UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 6-K
Report of Foreign Private
Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange
Act of 1934
For the month of
March, 2023
Commission File Number
1-15106
PETRÓLEO BRASILEIRO
S.A. – PETROBRAS
(Exact name of registrant
as specified in its charter)
Brazilian Petroleum
Corporation – PETROBRAS
(Translation of Registrant's
name into English)
Avenida Henrique Valadares, 28 – 19th floor
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil
(Address of principal
executive office)
Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form
40-F _______
Indicate by check mark
whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
Petrobras financial performance in 4Q22
Rio de Janeiro, March 01, 2023
Message from the CFO
Dear shareholders and investors,
With a strong sense of accomplishment, we are
very proud to share 2022 results. They are the synthesis of a long trajectory of huge challenges which were overcome, efficient management,
consistent strategic choices which were vindicated and the focus on value generation, all of which are today reflected in excellent economic
and financial results and a solid balance sheet.
We have reached superlative records: recurring
net income and EBITDA of, respectively, US$ 34 billion and US$ 67 billion, which, notwithstanding the positive external backdrop, represent
the result of several relevant management decisions taken over the past years, as oil prices had previously been at levels similar to
those of 2022, without equivalent results. And we have generated those results while investing in 2022 US$ 10 billion in our businesses
and delivering an oil and gas production of 2.7 million boed, 3% above the center of the target and with 73% of pre-salt oil in the mix,
demonstrating how serious and effective is the execution of our robust and resilient strategic planning. We continue to break production
records. FPSO Carioca, in Sépia field, reached in November the average monthly production of 174 kbpd and the ATP-6 well in Atapu
reached in the same period 56.5 kbpd. In 2022 reserves incorporation was the highest ever (2.0 billion boe), for the second year in a
row, reflecting the excellent performance of our assets. The reserves to production metric (R/P) went up to 12.2 years.
We started up 2 new production platforms, in
the Mero and Itapu fields, the latter brought forward relative to the initial schedule. We shall have 17 additional ones coming online
over the next 5 years.
We delivered world-class results in refining
and trading and logistics. We continue with our plans to modernize our refining facilities, with works in the Sulfur Recovery Unit at
REGAP, procurement of the new HDT for REPLAN and the system for reduction of emissions into the atmosphere (blowdown closure at RPBC).
We have kept the utilization factor in our refineries at high and efficient levels, despite relevant maintenance stoppages, and we also
increased energy efficiency and reduced emissions.
The year 2022 was challenging with global supply
limitations caused by the conflict in Ukraine. Our global market coverage and development of new customers were instrumental for the shift
in our exports flow aimed at generating value and seizing new arbitrage opportunities. We have been able to diversify the destinations
of our exports and practice competitive prices, while reducing volatility to our customers.
In regard to innovation and technological development,
it is worth noting that for the second year in a row we have reached the record of 1,100 active patents filed only in 2022. For the fourth
consecutive year we were in the top position in high performance and ecoefficient computers in Latin America, with the Pegasus supercomputer,
which happens to be the 5th most powerful on the global oil industry. Processing more data enables us to generate ever-sharper
images for the areas mapped for oil and gas exploration and production, besides reducing processing time. This contributes to production
optimization, increase in recovery factor of the existing reserves and the maximization of the efficiency of our exploratory projects.
These results and the countless other efforts
and processes, it is always worth remembering, were carried out with the utmost respect for the highest governance and compliance standards.
Consistent with the continuous improvement of our governance and transparency, in 2022 we approved our Tax Policy and improved the governance
of our Pricing Policy with the approval by our Board of Directors of the guideline for prices in the domestic market. Our Governance efforts
have been rewarded and for the 6th consecutive year we have received the Level 1 Governance Certification from the Secretariat
of Coordination and Governance of State-Owned Companies (SEST). We also stand in the top position in the ranking for active transparency
of the General Federal Inspector’s Office (Controladoria Geral da União).
We have accomplished all this always prioritizing
the safety of our employees – captured in the total recordable injuries metric of 0.68 per million men-hour – and respecting
the environment and society. We have today the largest program for offshore CO2 capture worldwide. In 2022 we injected 10.6
million tCO2, the most we injected in a single year. In light of the cumulative results our reinjection commitment was revised
up to 80 million tCO2 by 2025 in CCUS (carbon capture usage and storage) projects. CO2 reinjection will continue
to have a relevant role in the reduction of the intensity of GHG emissions on oil and gas production. Besides, as can be witnessed in
the evolution of our strategic plans, we are seeking to expand even further our environmental initiatives, developing capabilities also
for the offshore wind, hydrogen and biorefining businesses. For the second year in a row, Petrobras has joined the Dow Jones Sustainability
Index World and we have reached the maximum score in the Environmental Report, Water-related Risks and Social Report criteria. The company
also stood out in terms of Operating Eco-efficiency, Labor Practices and Human Rights. It is also noteworthy that we are implementing
a green recycling policy for platforms to be decommissioned, in line with the market’s best ESG practices.
All those efforts
were translated into huge wealth for Brazilian society. In 2022, we have paid the record amount of R$ 279 billion in taxes and government
take and we have surpassed the mark of R$ 1 trillion over the last 5 years. Our strong results have also been translated into returns
to our shareholders. Our Board of Directors approved dividends of R$ 2.75[1]
per common and preferred share, relative to 4Q22 results. And we can continue to deliver even more. With
the perspectives on oil and gas production growth, with higher profitability due to the pre-salt, and the capacity of our company to face
the challenges imposed by the inevitable energy transition we shall be in a unique position to continue to generate long term value. It
is obviously worth nothing that we cannot ignore the cyclical nature of our industry: who can forget negative oil prices during the height
of the pandemic? In 2022 our return on capital employed was 16%. In 2020 it was only 3%. Therefore, we need to focus on our portfolio’s
resilience, ensuring long term financial sustainability.
[1] For more information and
details please access the material fact released today.
All that has been constructed was only possible
due to the efforts, capacity and commitment of thousands of people, who, infused with collaborative spirit and working for a common good,
are capable of generating so much wealth for society.
Lastly, we are confident that Petrobras will
keep moving forward to a bright future, overcoming challenges, developing technologies to the energy transition and, in the meantime,
generating value to society and to our shareholders and investors.
Rodrigo Araujo Alves
Disclaimer
This report may contain forward-looking
statements. Such forward-looking statements only reflect expectations of the Company's managers regarding future economic conditions,
as well as the Company's performance, financial performance and results, among others. The terms "anticipates", "believes",
"expects", "predicts", "intends", "plans", "projects", "objective", "should",
and similar terms, which evidently involve risks and uncertainties that may or may not be anticipated by the Company and therefore are
not guarantees of future results of the Company's operations that may differ from current expectations. The readers should not rely exclusively
on any forward-looking statement contained herein. The Company does not undertake any responsibility to update the presentations and forecasts
in the light of new information or its future developments, and the figures reported for 4Q22 onwards are estimates or targets. These
indicators do not have standardized meanings and may not be comparable to indicators with a similar description used by others. We provide
these indicators because we use them as measures of company performance; they should not be considered in isolation or as a substitute
for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS. See definitions of Free Cash Flow, Adjusted EBITDA
and Net Indebtedness in the Glossary and their reconciliations in the Liquidity and Capital Resources sections, Reconciliation of Adjusted
EBITDA and Net Indebtedness. Consolidated accounting information audited by independent auditors in accordance with international accounting
standards (IFRS).
Main items
Table 1 - Main items*
|
|
|
|
|
|
Variation (%) |
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
Sales revenues |
158,579 |
170,076 |
134,190 |
641,256 |
452,668 |
(6.8) |
18.2 |
41.7 |
Gross profit |
76,637 |
86,836 |
59,047 |
334,100 |
219,637 |
(11.7) |
29.8 |
52.1 |
Operating expenses |
(18,184) |
(12,395) |
(1,341) |
(41,136) |
(17,233) |
46.7 |
1256.0 |
138.7 |
Consolidated net income (loss) attributable to the shareholders of Petrobras |
43,341 |
46,096 |
31,504 |
188,328 |
106,668 |
(6.0) |
37.6 |
76.6 |
Recurring consolidated net income (loss) attributable to the shareholders of Petrobras * |
42,910 |
46,290 |
23,795 |
177,431 |
83,286 |
(7.3) |
80.3 |
113.0 |
Net cash provided by operating activities |
67,575 |
63,207 |
51,392 |
255,410 |
203,126 |
6.9 |
31.5 |
25.7 |
Free cash flow |
48,865 |
52,982 |
41,986 |
205,754 |
168,992 |
(7.8) |
16.4 |
21.8 |
Adjusted EBITDA |
73,091 |
91,421 |
62,945 |
340,482 |
234,576 |
(20.1) |
16.1 |
45.1 |
Recurring adjusted EBITDA* |
75,504 |
92,268 |
62,466 |
345,323 |
234,069 |
(18.2) |
20.9 |
47.5 |
Gross debt (US$ million) |
53,799 |
54,268 |
58,743 |
53,799 |
58,743 |
(0.9) |
(8.4) |
(8.4) |
Net debt (US$ million) |
41,516 |
47,483 |
47,626 |
41,516 |
47,626 |
(12.6) |
(12.8) |
(12.8) |
Net debt/LTM Adjusted EBITDA ratio ** |
0.63 |
0.75 |
1.09 |
0.63 |
1.09 |
(16.0) |
(42.2) |
(42.2) |
Average commercial selling rate for U.S. dollar |
5.26 |
5.25 |
5.58 |
5.16 |
5.40 |
0.2 |
(5.7) |
(4.4) |
Brent crude (US$/bbl) |
88.71 |
100.85 |
79.73 |
101.19 |
70.73 |
(12.0) |
11.3 |
43.1 |
Domestic basic oil by-products price (R$/bbl) |
621.25 |
692.97 |
485.84 |
632.22 |
416.34 |
(10.3) |
27.9 |
51.9 |
TRI (total recordable injuries per million men-hour frequency rate) |
|
|
|
0.68 |
0.56 |
- |
- |
21.4 |
ROCE (Return on Capital Employed) |
15.9% |
14.8% |
7.8% |
15.9% |
7.8% |
1,1 p.p. |
8,1 p.p. |
8,1 p.p. |
* See reconciliation of Recurring net income and Adjusted
EBITDA in the Special Items section.
* *Ratio calculated in USD
Consolidated results
Net revenues
Table 2 – Net revenues by products
|
|
|
|
|
|
Variation (%) |
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
Diesel |
54,139 |
61,343 |
37,688 |
206,960 |
130,671 |
(11.7) |
43.7 |
58.4 |
Gasoline |
21,188 |
21,575 |
21,009 |
83,354 |
64,206 |
(1.8) |
0.9 |
29.8 |
Liquefied petroleum gas (LPG) |
6,008 |
7,108 |
6,495 |
26,362 |
24,168 |
(15.5) |
(7.5) |
9.1 |
Jet fuel |
7,874 |
8,058 |
4,552 |
28,007 |
12,279 |
(2.3) |
73.0 |
128.1 |
Naphtha |
2,270 |
3,305 |
2,681 |
12,312 |
9,131 |
(31.3) |
(15.3) |
34.8 |
Fuel oil (including bunker fuel) |
1,639 |
2,003 |
2,824 |
7,287 |
9,532 |
(18.2) |
(42.0) |
(23.6) |
Other oil products |
6,114 |
7,780 |
6,589 |
28,493 |
22,988 |
(21.4) |
(7.2) |
23.9 |
Subtotal oil products |
99,232 |
111,172 |
81,838 |
392,775 |
272,975 |
(10.7) |
21.3 |
43.9 |
Natural gas |
10,418 |
10,522 |
10,035 |
39,617 |
31,694 |
(1.0) |
3.8 |
25.0 |
Crude oil |
6,836 |
10,379 |
3,339 |
39,613 |
3,766 |
(34.1) |
104.7 |
951.9 |
Renewables and nitrogen products |
281 |
364 |
31 |
1,454 |
215 |
(22.8) |
806.5 |
576.3 |
Revenues from non-exercised rights |
1,087 |
988 |
242 |
3,448 |
1,311 |
10.0 |
349.2 |
163.0 |
Electricity |
795 |
740 |
4,064 |
3,622 |
15,559 |
7.4 |
(80.4) |
(76.7) |
Services, agency and others |
1,283 |
1,333 |
1,338 |
5,363 |
4,357 |
(3.8) |
(4.1) |
23.1 |
Total domestic market |
119,932 |
135,498 |
100,887 |
485,892 |
329,877 |
(11.5) |
18.9 |
47.3 |
Exports |
36,151 |
29,859 |
30,093 |
141,521 |
115,768 |
21.1 |
20.1 |
22.2 |
Crude oil |
27,811 |
19,031 |
18,442 |
99,474 |
80,245 |
46.1 |
50.8 |
24.0 |
Fuel oil (including bunker fuel) |
7,858 |
9,182 |
10,359 |
38,129 |
29,755 |
(14.4) |
(24.1) |
28.1 |
Other oil products and other products |
482 |
1,646 |
1,292 |
3,918 |
5,768 |
(70.7) |
(62.7) |
(32.1) |
Sales abroad (*) |
2,496 |
4,719 |
3,210 |
13,843 |
7,023 |
(47.1) |
(22.2) |
97.1 |
Total foreign market |
38,647 |
34,578 |
33,303 |
155,364 |
122,791 |
11.8 |
16.0 |
26.5 |
Total |
158,579 |
170,076 |
134,190 |
641,256 |
452,668 |
(6.8) |
18.2 |
41.7 |
(*) Sales revenues from operations outside of Brazil, including trading and excluding exports |
In 2022, net revenues increased
42%, driven mainly by the 43% rise in Brent prices compared to 2021 and higher oil product and natural gas prices in a year of continuing
recovery in global demand and with supply impacted by the war in Ukraine. The strong growth of oil sales in the domestic market in 2022
is explained by sales to Acelen (Mataripe Refinery), after the divestment concluded on November 30, 2021.
In 2022, export revenues grew
22% due to higher Brent prices, despite a 12% drop in volumes compared to 2021.
In 4Q22, revenues decreased
7% compared to 3Q22 mainly due to the 12% depreciation of Brent in the quarter. Revenues from oil products in the domestic market fell
11% compared to 3Q22, influenced by the reduction in oil product prices, which were more aligned to international prices. Oil revenues
in the domestic market fell 34% in 4Q22 due to lower sales to Acelen and the drop in Brent prices.
Export revenues, despite the
depreciation in Brent prices, increased 21% in 4Q22 compared to 3Q22. This result mainly reflected the realization in 4Q22 of ongoing
exports from 3Q22.
Diesel and gasoline remained
the main products, together accounting for 76% of oil products revenues in 4Q22.
Graph 1 – Oil products sales revenues 4Q22 – domestic market
As the war in Ukraine continued, we maintained
our strategy of diversifying oil flows in 2022 and market development of pre-salt oil streams in order to maximize the value of Petrobras
exports.
Búzios remains the main export stream,
representing almost 50% of the volume exported in 2022. The global market coverage allowed the best use of arbitrage throughout the year,
which was characterized by high volatility and change in flows due to the war in Ukraine.
Over the years Petrobras has been implementing
a constant search for global opportunities and the development of new clients, which was decisive for the company to also change the flow
of its exports, taking advantage of new arbitrage opportunities and maximizing value generation. In 4Q22 we made our first export of Mero,
opening a new market in Thailand.
In 4Q22, we had the following distribution of
export destinations by volume:
Table 3 – Destination of oil exports
Country |
4Q22 |
3Q22 |
4Q21 |
China |
45% |
29% |
38% |
Europe |
29% |
27% |
16% |
Latam |
10% |
21% |
23% |
USA |
7% |
10% |
8% |
Asia (Ex China) |
7% |
11% |
13% |
Caribbean |
2% |
2% |
2% |
Table 4 – Destination of exports of oil products
Country |
4Q22 |
3Q22 |
4Q21 |
Singapore |
70% |
59% |
84% |
USA |
16% |
20% |
10% |
Caribbean |
8% |
14% |
4% |
Europe |
6% |
7% |
0% |
Others |
- |
- |
2% |
Cost of goods sold
Table 5 – Cost of goods sold
|
|
|
|
|
|
Variation (%) |
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
Acquisitions |
(36,216) |
(35,902) |
(31,042) |
(122,975) |
(86,975) |
0.9 |
16.7 |
41.4 |
Crude oil imports |
(15,723) |
(16,724) |
(8,900) |
(54,185) |
(30,444) |
(6.0) |
76.7 |
78.0 |
Oil products imports |
(15,954) |
(14,771) |
(10,396) |
(46,639) |
(30,361) |
8.0 |
53.5 |
53.6 |
Natural gas imports |
(4,539) |
(4,407) |
(11,746) |
(22,151) |
(26,170) |
3.0 |
(61.4) |
(15.4) |
Production |
(40,973) |
(41,234) |
(35,253) |
(165,434) |
(128,721) |
(0.6) |
16.2 |
28.5 |
Crude oil |
(33,443) |
(34,079) |
(29,547) |
(136,860) |
(105,277) |
(1.9) |
13.2 |
30.0 |
Production taxes |
(16,536) |
(17,773) |
(15,709) |
(71,198) |
(51,053) |
(7.0) |
5.3 |
39.5 |
Other costs |
(16,907) |
(16,306) |
(13,838) |
(65,662) |
(54,224) |
3.7 |
22.2 |
21.1 |
Oil products |
(3,919) |
(3,448) |
(3,025) |
(13,778) |
(13,424) |
13.7 |
29.6 |
2.6 |
Natural gas |
(3,611) |
(3,707) |
(2,681) |
(14,796) |
(10,020) |
(2.6) |
34.7 |
47.7 |
Production taxes |
(901) |
(1,150) |
(988) |
(4,542) |
(3,206) |
(21.7) |
(8.8) |
41.7 |
Other costs |
(2,710) |
(2,557) |
(1,693) |
(10,254) |
(6,814) |
6.0 |
60.1 |
50.5 |
Services, electricity, operations abroad and others |
(4,753) |
(6,104) |
(8,848) |
(18,747) |
(17,335) |
(22.1) |
(46.3) |
8.1 |
Total |
(81,942) |
(83,240) |
(75,143) |
(307,156) |
(233,031) |
(1.6) |
9.0 |
31.8 |
In 2022, cost of goods sold increased
32% compared to 2021 reflecting mainly higher expenses with imports, as a result of higher prices of oil and oil products, and with government
take, as a consequence of the appreciation of Brent and natural gas prices. The reduction in the volume of LNG and Bolivian gas imports
partially offset this effect. In 2022 there was a 15% reduction in Bolivian gas imports and a 74% reduction in the volume of regasified
LNG, which is mainly explained by the lower natural gas thermoelectric dispatch due to the favorable hydrological scenario.
In 4Q22, the cost of goods
sold dropped 2% compared to 3Q22, due to the devaluation of Brent, which contributed to the drop in government take.
Operating expenses
Table 6 – Operating expenses
|
|
|
|
|
|
Variation (%) |
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
Selling, General and Administrative Expenses |
(8,772) |
(8,110) |
(7,810) |
(32,325) |
(29,146) |
8.2 |
12.3 |
10.9 |
Selling expenses |
(6,795) |
(6,358) |
(6,100) |
(25,448) |
(22,806) |
6.9 |
11.4 |
11.6 |
Materials, third-party services, freight, rent and other related costs |
(5,601) |
(5,102) |
(5,075) |
(20,592) |
(19,095) |
9.8 |
10.4 |
7.8 |
Depreciation, depletion and amortization |
(938) |
(1,020) |
(905) |
(4,062) |
(3,289) |
(8.0) |
3.6 |
23.5 |
Allowance for expected credit losses |
(127) |
(107) |
(6) |
(304) |
65 |
18.7 |
2016.7 |
− |
Employee compensation |
(129) |
(129) |
(114) |
(490) |
(487) |
− |
13.2 |
0.6 |
General and administrative expenses |
(1,977) |
(1,752) |
(1,710) |
(6,877) |
(6,340) |
12.8 |
15.6 |
8.5 |
Employee compensation |
(1,197) |
(1,171) |
(1,100) |
(4,464) |
(4,490) |
2.2 |
8.8 |
(0.6) |
Materials, third-party services, rent and other related costs |
(611) |
(446) |
(490) |
(1,871) |
(1,384) |
37.0 |
24.7 |
35.2 |
Depreciation, depletion and amortization |
(169) |
(135) |
(120) |
(542) |
(466) |
25.2 |
40.8 |
16.3 |
Exploration costs |
(3,447) |
(565) |
(834) |
(4,616) |
(3,731) |
510.1 |
313.3 |
23.7 |
Research and Development |
(942) |
(984) |
(827) |
(4,087) |
(3,033) |
(4.3) |
13.9 |
34.8 |
Other taxes |
(1,017) |
(489) |
(197) |
(2,272) |
(2,180) |
108.0 |
416.2 |
4.2 |
Impairment of assets |
(4,680) |
(1,336) |
1,537 |
(6,859) |
16,890 |
250.3 |
− |
− |
Other income and expenses, net |
674 |
(911) |
6,790 |
9,023 |
3,967 |
− |
(90.1) |
127.5 |
Total |
(18,184) |
(12,395) |
(1,341) |
(41,136) |
(17,233) |
46.7 |
1256.0 |
138.7 |
In 2022, operating expenses increased 139 mostly
reflecting the absence of gains in 2022 from the impairment reversals (-R$ 23,7 billion), the complementary gain from the exclusion of
ICMS from the PIS/COFINS tax base (-R$ 2.6 billion), higher expenses with legal contingencies (-R$ 3.1 billion), and lower gains with
the disposal and write-off of assets (-R$ 5.0 billion), partially offset by higher gains with co-participation agreements in the Sepia,
Atapu, and Buzios fields (+R$ 18.3 billion).
The 12% growth in selling expenses in 2022
is explained by higher freight costs for exports, higher logistics expenses with natural gas transportation and higher oil sales in the
domestic market, mainly to Acelen.
In 2022, general and administrative expenses
increased by 9% compared to 2021, which is explained by the increase in services expenses, mainly related to digital transformation, and
the resumption of activities post-pandemic.
Exploration expenses grew in 2022 mainly due
to higher spending on the write-off of exploratory wells, partly offset by the reversal of local content fines with the National Agency
of Petroleum, Natural Gas and Biofuels (ANP) after the execution of the Conduct Adjustment Agreement (TAC), related to investment commitments
in Exploration and Production with local content.
The growth in expenses with research and technological
development in 2022 is explained by the increase in the regulatory obligation to invest in research, development and innovation (RD&I),
mainly due to the increase in revenues from pre-salt fields.
In 4Q22, operating expenses grew 47% compared
to 3Q22, impacted mainly by higher impairment expenses (-R$ 3.3 billion) and exploratory expenses due mainly to the write-off of 8 exploratory
wells in the Sergipe-Alagoas area (SEAL) (-R$ 2.9 billion), as well as higher expenses with judicial contingencies (-R$ 1.5 billion) and
lower gains with the sale and write-off of assets (-R$ 1.5 billion), partly offset by the gain with co-participation agreements in the
Sépia, Atapu, and Búzios fields (+R$ 7.5 billion).
Adjusted EBITDA
In 2022, Adjusted EBITDA grew 45% compared
to 2021, reaching R$ 340.5 billion mainly influenced by the 43% appreciation of average Brent for the year and higher oil products prices
in 2022.
In 4Q22, Adjusted EBITDA reached R$ 73.1 billion,
a 20% decline compared to 3Q22, due to the 12% depreciation of Brent and lower oil products margins in the period, as well as higher exploration
expenses and legal contingencies.
Financial results
Table 7 – Financial results
|
|
|
|
|
|
Variation (%) |
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
Finance income |
2,293 |
2,713 |
1,485 |
9,420 |
4,458 |
(15.5) |
54.4 |
111.3 |
Income from investments and marketable securities (Government Bonds) |
1,507 |
1,783 |
785 |
5,955 |
1,706 |
(15.5) |
92.0 |
249.1 |
Other income, net |
786 |
930 |
700 |
3,465 |
2,752 |
(15.5) |
12.3 |
25.9 |
Finance expenses |
(5,223) |
(4,157) |
(4,915) |
(18,040) |
(27,636) |
25.6 |
6.3 |
(34.7) |
Interest on finance debt |
(3,030) |
(2,963) |
(3,046) |
(12,173) |
(15,461) |
2.3 |
(0.5) |
(21.3) |
Unwinding of discount on lease liabilities |
(1,993) |
(1,773) |
(1,816) |
(6,936) |
(6,584) |
12.4 |
9.7 |
5.3 |
Discount and premium on repurchase of debt securities |
(4) |
(54) |
(25) |
(596) |
(5,838) |
(92.6) |
(84.0) |
(89.8) |
Capitalized borrowing costs |
1,247 |
1,364 |
1,274 |
5,319 |
5,244 |
(8.6) |
(2.1) |
1.4 |
Unwinding of discount on the provision for decommissioning costs |
(655) |
(668) |
(1,017) |
(2,680) |
(4,088) |
(1.9) |
(35.6) |
(34.4) |
Other finance expenses, net |
(788) |
(63) |
(285) |
(974) |
(909) |
1150.8 |
176.5 |
7.2 |
Foreign exchange gains (losses) and indexation charges |
4,420 |
(6,529) |
(10,374) |
(10,637) |
(36,078) |
− |
− |
(70.5) |
Foreign exchange gains (losses) |
5,359 |
(4,073) |
(4,292) |
5,637 |
(14,951) |
− |
− |
− |
Reclassification of hedge accounting to the Statement of Income |
(6,698) |
(5,813) |
(6,954) |
(25,174) |
(24,777) |
15.2 |
(3.7) |
1.6 |
Monetary restatement of anticipated dividends and dividends payable (*) |
4,602 |
2,085 |
570 |
5,351 |
602 |
120.7 |
707.4 |
788.9 |
Recoverable taxes inflation indexation income (**) |
61 |
155 |
167 |
443 |
2,754 |
(60.6) |
(63.5) |
(83.9) |
Other foreign exchange gains (losses) and indexation charges, net |
1,096 |
1,117 |
135 |
3,106 |
294 |
(1.9) |
711.9 |
956.5 |
Total |
1,490 |
(7,973) |
(13,804) |
(19,257) |
(59,256) |
− |
− |
(67.5) |
(*) In 2022, it refers to the income on the monetary restatement
of paid anticipated dividends, in the amount of R$ 2.180 (R$ 105, in 2021), and to the expense on the indexation charges on dividends
payable, in the amount of R$ 1.431 (R$ 73, in 2021)
(**) In 2021, it includes inflation indexation income related
to the exclusion of ICMS (VAT tax) from the basis of calculation of PIS and COFINS |
In 2022, the financial result was negative by
R$ 19.3 billion, a 68% improvement compared to 2021, mostly explained by the gain with the BRL variation against the USD (R$/US$ 5.22
in Dec/2022 against R$/US$ 5.58 in Dec/2021). Additionally, the monetary restatement of anticipated dividends, lower transaction costs
and goodwill on the repurchase of securities, lower interest expenses, gains on financial investments and discount on the repurchase of
securities contributed to this result in 2022.
On the other hand, the financial result for 4Q22
was positive by R$ 1.5 billion, compared to a negative result of R$ 8.0 billion in 3Q22, reflecting the appreciation of the BRL against
the USD (R$/US$ 5.22 in Dec/2022 versus R$/US$ 5.41 in Sep/2022) and gains in monetary restatement of anticipated dividends.
Net profit (loss) attributable to Petrobras
shareholders
Net income in 2022 was
R$ 188.3 billion, compared to R$ 106.7 billion in 2021. This increase is mainly due to the 43% appreciation of Brent, higher margins on
oil products, improved financial results and gains from co-participation agreements in the Transfer of Rights fields, partially offset
by higher tax collection and the absence of gains from the impairment reversals.
In 4Q22 net income was
R$ 43.3 billion, compared to R$ 46.1 billion in 3Q22. This result is mainly explained by the depreciation of Brent, lower margins on oil
products, higher impairment expenses, partially offset by gains from co-participation agreements in the Sepia, Atapu and Búzios
fields and by the appreciation of the BRL against the USD, generating a positive financial result for Petrobras.
Recurring net income
attributable to Petrobras shareholders and recurring Adjusted EBITDA
In 2022, the net income was R$ 188.3 billion,
benefited from non-recurring items, especially the gains with co-participation agreements and asset sales, partially offset by expenses
with impairment, legal contingencies and dismantling of areas, in addition to the net effect on income tax and social contribution on
the sale of assets. Excluding the non-recurring effects, net income would have been R$ 177.4 billion. Adjusted EBITDA was negatively impacted
by R$ 4.8 billion and would have totaled R$ 345.3 billion without the effect of non-recurring items in 2022.
In 4Q22, net income also benefited from non-recurring
items by R$ 0.5 billion and would have been R$ 42.9 billion excluding these items. Adjusted EBITDA was negatively impacted by R$ 2.4 billion
and would have totaled R$ 75.5 billion excluding the non-recurring items.
Special items
Table 8 – Special items
|
|
|
|
|
|
Variation (%) |
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
Net income |
43,502 |
46,236 |
31,723 |
189,005 |
107,264 |
(5.9) |
37.1 |
76.2 |
Non-recurring items |
647 |
(299) |
11,676 |
16,528 |
35,510 |
− |
(94.5) |
(53.5) |
Non-recurring items that do not affect Adjusted EBITDA |
3,060 |
548 |
11,197 |
21,369 |
35,002 |
458.4 |
(72.7) |
(38.9) |
Impairment of assets and investments |
(4,667) |
(1,324) |
1,538 |
(6,891) |
18,794 |
252.5 |
− |
− |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
(1) |
− |
(1) |
(220) |
− |
− |
(99.5) |
Gains and losses on disposal / write-offs of assets |
34 |
1,550 |
9,654 |
5,884 |
10,889 |
(97.8) |
(99.6) |
(46.0) |
Results from co-participation agreements in bid areas |
7,467 |
(50) |
(202) |
21,660 |
3,317 |
− |
− |
553.0 |
Agreements signed for the electricity sector |
− |
− |
161 |
− |
597 |
− |
− |
− |
Pis and Cofins inflation indexation charges - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
− |
8 |
− |
2,410 |
− |
− |
− |
Discount and premium on repurchase of debt securities |
226 |
373 |
28 |
717 |
(5,770) |
(39.4) |
707.1 |
− |
Non-incidence of income taxes on indexation charges (SELIC interest rate) over undue paid taxes |
− |
− |
− |
− |
4,767 |
− |
− |
− |
Financial updating on state amnesty programs |
− |
− |
10 |
− |
218 |
− |
− |
− |
Other non-recurring items |
(2,413) |
(847) |
479 |
(4,841) |
507 |
184.9 |
− |
− |
Voluntary Separation Plan |
(59) |
(4) |
10 |
(92) |
62 |
1375.0 |
− |
− |
Amounts recovered from Lava Jato investigation |
324 |
115 |
75 |
499 |
1,272 |
181.7 |
332.0 |
(60.8) |
Gains / (losses) on decommissioning of returned/abandoned areas |
(1,031) |
(7) |
619 |
(1,178) |
559 |
14628.6 |
− |
− |
State amnesty programs |
− |
− |
3 |
− |
799 |
− |
− |
− |
Gains (losses) related to legal proceedings |
(1,575) |
(950) |
(363) |
(3,948) |
(1,634) |
65.8 |
333.9 |
141.6 |
Equalization of expenses - Production Individualization Agreements |
(72) |
(1) |
(235) |
(122) |
(425) |
7100.0 |
(69.4) |
(71.3) |
PIS and COFINS over inflation indexation charges - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
− |
− |
− |
(111) |
− |
− |
− |
PIS and COFINS recovered - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
− |
2 |
− |
2,556 |
− |
− |
− |
Gains/(losses) arising from actuarial review of health care plan |
− |
− |
− |
− |
(4,518) |
− |
− |
− |
Gains/(losses) with the transfer of rights on concession agreements |
− |
− |
368 |
− |
1,947 |
− |
− |
− |
Net effect of non-recurring items on IR / CSLL |
(216) |
105 |
(3,967) |
(5,631) |
(12,126) |
− |
(94.6) |
(53.6) |
Recurring net income |
43,071 |
46,430 |
24,014 |
178,108 |
83,882 |
(7.2) |
79.4 |
112.3 |
Shareholders of Petrobras |
42,910 |
46,290 |
23,795 |
177,431 |
83,286 |
(7.3) |
80.3 |
113.0 |
Non-controlling interests |
161 |
140 |
219 |
677 |
596 |
15.0 |
(26.5) |
13.6 |
Adjusted EBITDA |
73,091 |
91,421 |
62,945 |
340,482 |
234,576 |
(20.1) |
16.1 |
45.1 |
Non-recurring items |
(2,413) |
(847) |
479 |
(4,841) |
507 |
184.9 |
− |
− |
Recurring Adjusted EBITDA |
75,504 |
92,268 |
62,466 |
345,323 |
234,069 |
(18.2) |
20.9 |
47.5 |
In management's opinion, the special items presented
above, although related to the Company's business, were highlighted as complementary information for a better understanding and evaluation
of the result. Such items do not necessarily occur in all periods and are disclosed when relevant.
Capex
Investment (Capex) encompasses acquisition of property,
plant and equipment, including costs with leasing, intangible assets, investments in subsidiaries and affiliates, costs with geology and
geophysics and pre-operating costs.
Table 9 - Capex
|
|
|
|
|
|
Variation (%) |
US$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
Exploration and Production |
2,218 |
1,685 |
2,100 |
6,952 |
7,129 |
31.6 |
5.6 |
(2.5) |
Refining, Transportation and Marketing |
372 |
295 |
258 |
1,193 |
932 |
26.2 |
44.0 |
28.1 |
Gas and Power |
99 |
65 |
161 |
350 |
412 |
52.0 |
(38.6) |
(15.2) |
Others |
187 |
86 |
112 |
461 |
298 |
117.5 |
66.2 |
54.7 |
Subtotal |
2,876 |
2,131 |
2,631 |
8,956 |
8,772 |
35.0 |
9.3 |
2.1 |
Signature bônus |
− |
− |
− |
892 |
− |
− |
− |
− |
Total |
2,876 |
2,131 |
2,631 |
9,848 |
8,772 |
35.0 |
9.3 |
12.3 |
In
4Q22, capex totaled US$ 9.8 billion, an increase of 12% compared to 2021, as a result of the payment of the signature bonus related
to the Sépia and Atapu fields and higher investments in modernization and adaptation
of refineries, in addition to expenses with maintenance of logistical assets. In the year 2022, investments in growth corresponded to
approximately 55% of the total.
Capex for 2022 was 17% lower than planned for
the year in the 2022-26 Strategic Plan, mainly due to: (a) schedule adjustments postponing activities to the following year, (b) optimization
of exploratory expenses and (c) non-replacement of pipelines affected by SCC-CO2 in Búzios and Tupi, which when inspected indicated
a longer useful life.
In relation to the procurement of P-80 and
P-82 FPSOs, which will operate in the Búzios field, due to contractual issues, we had asupplier down paymente, with the respective
cash outflow, of around US$0.5 billion in 2022. Although these values were estimated as Capex in 2022, they will only be accounted for
the Capex of the projects, during the execution of the works in the coming years.
In 4Q22, capex totaled US$ 2.9 billion, 35%
above 3Q22, due to the intensification of well interconnection activities, construction and integration of platforms, in addition to drilling
and completion of wells, with emphasis on the P-71 in Itapu field, which started operating in December. Investments in growth corresponded
to approximately 53% of the total in 4Q22 and the increase compared to 3Q22 is in line with the ramp-up of projects expected for the year
2023.
Growth capex are those with the primary objective
of increasing the capacity of existing assets, deploying new production, offloading, and storage assets, increasing asset efficiency or
profitability, and deploying essential infrastructure to enable other growth projects. It includes acquisitions of assets/companies and
remaining investments in systems that started up as of 2020 and exploratory investments.
Sustaining capex, on the other hand, has the
main objective of maintaining the operation of existing assets. It does not aim at increasing the capacity of the facilities. It includes
investments in safety and reliability of facilities, replacement well projects, complementary development, remaining investments in systems
that started up before 2020, scheduled stoppages and revitalizations (without new systems), 4D seismic, health, environment, and safety
(HSE) projects, subsea line exchanges, operational infrastructure and information technology (IT).
In 4Q22, capex in the Exploration and &
Production segment totaled US$ 2.2 billion, 32% higher when compared to 3Q22, with approximately 67% in growth. This increase was mainly
due to activities related to the implementation of platforms P-71 and P-80 for the Itapu and Búzios fields and the increase in
construction activities and well interconnections in Itapu, Revitalization of Marlim 2 and Búzios 8. Investments in 4Q22 were
mainly focused on: (a) the development of ultra-deepwater production in the Santos Basin pre-salt (US$ 1.0 billion); (b) exploratory
investments (US$ 0.1 billion); and (c) development of new deepwater projects (US$ 0.1 billion).
In the Refining, Transport and Marketing segment,
capex totaled US$ 372 million in 4Q22, an increase of 26% when compared to 3Q22, of which approximately 85% were sustaining. This increase
was mainly due to the scheduled stoppage of REPAR, in addition to expenses with the pre-stoppage of REFAP and RPBC, scheduled for the
beginning of 2023. Additionally, there were expenses with the implementation of Train 2 of RNEST, mainly due to the implementation of
the SNOx unit.
In the Gas and Power segment, capex totaled
US$ 99 million in 4Q22, 52% higher when compared to 3Q22, of which approximately 88% were sustaining. The increase was mainly due to scheduled
stoppages and corrective maintenance of thermal plants.
The following table presents the main information about the new oil and
gas production systems, already contracted.
Table 10 – Main projects
Unit |
Start-up |
FPSO capacity (bbl/day) |
CAPEX Petrobras Actual
US$ bn |
CAPEX Petrobras Total
US$ bn1 |
Petrobras Stake |
Status |
Búzios 5
FPSO Alm. Barroso (Chartered unit) |
2023 |
150,000 |
0.95 |
2.0 |
88.99%2 |
Project in phase of execution. Production system arrived at the Buzios field. 10 wells drilled and 7 completed. |
Marlim 1
FPSO Anita Garibaldi
(Chartered unit) |
2023 |
80,000 |
0.17 |
1.8 |
100% |
Project in phase of execution with production system in Brazil in final construcion stage. 4 |
Marlim 2
FPSO Anna Nery (Chartered unit) |
2023 |
70,000 |
0.32 |
1.4 |
100% |
Project in phase of execution. Production system arrived at the Marlim field. 4 wells drilled and 3 completed.4 |
Mero 2
FPSO Sepetiba (Chartered unit) |
2023 |
180,000 |
0.28 |
0.8 |
38.6%3 |
Project in phase of execution with production system under construction. 12 wells drilled and 6 completed |
Mero 3
FPSO Marechal Duque de Caxias (Chartered unit) |
2024 |
180,000 |
0.09 |
0.8 |
38.6%3 |
Project in phase of execution with production system under construction. 6 wells drilled and 1 completed |
Integrado Parque das Baleias (IPB)
FPSO Maria Quitéria
(Chartered unit) |
2024 |
100,000 |
0.36 |
1.7 |
100% |
Project in phase of execution with production system under construction. 3 wells drilled and 1 completed4 |
Búzios 7
FPSO Almirante Tamandaré (Chartered unit) |
2024 |
225,000 |
0.16 |
2.0 |
88.99%2 |
Project in phase of execution with production system under construction.
3 wells drilled and 1 completed |
Búzios 6
P-78 (Owned unit) |
2025 |
180,000 |
0.48 |
4.2 |
88.99%2 |
Project in phase of execution with production system under construction. 1 well drilled. |
Búzios 8
P-79 (Owned unit) |
2025 |
180,000 |
0.40 |
4.3 |
88.99%2 |
Project in phase of execution with production system under construction. 4 wells drilled and 1 completed |
Mero 4
FPSO Alexandre de Gusmão
(Chartered unit) |
2025 |
180,000 |
0.05 |
0.8 |
38.6%3 |
Project in phase of execution with production system under construction.
6 wells drilled and 2 completed |
Búzios 9
P-80 (Owned unit) |
2026 |
225,000 |
0.10 |
5.0 |
88.99%2 |
Project in phase of execution. Production system construction contract signed
on August 2022.
2 wells drilled and completed |
Búzios 10
P-82 (Owned unit) |
2026 |
225,000 |
0.03 |
5.5 |
88.99%2 |
Project in phase of execution. Production system construction contract signed
on October 2022.
1 well drilled |
Búzios 11
P-83 (Owned unit) |
2027 |
225,000 |
0.04 |
4.8 |
88.99%2 |
Project in phase of execution. Production system construction contract signed
on September 2022.
2 wells drilled |
1 Total CAPEX with the Strategic Plan 2023-27
assumptions and Petrobras work interest (WI). Chartered units leases are not included.
2 In November 2022, Petrobras concluded the
assignment of 5% of its interest in the Production Sharing Contract of the Surplus Volume of the Transfer of Rights, for the Búzios
field, in the pre-salt of Santos Basin, to the partner CNOOC. Petrobras stake was adjusted.
3 Petrobras stake updated after the approval
of the Production Individualization Agreement (AIP) of the Mero accumulation. As the compensation relative to the non-contracted area
expenses will be paid in oil to the consortium, the work interest (WI) of the CAPEX reported will not change.
4 Production Unit for revitalization project.
Refers only to new wells. The scope of the project also includes the relocation of some wells of the units being decommissioned.
|
Portfolio management
In 2022, we received US$ 4.8 billion from assets
sales, including deferred payments from the sales of NTS (US$ 1.0 billion), in 2Q22, and Bacalhau (US$ 950 million), in 1Q22. In 4Q22,
cash inflows related to divestments totaled US$ 931 million, including the receipt of payment for the sale of Polo Carmópolis (US$
548 million) and Reman (US$ 257.2 million).
From January 1, 2022, to March 01, 2023, we
concluded the sale of the Alagoas, Recôncavo, Peroá and Fazenda Belém Clusters, Albacora East field, exploratory blocks
in Parana and Potiguar Basins, our equity interests in Deten Química and Gaspetro, and SIX and REMAN Refineries. We also signed
the contracts for the sale of the Potiguar, Norte Capixaba, Golfinho and Camarupim Clusters and LUBNOR Refinery.
Table 11 – Main transactions
by March 01st, 2023 and respective transaction amounts (excluding deferred payments)
Assets |
Amount received
(US$ million) |
Transaction amount1
(US$ million) |
Bloco PAR-T-198_Paraná Basin |
0.031 |
0.0316 |
Bloco PAR-T-218_Paraná Basin |
0.032 |
0.0326 |
Bloco POT-T-794_Potiguar Basin |
0.525 |
0.5256 |
East Albacora field |
1,928 |
2,201 |
Papa-Terra field |
24.2 |
105.66 |
Deten Química |
101.2² |
117² |
Gaspetro |
392.32 |
3946 |
Alagoas cluster |
300 |
3006 |
Carmópolis cluster |
823 |
1,1006 |
Fazenda Belém cluster |
13.4 |
355 |
Golfinho e Camarupim clusters |
3 |
75 |
Norte cluster |
35.85 |
544 |
Peroá cluster |
13.07 |
556 |
Pescada cluster |
- |
25 |
Potiguar cluster |
110 |
1,380 |
Recôncavo cluster |
256 |
2505 |
LUBNOR refinery |
3.4 |
34 |
REMAN refinery |
257.2 |
189.56 |
SIX |
44.6 |
336 |
Total amount |
4,306 |
6,816 |
¹ Amounts agreed in
the signing date, subject to adjustments upon closing
² Original amounts in BRL, converted to
US$ at the PTAX rate on the day of the SPA signing or of the cash inflow
3Transaction signed in 2018 4Transaction
signed in 2019 5Transaction signed in 2020 6Transaction signed in 2021
Liquidity and capital resources[2]
Table 12 - Liquidity and capital resources
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
Adjusted cash and cash equivalents at the beginning of period |
36,688 |
100,268 |
62,314 |
62,040 |
64,280 |
Government bonds and time deposits with maturities of more than 3 months at the beginning of period* |
(13,038) |
(14,957) |
(2,920) |
(3,630) |
(3,424) |
Cash and cash equivalents in companies classified as held for sale at the beginning of the period |
− |
37 |
32 |
72 |
74 |
Cash and cash equivalents at the beginning of period |
23,650 |
85,348 |
59,426 |
58,482 |
60,930 |
Net cash provided by operating activities |
67,575 |
63,207 |
51,392 |
255,410 |
203,126 |
Net cash provided by (used in) investing activities |
(12,298) |
(3,823) |
3,108 |
(4,377) |
11,073 |
Acquisition of PP&E and intangibles assets |
(18,710) |
(10,225) |
(9,406) |
(49,656) |
(34,134) |
Investments in investees |
(37) |
(3) |
(49) |
(138) |
(129) |
Proceeds from disposal of assets - Divestment |
4,888 |
2,872 |
10,441 |
24,815 |
25,494 |
Financial compensation from co-participation agreements |
10,288 |
650 |
− |
35,769 |
15,510 |
Dividends received |
290 |
402 |
2,752 |
1,905 |
4,333 |
Divestment (Investment) in marketable securities |
(9,017) |
2,481 |
(630) |
(17,072) |
(1) |
(=) Net cash provided by operating and investing activities |
55,277 |
59,384 |
54,500 |
251,033 |
214,199 |
Net cash used in financing activities |
(36,983) |
(121,013) |
(55,732) |
(264,156) |
(220,297) |
Net financings |
(8,413) |
(3,297) |
(6,437) |
(41,845) |
(116,057) |
Proceeds from finance debt |
1,834 |
11,677 |
726 |
15,156 |
9,647 |
Repayments |
(10,247) |
(14,974) |
(7,163) |
(57,001) |
(125,704) |
Repayment of lease liability |
(7,482) |
(6,954) |
(8,077) |
(28,049) |
(31,400) |
Dividends paid to shareholders of Petrobras |
(21,125) |
(111,046) |
(40,976) |
(194,200) |
(72,153) |
Dividends paid to non-controlling interest |
(69) |
(50) |
(169) |
(409) |
(565) |
Investments by non-controlling interest |
106 |
334 |
(73) |
347 |
(122) |
Effect of exchange rate changes on cash and cash equivalents |
(221) |
(69) |
288 |
(3,636) |
3,650 |
Cash and cash equivalents at the end of period |
41,723 |
23,650 |
58,482 |
41,723 |
58,482 |
Government bonds and time deposits with maturities of more than 3 months at the end of period* |
22,369 |
13,038 |
3,630 |
22,369 |
3,630 |
Cash and cash equivalents in companies classified as held for sale at the end of the period |
− |
− |
(72) |
− |
(72) |
Adjusted cash and cash equivalents at the end of period |
64,092 |
36,688 |
62,040 |
64,092 |
62,040 |
Reconciliation of Free Cash Flow |
|
|
|
|
|
Net cash provided by operating activities |
67,575 |
63,207 |
51,392 |
255,410 |
203,126 |
Acquisition of PP&E and intangibles assets |
(18,710) |
(10,225) |
(9,406) |
(49,656) |
(34,134) |
Free cash flow** |
48,865 |
52,982 |
41,986 |
205,754 |
168,992 |
As of December 31, 2022, cash and cash equivalents
totaled R$ 41.7 billion and adjusted cash and cash equivalents totaled R$ 64.1 billion.
In
2022, cash generated from operating activities reached R$ 255.4 billion and positive free cash flow totaled R$ 205.8 billion. This level
of cash generation, along with the inflow of funds from the divestments of R$ 24.8 billion and the inflow of R$ 35.8 billion referring
to financial compensation for co-participation agreements in Sepia and Atapu were used to:
(a) pay remuneration to shareholders (R$ 194.2 billion) (b) prepay debt and amortize principal and interest due in the period (R$ 57.0
billion), (c) make investments (R$ 49.7 billion), and (d) amortize lease liabilities (R$ 28.0 billion).
* Includes short-term government bonds and time deposits and cash and cash
equivalents of companies classified as held for sale.
** Free cash flow (FCF) is in accordance with the Shareholder Remuneration
Policy, which is the result of the equation: FCF = net cash provided by operating activities less acquisitions of PP&E and intangible
assets
In 2022, the company settled several loans
and financial debt, in the amount of R$ 57.0 billion, notably the repurchase of R$ 27.3 billion of securities in the international capital
market. The company raised R$ 15.2 billion, of which (i) R$ 6.7 billion through a credit line with sustainability commitments (Sustainability-Linked
Loan) in the international banking market due in 2027, and (ii) R$ 3.0 billion through the issuance of commercial notes in the domestic
capital market due in 2030 and 2032; and (iii) R$ 1.5 billion through the issuance of private placement commercial notes that backed
the issuance of real estate receivables certificates, with maturities in 2030, 2032 and 2037. The real estate receivables certificates
were issued by a securitization company that fully subscribed the Commercial Notes issued by Petrobras.
Debt
As of 12/31/2022, gross debt reached US$ 53.8
billion, a decrease of 8.4% compared to 12/31/2021.
Average maturity shifted from 13.39 years on
12/31/2021, to 12.07 years on 12/31/2022, mainly because of the repurchase of long-term bonds in the international market.
The gross debt/EBITDA ratio reached 0.81x on
12/31/2022, compared to 1.35x on 12/31/2021.
On 12/31/2022, net debt reached US$ 41.5 billion,
an annual decrease of 12.6%.
Table 13 – Debt indicators
US$ million |
12.31.2022 |
09.30.2022 |
Δ % |
12.31.2021 |
Financial Debt |
29,954 |
30,855 |
(2.9) |
35,700 |
Capital Markets |
16,957 |
16,800 |
0.9 |
22,031 |
Banking Market |
9,672 |
10,713 |
(9.7) |
9,762 |
Development banks |
723 |
721 |
0.3 |
769 |
Export Credit Agencies |
2,443 |
2,452 |
(0.4) |
2,951 |
Others |
159 |
169 |
(5.9) |
187 |
Finance leases |
23,845 |
23,413 |
1.8 |
23,043 |
Gross debt |
53,799 |
54,268 |
(0.9) |
58,743 |
Adjusted cash and cash equivalents |
12,283 |
6,785 |
81.0 |
11,117 |
Net debt |
41,516 |
47,483 |
(12.6) |
47,626 |
Net Debt/(Net Debt + Market Cap) - Leverage |
39% |
38% |
2.6 |
41% |
Average interest rate (% p.a.) |
6.5 |
6.4 |
1.6 |
6.2 |
Weighted average maturity of outstanding debt (years) |
12.07 |
12.04 |
0.2 |
13.39 |
Net debt/LTM Adjusted EBITDA ratio |
0.63 |
0.75 |
(16.0) |
1.09 |
Gross debt/LTM Adjusted EBITDA ratio |
0.81 |
0.85 |
(4.8) |
1.35 |
R$ million |
|
|
|
|
Financial Debt |
156,286 |
166,818 |
(6.3) |
199,224 |
Finance Lease |
124,417 |
126,585 |
(1.7) |
128,594 |
Adjusted cash and cash equivalents |
64,092 |
36,688 |
74.7 |
62,040 |
Net Debt |
216,611 |
256,715 |
(15.6) |
265,778 |
Results by segment
Exploration and Production
Table 14 – E&P results
|
|
|
Variation (%) (*) |
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
Sales revenues |
89,205 |
101,391 |
88,065 |
401,204 |
299,929 |
(12.0) |
1.3 |
33.8 |
Gross profit |
51,448 |
62,342 |
51,601 |
244,058 |
172,179 |
(17.5) |
(0.3) |
41.7 |
Operating expenses |
(5,771) |
(2,509) |
2,983 |
3,994 |
17,216 |
130.0 |
− |
(76.8) |
Operating income |
45,677 |
59,833 |
54,584 |
248,052 |
189,395 |
(23.7) |
(16.3) |
31.0 |
Net income (loss) attributable to the shareholders of Petrobras |
30,240 |
39,732 |
36,217 |
164,600 |
125,662 |
(23.9) |
(16.5) |
31.0 |
Adjusted EBITDA of the segment |
57,644 |
72,959 |
61,103 |
282,087 |
210,888 |
(21.0) |
(5.7) |
33.8 |
EBITDA margin of the segment (%) |
65 |
72 |
69 |
70 |
70 |
(7) |
(5) |
− |
ROCE (Return on Capital Employed) (%) |
19.8 |
19.4 |
11.1 |
19.8 |
11.1 |
0.4 |
8.7 |
8.7 |
Average Brent crude (US$/bbl) |
88.71 |
100.85 |
79.73 |
101.19 |
70.73 |
(12.0) |
11.3 |
43.1 |
Internal Transfer Price to RTM - Crude oil (US$/bbl) |
83.99 |
98.81 |
77.56 |
95.91 |
67.48 |
(15.0) |
8.3 |
42.1 |
Lifting cost - Brazil (US$/boe) |
|
|
|
|
|
|
|
|
excluding production taxes and leases |
6.07 |
5.85 |
5.15 |
5.78 |
5.00 |
3.8 |
18.0 |
15.6 |
excluding production taxes |
7.81 |
7.53 |
6.93 |
7.49 |
6.65 |
3.7 |
12.7 |
12.7 |
Onshore and shallow waters |
|
|
|
|
|
|
|
|
with leases |
18.77 |
15.44 |
14.78 |
16.96 |
13.69 |
21.6 |
27.0 |
23.9 |
excluding leases |
18.77 |
15.44 |
14.78 |
16.96 |
13.69 |
21.6 |
27.0 |
23.9 |
Deep and ultra-deep post-salt |
|
|
|
|
|
|
|
|
with leases |
13.72 |
13.66 |
10.50 |
13.25 |
11.25 |
0.4 |
30.6 |
17.7 |
excluding leases |
11.94 |
12.52 |
9.10 |
11.74 |
9.84 |
(4.6) |
31.3 |
19.3 |
Pre-salt |
|
|
|
|
|
|
|
|
with leases |
5.70 |
5.36 |
5.26 |
5.35 |
4.61 |
6.4 |
8.4 |
15.9 |
excluding leases |
3.89 |
3.44 |
3.24 |
3.47 |
2.75 |
13.2 |
20.1 |
26.2 |
including production taxes and excluding leases |
21.12 |
23.48 |
20.19 |
23.73 |
17.97 |
(10.1) |
4.6 |
32.0 |
including production taxes and leases |
22.85 |
25.16 |
21.96 |
25.44 |
19.62 |
(9.2) |
4.1 |
29.7 |
Production taxes - Brazil |
16,220 |
18,925 |
17,731 |
76,158 |
60,186 |
(14.3) |
(8.5) |
26.5 |
Royalties |
9,207 |
10,692 |
9,312 |
42,112 |
31,034 |
(13.9) |
(1.1) |
35.7 |
Special participation |
6,951 |
8,168 |
8,355 |
33,797 |
28,935 |
(14.9) |
(16.8) |
16.8 |
Retention of areas |
62 |
65 |
64 |
249 |
217 |
(4.6) |
(3.1) |
14.7 |
(*) EBITDA margin and ROCE variations in percentage points |
In 2022, E&P gross profit was R$ 244.1 billion,
a 42% increase when compared to 2021. This increase was due to higher Brent prices, which led to higher revenues, partially offset by
higher government take.
Operating income for 2022 was R$ 248.1billion,
a 31% increase when compared to 2021. Besides the increase in gross profit, the results of Buzios, Sepia and Atapu co-participation agreements
also had a positive contribution. These results were partially offset by impairments, lower revenue from the sale of assets when compared
to 2021 and higher abandonment and R&D expenses.
In 4Q22, E&P gross profit was R$ 51.4 billion,
an 17% reduction when compared to 3Q22, mainly due to lower Brent prices. Operating income was also 24% lower, reflecting the drop in
gross profit, in addition to the results from impairments, higher exploratory and abandonment expenses, partially offset by the Buzios,
Sepia and Atapu co-participation agreements.
Lifting costs in 2022, excluding production
taxes and leases, were US$ 5.78/boe, 16% higher when compared to 2021 (US$ 5.00/boe). The increase was due to higher expenses with integrity,
such as interventions in wells, subsea inspections and FPSOs maintenance after the critical period of the pandemic, associated with the
BRL appreciation against the USD. These effects were partially offset by active portfolio management and the production start up of new
platforms (FPSO Carioca, FPSO Guanabara, and P-71).
In 4Q22, we recorded a 4% increase in lifting
costs excluding production taxes and leases when compared to 3Q22, mainly due to the resumption of production from the Sergipe-Alagoas
onshore fields, after a stoppage for operational safety measures carried out in 3Q22. These fields have higher costs per barrel.
In the pre-salt, there was a 13% increase in
lifting costs, mainly driven by the higher concentration of integrity expenditures in 4Q22, such as well interventions, subsea inspections
and platforms maintenance.
In the post-salt, there was a 5% reduction
in the cost per barrel when compared to 3Q22, due to lower expenditures on well interventions and to the decommissioning of P-18, P-19
and P-20 production units, which have higher costs per barrel.
In onshore and shallow water assets, as aforementioned,
there was an increase due to the resumption of production form the Sergipe-Alagoas onshore fields after the stoppage for operational safety
adjustments in 3Q22. These fields have higher costs per barrel.
The increase in government take in 2022 reflects
higher Brent prices when compared to 2021. On the other hand, in 4Q22, the reduction in government take per barrel when compared to 3Q22
reflects lower Brent prices in the period.
Refining, Transportation and Marketing
Table 15 - RTM results
|
|
|
|
|
|
Variation (%) (*) |
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
Sales revenues |
144,757 |
154,035 |
117,499 |
584,697 |
401,756 |
(6.0) |
23.2 |
45.5 |
Gross profit (loss) |
17,493 |
14,428 |
12,661 |
73,764 |
48,151 |
21.2 |
38.2 |
53.2 |
Operating expenses |
(4,561) |
(3,185) |
1,526 |
(16,030) |
(9,603) |
43.2 |
− |
66.9 |
Operating Income |
12,932 |
11,243 |
14,187 |
57,734 |
38,548 |
15.0 |
(8.8) |
49.8 |
Net income (loss) attributable to the shareholders of Petrobras |
7,750 |
7,302 |
9,662 |
38,142 |
30,435 |
6.1 |
(19.8) |
25.3 |
Adjusted EBITDA of the segment |
14,793 |
15,296 |
12,284 |
69,279 |
45,430 |
(3.3) |
20.4 |
52.5 |
EBITDA margin of the segment (%) |
10 |
10 |
10 |
12 |
11 |
− |
− |
1 |
ROCE (Return on Capital Employed) (%) |
12.6 |
11.8 |
6.0 |
12.6 |
6.0 |
0.8 |
6.6 |
6.6 |
Refining cost (US$/barrel) - Brazil |
1.98 |
2.17 |
1.70 |
1.94 |
1.66 |
(8.8) |
16.4 |
16.9 |
Refining cost (R$/barrel) - Brazil |
10.55 |
11.48 |
9.42 |
10.10 |
8.94 |
(8.1) |
12.0 |
12.9 |
Domestic basic oil by-products price (R$/bbl) |
621.25 |
692.97 |
485.84 |
632.22 |
416.34 |
(10.3) |
27.9 |
51.9 |
(*) EBITDA margin and ROCE variations in percentage points |
In 2022, gross profit was R$ 73.8 billion, R$
25.6 billion higher than in 2021. The positive effect from inventories turnover was lower in 2022 when compared to 2021. Excluding this
effect (R$ 1.8 billion in 2022 and R$ 24.7 billion in 2021) the gross profit would have been R$ 72 billion in 2022 and R$ 23.4 billion
in 2021.
There were higher margins for oil products
in the domestic market, mainly diesel, jet fuel and gasoline, due to the increase in international margins, strengthened by global oil
products supply restrictions and the embargo on Russian oil, as a consequence of the geopolitical conflicts going on since march 2022.
These effects had also a positive impact on fuel oil margins and oil exports in 2022.
The operating income in 2022 was 49.8% higher
than 2021, due to the higher gross profit, partially offset by higher expenses, due to the gain with the sale of the RLAM refinery in
2021 and to lower impairment reversal related to the 2nd RNEST train in 2022 when compared to 2021.
The refining cost per barrel in 2022 was 12.9%
higher than in 2021, mainly due to higher expenses with the maintenance of the refining facilities, in order to achieve greater reliability
and keep the high utilization factor, besides the inflationary effects on materials and services and readjustments on personnel costs.
The appreciation of the BRL against the USD in 2022 also contributed to higher refining costs per barrel. These effects, on the other
hand, were partially offset by the higher utilization of the refining facilities in 2022.
In 4Q22, gross profit was R$ 17.5 billion,
21.2% above 3Q22, due to the lower effect of inventories turnover in 4Q22 when compared to 3Q22. Excluding this effect (-R$ 3.8 billion
in 4Q22 and -R$ 7.5 billion in 3Q22) gross profit would have been R$ 21.3 billion in 4Q22 and R$ 21.9 billion in 3Q22.
There were higher margins on gasoline sales
in the domestic market, associated with the higher volume sold in 4Q22, due to seasonality and greater competitiveness against ethanol,
as well as higher margins on LPG sales, partially offsetting the lower volume of diesel sold, due to seasonality. There was also a higher
margin on oil exports due to the higher volume exported in 4Q22, influenced by the additional volume of ongoing exports of 3Q22.
In 4Q22, the operating income was 15% higher
than 3Q22 due to the higher gross profit, partially offset by higher expenses with lawsuits related to Comperj.
In 4Q22, refining cost per barrel in BRL dropped
8.1% when compared to 3Q22, due to lower expenditures with inputs (catalysts and chemicals) and lower expenses with personnel due to provision
adjustments made in September 2022. The feedstock was slightly lower when compared to 3Q22, partially offsetting the lower cost.
Gas and Power
Table 16 – G&P results
|
|
|
|
|
|
Variation (%) (*) |
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
Sales revenues |
20,075 |
21,747 |
20,926 |
77,867 |
64,987 |
(7.7) |
(4.1) |
19.8 |
Gross profit |
6,303 |
7,898 |
(509) |
23,297 |
13,595 |
(20.2) |
− |
71.4 |
Operating expenses |
(3,718) |
(2,965) |
(3,832) |
(15,233) |
(15,575) |
25.4 |
(3.0) |
(2.2) |
Operating income |
2,585 |
4,933 |
(4,341) |
8,064 |
(1,980) |
(47.6) |
− |
− |
Net income (loss) attributable to the shareholders of Petrobras |
1,671 |
3,222 |
(2,988) |
5,277 |
(1,301) |
(48.1) |
− |
− |
Adjusted EBITDA of the segment |
3,143 |
4,723 |
(3,604) |
9,489 |
1,118 |
(33.5) |
− |
748.7 |
EBITDA margin of the segment (%) |
16 |
22 |
(17) |
12 |
2 |
(6.0) |
33.0 |
10.0 |
ROCE (Return on Capital Employed) (%) |
5.6 |
(0.5) |
(2.5) |
5.6 |
(2.5) |
6.1 |
8.1 |
8.1 |
Natural gas sales price - Brazil (US$/bbl) |
76.83 |
75.74 |
53.53 |
69.26 |
45.65 |
1.4 |
43.5 |
51.7 |
Fixed revenues from power auctions |
542 |
533 |
570 |
2,089 |
2,261 |
1.7 |
(4.9) |
(7.6) |
Average price for power generation (R$/MWh) |
59.40 |
72.80 |
464.70 |
185.80 |
442.70 |
(18.4) |
(87.2) |
(58.0) |
(*) EBITDA margin and ROCE variations in percentage points |
In 2022, gross profit was R$ 23.3 billion, an
improvement of R$ 9.7 billion when compared to 2021, mainly due to the recovery of trading margins as an effect of the improvement in
the portfolio management of natural gas contracts, alongside the appreciation of Brent prices and lower LNG imports.
In 2022, operating income was R$ 8 billion,
an increase of R$ 10 billion over 2021, mainly due to higher gross profit, as operating expenses were only 2% lower in 2022.
In 4Q22, gross profit was R$ 6.3 billion, 20%
lower when compared to 3Q22, due to non-recurring operations, despite stable gas and power margins. Operating income reached R$ 2.6 billion
in 4Q22, 47.6% lower than 3Q22, due to the lower gross profit and to the positive effect of the Gaspetro divestment on 3Q22 operating
expenses.
Reconciliation of Adjusted EBITDA
EBITDA is an indicator calculated as the net
income for the period plus taxes on profit, net financial result, depreciation and amortization. Petrobras announces EBITDA, as authorized
by CVM Resolution 156 of June 2022.
In order to reflect the management view regarding
the formation of the company's current business results, EBITDA is also presented adjusted (Adjusted EBITDA) as a result of: results in
equity-accounted investments; impairment, reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments,
results with co-participation agreement in production fields and gains/losses on disposal/write-offs of assets.
Adjusted EBITDA, reflecting the sum of the last
twelve months (Last Twelve Months), also represents an alternative to the company's operating cash generation. This measure is used to
calculate the Gross Debt and Net Debt to Adjusted EBITDA metric, helping to evaluate the company's leverage and liquidity.
EBITDA and adjusted EBITDA are not provided for
in International Financial Reporting Standards (IFRS) and should not serve as a basis for comparison with those disclosed by other companies
and should not be considered as a substitute for any other measure calculated in accordance with IFRS. These measures should be considered
in conjunction with other measures and indicators for a better understanding of the company's performance and financial condition.
Table 17 - Reconciliation of Adjusted EBITDA
|
|
|
|
|
|
Variation (%) (*) |
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
4Q22 X 3Q22 |
4Q22 X 4Q21 |
2022 X 2021 |
Net income |
43,502 |
46,236 |
31,723 |
189,005 |
107,264 |
(5.9) |
37.1 |
76.2 |
Net finance (expense) income |
(1,490) |
7,973 |
13,804 |
19,257 |
59,256 |
− |
− |
(67.5) |
Income taxes |
15,799 |
20,403 |
12,762 |
85,993 |
44,311 |
(22.6) |
23.8 |
94.1 |
Depreciation, depletion and amortization |
17,459 |
17,143 |
16,228 |
68,202 |
63,048 |
1.8 |
7.6 |
8.2 |
EBITDA |
75,270 |
91,755 |
74,517 |
362,457 |
273,879 |
(18.0) |
1.0 |
32.3 |
Results in equity-accounted investments |
642 |
(171) |
(583) |
(1,291) |
(8,427) |
− |
− |
(84.7) |
Impairment of assets (reversals) |
4,680 |
1,336 |
(1,537) |
6,859 |
(16,890) |
250.3 |
− |
− |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
1 |
− |
1 |
220 |
− |
− |
(99.5) |
Results from co-participation agreements in bid areas |
(7,467) |
50 |
202 |
(21,660) |
(3,317) |
− |
− |
553.0 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(34) |
(1,550) |
(9,654) |
(5,884) |
(10,889) |
(97.8) |
(99.6) |
(46.0) |
Adjusted EBITDA |
73,091 |
91,421 |
62,945 |
340,482 |
234,576 |
(20.1) |
16.1 |
45.1 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin (%) |
46 |
54 |
47 |
53 |
52 |
(8.0) |
(0.9) |
1.0 |
(*) EBITDA Margin variations in percentage points |
Financial statements
Table 18 - Income statement - Consolidated
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
Sales revenues |
158,579 |
170,076 |
134,190 |
641,256 |
452,668 |
Cost of sales |
(81,942) |
(83,240) |
(75,143) |
(307,156) |
(233,031) |
Gross profit |
76,637 |
86,836 |
59,047 |
334,100 |
219,637 |
Selling expenses |
(6,795) |
(6,358) |
(6,100) |
(25,448) |
(22,806) |
General and administrative expenses |
(1,977) |
(1,752) |
(1,710) |
(6,877) |
(6,340) |
Exploration costs |
(3,447) |
(565) |
(834) |
(4,616) |
(3,731) |
Research and development expenses |
(942) |
(984) |
(827) |
(4,087) |
(3,033) |
Other taxes |
(1,017) |
(489) |
(197) |
(2,272) |
(2,180) |
Impairment (losses) reversals |
(4,680) |
(1,336) |
1,537 |
(6,859) |
16,890 |
Other income and expenses, net |
674 |
(911) |
6,790 |
9,023 |
3,967 |
|
(18,184) |
(12,395) |
(1,341) |
(41,136) |
(17,233) |
Operating income |
58,453 |
74,441 |
57,706 |
292,964 |
202,404 |
Finance income |
2,293 |
2,713 |
1,485 |
9,420 |
4,458 |
Finance expenses |
(5,223) |
(4,157) |
(4,915) |
(18,040) |
(27,636) |
Foreign exchange gains (losses) and inflation indexation charges |
4,420 |
(6,529) |
(10,374) |
(10,637) |
(36,078) |
Net finance income (expense) |
1,490 |
(7,973) |
(13,804) |
(19,257) |
(59,256) |
Results of equity-accounted investments |
(642) |
171 |
583 |
1,291 |
8,427 |
Income before income taxes |
59,301 |
66,639 |
44,485 |
274,998 |
151,575 |
Income taxes |
(15,799) |
(20,403) |
(12,762) |
(85,993) |
(44,311) |
Net Income |
43,502 |
46,236 |
31,723 |
189,005 |
107,264 |
Net income attributable to: |
|
|
|
|
|
Shareholders of Petrobras |
43,341 |
46,096 |
31,504 |
188,328 |
106,668 |
Non-controlling interests |
161 |
140 |
219 |
677 |
596 |
|
|
|
|
|
|
Table 19 - Statement of financial position – Consolidated
ASSETS - R$ million |
12.31.2022 |
12.31.2021 |
Current assets |
163,052 |
168,247 |
Cash and cash equivalents |
41,723 |
58,410 |
Marketable securities |
14,470 |
3,630 |
Trade and other receivables, net |
26,142 |
35,538 |
Inventories |
45,804 |
40,486 |
Recoverable taxes |
6,819 |
7,511 |
Assets classified as held for sale |
18,823 |
13,895 |
Other current assets |
9,271 |
8,777 |
Non-current assets |
813,657 |
804,704 |
Long-term receivables |
110,722 |
79,992 |
Trade and other receivables, net |
12,729 |
10,603 |
Marketable securities |
8,159 |
247 |
Judicial deposits |
57,671 |
44,858 |
Deferred taxes |
4,342 |
3,371 |
Other tax assets |
19,715 |
18,197 |
Other non-current assets |
8,106 |
2,716 |
Investments |
8,172 |
8,427 |
Property, plant and equipment |
679,182 |
699,406 |
Intangible assets |
15,581 |
16,879 |
Total assets |
976,709 |
972,951 |
|
|
|
|
|
|
LIABILITIES - R$ million |
12.31.2022 |
12.31.2021 |
Current liabilities |
163,731 |
134,913 |
Trade payables |
28,507 |
30,597 |
Finance debt |
18,656 |
20,316 |
Lease liability |
28,994 |
30,315 |
Taxes payable |
30,951 |
26,414 |
Dividends payable |
21,762 |
− |
Short-term employee benefits |
11,555 |
11,967 |
Liabilities related to assets classified as held for sale |
7,646 |
4,840 |
Other current liabilities |
15,660 |
10,464 |
Non-current liabilities |
448,593 |
448,457 |
Finance debt |
137,630 |
178,908 |
Lease liability |
95,423 |
98,279 |
Income taxes payable |
1,578 |
1,676 |
Deferred taxes |
35,220 |
6,857 |
Employee benefits |
55,701 |
52,310 |
Provision for legal and administrative proceedings |
15,703 |
11,263 |
Provision for decommissioning costs |
97,048 |
87,160 |
Other non-current liabilities |
10,290 |
12,004 |
Shareholders' equity |
364,385 |
389,581 |
Share capital (net of share issuance costs) |
205,432 |
205,432 |
Profit reserves and others |
157,162 |
181,897 |
Non-controlling interests |
1,791 |
2,252 |
Total liabilities and shareholders´ equity |
976,709 |
972,951 |
Table 20 - Statement of cash flow – Consolidated
R$ million |
4Q22 |
3Q22 |
4Q21 |
2022 |
2021 |
Cash flows from operating activities |
|
|
|
|
|
Net income for the period |
43,502 |
46,236 |
31,723 |
189,005 |
107,264 |
Adjustments for: |
|
|
|
|
|
Pension and medical benefits - actuarial gains (expense) |
1,518 |
1,605 |
1,629 |
6,333 |
11,215 |
Results of equity-accounted investments |
642 |
(171) |
(583) |
(1,291) |
(8,427) |
Depreciation, depletion and amortization |
17,459 |
17,143 |
16,228 |
68,202 |
63,048 |
Impairment of assets (reversals) |
4,680 |
1,336 |
(1,537) |
6,859 |
(16,890) |
Inventory write-down (write-back) to net realizable value |
23 |
19 |
11 |
57 |
6 |
Allowance (reversals) for credit loss on trade and other receivables |
118 |
18 |
(87) |
331 |
(187) |
Exploratory expenditure write-offs |
2,952 |
177 |
187 |
3,584 |
1,365 |
Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA |
(33) |
(1,550) |
(9,654) |
(5,883) |
(10,669) |
Foreign exchange, indexation and finance charges |
(920) |
9,698 |
14,248 |
22,956 |
58,391 |
Income taxes, net |
15,799 |
20,403 |
12,762 |
85,993 |
44,311 |
Revision and unwinding of discount on the provision for decommissioning costs |
1,686 |
675 |
398 |
3,858 |
3,529 |
PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation |
− |
18 |
(11) |
− |
(4,966) |
Results from co-participation agreements in bid areas |
(7,467) |
50 |
202 |
(21,660) |
(3,317) |
Assumption of interest in concessions |
− |
− |
(368) |
− |
(888) |
Early termination and cash outflows revision of lease agreements |
(369) |
(826) |
(1,114) |
(3,217) |
(2,960) |
(Gains) losses with legal, administrative and arbitration proceedings, net |
2,842 |
1,377 |
1,090 |
7,011 |
3,887 |
Decrease (Increase) in assets |
|
|
|
|
|
Trade and other receivables |
(1,932) |
3,576 |
(3,279) |
1,891 |
(10,783) |
Inventories |
7,230 |
(3,007) |
(887) |
(6,029) |
(12,651) |
Judicial deposits |
(2,084) |
(2,392) |
(1,711) |
(8,844) |
(6,165) |
Other assets |
1,808 |
(518) |
(916) |
(1,675) |
(1,752) |
Increase (Decrease) in liabilities |
|
|
|
|
|
Trade payables |
(83) |
(1,048) |
1,208 |
(2,223) |
5,667 |
Other taxes payable |
(224) |
(7,609) |
2,059 |
(12,903) |
14,885 |
Pension and medical benefits |
(1,369) |
(945) |
(1,027) |
(11,035) |
(11,848) |
Provisions for legal proceedings |
(664) |
(412) |
(1,594) |
(1,956) |
(3,517) |
Short-term benefits |
(624) |
1,591 |
(982) |
(808) |
(1,777) |
Provision for decommissioning costs |
(838) |
(861) |
(1,137) |
(3,123) |
(3,935) |
Other liabilities |
(1,791) |
(1,964) |
1,187 |
(876) |
1,941 |
Income taxes paid |
(14,286) |
(19,412) |
(6,653) |
(59,147) |
(11,651) |
Net cash provided by operating activities |
67,575 |
63,207 |
51,392 |
255,410 |
203,126 |
Cash flows from investing activities |
|
|
|
|
|
Acquisition of PP&E and intangible assets |
(18,710) |
(10,225) |
(9,406) |
(49,656) |
(34,134) |
Investments in investees |
(37) |
(3) |
(49) |
(138) |
(129) |
Proceeds from disposal of assets - Divestment |
4,888 |
2,872 |
10,441 |
24,815 |
25,494 |
Financial compensation from co-participation agreements |
10,288 |
650 |
− |
35,769 |
15,510 |
Divestment (Investment) in marketable securities |
(9,017) |
2,481 |
(630) |
(17,072) |
(1) |
Dividends received |
290 |
402 |
2,752 |
1,905 |
4,333 |
Net cash provided by (used in) investing activities |
(12,298) |
(3,823) |
3,108 |
(4,377) |
11,073 |
Cash flows from financing activities |
|
|
|
|
|
Changes in non-controlling interest |
106 |
334 |
(73) |
347 |
(122) |
Financing and loans, net: |
|
|
|
|
|
Proceeds from finance debt |
1,834 |
11,677 |
726 |
15,156 |
9,647 |
Repayment of principal - finance debt |
(8,082) |
(12,215) |
(5,150) |
(47,337) |
(113,549) |
Repayment of interest - finance debt |
(2,165) |
(2,759) |
(2,013) |
(9,664) |
(12,155) |
Repayment of lease liability |
(7,482) |
(6,954) |
(8,077) |
(28,049) |
(31,400) |
Dividends paid to Shareholders of Petrobras |
(21,125) |
(111,046) |
(40,976) |
(194,200) |
(72,153) |
Dividends paid to non-controlling interests |
(69) |
(50) |
(169) |
(409) |
(565) |
Net cash (used in) financing activities |
(36,983) |
(121,013) |
(55,732) |
(264,156) |
(220,297) |
Effect of exchange rate changes on cash and cash equivalents |
(221) |
(69) |
288 |
(3,636) |
3,650 |
Net change in cash and cash equivalents |
18,073 |
(61,698) |
(944) |
(16,759) |
(2,448) |
Cash and cash equivalents at the beginning of the period |
23,650 |
85,348 |
59,426 |
58,482 |
60,930 |
Cash and cash equivalents at the end of the period |
41,723 |
23,650 |
58,482 |
41,723 |
58,482 |
Financial information by business areas
Table 21 - Consolidated income by segment – 2022
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
401,204 |
584,697 |
77,867 |
2,636 |
(425,148) |
641,256 |
Intersegments |
394,457 |
10,050 |
20,600 |
41 |
(425,148) |
− |
Third parties |
6,747 |
574,647 |
57,267 |
2,595 |
− |
641,256 |
Cost of sales |
(157,146) |
(510,933) |
(54,570) |
(2,689) |
418,182 |
(307,156) |
Gross profit |
244,058 |
73,764 |
23,297 |
(53) |
(6,966) |
334,100 |
Expenses |
3,994 |
(16,030) |
(15,233) |
(13,787) |
(80) |
(41,136) |
Selling expenses |
(111) |
(9,503) |
(15,369) |
(385) |
(80) |
(25,448) |
General and administrative expenses |
(248) |
(1,425) |
(317) |
(4,887) |
− |
(6,877) |
Exploration costs |
(4,616) |
− |
− |
− |
− |
(4,616) |
Research and development expenses |
(3,483) |
(26) |
(30) |
(548) |
− |
(4,087) |
Other taxes |
(410) |
(160) |
(223) |
(1,479) |
− |
(2,272) |
Impairment (losses) reversals |
(6,361) |
(495) |
4 |
(7) |
− |
(6,859) |
Other income and expenses, net |
19,223 |
(4,421) |
702 |
(6,481) |
− |
9,023 |
Operating income (loss) |
248,052 |
57,734 |
8,064 |
(13,840) |
(7,046) |
292,964 |
Net finance income (expense) |
− |
− |
− |
(19,257) |
− |
(19,257) |
Results of equity-accounted investments |
863 |
38 |
417 |
(27) |
− |
1,291 |
Income (loss) before income taxes |
248,915 |
57,772 |
8,481 |
(33,124) |
(7,046) |
274,998 |
Income taxes |
(84,338) |
(19,630) |
(2,742) |
18,321 |
2,396 |
(85,993) |
Net Income (Loss) |
164,577 |
38,142 |
5,739 |
(14,803) |
(4,650) |
189,005 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
164,600 |
38,142 |
5,277 |
(15,041) |
(4,650) |
188,328 |
Non-controlling interests |
(23) |
− |
462 |
238 |
− |
677 |
Table 22 - Consolidated income by segment – 2021
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
299,929 |
401,756 |
64,987 |
2,732 |
(316,736) |
452,668 |
Intersegments |
293,984 |
7,609 |
13,847 |
1,296 |
(316,736) |
− |
Third parties |
5,945 |
394,147 |
51,140 |
1,436 |
− |
452,668 |
Cost of sales |
(127,750) |
(353,605) |
(51,392) |
(2,730) |
302,446 |
(233,031) |
Gross profit |
172,179 |
48,151 |
13,595 |
2 |
(14,290) |
219,637 |
Expenses |
17,216 |
(9,603) |
(15,575) |
(9,159) |
(112) |
(17,233) |
Selling expenses |
(3) |
(8,296) |
(14,388) |
(7) |
(112) |
(22,806) |
General and administrative expenses |
(830) |
(1,322) |
(387) |
(3,801) |
− |
(6,340) |
Exploration costs |
(3,731) |
− |
− |
− |
− |
(3,731) |
Research and development expenses |
(2,251) |
(38) |
(142) |
(602) |
− |
(3,033) |
Other taxes |
(1,029) |
(663) |
(183) |
(305) |
− |
(2,180) |
Impairment (losses) reversals |
16,375 |
1,635 |
(1,133) |
13 |
− |
16,890 |
Other income and expenses, net |
8,685 |
(919) |
658 |
(4,457) |
− |
3,967 |
Operating income (loss) |
189,395 |
38,548 |
(1,980) |
(9,157) |
(14,402) |
202,404 |
Net finance income (expense) |
− |
− |
− |
(59,256) |
− |
(59,256) |
Results of equity-accounted investments |
638 |
4,993 |
528 |
2,268 |
− |
8,427 |
Income (loss) before income taxes |
190,033 |
43,541 |
(1,452) |
(66,145) |
(14,402) |
151,575 |
Income taxes |
(64,395) |
(13,106) |
673 |
27,620 |
4,897 |
(44,311) |
Net Income (Loss) |
125,638 |
30,435 |
(779) |
(38,525) |
(9,505) |
107,264 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
125,662 |
30,435 |
(1,301) |
(38,623) |
(9,505) |
106,668 |
Non-controlling interests |
(24) |
− |
522 |
98 |
− |
596 |
Table 23 - Quarterly consolidated income by segment –
4Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
89,205 |
144,757 |
20,075 |
578 |
(96,036) |
158,579 |
Intersegments |
87,567 |
2,570 |
5,877 |
22 |
(96,036) |
− |
Third parties |
1,638 |
142,187 |
14,198 |
556 |
− |
158,579 |
Cost of sales |
(37,757) |
(127,264) |
(13,772) |
(600) |
97,451 |
(81,942) |
Gross profit |
51,448 |
17,493 |
6,303 |
(22) |
1,415 |
76,637 |
Expenses |
(5,771) |
(4,561) |
(3,718) |
(4,114) |
(20) |
(18,184) |
Selling expenses |
(46) |
(2,791) |
(3,779) |
(159) |
(20) |
(6,795) |
General and administrative expenses |
(85) |
(379) |
(70) |
(1,443) |
− |
(1,977) |
Exploration costs |
(3,447) |
− |
− |
− |
− |
(3,447) |
Research and development expenses |
(807) |
5 |
(6) |
(134) |
− |
(942) |
Other taxes |
(170) |
(84) |
(46) |
(717) |
− |
(1,017) |
Impairment (losses) reversals |
(5,719) |
1,040 |
− |
(1) |
− |
(4,680) |
Other income and expenses, net |
4,503 |
(2,352) |
183 |
(1,660) |
− |
674 |
Operating income (loss) |
45,677 |
12,932 |
2,585 |
(4,136) |
1,395 |
58,453 |
Net finance income (expense) |
− |
− |
− |
1,490 |
− |
1,490 |
Results of equity-accounted investments |
87 |
(785) |
63 |
(7) |
− |
(642) |
Income (loss) before income taxes |
45,764 |
12,147 |
2,648 |
(2,653) |
1,395 |
59,301 |
Income taxes |
(15,530) |
(4,397) |
(879) |
5,481 |
(474) |
(15,799) |
Net income (loss) |
30,234 |
7,750 |
1,769 |
2,828 |
921 |
43,502 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
30,240 |
7,750 |
1,671 |
2,759 |
921 |
43,341 |
Non-controlling interests |
(6) |
− |
98 |
69 |
− |
161 |
Table 24 - Quarterly consolidated income by segment –
3Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Sales revenues |
101,391 |
154,035 |
21,747 |
657 |
(107,754) |
170,076 |
Intersegments |
99,712 |
2,773 |
5,262 |
7 |
(107,754) |
− |
Third parties |
1,679 |
151,262 |
16,485 |
650 |
− |
170,076 |
Cost of sales |
(39,049) |
(139,607) |
(13,849) |
(711) |
109,976 |
(83,240) |
Gross profit |
62,342 |
14,428 |
7,898 |
(54) |
2,222 |
86,836 |
Expenses |
(2,509) |
(3,185) |
(2,965) |
(3,717) |
(19) |
(12,395) |
Selling expenses |
(36) |
(2,300) |
(3,879) |
(124) |
(19) |
(6,358) |
General and administrative expenses |
(34) |
(386) |
(78) |
(1,254) |
− |
(1,752) |
Exploration costs |
(565) |
− |
− |
− |
− |
(565) |
Research and development expenses |
(828) |
(8) |
(7) |
(141) |
− |
(984) |
Other taxes |
(47) |
53 |
(83) |
(412) |
− |
(489) |
Impairment (losses) reversals |
(24) |
(1,313) |
1 |
− |
− |
(1,336) |
Other income and expenses, net |
(975) |
769 |
1,081 |
(1,786) |
− |
(911) |
Operating income (loss) |
59,833 |
11,243 |
4,933 |
(3,771) |
2,203 |
74,441 |
Net finance income (expense) |
− |
− |
− |
(7,973) |
− |
(7,973) |
Results of equity-accounted investments |
237 |
(118) |
62 |
(10) |
− |
171 |
Income (loss) before income taxes |
60,070 |
11,125 |
4,995 |
(11,754) |
2,203 |
66,639 |
Income taxes |
(20,344) |
(3,823) |
(1,678) |
6,191 |
(749) |
(20,403) |
Net income (loss) |
39,726 |
7,302 |
3,317 |
(5,563) |
1,454 |
46,236 |
Net income (loss) attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
39,732 |
7,302 |
3,222 |
(5,614) |
1,454 |
46,096 |
Non-controlling interests |
(6) |
− |
95 |
51 |
− |
140 |
Table 25 - Other income and expenses by segment – 2022
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Unscheduled stoppages and pre-operating expenses |
(8,970) |
(116) |
(160) |
(194) |
− |
(9,440) |
Losses with legal, administrative and arbitration proceedings |
(2,385) |
(2,189) |
(364) |
(2,073) |
− |
(7,011) |
Pension and medical benefits - retirees (*) |
− |
− |
− |
(5,240) |
− |
(5,240) |
Performance award program |
(1,154) |
(597) |
(142) |
(943) |
− |
(2,836) |
Losses with Commodities Derivatives |
− |
(1,236) |
− |
(25) |
− |
(1,261) |
Losses on decommissioning of returned/abandoned areas |
(1,178) |
− |
− |
− |
− |
(1,178) |
Operating expenses with thermoelectric power plants |
− |
− |
(774) |
− |
− |
(774) |
Profit sharing |
(293) |
(145) |
(34) |
(206) |
− |
(678) |
Institutional relations and cultural projects |
− |
(10) |
− |
(525) |
− |
(535) |
Expenditures on health, safety and environment |
(111) |
(51) |
(2) |
(246) |
− |
(410) |
Transfer of rights on concession agreements |
− |
− |
− |
− |
− |
− |
Recovery of taxes |
− |
61 |
1 |
285 |
− |
347 |
Amounts recovered from Lava Jato investigation |
90 |
− |
− |
409 |
− |
499 |
(Losses)/gains of non-core activities |
604 |
(310) |
475 |
113 |
− |
882 |
Fines imposed on suppliers |
915 |
109 |
105 |
55 |
− |
1,184 |
Government grants |
23 |
− |
− |
2,404 |
− |
2,427 |
Early termination and changes to cash flow estimates of leases |
2,944 |
323 |
39 |
(89) |
− |
3,217 |
Expenses/Reimbursements from E&P partnership operations |
3,545 |
− |
− |
− |
− |
3,545 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
4,391 |
554 |
881 |
58 |
− |
5,884 |
Results from co-participation agreements in bid areas (**) |
21,660 |
− |
− |
− |
− |
21,660 |
Others |
(858) |
(814) |
677 |
(264) |
− |
(1,259) |
|
19,223 |
(4,421) |
702 |
(6,481) |
− |
9,023 |
(*) In 2022, it includes R$ 352 referring to the payment of a contribution as provided for in the Pre-70 Term of Financial Commitment (TFC) for the administrative funding of the PPSP-R pre-70 and PPSP-NR pre-70 plans. |
(**) For 2022, it mainly refers to the gain related to the agreements of Atapu and Sépia fields . |
Table 26 - Other income and expenses by segment – 2021
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Unscheduled stoppages and pre-operating expenses |
(6,983) |
(101) |
(141) |
(115) |
− |
(7,340) |
Losses with legal, administrative and arbitration proceedings |
(1,783) |
(2,574) |
(23) |
493 |
− |
(3,887) |
Pension and medical benefits - retirees |
− |
− |
− |
(7,840) |
− |
(7,840) |
Performance award program |
(1,020) |
(561) |
(120) |
(841) |
− |
(2,542) |
Losses with Commodities Derivatives |
− |
(422) |
− |
− |
− |
(422) |
Losses on decommissioning of returned/abandoned areas |
559 |
− |
− |
− |
− |
559 |
Operating expenses with thermoelectric power plants |
− |
− |
(474) |
− |
− |
(474) |
Profit sharing |
(271) |
(178) |
(31) |
(191) |
− |
(671) |
Institutional relations and cultural projects |
− |
(8) |
− |
(511) |
− |
(519) |
Expenditures on health, safety and environment |
(165) |
(43) |
(3) |
(214) |
− |
(425) |
Transfer of rights on concession agreements |
1,947 |
− |
− |
− |
− |
1,947 |
Recovery of taxes (*) |
− |
57 |
170 |
2,728 |
− |
2,955 |
Amounts recovered from Lava Jato investigation |
89 |
− |
− |
1,183 |
− |
1,272 |
(Losses)/gains of non-core activities |
380 |
(11) |
448 |
100 |
− |
917 |
Fines imposed on suppliers |
680 |
116 |
48 |
35 |
− |
879 |
Government grants |
45 |
139 |
− |
673 |
− |
857 |
Early termination and changes to cash flow estimates of leases |
2,802 |
274 |
(115) |
(1) |
− |
2,960 |
Expenses/Reimbursements from E&P partnership operations |
2,580 |
− |
− |
− |
− |
2,580 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
7,377 |
3,161 |
359 |
(8) |
− |
10,889 |
Results from co-participation agreements in bid areas (**) |
3,317 |
− |
− |
− |
− |
3,317 |
Others |
(869) |
(768) |
540 |
52 |
− |
(1,045) |
|
8,685 |
(919) |
658 |
(4,457) |
− |
3,967 |
(*) In 2021, it includes the effects of the exclusion of ICMS (VAT tax) from the basis of calculation of sales taxes PIS and COFINS, except for the effects of inflation indexation. |
(**) For 2021, it refers to the agreement of Buzios field. |
Table 27 - Other income and expenses by segment – 4Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Unscheduled stoppages and pre-operating expenses |
(2,462) |
(28) |
(46) |
(42) |
− |
(2,578) |
Losses with legal, administrative and arbitration proceedings |
(405) |
(1,241) |
(62) |
(1,134) |
− |
(2,842) |
Pension and medical benefits - retirees (*) |
− |
− |
− |
(1,157) |
− |
(1,157) |
Performance award program |
(316) |
(159) |
(41) |
(259) |
− |
(775) |
Losses with Commodities Derivatives |
− |
(609) |
− |
(25) |
− |
(634) |
Losses on decommissioning of returned/abandoned areas |
(1,031) |
− |
− |
− |
− |
(1,031) |
Operating expenses with thermoelectric power plants |
− |
− |
(219) |
− |
− |
(219) |
Profit sharing |
(73) |
(15) |
(9) |
(51) |
− |
(148) |
Institutional relations and cultural projects |
− |
(3) |
− |
(193) |
− |
(196) |
Expenditures on health, safety and environment |
(28) |
(18) |
(1) |
(53) |
− |
(100) |
Transfer of rights on concession agreements |
− |
− |
− |
− |
− |
− |
Recovery of taxes |
− |
16 |
− |
61 |
− |
77 |
Amounts recovered from Lava Jato investigation |
− |
− |
− |
324 |
− |
324 |
(Losses)/gains of non-core activities |
110 |
(109) |
217 |
129 |
− |
347 |
Fines imposed on suppliers |
281 |
29 |
(66) |
36 |
− |
280 |
Government grants |
5 |
− |
− |
735 |
− |
740 |
Early termination and changes to cash flow estimates of leases |
342 |
79 |
(47) |
(5) |
− |
369 |
Expenses/Reimbursements from E&P partnership operations |
1,231 |
− |
− |
− |
− |
1,231 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(67) |
20 |
42 |
39 |
− |
34 |
Results from co-participation agreements in bid areas (**) |
7,467 |
− |
− |
− |
− |
7,467 |
Others |
(551) |
(314) |
415 |
(65) |
− |
(515) |
|
4,503 |
(2,352) |
183 |
(1,660) |
− |
674 |
(*) In 2022, it includes R$ 352 referring to the payment of a contribution as provided for in the Pre-70 Term of Financial Commitment (TFC) for the administrative funding of the PPSP-R pre-70 and PPSP-NR pre-70 plans. |
(**) For 2022, it mainly refers to the gain related to the agreement of Atapu and Sépia fields. |
Table 28 - Other income and expenses by segment – 3Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. |
ELIMIN. |
TOTAL |
Unscheduled stoppages and pre-operating expenses |
(2,220) |
(32) |
(62) |
(76) |
− |
(2,390) |
Losses with legal, administrative and arbitration proceedings |
(1,296) |
288 |
(7) |
(362) |
− |
(1,377) |
Pension and medical benefits - retirees (*) |
− |
− |
− |
(1,596) |
− |
(1,596) |
Performance award program |
(322) |
(178) |
(35) |
(270) |
− |
(805) |
Losses with Commodities Derivatives |
− |
464 |
− |
− |
− |
464 |
Losses on decommissioning of returned/abandoned areas |
(7) |
− |
− |
− |
− |
(7) |
Operating expenses with thermoelectric power plants |
− |
− |
(196) |
− |
− |
(196) |
Profit sharing |
(84) |
(50) |
(9) |
(58) |
− |
(201) |
Institutional relations and cultural projects |
− |
(2) |
− |
(113) |
− |
(115) |
Expenditures on health, safety and environment |
(28) |
(11) |
− |
(57) |
− |
(96) |
Transfer of rights on concession agreements |
− |
− |
− |
− |
− |
− |
Recovery of taxes |
− |
12 |
− |
51 |
− |
63 |
Amounts recovered from Lava Jato investigation |
90 |
− |
− |
25 |
− |
115 |
(Losses)/gains of non-core activities |
203 |
(72) |
116 |
(18) |
− |
229 |
Fines imposed on suppliers |
196 |
15 |
114 |
(15) |
− |
310 |
Government grants |
10 |
− |
− |
640 |
− |
650 |
Early termination and changes to cash flow estimates of leases |
713 |
93 |
70 |
(50) |
− |
826 |
Expenses/Reimbursements from E&P partnership operations |
1,538 |
− |
− |
− |
− |
1,538 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
383 |
290 |
876 |
1 |
− |
1,550 |
Results from co-participation agreements in bid areas (**) |
(50) |
− |
− |
− |
− |
(50) |
Others |
(101) |
(48) |
214 |
112 |
− |
177 |
|
(975) |
769 |
1,081 |
(1,786) |
− |
(911) |
(*) In 2022, it includes R$ 352 referring to the payment of a contribution as provided for in the Pre-70 Term of Financial Commitment (TFC) for the administrative funding of the PPSP-R pre-70 and PPSP-NR pre-70 plans. |
(**) For 2022, it mainly refers to the gain related to the agreement of Atapu and Sépia fields. |
Table 29 - Consolidated assets by segment – 12.31.2022
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Total assets |
606,994 |
179,652 |
39,574 |
177,953 |
(27,464) |
976,709 |
|
|
|
|
|
|
|
Current assets |
27,259 |
62,794 |
2,041 |
98,422 |
(27,464) |
163,052 |
Non-current assets |
579,735 |
116,858 |
37,533 |
79,531 |
− |
813,657 |
Long-term receivables |
33,140 |
9,450 |
492 |
67,640 |
− |
110,722 |
Investments |
1,976 |
5,098 |
905 |
193 |
− |
8,172 |
Property, plant and equipment |
531,550 |
101,728 |
35,747 |
10,157 |
− |
679,182 |
Operating assets |
480,481 |
87,925 |
25,085 |
8,267 |
− |
601,758 |
Assets under construction |
51,069 |
13,803 |
10,662 |
1,890 |
− |
77,424 |
Intangible assets |
13,069 |
582 |
389 |
1,541 |
− |
15,581 |
Table 30 - Consolidated assets by segment – 12.31.2021
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Total assets |
610,924 |
170,799 |
43,415 |
172,541 |
(24,728) |
972,951 |
|
|
|
|
|
|
|
Current assets |
21,036 |
53,753 |
7,012 |
111,174 |
(24,728) |
168,247 |
Non-current assets |
589,888 |
117,046 |
36,403 |
61,367 |
− |
804,704 |
Long-term receivables |
20,284 |
8,312 |
529 |
50,867 |
− |
79,992 |
Investments |
2,194 |
5,412 |
662 |
159 |
− |
8,427 |
Property, plant and equipment |
552,654 |
102,788 |
34,829 |
9,135 |
− |
699,406 |
Operating assets |
486,676 |
89,770 |
20,868 |
7,662 |
− |
604,976 |
Assets under construction |
65,978 |
13,018 |
13,961 |
1,473 |
− |
94,430 |
Intangible assets |
14,756 |
534 |
383 |
1,206 |
− |
16,879 |
Table 31 - Reconciliation of Adjusted EBITDA by segment – 2022
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
164,577 |
38,142 |
5,739 |
(14,803) |
(4,650) |
189,005 |
Net finance income (expense) |
− |
− |
− |
19,257 |
− |
19,257 |
Income taxes |
84,338 |
19,630 |
2,742 |
(18,321) |
(2,396) |
85,993 |
Depreciation, depletion and amortization |
53,725 |
11,603 |
2,310 |
564 |
− |
68,202 |
EBITDA |
302,640 |
69,375 |
10,791 |
(13,303) |
(7,046) |
362,457 |
Results in equity-accounted investments |
(863) |
(38) |
(417) |
27 |
− |
(1,291) |
Impairment of assets (reversals) |
6,361 |
495 |
(4) |
7 |
− |
6,859 |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
1 |
− |
− |
− |
1 |
Results from co-participation agreements in bid areas |
(21,660) |
− |
− |
− |
− |
(21,660) |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(4,391) |
(554) |
(881) |
(58) |
− |
(5,884) |
Adjusted EBITDA |
282,087 |
69,279 |
9,489 |
(13,327) |
(7,046) |
340,482 |
Table 32 - Reconciliation of Adjusted EBITDA by segment – 2021
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
125,638 |
30,435 |
(779) |
(38,525) |
(9,505) |
107,264 |
Net finance income (expense) |
− |
− |
− |
59,256 |
− |
59,256 |
Income taxes |
64,395 |
13,106 |
(673) |
(27,620) |
(4,897) |
44,311 |
Depreciation, depletion and amortization |
48,562 |
11,678 |
2,324 |
484 |
− |
63,048 |
EBITDA |
238,595 |
55,219 |
872 |
(6,405) |
(14,402) |
273,879 |
Results in equity-accounted investments |
(638) |
(4,993) |
(528) |
(2,268) |
− |
(8,427) |
Impairment of assets (reversals) |
(16,375) |
(1,635) |
1,133 |
(13) |
− |
(16,890) |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
220 |
− |
220 |
Results from co-participation agreements in bid areas |
(3,317) |
− |
− |
− |
− |
(3,317) |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(7,377) |
(3,161) |
(359) |
8 |
− |
(10,889) |
Adjusted EBITDA |
210,888 |
45,430 |
1,118 |
(8,458) |
(14,402) |
234,576 |
Table 33 - Reconciliation of Adjusted EBITDA by segment – 4Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
30,234 |
7,750 |
1,769 |
2,828 |
921 |
43,502 |
Net finance income (expense) |
− |
− |
− |
(1,490) |
− |
(1,490) |
Income taxes |
15,530 |
4,397 |
879 |
(5,481) |
474 |
15,799 |
Depreciation, depletion and amortization |
13,648 |
2,921 |
600 |
290 |
− |
17,459 |
EBITDA |
59,412 |
15,068 |
3,248 |
(3,853) |
1,395 |
75,270 |
Results in equity-accounted investments |
(87) |
785 |
(63) |
7 |
− |
642 |
Impairment of assets (reversals) |
5,719 |
(1,040) |
− |
1 |
− |
4,680 |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
− |
− |
− |
− |
− |
Results from co-participation agreements in bid areas |
(7,467) |
− |
− |
− |
− |
(7,467) |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
67 |
(20) |
(42) |
(39) |
− |
(34) |
Adjusted EBITDA |
57,644 |
14,793 |
3,143 |
(3,884) |
1,395 |
73,091 |
Table 34 - Reconciliation of Adjusted EBITDA by segment – 3Q22
R$ million |
E&P |
RTM |
GAS & POWER |
CORP. AND OTHERS |
ELIMIN. |
TOTAL |
Net income (loss) |
39,726 |
7,302 |
3,317 |
(5,563) |
1,454 |
46,236 |
Net finance income (expense) |
− |
− |
− |
7,973 |
− |
7,973 |
Income taxes |
20,344 |
3,823 |
1,678 |
(6,191) |
749 |
20,403 |
Depreciation, depletion and amortization |
13,435 |
3,029 |
667 |
12 |
− |
17,143 |
EBITDA |
73,505 |
14,154 |
5,662 |
(3,769) |
2,203 |
91,755 |
Results in equity-accounted investments |
(237) |
118 |
(62) |
10 |
− |
(171) |
Impairment of assets (reversals) |
24 |
1,313 |
(1) |
− |
− |
1,336 |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
− |
1 |
− |
− |
− |
1 |
Results from co-participation agreements in bid areas |
50 |
− |
− |
− |
− |
50 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
(383) |
(290) |
(876) |
(1) |
− |
(1,550) |
Adjusted EBITDA |
72,959 |
15,296 |
4,723 |
(3,760) |
2,203 |
91,421 |
Glossary
ACL - Ambiente de Contratação
Livre (Free contracting market) in the electricity system.
ACR - Ambiente de Contratação
Regulada (Regulated contracting market) in the electricity system.
Adjusted cash and cash equivalents - Sum of
cash and cash equivalents and investments in securities in domestic and international markets that have high liquidity, i.e., convertible
into cash within 3 months, even if maturity is longer than 12 months, held for the purpose of complying with cash commitments. This measure
is not defined under the International Financial Reporting Standards – IFRS and should not be considered in isolation or as a substitute
for cash and cash equivalents computed in accordance with IFRS. It may not be comparable to adjusted cash and cash equivalents of other
companies, however management believes that it is an appropriate supplemental measure to assess our liquidity and supports leverage management.
Adjusted EBITDA - Adjusted EBITDA (a non-GAAP measure
defined as net income plus net finance income (expense); income taxes; depreciation, depletion and amortization; results in equity-accounted
investments; impairment of assets (reversals); results on disposal/write-offs of assets, remeasurement of investment retained with loss
of control and reclassification of CTA; and results from co-participation agreements in bid areas).
Adjusted EBITDA margin - Adjusted EBITDA divided
by sales revenues.
Basic and diluted earnings (losses) per share
- Calculated based on the weighted average number of shares.
Consolidated Structured Entities – Entities
that have been designated so that voting rights or the like are not the determining factor in deciding who controls the entity. Petrobras
has no equity interest in certain structured entities that are consolidated in the Company's financial statements, but control is determined
by the power it has over its relevant operating activities. As there is no equity interest, the income from certain consolidated structured
entities is attributable to non-controlling shareholders in the income statement, and disregarding the profit or loss attributable to
Petrobras shareholders.
CTA – Cumulative translation adjustment
– The cumulative amount of exchange variation arising on translation of foreign operations that is recognized in Shareholders’
Equity and will be transferred to profit or loss on the disposal of the investment.
Effect of average cost in the Cost of Sales
– In view of the average inventory term of 60 days, the crude oil and oil products international prices movement, as well as foreign
exchange effect over imports, production taxes and other factors that impact costs, do not entirely influence the cost of sales in the
current period, having their total effects only in the following period.
Free cash flow - Net cash provided by operating
activities less acquisition of PP&E and intangibles assets. Free cash flow is not defined under the IFRS and should not be considered
in isolation or as a substitute for cash and cash equivalents calculated in accordance with IFRS. It may not be comparable to free cash
flow of other companies, however management believes that it is an appropriate supplemental measure to assess our liquidity and supports
leverage management.
Investments – Capital expenditures based on
the cost assumptions and financial methodology adopted in our Business and Management Plan, which include acquisition of PP&E, including
expenses with leasing, intangibles assets, investment in investees and other items that do not necessarily qualify as cash flows used
in investing activities, primarily geological and geophysical expenses, pre-operating charges, purchase of property, plant and equipment
on credit and borrowing costs directly attributable to works in progress.
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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), presented in the consolidated cash flow statement.
Net Debt – Gross debt less adjusted
cash and cash equivalents. Net debt is not a measure defined in the IFRS and should not be considered in isolation or as a substitute
for total long-term debt calculated in accordance with IFRS. Our calculation of net debt may not be comparable to the calculation of net
debt by other companies, however our management believes that net debt is an appropriate supplemental measure that helps investors assess
our liquidity and supports leverage management.
Net Income by Business Segment - The information
by the company's business segment is prepared based on available financial information that is directly attributable to the segment or
that can be allocated on a reasonable basis, being presented by business activities used by the Executive Board to make resource allocation
decisions. and performance evaluation. When calculating segmented results, transactions with third parties, including jointly controlled
and associated companies, and transfers between business segments are considered. Transactions between business segments are valued at
internal transfer prices calculated based on methodologies that take into account market parameters, and these transactions are eliminated,
outside the business segments, for the purpose of reconciling the segmented information with the consolidated financial statements of
the company. company.
PLD (differences settlement price) - Electricity
price in the spot market. Weekly weighed prices per output level (light, medium and heavy), number of hours and related market capacity.
Refining - includes crude oil refining, logistics,
transportation, acquisition and export activities, as well as the purchase and sale of petroleum and ethanol products in Brazil and abroad.
Additionally, this segment includes the petrochemical area, which includes investments in companies in the petrochemical sector, shale
exploration and processing.
ROCE - operating profit after taxes / average capital
employed, both measured in US$ on a LTM basis
Operating profit after taxes: Adjusted EBITDA, minus DD&A
of assets booked at historical exchange rates and 34% income tax rate.
Average capital employed: quarterly average considering
inventories, intangibles and fixed assets at historical exchange rates.
Sales Price of Petroleum in Brazil - Average
internal transfer prices from the E&P segment to the Refining segment.
Total net liabilities - Total liability less
adjusted cash and cash equivalents.
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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: March 1, 2023
PETRÓLEO BRASILEIRO S.A–PETROBRAS
By: /s/ Rodrigo Araujo Alves
______________________________
Rodrigo Araujo Alves
Chief Financial Officer and Investor Relations
Officer
Petroleo Brasileiro ADR (NYSE:PBR.A)
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