Petróleo Brasileiro S.A. (PBR) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 12, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Carla Albano

Hi. Good afternoon, everyone. Welcome to Petrobras Webcast with Analysts and Investors about the First Quarter 2023 Results. It's great to have you join us today. We'd like to inform you that all participants will follow the transmission by Internet as listeners. After an introduction, a Q&A session will begin. You can send us questions by e-mail at petroinvest@petrobras.com.br.

Today, we have with us Anna Paula Zettel, Upstream Executive Manager representing the Chief Exploration and Production Officer, Joelson Mendes; Carlos Travassos, Chief Engineering, Technology & Innovation Officer; Clarice Coppetti, Chief Corporate Affairs Officer; Claudio Schlosser, Chief Logistics, Commercialization & Markets Officer; Mario Spinelli, Chief Governance & Compliance Officer; Mauricio Tolmasquim, Chief Energy Transition & Sustainability Officer; Sergio Caetano Leite, Chief Financial Officer & Investor Relations Officer; and William França, Chief Industrial Processes & Product Officer.

To begin, we will watch a message from our CEO, Jean Paul Prates.

Jean Paul Prates

Dear investors, as we open this event to discuss our results, I believe it is of the utmost importance to talk about the future of Petrobras and the perspectives opened up by yet another quarter of solid operational and financial performance, the first under this new management team. In these first 100 days, we focused our efforts on reorganizing the company structure, preparing Petrobras for the future, especially to lead the just energy transition.

We continue to reach production records in the pre-salt, and to increase the efficiency of our refineries. Our operating cash generation remains consistent and our debt reached the lowest level since 2010. We have solid fundamentals, which underpin our plan to diversify our investments to strengthen Petrobras as an integrated, robust and long living energy company. We will always pursue returns on investments and reductions in the cost of capital, maximizing the company's value and seeking to develop the Brazilian market with sustainability.

Total attention to people is our nonnegotiable priority, because only a skilled and diverse technical staff will allow us to meet the dynamic demands of the market, especially the energy transition. The investment in profitable exploration and production assets and in adjusting the refining facilities to the Brazilian markets demands our natural movements to ensure the energy supply that society needs.

We will continue our efforts to decarbonize our production processes and to develop greener products, which we understand to be the only way looking forward for the oil and gas industry, reducing its emissions and consolidating clean energy alternatives. In fact, we are convinced that Brazil and Petrobras have all the conditions to be global leaders in a fair energy transition without ceasing to be an oil power, establishing partnerships with other companies and taking advantage of the different vocations and potentialities of all Brazil's regions. We will build this route alongside our partners. This is our path going forward. We make decisions always reconciling our social function and respect for our governance, honoring the trust placed in our company by our shareholders. This is my greatest commitment, as well as that of the entire Executive Board, which I represent. Thank you very much to all of you.