leases |
713 |
93 |
70 |
(50) |
− |
826 |
| Expenses/Reimbursements
from E&P partnership operations |
1,538 |
− |
− |
− |
− |
1,538 |
|
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 co-participation agreements in bid areas (**) |
(50) |
− |
− |
− |
− |
(50) |
|
Others |
(101) |
(48) |
214 |
112 |
− |
177 |
|
|
(975) |
769 |
1,081 |
(1,786) |
− |
(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. |
|
(**) For
2022, it mainly refers to the gain related to the agreement of
Atapu and Sépia fields. |
Table 29 - Consolidated assets by segment – 12.31.2022
|
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
|
Total
assets |
606,994 |
179,652 |
39,574 |
177,953 |
(27,464) |
976,709 |
|
|
|
|
|
|
|
|
|
Current
assets |
27,259 |
62,794 |
2,041 |
98,422 |
(27,464) |
163,052 |
|
Non-current
assets |
579,735 |
116,858 |
37,533 |
79,531 |
− |
813,657 |
|
Long-term
receivables |
33,140 |
9,450 |
492 |
67,640 |
− |
110,722 |
|
Investments |
1,976 |
5,098 |
905 |
193 |
− |
8,172 |
|
Property,
plant and equipment |
531,550 |
101,728 |
35,747 |
10,157 |
− |
679,182 |
| Operating
assets |
480,481 |
87,925 |
25,085 |
8,267 |
− |
601,758 |
| Assets
under construction |
51,069 |
13,803 |
10,662 |
1,890 |
− |
77,424 |
|
Intangible
assets |
13,069 |
582 |
389 |
1,541 |
− |
15,581 |
Table 30 - Consolidated assets by segment – 12.31.2021
|
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
|
Total
assets |
610,924 |
170,799 |
43,415 |
172,541 |
(24,728) |
972,951 |
|
|
|
|
|
|
|
|
|
Current
assets |
21,036 |
53,753 |
7,012 |
111,174 |
(24,728) |
168,247 |
|
Non-current
assets |
589,888 |
117,046 |
36,403 |
61,367 |
− |
804,704 |
|
Long-term
receivables |
20,284 |
8,312 |
529 |
50,867 |
− |
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 –
2022
|
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
|
Net income
(loss) |
164,577 |
38,142 |
5,739 |
(14,803) |
(4,650) |
189,005 |
|
Net
finance income (expense) |
− |
− |
− |
19,257 |
− |
19,257 |
|
Income
taxes |
84,338 |
19,630 |
2,742 |
(18,321) |
(2,396) |
85,993 |
|
Depreciation,
depletion and amortization |
53,725 |
11,603 |
2,310 |
564 |
− |
68,202 |
|
EBITDA |
302,640 |
69,375 |
10,791 |
(13,303) |
(7,046) |
362,457 |
|
Results in
equity-accounted investments |
(863) |
(38) |
(417) |
27 |
− |
(1,291) |
|
Impairment
of assets (reversals) |
6,361 |
495 |
(4) |
7 |
− |
6,859 |
| Reclassification
of comprehensive income (loss) due to the disposal of
equity-accounted investments |
− |
1 |
− |
− |
− |
1 |
|
Results
from co-participation agreements in bid areas |
(21,660) |
− |
− |
− |
− |
(21,660) |
|
Results on
disposal/write-offs of assets and on remeasurement of investment
retained with loss of control |
(4,391) |
(554) |
(881) |
(58) |
− |
(5,884) |
|
Adjusted
EBITDA |
282,087 |
69,279 |
9,489 |
(13,327) |
(7,046) |
340,482 |
Table 32 - Reconciliation of Adjusted EBITDA by segment –
2021
|
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
|
Net income
(loss) |
125,638 |
30,435 |
(779) |
(38,525) |
(9,505) |
107,264 |
|
Net
finance income (expense) |
− |
− |
− |
59,256 |
− |
59,256 |
|
Income
taxes |
64,395 |
13,106 |
(673) |
(27,620) |
(4,897) |
44,311 |
|
Depreciation,
depletion and amortization |
48,562 |
11,678 |
2,324 |
484 |
− |
63,048 |
|
EBITDA |
238,595 |
55,219 |
872 |
(6,405) |
(14,402) |
273,879 |
|
Results in
equity-accounted investments |
(638) |
(4,993) |
(528) |
(2,268) |
− |
(8,427) |
|
Impairment
of assets (reversals) |
(16,375) |
(1,635) |
1,133 |
(13) |
− |
(16,890) |
|
Reclassification
of comprehensive income (loss) due to the disposal of
equity-accounted investments |
− |
− |
− |
220 |
− |
220 |
|
Results
from co-participation agreements in bid areas |
(3,317) |
− |
− |
− |
− |
(3,317) |
|
Results on
disposal/write-offs of assets and on remeasurement of investment
retained with loss of control |
(7,377) |
(3,161) |
(359) |
8 |
− |
(10,889) |
|
Adjusted
EBITDA |
210,888 |
45,430 |
1,118 |
(8,458) |
(14,402) |
234,576 |
Table 33 - Reconciliation of Adjusted EBITDA by segment –
4Q22
|
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
|
Net income
(loss) |
30,234 |
7,750 |
1,769 |
2,828 |
921 |
43,502 |
| Net
finance income (expense) |
− |
− |
− |
(1,490) |
− |
(1,490) |
| Income
taxes |
15,530 |
4,397 |
879 |
(5,481) |
474 |
15,799 |
| Depreciation,
depletion and amortization |
13,648 |
2,921 |
600 |
290 |
− |
17,459 |
|
EBITDA |
59,412 |
15,068 |
3,248 |
(3,853) |
1,395 |
75,270 |
| Results in
equity-accounted investments |
(87) |
785 |
(63) |
7 |
− |
642 |
| Impairment
of assets (reversals) |
5,719 |
(1,040) |
− |
1 |
− |
4,680 |
| Reclassification
of comprehensive income (loss) due to the disposal of
equity-accounted investments |
− |
− |
− |
− |
− |
− |
| Results
from co-participation agreements in bid areas |
(7,467) |
− |
− |
− |
− |
(7,467) |
| Results on
disposal/write-offs of assets and on remeasurement of investment
retained with loss of control |
67 |
(20) |
(42) |
(39) |
− |
(34) |
|
Adjusted
EBITDA |
57,644 |
14,793 |
3,143 |
(3,884) |
1,395 |
73,091 |
Table 34 - Reconciliation of Adjusted EBITDA by segment –
3Q22
|
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
| Net income
(loss) |
39,726 |
7,302 |
3,317 |
(5,563) |
1,454 |
46,236 |
| Net
finance income (expense) |
− |
− |
− |
7,973 |
− |
7,973 |
| Income
taxes |
20,344 |
3,823 |
1,678 |
(6,191) |
749 |
20,403 |
| Depreciation,
depletion and amortization |
13,435 |
3,029 |
667 |
12 |
− |
17,143 |
|
EBITDA |
73,505 |
14,154 |
5,662 |
(3,769) |
2,203 |
91,755 |
| Results in
equity-accounted investments |
(237) |
118 |
(62) |
10 |
− |
(171) |
| Impairment
of assets (reversals) |
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 |
72,959 |
15,296 |
4,723 |
(3,760) |
2,203 |
91,421 |
|
Glossary
ACL - Ambiente de Contratação Livre (Free contracting
market) in the electricity system.
ACR - Ambiente de Contratação Regulada (Regulated
contracting market) in the electricity system.
Adjusted cash and cash equivalents - Sum of cash and cash
equivalents and investments in securities in domestic and
international markets that have high liquidity, i.e., convertible
into cash within 3 months, even if maturity is longer than 12
months, held for the purpose of complying with cash commitments.
This measure is not defined under the International Financial
Reporting Standards – IFRS and should not be considered in
isolation or as a substitute for cash and cash equivalents computed
in accordance with IFRS. It may not be comparable to adjusted cash
and cash equivalents of other companies, however management
believes that it is an appropriate supplemental measure to assess
our liquidity and supports leverage management.
Adjusted EBITDA - Adjusted EBITDA (a non-GAAP measure
defined as net income plus net finance income (expense); income
taxes; depreciation, depletion and amortization; results in
equity-accounted investments; impairment of assets
(reversals); results on disposal/write-offs of assets,
remeasurement of investment retained with loss of control and
reclassification of CTA; and results from co-participation
agreements in bid areas).
Adjusted EBITDA margin - Adjusted EBITDA divided by sales
revenues.
Basic and diluted earnings (losses) per share - Calculated
based on the weighted average number of shares.
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. 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), presented in the consolidated cash flow
statement.
Net Debt – Gross debt less adjusted cash and cash
equivalents. Net debt is not a measure defined in the IFRS and
should not be considered in isolation or as a substitute for total
long-term debt calculated in accordance with IFRS. Our calculation
of net debt may not be comparable to the calculation of net debt by
other companies, however our management believes that net debt is
an appropriate supplemental measure that helps investors assess our
liquidity and supports leverage management.
Net Income by Business Segment - The information by the
company's business segment is prepared based on available financial
information that is directly attributable to the segment or that
can be allocated on a reasonable basis, being presented by business
activities used by the Executive Board to make resource allocation
decisions. and performance evaluation. When calculating segmented
results, transactions with third parties, including jointly
controlled and associated companies, and transfers between business
segments are considered. Transactions between business segments are
valued at internal transfer prices calculated based on
methodologies that take into account market parameters, and these
transactions are eliminated, outside the business segments, for the
purpose of reconciling the segmented information with the
consolidated financial statements of the company. company.
PLD (differences settlement price) - Electricity price in
the spot market. Weekly weighed prices per output level (light,
medium and heavy), number of hours and related market capacity.
Refining - includes crude oil refining, logistics,
transportation, acquisition and export activities, as well as the
purchase and sale of petroleum and ethanol products in Brazil and
abroad. Additionally, this segment includes the petrochemical area,
which includes investments in companies in the petrochemical
sector, shale exploration and processing.
ROCE - operating profit after taxes / average capital
employed, both measured in US$ on a LTM basis
Operating profit after taxes: Adjusted EBITDA, minus DD&A of
assets booked at historical exchange rates and 34% income tax
rate.
Average capital employed: quarterly average considering
inventories, intangibles and fixed assets at historical exchange
rates.
Sales Price of Petroleum in Brazil - Average internal
transfer prices from the E&P segment to the Refining
segment.
Total net liabilities - Total liability less adjusted cash
and cash equivalents.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Date: March 1, 2023
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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