Core Viewpoint - The company is proposing an amendment to its core supervised reorganization plan to generate short-term liquidity and strengthen long-term sustainability and value creation [2][3]. Group 1: Proposed Amendment to Reorganization Plan - The proposed amendment aims to preserve cash by extending maturities and renegotiating terms with main creditors, focusing on obligations that would lead to immediate cash outflows [3]. - The need for the amendment arises from the nonfulfillment of key assumptions in the previously approved plan from April 2024, which has widened the anticipated funding gap in financial projections [4]. Group 2: Financial Performance Discussion - The presentation will include a detailed analysis of the company's performance in the second quarter of 2025, following the discussion on the reorganization plan [2].

Group 1 - The core point of the article is that Indian Oil Corporation has purchased 5 million barrels of WTI crude oil for delivery in October to November [1] Group 2 - The transaction indicates a strategic move by Indian Oil to secure crude oil supplies amid fluctuating market conditions [1] - The purchase reflects ongoing demand for crude oil in the Indian market, highlighting the country's reliance on imports to meet its energy needs [1] - This acquisition may influence pricing dynamics in the global oil market, particularly for WTI crude [1]

Core Viewpoint - Thai Oil's stock price surged by 6.9%, marking the largest increase in 12 weeks, outperforming the Thai SET index [1] Company Summary - Thai Oil's stock performance indicates strong market interest and potential investor confidence [1]

Group 1 - The core point of the article is that KazTransOil, the national oil transporter of Kazakhstan, reported a 4% increase in crude oil exports through the Atyrau-Samara pipeline in the first half of the year, reaching 5.1 million tons [1] Group 2 - The increase in crude oil exports indicates a positive trend for KazTransOil's operations and may reflect broader market conditions [1] - The Atyrau-Samara pipeline is a critical infrastructure for Kazakhstan's oil export strategy, highlighting its importance in the regional oil supply chain [1] - The reported figures suggest that KazTransOil is effectively managing its export capacity amid fluctuating global oil prices [1]

Group 1 - The core point of the article is that KazTransOil, the national oil transporter of Kazakhstan, has increased its crude oil exports through the Atyrau-Samara pipeline by 4% in the first half of the year, reaching 5.1 million tons [1] Group 2 - The increase in exports indicates a positive trend in the oil transportation sector in Kazakhstan, reflecting potential growth opportunities for the industry [1] - The Atyrau-Samara pipeline plays a crucial role in facilitating Kazakhstan's crude oil exports, highlighting its importance in the regional oil supply chain [1] - The reported figures suggest that KazTransOil is effectively managing its operations to enhance export capacity, which may attract further investments in the sector [1]

Group 1 - KazTransOil, the national oil transporter of Kazakhstan, supplied 160,000 tons of crude oil to Germany via the Druzhba pipeline in June [1]

Group 1 - KazTransOil, the national oil transporter of Kazakhstan, supplied 230,000 tons of crude oil to Germany via the Druzhba pipeline in May [1]

Group 1 - The core point of the article is that Kazakhstan's oil exports to Germany increased to 160,000 tons in April [1]

Company Performance - Daqing Oilfield's natural gas production exceeded 6 billion cubic meters in 2024, marking steady growth for the 14th consecutive year [1] - The 6 billion cubic meters of natural gas can meet the annual daily needs of 39 million families of three [1] - The northeast China base produced 5 billion cubic meters of natural gas, while the southwest China base produced 1 billion cubic meters in 2024 [1] Historical Context - Daqing Oilfield was discovered in 1959 in Heilongjiang province and has significantly contributed to China's modern petroleum industry [1] Industry Impact - Daqing Oilfield is one of China's largest oil production bases, highlighting its importance in the country's energy sector [1]

[Company Data](index=3&type=section&id=Company%20Data) This section details the company's share capital structure as of September 30, 2021 [Capital Breakdown](index=3&type=section&id=Capital%20Breakdown) Outlines the company's paid-in and treasury share capital for common and preferred stock as of Q3 2021 Capital Breakdown as of 09/30/2021 (in thousands of shares) | Category | Common Shares | Preferred Shares | Total | | :--- | :--- | :--- | :--- | | **Paid-in Capital** | 5,796,478 | 157,727 | 5,954,205 | | **In Treasury** | 30 | 1,812 | 1,842 | [Individual Financial Statements](index=4&type=section&id=Individual%20Financial%20Statements) Presents the company's standalone financial performance, including balance sheets, income, and cash flow statements [Individual Balance Sheets](index=4&type=section&id=Individual%20Balance%20Sheets) Shows a significant increase in total assets to R$55.3 billion, driven by a merger and held-for-sale assets [Assets](index=4&type=section&id=Individual%20Balance%20Sheets%2C%20Assets) Individual Assets (in thousands of BRL) | Line Item | 09/30/2021 | 12/31/2020 | | :--- | :--- | :--- | | **Current Assets** | **15,332,497** | **6,017,124** | | Cash and cash equivalents | 785,300 | 1,952,680 | | Accounts receivable | 3,538,029 | 1,400,570 | | Held-for-sale assets | 4,840,885 | 100,622 | | **Non-current Assets** | **39,997,369** | **32,508,078** | | Long-term receivables | 17,421,914 | 15,160,428 | | Property, plant and equipment | 15,078,244 | 6,948,832 | | Intangible assets | 2,662,169 | 3,045,378 | | **Total Assets** | **55,329,866** | **38,525,202** | [Liabilities and Equity](index=6&type=section&id=Individual%20Balance%20Sheets%2C%20Liabilities%20and%20Equity) Individual Liabilities and Equity (in thousands of BRL) | Line Item | 09/30/2021 | 12/31/2020 | | :--- | :--- | :--- | | **Current Liabilities** | **6,704,680** | **3,044,306** | | Trade payables | 2,676,984 | 970,071 | | **Non-current Liabilities** | **47,563,377** | **27,729,404** | | Borrowings and financing | 22,081,725 | 12,935,035 | | Other payables | 21,282,192 | 12,679,013 | | **Total Liabilities** | **54,268,057** | **30,773,710** | | **Shareholders' Equity** | **1,061,809** | **7,751,492** | | **Total Liabilities and Equity** | **55,329,866** | **38,525,202** | [Individual Statements of Profit or Loss](index=8&type=section&id=Individual%20Statements%20of%20Profit%20or%20Loss) Reports a net loss of R$6.7 billion for the nine months to September 2021, a notable improvement from 2020 Individual Profit or Loss Highlights (YTD, in thousands of BRL) | Line Item | YTD 09/30/2021 | YTD 09/30/2020 | | :--- | :--- | :--- | | Net operating revenue | 4,724,165 | 2,521,231 | | Gross profit | 716,443 | 506,252 | | Share of results of investees | (3,938,627) | (8,582,934) | | Financial income (expenses) | (3,090,060) | (2,995,067) | | Profit/loss for the period | (6,711,199) | (12,327,833) | | Basic earnings per share (R$) | (1.13) | (2.07) | [Individual Statements of Comprehensive Income](index=9&type=section&id=Individual%20Statements%20of%20Comprehensive%20Income) Details a comprehensive loss of R$6.7 billion for the nine months to September 2021, driven by the net loss Individual Comprehensive Income (YTD, in thousands of BRL) | Line Item | YTD 09/30/2021 | YTD 09/30/2020 | | :--- | :--- | :--- | | Profit for the period | (6,711,199) | (12,327,833) | | Other comprehensive income | 5,434 | 650,646 | | **Comprehensive income for the period** | **(6,705,765)** | **(11,677,187)** | [Individual Statements of Cash Flows](index=10&type=section&id=Individual%20Statements%20of%20Cash%20Flows) Shows a net cash decrease of R$1.2 billion, with significant outflows from investing and operating activities Individual Cash Flow Summary (YTD, in thousands of BRL) | Line Item | YTD 09/30/2021 | YTD 09/30/2020 | | :--- | :--- | :--- | | Net cash from operating activities | (109,964) | (717,588) | | Net cash from investing activities | (1,484,374) | 2,328,865 | | Net cash from financing activities | 430,304 | (246,930) | | **Increase (decrease) in cash** | **(1,167,380)** | **1,550,046** | | Cash at beginning of period | 1,952,680 | 949,967 | | Cash at end of period | 785,300 | 2,500,013 | [Individual Statement of Changes in Equity](index=12&type=section&id=Individual%20Statement%20of%20Changes%20in%20Equity) Highlights a sharp R$6.7 billion decrease in shareholders' equity, primarily due to the period's net loss Individual Changes in Equity (YTD 09/30/2021, in thousands of BRL) | Line Item | Amount | | :--- | :--- | | Opening balance (01/01/2021) | 7,751,492 | | Profit (loss) for the period | (6,711,199) | | Other comprehensive income | 5,434 | | Share-based compensation | 16,082 | | **Closing balance (09/30/2021)** | **1,061,809** | [Individual Statements of Value Added](index=14&type=section&id=Individual%20Statements%20of%20Value%20Added) Shows a negative wealth for distribution of R$333.5 million, with lenders and lessors as primary recipients Individual Distribution of Value Added (YTD, in thousands of BRL) | Category | YTD 09/30/2021 | YTD 09/30/2020 | | :--- | :--- | :--- | | **Wealth for distribution** | **(333,456)** | **(4,941,547)** | | Personnel | 446,196 | 255,848 | | Taxes and fees | 922,850 | 576,510 | | Lenders and lessors | 5,008,697 | 6,553,928 | | Shareholders (Retained earnings/losses) | (6,711,199) | (12,327,833) | [Consolidated Financial Statements](index=15&type=section&id=Consolidated%20Financial%20Statements) Presents the group's combined financial position, performance, and cash flows, including all subsidiaries [Consolidated Balance Sheets](index=15&type=section&id=Consolidated%20Balance%20Sheets) Shows total assets of R$75.5 billion, with a significant increase in held-for-sale assets to R$34.4 billion [Assets](index=15&type=section&id=Consolidated%20Balance%20Sheets%2C%20Assets) Consolidated Assets (in thousands of BRL) | Line Item | 09/30/2021 | 12/31/2020 | | :--- | :--- | :--- | | **Current Assets** | **46,291,077** | **33,795,738** | | Cash and cash equivalents | 3,020,184 | 4,107,941 | | Accounts receivable | 4,238,128 | 3,974,238 | | Held-for-sale assets | 34,413,026 | 20,771,942 | | **Non-current Assets** | **29,238,271** | **40,044,049** | | Property, plant and equipment | 16,508,439 | 24,135,058 | | Intangible assets | 3,171,501 | 3,697,821 | | **Total Assets** | **75,529,348** | **73,839,787** | [Liabilities and Equity](index=17&type=section&id=Consolidated%20Balance%20Sheets%2C%20Liabilities%20and%20Equity) Consolidated Liabilities and Equity (in thousands of BRL) | Line Item | 09/30/2021 | 12/31/2020 | | :--- | :--- | :--- | | **Current Liabilities** | **23,469,967** | **18,013,108** | | Liabilities associated to held-for-sale assets | 13,937,803 | 9,195,376 | | **Non-current Liabilities** | **50,980,265** | **48,056,769** | | Borrowings and financing | 31,071,532 | 25,918,777 | | **Total Liabilities** | **74,450,232** | **66,069,877** | | **Consolidated Shareholders' Equity** | **1,079,116** | **7,769,910** | | **Total Liabilities and Equity** | **75,529,348** | **73,839,787** | [Consolidated Statements of Profit or Loss](index=19&type=section&id=Consolidated%20Statements%20of%20Profit%20or%20Loss) Reports a consolidated net loss of R$6.7 billion for the nine months to September 2021, driven by financial expenses Consolidated Profit or Loss Highlights (YTD, in thousands of BRL) | Line Item | YTD 09/30/2021 | YTD 09/30/2020 | | :--- | :--- | :--- | | Net operating revenue | 6,716,892 | 7,027,560 | | Gross profit | 1,479,360 | 2,018,457 | | Financial income (expenses) | (6,486,212) | (10,821,576) | | Consolidated profit/loss for the period | (6,713,827) | (12,326,728) | | Basic earnings per share (R$) | (1.13) | (2.07) | [Consolidated Statements of Comprehensive Income](index=21&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Details a consolidated comprehensive loss of R$6.7 billion, almost entirely reflecting the period's net loss Consolidated Comprehensive Income (YTD, in thousands of BRL) | Line Item | YTD 09/30/2021 | YTD 09/30/2020 | | :--- | :--- | :--- | | Consolidated profit for the period | (6,713,827) | (12,326,728) | | Other comprehensive income | 6,951 | 699,710 | | **Consolidated comprehensive income** | **(6,706,876)** | **(11,627,018)** | [Consolidated Statements of Cash Flows](index=22&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Shows a net cash decrease of R$1.1 billion, with significant financing inflows offsetting operational outflows Consolidated Cash Flow Summary (YTD, in thousands of BRL) | Line Item | YTD 09/30/2021 | YTD 09/30/2020 | | :--- | :--- | :--- | | Net cash from operating activities | (1,631,817) | 3,539,622 | | Net cash from investing activities | (3,576,281) | (1,548,142) | | Net cash from financing activities | 4,163,879 | 1,184,677 | | **Increase (decrease) in cash** | **(1,087,757)** | **3,381,165** | | Cash at beginning of period | 4,107,941 | 2,081,945 | | Cash at end of period | 3,020,184 | 5,463,110 | [Consolidated Statement of Changes in Equity](index=24&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) Highlights a R$6.7 billion decline in consolidated equity, driven by the net loss for the period Consolidated Changes in Equity (YTD 09/30/2021, in thousands of BRL) | Line Item | Amount | | :--- | :--- | | Opening balance (01/01/2021) | 7,769,910 | | Profit (loss) for the period | (6,713,827) | | Other comprehensive income | 6,951 | | Share-based compensation | 16,082 | | **Closing balance (09/30/2021)** | **1,079,116** | [Consolidated Statements of Value Added](index=26&type=section&id=Consolidated%20Statements%20of%20Value%20Added) Details the R$4.2 billion in wealth generated and its distribution to stakeholders, primarily lenders and lessors Consolidated Distribution of Value Added (YTD, in thousands of BRL) | Category | YTD 09/30/2021 | YTD 09/30/2020 | | :--- | :--- | :--- | | **Wealth for distribution** | **4,237,584** | **3,376,836** | | Personnel | 1,230,218 | 1,251,484 | | Taxes and fees | 2,236,284 | 2,184,399 | | Lenders and lessors | 7,484,909 | 12,267,681 | | Shareholders (Retained earnings/losses) | (6,713,827) | (12,326,728) | [Notes to the Financial Statements](index=27&type=section&id=Notes%20to%20the%20Financial%20Statements) Provides detailed disclosures on accounting policies, risk management, and key financial statement items [General Information and Judicial Reorganization](index=28&type=section&id=1.%20GENERAL%20INFORMATION) Details the company's operations under a Judicial Reorganization Plan focused on divesting assets to fund fiber optics [Judicial Reorganization Plan (JRP)](index=30&type=section&id=Judicial%20Reorganization%20Plan%20(JRP)) - The company is operating under a court-supervised **Judicial Reorganization Plan (JRP)**, which was amended and approved in September 2020[57](index=57&type=chunk) - The JRP's strategy is to achieve financial flexibility by selling specific business units (UPIs) to fund investments in its **core fiber optics business** and repay creditors[52](index=52&type=chunk)[58](index=58&type=chunk) - The court supervision period was **extended until March 31, 2022**, to allow for the completion of the UPI sales[60](index=60&type=chunk)[61](index=61&type=chunk) [Sale of Isolated Productive Units (UPIs)](index=38&type=section&id=Sale%20of%20Isolated%20Productive%20Units%20(UPIs)) - The JRP mandates the sale of several UPIs, including **Mobile Assets, InfraCo, and TVCo**, to raise funds[320](index=320&type=chunk) - An investment agreement was signed with Globenet for the partial sale of UPI InfraCo for **R$12.9 billion**[90](index=90&type=chunk)[91](index=91&type=chunk) - The sale of UPI InfraCo received final approval from the antitrust authority **CADE in November 2021** and is pending ANATEL's approval[93](index=93&type=chunk)[94](index=94&type=chunk)[356](index=356&type=chunk) [Corporate Restructuring and Mergers](index=39&type=section&id=Corporate%20Restructuring%20and%20Mergers) - As part of the reorganization, Oi merged its wholly-owned subsidiary **Telemar on May 3, 2021**, consolidating its assets and liabilities[95](index=95&type=chunk) Summary of Merged Net Assets from Telemar (May 3, 2021) | Description | Amount (in thousands of BRL) | | :--- | :--- | | Total Assets Acquired | 29,804,012 | | Total Liabilities Assumed | (23,641,995) | | **Merged Net Assets** | **6,162,017** | [Significant Accounting Policies](index=41&type=section&id=2.%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Outlines the IFRS-based accounting principles used, including the key classification of UPIs as discontinued operations - The financial statements are prepared in accordance with **IAS 34 / CPC 21 (R1)** for interim reporting[105](index=105&type=chunk) - Comparative balances for the income statement, cash flow, and other statements were restated to segregate **discontinued operations (UPIs)** in accordance with CPC 31/IFRS 5[108](index=108&type=chunk) - Key accounting judgments and estimates include **impairment of long-lived assets, provisions for lawsuits, and the fair value of financial liabilities**[109](index=109&type=chunk) [Financial Instruments and Risk Management](index=46&type=section&id=3.%20FINANCIAL%20INSTRUMENTS%20AND%20RISK%20ANALYSIS) Details the company's significant exposure to foreign exchange and interest rate risks and its hedging strategies [Market Risk (Foreign Exchange and Interest Rate)](index=49&type=section&id=Market%20Risk%20(Foreign%20Exchange%20and%20Interest%20Rate)) - The company's debt is significantly exposed to market risks, with **61.4% of borrowings and financing exposed to foreign exchange fluctuations** and **32.3% subject to floating interest rates** (mainly CDI)[136](index=136&type=chunk)[150](index=150&type=chunk) Sensitivity Analysis of Market Risks (Consolidated) | Scenario | Impact on Profit/Loss (in thousands of BRL) | | :--- | :--- | | 50% BRL Depreciation | (8,831,980) | | 50% Increase in Interest Rates | (3,030,370) | [Credit and Liquidity Risk](index=55&type=section&id=Credit%20and%20Liquidity%20Risk) - Credit risk is managed by diversifying the customer portfolio and investing with prime financial institutions; **91.0% of consolidated cash investments** are with counterparties rated AAA, AA, A, or sovereign[157](index=157&type=chunk)[158](index=158&type=chunk) - Liquidity has been reinforced in 2021 through several financing activities, including a **R$2.5 billion debenture issue** for InfraCo (FTTH expansion) and a **US$880 million Senior Bond issuance** by Oi Móvel[161](index=161&type=chunk)[162](index=162&type=chunk) [Held-for-Sale Assets and Discontinued Operations](index=109&type=section&id=30.%20HELD-FOR-SALE%20ASSETS%20AND%20DISCONTINUED%20OPERATIONS) Reports R$34.4 billion in assets held for sale and a R$536.1 million profit from these discontinued operations - Assets and liabilities related to the disposal of **UPI Mobile Assets, UPI InfraCo, and UPI TVCo** are classified as held for sale[320](index=320&type=chunk) Consolidated Held-for-Sale Balances (in thousands of BRL) | Category | 09/30/2021 | 12/31/2020 | | :--- | :--- | :--- | | **Assets Held for Sale** | **34,413,026** | **20,771,942** | | Property, plant and equipment | 30,052,350 | 17,297,887 | | **Liabilities Associated to Held-for-Sale Assets** | **13,937,803** | **9,195,376** | | Leases payable | 7,093,509 | 5,636,122 | Profit (Loss) from Discontinued Operations (in thousands of BRL) | Period | Amount | | :--- | :--- | | YTD 09/30/2021 | 536,096 | | YTD 09/30/2020 | (475,076) | [Other Key Notes](index=57&type=section&id=Other%20Key%20Notes) Covers key disclosures on revenue, debt, provisions, contingent liabilities, and the impact of COVID-19 [Revenue, Expenses, and Segment Reporting](index=57&type=section&id=Revenue%2C%20Expenses%2C%20and%20Segment%20Reporting) - The company operates as a single reportable segment, **"Telecommunications in Brazil,"** which excludes discontinued operations[294](index=294&type=chunk) Consolidated Net Operating Revenue by Segment (YTD 09/30/2021, in thousands of BRL) | Segment | Revenue | | :--- | :--- | | Residential | 3,851,899 | | SMEs/Corporate (B2B) | 2,624,558 | | Other | 69,674 | | **Total Brazil Telecom** | **6,546,131** | [Debt and Provisions](index=82&type=section&id=Debt%20and%20Provisions) Consolidated Debt and Provisions (09/30/2021, in thousands of BRL) | Category | Amount | | :--- | :--- | | Total Borrowings and Financing | 31,339,944 | | Provisions (Probable Loss) | 5,327,248 | | Contingent Liabilities (Possible Loss) | 31,307,147 | [COVID-19 and Other Information](index=117&type=section&id=COVID-19%20and%20Other%20Information) - The company has maintained operations during the COVID-19 pandemic with measures like **remote work for ~71% of staff** and safety protocols for field workers, reporting no material deviations in operations or results[339](index=339&type=chunk)[340](index=340&type=chunk)[344](index=344&type=chunk) - An independent internal investigation regarding **"Operation: Mapa da Mina" was completed** and did not identify any indications of illegalities committed by the Company[337](index=337&type=chunk)