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
May, 2021
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 República
do Chile, 65
20031-912 – 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 1Q21
Petrobras posted solid financial and operating results
in 1Q21. Regarding 1Q21 results, Petrobras’ CEO Joaquim Silva e Luna made the following comments: “The
figures show the capacity of our team to deliver sustainable results to our investors and to society, even in a challenging environment.
Petrobras will continue down the path of value generation, with its management based on transparency, dialogue and rationality and with
investments concentrated in assets in which we are recognized as global leaders”.
CFO Rodrigo Araujo Alves also commented: “These
very strong figures show that we are in the right path. We will continue to focus on the strategies set forth in our Strategic Plan, generating
value in all our operations and projects and managing our portfolio aiming to maximize returns to our shareholders and other stakeholders”.
Main highlights of 1Q21:
|
|
·
|
34% increase in recurring adjusted EBITDA
in the quarter, even with lower sales volume.
|
|
|
·
|
Recurring net income impacted by the effect
of Brazilian real depreciation over debt.
|
|
|
·
|
Positive free cash flow of US$ 5.6 billion.
|
|
|
·
|
Cash inflow from asset sales of US$ 472 million
up to May 11th, 2021.
|
|
|
·
|
Gross debt reduction of US$ 18.3 billion
in the annual comparison and of US$ 4.6 billion in the quarterly comparison, reaching US$ 71 billion.
|
|
|
·
|
More than US$ 3.2 billion in pre-payments
and amortizations in April
|
|
|
·
|
Reduction of foreign exchange exposure in
US$ 8.4 billion, reaching US$ 34.9 billion.
|
|
|
·
|
Net debt/adjusted EBITDA decreased, reaching
2.03x on March 31st, 2021, the best mark since 2012.
|
|
Table 1 – Main items
|
|
|
|
Variation (%)
|
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
1Q21 /
4Q20
|
1Q21 /
1Q20
|
|
Sales revenues
|
15,698
|
13,911
|
17,143
|
12.8
|
(8.4)
|
|
Gross profit
|
8,007
|
7,527
|
7,264
|
6.4
|
10.2
|
|
Operating expenses
|
(2,032)
|
5,433
|
(15,691)
|
−
|
(87.0)
|
|
Consolidated net income (loss) attributable to the shareholders of Petrobras
|
180
|
11,509
|
(9,715)
|
(98.4)
|
−
|
|
Recurring consolidated net income (loss) attributable to the shareholders of Petrobras*[1]
|
231
|
5,385
|
(732)
|
(95.7)
|
−
|
|
Net cash provided by operating activities
|
7,244
|
7,072
|
7,777
|
2.4
|
(6.9)
|
|
Free cash flow
|
5,592
|
5,683
|
5,911
|
(1.6)
|
(5.4)
|
|
Adjusted EBITDA
|
8,906
|
8,811
|
8,581
|
1.1
|
3.8
|
|
Recurring adjusted EBITDA*
|
8,694
|
6,493
|
8,450
|
33.9
|
2.9
|
|
Gross debt
|
70,966
|
75,538
|
89,237
|
(6.1)
|
(20.5)
|
|
Net debt
|
58,424
|
63,168
|
73,131
|
(7.5)
|
(20.1)
|
|
Net debt/LTM Adjusted EBITDA ratio
|
2.03
|
2.22
|
2.15
|
(8.6)
|
(5.6)
|
|
Average commercial selling rate for U.S. dollar
|
5.47
|
5.40
|
4.47
|
1.3
|
22.6
|
|
Brent crude (US$/bbl)
|
60.90
|
44.23
|
50.26
|
37.7
|
21.2
|
|
Domestic basic oil products price (US$/bbl)
|
63.82
|
49.96
|
65.06
|
27.7
|
(1.9)
|
|
TRI (total recordable injuries per million men-hour frequency rate)
|
0.62
|
0.56
|
0.65
|
10.7
|
(4.6)
|
* See the reconciliation of Recurring Net Income and Recurring
EBITDA in the Special Items section.
Consolidated Results
Net Revenues
Table 2 – Net revenues by products
|
|
|
|
|
Variation (%)
|
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
1Q21 /
4Q20
|
1Q21 /
1Q20
|
|
Diesel
|
4,578
|
3,683
|
4,086
|
24.3
|
12.0
|
|
Gasoline
|
2,022
|
1,795
|
1,899
|
12.6
|
6.5
|
|
Liquefied petroleum gas (LPG)
|
916
|
922
|
902
|
(0.7)
|
1.6
|
|
Jet fuel
|
426
|
342
|
850
|
24.6
|
(49.9)
|
|
Naphtha
|
331
|
330
|
672
|
0.3
|
(50.7)
|
|
Fuel oil (including bunker fuel)
|
335
|
255
|
266
|
31.4
|
25.9
|
|
Other oil products
|
878
|
797
|
692
|
10.2
|
26.9
|
|
Subtotal Oil Products
|
9,486
|
8,124
|
9,367
|
16.8
|
1.3
|
|
Natural gas
|
1,037
|
957
|
1,211
|
8.4
|
(14.4)
|
|
Renewables and nitrogen products
|
13
|
14
|
26
|
(7.1)
|
(50.0)
|
|
Revenues from non-exercised rights
|
67
|
70
|
91
|
(4.3)
|
(26.4)
|
|
Electricity
|
543
|
643
|
292
|
(15.6)
|
86.0
|
|
Services, agency and others
|
214
|
209
|
159
|
2.4
|
34.6
|
|
Total domestic market
|
11,360
|
10,017
|
11,146
|
13.4
|
1.9
|
|
Exports
|
4,137
|
3,637
|
5,620
|
13.7
|
(26.4)
|
|
Crude oil
|
2,801
|
2,549
|
4,335
|
9.9
|
(35.4)
|
|
Fuel oil (including bunker fuel)
|
1,201
|
974
|
1,048
|
23.3
|
14.6
|
|
Other oil products and other products
|
135
|
114
|
237
|
18.2
|
(43.0)
|
|
Sales abroad
|
201
|
257
|
377
|
(21.8)
|
(46.7)
|
|
Total foreign market
|
4,338
|
3,894
|
5,997
|
11.4
|
(27.7)
|
|
Total
|
15,698
|
13,911
|
17,143
|
12.8
|
(8.4)
|
|
|
|
|
|
|
|
Net revenue in 1Q21 was US$ 15.7 billion, 12.8% higher
than 4Q20, mainly due to the 38% appreciation in Brent prices. This result was also supported by higher diesel revenues, which reached
US$ 4.6 billion (24% higher than 4Q20), due to Petrobras’ higher market share in the diesel market and the growth in S-10 diesel
sales, despite the drop in total diesel sales volume.
The increase in Brent price also resulted in higher
revenues for other oil products, although sales volumes of oil products in the domestic market decreased by 5.6% due to seasonality and
restrictions imposed by COVID-19. The exception was the 8.3% increase in fuel oil sales volume for thermoelectric generation and use in
the industrial segment.
In 1Q21, despite lower volumes of exported crude
oil and oil products, export revenue reached US$ 4.1 billion, 13.7% higher when compared to 4Q20, as a result of the hike in Brent prices.
The 3% increase in oil and gas production in 1Q21 was not fully translated into revenues, with 27 MMbbl of ongoing crude oil exports.
In terms of revenue breakdown in the domestic market,
diesel and gasoline continued to be the main products, accounting, together, for 70% of the domestic oil products sales revenues in 1Q21.
There was an increase in China's share of exports in
1Q21, reaching 56%. Singapore remained the main destination for exports of oil products, with 75%, taking advantage of the opportunities
brought by IMO 2020. In 1Q21, we had the following distribution of export destinations:
Table 3 – Crude oil exports volume
|
Country
|
1Q21
|
4Q20
|
1Q20
|
|
China
|
56%
|
42%
|
48%
|
|
Índia
|
7%
|
11%
|
8%
|
|
Portugal
|
7%
|
11%
|
3%
|
|
Chile
|
5%
|
11%
|
8%
|
|
United States
|
3%
|
14%
|
3%
|
|
Spain
|
3%
|
2%
|
6%
|
|
Netherlands
|
1%
|
2%
|
5%
|
|
Others
|
18%
|
7%
|
19%
|
Table 4 – Oil products exports volume
|
Country
|
1Q21
|
4Q20
|
1Q20
|
|
Singapore
|
75%
|
80%
|
53%
|
|
USA
|
15%
|
17%
|
14%
|
|
Others
|
10%
|
3%
|
32%
|
Cost of Goods Sold
Table 5 – Cost of goods sold
|
|
|
|
|
Variation (%)
|
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
1Q21 /
4Q20
|
1Q21 /
1Q20
|
|
Brazilian operations
|
(7,545)
|
(6,198)
|
(9,617)
|
21.7
|
(21.5)
|
|
Acquisitions
|
(2,337)
|
(1,679)
|
(2,165)
|
39.2
|
7.9
|
|
Crude oil imports
|
(951)
|
(668)
|
(1,256)
|
42.4
|
(24.3)
|
|
Oil product imports
|
(663)
|
(470)
|
(519)
|
41.1
|
27.7
|
|
Natural gas imports
|
(723)
|
(541)
|
(390)
|
33.6
|
85.4
|
|
Production
|
(4,976)
|
(4,217)
|
(7,280)
|
18.0
|
(31.6)
|
|
Crude oil
|
(3,936)
|
(3,288)
|
(5,879)
|
19.7
|
(33.0)
|
|
Production taxes
|
(1,624)
|
(1,372)
|
(2,097)
|
18.4
|
(22.6)
|
|
Other costs
|
(2,312)
|
(1,916)
|
(3,782)
|
20.7
|
(38.9)
|
|
Oil products
|
(596)
|
(500)
|
(701)
|
19.2
|
(15.0)
|
|
Natural gas
|
(444)
|
(429)
|
(700)
|
3.5
|
(36.6)
|
|
Production taxes
|
(121)
|
(92)
|
(112)
|
31.5
|
8.0
|
|
Other costs
|
(323)
|
(337)
|
(588)
|
(4.2)
|
(45.1)
|
|
Services rendered, electricity, renewables, nitrogen products and others
|
(232)
|
(302)
|
(172)
|
(23.2)
|
34.9
|
|
Operations abroad
|
(146)
|
(186)
|
(262)
|
(21.5)
|
(44.3)
|
|
Total
|
(7,691)
|
(6,384)
|
(9,879)
|
20.5
|
(22.1)
|
Compared to 4Q20, the cost of goods sold increased
by 20.5% in 1Q21, mainly due to higher production taxes and imports costs, which are directly correlated to Brent prices, and to the absence
of the gain from the actuarial review of the health plan in 4Q20.
In addition to the increase in Brent prices, higher
participation of imported crude oil in the processed feedstock and of imported oil products in the sales mix also contributed to higher
import costs.
Operating Expenses
Table 6 – Operating expenses
|
|
|
|
|
Variation (%)
|
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
1Q21 /
4Q20
|
1Q21 /
1Q20
|
|
Selling, General and Administrative Expenses
|
(1,221)
|
(1,207)
|
(1,746)
|
1.2
|
(30.1)
|
|
Selling expenses
|
(948)
|
(1,128)
|
(1,335)
|
(16.0)
|
(29.0)
|
|
Materials, third-party services, freight, rent and other related costs
|
(784)
|
(952)
|
(1,155)
|
(17.6)
|
(32.1)
|
|
Depreciation, depletion and amortization
|
(149)
|
(153)
|
(123)
|
(2.6)
|
21.1
|
|
Allowance for expected credit losses
|
5
|
5
|
(9)
|
−
|
−
|
|
Employee compensation
|
(20)
|
(28)
|
(48)
|
(28.6)
|
(58.3)
|
|
General and administrative expenses
|
(273)
|
(79)
|
(411)
|
245.6
|
(33.6)
|
|
Employee compensation
|
(185)
|
(7)
|
(288)
|
2542.9
|
(35.8)
|
|
Materials, third-party services, freight, rent and other related costs
|
(64)
|
(62)
|
(94)
|
3.2
|
(31.9)
|
|
Depreciation, depletion and amortization
|
(24)
|
(10)
|
(29)
|
140.0
|
(17.2)
|
|
Exploration costs
|
(214)
|
(366)
|
(104)
|
(41.5)
|
105.8
|
|
Research and development expenses
|
(117)
|
(100)
|
(95)
|
17.0
|
23.2
|
|
Other taxes
|
(106)
|
(191)
|
(118)
|
(44.5)
|
(10.2)
|
|
Impairment of assets
|
(90)
|
6,019
|
(13,371)
|
−
|
(99.3)
|
|
Other income and expenses, net
|
(284)
|
1,278
|
(257)
|
−
|
10.5
|
|
Total
|
(2,032)
|
5,433
|
(15,691)
|
−
|
(87.0)
|
Selling expenses fell 16% in 1Q21, when compared to
4Q20, in line with lower sales volumes.
The increase in general and administrative expenses
reflects the absence of the US$ 0.2 billion actuarial gain relative to the health plan in 4Q20, partially offset by lower consulting costs
and lower headcount.
There was a reduction in exploration costs, mainly due
to higher write-offs in 4Q20 in the Espirito Santo and Campos basins.
In 1Q21, impairment was US$ 90 million, mainly due to
the shut-down of platform P-33 in Campos basin.
There were other expenses of US$ 284 million in 1Q21
as opposed to other revenues of US$ 1.3 billion in 4Q20, due to the absence of the gain from the actuarial review of the health plan carried
out in 4Q20 and to lower gains from divestments, partially offset by the lower provision related to the variable compensation program
and higher reimbursement from the Lava Jato operation.
Adjusted EBITDA
Adjusted EBITDA in 1Q21 reached US$ 8.9 billion, in
line with the previous quarter. This result reflects higher oil margins due to the appreciation of Brent prices, offset by lower sales
volumes. In addition, excluding the effect of the absence of the gain from the actuarial review of the health plan, occurred in 4Q20,
there were lower operating expenses impacting this metric.
Financial results
Table 7 – Financial results
|
|
|
|
|
Variation (%)
|
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
1Q21 /
4Q20
|
1Q21 /
1Q20
|
|
Finance income
|
122
|
145
|
174
|
(15.9)
|
(29.9)
|
|
Income from investments and marketable securities (Government Bonds)
|
29
|
36
|
67
|
(19.4)
|
(56.7)
|
|
Other income, net
|
93
|
109
|
107
|
(14.7)
|
(13.1)
|
|
Finance expenses
|
(1,208)
|
(1,434)
|
(1,622)
|
(15.8)
|
(25.5)
|
|
Interest on finance debt
|
(752)
|
(770)
|
(1,008)
|
(2.3)
|
(25.4)
|
|
Unwinding of discount on lease liabilities
|
(295)
|
(328)
|
(342)
|
(10.1)
|
(13.7)
|
|
Discount and premium on repurchase of debt securities
|
(183)
|
(374)
|
(260)
|
(51.1)
|
(29.6)
|
|
Capitalized borrowing costs
|
212
|
234
|
279
|
(9.4)
|
(24.0)
|
|
Unwinding of discount on the provision for decommissioning costs
|
(189)
|
(139)
|
(192)
|
36.0
|
(1.6)
|
|
Other finance expenses and income, net
|
(1)
|
(57)
|
(99)
|
(98.2)
|
(99.0)
|
|
Foreign exchange gains (losses) and indexation charges
|
(4,553)
|
2,653
|
(3,103)
|
−
|
46.7
|
|
Foreign exchange gains (losses)
|
(3,442)
|
3,764
|
(1,767)
|
−
|
94.8
|
|
Reclassification of hedge accounting to the Statement of Income
|
(1,113)
|
(1,134)
|
(1,400)
|
(1.9)
|
(20.5)
|
|
Pis and Cofins inflation indexation income - exclusion of ICMS (VAT tax) from the basis of calculation
|
−
|
(71)
|
−
|
−
|
−
|
|
Other foreign exchange gains (losses) and indexation charges, net
|
2
|
94
|
64
|
(97.9)
|
(96.9)
|
|
Total
|
(5,639)
|
1,364
|
(4,551)
|
−
|
23.9
|
|
|
|
|
|
|
|
The financial result for 1Q21 was negative US$ 5.6
billion, compared to the US$ 1.4 billion revenue in 4Q20. We ended 1Q21 with an FX exposure of US$ 34.9 billion, compared to US$ 43.3
billion in 4Q20, with lower passive exposure in dollars.
Despite the lower FX exposure in 1Q21, there was
an increase in foreign exchange losses, reaching US$ 3.4 billion, mainly due to the 9.6% depreciation of the Brazilian real over the US
dollar against the appreciation of 7.9% in 4Q20. It is also worth mentioning the lower premium in the repurchase of bonds (US$ 183 million)
and the positive effects of active liability management, which made possible the reduction of finance expenses (US$ 752 million).
Net income (loss) attributable to Petrobras’ shareholders
We recorded a net income of US$ 180 million in 1Q21,
US$ 11.3 billion lower than 4Q20, reflecting the impact of FX losses in the financial result due to the depreciation of the Brazilian
real over the US dollar, as well as the reversals of impairment and of past expenditures with the health plan, both in 4Q20.
Recurring net income attributable to Petrobras’ shareholders
and recurring adjusted EBITDA
In 1Q21, few non-recurring items impacted results.
Excluding such items, mainly the impairment of US$ 90 million and the goodwill on the repurchase of bonds of US$ 183 million, we would
have had a net income of US$ 231 million in 1Q21. Recurring EBITDA would have been US$ 8.7 billion, 34% higher than 4Q20.
Special Items
Table 8 – Special items
|
|
|
|
|
Variation (%)
|
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
1Q21 /
4Q20
|
1Q21 /
1Q20
|
|
Net income
|
200
|
11,617
|
(9,976)
|
(98.3)
|
−
|
|
Nonrecurring items
|
(43)
|
8,141
|
(13,645)
|
−
|
(99.7)
|
|
Nonrecurring items that do not affect Adjusted EBITDA
|
(255)
|
5,823
|
(13,776)
|
−
|
(98.1)
|
|
Impairment of assets and investments
|
(124)
|
5,681
|
(13,423)
|
−
|
(99.1)
|
|
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments
|
(34)
|
−
|
−
|
−
|
−
|
|
Gains and losses on disposal / write-offs of assets
|
49
|
366
|
(94)
|
(86.6)
|
−
|
|
Pis and Cofins inflation indexation charges - exclusion of ICMS (VAT tax) from the basis of calculation
|
−
|
(71)
|
−
|
−
|
−
|
|
Discount and premium on repurchase of debt securities
|
(183)
|
(374)
|
(259)
|
(51.1)
|
(29.3)
|
|
Inflation indexation charges on petroleum and alcohol accounts
|
−
|
237
|
−
|
−
|
−
|
|
Financial updating on state amnesty programs
|
37
|
(16)
|
−
|
−
|
−
|
|
Other nonrecurring items
|
212
|
2,318
|
131
|
(90.9)
|
61.8
|
|
PDV
|
3
|
4
|
(41)
|
(25.0)
|
−
|
|
Amounts recovered from Lava Jato investigation
|
141
|
54
|
21
|
161.1
|
571.4
|
|
Gains / (losses) on decommissioning of returned/abandoned areas
|
(6)
|
(324)
|
−
|
(98.1)
|
−
|
|
State amnesty programs
|
117
|
11
|
−
|
963.6
|
−
|
|
Gains / (losses) related to legal proceedings
|
−
|
−
|
128
|
−
|
−
|
|
Equalization of expenses - Production Individualization Agreements
|
(43)
|
(8)
|
23
|
437.5
|
−
|
|
PIS and COFINS over inflation indexation charges - exclusion of ICMS (VAT tax) from the basis of calculation
|
−
|
4
|
−
|
−
|
−
|
|
PIS and COFINS recovered - exclusion of ICMS (VAT tax) from the basis of calculation
|
−
|
39
|
−
|
−
|
−
|
|
Cost reversals of health care plan due to the revision in the company’s future obligations
|
−
|
2,538
|
−
|
−
|
−
|
|
Net effect of nonrecurring items on IR / CSLL
|
(9)
|
(2,021)
|
4,664
|
(99.6)
|
−
|
|
Recurring net income
|
251
|
5,492
|
(992)
|
(95.4)
|
−
|
|
Shareholders of Petrobras
|
231
|
5,385
|
(732)
|
(95.7)
|
−
|
|
Non-controlling interests
|
20
|
107
|
(260)
|
(81.3)
|
−
|
|
Adjusted EBITDA
|
8,906
|
8,811
|
8,581
|
1.1
|
3.8
|
|
Nonrecurring items
|
212
|
2,318
|
131
|
(90.9)
|
61.8
|
|
Recurring Adjusted EBITDA
|
8,694
|
6,493
|
8,450
|
33.9
|
2.9
|
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 amounts (Capex) encompass acquisition of
property, plant and equipment, including costs with leasing, intangible assets, investments in subsidiaries and affiliates, costs with
geology and geophysics, costs with research and development and pre-operating costs.
Table 9 – Capex
|
|
|
|
|
Variation %
|
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
1Q21 /
4Q20
|
1Q21 /
1Q20
|
|
Exploration and Production
|
1,626
|
1,519
|
2,139
|
7.1
|
(24.0)
|
|
Refining, Transportation and Marketing
|
193
|
354
|
171
|
(45.6)
|
12.9
|
|
Gas and Power
|
63
|
83
|
86
|
(24.5)
|
(26.4)
|
|
Others
|
32
|
93
|
37
|
(66.0)
|
(15.3)
|
|
Total
|
1,913
|
2,049
|
2,433
|
(6.6)
|
(21.3)
|
In 1Q21, investments amounted US$ 1.9 billion, 7% below
4Q20 and 21% below 1Q20. More than 71% of capex is related to growth capex.
Growth investments are those with the main objective
of increasing the capacity of existing assets, implementing new production systems up to the full ramp up, disposal and storage assets,
increasing efficiency or profitability of the asset and implementing essential infrastructure to enable other growth projects. It includes
acquisitions of assets / companies and remaining investments in systems that started in 2019, exploratory investments, and investments
in R&D.
Sustaining investments, on the other hand, have the
main objective of maintaining the operation of existing assets, they do not aim at increasing the capacity of the facilities. Includes
investments in safety and reliability of installations, substitute well projects, complementary development, remaining investments in
systems that entered before 2019, scheduled stoppages and revitalizations (without new systems), 4D seismic, HSE projects, line changes,
infrastructure operational and ICT.
In 1Q21, investments in the Exploration and Production
segment totaled US$ 1.6 billion, with approximately 78% related to growth. Investments were mainly concentrated in: (i) development of
production in ultra-deep waters of the Santos Basin pre-salt (US$ 1 billion); (ii) exploratory investments (US$ 0.1 billion) and (iii)
development of new projects in deep waters (US$ 0.1 billion).
In the Refining, Transportation and Marketing segment,
investments totaled US$ 193 million in 1Q21, approximately 23% of which were growth investments. Investments in the Gas and Power segment
totaled US$ 63 million in 1Q21, of which approximately 60% are investments in growth.
The following table presents the main information on
the new, already contracted, oil and gas production systems.
Table 10 – Main projects
|
Project
|
Start-up
|
FPSO capacity (bbl/day)
|
CAPEX Petrobras spent
US$ bi
|
Total CAPEX3 Petrobras US$ bi
|
Petrobras Share
|
Status
|
|
Sépia 1
FPSO Carioca (Chartered unit)
|
2021
|
180000
|
0.91
|
2.2
|
97.6%
|
Project in phase of execution with production system under construction. 11 wells drilled and 10 completed
|
|
Mero 1
FPSO Guanabara (Chartered unit)
|
2022
|
180000
|
0.28
|
1.0
|
40.0%
|
Project in phase of execution with production system under construction. 11 wells drilled and 6 completed
|
|
Búzios 5
FPSO Alm. Barroso (Chartered unit)
|
2022
|
150000
|
0.49
|
2.3
|
100%¹
|
Project in phase of execution with production system under construction. 6 wells drilled and 1 completed.
|
|
Marlim 1
FPSO Anita Garibaldi (Chartered unit)
|
2023
|
80000
|
0.10
|
2.1
|
100.0%
|
Project in phase of execution with production system under construction. 1 well drilled and 1 completed
|
|
Marlim 2
FPSO Anna Nery (Chartered unit)
|
2023
|
70000
|
0.03
|
1.6
|
100.0%
|
Project in phase of execution with production system under construction.
|
|
Mero 2
FPSO Sepetiba (Chartered unit)
|
2023
|
180000
|
0.02
|
0.8
|
40.0%
|
Project in phase of execution with production system under construction. 5 wells drilled and 2 completed
|
|
Itapu
P-71 (Owned unit)
|
2023
|
150000
|
1,65²
|
3.4
|
100.0%
|
Project in phase of execution with production system under construction. 3 wells drilled and 1 completed
|
|
Mero 3
FPSO Marechal Duque de Caxias (Chartered unit)
|
2024
|
180000
|
0.02
|
0.8
|
40.0%
|
Project in phase of execution with production system under construction. 3 wells drilled and 1 completed
|
|
Búzios 6th module
FPSO Almirante Tamandaré (Chartered unit)
|
2024
|
225000
|
0.01
|
2.1
|
100%¹
|
Project in phase of execution, letter of intent signed for charter of the platform in February 2021. 2 wells drilled
|
|
Búzios 7th module
P-78 (Owned unit)
|
2025
|
180000
|
0.03
|
4.3
|
100%¹
|
Project in phase of execution. Contract signed in May/2021
|
|
¹ Will change after the co-participation agreement
² In this quarter, the incorporation of P-71 was considered in the financial curve
of the project, according to the relevant fact disclosed on October 27, 2020.
3 Does not include the amount related to chartered units
|
Portfolio Management
In 2021, up to May, 11th, we concluded the
sale of: Frade field, the wind power plants Mangue Seco 1, Mangue Seco 3 and Mangue Seco 4, Petrobras Uruguay Distribución (PUDSA),
the remaining 10% stake in NTS and BSBios company. Cash inflows from those transactions, coupled with upfront cash inflows from the signing
of Peroá and Miranga clusters divestments, totaled US$ 472 million in the period.
Table 11 – Amounts received up to May 11th,
2021 and respective transaction value
|
Asset
|
Amounts received
(US$ million)
|
Transaction amount1
(US$ million)
|
|
Mangue Seco 1
|
7.82
|
82
|
|
Mangue Seco 2
|
-
|
62
|
|
Mangue Seco 3 e 4
|
182
|
16.82
|
|
Frade field
|
36
|
1003
|
|
Peroá cluster
|
5.0
|
55
|
|
Miranga cluster
|
11
|
220.1
|
|
PUDSA
|
62
|
61.74
|
|
RLAM
|
-
|
1,650
|
|
NTS (10%)
|
285²
|
333²
|
|
UTE Camaçari Cluster
|
-
|
17.6²
|
|
BSBios
|
47
|
60
|
|
Rabo Branco
|
|
1.5
|
|
Total
|
472
|
2,529.7
|
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 2019
4Transaction signed in 2020
Petrobras reinforces the importance of portfolio management
focusing on world-class assets in deep and ultra-deep waters, in order to improve our capital allocation, enable debt and capital cost
reduction, and the consequent increase in value generation to the company and to our shareholders.
Liquidity and Capital Resources[2]
Table 12 – Liquidity and capital resources
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
|
Adjusted cash and cash equivalents at the beginning of period
|
12,384
|
13,374
|
8,265
|
|
Government bonds and time deposits with maturities of more than 3 months at the beginning of period *
|
(659)
|
(670)
|
(888)
|
|
Cash and cash equivalents at the beginning of period
|
11,725
|
12,704
|
7,377
|
|
Net cash provided by (used in) operating activities
|
7,244
|
7,072
|
7,777
|
|
Net cash provided by (used in) investing activities
|
(1,359)
|
(317)
|
(1,481)
|
|
Acquisition of PP&E and intangibles assets
|
(1,650)
|
(1,388)
|
(1,869)
|
|
Investments in investees
|
(2)
|
(1)
|
3
|
|
Proceeds from disposal of assets - Divestment
|
201
|
959
|
281
|
|
Dividends received
|
67
|
42
|
44
|
|
Divestment (Investment) in marketable securities
|
25
|
71
|
60
|
|
(=) Net cash provided by operating and investing activities
|
5,885
|
6,755
|
6,296
|
|
Net cash provided by (used) in financing activities
|
(5,574)
|
(7,407)
|
2,132
|
|
Net financings
|
(4,088)
|
(5,502)
|
4,702
|
|
Proceeds from financing
|
54
|
1,126
|
10,173
|
|
Repayments
|
(4,142)
|
(6,628)
|
(5,471)
|
|
Repayment of lease liability
|
(1,467)
|
(1,509)
|
(1,523)
|
|
Dividends paid to shareholders of Petrobras
|
−
|
(347)
|
(1,020)
|
|
Dividends paid to non-controlling interest
|
−
|
(46)
|
(8)
|
|
Investments by non-controlling interest
|
(19)
|
(3)
|
(19)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
(72)
|
(327)
|
(337)
|
|
Cash and cash equivalents at the end of period
|
11,964
|
11,725
|
15,468
|
|
Government bonds and time deposits with maturities of more than 3 months at the end of period *
|
579
|
659
|
644
|
|
Adjusted cash and cash equivalents at the end of period
|
12,543
|
12,384
|
16,112
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow
|
|
|
|
|
Net cash provided by (used in) operating activities
|
7,244
|
7,072
|
7,777
|
|
Acquisition of PP&E and intangibles assets
|
(1,650)
|
(1,388)
|
(1,869)
|
|
Investments in investees **
|
(2)
|
(1)
|
3
|
|
Free cash flow
|
5,592
|
5,683
|
5,911
|
As of March 31st, 2021, cash and cash equivalents
were US$ 12 billion and adjusted cash and cash equivalents totaled US$ 12.5 billion.
In 1Q21, despite the reduction in sales volumes in the
domestic and external markets and the higher build up of inventories relative to 4Q20, there was an increase in net cash provided by operating
activities, which reached US$ 7.2 billion, mainly due to the hike in the Brent prices. Free cash flow reached US$ 5.6 billion in 1Q21.
This level of cash generation, alongside cash inflows
from divestments of US$ 201 million and cash and cash equivalents, were used: (i) to prepay debt and amortize principal and interest due
in the period (US$ 4.1 billion) and (ii) to amortize lease liabilities (US$ 1.5 billion), reducing gross debt to US$ 71 billion. In addition,
CAPEX was US$ 1.7 billion.
[2]
* Includes short-term government bonds and time deposits and cash and cash equivalents of companies classified
as held for sale.
** In accordance with the Shareholders’ remuneration policy, the
additions (reductions) in investments shall not be considered in the calculation.
In 1Q21, the company settled several loans and financial
debts, amounting to US$ 4.1 billion, notably: (i) repayment of loans in the amount of US$ 1.1 billion, (ii) prepayment of banking loans
in the domestic and international market totaling US$ 100 million and (iii) US$ 1.4 billion in the repurchase of global bonds previously
issued by the Company in the capital market, with net premium paid to bond holders amounting to US$ 183 million (iv) total prepayment
of loans with export credit agencies, in the amount of US$ 224 million.
Conciliation EBITDA x OCF x FCF x FCFE
US$ billion
Debt
The cash flow generation and continuous liability management
allowed a relevant reduction in our indebtedness. Gross debt reached US$ 71 billion, 6% lower than December
31st 2020, mainly due to debt prepayments. In April, there was a high volume of repayments and prepayments, in the amount of
US$ 3.2 billion, which reinforces our commitment to deleveraging.
In addition, liability management helped increase the
average maturity from 11.71 years to 11.84 years.
The Gross Debt/LTM adjusted EBITDA ratio decreased from
2.66x on December 31st, 2020 to 2.47x on March 31st, 2021.
Net debt reduced 7.5%, reaching US$ 58.4 billion. The
Net Debt/LTM adjusted EBITDA ratio decreased from 2.22x on December 31st, 2020 to 2.03x on March 31st, 2021, the
best recorded mark since 2012.
Table 13 – Debt indicators
|
US$ million
|
03.31.2021
|
12.31.2020
|
Δ %
|
03.31.2020
|
|
Financial Debt
|
50,317
|
53,888
|
(6.6)
|
66,702
|
|
Capital Markets
|
28,393
|
30,137
|
(5.8)
|
33,329
|
|
Banking Market
|
17,359
|
18,597
|
(6.7)
|
27,956
|
|
Development banks
|
1,149
|
1,516
|
(24.2)
|
1,497
|
|
Export Credit Agencies
|
3,210
|
3,424
|
(6.3)
|
3,683
|
|
Others
|
206
|
214
|
(3.7)
|
237
|
|
Finance leases
|
20,649
|
21,650
|
(4.6)
|
22,535
|
|
Gross debt
|
70,966
|
75,538
|
(6.1)
|
89,237
|
|
Adjusted cash and cash equivalents
|
12,542
|
12,370
|
1.4
|
16,106
|
|
Net debt
|
58,424
|
63,168
|
(7.5)
|
73,131
|
|
Net Debt/(Net Debt + Market Cap) - Leverage
|
51%
|
47%
|
8.5
|
67%
|
|
Average interest rate (% p.a.)
|
6.0
|
5.9
|
1.7
|
5.6
|
|
Weighted average maturity of outstanding debt (years)
|
11.84
|
11.71
|
1.1
|
9.74
|
|
Net debt/LTM Adjusted EBITDA ratio
|
2.03
|
2.22
|
(8.6)
|
2.15
|
|
Gross debt/LTM Adjusted EBITDA ratio
|
2.47
|
2.66
|
(7.1)
|
2.63
|
Results by Segment
Exploration and Production[3]
Table 14 – E&P results
|
|
|
|
|
Variation (%)
|
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
1Q21 /
4Q20
|
1Q21 /
1Q20
|
|
Sales revenues
|
11,666
|
8,995
|
10,877
|
29.7
|
7.3
|
|
Gross profit
|
6,432
|
4,966
|
4,970
|
29.5
|
29.4
|
|
Operating expenses
|
(521)
|
4,744
|
(13,528)
|
−
|
(96.1)
|
|
Operating income (loss)
|
5,911
|
9,710
|
(8,558)
|
(39.1)
|
−
|
|
Net income (loss) attributable to the shareholders of Petrobras
|
3,925
|
6,385
|
(5,804)
|
(38.5)
|
−
|
|
Adjusted EBITDA of the segment
|
8,053
|
5,443
|
7,467
|
48.0
|
7.8
|
|
EBITDA margin of the segment (%)
|
69
|
61
|
69
|
8.5
|
0.4
|
|
Average Brent crude (US$/bbl)
|
60.90
|
44.23
|
50.26
|
37.7
|
21.2
|
|
Sales price - Brazil
|
|
|
|
|
|
|
Crude oil (US$/bbl)
|
57.32
|
43.29
|
49.96
|
32.4
|
14.7
|
|
Lifting cost - Brazil (US$/boe)*
|
|
|
|
|
|
|
excluding production taxes and leases
|
4.91
|
5.61
|
5.88
|
(12.5)
|
(16.5)
|
|
excluding production taxes
|
6.66
|
7.19
|
7.51
|
(7.4)
|
(11.3)
|
|
Onshore and shallow waters
|
|
|
|
|
|
|
with leases
|
12.37
|
12.87
|
20.30
|
(3.9)
|
(39.1)
|
|
excluding leases
|
12.37
|
12.33
|
19.41
|
0.3
|
(36.3)
|
|
Deep and ultra-deep post-salt
|
|
|
|
|
|
|
with leases
|
11.11
|
12.63
|
10.84
|
(12.1)
|
2.5
|
|
excluding leases
|
9.39
|
11.23
|
9.26
|
(16.4)
|
1.4
|
|
Pre-salt
|
|
|
|
|
|
|
with leases
|
4.63
|
4.47
|
4.52
|
3.5
|
2.4
|
|
excluding leases
|
2.70
|
2.71
|
2.79
|
(0.5)
|
(3.2)
|
|
including production taxes and excluding leases
|
16.11
|
13.06
|
12.85
|
23.3
|
25.4
|
|
including production taxes and leases
|
17.87
|
14.64
|
14.47
|
22.1
|
23.5
|
|
Production taxes - Brazil
|
2,359
|
1,537
|
1,881
|
53.4
|
25.4
|
|
Royalties
|
1,190
|
851
|
972
|
39.9
|
22.4
|
|
Special Participation
|
1,160
|
677
|
898
|
71.4
|
29.2
|
|
Retention of areas
|
9
|
10
|
11
|
(9.2)
|
(17.4)
|
In 1Q21, gross profit reached US$ 6.4 billion, an increase
of 30% when compared to 4Q20. This increase was due to higher revenues and was partially offset by higher production taxes, both mainly
due to higher Brent prices. Operating profit was 39% lower than in 4Q20, mainly due to the reversal of impairment losses, which occurred
in 4Q20.
When compared to 1Q20, gross profit increased by 29%
in 1Q21, mainly reflecting higher Brent prices. Operating profit was US$ 5.9 billion, a higher result, mainly due to impairment losses
occurred in 1Q20.
Lifting cost in 1Q21, without production taxes and without
leases, was US$ 4.91/boe, which represents a 13% reduction compared to 4Q20. The result is due to lower expenses with integrity, such
as maintenance and subsea inspections, which were concentrated in 4Q20.
When compared to 1Q20, lifting cost without production
taxes and without leases decreased by 17%. This drop is explained by the 23% depreciation of the real against the dollar, the mothballing
of shallow water platforms, divestments, and the start-up of P-70.
* Leases refers to platform leasing
In the pre-salt, lifting cost remained stable in 1Q21.
We continue to observe the maintenance of low unit costs, at levels below US$ 3/boe.
In the post-salt layer, lifting cost decreased 16% compared
to 4Q20, due to lower expenses with maintenance and subsea inspections.
In onshore and shallow water assets, lifting cost in
1Q21 remained stable compared to the previous quarter.
Higher production taxes in 1Q21 are explained by higher
Brent prices.
Refining, Transportation and Marketing
Table 15 – RTM results
**
|
|
|
|
|
Variation (%)
|
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
1Q21 /
4Q20
|
1Q21 /
1Q20
|
|
Sales revenues
|
13,973
|
12,086
|
15,480
|
15.6
|
(9.7)
|
|
Gross profit
|
2,136
|
1,244
|
83
|
71.7
|
2473.5
|
|
Operating expenses
|
(399)
|
82
|
(914)
|
−
|
(56.3)
|
|
Operating Income (Loss)
|
1,737
|
1,326
|
(831)
|
31.0
|
−
|
|
Net income (loss) attributable to the shareholders of Petrobras
|
1,255
|
976
|
(702)
|
28.6
|
−
|
|
Adjusted EBITDA of the segment
|
2,265
|
1,226
|
(207)
|
84.7
|
−
|
|
EBITDA margin of the segment (%)
|
16
|
10
|
(1)
|
6.1
|
17.5
|
|
Refining cost (US$ / barrel) - Brazil
|
1.61
|
1.47
|
2.26
|
9.5
|
(28.8)
|
|
Domestic basic oil products price (US$/bbl)
|
63.82
|
49.96
|
65.06
|
27.7
|
(1.9)
|
In 1Q21, gross profit was US$ 0.89 million
higher than 4Q20 due to a higher inventory turnover effect between quarters, with a variation of approximately US$ 1.09 billion, which
reflect the increase in Brent prices in 1Q21 (the positive inventory turnover effect was US$ 1.63 billion in 1Q21 and US$ 545 million
in 4Q20. Excluding the inventory turnover effect, gross profit would have been US$ 502 million in 1Q21 and US$ 699 million in 4Q20.
In 1Q20, there were higher margins for
oil products in the domestic market, especially diesel and gasoline, partially offset by lower LPG margins and lower sales volumes. There
were better margins in crude oil and fuel oil exports, partially offset by lower volumes of exported oil.
The increase in operating income reflects
the higher gross profit. Operating expenses increased in 1Q21 due to the positive effect in 4Q20 relative to the impairment reversal of
Comperj and gains on the sale of Liquigás. Excluding these effects, operating expenses were lower, mainly reflecting the reduction
in sales expenses due to lower sales volumes.
Gas and Power
Table 16 – G&P results
|
|
|
|
|
Variation (%)
|
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
1Q21 /
4Q20
|
1Q21 /
1Q20
|
|
Sales revenues
|
2,208
|
2,256
|
2,370
|
(2.1)
|
(6.8)
|
|
Gross profit
|
876
|
987
|
1,025
|
(11.2)
|
(14.5)
|
|
Operating expenses
|
(746)
|
(741)
|
(673)
|
0.7
|
10.8
|
|
Operating income (loss)
|
130
|
246
|
352
|
(47.2)
|
(63.1)
|
|
Net income (loss) attributable to the shareholders of Petrobras
|
104
|
194
|
214
|
(46.4)
|
(51.4)
|
|
Adjusted EBITDA of the segment
|
323
|
425
|
498
|
(24.0)
|
(35.1)
|
|
EBITDA margin of the segment (%)
|
15
|
19
|
21
|
(4)
|
(6)
|
|
Natural gas sales price - Brazil (US$/bbl)
|
34.04
|
30.82
|
41.44
|
10.4
|
(17.9)
|
In 1Q21, gross profit was US$ 876 million, a reduction
of 11% when compared to 4Q20, as a result of lower margins in energy generation and lower margins in gas commercialization, both resulting
from higher acquisition costs for gas, mainly due to the increase in the regasified LNG costs, given the increase in consumption due to
the harsh winter and restrictions on supply.
In 1Q21, operating income was US$ 116 million lower
than 4Q20, mainly due to lower gross profit and higher tax 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
Instruction 527 of October 2012.
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: investments, impairment, results with divestments and write-off of assets, and reclassification of comprehensive
income (loss) due to the disposal of equity-accounted investments.
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 to Adjusted EBITDA metric, helping to evaluate the company's leverage and liquidity.
EBITDA and adjusted EBITDA are not provided for in International
Financial Reporting Standards (IFRS) and should not serve as a basis for comparison with those disclosed by other companies and should
not be considered as a substitute for any other measure calculated in accordance with IFRS. These measures should be considered in conjunction
with other measures and indicators for a better understanding of the company's performance and financial condition.
Table 17 - Reconciliation of Adjusted EBITDA
|
|
|
|
|
Variation (%)
|
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
1Q21 /
4Q20
|
1Q21 /
1Q20
|
|
Net income (loss)
|
200
|
11,617
|
(9,976)
|
(98.3)
|
−
|
|
Net finance income (expense)
|
5,639
|
(1,364)
|
4,551
|
−
|
23.9
|
|
Income taxes
|
319
|
2,725
|
(3,300)
|
(88.3)
|
−
|
|
Depreciation, depletion and amortization
|
2,856
|
2,236
|
3,543
|
27.7
|
(19.4)
|
|
EBITDA
|
9,014
|
15,214
|
(5,182)
|
(41)
|
−
|
|
Results in equity-accounted investments
|
(183)
|
(18)
|
298
|
916.7
|
−
|
|
Impairment
|
90
|
(6,019)
|
13,371
|
−
|
(99.3)
|
|
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments
|
34
|
−
|
−
|
−
|
−
|
|
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control
|
(49)
|
(366)
|
94
|
(86.6)
|
−
|
|
Adjusted EBITDA
|
8,906
|
8,811
|
8,581
|
1
|
4
|
|
Adjusted EBITDA margin (%)
|
57
|
63
|
50
|
(6.0)
|
7.0
|
FINANCIAL STATEMENTS
Table 18 - Income
Statement - Consolidated
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
|
Sales revenues
|
15,698
|
13,911
|
17,143
|
|
Cost of sales
|
(7,691)
|
(6,384)
|
(9,879)
|
|
Gross profit
|
8,007
|
7,527
|
7,264
|
|
Selling expenses
|
(948)
|
(1,128)
|
(1,335)
|
|
General and administrative expenses
|
(273)
|
(79)
|
(411)
|
|
Exploration costs
|
(214)
|
(366)
|
(104)
|
|
Research and development expenses
|
(117)
|
(100)
|
(95)
|
|
Other taxes
|
(106)
|
(191)
|
(118)
|
|
Impairment of assets
|
(90)
|
6,019
|
(13,371)
|
|
Other income and expenses
|
(284)
|
1,278
|
(257)
|
|
|
(2,032)
|
5,433
|
(15,691)
|
|
Operating income (loss)
|
5,975
|
12,960
|
(8,427)
|
|
Finance income
|
122
|
145
|
174
|
|
Finance expenses
|
(1,208)
|
(1,434)
|
(1,622)
|
|
Foreign exchange gains (losses) and inflation indexation charges
|
(4,553)
|
2,653
|
(3,103)
|
|
Net finance income (expense)
|
(5,639)
|
1,364
|
(4,551)
|
|
Results in equity-accounted investments
|
183
|
18
|
(298)
|
|
Income (loss) before income taxes
|
519
|
14,342
|
(13,276)
|
|
Income taxes
|
(319)
|
(2,725)
|
3,300
|
|
Net Income (Loss)
|
200
|
11,617
|
(9,976)
|
|
Net income (loss) attributable to:
|
|
|
|
|
Shareholders of Petrobras
|
180
|
11,509
|
(9,715)
|
|
Non-controlling interests
|
20
|
108
|
(261)
|
|
|
|
|
|
Table 19 - Statement of Financial Position – Consolidated
|
ASSETS - US$ million
|
03.31.2021
|
12.31.2020
|
|
Current assets
|
27,025
|
27,388
|
|
Cash and cash equivalents
|
11,963
|
11,711
|
|
Marketable securities
|
579
|
659
|
|
Trade and other receivables, net
|
2,358
|
4,731
|
|
Inventories
|
6,973
|
5,677
|
|
Recoverable taxes
|
1,501
|
2,595
|
|
Assets classified as held for sale
|
2,045
|
785
|
|
Other current assets
|
1,606
|
1,230
|
|
|
|
|
|
Non-current assets
|
148,195
|
162,622
|
|
Long-term receivables
|
20,004
|
20,200
|
|
Trade and other receivables, net
|
2,574
|
2,631
|
|
Marketable securities
|
41
|
44
|
|
Judicial deposits
|
6,824
|
7,281
|
|
Deferred taxes
|
7,163
|
6,451
|
|
Other tax assets
|
2,919
|
3,158
|
|
Other non-current assets
|
483
|
635
|
|
Investments
|
3,167
|
3,273
|
|
Property, plant and equipment
|
111,406
|
124,201
|
|
Intangible assets
|
13,618
|
14,948
|
|
Total assets
|
175,220
|
190,010
|
|
|
|
|
|
|
|
|
|
LIABILITIES - US$ million
|
03.31.2021
|
12.31.2020
|
|
Current liabilities
|
21,847
|
26,225
|
|
Trade payables
|
5,100
|
6,859
|
|
Finance debt
|
3,292
|
4,186
|
|
Lease liability
|
5,370
|
5,698
|
|
Taxes payable
|
2,700
|
2,834
|
|
Dividends payable
|
787
|
858
|
|
Short-term benefits
|
1,695
|
1,953
|
|
Pension and medical benefits
|
646
|
1,549
|
|
Liabilities related to assets classified as held for sale
|
696
|
685
|
|
Other current liabilities
|
1,561
|
1,603
|
|
Non-current liabilities
|
97,163
|
103,909
|
|
Finance debt
|
47,025
|
49,702
|
|
Lease liability
|
15,279
|
15,952
|
|
Income taxes payable
|
316
|
357
|
|
Deferred taxes
|
212
|
195
|
|
Pension and medical benefits
|
13,393
|
14,520
|
|
Provision for legal and administrative proceedings
|
1,814
|
2,199
|
|
Provision for decommisioning costs
|
16,962
|
18,780
|
|
Other non-current liabilities
|
2,162
|
2,204
|
|
Shareholders equity
|
56,210
|
59,876
|
|
Share capital (net of share issuance costs)
|
107,101
|
107,101
|
|
Profit reserves and others
|
(52,092)
|
(47,753)
|
|
Non-controlling interests
|
1,201
|
528
|
|
Total liabilities and shareholders´ equity
|
175,220
|
190,010
|
Table 20 - Statement of Cash Flows – Consolidated
|
US$ million
|
1Q21
|
4Q20
|
1Q20
|
|
Cash flows from Operating activities
|
|
|
|
|
Net income for the period
|
200
|
11,617
|
(9,976)
|
|
Adjustments for:
|
|
|
|
|
Pension and medical benefits (actuarial expense)
|
315
|
(2,176)
|
444
|
|
Results of equity-accounted investments
|
(183)
|
(18)
|
298
|
|
Depreciation, depletion and amortization
|
2,856
|
2,236
|
3,543
|
|
Impairment of assets (reversal)
|
90
|
(6,019)
|
13,371
|
|
Allowance (reversals) for credit loss on trade and others receivables
|
(15)
|
20
|
97
|
|
Exploratory expenditure write-offs
|
131
|
233
|
26
|
|
Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA
|
(15)
|
(364)
|
94
|
|
Foreign exchange, indexation and finance charges
|
5,544
|
(1,364)
|
3,969
|
|
Deferred income taxes, net
|
200
|
2,443
|
(3,470)
|
|
Revision and unwinding of discount on the provision for decommissioning costs
|
194
|
463
|
193
|
|
PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation
|
−
|
89
|
−
|
|
Inventory write-down (write-back) to net realizable value
|
(1)
|
−
|
342
|
|
Early termination and changes on payments of lease agreements
|
(70)
|
(103)
|
(94)
|
|
Decrease (Increase) in assets
|
|
|
|
|
Trade and other receivables, net
|
(128)
|
70
|
973
|
|
Inventories
|
(1,973)
|
(18)
|
446
|
|
Judicial deposits
|
(151)
|
55
|
(449)
|
|
Other assets
|
51
|
(292)
|
(301)
|
|
Increase (Decrease) in liabilities
|
|
|
|
|
Trade payables
|
616
|
45
|
(830)
|
|
Other taxes payable
|
1,105
|
1,268
|
(576)
|
|
Pension and medical benefits
|
(976)
|
(227)
|
(334)
|
|
Provisions for legal proceedings
|
(205)
|
13
|
(158)
|
|
Short-term benefits
|
(91)
|
(279)
|
(91)
|
|
Provision for decommissioning costs
|
(163)
|
(169)
|
(127)
|
|
Other liabilities
|
41
|
(420)
|
618
|
|
Income taxes paid
|
(128)
|
(31)
|
(231)
|
|
Net cash provided by operating activities
|
7,244
|
7,072
|
7,777
|
|
Cash flows from Investing activities
|
|
|
|
|
Acquisition of PP&E and intangibles assets
|
(1,650)
|
(1,388)
|
(1,869)
|
|
Investments in investees
|
(2)
|
(1)
|
3
|
|
Proceeds from disposal of assets - Divestment
|
201
|
959
|
281
|
|
Divestment (Investment) in marketable securities
|
25
|
71
|
60
|
|
Dividends received
|
67
|
42
|
44
|
|
Net cash provided (used) by investing activities
|
(1,359)
|
(317)
|
(1,481)
|
|
Cash flows from Financing activities
|
|
|
|
|
Investments by non-controlling interest
|
(19)
|
(3)
|
(19)
|
|
Financing and loans, net:
|
|
|
|
|
Proceeds from financing
|
54
|
1,126
|
10,173
|
|
Repayment of finance debt - principal
|
(3,063)
|
(6,129)
|
(4,343)
|
|
Repayment of finance debt - interest
|
(1,079)
|
(499)
|
(1,128)
|
|
Repayment of lease liability
|
(1,467)
|
(1,509)
|
(1,523)
|
|
Dividends paid to Shareholders of Petrobras
|
−
|
(347)
|
(1,020)
|
|
Dividends paid to non-controlling interests
|
−
|
(46)
|
(8)
|
|
Net cash provided (used) in financing activities
|
(5,574)
|
(7,407)
|
2,132
|
|
Effect of exchange rate changes on cash and cash equivalents
|
(72)
|
(327)
|
(337)
|
|
Net increase (decrease) in cash and cash equivalents
|
239
|
(979)
|
8,091
|
|
Cash and cash equivalents at the beginning of the period
|
11,725
|
12,704
|
7,377
|
|
Cash and cash equivalents at the end of the period
|
11,964
|
11,725
|
15,468
|
FINANCIAL INFORMATION BY BUSINESS AREAS
Table 21 - Consolidated Income by Segment – 1Q21
|
US$ million
|
E&P
|
RTM
|
GAS & POWER
|
CORP. AND OTHERS
|
ELIMIN.
|
TOTAL
|
|
Sales revenues
|
11,666
|
13,973
|
2,208
|
155
|
(12,304)
|
15,698
|
|
Intersegments
|
11,453
|
235
|
552
|
64
|
(12,304)
|
−
|
|
Third parties
|
213
|
13,738
|
1,656
|
91
|
−
|
15,698
|
|
Cost of sales
|
(5,234)
|
(11,837)
|
(1,332)
|
(150)
|
10,862
|
(7,691)
|
|
Gross profit
|
6,432
|
2,136
|
876
|
5
|
(1,442)
|
8,007
|
|
Expenses
|
(521)
|
(399)
|
(746)
|
(360)
|
(6)
|
(2,032)
|
|
Selling expenses
|
−
|
(335)
|
(603)
|
(4)
|
(6)
|
(948)
|
|
General and administrative expenses
|
(32)
|
(32)
|
(17)
|
(192)
|
−
|
(273)
|
|
Exploration costs
|
(214)
|
−
|
−
|
−
|
−
|
(214)
|
|
Research and development expenses
|
(85)
|
(3)
|
(5)
|
(24)
|
−
|
(117)
|
|
Other taxes
|
(17)
|
(40)
|
(23)
|
(26)
|
−
|
(106)
|
|
Impairment of assets
|
(95)
|
−
|
−
|
5
|
−
|
(90)
|
|
Other income and expenses
|
(78)
|
11
|
(98)
|
(119)
|
−
|
(284)
|
|
Operating income (loss)
|
5,911
|
1,737
|
130
|
(355)
|
(1,448)
|
5,975
|
|
Net finance income (expense)
|
−
|
−
|
−
|
(5,639)
|
−
|
(5,639)
|
|
Results in equity-accounted investments
|
23
|
108
|
40
|
12
|
−
|
183
|
|
Income (loss) before income taxes
|
5,934
|
1,845
|
170
|
(5,982)
|
(1,448)
|
519
|
|
Income taxes
|
(2,010)
|
(590)
|
(45)
|
1,833
|
493
|
(319)
|
|
Net Income (Loss)
|
3,924
|
1,255
|
125
|
(4,149)
|
(955)
|
200
|
|
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
Shareholders of Petrobras
|
3,925
|
1,255
|
104
|
(4,149)
|
(955)
|
180
|
|
Non-controlling interests
|
(1)
|
−
|
21
|
−
|
−
|
20
|
Table 22 - Consolidated
Income by Segment – 1Q20
|
US$ million
|
E&P
|
RTM
|
GAS & POWER
|
CORP. AND OTHERS
|
ELIMIN.
|
TOTAL
|
|
Sales revenues
|
10,877
|
15,480
|
2,370
|
198
|
(11,782)
|
17,143
|
|
Intersegments
|
10,667
|
302
|
753
|
60
|
(11,782)
|
−
|
|
Third parties
|
210
|
15,178
|
1,617
|
138
|
−
|
17,143
|
|
Cost of sales
|
(5,907)
|
(15,397)
|
(1,345)
|
(193)
|
12,963
|
(9,879)
|
|
Gross profit
|
4,970
|
83
|
1,025
|
5
|
1,181
|
7,264
|
|
Expenses
|
(13,528)
|
(914)
|
(673)
|
(568)
|
(8)
|
(15,691)
|
|
Selling expenses
|
−
|
(650)
|
(674)
|
(4)
|
(7)
|
(1,335)
|
|
General and administrative expenses
|
(47)
|
(61)
|
(27)
|
(276)
|
−
|
(411)
|
|
Exploration costs
|
(104)
|
−
|
−
|
−
|
−
|
(104)
|
|
Research and development expenses
|
(62)
|
(3)
|
(3)
|
(27)
|
−
|
(95)
|
|
Other taxes
|
(16)
|
(42)
|
(9)
|
(51)
|
−
|
(118)
|
|
Impairment of assets
|
(13,167)
|
(43)
|
−
|
(161)
|
−
|
(13,371)
|
|
Other income and expenses
|
(132)
|
(115)
|
40
|
(49)
|
(1)
|
(257)
|
|
Operating income (loss)
|
(8,558)
|
(831)
|
352
|
(563)
|
1,173
|
(8,427)
|
|
Net finance income (expense)
|
−
|
−
|
−
|
(4,551)
|
−
|
(4,551)
|
|
Results in equity-accounted investments
|
(155)
|
(185)
|
(2)
|
44
|
−
|
(298)
|
|
Income (loss) before income taxes
|
(8,713)
|
(1,016)
|
350
|
(5,070)
|
1,173
|
(13,276)
|
|
Income taxes
|
2,909
|
283
|
(120)
|
626
|
(398)
|
3,300
|
|
Net Income (Loss)
|
(5,804)
|
(733)
|
230
|
(4,444)
|
775
|
(9,976)
|
|
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
Shareholders of Petrobras
|
(5,804)
|
(702)
|
214
|
(4,198)
|
775
|
(9,715)
|
|
Non-controlling interests
|
−
|
(31)
|
16
|
(246)
|
−
|
(261)
|
Table 23 - Quarterly
Consolidated Income by Segment – 4Q20
|
US$ million
|
E&P
|
RTM
|
GAS & POWER
|
CORP. AND OTHERS
|
ELIMIN.
|
TOTAL
|
|
Sales revenues
|
8,995
|
12,086
|
2,256
|
249
|
(9,675)
|
13,911
|
|
Intersegments
|
8,772
|
242
|
574
|
87
|
(9,675)
|
−
|
|
Third parties
|
223
|
11,844
|
1,682
|
162
|
−
|
13,911
|
|
Cost of sales
|
(4,029)
|
(10,842)
|
(1,269)
|
(231)
|
9,987
|
(6,384)
|
|
Gross profit
|
4,966
|
1,244
|
987
|
18
|
312
|
7,527
|
|
Expenses
|
4,744
|
82
|
(741)
|
1,353
|
(5)
|
5,433
|
|
Selling expenses
|
−
|
(504)
|
(614)
|
(4)
|
(6)
|
(1,128)
|
|
General and administrative expenses
|
(24)
|
(2)
|
(18)
|
(35)
|
−
|
(79)
|
|
Exploration costs
|
(366)
|
−
|
−
|
−
|
−
|
(366)
|
|
Research and development expenses
|
(66)
|
(3)
|
(6)
|
(25)
|
−
|
(100)
|
|
Other taxes
|
(18)
|
(50)
|
(12)
|
(111)
|
−
|
(191)
|
|
Impairment of assets
|
5,816
|
207
|
4
|
(8)
|
−
|
6,019
|
|
Other income and expenses
|
(598)
|
434
|
(95)
|
1,536
|
1
|
1,278
|
|
Operating income (loss)
|
9,710
|
1,326
|
246
|
1,371
|
307
|
12,960
|
|
Net finance income (expense)
|
−
|
−
|
−
|
1,364
|
−
|
1,364
|
|
Results in equity-accounted investments
|
(24)
|
112
|
46
|
(116)
|
−
|
18
|
|
Income (loss) before income taxes
|
9,686
|
1,438
|
292
|
2,619
|
307
|
14,342
|
|
Income taxes
|
(3,302)
|
(451)
|
(83)
|
1,216
|
(105)
|
(2,725)
|
|
Net income (loss)
|
6,384
|
987
|
209
|
3,835
|
202
|
11,617
|
|
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
Shareholders of Petrobras
|
6,385
|
976
|
194
|
3,752
|
202
|
11,509
|
|
Non-controlling interests
|
(1)
|
11
|
15
|
83
|
−
|
108
|
Table 24 - Other Income and Expenses by Segment – 1Q21
|
US$ million
|
E&P
|
RTM
|
GAS & POWER
|
CORP. AND OTHERS
|
ELIMIN.
|
TOTAL
|
|
Unscheduled stoppages and pre-operating expenses
|
(291)
|
(2)
|
(6)
|
(1)
|
−
|
(300)
|
|
Pension and medical benefits - retirees
|
−
|
−
|
−
|
(218)
|
−
|
(218)
|
|
Variable compensation program
|
(37)
|
(22)
|
(3)
|
(32)
|
−
|
(94)
|
|
Equalization of expenses - Production Individualization Agreements
|
(43)
|
−
|
−
|
−
|
−
|
(43)
|
|
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments
|
−
|
−
|
−
|
(33)
|
−
|
(33)
|
|
Profit sharing
|
(11)
|
(7)
|
(1)
|
(9)
|
−
|
(28)
|
|
Gains/(losses) with Commodities Derivatives
|
−
|
−
|
−
|
(23)
|
−
|
(23)
|
|
Gains / (losses) on decommissioning of returned/abandoned areas
|
(6)
|
−
|
−
|
−
|
−
|
(6)
|
|
PIS and Cofins recovered - VAT tax exclusion from PIS and Cofins tax basis
|
−
|
−
|
−
|
−
|
−
|
−
|
|
Voluntary Separation Plan - PDV
|
(2)
|
(2)
|
−
|
7
|
−
|
3
|
|
Fines imposed on suppliers
|
24
|
2
|
2
|
1
|
−
|
29
|
|
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control
|
123
|
11
|
(86)
|
−
|
−
|
48
|
|
Gains / (losses) related to legal, administrative and arbitration proceedings
|
(43)
|
40
|
−
|
54
|
−
|
51
|
|
Early termination and changes on payments of lease agreements
|
72
|
(4)
|
2
|
(1)
|
−
|
69
|
|
Expenses/Reimbursements from E&P partnership operations
|
100
|
−
|
−
|
−
|
−
|
100
|
|
Amounts recovered from Lava Jato investigation
|
−
|
−
|
−
|
141
|
−
|
141
|
|
Others
|
36
|
(5)
|
(6)
|
(5)
|
−
|
20
|
|
|
(78)
|
11
|
(98)
|
(119)
|
−
|
(284)
|
|
|
|
|
|
|
|
|
Table 25 - Other Income and Expenses by Segment – 1Q20
|
US$ million
|
E&P
|
RTM
|
GAS & POWER
|
CORP. AND OTHERS
|
ELIMIN.
|
TOTAL
|
|
Unscheduled stoppages and pre-operating expenses
|
(307)
|
(3)
|
(42)
|
(1)
|
−
|
(353)
|
|
Pension and medical benefits - retirees
|
−
|
−
|
−
|
(299)
|
−
|
(299)
|
|
Variable compensation program
|
13
|
5
|
1
|
10
|
−
|
29
|
|
Equalization of expenses - Production Individualization Agreements
|
23
|
−
|
−
|
−
|
−
|
23
|
|
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments
|
−
|
−
|
−
|
−
|
−
|
−
|
|
Profit sharing
|
−
|
(6)
|
−
|
−
|
−
|
(6)
|
|
Gains/(losses) with Commodities Derivatives
|
−
|
−
|
−
|
223
|
−
|
223
|
|
Gains / (losses) on decommissioning of returned/abandoned areas
|
−
|
−
|
−
|
−
|
−
|
−
|
|
PIS and Cofins recovered - VAT tax exclusion from PIS and Cofins tax basis
|
−
|
−
|
−
|
−
|
−
|
−
|
|
Voluntary Separation Plan - PDV
|
(20)
|
(14)
|
−
|
(7)
|
−
|
(41)
|
|
Fines imposed on suppliers
|
47
|
1
|
1
|
−
|
−
|
49
|
|
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control
|
(70)
|
(20)
|
(8)
|
4
|
−
|
(94)
|
|
Gains / (losses) related to legal, administrative and arbitration proceedings
|
(133)
|
(55)
|
81
|
57
|
−
|
(50)
|
|
Early termination and changes on payments of lease agreements
|
76
|
−
|
13
|
5
|
−
|
94
|
|
Expenses/Reimbursements from E&P partnership operations
|
197
|
−
|
−
|
−
|
−
|
197
|
|
Amounts recovered from Lava Jato investigation
|
−
|
−
|
−
|
21
|
−
|
21
|
|
Others
|
42
|
(23)
|
(6)
|
(62)
|
(1)
|
(50)
|
|
|
(132)
|
(115)
|
40
|
(49)
|
(1)
|
(257)
|
Table 26 - Other Income and Expenses by Segment – 4Q20
|
US$ million
|
E&P
|
RTM
|
GAS & POWER
|
CORP. AND OTHERS
|
ELIMIN.
|
TOTAL
|
|
Unscheduled stoppages and pre-operating expenses
|
(307)
|
(1)
|
(25)
|
(1)
|
−
|
(334)
|
|
Pension and medical benefits - retirees
|
−
|
−
|
−
|
1,588
|
−
|
1,588
|
|
Variable compensation program
|
(210)
|
(104)
|
(18)
|
(122)
|
−
|
(454)
|
|
Equalization of expenses - Production Individualization Agreements
|
(8)
|
−
|
−
|
−
|
−
|
(8)
|
|
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments
|
−
|
−
|
−
|
−
|
−
|
−
|
|
Profit sharing
|
(1)
|
10
|
−
|
−
|
−
|
9
|
|
Gains/(losses) with Commodities Derivatives
|
−
|
−
|
−
|
(7)
|
−
|
(7)
|
|
Gains / (losses) on decommissioning of returned/abandoned areas
|
(324)
|
−
|
−
|
−
|
−
|
(324)
|
|
PIS and Cofins recovered - VAT tax exclusion from PIS and Cofins tax basis
|
−
|
50
|
33
|
(47)
|
−
|
36
|
|
Voluntary Separation Plan - PDV
|
(31)
|
(11)
|
(3)
|
50
|
−
|
5
|
|
Fines imposed on suppliers
|
13
|
(4)
|
1
|
1
|
−
|
11
|
|
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control
|
(10)
|
442
|
(78)
|
12
|
−
|
366
|
|
Gains / (losses) related to legal, administrative and arbitration proceedings
|
(102)
|
(28)
|
10
|
17
|
−
|
(103)
|
|
Early termination and changes on payments of lease agreements
|
98
|
(3)
|
−
|
8
|
−
|
103
|
|
Expenses/Reimbursements from E&P partnership operations
|
239
|
−
|
−
|
−
|
−
|
239
|
|
Amounts recovered from Lava Jato investigation
|
9
|
−
|
−
|
45
|
−
|
54
|
|
Others
|
36
|
83
|
(15)
|
(8)
|
1
|
97
|
|
|
(598)
|
434
|
(95)
|
1,536
|
1
|
1,278
|
Table 27 - Consolidated Assets by Segment – 03.31.2021
|
US$ million
|
E&P
|
RTM
|
GAS & POWER
|
CORP. AND OTHERS
|
ELIMIN.
|
TOTAL
|
|
Total assets
|
107,791
|
32,994
|
9,570
|
30,262
|
(5,397)
|
175,220
|
|
|
|
|
|
|
|
|
|
Current assets
|
3,459
|
12,950
|
2,156
|
13,857
|
(5,397)
|
27,025
|
|
Non-current assets
|
104,332
|
20,044
|
7,414
|
16,405
|
−
|
148,195
|
|
Long-term receivables
|
4,430
|
1,776
|
746
|
13,052
|
−
|
20,004
|
|
Investments
|
405
|
488
|
581
|
1,693
|
−
|
3,167
|
|
Property, plant and equipment
|
86,213
|
17,691
|
5,974
|
1,528
|
−
|
111,406
|
|
Operating assets
|
76,485
|
15,354
|
3,797
|
1,265
|
−
|
96,901
|
|
Assets under construction
|
9,727
|
2,337
|
2,177
|
264
|
−
|
14,505
|
|
Intangible assets
|
13,284
|
89
|
113
|
132
|
−
|
13,618
|
Table 28 - Consolidated Assets by Segment – 12.31.2020
|
US$ million
|
E&P
|
RTM
|
GAS & POWER
|
CORP. AND OTHERS
|
ELIMIN.
|
TOTAL
|
|
Total assets
|
120,280
|
32,049
|
10,296
|
30,810
|
(3,425)
|
190,010
|
|
|
|
|
|
|
|
|
|
Current assets
|
5,333
|
8,170
|
1,975
|
15,337
|
(3,427)
|
27,388
|
|
Non-current assets
|
114,947
|
23,879
|
8,321
|
15,473
|
2
|
162,622
|
|
Long-term receivables
|
4,745
|
2,539
|
976
|
11,938
|
2
|
20,200
|
|
Investments
|
390
|
400
|
607
|
1,876
|
−
|
3,273
|
|
Property, plant and equipment
|
95,222
|
20,842
|
6,614
|
1,523
|
−
|
124,201
|
|
Operating assets
|
84,916
|
18,304
|
4,300
|
1,238
|
−
|
108,758
|
|
Assets under construction
|
10,305
|
2,537
|
2,315
|
286
|
−
|
15,443
|
|
Intangible assets
|
14,590
|
98
|
124
|
136
|
−
|
14,948
|
Table 29 - Reconciliation of Adjusted EBITDA by Segment
– 1Q21
|
US$ million
|
E&P
|
RTM
|
GAS & POWER
|
CORP. AND OTHERS
|
ELIMIN.
|
TOTAL
|
|
Net income (loss)
|
3,924
|
1,255
|
125
|
(4,149)
|
(955)
|
200
|
|
Net finance income (expense)
|
−
|
−
|
−
|
5,639
|
−
|
5,639
|
|
Income taxes
|
2,010
|
590
|
45
|
(1,833)
|
(493)
|
319
|
|
Depreciation, depletion and amortization
|
2,170
|
540
|
106
|
40
|
−
|
2,856
|
|
EBITDA
|
8,104
|
2,385
|
276
|
(303)
|
(1,448)
|
9,014
|
|
Results in equity-accounted investments
|
(23)
|
(108)
|
(40)
|
(12)
|
−
|
(183)
|
|
Impairment
|
95
|
−
|
−
|
(5)
|
−
|
90
|
|
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments
|
−
|
−
|
−
|
34
|
−
|
34
|
|
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control
|
(123)
|
(12)
|
87
|
(1)
|
−
|
(49)
|
|
Adjusted EBITDA
|
8,053
|
2,265
|
323
|
(287)
|
(1,448)
|
8,906
|
Table 30 - Reconciliation of Adjusted EBITDA by Segment
– 1Q20
|
US$ million
|
E&P
|
RTM
|
GAS & POWER
|
CORP. AND OTHERS
|
ELIMIN.
|
TOTAL
|
|
Net income (loss)
|
(5,804)
|
(733)
|
230
|
(4,444)
|
775
|
(9,976)
|
|
Net finance income (expense)
|
−
|
−
|
−
|
4,551
|
−
|
4,551
|
|
Income taxes
|
(2,909)
|
(283)
|
120
|
(626)
|
398
|
(3,300)
|
|
Depreciation, depletion and amortization
|
2,788
|
561
|
138
|
56
|
−
|
3,543
|
|
EBITDA
|
(5,925)
|
(455)
|
488
|
(463)
|
1,173
|
(5,182)
|
|
Results in equity-accounted investments
|
155
|
185
|
2
|
(44)
|
−
|
298
|
|
Impairment
|
13,167
|
43
|
−
|
161
|
−
|
13,371
|
|
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments
|
−
|
−
|
−
|
−
|
−
|
−
|
|
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control
|
70
|
20
|
8
|
(4)
|
−
|
94
|
|
Adjusted EBITDA
|
7,467
|
(207)
|
498
|
(350)
|
1,173
|
8,581
|
Table 31 - Reconciliation of Adjusted EBITDA by Segment
– 4Q20
|
US$ million
|
E&P
|
RTM
|
GAS & POWER
|
CORP. AND OTHERS
|
ELIMIN.
|
TOTAL
|
|
Net income (loss)
|
6,384
|
987
|
209
|
3,835
|
202
|
11,617
|
|
Net finance income (expense)
|
−
|
−
|
−
|
(1,364)
|
−
|
(1,364)
|
|
Income taxes
|
3,302
|
451
|
83
|
(1,216)
|
105
|
2,725
|
|
Depreciation, depletion and amortization
|
1,539
|
549
|
106
|
42
|
−
|
2,236
|
|
EBITDA
|
11,225
|
1,987
|
398
|
1,297
|
307
|
15,214
|
|
Results in equity-accounted investments
|
24
|
(112)
|
(46)
|
116
|
−
|
(18)
|
|
Impairment
|
(5,816)
|
(207)
|
(4)
|
8
|
−
|
(6,019)
|
|
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments
|
−
|
−
|
−
|
−
|
−
|
−
|
|
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control
|
10
|
(442)
|
77
|
(11)
|
−
|
(366)
|
|
Adjusted EBITDA
|
5,443
|
1,226
|
425
|
1,410
|
307
|
8,811
|
|
Glossary
ACL - Ambiente de Contratação Livre
(Free contracting market) in the electricity system.
ACR - Ambiente de Contratação Regulada
(Regulated contracting market) in the electricity system.
Adjusted cash and cash equivalents - Sum of cash and
cash equivalents, government bonds and time deposits from highly rated financial institutions abroad with maturities of more than 3 months
from the date of acquisition, considering the expected realization of those financial investments in the short-term. This measure is not
defined under the International Financial Reporting Standards – IFRS and should not be considered in isolation or as a substitute
for cash and cash equivalents computed in accordance with IFRS. It may not be comparable to adjusted cash and cash equivalents of other
companies, however management believes that it is an appropriate supplemental measure to assess our liquidity and supports leverage management.
Adjusted EBITDA – Net income plus net finance
income (expense); income taxes; depreciation, depletion and amortization; results in equity-accounted investments; impairment, cumulative
translation adjustment and gains/losses on disposal/write-offs of assets. Adjusted EBITDA is not a measure defined by 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 profitability. Adjusted EBITDA shall be considered in conjunction with other metrics for a better understanding
on our performance.
Adjusted EBITDA margin - Adjusted EBITDA divided by
sales revenues.
Basic and diluted earnings (losses) per share - Calculated
based on the weighted average number of shares.
Consolidated Structured Entities – Entities
that have been designated so that voting rights or the like are not the determining factor in deciding who controls the entity. Petrobras
has no equity interest in certain structured entities that are consolidated in the Company's financial statements, but control is determined
by the power it has over its relevant operating activities. As there is no equity interest, the income from certain consolidated structured
entities is attributable to non-controlling shareholders in the income statement, and disregarding the profit or loss attributable to
Petrobras shareholders.
CTA – Cumulative translation adjustment –
The cumulative amount of exchange variation arising on translation of foreign operations that is recognized in Shareholders’ Equity
and will be transferred to profit or loss on the disposal of the investment.
Effect of average cost in the Cost of Sales –
In view of the average inventory term of 60 days, the crude oil and oil products international prices movement, as well as foreign exchange
effect over imports, production taxes and other factors that impact costs, do not entirely influence the cost of sales in the current
period, having their total effects only in the following period.
Free cash flow - Net cash provided by operating activities
less acquisition of PP&E and intangibles assets (except for signature bonus) and investments in investees. Free cash flow is not defined
under the IFRS and should not be considered in isolation or as a substitute for cash and cash equivalents calculated in accordance with
IFRS. It may not be comparable to free cash flow of other companies, however management believes that it is an appropriate supplemental
measure to assess our liquidity and supports leverage management.
Investments – Capital expenditures based
on the cost assumptions and financial methodology adopted in our Business and Management Plan, which include acquisition of PP&E,
including expenses with leasing, intangibles assets, investment in investees and other items that do not necessarily qualify as cash flows
used in investing activities, primarily geological and geophysical expenses, research and development expenses, pre-operating charges,
purchase of property, plant and equipment on credit and borrowing costs directly attributable to works in progress.
|
Leverage – Ratio between the Net Debt and the
sum of Net Debt and Shareholders’ Equity. Leverage is not a measure defined in the IFRS and it is possible that it may not be comparable
to similar measures reported by other companies, however management believes that it is an appropriate supplemental measure to assess
our liquidity.
Lifting Cost - Crude oil and natural gas lifting cost
indicator, which considers expenditures occurred in the period.
LTM Adjusted EBITDA - Sum of the last 12 months (Last
Twelve Months) of Adjusted EBITDA. This metric is not foreseen in the international accounting standards - IFRS and it is possible that
it is not comparable with similar indexes reported by other companies, however Management believes that it is supplementary information
to assess liquidity and helps manage leverage. Adjusted EBITDA should be considered in conjunction with other metrics to better understand
the Company's liquidity.
OCF - Net Cash provided by (used in) operating activities
(operating cash flow)
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.
Sales Price of Petroleum in Brazil - Average internal
transfer prices from the E&P segment to the Refining segment.
Total net liabilities - Total liability less adjusted
cash and cash equivalents.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 14, 2021
PETRÓLEO BRASILEIRO S.A–PETROBRAS
By: /s/ Rodrigo Araujo Alves
______________________________
Rodrigo Araujo Alves
Chief Financial Officer and Investor Relations
Officer
Petroleo Brasileiro ADR (NYSE:PBR)
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