Petroleo Brasileiro S.A. Petrobras ADS

and welcome to the Petrobras webcast with analysts and investors about the Q3 results for 2025. It's a huge pleasure to be with you today. I'm going to share information with you before we start. This is going to be presented in Portuguese with simultaneous translation into English and the links to both languages are on our investor relations website. All participants will Follow the internet transmission as listeners. After the session, we'll have a Q&A session, and you can send your questions through our email, PetroInvest at Petrobras.com. This meeting is being recorded. And here with us today, we have Angelica Laureano, the Executive Director of Energy Transition and Sustainability, Clarice Papeche, the Executive Director of Corporate Affairs, Claudia Schlosser, the Executive Director of Trade and Markets, Fernando Alvarezio, the Executive Director of Investor Relations, Renata Baruzzi, Executive Director of Engineering, Technology and Innovation, Ricardo Wagner, Executive Director of Governance and Compliance, Sylvia Angios, Executive Director of E&P, and William Ferenco, Executive Director of Industrial Processes and Products. To get us started, I'll give the floor to Fernando. Fernando, you have the floor. Good morning to our investors, stakeholders, shareholders, and analysts who always join us in this webcast, as well as journalists, Petrobras employees, and everyone else following us today. Thank you for joining us in another Petrobras Earnings webcast. the scenario has been challenging especially due to the drop in brunt prices which impacts not only petrobras but the entire industry both domestically and internationally this context demands continuous efforts to improve our efficiency it had been focusing on these efforts which is why we had a very positive third quarter especially with a strong increase in oil production this strong operational performance was fundamental this quarter as you will see in the results that will be presented next and were disclosed yesterday. We'll start with slide three. I want to highlight especially a new record-breaking oil and gas production in the third quarter. The 3.14 million barrels of oil equivalent, 76% above the second quarter of 2025 and almost 17% above the third quarter of 2024. Total operated production also set a record at 4.5%. 54 million barrels of oil equivalent. And once again, we set a new record for our own pre-salt production, reaching 2.56 million barrels of oil equivalent. This is due to a 4% efficiency increase in 2025 across operating field and the startup of new systems. Our E&P pace is intense, as well as the entire company. FPSO Almirante da Mandaré, which is part of the Buzio 7 project, reached a plateau with only five producing wells and three months ahead of its schedule. I'll come back to this project later. It has brought about excellent results. P78 has arrived at its location in the Buzios fields and it will start operating by the end of the year. P79 will also leave the origin this month and come to Brazil. And also, when we arrived, our visibility was quite foggy in terms of the schedule of the delivery of these production systems. Ever since we arrived, this is being adjusted. The physical and financial schedule has also been adjusted. We had a CAPEX that was slightly higher, but We're currently really comfortable with the deadlines and we're sure that we'll meet the deadlines or even stay ahead of them. Here we highlight several milestones in the refining segment. Our key projects to increase S10 diesel supply are advancing. We signed five contracts for the construction of units at the Boaventura complex which will expand S10 diesel and jet fuel production and also enable Group 2 lubricants production. We also signed all nine contracts for the completion of Train 2 at Arnest. generated savings of more than 1 billion reais compared to the reference budgets. By 2029, the refinery will reach a processing capacity of 260,000 barrels per day. These investments are aligned with an increased oil production And they improve the Brazilian self-sufficiency, contributing to energy security, economic development, and emission reduction. In the third quarter, domestic sales of oil products increased 5%, especially diesel, which grew 12% compared to the second quarter of 2025. We exported around 800,000 barrels of oil per day when combined with byproducts exported ports surpass 1 million barrels per day, reinforcing oil as Brazil's main export commodity. The refinery FUT closed the quarter at 94%, producing high value-added derivatives. We also obtained relevant environmental licenses, such as the preliminary license for the bio-QAV and renewable diesel plant at RPBC.

The next slide shows our record set by the Cabiunas, Caraguatatuba, Itaboraí and Casimbas gas processing plants, which reached 44 million cubic meters per day of gas specified for sale in August of 2025. This is equivalent to approximately 80% of the total volume consumed in Brazil's integrated network. We made progress in the free market for natural gas, reaching the milestone of 6.5 million cubic meters per day of volume contracted in this modality, which reaffirms the competitiveness of our portfolio. Another important milestone was the construction of the São Tomé CCS pilot project in Macaé, a pioneering project in Brazil for the capture, transportation and geological storage of up to 100,000 tonnes. of CO2 per year. Finally, we celebrated the hiring of 850 technical employees and approximately 570 new employees who graduated from the training courses and will work to expand our operations. This was a brief summary of the various deliveries made in recent months. Now let's continue with the next slide. On slide seven, we see our financial highlights. We achieved an adjusted EBITDA excluding one-time items of $12 billion. Net income excluding one-time items reached $5.2 billion, a 28% increase over the second quarter of 2025. Operating cash flow closed the quarter at 9.9 billion USD, up 31% from the second quarter of the year. Free cash flow was 5 billion, up 44% from the second quarter. With these results, we were able to approve a payment of 12.2 billion reais in dividends. These figures demonstrate our ability to generate consistent and positive financial results, ensuring returns to shareholders even in a scenario of lower oil prices. Next slide. Here on slide 8, we detail the progress of operating results. Note that oil and gas production increased by 8% in the quarter, and considering the last 12 months, growth was 17%. In the oil segment, in the green range of the first chart, we increased production to more than 2.5 million barrels of oil per day, setting several operational records. We increased efficiency, reduced production downtimes, and reached peak production at the Almirang Chittamandare FPSO, exceeding its nominal capacity. With this increase in production, we also managed to increase oil sales by around 14%. Sales of oil byproducts grew 5% compared to the second quarter, with diesel standing out. This operational performance supported solid financial results and robust cash generation, which we will see in detail on the next slide. In the third quarter, Brent rose 2%, contributing to the period's results, but it's also important to analyze the last 12 months. In one year, Brent fell by 11 US dollars per barrel, and we were able to offset this impact with higher production and improved operational efficiency. The charts show that we were in line with the results for the third quarter of 2024, when Brent... was at $80 per barrel. In fact, adjusted EBITDA excluding one-off events reached 12 billion in the third quarter of 2025, surpassing the EBITDA recorded in the third quarter of 2024. This reflects the excellent work of our teams who have transformed their efforts into more oil, more gas, and more derivatives. Next slide. On slide 10, we will detail the distribution of CapEx, which totaled $5.5 billion in the third quarter of 2025. 85% of this investment is concentrated in exploration and production. 11% were allocated to refining projects and 2% to the gas and low-carbon energy segment. In E&P, where CapEx is concentrated, we observed that the investment growth occurred mainly in more subsea activities and platform construction. In platforms, we had a greater concentration of contractual milestones in the third quarter. Notably, the sale away of P78 increased. and starting construction of the Sepia II hull, both in line with plans. In subsea activities, we began the pre-launch of lines for Bousios VI, which increased our investments in the quarter. This unit should start producing and generating returns later this year. Also in the third quarter, we drilled 20 wells, completed 10, and interconnected 23. These activities contributed to increase our production. of October, a total of 65 wells were interconnected, 41% more than the whole of last year. This is why our investments are in production development, especially in the Buzios field. Buzios is truly an exceptional asset. There are six platforms in operation, and last week, the field reached a record daily production of 1 million barrels per day. I want to emphasize that we have a unique portfolio, especially in the E&P segment, where almost 90% of the company's investments are concentrated. Our strategy for delivering these investments has already begun to bear fruit, with significant growth in production, but we still have much to reap with the entry of new systems, which over the next two years will add 900,000 barrels per day. Delivering these projects on time or even ahead of schedule, as I said, while maintaining the projected cost, means generating value for our shareholders above and beyond short-term dividends. We have a much more long-term perspective now than short-term. Let's move on to the next slide. On slide 11, we will present the reconciliation between accrual-based CapEx and cash investment for the first nine months of the year. We reached $14 billion USD in CapEx from January to September. I want to emphasize that we are on track to meet our guidance at the end of the year. We will be between the midpoint and the upper end of the projection. Before we talk about cash investment, I want to make it clear that we will be above the midpoint of the range because our pace of investment execution is above the one that was projected in the current business plan. This is not, and it is important that this is clear to all of you, due to higher project execution costs. All the projects remain the same. I will repeat this, delivering projects on time or even ahead of schedule while maintaining the projected cost means generating value for our shareholders. Now let's explain this cash investment. To get the cash investment value, you must exclude certain expenses that have no effect on cash investment, such as leases, which are classified as financing under IFRS 16, and geology and geophysics expenses, which are classified as expenses in corporate accounting. On the other hand, we must add payments for contracts that were measured... in other periods but left the cash flow in this period due to a lag between the measurement and their payment, especially those related to measurements made at the end of 2024 when we readjusted the financial and physical balance of our projects. There's also the inclusion of payments for contract milestones related to the mobilization of services, especially EPCIs for subsea activities. and the formation of inventories of materials and equipment that will only be used in the future that will lead to savings then. So the cash investment for the first nine months of the year came to a total of $12.9 billion, excluding carryover, especially from last year. The CapEx and cash investment ratio was 89%. Before moving on to the next slide, I'd like to emphasize that our capex is heavily concentrated in the production curve, and the results are already evident, as we were able to see in our record production. On slide 12, we present the company's debt history. We issued two new bonds in September, maturing in 2030 and 2036 to the amount of 1 billion US dollars each. It was a very successful operation with small spreads relative to sovereign bonds, demonstrating investor confidence in Petrobras. Gross debt reached 70.7 billion US dollars, slightly above the previous quarters due to these fundings, which strengthened our cash position in the period. Note that our net debt is stable, so the funding we raised, taking advantage of an opportunity window like other companies, remained in cash. It's important to underscore that we remain within the debt ceiling set out by the business plan, and that more than 60% of the total debt corresponds to leases of platforms, boats, and drills, which according to accounting standards must be included in the debt. We should also remember that this portion of leases is associated with assets that generate production and consequently revenue. Next slide. On slide 13, we present the traditional slide on the company's shareholder remuneration policy. Our policy is flexible and ensures dividends compatible with different oil price scenarios without compromising the company's financial strength. We apply the formula set forth in the policy and will distribute 45% of the quarter's free cash flow. So the Board of Directors approved the distribution of 12.2 billion Brazilian reais as an advance payment on shareholder remuneration for the 2025 fiscal year to be paid in two equal installments in February and March 2026. Next slide. All the company's work fronts translate into more synergy, higher revenues, and concrete results for the company, its shareholders, and Brazilian society. In addition to Petrobras' investments in the country, and its social and environmental projects, we contribute to economic development through the payment of taxes. We are the company that invests the most in Brazil. From January to September 2025, our activities resulted in almost 200 billion Brazilian reais in taxes for society. In the third quarter alone, we paid 68 billion in taxes. This concludes our presentation with two major recent developments. On slide 15, we highlight the operating license from IBAMA received on October 20 for the drilling of the Morpho Exploratory Well off the coast of Amapá. On the same day, we began drilling the well. This achievement was the result of an extensive and rigorous discussion process with IBAMA. We fully complied with the licensing process and demonstrated the robustness of the company's structure for environmental protection with the highest safety standards. The estimated total depth of the Morpho well is over 7,000 meters, which places it among the deepest wells ever drilled by Petrobras. This technical complexity reinforces our technological and operational capabilities. We will operate in the equatorial margin safely and responsibly. The next slide shows a second piece of good news. The FPSO Almirechita Mandaré, which operates in the Búzios field, reached a record instantaneous flow rate equivalent to 270,000 barrels of oil per day on October 25th. The unit's nominal capacity is 225,000 barrels, so this increase is significant and was achieved without the need for new investments. This is a major achievement for Petrobras' engineering and exploration and production areas. These teams are working on a series of actions to increase production through efficiency gains. Currently, we already have five more production units, in addition to Almirante Tamandaré, which have received a favorable opinion from IBAMA for capacity expansion. In total, these expansions, without adding CAPEX, add up to an increase of 115,000 barrels per day, strengthening our production capacity. Around 90,000 barrels per day of this capacity correspond to Petrobras' share. It's worth noting that for every 100,000 barrels of oil per day that we produce, we have an average of more than 2%. billion U.S. dollars in additional revenue per year. All of these initiatives that we're implementing follow strict safety protocols and are preceded by careful engineering analyses in addition to the necessary authorizations from regulatory agencies. This concludes my presentation. All of the results presented here are the result of the collective effort of our teams, and I'd like to thank each director, especially Magda for her leadership. We will now be available to answer questions from analysts. Thank you. Thank you, Fernando. Thank you for this presentation. We will now begin the question and answer session. The first question will be by Avicencio Falunga from Bradesco. Go ahead, sir. Thank you, Magda, Fernando, and the entire Petrobras team. I have two questions. First, you explained it very well during your presentation that there was an acceleration in developing IP. But I'd like to understand from your efforts, what has happened? been the contribution of inflation in our industry to the results from FPSO. Also, this acceleration in CapEx in 2025, will it remove inflation Any constraints for the CapEx in 2026? Or will it offset anything for 2026? The second question is, one of our main clients is Braskem, and they're accelerating their cash burn in a very concerning way. we see poor trends for petrochemical margins with unsustainable capital structures. We recently read on the press that this is being discussed at the level of Petrobras' board. So I'd like to understand a bit more about that since this is becoming an urgent matter. What options does Petrobras have for on the table to prevent a drastic situation with the biggest petrochemical company in Latin America, which is one of your main clients. Thank you. I'll hand it over to Fernando and then Renata can add to that answer. Go ahead, Fernando. Good morning. So let's start by talking about the Brazilian petrochemical industry This is still a strategic area for us that is very important. Petrobras sees it as very relevant for our ecosystem around oil. So it is still very interesting. When it comes to Braskem specifically and the situation it's going through, it has its own governance that is definitely looking at their societal and cash issue. And we don't currently have anything on the table to discuss with them. We've got no proposals to discuss with them about among shareholders. And we're waiting for this moment. We hope that it is soon, but they have their own governance. And we cannot say anything if we don't have any proposals on the table for discussion, for assessment. And this will need to be an investment that makes sense and brings value for Petrobras' shareholders. Concerning CapEx, I'll hand it over to Renata. But I can say... that our capex has no increase due to inflation, meaning that we are accelerating investments. As I said earlier, investments are being accelerated in the company and projects remain the same. So if I take a project that has a certain budget allocated, this is not going to go up, but we are advancing some of these things. Renata will add to that.

Thank you for the question. As Fernando said, there is no inflation. It's quite the opposite. We are looking at a stabilization and actually price reduction, especially in the subsea area. We reached high levels in 2024, but we undertook several actions, bringing several players to Brazil. And with that, we were able to get more competitive prices. When it comes, for instance, to the FPSOs, CIAP 1 and 2 received three proposals. And the only reason it did not receive the fourth proposal was that one company missed the deadline. But we can't even remember the last time we had four new proposals from companies proposing to us. So competitiveness is back. And we're really speeding up investments, as you can see from the results of E&P production. Most of it, it's not only about FPSO. Just a reminder, we also had new interconnections between wells and rigs. We're also interconnecting an additional 40% vis-a-vis what we did last year up until October. And we still have two more months for new interconnections. And all of that is bringing more oil to the company. And all of that means investment in CapEx. We have no expectations of reducing that. Next year, we'll still keep up the investment so that we can anticipate the projects more and more. One very important example to us is P79. When we took office, we had no expectations as to when P-79 was going to leave the shipyard. People were talking about August 2026, and it will come out of the shipyard next Monday, November 29th. It will leave the Korean shipyard. So it's all about management. This is what we're doing. There's no additional money. It's all about management and monitoring so that we can deliver the projects within the expected costs, quality, deadlines, and safety levels. Thanks, Renata and Fernando. Now I'll give the floor to Monique Natal from Itaú. You have the floor, Monique. Thank you. Hello, everybody. Good morning. Thanks for the opportunity to ask questions. First, I want to congratulate you on the operational performance in the quarter. It was really solid. So congratulations to the teams involved. I'll pick up on the CapEx question, maybe changing perspectives a little bit. and that goes to renata picking up on on what she said with this acceleration that we're currently seeing should we see a reduction in capex in the midterm maybe you said that not for next year but but maybe 2027 2028 should we see a reduction given the fact that you're able to anticipate the capex a bit and um Still the same question, how does the company intend to balance out in the short term this CapEx with the need to maybe tighten the seatbelts, so to speak, in a context of lower oil prices? And the second question that may also go to Renata is that considering your big feat with Almirenche Tamandaray, And given the fact that you were able to increase capacity with no additional costs, what do you see in terms of total increment capacity in Buzios with similar measures from the perspective of engineering? Can you increase capacity by 20% in other Buzios rigs, which are more complex, P78, 83? Would that also be possible? And if that is possible, I mean, if you're able... to add additional capacity with no capex to the other rigs as well. Would that allow the Buzios project to be reconsidered about its need? Thank you. Renata, you have a lot of work to do today. I know. Hi, Monique. I actually joked about this in an interview earlier. You know, at the end of the day, what you're trying to understand is what our strategic plan looks like for the next five years. It's all about who's the murderer, right? Everybody wants to know who the murderer is. But we are going to publish our new strategic plan on November 27. And you will have the possibility of... seeing what it looks like for the upcoming years about the possibility of us increasing the capacity of other rigs i'll give it forward to sylvia but before that i can tell you up front that for our own platforms or rigs the engineering department has been um analyzing up to what point we can take our production we have p71 and p70 in 2p It's producing a bit more. The capacity is 150. It produces at 159. So we have requested a study for P78 that will stop production next month and P79 as well. But we don't have an answer yet. Sylvia? Hello, Monique. Good morning. Good morning. This process, you know, to increase capacity was a very well thought out process. We talked to the manufacturer to discuss the potential. We are talking about extremely productive reservoirs. and five wells. And we heard from the manufacturer and from the engineering department and the regulator, the classifying society. I mean, we did a very thorough technical work to check the possibility. We saw it's possible and that it applies to other areas and we'll do that for every unit where that can be applied. As Renata said, we're applying it to our own platforms and in some cases such as P71, we had done that last year. with the installation of a valve that allowed us to increase the production by 10,000 barrels per day. So it's a technical adjustment. But any such type of adjustment is made on an individual basis for each unit after rigorous technical assessment and discussions with the classifying society and other stakeholders. And that also makes a reality in Buzios. It's a spectacular reservoir, a huge field. Each well is producing great results. There's a rock and cavity structure that often produces even more than we initially expected. And that's why we received almost 1 million barrels that we celebrated. And it's also good to remind everyone Everybody that we awarded the OPC award due to the boozers production, that was last week. So each unit will be reviewed whenever there is an opportunity. We will let the market know about that. It's a very positive piece of information for everybody. Thank you, Sylvia and Renata. Now we'll hear from Tiago Cascada from Morgan Stanley. Thank you, Edu. And good morning, Petrobras team. I have a quick follow-up to Monique's question and two more questions. The follow-up is that when it comes to increasing capacity above a nominal capacity, how bureaucratic would it be to get an approval from let's say, for instance, that you find opportunities in other projects, how bureaucratic would that process be? I mean, for you to get an approval, would it be quick or would it take longer? In my two other questions, I know that we'll discuss that further in the business plan, but going back to optimization and simplification of projects, what are the main discussions currently about Buzios 12 and what could be done there? How does it fit that perspective? And the second question is about the provisional measure from last week. What's your initial take on it about the potential impacts of the provisional measure? And also, I'd like to understand how it could affect the decisions to invest in refit projects. Thank you. Good morning, Bruno. Well, Capacity expansion is a very technical process, but it does not take too long. We started the process in February, and the entire process was initially discussed, and we got an approval from Obama. So it is not a bureaucratic or extremely long process. The entire technical team is involved, associated with the classifying process, body and the agencies. For Buzios 12, I think Buzios will be yet another project that we will review. And well, the fact that there is Now we're in the bidding process now. Renato can give us more information about that. And what we're trying to do for all of these units is to really simplify the projects and to have leaner projects that allow us to achieve more competitiveness and seeking out new players so that we can have a competition level that allows us to reach amounts that give us technical and economic competitiveness. Before we started the bidding process for Buzios 12, we asked the market to send us simplification suggestions for the technical specifications. We received many suggestions, many of which were implemented. And with that, we were able to bring down the weight of the topside by 20%. So it was a highly integrated process and a joint effort with the market. And for Buzios 12, we allow for even greater flexibility for companies to suggest even more simplifications. So our expectations for Buzios 12 are big. To give you an idea, in terms of pre-qualified companies for the BUSES 12 bid, we have 12 companies for BOT and 12 EPC companies. They have to be combined. So, theoretically, we could come to the point of having 12 proposals with simplification suggestions. Thank you, Renata. Well, about the provisional measure, it's not yet final or approved. So let's wait for it. But in any case, there are a few things we can say in terms of oil reinjection. Well, reinjection is fundamentally decided based on our fluid, our reservoir and our volume. For instance, areas with an extremely high amount of CO2, they're basically impossible to work with if you do not re-inject. So it is connected directly to the project. So we need to be careful about that. And the second thing is the reference price. Obviously, when we're talking about huge super giants, everything gets adjusted. But if you talk about the campus basin, that has a big number of mature fields, and we're now in the middle of a renovation process, and that requires, I mean, margins are smaller. So any addition in the values may render it unfeasible. So it's a big risk for each type of project. In this specific case of the Compass Basin, which is very mature, like I said, the risk of increasing a collection may render the renovation unfeasible. And I think the renovation is going really well. We have very good goals for the campus basin. We'll not forget it. Once again, we want to go back to producing 1 million barrels at the campus basin. And an increase may lead to the possibility of that happening. or an impossibility of that happening. Now, a question from Georgie Gabrich from Scotiabank. Thank you for taking my questions. First, congratulations on the operational results. I have two questions. One about refining, and the second about the decision-making process for the CapEx. First, about refining. We've been seeing a very high level of utilization, even with the downtimes. Would you consider that this level is sustainable? Do you have any comments? I mean, what's the... operational security or cap that we could think about and the second question is I like to understand what the decision-making process is like between leasing and owning the FPSO. What's the capital benchmarking that you use in your decision-making process to define whether you're going to adopt one strategy or the other? Thank you. I'll give it to William first. He'll talk about refining. Good morning, everybody. Good morning, George. Thanks for the question. Well, the use of refineries considers the process loads versus the reference load of units. A reference load is obviously authorized by the regulator, the Brazilian Oil Agency, and the capacity of projects and equipment guaranteeing reliability, security, and sustainability of that load is Over the course of the entire campaign of that unit. So the FUTs are aligned with the reference load and they're required. It's a requirement from the logistics sector of the company under director Claudio. and he defines the logistic capacity for the period. And I'd like to highlight that for this period, in August, we had an FUT of 98%. It's an average FUT because it considers some scheduled downtimes that units have to go through to guarantee equipment integrity and to perform maintenance that occurs periodically, usually every three four or five years so that's analyzed but in august it was at 98 so yes for um close to uh the limit of reaching uh the uh cap at the units and this is a number that is planned once again by the logistics and trade area i like to say that uh we are working with a high reliability scenario working in integration and we expect even better results from for the last quarter. Highlighting that, for the last quarter, we'll have a long downtime period For the Vale do Paraíba refinery desolation, it's a large unit of 240,000 barrels per day in terms of processing power. So it is undergoing a scheduled downtime and going back to operation in the beginning of December. The results will, of course, this downtime will have to be accounted for in the FEUT. Thank you. Well, George, there is no benchmarking for contracting models. At Petrobras, we have a standard defined by Sylvia's department that based on Petrobras' internal technical capacity, for instance, sometimes our engineering department is overburdened with too much work and we do not have enough headcount or um depending on the supplier market the company's financial capabilities i mean there's a series of factors that are taken into account in a risk analysis based on which we consider the best alternative for the company for that a specific moment in time in that specific project so there is no preference for one model versus the other it's all about a technical decision after looking at the market and the company's internal conditions. Thank you, Renata. Thanks for your questions, George. Now let's give the floor to Guilherme Costa from Goldman Sachs. Guilherme. You have the floor. Thank you, Eduardo. Good afternoon. Congratulations, Renata, Silvia, and the entire Petrobras team on the great results. My first question is a follow-up to the previous questions. The platforms that are running with production above nominal capacity, how sustainable is this level of production? Could we say that this is a new plateau for the production of these rigs? And my second question is about capital allocation. You've been very vocal when it comes to being careful with OPEX and thinking about remuneration to shareholders. Are there any discussions about potential changes to the company's internal policies, given the scenario for next year? And about M&A. In last year's strategic plan, we talked extensively about the ethanol market. Do you have any updates about the discussions since then and also about the return to liquid natural gas? Was there any change or progress or approval by the board? And lastly, one last question about M&A. What's the company's appetite for the reserve capacity auction for next year? Thank you. Thank you, Guilherme. That's a lot of questions. Well, I'll give it forward to Renata. Good morning. about the production peak. Basically, whenever we outline a development plan for a field, there's ramp up in production, it reaches a plateau, and then it decreases. So the production expectations are based mainly on the reservoir's characteristics and availability and all that. So we always try to use a rig where the highest VPL is achieved. We usually design a rig for a production peak, and given the response of the reservoir with higher productivity, the peak was augmented, but the production peak is a restricted period during the operations of the field. After that, it will go down in production, as is usually the case. So this increase in production is temporary in the production curve. So we'll always try to reach it, but it is within the field's development plan, basically based on the capacity of the reservoir. Thank you, Sylvia. I'll give it forward to Fernando and Angelica, if she has any comments.