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    Luiz Carvalho • UBS

    Luiz Carvalho's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership

    Luiz Carvalho's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership • Q1 2025

    Question

    Luiz Carvalho asked for a quantification of cost savings from FPSO simplification and questioned the company's ideal maximum leverage level, given the recent increase.

    Answer

    Renata Baruzzi, Executive Director of Engineering, stated their expectation is for new rig costs to be below $3.5 billion. Fernando Melgarejo, Executive Director of Finance and IR, clarified that 70% of the company's leverage is from leasing tied to revenue-generating assets and that the company remains committed to operating within its $75 billion gross debt ceiling.

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    Luiz Carvalho's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership • Q1 2024

    Question

    Luiz Carvalho asked for an update on the 2024-2028 strategic plan, focusing on potential structural changes beyond energy transition and the progress of renewable asset acquisitions. He also sought clarity on the internationalization strategy for upstream assets, particularly regarding the focus area and operational role.

    Answer

    CFO Sergio Leite confirmed that energy transition projects are moving from 'analysis' to 'confirmed' CapEx as they mature. Energy Transition Director Mauricio Tolmasquim added that they are analyzing a large portfolio of wind and solar projects for potential partnerships. Exploration Director Joelson Mendes specified the international focus is on the Atlantic Basin, rebuilding databases, and working with partners, with the operational role depending on the opportunity.

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    Luiz Carvalho's questions to Ultrapar Participacoes SA (UGP) leadership

    Luiz Carvalho's questions to Ultrapar Participacoes SA (UGP) leadership • Q1 2025

    Question

    Luiz Carvalho of BTG Pactual asked about the market share versus margin trade-off at Ipiranga, questioning if the current share level is considered ideal. He also asked if Hidrovias's strong quarterly performance is sustainable and inquired about Ultrapar's long-term capital allocation plans for the company, such as a potential delisting.

    Answer

    An Ultrapar executive clarified that Ipiranga's market share is a consequence of an active decision to avoid the low-profitability spot market, not a primary objective itself. Regarding Hidrovias, he noted its results are driven by the crop cycle and river conditions, implying variability. He explicitly stated that Ultrapar has no plans to take Hidrovias private or delist its shares from the stock market.

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    Luiz Carvalho's questions to Ultrapar Participacoes SA (UGP) leadership • Q2 2024

    Question

    Luiz Carvalho questioned Ultrapar's capital allocation priorities, including potential acquisitions, CapEx, and shareholder returns, given its comfortable leverage. He also asked for initial impressions and strategic opportunities related to the new Hidrovias investment.

    Answer

    Executive Leonardo Linden reiterated the company's disciplined approach to capital allocation. Regarding Hidrovias, he noted it is a separate public company and deferred detailed comments, but highlighted the long-term strategic value. He mentioned more information would be available at the company's Investor Day on September 6.

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    Luiz Carvalho's questions to Cosan SA (CSAN) leadership

    Luiz Carvalho's questions to Cosan SA (CSAN) leadership • Q2 2024

    Question

    Luiz Carvalho asked for more details on liability management priorities at the holding company level, including the potential Moove IPO, uncertainties around Compass's Subida da Serra project, and the future size of the Vale stake. He also inquired about the wide holding company discount and potential actions to achieve a fairer asset pricing.

    Answer

    Rodrigo Alves, an executive, responded that leverage is a top priority and that urgent liability management was completed in the first half of the year, extending the debt profile with no significant maturities until 2027. Regarding the portfolio, he stated the current 4.1% stake in Vale is the focus, with no plans to increase it. Alves acknowledged the holding company discount is a concern, which the company is addressing through deleveraging and disciplined project execution to create value.

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