In 2022, operating expenses increased 145%, mostly
reflecting the absence of gains in 2022 from the impairment reversals (-US$ 4.5 billion), the complementary gain from the exclusion of
ICMS from the PIS/COFINS tax base (-US$ 0.5 billion), higher expenses with legal contingencies (-US$ 0.6 billion), and lower gains with
the disposal and write-off of assets (-US$ 0.8 billion), partially offset by higher gains with co-participation agreements in the Sepia,
Atapu, and Buzios fields (+US$ 3.7 billion).
The 17% 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 13% 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 46% compared
to 3Q22, impacted mainly by higher impairment expenses (-US$ 0.6 billion) and exploratory expenses due mainly to the write-off of 8 exploratory
wells in the Sergipe-Alagoas area (SEAL) (-US$ 0,5 billion), as well as higher expenses with judicial contingencies (-US$ 0.3 billion)
and lower gains with the sale and write-off of assets (-US$ 0.3 billion), partly offset by the gain with co-participation agreements in
the Sépia, Atapu, and Búzios fields (+US$ 1.4 billion).
In 2022, Adjusted EBITDA grew 52% compared
to 2021, reaching US$ 66.2 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 US$ 13.9 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 (%) |
US$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 /
3Q22 |
4Q22 /
4Q21 |
2022 /
2021 |
Finance income |
436 |
515 |
266 |
1,832 |
821 |
(15.3) |
63.9 |
123.1 |
Income from investments and marketable securities (Government Bonds) |
287 |
340 |
141 |
1,159 |
315 |
(15.6) |
103.5 |
267.9 |
Other income, net |
149 |
175 |
125 |
673 |
506 |
(14.9) |
19.2 |
33.0 |
Finance expenses |
(994) |
(790) |
(880) |
(3,500) |
(5,150) |
25.8 |
13.0 |
(32.0) |
Interest on finance debt |
(577) |
(563) |
(545) |
(2,363) |
(2,870) |
2.5 |
5.9 |
(17.7) |
Unwinding of discount on lease liabilities |
(379) |
(337) |
(325) |
(1,340) |
(1,220) |
12.5 |
16.6 |
9.8 |
Discount and premium on repurchase of debt securities |
(1) |
(10) |
(4) |
(121) |
(1,102) |
(90.0) |
(75.0) |
(89.0) |
Capitalized borrowing costs |
237 |
260 |
229 |
1,032 |
976 |
(8.8) |
3.5 |
5.7 |
Unwinding of discount on the provision for decommissioning costs |
(125) |
(127) |
(182) |
(519) |
(761) |
(1.6) |
(31.3) |
(31.8) |
Other finance expenses , net |
(149) |
(13) |
(53) |
(189) |
(173) |
1046.2 |
181.1 |
9.2 |
Foreign exchange gains (losses) and indexation charges |
844 |
(1,249) |
(1,870) |
(2,172) |
(6,637) |
− |
− |
(67.3) |
Foreign exchange gains (losses) |
1,023 |
(782) |
(781) |
1,022 |
(2,737) |
− |
− |
− |
Reclassification of hedge accounting to the Statement of Income |
(1,274) |
(1,109) |
(1,246) |
(4,871) |
(4,585) |
14.9 |
2.2 |
6.2 |
Monetary restatement of anticipated dividends and dividends payable (*) |
876 |
398 |
101 |
994 |
108 |
120.2 |
767.6 |
820.4 |
Recoverable taxes inflation indexation income (**) |
12 |
29 |
29 |
86 |
518 |
(58.6) |
(58.6) |
(83.4) |
Other foreign exchange gains (losses) and indexation charges, net |
207 |
215 |
27 |
597 |
59 |
(3.8) |
665.8 |
911.9 |
Total |
286 |
(1,524) |
(2,484) |
(3,840) |
(10,966) |
− |
− |
(65.0) |
(*) In 2022, it refers to the income on the monetary restatement of paid anticipated dividends, in the amount of US$ 1,293 (US$ 121 in 2021), and to the expense on the indexation charges on dividends payable, in the amount of US$ 299 (US$ 13 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
US$ 3.8 billion, a 65% 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). Additionaly, 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 US$ 0.3 billion, compared to a negative result of US$ 1.5 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
$36.6 billion, compared to $19.9 billion in 2021. This increase is mainly due to the 43% appreciation of Brent, higher margins on oil
products, improved financial results and gains from co-participation agreements in the Transfer of Rights fields, partially offset by
higher tax collection and the absence of gains from the impairment reversals.
In 4Q22 net income was
US$ 8.2 billion, compared to US$ 8.8 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 US$ 36.6 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 US$ 34.4 billion. Adjusted EBITDA was negatively impacted
by US$ 1.0 billion and would have totaled US$ 67.2 billion without the effect of non-recurring items in 2022.
In 4Q22, net income also benefited from non-recurring
items by US$ 0.1 billion and would have been US$ 8.2 billion excluding these items. Adjusted EBITDA was negatively impacted by US$ 0.5
billion and would have totaled US$ 14.4 billion excluding the non-recurring items.
Special items
Table 8 – Special items
|
|
|
|
|
|
Variation (%) |
US$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 /
3Q22 |
4Q22 /
4Q21 |
2022 /
2021 |
Net income |
8,276 |
8,790 |
5,676 |
36,755 |
19,986 |
(5.8) |
45.8 |
83.9 |
Non-recurring items |
125 |
(63) |
2,077 |
3,311 |
6,593 |
− |
(94.0) |
(49.8) |
Non-recurring items that do not affect Adjusted EBITDA |
584 |
97 |
1,991 |
4,246 |
6,520 |
502.1 |
(70.7) |
(34.9) |
Impairment of assets and investments |
(890) |
(253) |
272 |
(1,321) |
3,573 |
251.8 |
− |
− |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
(41) |
− |
− |
− |
Gains and losses on disposal / write-offs of assets |
7 |
291 |
1,718 |
1,146 |
1,942 |
(97.6) |
(99.6) |
(41.0) |
Results from co-participation agreements in bid areas |
1,424 |
(10) |
(36) |
4,286 |
631 |
− |
− |
579.2 |
Agreements signed for the electricity sector |
− |
− |
29 |
− |
107 |
− |
− |
− |
Pis and Cofins inflation indexation charges - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
− |
1 |
− |
456 |
− |
− |
− |
Discount and premium on repurchase of debt securities |
43 |
69 |
5 |
135 |
(1,090) |
(37.7) |
760.0 |
− |
Non-incidence of income taxes on indexation charges (SELIC interest rate) over undue paid taxes |
− |
− |
− |
− |
903 |
− |
− |
− |
Financial updating on state amnesty programs |
− |
− |
2 |
− |
39 |
− |
− |
− |
Other non-recurring items |
(459) |
(160) |
86 |
(935) |
73 |
186.9 |
− |
− |
Voluntary Separation Plan |
(11) |
− |
3 |
(18) |
11 |
− |
− |
− |
Amounts recovered from Lava Jato investigation |
62 |
22 |
13 |
96 |
235 |
181.8 |
376.9 |
(59.1) |
Gains / (losses) on decommissioning of returned/abandoned areas |
(196) |
(1) |
109 |
(225) |
99 |
19500.0 |
− |
− |
State amnesty programs |
− |
− |
1 |
− |
144 |
− |
− |
− |
Gains / (losses) related to legal proceedings |
(300) |
(181) |
(64) |
(765) |
(312) |
65.7 |
368.8 |
145.2 |
Equalization of expenses - Production Individualization Agreements |
(14) |
− |
(41) |
(23) |
(74) |
− |
(65.9) |
(68.9) |
PIS and COFINS over inflation indexation charges - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
− |
− |
− |
(21) |
− |
− |
− |
PIS and COFINS recovered - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
− |
− |
− |
483 |
− |
− |
− |
Gains/(losses) arising from actuarial review of health care plan |
− |
− |
− |
− |
(856) |
− |
− |
− |
Gains/(losses) with the transfer of rights on concession agreements |
− |
− |
65 |
− |
364 |
− |
− |
− |
Net effect of non-recurring items on IR / CSLL |
(42) |
24 |
(707) |
(1,127) |
(2,255) |
− |
(94.1) |
(50.0) |
Recurring net income |
8,193 |
8,829 |
4,306 |
34,571 |
15,648 |
(7.2) |
90.3 |
120.9 |
Shareholders of Petrobras |
8,163 |
8,803 |
4,266 |
34,440 |
15,539 |
(7.3) |
91.4 |
121.6 |
Non-controlling interests |
30 |
26 |
40 |
131 |
109 |
15.4 |
(25.0) |
20.2 |
Adjusted EBITDA |
13,903 |
17,410 |
11,276 |
66,217 |
43,555 |
(20.1) |
23.3 |
52.0 |
Non-recurring items |
(459) |
(160) |
86 |
(935) |
73 |
186.9 |
− |
− |
Recurring Adjusted EBITDA |
14,362 |
17,570 |
11,190 |
67,152 |
43,482 |
(18.3) |
28.3 |
54.4 |
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 /
3Q22 |
4Q22 /
4Q21 |
2022 /
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
US$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
Adjusted cash and cash equivalents at the beginning of period |
6,785 |
19,142 |
11,456 |
11,117 |
12,370 |
Government bonds and time deposits with maturities of more than 3 months at the beginning of period * |
(2,411) |
(2,855) |
(537) |
(650) |
(659) |
Cash and cash equivalents in companies classified as held for sale at the beginning of the period |
− |
7 |
6 |
13 |
14 |
Cash and cash equivalents at the beginning of period |
4,374 |
16,294 |
10,925 |
10,480 |
11,725 |
Net cash provided by operating activities |
12,848 |
12,064 |
9,196 |
49,717 |
37,791 |
Net cash provided by (used in) investing activities |
(2,345) |
(720) |
557 |
(432) |
2,157 |
Acquisition of PP&E and intangibles assets |
(3,561) |
(1,947) |
(1,685) |
(9,581) |
(6,325) |
Investments in investees |
(7) |
(1) |
(9) |
(27) |
(24) |
Proceeds from disposal of assets - Divestment |
931 |
537 |
1,877 |
4,846 |
4,783 |
Financial compensation from co-participation agreements |
1,950 |
121 |
− |
7,284 |
2,938 |
Dividends received |
55 |
77 |
487 |
374 |
781 |
Divestment (Investment) in marketable securities |
(1,713) |
493 |
(113) |
(3,328) |
4 |
(=) Net cash provided by operating and investing activities |
10,503 |
11,344 |
9,753 |
49,285 |
39,948 |
Net cash used in financing activities |
(7,047) |
(23,157) |
(9,890) |
(51,453) |
(40,791) |
Net financings |
(1,600) |
(641) |
(1,151) |
(8,304) |
(21,757) |
Proceeds from finance debt |
350 |
2,200 |
131 |
2,880 |
1,885 |
Repayments |
(1,950) |
(2,841) |
(1,282) |
(11,184) |
(23,642) |
Repayment of lease liability |
(1,424) |
(1,324) |
(1,446) |
(5,430) |
(5,827) |
Dividends paid to shareholders of Petrobras |
(4,030) |
(21,242) |
(7,250) |
(37,701) |
(13,078) |
Dividends paid to non-controlling interest |
(13) |
(10) |
(30) |
(81) |
(105) |
Investments by non-controlling interest |
20 |
60 |
(13) |
63 |
(24) |
Effect of exchange rate changes on cash and cash equivalents |
166 |
(107) |
(308) |
(316) |
(402) |
Cash and cash equivalents at the end of period |
7,996 |
4,374 |
10,480 |
7,996 |
10,480 |
Government bonds and time deposits with maturities of more than 3 months at the end of period * |
4,287 |
2,411 |
650 |
4,287 |
650 |
Cash and cash equivalents in companies classified as held for sale at the end of the period |
− |
− |
(13) |
− |
(13) |
Adjusted cash and cash equivalents at the end of period |
12,283 |
6,785 |
11,117 |
12,283 |
11,117 |
Reconciliation of Free Cash Flow |
|
|
|
|
|
Net cash provided by operating activities |
12,848 |
12,064 |
9,196 |
49,717 |
37,791 |
Acquisition of PP&E and intangibles assets |
(3,561) |
(1,947) |
(1,685) |
(9,581) |
(6,325) |
Free cash flow** |
9,287 |
10,117 |
7,511 |
40,136 |
31,466 |
As of December 31, 2022, cash and cash equivalents
totaled US$ 8.0 billion and adjusted cash and cash equivalents totaled US$ 12.3 billion.
In
2022, cash generated from operating activities reached US$ 49.7 billion and positive free cash flow totaled US$ 40.1 billion. This level
of cash generation, along with the inflow of funds from the divestments of US$ 4.8 billion and the inflow of US$ 7.3 billion referring
to financial compensation for co-participation agreements in Sepia and Atapu were used to:
(a) pay remuneration to shareholders (US$ 37.7 billion), (b) prepay debt and amortize principal and interest due in the period (US$ 11.2
billion), (c) make investments (US$ 9.6 billion), and (d) amortize lease liabilities (US$ 5.4 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 US$ 11.2 billion, notably the repurchase of US$ 5.4 billion of securities in the international capital market.
The company raised US$ 2.9 billion, of which (i) US$ 1.25 billion through a credit line with sustainability commitments (Sustainability-Linked
Loan) in the international banking market due in 2027, and (ii) US$ 0.6 billion through the issuance of commercial notes in the domestic
capital market due in 2030 and 2032; and (iii) US$ 0.3 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 |
Results by segment
Exploration and Production
Table 14 – E&P results
|
|
|
|
|
|
Variation (%) (*) |
US$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 /
3Q22 |
4Q22 /
4Q21 |
2022 /
2021 |
Sales revenues |
16,973 |
19,293 |
15,781 |
77,890 |
55,584 |
(12.0) |
7.6 |
40.1 |
Gross profit |
9,787 |
11,866 |
9,250 |
47,425 |
31,911 |
(17.5) |
5.8 |
48.6 |
Operating expenses |
(1,099) |
(474) |
520 |
907 |
3,240 |
131.9 |
− |
(72.0) |
Operating income |
8,688 |
11,392 |
9,770 |
48,332 |
35,151 |
(23.7) |
(11.1) |
37.5 |
Net income (loss) attributable to the shareholders of Petrobras |
5,751 |
7,566 |
6,483 |
32,073 |
23,324 |
(24.0) |
(11.3) |
37.5 |
Adjusted EBITDA of the segment |
10,964 |
13,892 |
10,951 |
54,811 |
39,108 |
(21.1) |
0.1 |
40.2 |
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$/boe) |
|
|
|
|
|
|
|
|
excluding production taxes and leases |
6.07 |
5.85 |
5.15 |
5.78 |
5.00 |
3.8 |
18.0 |
15.6 |
excluding production taxes |
7.81 |
7.53 |
6.93 |
7.49 |
6.65 |
3.7 |
12.7 |
12.7 |
Onshore and shallow waters |
|
|
|
|
|
|
|
|
with leases |
18.77 |
15.44 |
14.78 |
16.96 |
13.69 |
21.6 |
27.0 |
23.9 |
excluding leases |
18.77 |
15.44 |
14.78 |
16.96 |
13.69 |
21.6 |
27.0 |
23.9 |
Deep and ultra-deep post-salt |
|
|
|
|
|
|
|
|
with leases |
13.72 |
13.66 |
10.50 |
13.25 |
11.25 |
0.4 |
30.6 |
17.7 |
excluding leases |
11.94 |
12.52 |
9.10 |
11.74 |
9.84 |
(4.6) |
31.3 |
19.3 |
Pre-salt |
|
|
|
|
|
|
|
|
with leases |
5.70 |
5.36 |
5.26 |
5.35 |
4.61 |
6.4 |
8.4 |
15.9 |
excluding leases |
3.89 |
3.44 |
3.24 |
3.47 |
2.75 |
13.2 |
20.1 |
26.2 |
including production taxes and excluding leases |
21.12 |
23.48 |
20.19 |
23.73 |
17.97 |
(10.1) |
4.6 |
32.0 |
including production taxes and leases |
22.85 |
25.16 |
21.96 |
25.44 |
19.62 |
(9.2) |
4.1 |
29.7 |
Production taxes - Brazil |
3,085 |
3,604 |
3,178 |
14,789 |
11,151 |
(14.4) |
(2.9) |
32.6 |
Royalties |
1,751 |
2,036 |
1,669 |
8,175 |
5,749 |
(14.0) |
4.9 |
42.2 |
Special participation |
1,322 |
1,556 |
1,498 |
6,566 |
5,362 |
(15.0) |
(11.8) |
22.5 |
Retention of areas |
12 |
12 |
11 |
49 |
40 |
(2.8) |
4.6 |
20.6 |
(*) EBITDA margin and ROCE variations in percentage points |
In 2022, E&P gross profit was US$ 47.4 billion,
a 49% 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 US$ 48.3billion,
a 38% 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 US$ 9.8
billion, an 18% 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 (%) (*) |
US$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 /
3Q22 |
4Q22 /
4Q21 |
2022 /
2021 |
Sales revenues |
27,542 |
29,348 |
21,044 |
113,531 |
74,524 |
(6.2) |
30.9 |
52.3 |
Gross profit (loss) |
3,329 |
2,741 |
2,272 |
14,377 |
8,904 |
21.5 |
46.5 |
61.5 |
Operating expenses |
(869) |
(611) |
295 |
(3,132) |
(1,805) |
42.2 |
− |
73.5 |
Operating Income |
2,460 |
2,130 |
2,567 |
11,245 |
7,099 |
15.5 |
(4.2) |
58.4 |
Net income (loss) attributable to the shareholders of Petrobras |
1,474 |
1,383 |
1,751 |
7,426 |
5,625 |
6.6 |
(15.8) |
32.0 |
Adjusted EBITDA of the segment |
2,816 |
2,905 |
2,203 |
13,491 |
8,386 |
(3.1) |
27.8 |
60.9 |
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 |
Domestic basic oil by-products price (US$/bbl) |
118.20 |
131.99 |
87.00 |
122.66 |
77.28 |
(10.4) |
35.9 |
58.7 |
(*) EBITDA margin and ROCE variations in percentage points |
In 2022, gross profit was US$ 14.4 billion, US$5.5
billion higher than in 2021. The positive effect from inventories turnover was lower in 2022 when compared to 2021. Excluding this effect
(US$ 0.4 billion in 2022 and US$ 4.6 billion in 2021) the gross profit would have been US$ 14 billion in 2022 and US$ 4.3 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 58.4% 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 16.9%
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 US$ 3.3 billion,
21.5% above 3Q22, due to the lower effect of inventories turnover in 4Q22 when compared to 3Q22. Excluding this effect (-US$ 0.7 billion
in 4Q22 and -US$ 1.4 billion in 3Q22) gross profit would have been US$ 4.1 billion in 4Q22 and US$ 4.2 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 15.5% 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 dropped 8.8%
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 (%) (*) |
US$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 /
3Q22 |
4Q22 /
4Q21 |
2022 /
2021 |
Sales revenues |
3,821 |
4,148 |
3,745 |
15,068 |
12,051 |
(7.9) |
2.0 |
25.0 |
Gross profit |
1,200 |
1,502 |
(91) |
4,550 |
2,557 |
(20.1) |
− |
77.9 |
Operating expenses |
(707) |
(568) |
(686) |
(2,965) |
(2,890) |
24.5 |
3.1 |
2.6 |
Operating income |
493 |
934 |
(777) |
1,585 |
(333) |
(47.2) |
− |
− |
Net income (loss) attributable to the shareholders of Petrobras |
319 |
609 |
(537) |
1,038 |
(219) |
(47.6) |
− |
− |
Adjusted EBITDA of the segment |
599 |
898 |
(645) |
1,868 |
239 |
(33.3) |
− |
681.6 |
EBITDA margin of the segment (%) |
16 |
22 |
(17) |
12 |
2 |
(6) |
33 |
10 |
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$/bbl) |
76.83 |
75.74 |
53.53 |
69.26 |
45.65 |
1.4 |
43.5 |
51.7 |
Fixed revenues from power auctions |
103.00 |
102.00 |
102.00 |
404.97 |
419.80 |
1.0 |
1.0 |
(3.5) |
Average price for power generation(US$/MWh) |
11.30 |
13.77 |
83.46 |
35.24 |
82.47 |
(17.9) |
(86.5) |
(57.3) |
(*) EBITDA margin and ROCE variations in percentage points |
In 2022, gross profit was US$ 4.6 billion,
an improvement of US$ 2 billion when compared to 2021, mainly due to the recovery of trading margins as an effect of the improvement in
portfolio management of natural gas contracts, alongside the appreciation of Brent prices and lower LNG imports.
In 2022, operating income was US$ 1.6 billion,
an increase of US$ 1.9 billion over 2021, mainly due to higher gross profit, as operating expenses were only 2.6% higher in 2022.
In
4Q22, gross profit was US$ 1.2 billion, 20% lower when compared to 3Q22, due to non-recurring operations, despite stable gas and
power margins. Operating income reached US$ 0.5
billion in 4Q22, 47% 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 (%) (*) |
US$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 /
3Q22 |
4Q22 /
4Q21 |
2022 /
2021 |
Net income |
8,276 |
8,790 |
5,676 |
36,755 |
19,986 |
(5.8) |
45.8 |
83.9 |
Net finance (expense) income |
(286) |
1,524 |
2,484 |
3,840 |
10,966 |
− |
− |
(65.0) |
Income taxes |
3,007 |
3,888 |
2,269 |
16,770 |
8,239 |
(22.7) |
32.5 |
103.5 |
Depreciation, depletion and amortization |
3,321 |
3,267 |
2,909 |
13,218 |
11,695 |
1.7 |
14.2 |
13.0 |
EBITDA |
14,318 |
17,469 |
13,338 |
70,583 |
50,886 |
(18.0) |
7.3 |
38.7 |
Results in equity-accounted investments |
122 |
(32) |
(107) |
(251) |
(1,607) |
− |
− |
(84.4) |
Impairment of assets (reversals) |
893 |
255 |
(272) |
1,315 |
(3,190) |
250.2 |
− |
− |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
41 |
− |
− |
− |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(6) |
(292) |
(1,719) |
(1,144) |
(1,944) |
(97.9) |
(99.7) |
(41.2) |
Results from co-participation agreements in bid areas |
(1,424) |
10 |
36 |
(4,286) |
(631) |
− |
− |
579.2 |
Adjusted EBITDA |
13,903 |
17,410 |
11,276 |
66,217 |
43,555 |
(20.1) |
23.3 |
52.0 |
Adjusted EBITDA margin (%) |
46 |
54 |
47 |
53 |
52 |
(8.0) |
(1.0) |
1.0 |
(*) EBITDA Margin variations in percentage points |
Financial statements
Table 18
- Income statement - Consolidated
US$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
Sales revenues |
30,171 |
32,411 |
24,031 |
124,474 |
83,966 |
Cost of sales |
(15,592) |
(15,875) |
(13,452) |
(59,486) |
(43,164) |
Gross profit |
14,579 |
16,536 |
10,579 |
64,988 |
40,802 |
Selling expenses |
(1,293) |
(1,213) |
(1,092) |
(4,931) |
(4,229) |
General and administrative expenses |
(376) |
(334) |
(306) |
(1,332) |
(1,176) |
Exploration costs |
(657) |
(107) |
(149) |
(887) |
(687) |
Research and development expenses |
(179) |
(187) |
(148) |
(792) |
(563) |
Other taxes |
(194) |
(93) |
(37) |
(439) |
(406) |
Impairment (losses) reversals |
(893) |
(255) |
272 |
(1,315) |
3,190 |
Other income and expenses, net |
132 |
(177) |
1,203 |
1,822 |
653 |
|
(3,460) |
(2,366) |
(257) |
(7,874) |
(3,218) |
Operating income |
11,119 |
14,170 |
10,322 |
57,114 |
37,584 |
Finance income |
436 |
515 |
266 |
1,832 |
821 |
Finance expenses |
(994) |
(790) |
(880) |
(3,500) |
(5,150) |
Foreign exchange gains (losses) and inflation indexation charges |
844 |
(1,249) |
(1,870) |
(2,172) |
(6,637) |
Net finance income (expense) |
286 |
(1,524) |
(2,484) |
(3,840) |
(10,966) |
Results of equity-accounted investments |
(122) |
32 |
107 |
251 |
1,607 |
Income before income taxes |
11,283 |
12,678 |
7,945 |
53,525 |
28,225 |
Income taxes |
(3,007) |
(3,888) |
(2,269) |
(16,770) |
(8,239) |
Net Income |
8,276 |
8,790 |
5,676 |
36,755 |
19,986 |
Net income attributable to: |
|
|
|
|
|
Shareholders of Petrobras |
8,245 |
8,763 |
5,636 |
36,623 |
19,875 |
Non-controlling interests |
31 |
27 |
40 |
132 |
111 |
|
|
|
|
|
|
Table 19 - Statement of financial position –
Consolidated
ASSETS - US$ million |
12.31.2022 |
12.31.2021 |
Current assets |
31,250 |
30,149 |
Cash and cash equivalents |
7,996 |
10,467 |
Marketable securities |
2,773 |
650 |
Trade and other receivables, net |
5,010 |
6,368 |
Inventories |
8,779 |
7,255 |
Recoverable taxes |
1,307 |
1,346 |
Assets classified as held for sale |
3,608 |
2,490 |
Other current assets |
1,777 |
1,573 |
Non-current assets |
155,941 |
144,199 |
Long-term receivables |
21,220 |
14,334 |
Trade and other receivables, net |
2,440 |
1,900 |
Marketable securities |
1,564 |
44 |
Judicial deposits |
11,053 |
8,038 |
Deferred taxes |
832 |
604 |
Other tax assets |
3,778 |
3,261 |
Other non-current assets |
1,553 |
487 |
Investments |
1,566 |
1,510 |
Property, plant and equipment |
130,169 |
125,330 |
Intangible assets |
2,986 |
3,025 |
Total assets |
187,191 |
174,348 |
|
|
|
|
|
|
LIABILITIES - US$ million |
12.31.2022 |
12.31.2021 |
Current liabilities |
31,380 |
24,176 |
Trade payables |
5,464 |
5,483 |
Finance debt |
3,576 |
3,641 |
Lease liability |
5,557 |
5,432 |
Taxes payable |
5,931 |
4,734 |
Dividends payable |
4,171 |
− |
Short-term employee benefits |
2,215 |
2,144 |
Liabilities related to assets classified as held for sale |
1,465 |
867 |
Other current liabilities |
3,001 |
1,875 |
Non-current liabilities |
85,975 |
80,360 |
Finance debt |
26,378 |
32,059 |
Lease liability |
18,288 |
17,611 |
Income taxes payable |
302 |
300 |
Deferred taxes |
6,750 |
1,229 |
Employee benefits |
10,675 |
9,374 |
Provision for legal and administrative proceedings |
3,010 |
2,018 |
Provision for decommissioning costs |
18,600 |
15,619 |
Other non-current liabilities |
1,972 |
2,150 |
Shareholders' equity |
69,836 |
69,812 |
Share capital (net of share issuance costs) |
107,101 |
107,101 |
Profit reserves and others |
(37,609) |
(37,694) |
Non-controlling interests |
344 |
405 |
Total liabilities and shareholders´ equity |
187,191 |
174,348 |
Table 20 - Statement of cash flow – Consolidated
US$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
Cash flows from operating activities |
|
|
|
|
|
Net income for the period |
8,276 |
8,790 |
5,676 |
36,755 |
19,986 |
Adjustments for: |
|
|
|
|
|
Pension and medical benefits - actuarial gains (expense) |
289 |
306 |
292 |
1,228 |
2,098 |
Results of equity-accounted investments |
122 |
(32) |
(107) |
(251) |
(1,607) |
Depreciation, depletion and amortization |
3,321 |
3,267 |
2,909 |
13,218 |
11,695 |
Impairment of assets (reversals) |
893 |
255 |
(272) |
1,315 |
(3,190) |
Inventory write-down (write-back) to net realizable value |
4 |
4 |
2 |
11 |
(1) |
Allowance (reversals) for credit loss on trade and other receivables |
23 |
3 |
(16) |
65 |
(30) |
Exploratory expenditure write-offs |
563 |
34 |
34 |
691 |
248 |
Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA |
(6) |
(292) |
(1,718) |
(1,144) |
(1,900) |
Foreign exchange, indexation and finance charges |
(178) |
1,853 |
2,563 |
4,557 |
10,795 |
Income taxes |
3,007 |
3,888 |
2,269 |
16,770 |
8,239 |
Revision and unwinding of discount on the provision for decommissioning costs |
321 |
129 |
74 |
745 |
661 |
PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
3 |
(3) |
(1) |
(986) |
Results from co-participation agreements in bid areas |
(1,424) |
10 |
36 |
(4,286) |
(631) |
Assumption of interest in concessions |
− |
− |
(66) |
− |
(164) |
Early termination and cash outflows revision of lease agreements |
(71) |
(157) |
(197) |
(629) |
(545) |
(Gains) losses with legal, administrative and arbitration proceedings, net |
541 |
264 |
195 |
1,362 |
740 |
Decrease (Increase) in assets |
|
|
|
|
|
Trade and other receivables |
(374) |
672 |
(588) |
355 |
(2,075) |
Inventories |
1,378 |
(561) |
(170) |
(1,217) |
(2,334) |
Judicial deposits |
(397) |
(453) |
(306) |
(1,709) |
(1,141) |
Other assets |
343 |
(104) |
(164) |
(413) |
(289) |
Increase (Decrease) in liabilities |
|
|
|
|
|
Trade payables |
(18) |
(200) |
223 |
(359) |
1,073 |
Other taxes payable |
(46) |
(1,414) |
356 |
(2,441) |
2,835 |
Pension and medical benefits |
(261) |
(180) |
(184) |
(2,130) |
(2,239) |
Provisions for legal proceedings |
(126) |
(77) |
(288) |
(380) |
(643) |
Short-term benefits |
(119) |
303 |
(173) |
(182) |
(312) |
Provision for decommissioning costs |
(160) |
(164) |
(204) |
(602) |
(730) |
Other liabilities |
(338) |
(384) |
215 |
(95) |
376 |
Income taxes paid |
(2,715) |
(3,699) |
(1,192) |
(11,516) |
(2,138) |
Net cash provided by operating activities |
12,848 |
12,064 |
9,196 |
49,717 |
37,791 |
Cash flows from investing activities |
|
|
|
|
|
Acquisition of PP&E and intangible assets |
(3,561) |
(1,947) |
(1,685) |
(9,581) |
(6,325) |
Investments in investees |
(7) |
(1) |
(9) |
(27) |
(24) |
Proceeds from disposal of assets - Divestment |
931 |
537 |
1,877 |
4,846 |
4,783 |
Financial compensation from co-participation agreements |
1,950 |
121 |
− |
7,284 |
2,938 |
Divestment (Investment) in marketable securities |
(1,713) |
493 |
(113) |
(3,328) |
4 |
Dividends received |
55 |
77 |
487 |
374 |
781 |
Net cash provided by (used in) investing activities |
(2,345) |
(720) |
557 |
(432) |
2,157 |
Cash flows from financing activities |
|
|
|
|
|
Changes in non-controlling interest |
20 |
60 |
(13) |
63 |
(24) |
Financing and loans, net: |
|
|
|
|
|
Proceeds from finance debt |
350 |
2,200 |
131 |
2,880 |
1,885 |
Repayment of principal - finance debt |
(1,538) |
(2,319) |
(923) |
(9,334) |
(21,413) |
Repayment of interest - finance debt |
(412) |
(522) |
(359) |
(1,850) |
(2,229) |
Repayment of lease liability |
(1,424) |
(1,324) |
(1,446) |
(5,430) |
(5,827) |
Dividends paid to Shareholders of Petrobras |
(4,030) |
(21,242) |
(7,250) |
(37,701) |
(13,078) |
Dividends paid to non-controlling interests |
(13) |
(10) |
(30) |
(81) |
(105) |
Net cash (used in) financing activities |
(7,047) |
(23,157) |
(9,890) |
(51,453) |
(40,791) |
Effect of exchange rate changes on cash and cash equivalents |
166 |
(107) |
(308) |
(316) |
(402) |
Net change in cash and cash equivalents |
3,622 |
(11,920) |
(445) |
(2,484) |
(1,245) |
Cash and cash equivalents at the beginning of the period |
4,374 |
16,294 |
10,925 |
10,480 |
11,725 |
Cash and cash equivalents at the end of the period |
7,996 |
4,374 |
10,480 |
7,996 |
10,480 |
Financial information by business areas
Table 21 - Consolidated income by segment –
2022
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
77,890 |
113,531 |
15,068 |
511 |
(82,526) |
124,474 |
Intersegments |
76,579 |
1,950 |
3,991 |
6 |
(82,526) |
− |
Third parties |
1,311 |
111,581 |
11,077 |
505 |
− |
124,474 |
Cost of sales |
(30,465) |
(99,154) |
(10,518) |
(522) |
81,173 |
(59,486) |
Gross profit |
47,425 |
14,377 |
4,550 |
(11) |
(1,353) |
64,988 |
Expenses |
907 |
(3,132) |
(2,965) |
(2,671) |
(13) |
(7,874) |
Selling expenses |
(22) |
(1,841) |
(2,979) |
(76) |
(13) |
(4,931) |
General and administrative expenses |
(46) |
(275) |
(62) |
(949) |
− |
(1,332) |
Exploration costs |
(887) |
− |
− |
− |
− |
(887) |
Research and development expenses |
(678) |
(6) |
(5) |
(103) |
− |
(792) |
Other taxes |
(79) |
(31) |
(44) |
(285) |
− |
(439) |
Impairment (losses) reversals |
(1,218) |
(97) |
1 |
(1) |
− |
(1,315) |
Other income and expenses, net |
3,837 |
(882) |
124 |
(1,257) |
− |
1,822 |
Operating income (loss) |
48,332 |
11,245 |
1,585 |
(2,682) |
(1,366) |
57,114 |
Net finance income (expense) |
− |
− |
− |
(3,840) |
− |
(3,840) |
Results of equity-accounted investments |
170 |
3 |
83 |
(5) |
− |
251 |
Income (loss) before income taxes |
48,502 |
11,248 |
1,668 |
(6,527) |
(1,366) |
53,525 |
Income taxes |
(16,433) |
(3,822) |
(540) |
3,559 |
466 |
(16,770) |
Net Income (Loss) |
32,069 |
7,426 |
1,128 |
(2,968) |
(900) |
36,755 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
32,073 |
7,426 |
1,038 |
(3,014) |
(900) |
36,623 |
Non-controlling interests |
(4) |
− |
90 |
46 |
− |
132 |
Table
22 - Consolidated income by segment – 2021
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
55,584 |
74,524 |
12,051 |
504 |
(58,697) |
83,966 |
Intersegments |
54,479 |
1,416 |
2,564 |
238 |
(58,697) |
− |
Third parties |
1,105 |
73,108 |
9,487 |
266 |
− |
83,966 |
Cost of sales |
(23,673) |
(65,620) |
(9,494) |
(503) |
56,126 |
(43,164) |
Gross profit |
31,911 |
8,904 |
2,557 |
1 |
(2,571) |
40,802 |
Expenses |
3,240 |
(1,805) |
(2,890) |
(1,741) |
(22) |
(3,218) |
Selling expenses |
− |
(1,539) |
(2,668) |
− |
(22) |
(4,229) |
General and administrative expenses |
(152) |
(245) |
(73) |
(706) |
− |
(1,176) |
Exploration costs |
(687) |
− |
− |
− |
− |
(687) |
Research and development expenses |
(415) |
(11) |
(25) |
(112) |
− |
(563) |
Other taxes |
(192) |
(122) |
(38) |
(54) |
− |
(406) |
Impairment (losses) reversals |
3,107 |
289 |
(208) |
2 |
− |
3,190 |
Other income and expenses, net |
1,579 |
(177) |
122 |
(871) |
− |
653 |
Operating income (loss) |
35,151 |
7,099 |
(333) |
(1,740) |
(2,593) |
37,584 |
Net finance income (expense) |
− |
− |
− |
(10,966) |
− |
(10,966) |
Results of equity-accounted investments |
119 |
941 |
98 |
449 |
− |
1,607 |
Income (loss) before income taxes |
35,270 |
8,040 |
(235) |
(12,257) |
(2,593) |
28,225 |
Income taxes |
(11,949) |
(2,415) |
113 |
5,129 |
883 |
(8,239) |
Net Income (Loss) |
23,321 |
5,625 |
(122) |
(7,128) |
(1,710) |
19,986 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
23,324 |
5,625 |
(219) |
(7,145) |
(1,710) |
19,875 |
Non-controlling interests |
(3) |
− |
97 |
17 |
− |
111 |
Table 23
- Quarterly consolidated income by segment – 4Q22
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
16,973 |
27,542 |
3,821 |
109 |
(18,274) |
30,171 |
Intersegments |
16,661 |
490 |
1,119 |
4 |
(18,274) |
− |
Third parties |
312 |
27,052 |
2,702 |
105 |
− |
30,171 |
Cost of sales |
(7,186) |
(24,213) |
(2,621) |
(113) |
18,541 |
(15,592) |
Gross profit |
9,787 |
3,329 |
1,200 |
(4) |
267 |
14,579 |
Expenses |
(1,099) |
(869) |
(707) |
(782) |
(3) |
(3,460) |
Selling expenses |
(10) |
(531) |
(719) |
(30) |
(3) |
(1,293) |
General and administrative expenses |
(16) |
(71) |
(13) |
(276) |
− |
(376) |
Exploration costs |
(657) |
− |
− |
− |
− |
(657) |
Research and development expenses |
(154) |
1 |
(1) |
(25) |
− |
(179) |
Other taxes |
(32) |
(16) |
(9) |
(137) |
− |
(194) |
Impairment (losses) reversals |
(1,091) |
198 |
− |
− |
− |
(893) |
Other income and expenses, net |
861 |
(450) |
35 |
(314) |
− |
132 |
Operating income (loss) |
8,688 |
2,460 |
493 |
(786) |
264 |
11,119 |
Net finance income (expense) |
− |
− |
− |
286 |
− |
286 |
Results of equity-accounted investments |
16 |
(150) |
12 |
− |
− |
(122) |
Income (loss) before income taxes |
8,704 |
2,310 |
505 |
(500) |
264 |
11,283 |
Income taxes |
(2,954) |
(836) |
(167) |
1,040 |
(90) |
(3,007) |
Net income (loss) |
5,750 |
1,474 |
338 |
540 |
174 |
8,276 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
5,751 |
1,474 |
319 |
527 |
174 |
8,245 |
Non-controlling interests |
(1) |
− |
19 |
13 |
− |
31 |
Table
24 - Quarterly consolidated income by segment – 3Q22
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
19,293 |
29,348 |
4,148 |
126 |
(20,504) |
32,411 |
Intersegments |
18,972 |
529 |
1,002 |
1 |
(20,504) |
− |
Third parties |
321 |
28,819 |
3,146 |
125 |
− |
32,411 |
Cost of sales |
(7,427) |
(26,607) |
(2,646) |
(137) |
20,942 |
(15,875) |
Gross profit |
11,866 |
2,741 |
1,502 |
(11) |
438 |
16,536 |
Expenses |
(474) |
(611) |
(568) |
(710) |
(3) |
(2,366) |
Selling expenses |
(7) |
(440) |
(739) |
(24) |
(3) |
(1,213) |
General and administrative expenses |
(6) |
(73) |
(15) |
(240) |
− |
(334) |
Exploration costs |
(107) |
− |
− |
− |
− |
(107) |
Research and development expenses |
(159) |
(1) |
(1) |
(26) |
− |
(187) |
Other taxes |
(8) |
10 |
(16) |
(79) |
− |
(93) |
Impairment (losses) reversals |
(4) |
(251) |
− |
− |
− |
(255) |
Other income and expenses, net |
(183) |
144 |
203 |
(341) |
− |
(177) |
Operating income (loss) |
11,392 |
2,130 |
934 |
(721) |
435 |
14,170 |
Net finance income (expense) |
− |
− |
− |
(1,524) |
− |
(1,524) |
Results of equity-accounted investments |
46 |
(23) |
12 |
(3) |
− |
32 |
Income (loss) before income taxes |
11,438 |
2,107 |
946 |
(2,248) |
435 |
12,678 |
Income taxes |
(3,873) |
(724) |
(318) |
1,175 |
(148) |
(3,888) |
Net income (loss) |
7,565 |
1,383 |
628 |
(1,073) |
287 |
8,790 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
7,566 |
1,383 |
609 |
(1,082) |
287 |
8,763 |
Non-controlling interests |
(1) |
− |
19 |
9 |
− |
27 |
Table 25 - Other income and expenses by segment
– 2022
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Unscheduled stoppages and pre-operating expenses |
(1,743) |
(23) |
(31) |
(37) |
− |
(1,834) |
Losses with legal, administrative and arbitration proceedings |
(461) |
(428) |
(72) |
(401) |
− |
(1,362) |
Pension and medical benefits - retirees (*) |
− |
− |
− |
(1,015) |
− |
(1,015) |
Performance award program |
(223) |
(115) |
(28) |
(181) |
− |
(547) |
Losses with Commodities Derivatives |
− |
(251) |
− |
(5) |
− |
(256) |
Losses on decommissioning of returned/abandoned areas |
(225) |
− |
− |
− |
− |
(225) |
Operating expenses with thermoelectric power plants |
− |
− |
(150) |
− |
− |
(150) |
Profit sharing |
(56) |
(29) |
(8) |
(38) |
− |
(131) |
Institutional relations and cultural projects |
− |
(2) |
− |
(101) |
− |
(103) |
Health, safety and environment |
(21) |
(10) |
− |
(49) |
− |
(80) |
Transfer of rights on concession agreements |
− |
− |
− |
− |
− |
− |
Recovery of taxes |
− |
12 |
− |
56 |
− |
68 |
Amounts recovered from Lava Jato investigation |
17 |
− |
− |
79 |
− |
96 |
Results of non-core activities |
116 |
(61) |
91 |
22 |
− |
168 |
Fines imposed on suppliers |
178 |
21 |
18 |
11 |
− |
228 |
Government grants |
5 |
− |
− |
466 |
− |
471 |
Early termination and changes to cash flow estimates of leases |
577 |
63 |
7 |
(18) |
− |
629 |
Reimbursements from E&P partnership operations |
683 |
− |
− |
− |
− |
683 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
868 |
100 |
164 |
12 |
− |
1,144 |
Results from co-participation agreements in bid areas (**) |
4,286 |
− |
− |
− |
− |
4,286 |
Others |
(164) |
(159) |
133 |
(58) |
− |
(248) |
|
3,837 |
(882) |
124 |
(1,257) |
− |
1,822 |
(*) In 2022, it includes US$ 67 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
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Unscheduled stoppages and pre-operating expenses |
(1,294) |
(20) |
(27) |
(21) |
− |
(1,362) |
Gains/ (losses) with legal, administrative and arbitration proceedings |
(326) |
(488) |
(4) |
78 |
− |
(740) |
Pension and medical benefits - retirees |
− |
− |
− |
(1,467) |
− |
(1,467) |
Performance award program |
(189) |
(104) |
(22) |
(154) |
− |
(469) |
Losses with Commodities Derivatives |
− |
(79) |
− |
− |
− |
(79) |
Gains on decommissioning of returned/abandoned areas |
99 |
− |
− |
− |
− |
99 |
Operating expenses with thermoelectric power plants |
− |
− |
(88) |
− |
− |
(88) |
Profit sharing |
(51) |
(34) |
(3) |
(37) |
− |
(125) |
Institutional relations and cultural projects |
− |
− |
− |
(96) |
− |
(96) |
Health, safety and environment |
(31) |
(8) |
− |
(40) |
− |
(79) |
Transfer of rights on concession agreements |
363 |
− |
− |
− |
− |
363 |
Recovery of taxes (*) |
− |
11 |
31 |
519 |
− |
561 |
Amounts recovered from Lava Jato investigation |
17 |
− |
− |
218 |
− |
235 |
Results of non-core activities |
70 |
(1) |
82 |
19 |
− |
170 |
Fines imposed on suppliers |
128 |
21 |
9 |
5 |
− |
163 |
Government grants |
8 |
25 |
− |
121 |
− |
154 |
Early termination and changes to cash flow estimates of leases |
518 |
50 |
(21) |
(2) |
− |
545 |
Reimbursements from E&P partnership operations |
485 |
− |
− |
− |
− |
485 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
1,310 |
590 |
66 |
(25) |
− |
1,941 |
Results from co-participation agreements in bid areas (**) |
631 |
− |
− |
− |
− |
631 |
Others |
(159) |
(140) |
99 |
11 |
− |
(189) |
|
1,579 |
(177) |
122 |
(871) |
− |
653 |
(*) 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
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Losses with legal, administrative and arbitration proceedings |
(77) |
(236) |
(12) |
(216) |
− |
(541) |
Unscheduled stoppages and pre-operating expenses |
(468) |
(5) |
(9) |
(8) |
− |
(490) |
Pension and medical benefits - retirees (*) |
− |
− |
− |
(220) |
− |
(220) |
Losses on decommissioning of returned/abandoned areas |
(197) |
− |
− |
− |
− |
(197) |
Performance award program |
(60) |
(30) |
(8) |
(49) |
− |
(147) |
Losses with Commodities Derivatives |
− |
(116) |
− |
(5) |
− |
(121) |
Operating expenses with thermoelectric power plants |
− |
− |
(42) |
− |
− |
(42) |
Institutional relations and cultural projects |
− |
(1) |
− |
(36) |
− |
(37) |
Profit sharing |
(14) |
(3) |
(2) |
(9) |
− |
(28) |
Health, safety and environment |
(5) |
(3) |
− |
(11) |
− |
(19) |
Transfer of rights on concession agreements |
− |
− |
− |
− |
− |
− |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(13) |
2 |
8 |
9 |
− |
6 |
Recovery of taxes |
− |
3 |
− |
12 |
− |
15 |
Results of non-core activities |
21 |
(21) |
42 |
24 |
− |
66 |
Fines imposed on suppliers |
53 |
6 |
(13) |
7 |
− |
53 |
Amounts recovered from Lava Jato investigation |
− |
− |
− |
62 |
− |
62 |
Early termination and changes to cash flow estimates of leases |
66 |
15 |
(9) |
(1) |
− |
71 |
Government grants |
1 |
− |
− |
140 |
− |
141 |
Reimbursements from E&P partnership operations |
235 |
− |
− |
− |
− |
235 |
Results from co-participation agreements in bid areas (**) |
1,424 |
− |
− |
− |
− |
1,424 |
Others |
(105) |
(61) |
80 |
(13) |
− |
(99) |
|
861 |
(450) |
35 |
(314) |
− |
132 |
(*) In 2022, it includes US$ 67 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
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Gains (losses) with legal, administrative and arbitration proceedings |
(248) |
55 |
(1) |
(70) |
− |
(264) |
Unscheduled stoppages and pre-operating expenses |
(423) |
(6) |
(12) |
(14) |
− |
(455) |
Pension and medical benefits - retirees (*) |
− |
− |
− |
(304) |
− |
(304) |
Losses on decommissioning of returned/abandoned areas |
(1) |
− |
− |
− |
− |
(1) |
Performance award program |
(61) |
(34) |
(7) |
(51) |
− |
(153) |
Gains with Commodities Derivatives |
− |
87 |
− |
− |
− |
87 |
Operating expenses with thermoelectric power plants |
− |
− |
(37) |
− |
− |
(37) |
Institutional relations and cultural projects |
− |
− |
− |
(22) |
− |
(22) |
Profit sharing |
(16) |
(10) |
(2) |
(10) |
− |
(38) |
Health, safety and environment |
(5) |
(2) |
− |
(11) |
− |
(18) |
Transfer of rights on concession agreements |
− |
− |
− |
− |
− |
− |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
75 |
54 |
163 |
− |
− |
292 |
Recovery of taxes |
− |
2 |
− |
10 |
− |
12 |
Results of non-core activities |
39 |
(13) |
22 |
(4) |
− |
44 |
Fines imposed on suppliers |
37 |
3 |
22 |
(3) |
− |
59 |
Amounts recovered from Lava Jato investigation |
17 |
− |
− |
5 |
− |
22 |
Early termination and changes to cash flow estimates of leases |
136 |
18 |
13 |
(10) |
− |
157 |
Government grants |
2 |
− |
− |
122 |
− |
124 |
Reimbursements from E&P partnership operations |
294 |
− |
− |
− |
− |
294 |
Results from co-participation agreements in bid areas (**) |
(10) |
− |
− |
− |
− |
(10) |
Others |
(19) |
(10) |
42 |
21 |
− |
34 |
|
(183) |
144 |
203 |
(341) |
− |
(177) |
(*) In 2022, it includes US$ 67 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
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Total assets |
116,334 |
34,431 |
7,584 |
34,106 |
(5,264) |
187,191 |
|
|
|
|
|
|
|
Current assets |
5,224 |
12,035 |
391 |
18,864 |
(5,264) |
31,250 |
Non-current assets |
111,110 |
22,396 |
7,193 |
15,242 |
− |
155,941 |
Long-term receivables |
6,351 |
1,811 |
94 |
12,964 |
− |
21,220 |
Investments |
379 |
977 |
173 |
37 |
− |
1,566 |
Property, plant and equipment |
101,875 |
19,496 |
6,851 |
1,947 |
− |
130,169 |
Operating assets |
92,087 |
16,851 |
4,808 |
1,585 |
− |
115,331 |
Assets under construction |
9,788 |
2,645 |
2,043 |
362 |
− |
14,838 |
Intangible assets |
2,505 |
112 |
75 |
294 |
− |
2,986 |
Table 30 - Consolidated assets by segment –
12.31.2021
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Total assets |
109,475 |
30,606 |
7,780 |
30,918 |
(4,431) |
174,348 |
|
|
|
|
|
|
|
Current assets |
3,770 |
9,632 |
1,256 |
19,922 |
(4,431) |
30,149 |
Non-current assets |
105,705 |
20,974 |
6,524 |
10,996 |
− |
144,199 |
Long-term receivables |
3,635 |
1,489 |
95 |
9,115 |
− |
14,334 |
Investments |
393 |
970 |
119 |
28 |
− |
1,510 |
Property, plant and equipment |
99,033 |
18,419 |
6,241 |
1,637 |
− |
125,330 |
Operating assets |
87,210 |
16,086 |
3,739 |
1,373 |
− |
108,408 |
Assets under construction |
11,823 |
2,333 |
2,502 |
264 |
− |
16,922 |
Intangible assets |
2,644 |
96 |
69 |
216 |
− |
3,025 |
Table 31 - Reconciliation of Adjusted EBITDA
by segment – 2022
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
32,069 |
7,426 |
1,128 |
(2,968) |
(900) |
36,755 |
Net finance income (expense) |
− |
− |
− |
3,840 |
− |
3,840 |
Income taxes |
16,433 |
3,822 |
540 |
(3,559) |
(466) |
16,770 |
Depreciation, depletion and amortization |
10,415 |
2,248 |
448 |
107 |
− |
13,218 |
EBITDA |
58,917 |
13,496 |
2,116 |
(2,580) |
(1,366) |
70,583 |
Results in equity-accounted investments |
(170) |
(3) |
(83) |
5 |
− |
(251) |
Impairment of assets (reversals) |
1,218 |
97 |
(1) |
1 |
− |
1,315 |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
− |
− |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(868) |
(99) |
(164) |
(13) |
− |
(1,144) |
Results from co-participation agreements in bid areas |
(4,286) |
− |
− |
− |
− |
(4,286) |
Adjusted EBITDA |
54,811 |
13,491 |
1,868 |
(2,587) |
(1,366) |
66,217 |
Table 32 - Reconciliation of Adjusted
EBITDA by segment – 2021
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
23,321 |
5,625 |
(122) |
(7,128) |
(1,710) |
19,986 |
Net finance income (expense) |
− |
− |
− |
10,966 |
− |
10,966 |
Income taxes |
11,949 |
2,415 |
(113) |
(5,129) |
(883) |
8,239 |
Depreciation, depletion and amortization |
9,005 |
2,167 |
430 |
93 |
− |
11,695 |
EBITDA |
44,275 |
10,207 |
195 |
(1,198) |
(2,593) |
50,886 |
Results in equity-accounted investments |
(119) |
(941) |
(98) |
(449) |
− |
(1,607) |
Impairment of assets (reversals) |
(3,107) |
(289) |
208 |
(2) |
− |
(3,190) |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
41 |
− |
41 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(1,310) |
(591) |
(66) |
23 |
− |
(1,944) |
Results from co-participation agreements in bid areas |
(631) |
− |
− |
− |
− |
(631) |
Adjusted EBITDA |
39,108 |
8,386 |
239 |
(1,585) |
(2,593) |
43,555 |
Table 33 - Reconciliation of Adjusted
EBITDA by segment – 4Q22
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
5,750 |
1,474 |
338 |
540 |
174 |
8,276 |
Net finance income (expense) |
− |
− |
− |
(286) |
− |
(286) |
Income taxes |
2,954 |
836 |
167 |
(1,040) |
90 |
3,007 |
Depreciation, depletion and amortization |
2,596 |
556 |
114 |
55 |
− |
3,321 |
EBITDA |
11,300 |
2,866 |
619 |
(731) |
264 |
14,318 |
Results in equity-accounted investments |
(16) |
150 |
(12) |
− |
− |
122 |
Impairment of assets (reversals) |
1,091 |
(198) |
− |
− |
− |
893 |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
− |
− |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
13 |
(2) |
(8) |
(9) |
− |
(6) |
Results from co-participation agreements in bid areas |
(1,424) |
− |
− |
− |
− |
(1,424) |
Adjusted EBITDA |
10,964 |
2,816 |
599 |
(740) |
264 |
13,903 |
Table 34 - Reconciliation of Adjusted EBITDA
by segment – 3Q22
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
7,565 |
1,383 |
628 |
(1,073) |
287 |
8,790 |
Net finance income (expense) |
− |
− |
− |
1,524 |
− |
1,524 |
Income taxes |
3,873 |
724 |
318 |
(1,175) |
148 |
3,888 |
Depreciation, depletion and amortization |
2,561 |
578 |
127 |
1 |
− |
3,267 |
EBITDA |
13,999 |
2,685 |
1,073 |
(723) |
435 |
17,469 |
Results in equity-accounted investments |
(46) |
23 |
(12) |
3 |
− |
(32) |
Impairment of assets (reversals) |
4 |
251 |
− |
− |
− |
255 |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
− |
− |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(75) |
(54) |
(163) |
− |
− |
(292) |
Results from co-participation agreements in bid areas |
10 |
− |
− |
− |
− |
10 |
Adjusted EBITDA |
13,892 |
2,905 |
898 |
(720) |
435 |
17,410 |
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.A)
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