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    Rodrigo Reis de Almeida • Santander

    Rodrigo Reis de Almeida's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership

    Rodrigo Reis de Almeida's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership • Q1 2025

    Question

    Rodrigo Reis de Almeida requested an update on the Equatorial Margin licensing process and asked about the long-term funding strategy for developing the region, including potential partnerships.

    Answer

    Sylvia dos Anjos, Executive Director of E&P, and Clarice Coppetti, Executive Director of Corporate Affairs, responded. They confirmed that all requirements have been submitted to the environmental agency (Ibama) and they are ready to drill. The current plan allocates $3 billion for exploration in the margin, with development funding to be addressed in future plans post-discovery. They also highlighted a successful emergency response simulation, demonstrating operational readiness.

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    Rodrigo Reis de Almeida's questions to Ultrapar Participacoes SA (UGP) leadership

    Rodrigo Reis de Almeida's questions to Ultrapar Participacoes SA (UGP) leadership • Q1 2025

    Question

    Rodrigo Reis de Almeida of Banco Santander, S.A. inquired about the strategic agenda for Hidrovias, specifically asking if there are any operational synergies being pursued with Ultracargo on a daily basis.

    Answer

    An Ultrapar executive stated that there are no relevant operational synergies identified between Ultracargo and Hidrovias at present. The primary benefit is leveraging competent people from Ultrapar's ecosystem, such as installing Decio as the main executive at Hidrovias, rather than integrating day-to-day operations.

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    Rodrigo Reis de Almeida's questions to Ultrapar Participacoes SA (UGP) leadership • Q4 2024

    Question

    Rodrigo Reis de Almeida asked about Ultragaz's role as a growth platform, seeking details on the most promising new business areas for long-term returns. He also requested clarification on the drivers of working capital improvement, specifically inventory reduction, and questioned the strategic shift that led to the initiation of a share buyback program.

    Answer

    Executive Tabajara Costa highlighted that new energy solutions contribute about 5% to Ultragaz's EBITDA and are growing, with biomethane and free-market energy trading being particularly exciting. Ipiranga CFO Pedro Guedes confirmed that working capital improved due to deliberate inventory management, especially reducing biofuel levels. He also explained the share buyback was a response to a lower share price, viewing it as an attractive capital return method alongside a 35% dividend payout.

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