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As of today (4/1), Petrobras adopts new measures necessary to ensure the sustainability of the company in what is shaping up to be the worst crisis in the oil industry in the last 100 years. The Oil Crisis and Pandemic Recently Forced the State-Owned Company to Hibernate Platforms, Reduce Investments, and Take Other Emergency Measures
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The current scenario is marked by an unprecedented combination of a sharp drop in oil prices, an oversupply in the market, and a strong contraction in global demand for oil and fuels.
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These new measures involve a reduction in oil production, deferral of cash disbursement, and cost reduction. As of today, oil production will be cut by 200,000 barrels per day, a volume that includes the reduction announced on 03/26/2020.
In determining the fields that will have their production decreased, Petrobras will consider market and operational conditions. The duration of the restriction, as well as potential increases or decreases, will be continuously evaluated.
The company is adjusting the processing of its refineries, in line with demand for fuels.
As part of the measures aimed at promoting the announced cut of US$ 2 billion in operating expenses in 2020, decisions have been made to save approximately R$ 700 million in personnel expenses:
- Deferral of payment, between 10% to 30%, of the monthly remuneration of other employees with gratified functions (managers, coordinators, consultants, and supervisors);
- Temporary change of shift and on-call regimes to administrative regime for about 3,200 employees;
- Temporary reduction of the working hours, from 8 hours to 6 hours, for about 21,000 employees.
Transpetro, a wholly-owned subsidiary of Petrobras, also approved a resilience plan, which consists of measures to reduce the cost structure, both in operating expenses and investments, postponing or optimizing disbursements, in the amount of R$ 507 million in 2020.
Petrobras Commitment
Petrobras reinforces its commitment to managing its portfolio and its strategy supported by five pillars: maximizing the return on capital, reducing the cost of capital, relentless pursuit of low costs, meritocracy, and respect for people, the environment, and safety. The current crisis highlights the importance of these pillars, which must continue to be implemented with even more focus and intensity.
The company continues to monitor the market and, if necessary, will make new adjustments, always ensuring safety conditions for people, operations, and processes.
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