Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) Q1 2024 Earnings Conference Call May 15, 2024 10:00 AM ET
Company Participants
Jean Paul Prates - Chief Executive Officer
Carlos Travassos - Chief Engineering, Technology, and Innovation Officer
Clarice Coppetti - Chief Corporate Affairs Officer
Claudio Romeo Schlosser - Chief Logistics, Commercialization and Markets Officer
Joelson Falcao Mendes - Chief Exploration and Production Officer
Mario Spinelli - Chief Governance and Compliance Officer
Mauricio Tolmasquim - Chief Energy Transition and Sustainability Officer
Sergio Caetano Leite - Chief Financial and Investor Relations Officer
William Franca da Silva - Chief Industrial Processes and Products Officer
Conference Call Participants
Bruno Montanari - Morgan Staley
Luiz Carvalho - UBS Bank
Pedro Soares - BTG Pactual
Gabriel Barra - Citigroup
Regis Cardoso - XP
Rodolfo Angele - JP Morgan
Operator
Good morning, and welcome to Petrobras’ Earnings Call for analysts and investors. We’re going to discuss our results for the First Quarter of 2024. It’s a pleasure to have you here. This event will be held in Portuguese, but it is being simultaneously translated into English. You may access the links to both language webcast on our Investor Relations website. All participants will be on listen-only mode during the company’s presentation, after that we will have a questions-and-answer session. You may send us your questions via e-mail, petroinvest@petrobras.com.br.
We have with us Carlos Travassos, Executive Engineering, Technology and Innovation Director; Clarice Coppetti, Executive Director of Corporate Affairs; Claudio Schlosser, Executive Director for Logistics, Trade and Markets; Joelson Mendes, Executive Director for Production and Exploration; Mario Spinelli, Executive Director for Governance and Compliance; Mauricio Tolmasquim, Executive Director for Energy Transition and Sustainability; Sergio Caetano Leite, Executive Financial and Investor Relations Director; and William Franca, Executive Director for Processes and Products.
We will begin with a video bearing a message of our CEO, Jean Paul Prates.
Jean Paul Prates
Good morning, ladies and gentlemen. Today, we’re going to go into the financial results for the first quarter of 2024. The main message, I would like to leave you with before presenting the figures is our commitment to executing and financing our investment plan with capital discipline and generating value for shareholders and society.
We maintained consistent cash generation this quarter, which gives us security in relation to future investments including those for production growth. This quarter, and also in comparison to the previous quarter, we had a drop in oil and gas production, which was already expected because we’ve scheduled maintenance down times on platforms. Therefore, it’s a planned movement, which does not impact our production curve set out in the strategic plan.