Let's move to the slides now, please. To we'll continue to work to continue on this path. 5%. Percentage amount. We still have a problem with the slides.
In the industry. I'll join the floor to Pedro, and he will give us some more details on the commercial area. Good afternoon. Will talk about new rent vis a vis the period because the majority of the shipments for offload. Becomes more visible in the order for that they struggle with excess supply in this Asia But is that the main stream one of the main destinations of all of quarter due to all of these changes in the international market, we were very assertive because we were able to demonstrate the flexibility of all shipments associated with financial measures, which opened good opportunities in The US market.
Still speaking about oil, I would like to say that we had a record outflow level. We had multiple outflows. Between and our refinery Then we also sign a new agreement, which will reflect the investments in the improvement of the pipeline and this will bring about a good profitability increment that by Bravo, and we will be able to show the results throughout the year. Speaking about products and margins of the refinery, the results were also very positive, like, from both over trading and contracts with rising. And the results leads to better pricing for both GOP and diesel in the domestic market.
Natural gas, I would like to emphasize, number one, the maintenance of positive margins despite market conditions having a surplus of supply and an increment of availability and ramp up of around three of them, like, to to highlight the trade strategies that were implemented in second half of last year. And then next, we have the signature of a partnership to to process natural gas. The investment involves $65,000,000,000. This is an agreement signed to Brava and Petrojiconco. Of to to process.
Yes. And this will lead to better revenues, better costs, then we will make use of idle financial highlights 2,000,000 in q three and four. Thank you. Miss Greco, go ahead. In the midterm. Thank you very much. Next question from Luis with PG. You may proceed, sir. Can you hear me? He says. I think so.
Thank you for taking my question, and congratulations. Turn around on your results. Yeah. It was really good to see. Wow.
You did some very good work in terms of liability management. You have ills. Your focus I would just like to understand, though, whether there is anything else that should merit my solution. Maybe revisit the discussion of divesting of some assets or maybe thinking about synergies, opportunities, continue. What do you see down the road?
That process. Noticed. Communication, decided to terminate the contract or cancel the contract. So how do you contract termination in the operations you have there. If there is any kind of downside when when you look at the previous Thank you, Luis. Because he's working a lot and he's very excited here to answer. Well, thank you. Thank you for your question. My answer will be divided in different phases of Papateja. Papateja today, Papateja in the near future, and Papatera in the long.
Presently, we are intensively working in three pillars related to the death. Security or safety is something that is present in every everything we do.
But we are working hard to recover the integrity of the asset. We have teams dedicated to do that. You know, teams, construction and assembly teams, constant ongoing work. We can still extract from this. Thank you for your question.
I mean, I also have I want to add to three more points, but there is one recent thing we just renewed for future improvement in the next two, three years.
Second question, Luis. But we still see further reduction opportunities. Thank you. And finally, referring to the contract with Raizi, Guamare. We are working well with positive results. We give you some more color about our bunker sales in Guamare. Thank you, Luis, for your question. As you said it yourself, we terminated our contract with Haiyi. So in the second quarter, everything is already then we already have then conducted by Bravo a very diversified range of clients. We have Caribbean premium is even more attractive in terms of our product.
So far, I don't have much more to say, but we're working diligently and seeing further opportunities. It's very clear. Thank you very much. Thank you, Luis. Our next question is your Gabriel. Mister Gabriel Barre with Citi. You can proceed, sir. Hello, DCO and team.
Thank you for taking my questions. I have two follow-up questions. One, I think Pizarro talked about the the tax benefits you have, and one part came with this prepayment of Insane. Let's talk about numbers and timeline to recover that credit. We have to consider that with instance credit alone, that involves like $1,000,000 in NPV.
And in addition to that, you have the entire rearrangement with the merger of the two companies. There are some accumulated losses. So if you could give me some light about the timeline for the recovery, this is important so I can discuss numbers. My second question is about deleveraging of the company, you know, liability management, capital allocation. Because at the end of the day, we are talking about the future of the company and how the company, you know, is to behave, you know, dividend company or or what have you.
We we talked about your dividend payout policy in the future given the fact that now you are integrating the company and you are growing. So I would just like to get a better understanding about that. Now that things are moving along, you know, in the desirable direction with, you know, the integration, I think that moment is is approached. And speaking about the operation, you just took over Guamare. So I wanna hear from you about what that means in practical terms.
Now you are operating the asset, and it's no longer in the hands of a third party. So in practical terms, whether this will bring about further synergies or if there is any operating aspect that should merit our I will ask line of taxes. And this will help the cash generation of the company as a whole. And then also ask about delivery and leverage. Operation recently, the operation led to a substantial cost reduction. So I'll ask Pedro to conclude the answer. In fact this was a very important event for the company for over a year. We of cost of Yeah. Of millions of reais.
The results will be, disclosed later on. Thank you. Very clear. Thank you very much. Next question.
Mister Vasconcelos, please. To get to net debt over EBITDA ratio below two by year end. No. Please go ahead. Terms of completion of the first very, very positive. We have to be careful about this kind of extrapolation. Alright. Thank you very much.
Have could costs to the advice of the company? Potentially, where is your lifting cost heading to in the long run? Well, talked about leverage. We will talk about that once we get closer to the left. We are working on a permanent reduction of lifting. We produce heavy oil. We with We slightly higher lifting cost. Our gas production helps our lifting cost because the cost is as long as it's possible, we will work hard to to reduce it further. Thank you. Thank you. Our next question. You may proceed, sir.
Hello. Good afternoon. You for taking my question. My first question is I would like to hear.
What are your strategies for the offshore operations, Totally. My second question is very brief. I know that there's still a lot to happen till then. But what is the deadline for you to make a decision to utilize the rig that has already been contracted? We still have room costs, and we are working today. We are evaluating months, we will take So we don't have anything for him yet. We don't have any rig already contracted from Malombi. Yeah. You talked about contracted not have any rig already contracted from Malombi. You would have there would be an extension for Malombi. And now it's clear. That's not
Yeah. There's an option. That that extension, but there is nothing already contracted for that. Okay? Thank you. Of the wells that have campaigns.
And as for the production We will have an expected production increase. Ready for the questions, Regis. Mr. Amede, you can can talk. Your microphone is muted. My my questions. Thank you very much.
JPMorgan. You may proceed, ma'am. Hello. Good afternoon. Thank you.
I know that we are extending. You mentioned Jubar. Started. I don't Share that with me. What are you expecting in terms of timing and receivables? We have an agreement with negotiation in the next coming months. But We timing. Any idea of timing or amount. Okay? Okay. Thank you. Thanks.
We would like to join the for his final remarks.
Well, thank you all very much for joining I know that we are very to see you again. Certainly hope that we will be able to post better results today. Next time. Thank you very much for joining us, and we wish you a