Petrobras Financial Performance in 1Q23 – Message from CEO

Dear shareholders and investors,

I am very proud to share with you the first quarterly results of Petrobras under our management. Since I became CEO, in January, I have been working so that Petrobras can become more efficient, financially healthy and inclusive, where people are the focus of decisions and the top priority. If today we register a series of advances and records that is only because our workers managed to transform technical expertise into results. We aim that each and every Petrobras’ worker see in our joint mission a commitment to life, the pride of a constant search for excellence, and the challenge of producing ever more value to Brazil.

Our financial results reflect the company’s excellent operational performance. Pre-salt continues to be the driver of our revenues and operational cash flows, accounting today for 77% of our total production. In February, pre-salt reached a new monthly production record, with 2.13 million barrels of oil equivalent a day, thanks to high wells productivity and the use of cutting-edge technologies that combine high efficiency with low carbon intensity. We are growing production, increasingly more efficiently and with lower emissions.

We started up, in May, the most recent platform in Campos Basin: FPSO Anna Nery. Furthermore, we have two additional platforms ready for production: Almirante Barroso, in Búzios field, and Anita Garibaldi, currently undergoing mooring in Marlim field. Moreover, 13 other platforms will start up production by 2027.

We are committed to develop more efficient and sustainable products and fuels. We produced 5.8 million liters of diesel with renewable content, resulting in emissions reduction equivalent to around 610 tons of CO2. And we have reached, in this first quarter, record S-10 diesel sales, with lower sulfur content, which represented 63% of Petrobras total diesel sales, surpassing the mark on 4Q22.

We are getting ready for a more sustainable future. Thus, we have created the Executive Directorship for Energy Transition and Sustainability and we have signed partnerships with Equinor, Shell and other companies so that together we will analyze new projects focused on renewable energies.

We are also evaluating the creation of taskforces with other companies to seek business opportunities in Brazil and abroad. We set up a commission with BNDES for joint projects development on the energy transition, national industry and research, development and technological innovation. 

Lastly, I would like to thank all our shareholders for trusting in our company. We will continue to work with efficiency, commitment and transparency to increase our results, open new opportunities and contribute to a more sustainable future.    

Warm regards,
Jean Paul Prates

Check here our 1Q23 Earnings Release. 

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