UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of November, 2022
Commission File Number 1-15106
PETRÓLEO BRASILEIRO S.A. – PETROBRAS
(Exact name of registrant as specified in its charter)
Brazilian Petroleum Corporation – PETROBRAS
(Translation of Registrant's name into English)
Avenida Henrique Valadares, 28 – 19th floor
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F _______
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes _______ No___X____
Petrobras financial performance in 3Q22
Rio de Janeiro, November 03, 2022
Message from the CFO
Dear shareholders and investors,
Once again, I am pleased to share with you the excellent results
achieved by Petrobras in the third quarter of 2022. The numbers
make clear the value that a company can generate for society and
shareholders by making the right choices.
Guided by this commitment, we advanced significantly in the
procurement of critical facilities to enable the sustained and
profitable growth in oil and gas production, focused on the
pre-salt. We signed contracts for three new FPSOs (P-80, P-82 and
P-83) for the Búzios field, the largest in our portfolio and which
will account for about 1/3 of our production in 2026. As a result,
only one of the fifteen platforms included in our 2022-2026
Strategic Plan remains to be contracted.
The relevance of these contracts is demonstrated by the fact that,
in the absence of this additional capacity, we would not be able to
exploit our reserves efficiently and profitably, forsaking the
economic benefits. Therefore, we are increasing the levels of
confidence in achieving the goals of our plan, which is even more
important in a scenario of rising costs and challenges in global
supply chains.
From the financial point of view, we brought our cash position to a
level more compatible with the financial needs of the company,
considering that besides cash balances of US$ 6.8 billion, we have
access to revolving credit facilities, resulting in additional
liquidity to the company should stress scenarios eventually
materialize. We managed to keep the company's capital structure at
extremely healthy levels. It is worth highlighting the issuance of
R$ 3 billion in commercial notes in September, and the signing of a
credit line with sustainability commitments in July, in the amount
of US$ 1.25 billion. The relevance of ESG in our business decisions
is also reflected in the approval of the first thirteen projects
amounting to US$ 76 million to be incorporated in the
decarbonization fund. We estimate that these projects can mitigate
1.05 million tCO2e per year. The decarbonization fund was created
in the 2022-26 Strategic Plan, with US$ 248 million allocated to
develop solutions, studies and implementation of projects to
mitigate our carbon emissions.
Our operational cash generation alongside low debt level and solid
liquidity perspectives allowed us to return to society and
shareholders dividends of R$ 3.35 per common and preferred share in
the third quarter of 2022, totaling R$ 13.80 per common and
preferred share in 2022. It is important to highlight that
Brazilian society receives about 37% of this total, the largest
single portion, in addition to benefiting from tax payments,
amounting to R$ 73 billion in the third quarter and reaching the
record for the first nine months of the year of R$ 222 billion, an
amount already surpassing the total collected in 2021 (R$ 203
billion). It is worth noting that our shares went up
1,436%[1]
relative to its lowest level in the previous decade, Additionally,
R$ 20.91 in shareholder remuneration was declared or paid out in
this time span, including the amount approved in 3Q22. In this
period, The Federal Government2 received R$ 113.8
billion in cumulative dividends. The fact that on October 21, 2022
Petrobras reached a record market value in reais of R$ 521
billion - reflecting the Company's strategic choices and management
- should also not be underestimated since it results in higher
wealth for society. We cannot fail to emphasize that our operating
cash flow is directly related to management efficiency, our
strategic decisions and our exposure and alignment to Brent prices.
In a business characterized by long-term projects, that require
relevant capital expenditures and investments in state-of-the-art
technologies, and that depend on highly trained and motivated
professionals, it is impossible to be successful if we deviate from
the rationality of market prices. Moreover, it is worth remembering
that not only our production taxes are referenced to international
prices: our expenditures and investments also correlate to them to
the extent that our industry’s inflation reflects pricing contexts
and our exploratory risk – a key element in deepwater and
ultra-deepwater exploration - is also quantified premised on market
prices.
[1] PETR4 on
01/26/16 (R$ 2.12, closing price) up to 10/28/22 (R$ 32.57, closing
price)
2 Control group includes the Federal Government, BNDES,
BNDESPar, Caixa Econômica Federal, and Fundo de Participação Social
(FPS).
Additional to these considerations is the fact that, obviously, we
must respect the existing legal framework, represented by laws such
as the corporate act, the state-owned company act and the oil law,
besides the Company's governance - recently strengthened on the
matter of pricing policy, through the formalization of pricing
guidelines by our BoD, which establishes a set of criteria and
procedures for the approval of capital expenditures, with personal
liabilities to the executives involved in the decisions.
Furthermore, Petrobras is not alone in the fuel market: nowadays we
have in Brazil a dynamic that encompasses private refining capacity
and importers that are necessary to meet oil products demand, which
exceeds Brazilian production capacity. Without market prices, there
is a risk of shortage of products, with obvious negative
consequences for society as a whole.
Finally, it is also worth considering another aspect of our
strategy that generates social benefits. Petrobras continuously
manages its portfolio of assets, holding only to the most accretive
to the Company. The ones eventually divested foster a positive
economic dynamic not only by diversifying market agents but also
because the buyers increase investments, jobs generation and income
for society.
I conclude by reiterating our deep conviction that we are building
a Petrobras which is more solid, more resilient and healthier and
is able to invest, generate jobs, pay taxes, and return value to
society and its shareholders.
Rodrigo Araujo Alves
Main achievements:
-
Recurring EBITDA of US$ 17.6 billion and free cash flow of US$ 10.1
billion.
-
Recurring net income of US$ 8.8 billion.
-
Value creation and distribution to society and shareholders:
-
R$ 73 billion in tax collections and government take in 3Q22.
-
By the end of 3Q22, R$ 10.45/share in remuneration to shareholders
relative to 2022.
-
Optimization of our cash position, which reached US$ 6.8
billion.
-
Growth in ROCE, reaching 15% in 3Q22.
-
Gross debt under control at US$ 54.3 billion.
-
Largest issuance of Commercial Notes ever carried out in Brazil,
successfully opening a new alternative for domestic funding for
Petrobras, in the total amount of R$ 3.0 billion.
This report may contain forward-looking statements. Such
forward-looking statements only reflect expectations of the
Company's managers regarding future economic conditions, as well as
the Company's performance, financial performance and results, among
others. The terms "anticipates", "believes", "expects", "predicts",
"intends", "plans", "projects", "objective", "should", and similar
terms, which evidently involve risks and uncertainties that may or
may not be anticipated by the Company and therefore are not
guarantees of future results of the Company's operations that may
differ from current expectations. The readers should not rely
exclusively on any forward-looking statement contained herein. The
Company does not undertake any responsibility to update the
presentations and forecasts in the light of new information or its
future developments, and the figures reported for 3Q22 onwards are
estimates or targets. These indicators do not have standardized
meanings and may not be comparable to indicators with a similar
description used by others. We provide these indicators because we
use them as measures of company performance; they should not be
considered in isolation or as a substitute for other financial
metrics that have been disclosed in accordance with BR GAAP or
IFRS. See definitions of Free Cash Flow, Adjusted EBITDA and Net
Indebtedness in the Glossary and their reconciliations in the
Liquidity and Capital Resources sections, Reconciliation of
Adjusted EBITDA and Net Indebtedness. Consolidated accounting
information audited by independent auditors in accordance with
international accounting standards (IFRS).
Main items
*
Table
1 – Main items
|
|
|
|
|
|
|
Variation (%) |
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 /
2Q22
|
3Q22 /
3Q21
|
9M22 /
9M21
|
|
Sales revenues |
32,411 |
34,703 |
23,255 |
94,303 |
59,935 |
(6.6) |
39.4 |
57.3 |
|
Gross profit |
16,536 |
19,463 |
11,392 |
50,409 |
30,223 |
(15.0) |
45.2 |
66.8 |
|
Operating expenses |
(2,366) |
94 |
1,000 |
(4,414) |
(2,961) |
− |
− |
49.1 |
|
Consolidated net income (loss) attributable to the shareholders of
Petrobras |
8,763 |
11,010 |
5,938 |
28,378 |
14,239 |
(20.4) |
47.6 |
99.3 |
|
Recurring consolidated net income (loss) attributable to the
shareholders of Petrobras * |
8,803 |
9,101 |
3,332 |
26,277 |
11,273 |
(3.3) |
164.2 |
133.1 |
|
Net cash provided by operating activities |
12,064 |
14,496 |
10,528 |
36,869 |
28,595 |
(16.8) |
14.6 |
28.9 |
|
Free cash flow |
10,117 |
12,799 |
9,023 |
30,849 |
23,955 |
(21.0) |
12.1 |
28.8 |
|
Adjusted EBITDA |
17,410 |
19,943 |
11,623 |
52,314 |
32,279 |
(12.7) |
49.8 |
62.1 |
|
Recurring adjusted EBITDA * |
17,570 |
20,159 |
12,212 |
52,790 |
32,288 |
(12.8) |
43.9 |
63.5 |
|
Gross debt (US$ million) |
54,268 |
53,577 |
59,588 |
54,268 |
59,588 |
1.3 |
(8.9) |
(8.9) |
|
Net debt (US$ million) |
47,483 |
34,435 |
48,132 |
47,483 |
48,132 |
37.9 |
(1.3) |
(1.3) |
|
Net debt/LTM Adjusted EBITDA ratio |
0.75 |
0.60 |
1.17 |
0.75 |
1.17 |
25.0 |
(35.9) |
(35.9) |
|
Average commercial selling rate for U.S. dollar |
5.25 |
4.92 |
5.23 |
5.13 |
5.33 |
6.7 |
0.4 |
(3.8) |
|
Brent crude (US$/bbl) |
100.85 |
113.78 |
73.47 |
105.35 |
67.73 |
(11.4) |
37.3 |
55.5 |
|
Domestic basic oil by-products price (US$/bbl) |
131.99 |
135.20 |
80.70 |
124.23 |
74.05 |
(2.4) |
63.6 |
67.8 |
|
TRI (total recordable injuries per million men-hour frequency
rate) |
- |
- |
- |
0.58 |
0.56 |
- |
- |
3.6 |
|
ROCE (Return on Capital Employed) |
15.0% |
12.8% |
7.0% |
15.0% |
7.0% |
2.2 p.p. |
8 p.p. |
8 p.p. |
* See reconciliation of Recurring net income and
Adjusted EBITDA in the Special Items section.
Consolidated results
Net revenues
Table
2 – Net revenues by products
|
|
|
|
|
|
|
Variation (%) |
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 /
2Q22
|
3Q22 /
3Q21
|
9M22 /
9M21
|
|
Diesel |
11,685 |
10,681 |
6,833 |
29,849 |
17,480 |
9.4 |
71.0 |
70.8 |
|
Gasoline |
4,109 |
4,309 |
3,383 |
12,143 |
8,148 |
(4.6) |
21.5 |
49.0 |
|
Liquefied petroleum gas (LPG) |
1,355 |
1,437 |
1,291 |
3,978 |
3,327 |
(5.7) |
5.0 |
19.6 |
|
Jet fuel |
1,534 |
1,400 |
629 |
3,925 |
1,456 |
9.6 |
143.9 |
169.6 |
|
Naphtha |
629 |
724 |
526 |
1,964 |
1,219 |
(13.1) |
19.6 |
61.1 |
|
Fuel oil (including bunker fuel) |
381 |
352 |
545 |
1,099 |
1,268 |
8.2 |
(30.1) |
(13.3) |
|
Other oil products |
1,484 |
1,615 |
1,197 |
4,373 |
3,080 |
(8.1) |
24.0 |
42.0 |
|
Subtotal oil products |
21,177 |
20,518 |
14,404 |
57,331 |
35,978 |
3.2 |
47.0 |
59.4 |
|
Natural gas |
2,007 |
1,961 |
1,716 |
5,691 |
4,086 |
2.3 |
17.0 |
39.3 |
|
Crude oil |
1,975 |
2,682 |
26 |
6,418 |
80 |
(26.4) |
7496.2 |
7922.5 |
|
Renewables and nitrogen products |
69 |
95 |
12 |
230 |
34 |
(27.4) |
475.0 |
576.5 |
|
Revenues from non-exercised rights |
188 |
170 |
39 |
462 |
200 |
10.6 |
382.1 |
131.0 |
|
Electricity |
141 |
109 |
1,038 |
543 |
2,172 |
29.4 |
(86.4) |
(75.0) |
|
Services, agency and others |
254 |
307 |
238 |
799 |
568 |
(17.3) |
6.7 |
40.7 |
|
Total domestic market |
25,811 |
25,842 |
17,473 |
71,474 |
43,118 |
(0.1) |
47.7 |
65.8 |
|
Exports |
5,696 |
8,189 |
5,607 |
20,620 |
16,103 |
(30.4) |
1.6 |
28.1 |
|
Crude oil |
3,638 |
5,593 |
4,130 |
14,042 |
11,642 |
(35.0) |
(11.9) |
20.6 |
|
Fuel oil (including bunker fuel) |
1,743 |
2,276 |
1,169 |
5,904 |
3,624 |
(23.4) |
49.1 |
62.9 |
|
Other oil products and other products |
315 |
320 |
308 |
674 |
837 |
(1.6) |
2.3 |
(19.5) |
|
Sales abroad (*) |
904 |
672 |
175 |
2,209 |
714 |
34.5 |
416.6 |
209.4 |
|
Total foreign market |
6,600 |
8,861 |
5,782 |
22,829 |
16,817 |
(25.5) |
14.1 |
35.7 |
|
Total |
32,411 |
34,703 |
23,255 |
94,303 |
59,935 |
(6.6) |
39.4 |
57.3 |
|
(*) Sales revenues from operations outside of Brazil, including
trading and excluding exports. |
In 3Q22, net revenues dropped 7% from 2Q22, mainly driven by the
11% depreciation in Brent prices. Revenues from oil products in the
domestic market remained in line with 2Q22 - despite higher sales
volumes of all products - due to the drop in international prices
in 3Q22. Crude oil revenues in the domestic market fell 26% due to
lower sales to Acelen and the drop in Brent prices.
Exports fell 30% in 3Q22 compared to 2Q22. In addition to the
global depreciation of Brent and oil products prices, there were
lower volumes of oil and fuel oil exports, mostly explained by
exports that remained in progress for 4Q22.
In terms of revenue composition in the domestic market, diesel and
gasoline remained the main products, accounting for 74% of the oil
products revenue in 3Q22.
Graph 1 – Oil products sales revenues 3Q22 – domestic
market
As the conflict in Ukraine persists, we maintained the strategy of
diversifying oil flows carried out in 1H22. Russian exports, which
previously supplied Europe, were diverted to Asian markets, mainly
India and China. Throughout the years Petrobras has been
implementing a constant search for global opportunities and the
development of new clients, which was decisive for the company to
change the flow of its exports as well, taking advantage of new
arbitrages and maximizing value generation in its sales. In 3Q22,
we continued to work on market development for pre-salt oils,
focusing on Atapu and Sépia, which were the last streams added to
Petrobras' export basket. In this quarter, four new clients were
added, spread among Asia, Europe and South America.
In 3Q22, we had the following distribution of export destinations
by volume:
Table 3 – Destination of oil exports
|
Country |
3Q22 |
2Q22 |
3Q21 |
|
China |
29% |
15% |
39% |
|
Europe |
29% |
39% |
29% |
|
Latam |
21% |
24% |
10% |
|
USA |
10% |
8% |
9% |
|
Asia
(Ex China) |
9% |
12% |
11% |
|
Caribbean |
2% |
2% |
2% |
Table 4 – Destination of exports of oil products
|
Country |
3Q22 |
2Q22 |
3Q21 |
|
Singapore |
57% |
55% |
63% |
|
USA |
17% |
26% |
22% |
|
Europe |
9% |
7% |
0% |
| Caribbean |
13% |
9% |
8% |
| Others |
3% |
3% |
6% |
Cost of goods sold
Table 5 – Cost of goods sold
|
|
|
|
|
|
|
Variation (%) |
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 /
2Q22
|
3Q22 /
3Q21
|
9M22 /
9M21
|
|
Acquisitions |
(6,848) |
(5,405) |
(4,607) |
(16,882) |
(10,541) |
26.7 |
48.6 |
60.2 |
|
Crude oil imports |
(3,190) |
(2,618) |
(1,486) |
(7,493) |
(4,057) |
21.8 |
114.7 |
84.7 |
|
Oil products imports |
(2,818) |
(1,810) |
(1,800) |
(5,983) |
(3,767) |
55.7 |
56.6 |
58.8 |
|
Natural gas imports |
(840) |
(977) |
(1,321) |
(3,406) |
(2,717) |
(14.0) |
(36.4) |
25.4 |
|
Production |
(7,857) |
(8,956) |
(6,448) |
(24,298) |
(17,569) |
(12.3) |
21.9 |
38.3 |
|
Crude oil |
(6,493) |
(7,537) |
(5,363) |
(20,191) |
(14,240) |
(13.9) |
21.1 |
41.8 |
|
Production taxes |
(3,388) |
(4,134) |
(2,530) |
(10,695) |
(6,653) |
(18.0) |
33.9 |
60.8 |
|
Other costs |
(3,105) |
(3,403) |
(2,833) |
(9,496) |
(7,587) |
(8.8) |
9.6 |
25.2 |
|
Oil products |
(657) |
(641) |
(650) |
(1,922) |
(1,952) |
2.5 |
1.1 |
(1.5) |
|
Natural gas |
(707) |
(778) |
(435) |
(2,185) |
(1,377) |
(9.1) |
62.5 |
58.7 |
|
Production
taxes |
(219) |
(261) |
(141) |
(712) |
(415) |
(16.1) |
55.3 |
71.6 |
|
Other
costs |
(488) |
(517) |
(294) |
(1,473) |
(962) |
(5.6) |
66.0 |
53.1 |
|
Services, electricity, operations abroad and others |
(1,170) |
(879) |
(808) |
(2,714) |
(1,602) |
33.1 |
44.8 |
69.4 |
|
Total |
(15,875) |
(15,240) |
(11,863) |
(43,894) |
(29,712) |
4.2 |
33.8 |
47.7 |
In 3Q22, cost of goods sold grew 4% compared to 2Q22, mainly
reflecting higher purchases and imports of crude and oil products.
The depreciation of Brent prices contributed to the drop in
government participation.
It is worth noting the continued decline of LNG in the composition
of natural gas purchases, with a reduction of 2 MMm³/day in
regasification volumes, reaching 5 MM m3/day in 3Q22, essentially
explained by the low demand for gas for thermoelectric plants due
to the positive hydrological scenario.
Operating expenses
Table 6 – Operating expenses
|
|
|
|
|
|
|
Variation (%) |
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 /
2Q22
|
3Q22 /
3Q21
|
9M22 /
9M21
|
|
Selling, General and Administrative Expenses |
(1,547) |
(1,570) |
(1,440) |
(4,594) |
(4,007) |
(1.5) |
7.4 |
14.6 |
|
Selling expenses |
(1,213) |
(1,247) |
(1,103) |
(3,638) |
(3,137) |
(2.7) |
10.0 |
16.0 |
|
Materials, third-party services, freight, rent and other related
costs |
(973) |
(1,000) |
(924) |
(2,921) |
(2,633) |
(2.7) |
5.3 |
10.9 |
|
Depreciation, depletion and amortization |
(194) |
(217) |
(159) |
(611) |
(448) |
(10.6) |
22.0 |
36.4 |
|
Allowance for expected credit losses |
(20) |
(6) |
7 |
(34) |
13 |
233.3 |
− |
− |
|
Employee compensation |
(26) |
(24) |
(27) |
(72) |
(69) |
8.3 |
(3.7) |
4.3 |
|
General and administrative expenses |
(334) |
(323) |
(337) |
(956) |
(870) |
3.4 |
(0.9) |
9.9 |
|
Employee compensation |
(223) |
(216) |
(261) |
(637) |
(637) |
3.2 |
(14.6) |
− |
|
Materials, third-party services, rent and other related
costs |
(85) |
(83) |
(56) |
(246) |
(168) |
2.4 |
51.8 |
46.4 |
|
Depreciation, depletion and amortization |
(26) |
(24) |
(20) |
(73) |
(65) |
8.3 |
30.0 |
12.3 |
|
Exploration costs |
(107) |
(44) |
(133) |
(230) |
(538) |
143.2 |
(19.5) |
(57.2) |
|
Research and Development |
(187) |
(220) |
(151) |
(613) |
(415) |
(15.0) |
23.8 |
47.7 |
|
Other taxes |
(93) |
(93) |
(217) |
(245) |
(369) |
− |
(57.1) |
(33.6) |
|
Impairment of assets |
(255) |
(168) |
3,098 |
(422) |
2,918 |
51.8 |
− |
− |
|
Other income and expenses, net |
(177) |
2,189 |
(157) |
1,690 |
(550) |
− |
12.7 |
− |
|
Total |
(2,366) |
94 |
1,000 |
(4,414) |
(2,961) |
− |
− |
49.1 |
In 3Q22, selling expenses fell by 2.7% compared to 2Q22, with no
major highlights.
General and Administrative expenses rose 3% compared to 2Q22,
mainly reflecting wage adjustments under the Collective Bargaining
Agreement.
The increase in exploration expenses is explained mostly by the
reversal of expenses in 2Q22, due to the approval of the execution
of a Conduct Adjustment Agreement (TAC) with the National Petroleum
Agency to offset local content fines. The TAC provides for the
conversion of fines into investment commitments in Exploration and
Production with local content, and, under the terms of the
agreement, Petrobras commits to invest in local content until 2026.
In addition, there were higher expenses with geology and
geophysics. The signature of the TAC does not alter the investments
foreseen in the Strategic Plan 2022-26, disclosed by Petrobras on
November 24, 2021, and is in line with the strategy of generating
value by managing the Company's liabilities and improving its
capital allocation.
In 3Q22, other expenses totaled US$ 177 million against revenues of
US$ 2.2 billion in 2Q22. This variation is mainly explained by
capital gain of US$ 2.9 billion in 2Q22 related to the
co-participation agreements in the Sepia and Atapu fields.
Adjusted EBITDA
In 3Q22, Adjusted EBITDA reached US$ 17.4 billion, a 13% decrease
compared to 2Q22, mainly due to the depreciation of Brent prices in
the period and lower sales in the foreign market due to the
increase in ongoing exports.
Financial results
Table 7 – Financial results
|
|
|
|
|
|
|
Variation (%) |
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 /
2Q22
|
3Q22 /
3Q21
|
9M22 /
9M21
|
|
Finance income |
515 |
619 |
227 |
1,396 |
555 |
(16.8) |
126.9 |
151.5 |
|
Income from investments and marketable securities (Government
Bonds) |
340 |
369 |
100 |
872 |
174 |
(7.9) |
240.0 |
401.1 |
|
Other income, net |
175 |
250 |
127 |
524 |
381 |
(30.0) |
37.8 |
37.5 |
|
Finance expenses |
(790) |
(959) |
(1,191) |
(2,506) |
(4,270) |
(17.6) |
(33.7) |
(41.3) |
|
Interest on finance debt |
(563) |
(693) |
(669) |
(1,786) |
(2,325) |
(18.8) |
(15.8) |
(23.2) |
|
Unwinding of discount on lease liabilities |
(337) |
(334) |
(303) |
(961) |
(895) |
0.9 |
11.2 |
7.4 |
|
Discount and premium on repurchase of debt securities |
(10) |
(84) |
(249) |
(120) |
(1,098) |
(88.1) |
(96.0) |
(89.1) |
|
Capitalized borrowing costs |
260 |
297 |
269 |
795 |
747 |
(12.5) |
(3.3) |
6.4 |
|
Unwinding of discount on the provision for decommissioning
costs |
(127) |
(137) |
(195) |
(394) |
(579) |
(7.3) |
(34.9) |
(32.0) |
|
Other finance expenses , net |
(13) |
(8) |
(44) |
(40) |
(120) |
62.5 |
(70.5) |
(66.7) |
|
Foreign exchange gains (losses) and indexation
charges |
(1,249) |
(2,858) |
(3,898) |
(3,016) |
(4,767) |
(56.3) |
(68.0) |
(36.7) |
|
Foreign exchange gains (losses) |
(782) |
(1,640) |
(2,957) |
(1) |
(1,956) |
(52.3) |
(73.6) |
(99.9) |
|
Reclassification of hedge accounting to the Statement of
Income |
(1,109) |
(1,108) |
(1,032) |
(3,597) |
(3,339) |
0.1 |
7.5 |
7.7 |
|
Monetary restatement of anticipated dividends and dividends payable
(*) |
398 |
(280) |
20 |
118 |
7 |
− |
1890.0 |
1582.2 |
|
Recoverable taxes inflation indexation income (**) |
29 |
24 |
15 |
74 |
489 |
20.8 |
93.3 |
(84.9) |
|
Other foreign exchange gains (losses) and indexation charges,
net |
215 |
146 |
56 |
390 |
32 |
47.3 |
283.9 |
1119.5 |
|
Total |
(1,524) |
(3,198) |
(4,862) |
(4,126) |
(8,482) |
(52.3) |
(68.7) |
(51.4) |
|
(*) In 2022, it refers to the income on the monetary restatement of
paid anticipated dividends, in the amount of US$ 417 (US$ 20 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, includes PIS and Cofins inflation indexation income -
exclusion of ICMS (VAT tax) from the basis of
calculation. |
The financial result in 3Q22 was negative by US$ 1.5 billion, a 52%
improvement over 2Q22 (US$ 3.2 billion), mainly reflecting the
weaker depreciation of the BRL against USD (3% in 3Q22 against 11%
in 2Q22). In addition, there was an improvement in monetary
variations mainly due to the monetary restatement of anticipated
dividends for the fiscal year 2022. In 3Q22, we also observed lower
transaction costs in the repurchase of securities and a lower
goodwill compared to 2Q22, when we carried out a tender offer of
US$ 2.0 billion in April 2022.
Net profit (loss) attributable to Petrobras shareholders
Net income in 3Q22 was US$ 8.8 billion, compared to US$ 11 billion
in 2Q22. This result is mainly explained by the depreciation of
Brent prices, as well as capital gain of US$ 2.9 billion related to
the co-participation agreements in Sepia and Atapu in 2Q22. These
factors were partially offset by the improved financial result (US$
1.7 billion) reflecting the lower depreciation of the BRL versus
the USD in 3Q22 compared to 2Q22. With the lower pre-tax income,
there was a lower income tax and social contribution expense of US$
1.4 billion.
Recurring net income attributable to Petrobras shareholders and
recurring Adjusted EBITDA
In 3Q22, no non-recurring items with a material impact on net
income were observed. Adjusted EBITDA was negatively impacted by
US$ 0.2 billion and would have summed up to US$ 17.6 billion
without the non-recurring items.
Special items
Table
8 – Special items
|
|
|
|
|
|
|
Variation (%) |
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 /
2Q22
|
3Q22 /
3Q21
|
9M22 /
9M21
|
|
Net income |
8,790 |
11,041 |
5,954 |
28,479 |
14,310 |
(20.4) |
47.6 |
99.0 |
|
Non-recurring items |
(63) |
2,892 |
3,936 |
3,185 |
4,518 |
− |
− |
(29.5) |
|
Non-recurring items that do not affect Adjusted
EBITDA |
97 |
3,108 |
4,525 |
3,661 |
4,527 |
(96.9) |
(97.9) |
(19.1) |
|
Impairment of assets and investments |
(253) |
(170) |
3,090 |
(431) |
3,301 |
48.8 |
− |
− |
|
Reclassification of comprehensive income (loss) due to the disposal
of equity-accounted investments |
− |
− |
(7) |
− |
(41) |
− |
− |
− |
|
Gains and losses on disposal / write-offs of assets |
291 |
371 |
118 |
1,138 |
222 |
(21.6) |
146.6 |
412.6 |
|
Results from co-participation agreements in bid areas |
(10) |
2,872 |
667 |
2,862 |
667 |
− |
− |
329.1 |
|
Agreements signed for the electricity sector |
− |
− |
− |
− |
78 |
− |
− |
− |
|
Pis and Cofins inflation indexation charges - exclusion
of ICMS (VAT tax) from the basis of calculation |
− |
− |
− |
− |
455 |
− |
− |
− |
|
Discount and premium on repurchase of debt securities |
69 |
35 |
(246) |
92 |
(1,095) |
97.1 |
− |
− |
|
Non-incidence of income taxes on indexation charges (SELIC interest
rate) over undue paid taxes |
− |
− |
903 |
− |
903 |
− |
− |
− |
|
Financial updating on state amnesty programs |
− |
− |
− |
− |
37 |
− |
− |
− |
|
Other non-recurring items |
(160) |
(216) |
(589) |
(476) |
(9) |
(25.9) |
(72.8) |
5188.9 |
|
Voluntary Separation Plan |
− |
(3) |
1 |
(7) |
8 |
− |
− |
− |
|
Amounts recovered from Lava Jato investigation |
22 |
− |
26 |
34 |
222 |
− |
(15.4) |
(84.7) |
|
Gains / (losses) on decommissioning of returned/abandoned
areas |
(1) |
(4) |
(4) |
(29) |
(10) |
(75.0) |
(75.0) |
190.0 |
|
State amnesty programs |
− |
− |
26 |
− |
143 |
− |
− |
− |
|
Gains / (losses) related to legal proceedings |
(181) |
(172) |
(104) |
(465) |
(248) |
5.2 |
74.0 |
87.5 |
|
Equalization of expenses - Production Individualization
Agreements |
− |
(37) |
19 |
(9) |
(33) |
− |
− |
(72.7) |
|
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 |
− |
− |
11 |
− |
484 |
− |
− |
− |
|
Gains/(losses) arising from actuarial review of health care
plan |
− |
− |
(852) |
− |
(852) |
− |
− |
− |
|
Gains/(losses) with the transfer of rights on concession
agreements |
− |
− |
288 |
− |
298 |
− |
− |
− |
|
Net effect of non-recurring items on IR / CSLL |
24 |
(984) |
(1,328) |
(1,083) |
(1,552) |
− |
− |
(30.2) |
|
Recurring net income |
8,829 |
9,133 |
3,347 |
26,377 |
11,344 |
(3.3) |
163.8 |
132.5 |
|
Shareholders of Petrobras |
8,803 |
9,101 |
3,332 |
26,277 |
11,273 |
(3.3) |
164.2 |
133.1 |
|
Non-controlling interests |
26 |
32 |
15 |
100 |
71 |
(18.8) |
73.3 |
40.8 |
|
Adjusted EBITDA |
17,410 |
19,943 |
11,623 |
52,314 |
32,279 |
(12.7) |
49.8 |
62.1 |
|
Non-recurring items |
(160) |
(216) |
(589) |
(476) |
(9) |
(25.9) |
(72.8) |
5188.9 |
|
Recurring Adjusted EBITDA |
17,570 |
20,159 |
12,212 |
52,790 |
32,288 |
(12.8) |
43.9 |
63.5 |
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 |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 /
2Q22
|
3Q22 /
3Q21
|
9M22 /
9M21
|
|
Exploration and Production |
1,685 |
1,674 |
1,456 |
4,734 |
5,030 |
0.7 |
15.8 |
(5.9) |
|
Refining, Transportation and Marketing |
295 |
274 |
226 |
821 |
673 |
7.6 |
30.2 |
21.9 |
|
Gas and Power |
65 |
92 |
94 |
251 |
252 |
(29.3) |
(31.2) |
(0.3) |
|
Others |
86 |
141 |
86 |
274 |
186 |
(39.1) |
(0.4) |
47.7 |
|
Subtotal |
2,131 |
2,181 |
1,863 |
6,080 |
6,140 |
(2.3) |
14.4 |
(1.0) |
|
Signature bonus |
− |
892 |
− |
892 |
− |
− |
− |
− |
|
Total |
2,131 |
3,073 |
1,863 |
6,972 |
6,140 |
(30.6) |
14.4 |
13.5 |
In 3Q22, capex totaled US$ 2.1 billion, 31% below 2Q22, mainly due
to the impact of the signature bonus of the Sépia and Atapu fields
that occurred in 2Q22. In the first nine months of the year, capex
totaled US$ 7.0 billion, an increase of 14% compared to 9M21,
reaching 59% of the US$ 11.9 billion initially estimated for 2022,
in the Strategic Plan 2022-26, including the $0.9 billion signing
bonus.
Considering: (i) adjustments to the schedule of activities, (ii)
optimization of exploratory expenses, and (iii) non-replacement of
pipelines affected by SCC-CO2 in Búzios and Tupi, which when
inspected indicated a longer useful life, we project investments
between US$ 9 and US$ 10 billion for the year, with no impact on
the 2022 production target.
Investments in growth correspond to 48% of total capex in 3Q22.
Growth capex are those with the primary objective of increasing the
capacity of existing assets, deploying new production, offloading,
and storage assets, increasing asset efficiency or profitability,
and deploying essential infrastructure to enable other growth
projects. It includes acquisitions of assets/companies and
remaining investments in systems that started up as of 2020 and
exploratory investments.
Sustaining capex, on the other hand, has the main objective of
maintaining the operation of existing assets. It does not aim at
increasing the capacity of the facilities. It includes investments
in safety and reliability of facilities, replacement well projects,
complementary development, remaining investments in systems that
started up before 2020, scheduled stoppages and revitalizations
(without new systems), 4D seismic, health, environment, and safety
(HSE) projects, subsea line exchanges, operational infrastructure
and information technology (IT).
In 3Q22, capex in the Exploration & Production segment totaled
US$ 1.7 billion, in line with 2Q22. Investments in growth
corresponded to 57% and were mainly concentrated on: (i) the
development of ultra-deepwater production in the Santos Basin
pre-salt (US$ 0.6 billion); (ii) development of new deepwater
projects (US$ 0.2 billion); and (iii) exploratory investments in
the pre-salt and post-salt (US$ 0.1 billion).
In the Refining, Transportation and Marketing segment, capex
totaled US$ 0.3 billion in 3Q22, of which approximately 18% was
related to growth. In Gas & Power, capex totaled US$ 0.1
billion in 3Q22, with approximately 10% related to
growth.
The following table presents the main information about the new oil
and gas production systems, already contracted.
Table 10 – Main projects
|
Unit |
Start-up |
FPSO capacity (bbl/day) |
CAPEX Petrobras Actual
US$ bn
|
CAPEX Petrobras Total
US$ bn1
|
Petrobras Stake |
Status |
|
Búzios
5
FPSO Alm.
Barroso (Chartered unit)
|
2023 |
150,000 |
0.93 |
2.0 |
92,66%2 |
Project in
phase of execution with production system under
commisioning. 10 wells drilled and 7 completed. |
|
Marlim
1
FPSO
Anita Garibaldi
(Chartered unit)
|
2023 |
80,000 |
0.15 |
1.7 |
100% |
Project in
phase of execution. Production system is sailing to
Brazil. |
|
Marlim
2
FPSO Anna
Nery (Chartered unit)
|
2023 |
70,000 |
0.15 |
1.3 |
100% |
Project in
phase of execution with production system under
commisioning. 2 wells drilled and
completed.4 |
|
Mero
2
FPSO
Sepetiba (Chartered unit)
|
2023 |
180,000 |
0.22 |
0.8 |
38,6%3 |
Project in
phase of execution with production system under construction. 11
wells drilled and 4 completed |
|
Itapu
P-71
(Owned unit)
|
20235 |
150,000 |
2.11 |
3.4 |
100% |
Project in
phase of execution. Production system arrived in Itapu field. 4
wells drilled and 2 completed |
|
Mero
3
FPSO
Marechal Duque de Caxias (Chartered unit)
|
2024 |
180,000 |
0.07 |
0.8 |
38,6%3 |
Project in
phase of execution with production system under construction. 4
wells drilled and 1 completed |
|
Integrado
Parque das Baleias (IPB)
FPSO
Maria Quitéria
(Chartered unit)
|
2024 |
100,000 |
0.30 |
1.7 |
100% |
Project in
phase of execution with production system under construction. 3
wells drilled and 1 completed4 |
|
Búzios
7
FPSO
Almirante Tamandaré (Chartered unit)
|
2024 |
225,000 |
0.11 |
2.1 |
92,66%2 |
Project
in phase of execution with production system under
construction.
3 wells
drilled and 1 completed
|
|
Búzios
6
P-78
(Owned unit)
|
2025 |
180,000 |
0.37 |
4.1 |
92,66%2 |
Project in
phase of execution with production system under
construction. |
|
Búzios
8
P-79
(Owned unit)
|
2025 |
180,000 |
0.29 |
4.2 |
92,66%2 |
Project in
phase of execution with production system under construction. 3
wells drilled and 1 completed |
|
Mero
4
FPSO
Alexandre de Gusmão
(Chartered unit)
|
2025 |
180,000 |
0.05 |
0.8 |
38,6%3 |
Project
in phase of execution with production system under
construction.
6 wells
drilled and 2 completed
|
|
Búzios
9
P-80
(Owned unit)
|
2026 |
225,000 |
0.04 |
4.8 |
92,66%2 |
Project
in phase of execution. Production system construction contract
signed on August 2022.
2 wells
drilled and completed
|
|
Búzios
10
P-82
(Owned unit)
|
2026 |
225,000 |
0.03 |
5.1 |
92,66%2 |
Project in
phase of execution. Production system construction contract signed
on October 2022.1 well drilled |
|
Búzios
11
P-83
(Owned unit)
|
2027 |
225,000 |
0.02 |
4.8 |
92,66%2 |
Project in
phase of execution. Production system construction contract signed
on September 2022. 2 wells drilled |
|
1 Total CAPEX with the Strategic Plan 2022-26
assumptions and Petrobras work interest (WI). Chartered units
leases are not included.
2 In March 2022, Petrobras has signed the contract with
the partner CNOOC Petroleum Brasil Ltda. (CPBL) for the assignment
of 5% of its interest in the Production Sharing Contract of the
Transfer of Rights Surplus for the Buzios field. Petrobras stake
will be adjusted after the transaction's approval by the regulatory
agencies.
3 Petrobras stake updated after the approval of the
Production Individualization Agreement (AIP) of the Mero
accumulation. As the compensation relative to the non-contracted
area expenses will be paid in oil to the consortium, the work
interest (WI) of the CAPEX reported will not change.
4 Production Unit for revitalization project. Refers
only to new wells. The scope of the project also includes the
relocation of some wells of the units being decommissioned.
5 Anticipation to 2022 expected
|
Portfolio management
In 3Q22, cash inflows from divestments totaled US$ 537 million,
including the payment for the sale of Gaspetro, in the amount of
US$ 392 million. In the first nine months of the year, we received
US$3.9 billion from asset sales, including deferred payments from
the sales of NTS (US$1.0 billion) in 2Q22 and Bacalhau (US$950
million) in 1Q22.
From January 1, 2022, to November 02, 2022, we concluded the sale
of the Alagoas and Recôncavo Clusters, exploratory blocks in Parana
and Potiguar Basins and our equity interests in Deten Química and
Gaspetro. Additionally, we signed the contracts for the sale of the
Potiguar, Norte Capixaba, Golfinho and Camarupim Clusters, the
Albacora East field and LUBNOR Refinery.
Table 11 – Main transactions by November 02nd, 2022
and respective transaction amounts (excluding deferred
payments)
|
Assets |
Amount received
(US$ million)
|
Transaction amount1
(US$ million)
|
|
Bloco
PAR-T-198_Paraná Basin |
0.031 |
0.0316 |
|
Bloco
PAR-T-218_Paraná Basin |
0.032 |
0.0326 |
|
Bloco
POT-T-794_Potiguar Basin |
0.525 |
0.5256 |
|
East
Albacora field |
293 |
2,201 |
| Papa-Terra
field |
6 |
105.66 |
| Deten
Química |
101.2² |
117² |
| Gaspetro |
392.32 |
3946 |
| Alagoas
cluster |
300 |
3006 |
| Carmópolis
cluster |
275 |
1,1006 |
| Fazenda
Belém cluster |
13.4 |
355 |
| Golfinho e
Camarupim clusters |
3 |
75 |
| Norte
cluster |
35.85 |
544 |
| Peroá
cluster |
13.07 |
556 |
| Pescada
cluster |
- |
25 |
| Potiguar
cluster |
110 |
1,380 |
| Recôncavo
cluster |
256 |
2505 |
| LUBNOR
refinery |
3.4 |
34 |
| REMAN
refinery |
28.4 |
189.56 |
| SIX |
3 |
336 |
|
Total amount |
1,834 |
6,816 |
¹ Amounts agreed in the signing date, subject to adjustments upon
closing
² Original amounts in BRL, converted to US$ at the PTAX rate on the
day of the SPA signing or of the cash inflow
3Transaction signed in 2018 4Transaction
signed in 2019 5Transaction signed in 2020
6Transaction signed in 2021
Liquidity and capital resources[2]
Table 12 – Liquidity and capital resources
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
| Adjusted
cash and cash equivalents at the beginning of
period |
19,142 |
18,482 |
10,423 |
11,117 |
12,370 |
| Government
bonds and time deposits with maturities of more than 3 months at
the beginning of period * |
(2,855) |
(1,259) |
(602) |
(650) |
(659) |
|
Cash and
cash equivalents in companies classified as held for sale at the
beginning of the period |
7 |
9 |
1 |
13 |
14 |
|
Cash
and cash equivalents at the beginning of period |
16,294 |
17,232 |
9,822 |
10,480 |
11,725 |
| Net
cash provided by operating activities |
12,064 |
14,496 |
10,528 |
36,869 |
28,595 |
|
Net
cash provided by (used in) investing activities |
(720) |
3,621 |
3,953 |
1,913 |
1,600 |
| Acquisition
of PP&E and intangibles assets |
(1,947) |
(1,697) |
(1,505) |
(6,020) |
(4,640) |
| Investments
in investees |
(1) |
(10) |
(4) |
(20) |
(15) |
| Proceeds
from disposal of assets - Divestment |
537 |
1,625 |
2,404 |
3,915 |
2,906 |
| Financial
compensation from co-participation agreements |
121 |
5,152 |
2,938 |
5,334 |
2,938 |
| Dividends
received |
77 |
190 |
94 |
319 |
294 |
| Divestment
(Investment) in marketable securities |
493 |
(1,639) |
26 |
(1,615) |
117 |
|
(=) Net
cash provided by operating and investing activities |
11,344 |
18,117 |
14,481 |
38,782 |
30,195 |
|
Net
cash used in financing activities |
(23,157) |
(18,099) |
(12,984) |
(44,406) |
(30,901) |
| Net
financings |
(641) |
(4,155) |
(7,489) |
(6,704) |
(20,606) |
| Proceeds
from financing |
2,200 |
180 |
86 |
2,530 |
1,754 |
| Repayments |
(2,841) |
(4,335) |
(7,575) |
(9,234) |
(22,360) |
| Repayment
of lease liability |
(1,324) |
(1,361) |
(1,482) |
(4,006) |
(4,381) |
| Dividends
paid to shareholders of Petrobras |
(21,242) |
(12,429) |
(3,980) |
(33,671) |
(5,828) |
| Dividends
paid to non-controlling interest |
(10) |
(53) |
(36) |
(68) |
(75) |
| Investments
by non-controlling interest |
60 |
(101) |
3 |
43 |
(11) |
|
Effect of
exchange rate changes on cash and cash equivalents |
(107) |
(956) |
(394) |
(482) |
(94) |
|
Cash
and cash equivalents at the end of period |
4,374 |
16,294 |
10,925 |
4,374 |
10,925 |
| Government
bonds and time deposits with maturities of more than 3 months at
the end of period * |
2,411 |
2,855 |
537 |
2,411 |
537 |
|
Cash and
cash equivalents in companies classified as held for sale at the
end of the period |
− |
(7) |
(6) |
− |
(6) |
|
Adjusted
cash and cash equivalents at the end of period |
6,785 |
19,142 |
11,456 |
6,785 |
11,456 |
| Reconciliation
of Free Cash Flow |
|
|
|
|
|
| Net cash
provided by operating activities |
12,064 |
14,496 |
10,528 |
36,869 |
28,595 |
| Acquisition
of PP&E and intangibles assets |
(1,947) |
(1,697) |
(1,505) |
(6,020) |
(4,640) |
|
Free
cash flow** |
10,117 |
12,799 |
9,023 |
30,849 |
23,955 |
As of September 30, 2022, cash and cash equivalents totaled US$ 4.4
billion and adjusted cash and cash equivalents totaled US$ 6.8
billion, optimizing the company’s cash level.
In 3Q22, cash generated from operating activities reached US$ 12.1
billion and positive free cash flow totaled US$ 10.1 billion. This
level of cash generation, along with our cash balances and the
inflow of funds from the divestments of US$ 0.5 billion were used
to: (a) pay remuneration to shareholders (US$ 21.2 billion) (b)
prepay debt and amortize principal and interest due in the period
(US$ 2.8 billion), (c) amortize lease liabilities (US$ 1.3 billion)
and (d) make investments of US$ 1.9 billion.
[2] * Includes
short-term government bonds and time deposits and cash and cash
equivalents of companies classified as held for sale.
**
Free cash flow (FCF) is in accordance with the Shareholder
Remuneration Policy, which is the result of the equation: FCF = net
cash provided by operating activities less acquisitions of PP&E
and intangible assets.
In 3Q22, the company settled several loans and financial debt, in
the amount of US$ 2.8 billion, notably the repurchase and
redemption of US$ 1.0 billion of securities in the international
capital market. The company raised US$ 2.2 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.
The current level of gross debt, high cash generation and solid
liquidity allowed the company to approve a shareholder remuneration
payment in the amount of R$ 3,35 per common and preferred
share.
Debt
As of September 30, 2022, gross debt reached US$ 54.3 billion, a
variation of 1.3% compared to June 30, 2022.
Average maturity shifted from 13 years on June 30, 2022, to 12
years on September 30, 2022, mainly because of the repurchase of
long-term bonds in the international market, taking advantage of
falling prices.
The gross debt/EBITDA ratio reached 0.85x on September 30, 2022,
compared to 0.93x on June 30, 2022.
On September 30, 2022, net debt reached US$ 47.5 billion, as a
result of the cash level optimization during 3Q22. The net
debt/adjusted EBITDA ratio increased from 0.60x on June 30, 2022 to
0.75x on September 30, 2022.
Table 13 – Debt indicators
|
US$ million |
09.30.2022 |
06.30.2022 |
Δ % |
09.30.2021 |
|
Financial
Debt |
30,855 |
31,051 |
(0.6) |
36,716 |
| Capital
Markets |
16,800 |
18,261 |
(8.0) |
22,213 |
|
Banking
Market |
10,713 |
9,158 |
17.0 |
10,524 |
| Development
banks |
721 |
770 |
(6.4) |
813 |
|
Export
Credit Agencies |
2,452 |
2,688 |
(8.8) |
2,972 |
| Others |
169 |
174 |
(2.9) |
194 |
| Finance
leases |
23,413 |
22,526 |
3.9 |
22,872 |
| Gross
debt |
54,268 |
53,577 |
1.3 |
59,588 |
| Adjusted
cash and cash equivalents |
6,785 |
19,142 |
(64.6) |
11,456 |
| Net
debt |
47,483 |
34,435 |
37.9 |
48,132 |
| Net
Debt/(Net Debt + Market Cap) - Leverage |
38% |
32% |
18.8 |
42% |
| Average
interest rate (% p.a.) |
6.4 |
6.3 |
1.6 |
6.0 |
| Weighted
average maturity of outstanding debt (years) |
12.04 |
13.04 |
(7.7) |
13.50 |
| Net
debt/LTM Adjusted EBITDA ratio |
0.75 |
0.60 |
25.0 |
1.17 |
|
Gross
debt/LTM Adjusted EBITDA ratio |
0.85 |
0.93 |
(7.9) |
1.45 |
Results by segment
Exploration and Production
Table 14 – E&P results
|
|
|
|
|
|
|
Variation (%) (*) |
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 /
2Q22
|
3Q22 /
3Q21
|
9M22 /
9M21
|
|
Sales revenues |
19,293 |
21,940 |
14,628 |
60,917 |
39,803 |
(12.1) |
31.9 |
53.0 |
|
Gross profit |
11,866 |
13,764 |
8,326 |
37,638 |
22,661 |
(13.8) |
42.5 |
66.1 |
|
Operating expenses |
(437) |
2,519 |
3,706 |
2,049 |
2,728 |
− |
− |
(24.9) |
|
Operating income |
11,429 |
16,283 |
12,032 |
39,687 |
25,389 |
(29.8) |
(5.0) |
56.3 |
|
Net income (loss) attributable to the shareholders of
Petrobras |
7,591 |
10,803 |
7,971 |
26,349 |
16,847 |
(29.7) |
(4.8) |
56.4 |
|
Adjusted EBITDA of the segment |
13,929 |
15,937 |
10,432 |
43,890 |
28,165 |
(12.6) |
33.5 |
55.8 |
|
EBITDA margin of the segment (%) |
72 |
73 |
71 |
72 |
71 |
− |
1 |
1 |
|
ROCE (Return on Capital Employed) (%) |
19.7 |
17.4 |
8.8 |
19.7 |
8.8 |
2.3 |
10.9 |
10.9 |
|
Average Brent crude (US$/bbl) |
100.85 |
113.78 |
73.47 |
105.35 |
67.73 |
(11.4) |
37.3 |
55.5 |
|
Internal Transfer Price to RTM - Crude oil
(US$/bbl) |
98.81 |
106.90 |
69.54 |
99.79 |
64.19 |
(7.6) |
42.1 |
55.5 |
|
Lifting cost - Brazil (US$/boe) |
|
|
|
|
|
|
|
|
|
excluding production taxes and
leases |
5.85 |
5.98 |
5.02 |
5.68 |
4.95 |
(2.2) |
16.5 |
14.8 |
|
excluding production
taxes |
7.53 |
7.68 |
6.66 |
7.39 |
6.56 |
(1.9) |
13.2 |
12.6 |
|
Onshore and shallow
waters |
|
|
|
|
|
|
|
|
|
with
leases |
15.44 |
17.23 |
14.27 |
16.39 |
13.35 |
(10.4) |
8.2 |
22.8 |
|
excluding
leases |
15.44 |
17.23 |
14.27 |
16.39 |
13.35 |
(10.4) |
8.2 |
22.8 |
|
Deep and ultra-deep
post-salt |
|
|
|
|
|
|
|
|
|
with
leases |
13.66 |
14.47 |
12.16 |
13.10 |
11.48 |
(5.6) |
12.3 |
14.1 |
|
excluding
leases |
12.52 |
13.06 |
10.72 |
11.68 |
10.07 |
(4.2) |
16.8 |
16.0 |
|
Pre-salt |
|
|
|
|
|
|
|
|
|
with
leases |
5.36 |
5.19 |
4.35 |
5.22 |
4.39 |
3.2 |
23.3 |
18.9 |
|
excluding
leases |
3.44 |
3.31 |
2.53 |
3.33 |
2.58 |
3.8 |
35.8 |
29.1 |
|
including production taxes and
excluding leases |
23.48 |
25.95 |
18.50 |
24.59 |
17.24 |
(9.5) |
27.0 |
42.6 |
|
including production taxes and
leases |
25.16 |
27.64 |
20.13 |
26.30 |
18.86 |
(9.0) |
25.0 |
39.5 |
|
Production taxes - Brazil |
3,604 |
4,034 |
2,981 |
11,704 |
7,973 |
(10.7) |
20.9 |
46.8 |
|
Royalties |
2,036 |
2,247 |
1,534 |
6,424 |
4,080 |
(9.4) |
32.7 |
57.5 |
|
Special participation |
1,556 |
1,774 |
1,437 |
5,244 |
3,864 |
(12.3) |
8.3 |
35.7 |
|
Retention of areas |
12 |
13 |
11 |
37 |
29 |
(2.1) |
16.0 |
27.1 |
|
(*) EBITDA margin and ROCE variations in percentage
points |
In 3Q22, E&P gross profit was US$ 11.9 billion, a reduction of
14% when compared to 2Q22, mainly due to the lower Brent prices.
Operating income was 30% lower, reflecting the drop in gross profit
and the fact that the compensation from the co-participation
agreements of Sépia and Atapu fields took place in 2Q22.We recorded
a 2% reduction in the lifting cost without leasing and government
take when compared to 2Q22 due to the 7% BRL depreciation against
the USD, partially offset by higher expenses related to project
integrity, mainly subsea inspections in the Tupi field.
In the pre-salt, there was a slight increase of 4% in lifting cost,
mainly driven by the higher expenses related to the subsea
inspections, partially offset by the BRL depreciation.
In the post-salt, there was a 4% reduction in the same indicator
when compared to 2Q22, mainly due to the aforementioned FX effect
in the period.
In onshore and shallow water assets, we observed lower lifting
costs due to the effect of the BRL depreciation against USD and to
the stoppage of production in Sergipe-Alagoas fields, with higher
lifting costs, for operational safety procedures.
The reduction in government take per barrel in 3Q22 reflects the
lower Brent prices in the period.
Refining, Transportation and Marketing
Table
15 – RTM results **
|
|
|
|
|
|
|
Variation (%) (*) |
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 /
2Q22
|
3Q22 /
3Q21
|
9M22 /
9M21
|
|
Sales revenues |
29,348 |
31,956 |
20,500 |
85,989 |
53,480 |
(8.2) |
43.2 |
60.8 |
|
Gross profit (loss) |
2,741 |
5,169 |
2,226 |
11,048 |
6,632 |
(47.0) |
23.1 |
66.6 |
|
Operating expenses |
(675) |
(843) |
(1,029) |
(2,055) |
(1,951) |
(19.9) |
(34.4) |
5.3 |
|
Operating Income |
2,066 |
4,326 |
1,197 |
8,993 |
4,681 |
(52.2) |
72.6 |
92.1 |
|
Net income (loss) attributable to the shareholders of
Petrobras |
1,340 |
2,761 |
1,046 |
6,088 |
3,972 |
(51.5) |
28.1 |
53.3 |
|
Adjusted EBITDA of the segment |
2,841 |
4,923 |
1,807 |
10,883 |
6,332 |
(42.3) |
57.2 |
71.9 |
|
EBITDA margin of the segment (%) |
10 |
15 |
9 |
13 |
12 |
(6) |
1 |
1 |
|
ROCE (Return on Capital Employed) (%) |
12.3 |
11.0 |
4.7 |
12.3 |
4.7 |
1.3 |
7.6 |
7.6 |
|
Refining cost (US$ / barrel) - Brazil |
2.17 |
1.84 |
1.69 |
1.93 |
1.64 |
18.1 |
28.4 |
17.7 |
|
Domestic basic oil by-products price (US$/bbl) |
131.99 |
135.20 |
80.70 |
124.23 |
74.05 |
(2.4) |
63.6 |
67.8 |
|
(*) EBITDA margin and ROCE variations in percentage
points |
In 3Q22, gross profit from the Refining, Transportation and
Marketing (RTM) segment was US$ 2.7 billion, a decrease of 47% when
compared to 2Q22, due to the negative effect of inventories
turnover, because of the decline in Brent prices, in contrast to
the positive effect in 2Q22. Excluding the effect of inventory
turnover (-US$ 1.6 billion in 3Q22 and +US$ 1.1 billion in 2Q22)
gross profit would have been US$ 4.3 billion in 3Q22 and US$ 4
billion in 2Q22.
There were higher margins for oil products in the domestic market,
mainly diesel, due to the high international margins, besides
higher sales volumes for diesel, due to the typical seasonality,
and gasoline, due to higher attractiveness compared to ethanol.
In 3Q22, the operating income was lower than in 2Q22, due to the
lower gross profit, partially offset by lower expenses with
lawsuits.
In 3Q22, refining cost per barrel in USD increased by 18% when
compared to 2Q22, due to the increase in expenses with inputs and
maintenance for the upkeep and revitalization of the refineries, in
addition to readjustments in personnel costs. These higher costs
were partially offset by the depreciation of BRL against USD in
3Q22.
Gas
and Power
Table 16 – G&P results
|
|
|
|
|
|
|
Variation (%) (*) |
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 /
2Q22
|
3Q22 /
3Q21
|
9M22 /
9M21
|
|
Sales revenues |
4,148 |
3,734 |
3,444 |
11,247 |
8,306 |
11.1 |
20.4 |
35.4 |
|
Gross profit |
1,502 |
1,368 |
778 |
3,350 |
2,648 |
9.8 |
93.1 |
26.5 |
|
Operating expenses |
(590) |
(816) |
(772) |
(2,295) |
(2,183) |
(27.7) |
(23.6) |
5.1 |
|
Operating income |
912 |
552 |
6 |
1,055 |
465 |
65.2 |
15100.0 |
126.9 |
|
Net income (loss) attributable to the shareholders of
Petrobras |
595 |
368 |
3 |
696 |
333 |
61.7 |
19733.3 |
109.0 |
|
Adjusted EBITDA of the segment |
876 |
657 |
194 |
1,232 |
905 |
33.3 |
351.5 |
36.1 |
|
EBITDA margin of the segment (%) |
21 |
18 |
6 |
11 |
11 |
4 |
15 |
− |
|
ROCE (Return on Capital Employed) (%) |
(0.6) |
(3.9) |
2.6 |
(0.6) |
2.6 |
3.3 |
(3.2) |
(3.2) |
|
Natural gas sales price - Brazil (US$/bbl) |
75.74 |
71.16 |
46.98 |
67.02 |
41.43 |
6.4 |
61.2 |
61.8 |
|
Fixed revenues from power auctions |
101.46 |
104.51 |
109.98 |
301.67 |
317.62 |
(2.9) |
(7.7) |
(5.0) |
|
Average price for power generation(US$/MWh) |
13.77 |
18.90 |
96.51 |
40.98 |
82.11 |
(27.1) |
(85.7) |
(50.1) |
|
(*) EBITDA margin and ROCE variations in percentage
points |
In 3Q22, gross profit was US$ 1.5 billion, an increase of 9.8% when
compared to 2Q22, mainly reflecting the recovery in
commercialization margins, resulting from: (a) the improvement in
the natural gas sales portfolio, and; (b) the lower need for
regasified LNG with the resumption of stoppages in production
platforms throughout 2Q22.
In 3Q22, operating income was US$ 912 million, 65% higher than in
2Q22, due to higher gross profit and lower operating expenses due
to the capital gain related to the sale of Gaspetro.
Reconciliation of Adjusted EBITDA
EBITDA is an indicator calculated as the net income for the period
plus taxes on profit, net financial result, depreciation and
amortization. Petrobras announces EBITDA, as authorized by CVM
Resolution 156 of June 2022.
In order to reflect the management view regarding the formation of
the company's current business results, EBITDA is also presented
adjusted (Adjusted EBITDA) as a result of: results in
equity-accounted investments; impairment, reclassification of
comprehensive income (loss) due to the disposal of equity-accounted
investments, results with co-participation agreement in production
fields and gains/losses on disposal/write-offs of assets.
Adjusted EBITDA, reflecting the sum of the last twelve months (Last
Twelve Months), also represents an alternative to the company's
operating cash generation. This measure is used to calculate the
Gross Debt and Net Debt to Adjusted EBITDA metric, helping to
evaluate the company's leverage and liquidity.
EBITDA and adjusted EBITDA are not provided for in International
Financial Reporting Standards (IFRS) and should not serve as a
basis for comparison with those disclosed by other companies and
should not be considered as a substitute for any other measure
calculated in accordance with IFRS. These measures should be
considered in conjunction with other measures and indicators for a
better understanding of the company's performance and financial
condition.
Table 17 - Reconciliation of Adjusted EBITDA
|
|
|
|
|
|
|
Variation (%) (*) |
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
3Q22 /
2Q22
|
3Q22 /
3Q21
|
9M22 /
9M21
|
|
Net income |
8,790 |
11,041 |
5,954 |
28,479 |
14,310 |
(20.4) |
47.6 |
99.0 |
|
Net finance (expense) income |
1,524 |
3,198 |
4,862 |
4,126 |
8,482 |
(52.3) |
(68.7) |
(51.4) |
|
Income taxes |
3,888 |
5,309 |
1,867 |
13,763 |
5,970 |
(26.8) |
108.2 |
130.5 |
|
Depreciation, depletion and amortization |
3,267 |
3,460 |
3,108 |
9,897 |
8,786 |
(5.6) |
5.1 |
12.6 |
|
EBITDA |
17,469 |
23,008 |
15,791 |
56,265 |
37,548 |
(24.1) |
10.6 |
49.8 |
|
Results in equity-accounted investments |
(32) |
9 |
(291) |
(373) |
(1,500) |
− |
(89.0) |
(75.1) |
|
Impairment |
255 |
168 |
(3,098) |
422 |
(2,918) |
51.8 |
− |
− |
|
Reclassification of comprehensive income (loss) due to the disposal
of equity-accounted investments |
− |
− |
7 |
− |
41 |
− |
− |
− |
|
Results on disposal/write-offs of assets and on remeasurement of
investment retained with loss of control |
(292) |
(370) |
(119) |
(1,138) |
(225) |
(21.1) |
145.4 |
405.8 |
|
Results from co-participation agreements in bid areas |
10 |
(2,872) |
(667) |
(2,862) |
(667) |
− |
− |
329.1 |
|
Adjusted EBITDA |
17,410 |
19,943 |
11,623 |
52,314 |
32,279 |
(12.7) |
49.8 |
62.1 |
|
Adjusted EBITDA margin (%) |
54 |
57 |
50 |
55 |
54 |
(3.0) |
4.0 |
1.0 |
|
(*) EBITDA Margin variations in percentage points |
Financial statements
Table 18 - Income statement - Consolidated
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
| Sales
revenues |
32,411 |
34,703 |
23,255 |
94,303 |
59,935 |
|
Cost of
sales |
(15,875) |
(15,240) |
(11,863) |
(43,894) |
(29,712) |
| Gross
profit |
16,536 |
19,463 |
11,392 |
50,409 |
30,223 |
|
Selling
expenses |
(1,213) |
(1,247) |
(1,103) |
(3,638) |
(3,137) |
| General
and administrative expenses |
(334) |
(323) |
(337) |
(956) |
(870) |
|
Exploration
costs |
(107) |
(44) |
(133) |
(230) |
(538) |
| Research
and development expenses |
(187) |
(220) |
(151) |
(613) |
(415) |
|
Other
taxes |
(93) |
(93) |
(217) |
(245) |
(369) |
| Impairment
of assets |
(255) |
(168) |
3,098 |
(422) |
2,918 |
| Other
income and expenses |
(177) |
2,189 |
(157) |
1,690 |
(550) |
| |
(2,366) |
94 |
1,000 |
(4,414) |
(2,961) |
| Operating
income |
14,170 |
19,557 |
12,392 |
45,995 |
27,262 |
| Finance
income |
515 |
619 |
227 |
1,396 |
555 |
| Finance
expenses |
(790) |
(959) |
(1,191) |
(2,506) |
(4,270) |
| Foreign
exchange gains (losses) and inflation indexation
charges |
(1,249) |
(2,858) |
(3,898) |
(3,016) |
(4,767) |
| Net
finance income (expense) |
(1,524) |
(3,198) |
(4,862) |
(4,126) |
(8,482) |
| Results in
equity-accounted investments |
32 |
(9) |
291 |
373 |
1,500 |
| Income
before income taxes |
12,678 |
16,350 |
7,821 |
42,242 |
20,280 |
|
Income
taxes |
(3,888) |
(5,309) |
(1,867) |
(13,763) |
(5,970) |
| Net
Income |
8,790 |
11,041 |
5,954 |
28,479 |
14,310 |
| Net income
attributable to: |
|
|
|
|
|
| Shareholders
of Petrobras |
8,763 |
11,010 |
5,938 |
28,378 |
14,239 |
| Non-controlling
interests |
27 |
31 |
16 |
101 |
71 |
| |
|
|
|
|
|
Table 19 - Statement of financial position – Consolidated
|
ASSETS - US$ million |
09.30.2022 |
12.31.2021 |
|
Current
assets |
29,469 |
30,149 |
|
Cash and
cash equivalents |
4,374 |
10,467 |
|
Marketable
securities |
2,411 |
650 |
|
Trade and
other receivables, net |
4,074 |
6,368 |
|
Inventories |
9,770 |
7,255 |
|
Recoverable
taxes |
1,436 |
1,346 |
|
Assets
classified as held for sale |
5,305 |
2,490 |
|
Other
current assets |
2,099 |
1,573 |
|
Non-current
assets |
145,793 |
144,199 |
|
Long-term
receivables |
17,149 |
14,334 |
|
Trade and
other receivables, net |
1,945 |
1,900 |
|
Marketable
securities |
49 |
44 |
|
Judicial
deposits |
10,046 |
8,038 |
|
Deferred
taxes |
494 |
604 |
|
Other tax
assets |
3,675 |
3,261 |
|
Other
non-current assets |
940 |
487 |
|
Investments |
1,672 |
1,510 |
|
Property,
plant and equipment |
124,120 |
125,330 |
|
Intangible
assets |
2,852 |
3,025 |
|
Total
assets |
175,262 |
174,348 |
|
|
|
|
|
|
|
|
|
LIABILITIES - US$ million |
09.30.2022 |
12.31.2021 |
|
Current
liabilities |
25,119 |
24,176 |
|
Trade
payables |
5,209 |
5,483 |
|
Finance
debt |
3,306 |
3,641 |
|
Lease
liability |
5,337 |
5,432 |
|
Taxes
payable |
4,451 |
4,734 |
|
Short-term
employee benefits |
2,205 |
2,144 |
|
Liabilities
related to assets classified as held for sale |
1,658 |
867 |
|
Other
current liabilities |
2,953 |
1,875 |
|
Non-current
liabilities |
80,948 |
80,360 |
|
Finance
debt |
27,549 |
32,059 |
|
Lease
liability |
18,076 |
17,611 |
|
Income
taxes payable |
297 |
300 |
|
Deferred
taxes |
6,561 |
1,229 |
|
Employee
benefits |
8,741 |
9,374 |
|
Provision
for legal and administrative proceedings |
2,519 |
2,018 |
|
Provision
for decommissioning costs |
14,890 |
15,619 |
|
Other
non-current liabilities |
2,315 |
2,150 |
|
Shareholders'
equity |
69,195 |
69,812 |
|
Share
capital (net of share issuance costs) |
107,101 |
107,101 |
|
Profit
reserves and others |
(38,203) |
(37,694) |
|
Non-controlling
interests |
297 |
405 |
|
Total
liabilities and shareholders´ equity |
175,262 |
174,348 |
Table 20 - Statement of cash flow – Consolidated
|
US$ million |
3Q22 |
2Q22 |
3Q21 |
9M22 |
9M21 |
| Cash
flow from Operating activities |
|
|
|
|
|
|
Net income
for the period |
8,790 |
11,041 |
5,954 |
28,479 |
14,310 |
|
Adjustments
for: |
|
|
|
|
|
|
Pension
and medical benefits (actuarial expense) |
306 |
326 |
1,168 |
939 |
1,806 |
|
Results of
equity-accounted investments |
(32) |
9 |
(291) |
(373) |
(1,500) |
|
Depreciation,
depletion and amortization |
3,267 |
3,460 |
3,108 |
9,897 |
8,786 |
|
Impairment
of assets (reversal) |
255 |
168 |
(3,098) |
422 |
(2,918) |
|
Inventory
write-down (write-back) to net realizable value |
4 |
10 |
− |
7 |
(3) |
|
Allowance
(reversals) for credit loss on trade and other
receivables |
3 |
18 |
(10) |
42 |
(14) |
|
Exploratory
expenditures write-offs |
34 |
71 |
27 |
128 |
214 |
|
Disposal/write-offs
of assets, remeasurement of investment retained with loss of
control and reclassification of CTA |
(292) |
(370) |
(111) |
(1,138) |
(182) |
|
Foreign
exchange, indexation and finance charges |
1,853 |
3,371 |
4,580 |
4,735 |
8,232 |
|
Deferred
income taxes, net |
250 |
28 |
115 |
2,239 |
3,998 |
|
Revision
and unwinding of discount on the provision for decommissioning
costs |
129 |
141 |
198 |
424 |
587 |
|
PIS and
COFINS recovery - exclusion of ICMS (VAT tax) from the basis of
calculation |
3 |
(4) |
(10) |
(1) |
(983) |
|
Results
from co-participation agreements in bid areas |
10 |
(2,872) |
(667) |
(2,862) |
(667) |
|
Assumption
of interest in concessions |
− |
− |
(98) |
− |
(98) |
|
Early
termination and cash outflows revision of lease
agreements |
(157) |
(176) |
(121) |
(558) |
(348) |
|
Losses
with legal, administrative and arbitration proceedings |
264 |
298 |
270 |
821 |
545 |
|
Decrease
(Increase) in assets |
|
|
|
|
|
|
Trade and
other receivables |
672 |
(584) |
(752) |
729 |
(1,487) |
|
Inventories |
(561) |
(117) |
(585) |
(2,595) |
(2,164) |
|
Judicial
deposits |
(453) |
(461) |
(354) |
(1,312) |
(835) |
|
Other
assets |
(104) |
(625) |
57 |
(756) |
(125) |
|
Increase
(Decrease) in liabilities |
|
|
|
|
|
|
Trade
payables |
(200) |
(3) |
510 |
(341) |
850 |
|
Other
taxes payable |
2,224 |
4,070 |
1,988 |
9,129 |
4,451 |
|
Income
taxes paid |
(3,699) |
(3,527) |
(827) |
(8,801) |
(946) |
|
Pension
and medical benefits |
(180) |
(212) |
(392) |
(1,869) |
(2,055) |
|
Provision
for legal and administrative proceedings |
(77) |
(126) |
(88) |
(254) |
(355) |
|
Short-term
benefits |
303 |
(216) |
89 |
(63) |
(139) |
|
Provision
for decommissioning costs |
(164) |
(146) |
(201) |
(442) |
(526) |
|
Other
liabilities |
(384) |
924 |
69 |
243 |
161 |
|
Net
cash provided by operating activities |
12,064 |
14,496 |
10,528 |
36,869 |
28,595 |
|
Cash
flows from Investing activities |
|
|
|
|
|
|
Acquisition
of PP&E and intangible assets |
(1,947) |
(1,697) |
(1,505) |
(6,020) |
(4,640) |
|
Investments
in investees |
(1) |
(10) |
(4) |
(20) |
(15) |
|
Proceeds
from disposal of assets - Divestment |
537 |
1,625 |
2,404 |
3,915 |
2,906 |
|
Financial
compensation from co-participation agreements |
121 |
5,152 |
2,938 |
5,334 |
2,938 |
|
Divestment
(Investment) in marketable securities |
493 |
(1,639) |
26 |
(1,615) |
117 |
|
Dividends
received |
77 |
190 |
94 |
319 |
294 |
|
Net
cash provided (used) by investing activities |
(720) |
3,621 |
3,953 |
1,913 |
1,600 |
|
Cash
flows from Financing activities |
|
|
|
|
|
|
Changes in
non-controlling interest |
60 |
(101) |
3 |
43 |
(11) |
|
Financing
and loans, net: |
|
|
|
|
|
|
Proceeds
from financing |
2,200 |
180 |
86 |
2,530 |
1,754 |
|
Repayment
of principal - finance debt |
(2,319) |
(3,986) |
(6,932) |
(7,796) |
(20,490) |
|
Repayment
of interest - finance debt |
(522) |
(349) |
(643) |
(1,438) |
(1,870) |
|
Repayment
of lease liability |
(1,324) |
(1,361) |
(1,482) |
(4,006) |
(4,381) |
|
Dividends
paid to Shareholders of Petrobras |
(21,242) |
(12,429) |
(3,980) |
(33,671) |
(5,828) |
|
Dividends
paid to non-controlling interests |
(10) |
(53) |
(36) |
(68) |
(75) |
|
Net
cash (used) by financing activities |
(23,157) |
(18,099) |
(12,984) |
(44,406) |
(30,901) |
|
Effect
of exchange rate changes on cash and cash
equivalents |
(107) |
(956) |
(394) |
(482) |
(94) |
|
Net
change in cash and cash equivalents |
(11,920) |
(938) |
1,103 |
(6,106) |
(800) |
|
Cash
and cash equivalents at the beginning of the period |
16,294 |
17,232 |
9,822 |
10,480 |
11,725 |
|
Cash
and cash equivalents at the end of the period |
4,374 |
16,294 |
10,925 |
4,374 |
10,925 |
Financial information by business areas
Table 21 - Consolidated income by segment – 9M22
|
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
|
Sales
revenues |
60,917 |
85,989 |
11,247 |
402 |
(64,252) |
94,303 |
|
Intersegments |
59,918 |
1,460 |
2,872 |
2 |
(64,252) |
− |
|
Third
parties |
999 |
84,529 |
8,375 |
400 |
− |
94,303 |
|
Cost of
sales |
(23,279) |
(74,941) |
(7,897) |
(409) |
62,632 |
(43,894) |
|
Gross
profit |
37,638 |
11,048 |
3,350 |
(7) |
(1,620) |
50,409 |
|
Expenses |
2,049 |
(2,055) |
(2,295) |
(2,103) |
(10) |
(4,414) |
|
Selling
expenses |
(12) |
(1,309) |
(2,297) |
(10) |
(10) |
(3,638) |
|
General
and administrative expenses |
(30) |
(127) |
(49) |
(750) |
− |
(956) |
|
Exploration
costs |
(230) |
− |
− |
− |
− |
(230) |
|
Research
and development expenses |
(524) |
(7) |
(4) |
(78) |
− |
(613) |
|
Other
taxes |
(47) |
(15) |
(35) |
(148) |
− |
(245) |
|
Impairment
of assets |
(127) |
(295) |
1 |
(1) |
− |
(422) |
|
Other
income and expenses |
3,019 |
(302) |
89 |
(1,116) |
− |
1,690 |
|
Operating
income (loss) |
39,687 |
8,993 |
1,055 |
(2,110) |
(1,630) |
45,995 |
|
Net
finance income (expense) |
− |
− |
− |
(4,126) |
− |
(4,126) |
|
Results in
equity-accounted investments |
154 |
153 |
71 |
(5) |
− |
373 |
|
Income
(loss) before income taxes |
39,841 |
9,146 |
1,126 |
(6,241) |
(1,630) |
42,242 |
|
Income
taxes |
(13,495) |
(3,058) |
(359) |
2,593 |
556 |
(13,763) |
|
Net
Income (Loss) |
26,346 |
6,088 |
767 |
(3,648) |
(1,074) |
28,479 |
|
Net income
(loss) attributable to: |
|
|
|
|
|
|
|
Shareholders
of Petrobras |
26,349 |
6,088 |
696 |
(3,681) |
(1,074) |
28,378 |
|
Non-controlling
interests |
(3) |
− |
71 |
33 |
− |
101 |
Table 22 - Consolidated income by segment – 9M21
|
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
|
Sales
revenues |
39,803 |
53,480 |
8,306 |
360 |
(42,014) |
59,935 |
|
Intersegments |
39,013 |
1,011 |
1,832 |
158 |
(42,014) |
− |
|
Third
parties |
790 |
52,469 |
6,474 |
202 |
− |
59,935 |
|
Cost of
sales |
(17,142) |
(46,848) |
(5,658) |
(355) |
40,291 |
(29,712) |
|
Gross
profit |
22,661 |
6,632 |
2,648 |
5 |
(1,723) |
30,223 |
|
Expenses |
2,728 |
(1,951) |
(2,183) |
(1,537) |
(18) |
(2,961) |
|
Selling
expenses |
− |
(1,154) |
(1,955) |
(10) |
(18) |
(3,137) |
|
General
and administrative expenses |
(111) |
(108) |
(52) |
(599) |
− |
(870) |
|
Exploration
costs |
(538) |
− |
− |
− |
− |
(538) |
|
Research
and development expenses |
(304) |
(8) |
(19) |
(84) |
− |
(415) |
|
Other
taxes |
(118) |
(100) |
(99) |
(52) |
− |
(369) |
|
Impairment
of assets |
3,099 |
(13) |
(169) |
1 |
− |
2,918 |
|
Other
income and expenses |
700 |
(568) |
111 |
(793) |
− |
(550) |
|
Operating
income (loss) |
25,389 |
4,681 |
465 |
(1,532) |
(1,741) |
27,262 |
|
Net
finance income (expense) |
− |
− |
− |
(8,482) |
− |
(8,482) |
|
Results in
equity-accounted investments |
85 |
885 |
85 |
445 |
− |
1,500 |
|
Income
(loss) before income taxes |
25,474 |
5,566 |
550 |
(9,569) |
(1,741) |
20,280 |
|
Income
taxes |
(8,630) |
(1,593) |
(158) |
3,819 |
592 |
(5,970) |
|
Net
Income (Loss) |
16,844 |
3,973 |
392 |
(5,750) |
(1,149) |
14,310 |
|
Net income
(loss) attributable to: |
|
|
|
|
|
|
|
Shareholders
of Petrobras |
16,847 |
3,972 |
333 |
(5,764) |
(1,149) |
14,239 |
|
Non-controlling
interests |
(3) |
1 |
59 |
14 |
− |
71 |
Table 23 - 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 |
(437) |
(675) |
(590) |
(661) |
(3) |
(2,366) |
|
Selling
expenses |
(7) |
(440) |
(760) |
(3) |
(3) |
(1,213) |
| General
and administrative expenses |
(6) |
(48) |
(15) |
(265) |
− |
(334) |
|
Exploration
costs |
(107) |
− |
− |
− |
− |
(107) |
| Research
and development expenses |
(159) |
(1) |
(1) |
(26) |
− |
(187) |
|
Other
taxes |
(8) |
10 |
(16) |
(79) |
− |
(93) |
| Impairment
of assets |
(4) |
(251) |
− |
− |
− |
(255) |
| Other
income and expenses |
(146) |
55 |
202 |
(288) |
− |
(177) |
|
Operating
income (loss) |
11,429 |
2,066 |
912 |
(672) |
435 |
14,170 |
| Net
finance income (expense) |
− |
− |
− |
(1,524) |
− |
(1,524) |
| Results in
equity-accounted investments |
46 |
(23) |
12 |
(3) |
− |
32 |
|
Income
(loss) before income taxes |
11,475 |
2,043 |
924 |
(2,199) |
435 |
12,678 |
| Income
taxes |
(3,885) |
(703) |
(310) |
1,158 |
(148) |
(3,888) |
|
Net
income (loss) |
7,590 |
1,340 |
614 |
(1,041) |
287 |
8,790 |
|
Net income
(loss) attributable to: |
|
|
|
|
|
|
|
Shareholders
of Petrobras |
7,591 |
1,340 |
595 |
(1,050) |
287 |
8,763 |
|
Non-controlling
interests |
(1) |
− |
19 |
9 |
− |
27 |
Table 24 - Quarterly consolidated income by segment –
2Q22
|
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
|
Sales
revenues |
21,940 |
31,956 |
3,734 |
150 |
(23,077) |
34,703 |
|
Intersegments |
21,572 |
498 |
1,009 |
(2) |
(23,077) |
− |
|
Third
parties |
368 |
31,458 |
2,725 |
152 |
− |
34,703 |
|
Cost of
sales |
(8,176) |
(26,787) |
(2,366) |
(147) |
22,236 |
(15,240) |
|
Gross
profit |
13,764 |
5,169 |
1,368 |
3 |
(841) |
19,463 |
|
Expenses |
2,519 |
(843) |
(816) |
(763) |
(3) |
94 |
|
Selling
expenses |
(3) |
(461) |
(776) |
(4) |
(3) |
(1,247) |
|
General
and administrative expenses |
(12) |
(42) |
(18) |
(251) |
− |
(323) |
|
Exploration
costs |
(44) |
− |
− |
− |
− |
(44) |
|
Research
and development expenses |
(192) |
(3) |
− |
(25) |
− |
(220) |
|
Other
taxes |
(24) |
(18) |
(9) |
(42) |
− |
(93) |
|
Impairment
of assets |
(124) |
(44) |
− |
− |
− |
(168) |
|
Other
income and expenses |
2,918 |
(275) |
(13) |
(441) |
− |
2,189 |
|
Operating
income (loss) |
16,283 |
4,326 |
552 |
(760) |
(844) |
19,557 |
|
Net
finance income (expense) |
− |
− |
− |
(3,198) |
− |
(3,198) |
|
Results in
equity-accounted investments |
57 |
(95) |
30 |
(1) |
− |
(9) |
|
Income
(loss) before income taxes |
16,340 |
4,231 |
582 |
(3,959) |
(844) |
16,350 |
|
Income
taxes |
(5,538) |
(1,470) |
(188) |
1,599 |
288 |
(5,309) |
|
Net
income (loss) |
10,802 |
2,761 |
394 |
(2,360) |
(556) |
11,041 |
|
Net income
(loss) attributable to: |
|
|
|
|
|
|
|
Shareholders
of Petrobras |
10,803 |
2,761 |
368 |
(2,366) |
(556) |
11,010 |
|
Non-controlling
interests |
(1) |
− |
26 |
6 |
− |
31 |
Table 25 - Other income and expenses by segment – 9M22
|
US$
million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
|
Unscheduled
stoppages and pre-operating expenses |
(1,275) |
(18) |
(22) |
(29) |
− |
(1,344) |
|
Losses
with legal, administrative and arbitration proceedings |
(384) |
(192) |
(60) |
(185) |
− |
(821) |
|
Pension
and medical benefits - retirees (*) |
− |
− |
− |
(795) |
− |
(795) |
|
Performance
award program |
(163) |
(85) |
(20) |
(132) |
− |
(400) |
|
Losses
with Commodities Derivatives |
− |
− |
− |
(135) |
− |
(135) |
|
Operating
expenses with thermoelectric power plants |
− |
− |
(108) |
− |
− |
(108) |
|
Profit
sharing |
(42) |
(26) |
(6) |
(29) |
− |
(103) |
|
Transfer
of rights on concession agreements |
− |
− |
− |
− |
− |
− |
|
Amounts
recovered from Lava Jato investigation |
17 |
− |
− |
17 |
− |
34 |
|
Recovery
of taxes |
− |
9 |
− |
44 |
− |
53 |
|
Fines
imposed on suppliers |
125 |
15 |
31 |
4 |
− |
175 |
|
Government
grants |
4 |
− |
− |
326 |
− |
330 |
|
Reimbursements
from E&P partnership operations |
448 |
− |
− |
− |
− |
448 |
|
Early
termination and changes to cash flow estimates of
leases |
511 |
48 |
16 |
(17) |
− |
558 |
|
Results on
disposal/write-offs of assets and on remeasurement of investment
retained with loss of control |
881 |
98 |
156 |
3 |
− |
1,138 |
|
Results
from co-participation agreements in bid areas (**) |
2,862 |
− |
− |
− |
− |
2,862 |
| Others |
35 |
(151) |
102 |
(188) |
− |
(202) |
|
|
3,019 |
(302) |
89 |
(1,116) |
− |
1,690 |
| (*) 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. |
| (**) It
refers to the gain related to the Co-participation Agreements of
Atapu and Sépia. |
Table 26 - Other income and expenses by segment – 9M21
|
US$
million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
|
Unscheduled
stoppages and pre-operating expenses |
(952) |
(12) |
(20) |
(9) |
− |
(993) |
|
Gains/
(losses) with legal, administrative and arbitration
proceedings |
(181) |
(422) |
(2) |
60 |
− |
(545) |
|
Pension
and medical benefits - retirees |
− |
− |
− |
(1,255) |
− |
(1,255) |
|
Performance
award program |
(139) |
(77) |
(16) |
(115) |
− |
(347) |
|
Losses
with Commodities Derivatives |
− |
− |
− |
(56) |
− |
(56) |
|
Operating
expenses with thermoelectric power plants |
− |
− |
(63) |
− |
− |
(63) |
|
Profit
sharing |
(37) |
(25) |
(2) |
(29) |
− |
(93) |
|
Transfer
of rights on concession agreements |
298 |
− |
− |
− |
− |
298 |
|
Amounts
recovered from Lava Jato investigation (*) |
8 |
− |
− |
214 |
− |
222 |
|
Recovery
of taxes (**) |
− |
10 |
31 |
502 |
− |
543 |
| Fines
imposed on suppliers |
97 |
15 |
7 |
5 |
− |
124 |
|
Government
grants |
3 |
1 |
− |
26 |
− |
30 |
|
Reimbursements
from E&P partnership operations |
425 |
− |
− |
− |
− |
425 |
|
Early
termination and changes to cash flow estimates of
leases |
351 |
29 |
(22) |
(11) |
− |
347 |
|
Results on
disposal/write-offs of assets and on remeasurement of investment
retained with loss of control |
148 |
1 |
55 |
18 |
− |
222 |
|
Results
from co-participation agreements in bid areas |
667 |
− |
− |
− |
− |
667 |
| Others |
12 |
(88) |
143 |
(143) |
− |
(76) |
|
|
700 |
(568) |
111 |
(793) |
− |
(550) |
| (*) The
total amount recovered from Lava Jato Investigation through
December 31, 2021 was US$ 1,522 million, recognized through
collaboration and leniency agreements entered into with individuals
and legal entities. |
| (**) In
the nine-month period ended September 30, 2021, it Includes the
effects of the exclusion of ICMS (VAT tax) from the basis of
calculation of sales taxes PIS and COFINS, except for the effects
of inflation indexation.. |
Table 27 - Other income and expenses by segment –3Q22
|
US$
million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
|
Unscheduled
stoppages and pre-operating expenses |
(423) |
(6) |
(12) |
(14) |
− |
(455) |
|
Pension
and medical benefits - retirees (*) |
− |
− |
− |
(304) |
− |
(304) |
|
Gains
(losses) with legal, administrative and arbitration
proceedings |
(248) |
55 |
(1) |
(70) |
− |
(264) |
|
Performance
award program |
(61) |
(34) |
(7) |
(51) |
− |
(153) |
|
Profit
sharing |
(16) |
(10) |
(2) |
(10) |
− |
(38) |
|
Operating
expenses with thermoelectric power plants |
− |
− |
(37) |
− |
− |
(37) |
|
Results
from co-participation agreements in bid areas (**) |
(10) |
− |
− |
− |
− |
(10) |
|
Transfer
of rights on concession agreements |
− |
− |
− |
− |
− |
− |
|
Recovery
of taxes |
− |
2 |
− |
10 |
− |
12 |
|
Amounts
recovered from Lava Jato investigation |
17 |
− |
− |
5 |
− |
22 |
|
Fines
imposed on suppliers |
37 |
3 |
22 |
(3) |
− |
59 |
|
Gains with
Commodities Derivatives |
− |
− |
− |
87 |
− |
87 |
| Government
grants |
2 |
− |
− |
122 |
− |
124 |
|
Early
termination and changes to cash flow estimates of
leases |
136 |
18 |
13 |
(10) |
− |
157 |
|
Results on
disposal/write-offs of assets and on remeasurement of investment
retained with loss of control |
75 |
54 |
163 |
− |
− |
292 |
|
Reimbursements
from E&P partnership operations |
294 |
− |
− |
− |
− |
294 |
| Others |
51 |
(27) |
63 |
(50) |
− |
37 |
|
|
(146) |
55 |
202 |
(288) |
− |
(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. |
| (**) It
refers to the gain related to the Co-participation Agreements of
Atapu and Sépia. |
Table 28 - Other income and expenses by segment – 2Q22
|
US$
million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
|
Unscheduled
stoppages and pre-operating expenses |
(494) |
(8) |
(3) |
(8) |
− |
(513) |
|
Pension
and medical benefits - retirees |
− |
− |
− |
(253) |
− |
(253) |
|
Losses
with legal, administrative and arbitration proceedings |
(74) |
(179) |
(4) |
(41) |
− |
(298) |
|
Performance
award program |
(54) |
(27) |
(7) |
(41) |
− |
(129) |
|
Profit
sharing |
(14) |
(8) |
(2) |
(10) |
− |
(34) |
|
Operating
expenses with thermoelectric power plants |
− |
− |
(39) |
− |
− |
(39) |
|
Results
from co-participation agreements in bid areas (*) |
2,872 |
− |
− |
− |
− |
2,872 |
|
Transfer
of rights on concession agreements |
− |
− |
− |
− |
− |
− |
|
Recovery
of taxes |
− |
6 |
− |
18 |
− |
24 |
|
Amounts
recovered from Lava Jato investigation |
− |
− |
− |
− |
− |
− |
|
Fines
imposed on suppliers |
41 |
3 |
− |
4 |
− |
48 |
|
Losses
with Commodities Derivatives |
− |
− |
− |
(169) |
− |
(169) |
| Government
grants |
− |
− |
− |
131 |
− |
131 |
|
Early
termination and changes to cash flow estimates of
leases |
173 |
10 |
− |
(7) |
− |
176 |
|
Results on
disposal/write-offs of assets and on remeasurement of investment
retained with loss of control |
386 |
(10) |
(6) |
− |
− |
370 |
|
Reimbursements
from E&P partnership operations |
127 |
− |
− |
− |
− |
127 |
| Others |
(45) |
(62) |
48 |
(65) |
− |
(124) |
|
|
2,918 |
(275) |
(13) |
(441) |
− |
2,189 |
| (*) It
refers to the gain related to the Co-participation Agreements of
Atapu and Sépia. |
Table 29 - Consolidated assets by segment – 09.30.2022
|
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
|
Total
assets |
114,684 |
39,909 |
11,091 |
19,102 |
(9,524) |
175,262 |
|
|
|
|
|
|
|
|
|
Current
assets |
8,362 |
17,514 |
3,641 |
9,476 |
(9,524) |
29,469 |
|
Non-current
assets |
106,322 |
22,395 |
7,450 |
9,626 |
− |
145,793 |
|
Long-term
receivables |
6,201 |
2,797 |
599 |
7,552 |
− |
17,149 |
|
Investments |
400 |
1,076 |
165 |
31 |
− |
1,672 |
|
Property,
plant and equipment |
97,316 |
18,416 |
6,615 |
1,773 |
− |
124,120 |
|
Operating
assets |
87,185 |
15,881 |
4,652 |
1,436 |
− |
109,154 |
|
Assets
under construction |
10,131 |
2,534 |
1,963 |
338 |
− |
14,966 |
|
Intangible
assets |
2,405 |
106 |
71 |
270 |
− |
2,852 |
Table 30 - Consolidated assets by segment – 12.31.2021
|
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
|
Total
assets |
113,146 |
34,388 |
10,589 |
21,898 |
(5,673) |
174,348 |
|
|
|
|
|
|
|
|
|
Current
assets |
6,034 |
12,691 |
3,838 |
13,259 |
(5,673) |
30,149 |
|
Non-current
assets |
107,112 |
21,697 |
6,751 |
8,639 |
− |
144,199 |
|
Long-term
receivables |
5,042 |
2,212 |
322 |
6,758 |
− |
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 – 9M22
|
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
|
Net income
(loss) |
26,346 |
6,088 |
767 |
(3,648) |
(1,074) |
28,479 |
|
Net
finance income (expense) |
− |
− |
− |
4,126 |
− |
4,126 |
|
Income
taxes |
13,495 |
3,058 |
359 |
(2,593) |
(556) |
13,763 |
|
Depreciation,
depletion and amortization |
7,819 |
1,692 |
334 |
52 |
− |
9,897 |
|
EBITDA |
47,660 |
10,838 |
1,460 |
(2,063) |
(1,630) |
56,265 |
|
Results in
equity-accounted investments |
(154) |
(153) |
(71) |
5 |
− |
(373) |
|
Impairment |
127 |
295 |
(1) |
1 |
− |
422 |
|
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 |
(881) |
(97) |
(156) |
(4) |
− |
(1,138) |
|
Results
from co-participation agreements in bid areas |
(2,862) |
− |
− |
− |
− |
(2,862) |
|
Adjusted
EBITDA |
43,890 |
10,883 |
1,232 |
(2,061) |
(1,630) |
52,314 |
Table 32 - Reconciliation of Adjusted EBITDA by segment – 9M21
|
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
|
Net income
(loss) |
16,844 |
3,973 |
392 |
(5,750) |
(1,149) |
14,310 |
|
Net
finance income (expense) |
− |
− |
− |
8,482 |
− |
8,482 |
|
Income
taxes |
8,630 |
1,593 |
158 |
(3,819) |
(592) |
5,970 |
|
Depreciation,
depletion and amortization |
6,690 |
1,640 |
326 |
130 |
− |
8,786 |
|
EBITDA |
32,164 |
7,206 |
876 |
(957) |
(1,741) |
37,548 |
|
Results in
equity-accounted investments |
(85) |
(885) |
(85) |
(445) |
− |
(1,500) |
|
Impairment |
(3,099) |
13 |
169 |
(1) |
− |
(2,918) |
|
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 |
(148) |
(2) |
(55) |
(20) |
− |
(225) |
|
Results
from co-participation agreements in bid areas |
(667) |
− |
− |
− |
− |
(667) |
|
Adjusted
EBITDA |
28,165 |
6,332 |
905 |
(1,382) |
(1,741) |
32,279 |
Table 33 - Reconciliation of Adjusted EBITDA by segment – 3Q22
|
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
|
Net income
(loss) |
7,590 |
1,340 |
614 |
(1,041) |
287 |
8,790 |
|
Net
finance income (expense) |
− |
− |
− |
1,524 |
− |
1,524 |
|
Income
taxes |
3,885 |
703 |
310 |
(1,158) |
148 |
3,888 |
|
Depreciation,
depletion and amortization |
2,561 |
578 |
127 |
1 |
− |
3,267 |
|
EBITDA |
14,036 |
2,621 |
1,051 |
(674) |
435 |
17,469 |
|
Results in
equity-accounted investments |
(46) |
23 |
(12) |
3 |
− |
(32) |
|
Impairment |
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 |
13,929 |
2,841 |
876 |
(671) |
435 |
17,410 |
Table 34 - Reconciliation of Adjusted EBITDA by segment – 2Q22
|
US$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
|
Net income
(loss) |
10,802 |
2,761 |
394 |
(2,360) |
(556) |
11,041 |
|
Net
finance income (expense) |
− |
− |
− |
3,198 |
− |
3,198 |
|
Income
taxes |
5,538 |
1,470 |
188 |
(1,599) |
(288) |
5,309 |
|
Depreciation,
depletion and amortization |
2,788 |
542 |
99 |
31 |
− |
3,460 |
|
EBITDA |
19,128 |
4,773 |
681 |
(730) |
(844) |
23,008 |
|
Results in
equity-accounted investments |
(57) |
95 |
(30) |
1 |
− |
9 |
|
Impairment |
124 |
44 |
− |
− |
− |
168 |
|
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 |
(386) |
11 |
6 |
(1) |
− |
(370) |
|
Results
from co-participation agreements in bid areas |
(2,872) |
− |
− |
− |
− |
(2,872) |
|
Adjusted
EBITDA |
15,937 |
4,923 |
657 |
(730) |
(844) |
19,943 |
|
Glossary
ACL - Ambiente de Contratação Livre (Free contracting
market) in the electricity system.
ACR - Ambiente de Contratação Regulada (Regulated
contracting market) in the electricity system.
Adjusted cash and cash equivalents - Sum of cash and cash
equivalents, government bonds and time deposits from highly rated
financial institutions abroad with maturities of more than 3 months
from the date of acquisition, considering the expected realization
of those financial investments in the short-term. This measure is
not defined under the International Financial Reporting Standards –
IFRS and should not be considered in isolation or as a substitute
for cash and cash equivalents computed in accordance with IFRS. It
may not be comparable to adjusted cash and cash equivalents of
other companies, however management believes that it is an
appropriate supplemental measure to assess our liquidity and
supports leverage management.
Adjusted EBITDA – Adjusted EBITDA (a non-GAAP measure
defined as net income plus net finance income (expense); income
taxes; depreciation, depletion and amortization; results in
equity-accounted investments; impairment of assets (reversals);
results on disposal/write-offs of assets, remeasurement of
investment retained with loss of control and reclassification of
CTA; and results from co-participation agreements in bid
areas).
Adjusted EBITDA margin - Adjusted EBITDA divided by sales
revenues.
Basic and diluted earnings (losses) per share - Calculated
based on the weighted average number of shares.
Consolidated Structured Entities – Entities that have been
designated so that voting rights or the like are not the
determining factor in deciding who controls the entity. Petrobras
has no equity interest in certain structured entities that are
consolidated in the Company's financial statements, but control is
determined by the power it has over its relevant operating
activities. As there is no equity interest, the income from certain
consolidated structured entities is attributable to non-controlling
shareholders in the income statement, and disregarding the profit
or loss attributable to Petrobras shareholders.
CTA – Cumulative translation adjustment – The cumulative
amount of exchange variation arising on translation of foreign
operations that is recognized in Shareholders’ Equity and will be
transferred to profit or loss on the disposal of the
investment.
Effect of average cost in the Cost of Sales – In view of the
average inventory term of 60 days, the crude oil and oil products
international prices movement, as well as foreign exchange effect
over imports, production taxes and other factors that impact costs,
do not entirely influence the cost of sales in the
current period, having their total effects only in the following
period.
Free cash flow - Net cash provided by operating activities
less acquisition of PP&E and intangibles assets (except for
signature bonus) and investments in investees. Free cash flow is
not defined under the IFRS and should not be considered in
isolation or as a substitute for cash and cash equivalents
calculated in accordance with IFRS. It may not be comparable to
free cash flow of other companies, however management believes that
it is an appropriate supplemental measure to assess our liquidity
and supports leverage management.
Investments – Capital expenditures based on the cost
assumptions and financial methodology adopted in our Business and
Management Plan, which include acquisition of PP&E, including
expenses with leasing, intangibles assets, investment in investees
and other items that do not necessarily qualify as cash flows used
in investing activities, primarily geological and geophysical
expenses, pre-operating charges, purchase of property, plant and
equipment on credit and borrowing costs directly attributable to
works in progress.
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Leverage – Ratio between the Net Debt and the sum of Net
Debt and Shareholders’ Equity. Leverage is not a measure defined in
the IFRS and it is possible that it may not be comparable to
similar measures reported by other companies, however management
believes that it is an appropriate supplemental measure to assess
our liquidity.
Lifting Cost - Crude oil and natural gas lifting cost
indicator, which considers expenditures occurred in the period.
LTM Adjusted EBITDA - Sum of the last 12 months (Last Twelve
Months) of Adjusted EBITDA. This metric is not foreseen in the
international accounting standards - IFRS and it is possible that
it is not comparable with similar indexes reported by other
companies, however Management believes that it is supplementary
information to assess liquidity and helps manage leverage. Adjusted
EBITDA should be considered in conjunction with other metrics to
better understand the Company's liquidity.
OCF - Net Cash provided by (used in) operating activities
(operating cash flow)
Net Debt – Gross debt less adjusted cash and cash
equivalents. Net debt is not a measure defined in the IFRS and
should not be considered in isolation or as a substitute for total
long-term debt calculated in accordance with IFRS. Our calculation
of net debt may not be comparable to the calculation of net debt by
other companies, however our management believes that net debt is
an appropriate supplemental measure that helps investors assess our
liquidity and supports leverage management.
Net Income by Business Segment - The information by the
company's business segment is prepared based on available financial
information that is directly attributable to the segment or that
can be allocated on a reasonable basis, being presented by business
activities used by the Executive Board to make resource allocation
decisions. and performance evaluation. When calculating segmented
results, transactions with third parties, including jointly
controlled and associated companies, and transfers between business
segments are considered. Transactions between business segments are
valued at internal transfer prices calculated based on
methodologies that take into account market parameters, and these
transactions are eliminated, outside the business segments, for the
purpose of reconciling the segmented information with the
consolidated financial statements of the company. company.
PLD (differences settlement price) - Electricity price in
the spot market. Weekly weighed prices per output level (light,
medium and heavy), number of hours and related market capacity.
Refining - includes crude oil refining, logistics,
transportation, acquisition and export activities, as well as the
purchase and sale of petroleum and ethanol products in Brazil and
abroad. Additionally, this segment includes the petrochemical area,
which includes investments in companies in the petrochemical
sector, shale exploration and processing.
ROCE - operating profit after taxes / average capital
employed, both measured in US$ on a LTM basis
Operating profit after taxes: Adjusted EBITDA, minus DD&A of
assets booked at historical exchange rates and 34% income tax
rate.
Average capital employed: quarterly average considering
inventories, intangibles and fixed assets at historical exchange
rates.
Sales Price of Petroleum in Brazil - Average internal
transfer prices from the E&P segment to the Refining
segment.
Total net liabilities - Total liability less adjusted cash
and cash equivalents.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Date: November 3, 2022
PETRÓLEO BRASILEIRO S.A–PETROBRAS
By: /s/ Rodrigo Araujo
Alves
______________________________
Rodrigo Araujo
Alves
Chief Financial Officer and Investor Relations Officer
Petroleo Brasileiro ADR (NYSE:PBR)
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