Q3 2024 Petroleo Brasileiro SA Petrobras Earnings Call Transcript
Key Points
- Petroleo Brasileiro SA Petrobras (PBR) achieved record production levels, reaching 3 billion barrels in Merrill and peak production at Sepetiba FBSO in less than eight months.
- The company maintained a high operational utilization rate of 95% for the quarter, reaching 97% in September, while achieving the best historical level of greenhouse gas emissions in its refining park.
- Petroleo Brasileiro SA Petrobras (PBR) increased sales of byproducts in the Midwest and formed a partnership with Vale to test low-carbon products, including diesel with 5% renewable content.
- The company is ready to start commercial operations at its natural gas production unit in Rio, which will increase the supply of natural gas in Brazil, starting at 50% capacity and reaching 21 million cubic meters per day by year's end.
- Petroleo Brasileiro SA Petrobras (PBR) returned to the TOP10 ranking of companies people want to work for, indicating successful talent attraction and retention strategies.
- The company faced a decline in Brent oil prices and reduced diesel margins, impacting financial performance despite increased byproduct sales.
- Petroleo Brasileiro SA Petrobras (PBR) experienced both scheduled and unscheduled downtimes, particularly in the Santos Basin, affecting production levels.
- There is a noted mismatch between physical and financial advances in CapEx projects, although improvements are underway to align these aspects better.
- The company is operating with a cash position significantly above its $8 billion benchmark, raising questions about the intention to reduce surplus cash.
- Petroleo Brasileiro SA Petrobras (PBR) faces challenges in leasing FPSO vessels, which has delayed some projects, and is working on new strategies to address these issues.
(spoken in foreign language)
Which is over 500,000 barrels a day. You can also see other important highlights our record production into p reaching 3 billion barrels in Merrill, the Sepetiba FBSO reached its peak production in less than eight months. Also contributing to the production of the quarter in exploration. We have discovered a field in Colombia and in South Africa, we have a minor stake in the Orange Basin on to the next slide.
Operational highlights high level of use of our 95% for the quarter in September, we reached 97%. We did this maintaining high. We've had the best history level of the greenhouse affect emissions in our refining park.
We've increased sales for byproducts in the Midwest and also a partnership with Bali to test low carbon products including diesel R with 5% renewable content.
We have the natural gas production unit in Rio. We are ready to start commercial operations soon. It's very strategic to Petrobras because it will increase the offer of
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