UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

 

For the month of May, 2024

 

Commission File Number 1-15106

 

 

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

 

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

 

Avenida Henrique Valadares, 28 – 19th floor 
20241-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

 

 

 
 

 

 

 

 

 

Interim Financial Information

 

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

 

At March 31, 2024 and report on review of interim financial information

 

 

 

 

 

 

(A free translation of the original in Portuguese)

 

 

 

 

 

 

 

 

 

 

 

 
 

INDEX

PETROBRAS

 

 

Parent Company Interim Accounting Information / Statement of Financial Position - Assets 3
Parent Company Interim Accounting Information / Statement of Financial Position - Liabilities 4
Parent Company Interim Accounting Information / Statement of Income 5
Parent Company Interim Accounting Information / Statement of Comprehensive Income 6
Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2024 to 03/31/2024 7
Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2023 to 03/31/2023 8
Parent Company Interim Accounting Information / Statement of Cash Flows – Indirect Method 9
Parent Company Interim Accounting Information / Statement of Added Value 10
Consolidated Interim Accounting Information / Statement of Financial Position - Assets 11
Consolidated Interim Accounting Information / Statement of Financial Position - Liabilities 12
Consolidated Interim Accounting Information / Statement of Income 13
Consolidated Interim Accounting Information / Statement of Comprehensive Income 14
Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2024 to 03/31/2024 15
Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2023 to 03/31/2023 16
Consolidated Interim Accounting Information / Statement of Cash Flows – Indirect Method 17
Consolidated Interim Accounting Information / Statement of Added Value 18
1.   Basis of preparation 19
2.   Material accounting policies 20
3.   Cash and cash equivalents and marketable securities 20
4.   Sales revenues 21
5.   Costs and expenses by nature 22
6.   Other income and expenses, net 22
7.   Net finance income (expense) 23
8.   Information by operating segment 23
9.   Trade and other receivables 25
10.   Inventories 26
11.   Trade payables 27
12.   Taxes 27
13.   Employee benefits 29
14.   Provisions for legal proceedings, judicial deposits and contingent liabilities 33
15.   Provision for decommissioning costs 38
16.   Other assets and liabilities 39
17.   Property, plant and equipment 39
18.   Intangible assets 42
19.   Impairment 42
20.   Exploration and evaluation of oil and gas reserves 43
21.   Collateral for crude oil exploration concession agreements 43
22.   Investments 43
23.   Disposal of assets and other transactions 44
24.   Finance debt 46
25.   Lease liability 48
26.   Equity 49
27.   Financial risk management 51
28.   Related party transactions 58
29.   Supplemental information on statement of cash flows 61
30.   Subsequent events 61
31.   Correlation between the explanatory notes of December 31, 2023 and the ones of March 31, 2024 63
Statement of directors on interim accounting information and report on the review of quarterly information 64
Independent Auditors' Report 65

 

2 
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Financial Position - Assets

(R$ Thousand)

   

 

 

 

 

Account Code Account Description 03.31.2024 12.31.2023
1 Total Assets 1,328,622,000 1,309,830,000
1.01 Current Assets 143,493,000 143,004,000
1.01.01 Cash and Cash Equivalents 6,699,000 2,562,000
1.01.02 Marketable Securities 19,170,000 13,644,000
1.01.03 Trade and Other Receivables 61,345,000 77,757,000
1.01.04 Inventories 35,139,000 31,612,000
1.01.06 Recoverable Taxes 7,262,000 5,123,000
1.01.06.01 Current Recoverable Taxes 7,262,000 5,123,000
1.01.06.01.01 Recoverable Income Taxes 1,652,000 731,000
1.01.06.01.02 Other Recoverable Taxes 5,610,000 4,392,000
1.01.08 Other Current Assets 13,878,000 12,306,000
1.01.08.01 Non-Current Assets Held for Sale 2,099,000 2,053,000
1.01.08.03 Others 11,779,000 10,253,000
1.01.08.03.03 Others 11,779,000 10,253,000
1.02 Non-Current Assets 1,185,129,000 1,166,826,000
1.02.01 Long-Term Receivables 123,534,000 124,474,000
1.02.01.03 Marketable Securities Measured at Amortized Cost 9,394,000 11,661,000
1.02.01.04 Trade and Other Receivables 6,481,000 8,099,000
1.02.01.07 Deferred Taxes 21,779,000 21,516,000
1.02.01.07.02 Deferred Taxes and Contributions 21,779,000 21,516,000
1.02.01.10 Other Non-Current Assets 85,880,000 83,198,000
1.02.01.10.04 Judicial Deposits 73,603,000 70,968,000
1.02.01.10.05 Other Assets 12,277,000 12,230,000
1.02.02 Investments 280,573,000 268,220,000
1.02.03 Property, Plant and Equipment 766,371,000 759,569,000
1.02.04 Intangible Assets 14,651,000 14,563,000

 

 

3 
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Financial Position - Liabilities

(R$ Thousand)

   

 

Account Code Account Description 03.31.2024 12.31.2023
2 Total Liabilities 1,328,622,000 1,309,830,000
2.01 Current Liabilities 165,087,000 188,618,000
2.01.01 Payroll, Profit Sharing and Related Charges 8,559,000 8,882,000
2.01.02 Trade Payables 29,825,000 26,649,000
2.01.03 Taxes Obligations 3,398,000 4,445,000
2.01.03.01 Federal Taxes Obligations 3,398,000 4,445,000
2.01.03.01.01 Income Tax and Social Contribution Payable 3,398,000 4,445,000
2.01.04 Current Debt and Finance Lease Obligations 74,450,000 83,100,000
2.01.04.01 Current Debt 34,894,000 46,736,000
2.01.04.03 Lease Obligations 39,556,000 36,364,000
2.01.05 Other Liabilities 31,714,000 48,868,000
2.01.05.02 Others 31,714,000 48,868,000
2.01.05.02.01 Dividends and Interest on Capital Payable 16,947,000
2.01.05.02.04 Other Taxes Payable 19,193,000 19,669,000
2.01.05.02.06 Other liabilities 12,521,000 12,252,000
2.01.06 Provisions 14,528,000 14,053,000
2.01.06.02 Other Provisions 14,528,000 14,053,000
2.01.06.02.04 Pension and Medical Benefits 4,449,000 4,392,000
2.01.06.02.05 Provision for Decommissioning Costs 10,079,000 9,661,000
2.01.07 Liabilities Associated with Non-Current Assets Held for Sale and Discontinued 2,613,000 2,621,000
2.01.07.01 Liabilities Associated with Non-Current Assets Held for Sale 2,613,000 2,621,000
2.02 Non-Current Liabilities 755,899,000 740,771,000
2.02.01 Non-Current Debt and Finance Lease Obligations 496,301,000 479,659,000
2.02.01.01 Non-Current Debt 359,770,000 346,419,000
2.02.01.03 Lease Obligations 136,531,000 133,240,000
2.02.02 Other Liabilities 1,364,000 1,409,000
2.02.02.02 Others 1,364,000 1,409,000
2.02.02.02.03 Income Taxes Payable 1,364,000 1,409,000
2.02.03 Deferred Taxes 56,055,000 59,000,000
2.02.03.01 Deferred Income Taxes 56,055,000 59,000,000
2.02.04 Provisions 202,179,000 200,703,000
2.02.04.01 Provisions for Tax Social Security, Labor and Civil Lawsuits 15,635,000 14,855,000
2.02.04.02 Other Provisions 186,544,000 185,848,000
2.02.04.02.04 Pension and Medical Benefits 74,541,000 73,517,000
2.02.04.02.05 Provision for Decommissioning Costs 101,524,000 102,167,000
2.02.04.02.06 Employee Benefits 482,000 492,000
2.02.04.02.07 Other liabilities 9,997,000 9,672,000
2.03 Shareholders' Equity 407,636,000 380,441,000
2.03.01 Share Capital 205,432,000 205,432,000
2.03.02 Capital Reserves (1,469,000) (322,000)
2.03.04 Profit Reserves 182,657,000 158,955,000
2.03.08 Other Comprehensive Income 21,016,000 16,376,000

 

 

 

4 
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Income

(R$ Thousand)

   

 

 

Account Code Account Description Accumulated of the Current Period 01/01/2024 to 03/31/2024 Accumulated of the Previous Period 01/01/2023 to 03/31/2023
3.01 Sales Revenues 115,376,000 129,138,000
3.02 Cost of Sales (55,913,000) (62,046,000)
3.03 Gross Profit 59,463,000 67,092,000
3.04 Operating Expenses / Income (11,315,000) (5,852,000)
3.04.01 Selling Expenses (6,577,000) (6,211,000)
3.04.02 General and Administrative Expenses (1,906,000) (1,551,000)
3.04.05 Other Operating Expenses (6,643,000) (5,249,000)
3.04.05.01 Other Taxes (361,000) (815,000)
3.04.05.02 Research and Development Expenses (908,000) (800,000)
3.04.05.03 Exploration Costs (666,000) (816,000)
3.04.05.05 Other Operating Expenses, Net (4,774,000) (2,888,000)
3.04.05.07 Impairment (losses) reversals, net 66,000 70,000
3.04.06 Share of Profit / Gains on Interest in Equity-Accounted Investments 3,811,000 7,159,000
3.05 Net Income Before Financial Results and Income Taxes 48,148,000 61,240,000
3.06 Finance Income (Expenses), Net (13,857,000) (6,156,000)
3.06.01 Finance Income 2,480,000 2,694,000
3.06.01.01 Finance Income 2,480,000 2,694,000
3.06.02 Finance Expenses (16,337,000) (8,850,000)
3.06.02.01 Finance Expenses (9,047,000) (8,219,000)
3.06.02.02 Foreign Exchange and Inflation Indexation Charges, Net (7,290,000) (631,000)
3.07 Net Income Before Income Taxes 34,291,000 55,084,000
3.08 Income Tax and Social Contribution (10,591,000) (16,928,000)
3.08.01 Current (11,405,000) (14,410,000)
3.08.02 Deferred 814,000 (2,518,000)
3.09 Net Income from Continuing Operations 23,700,000 38,156,000
3.11 Income / (Loss) for the Period 23,700,000 38,156,000
3.99.01 Income per Share      
3.99.01.01 Ordinary Shares 1.83 2.93
3.99.01.02 Preferred Shares 1.83 2.93
3.99.02 Diluted Income per Share    
3.99.02.01 Ordinary Shares 1.83 2.93
3.99.02.02 Preferred Shares 1.83 2.93

 

 

 

5 
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Comprehensive Income

(R$ Thousand)

   

 

Account Code Account Description Accumulated of the Current Period 01/01/2024 to 03/31/2024 Accumulated of the Previous Period 01/01/2023 to 03/31/2023
4.01 Net Income for the Period 23,700,000 38,156,000
4.02 Other Comprehensive Income 4,640,000 1,334,000
4.02.01 Actuarial Gains / (Losses) on Defined Benefits Plans (570,000)
4.02.02 Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans 194,000
4.02.03 Translation Adjustments in investees 8,983,000 (7,782,000)
4.02.07 Unrealized Gains / (Losses) on Cash Flow Hedge  - Recognized in Shareholders' Equity (9,966,000) 7,691,000
4.02.08 Unrealized Gains / (Losses) on Cash Flow Hedge  - Reclassified to Profit and Loss 3,422,000 5,897,000
4.02.09 Deferred Income Tax and Social Contribution on Cash Flow Hedge 2,225,000 (4,620,000)
4.02.10 Share of Other Comprehensive Income of Equity-Accounted Investments (24,000) 524,000
4.03 Total Comprehensive Income for the Period 28,340,000 39,490,000

 

 

 

 

 

6 
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2024 to 03/31/2024

(R$ Thousand)

   

Account Code Account Description Share Capital Capital Reserves, Granted Options and Treasury Shares Profit Reserves Retained Earnings / Accumulated Losses Other Comprehensive Income Shareholders' Equity
5.01 Balance at the Beginning of the Period 205,432,000 (322,000) 158,955,000 16,376,000 380,441,000
5.03 Adjusted Opening Balance 205,432,000 (322,000) 158,955,000 16,376,000 380,441,000
5.04 Capital Transactions with Owners (1,147,000) 2,000 (1,145,000)
5.04.04 Treasury Shares Acquired (1,147,000) (1,147,000)
5.04.11 Expired dividends 2,000 2,000
5.05 Total of Comprehensive Income 23,700,000 4,640,000 28,340,000
5.05.01 Net Income for the Period 23,700,000 23,700,000
5.05.02 Other Comprehensive Income 4,640,000 4,640,000
5.07 Balance at the End of the Period 205,432,000 (1,469,000) 158,955,000 23,702,000 21,016,000 407,636,000

 

7 
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2023 to 03/31/2023

(R$ Thousand)

   

 

 

Account Code Account Description Share Capital Capital Reserves, Granted Options and Treasury Shares Profit Reserves Retained Earnings / Accumulated Losses Other Comprehensive Income Shareholders' Equity
5.01 Balance at the Beginning of the Period 205,432,000 3,318,000 128,346,000 25,498,000 362,594,000
5.03 Adjusted Opening Balance 205,432,000 3,318,000 128,346,000 25,498,000 362,594,000
5.05 Total of Comprehensive Income 38,156,000 1,334,000 39,490,000
5.05.01 Net Income for the Period 38,156,000 38,156,000
5.05.02 Other Comprehensive Income 1,334,000 1,334,000
5.07 Balance at the End of the Period 205,432,000 3,318,000 128,346,000 38,156,000 26,832,000 402,084,000

b

 

8 
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Cash Flows – Indirect Method

(R$ Thousand)

   

 

Account Code Account Description Accumulated of the Current Period 01/01/2024 to 03/31/2024 Accumulated of the Previous Period 01/01/2023 to 03/31/2023
6.01 Net cash provided by operating activities 40,628,000 25,718,000
6.01.01 Cash provided by operating activities 64,257,000 70,633,000
6.01.01.01 Net Income for the period 23,700,000 38,156,000
6.01.01.02 Pension and medical benefits (actuarial expense) 2,079,000 1,873,000
6.01.01.03 Results in equity-accounted investments (3,811,000) (7,159,000)
6.01.01.04 Depreciation, depletion and amortization 17,298,000 16,032,000
6.01.01.05 Impairment of assets (reversal), net (66,000) (70,000)
6.01.01.06 Exploratory expenditures write-offs 248,000 165,000
6.01.01.07 Losses on legal, administrative and arbitration proceedings 1,339,000 1,160,000
6.01.01.08 Foreign exchange, indexation and finance charges 12,609,000 5,466,000
6.01.01.10 Allowance (reversals) for credit loss on trade and other receivables, net 121,000 117,000
6.01.01.13 Revision and unwinding of discount on the provision for decommissioning costs 1,375,000 1,095,000
6.01.01.15 Income Taxes 10,591,000 16,928,000
6.01.01.16 Results from co-participation agreements in bid areas (237,000) (144,000)
6.01.01.17 Gain on disposal/write-offs of assets (648,000) (2,137,000)
6.01.01.19 Early termination and cash outflows revision of lease agreements (341,000) (849,000)
6.01.02 Decrease / (increase) in assets / increase/ (decrease) in liabilities (11,158,000) (23,242,000)
6.01.02.01 Trade and other receivables, net (3,361,000) (18,610,000)
6.01.02.02 Inventories (3,525,000) 2,158,000
6.01.02.03 Judicial deposits (1,402,000) (2,073,000)
6.01.02.05 Other assets (84,000) 1,046,000
6.01.02.06 Trade payables 2,726,000 (2,974,000)
6.01.02.07 Other taxes (2,539,000) (992,000)
6.01.02.08 Pension and medical benefits (998,000) (921,000)
6.01.02.09 Provisions for legal proceedings (379,000) (412,000)
6.01.02.10 Other Employee Benefits (334,000) 168,000
6.01.02.12 Provision for Decommissioning Costs (1,253,000) (822,000)
6.01.02.14 Other liabilities (9,000) 190,000
6.01.03 Others (12,471,000) (21,673,000)
6.01.03.01 Income Taxes Paid (12,471,000) (21,673,000)
6.02 Net cash used in investing activities 3,847,000 (2,429,000)
6.02.01 Acquisition of PP&E and intangibles assets (13,910,000) (12,780,000)
6.02.02 Acquisition of equity interests 149,000 (25,000)
6.02.03 Proceeds from disposal of assets - Divestment 2,796,000 9,643,000
6.02.04 Divestment (investment) in marketable securities 12,560,000 (1,585,000)
6.02.05 Dividends received 301,000 286,000
6.02.08 Financial compensation for Co-participation Agreement 1,951,000 2,032,000
6.03 Net cash used in financing activities (40,338,000) (24,633,000)
6.03.02 Proceeds from financing 17,023,000 34,235,000
6.03.03 Repayment of principal - finance debt (23,322,000) (22,716,000)
6.03.04 Repayment of interest - finance debt (5,901,000) (6,879,000)
6.03.05 Dividends paid to shareholders of Petrobras (17,182,000) (21,803,000)
6.03.08 Settlement of lease liabilities (9,809,000) (7,470,000)
6.03.10 Share repurchase program (1,147,000)
6.05 Net increase/ (decrease) in cash and cash equivalents 4,137,000 (1,344,000)
6.05.01 Cash and cash equivalents at the beginning of the year 2,562,000 3,627,000
6.05.02 Cash and cash equivalents at the end of the period 6,699,000 2,283,000

 

9 
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Added Value

(R$ Thousand)

   

 

Account Code Account Description Accumulated of the Current Period 01/01/2024 to 03/31/2024 Accumulated of the Previous Period 01/01/2023 to 03/31/2023
7.01 Sales Revenues 163,196,000 162,214,000
7.01.01 Sales of Goods and Services 147,742,000 145,779,000
7.01.02 Other Revenues 2,600,000 8,077,000
7.01.03 Revenues Related to the Construction of Assets to be Used in Own Operations 12,975,000 8,475,000
7.01.04 Allowance for expected credit losses (121,000) (117,000)
7.02 Inputs Acquired from Third Parties (52,497,000) (60,508,000)
7.02.01 Cost of Sales (21,872,000) (24,496,000)
7.02.02 Materials, Power, Third-Party Services and Other Operating Expenses (20,903,000) (25,982,000)
7.02.03 Impairment Charges / Reversals of Assets 66,000 70,000
7.02.04 Others (9,788,000) (10,100,000)
7.02.04.01 Tax Credits on Inputs Acquired from Third Parties (9,788,000) (10,100,000)
7.03 Gross Added Value 110,699,000 101,706,000
7.04 Retentions (17,298,000) (16,032,000)
7.04.01 Depreciation, Amortization and Depletion (17,298,000) (16,032,000)
7.05 Net Added Value Produced 93,401,000 85,674,000
7.06 Transferred Added Value 7,772,000 11,395,000
7.06.01 Share of Profit of Equity-Accounted Investments 3,811,000 7,159,000
7.06.02 Finance Income 2,480,000 2,694,000
7.06.03 Others 1,481,000 1,542,000
7.06.03.01 Rentals, royalties and others 1,481,000 1,542,000
7.07 Total Added Value to be Distributed 101,173,000 97,069,000
7.08 Distribution of Added Value 101,173,000 97,069,000
7.08.01 Employee Compensation 8,188,000 6,967,000
7.08.01.01 Salaries 5,234,000 4,314,000
7.08.01.02 Fringe Benefits 2,653,000 2,387,000
7.08.01.03 Unemployment Benefits (FGTS) 301,000 266,000
7.08.02 Taxes and Contributions 49,573,000 39,838,000
7.08.02.01 Federal 35,037,000 33,898,000
7.08.02.02 State 14,432,000 5,893,000
7.08.02.03 Municipal 104,000 47,000
7.08.03 Return on Third-Party Capital 19,712,000 12,108,000
7.08.03.01 Interest 18,230,000 10,258,000
7.08.03.02 Rental Expenses 1,482,000 1,850,000
7.08.04 Return on Shareholders' Equity 23,700,000 38,156,000
7.08.04.03 Retained Earnings / (Losses) for the Period 23,700,000 38,156,000

 

 

 

 

 

 

 

10 
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Financial Position - Assets

(R$ Thousand)

   

 

 

Account Code Account Description 03.31.2024 12.31.2023
1 Total Assets 1,067,292,000 1,050,888,000
1.01 Current Assets 165,964,000 157,079,000
1.01.01 Cash and Cash Equivalents 57,689,000 61,613,000
1.01.02 Marketable Securities 24,072,000 13,650,000
1.01.03 Trade and Other Receivables 25,184,000 29,702,000
1.01.04 Inventories 40,849,000 37,184,000
1.01.06 Recoverable Taxes 7,701,000 5,703,000
1.01.06.01 Current Recoverable Taxes 7,701,000 5,703,000
1.01.06.01.01 Recoverable Income Taxes 1,811,000 1,055,000
1.01.06.01.02 Other Recoverable Taxes 5,890,000 4,648,000
1.01.08 Other Current Assets 10,469,000 9,227,000
1.01.08.01 Non-Current Assets Held for Sale 1,672,000 1,624,000
1.01.08.03 Others 8,797,000 7,603,000
1.01.08.03.03 Others 8,797,000 7,603,000
1.02 Non-Current Assets 901,328,000 893,809,000
1.02.01 Long-Term Receivables 129,858,000 129,735,000
1.02.01.03 Marketable Securities measured at amortized cost 9,394,000 11,661,000
1.02.01.04 Trade and Other Receivables 7,302,000 8,942,000
1.02.01.07 Deferred Taxes 27,896,000 26,533,000
1.02.01.07.01 Deferred Income Tax and Social Contribution 5,829,000 4,672,000
1.02.01.07.02 Deferred Taxes and Contributions 22,067,000 21,861,000
1.02.01.10 Other Non-Current Assets 85,266,000 82,599,000
1.02.01.10.04 Judicial Deposits 74,049,000 71,390,000
1.02.01.10.05 Other Assets 11,217,000 11,209,000
1.02.02 Investments 6,168,000 6,574,000
1.02.03 Property, Plant and Equipment 750,483,000 742,774,000
1.02.04 Intangible Assets 14,819,000 14,726,000

 

 

 

11 
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Financial Position - Liabilities

(R$ Thousand)

   

  

Account Code Account Description 03.31.2024 12.31.2023
2 Total Liabilities 1,067,292,000 1,050,888,000
2.01 Current Liabilities 153,876,000 163,928,000
2.01.01 Payroll, Profit Sharing and Related Charges 9,521,000 9,802,000
2.01.02 Trade Payables 25,801,000 23,302,000
2.01.03 Taxes Obligations 5,031,000 6,295,000
2.01.03.01 Federal Taxes Obligations 5,031,000 6,295,000
2.01.03.01.01 Income Taxes Payable 5,031,000 6,295,000
2.01.04 Current Debt and Lease Obligations 61,798,000 55,781,000
2.01.04.01 Current Debt 24,552,000 20,923,000
2.01.04.03 Lease Obligations 37,246,000 34,858,000
2.01.05 Other Liabilities 34,402,000 51,898,000
2.01.05.02 Others 34,402,000 51,898,000
2.01.05.02.01 Dividends and Interest on Capital Payable 99,000 17,134,000
2.01.05.02.04 Other Taxes Payable 19,755,000 20,168,000
2.01.05.02.06 Other liabilities 14,548,000 14,596,000
2.01.06 Provisions 14,710,000 14,229,000
2.01.06.02 Other Provisions 14,710,000 14,229,000
2.01.06.02.04 Pension and Medical Benefits 4,449,000 4,392,000
2.01.06.02.05 Provision for Decommissioning Costs 10,261,000 9,837,000
2.01.07 Liabilities Associated with Non-Current Assets Held for Sale and Discontinued 2,613,000 2,621,000
2.01.07.01 Liabilities Associated with Non-Current Assets Held for Sale 2,613,000 2,621,000
2.02 Non-Current Liabilities 503,494,000 504,620,000
2.02.01 Non-Current Debt and Finance Lease Obligations 247,157,000 247,281,000
2.02.01.01 Non-Current Debt 114,035,000 118,508,000
2.02.01.03 Lease Obligations 133,122,000 128,773,000
2.02.02 Other Liabilities 1,396,000 1,446,000
2.02.02.02 Others 1,396,000 1,446,000
2.02.02.02.03 Income Taxes Payable 1,396,000 1,446,000
2.02.03 Deferred Taxes 50,160,000 52,820,000
2.02.03.01 Deferred Taxes 50,160,000 52,820,000
2.02.04 Provisions 204,781,000 203,073,000
2.02.04.01 Provisions for Tax Social Security, Labor and Civil Lawsuits 16,834,000 16,000,000
2.02.04.02 Other Provisions 187,947,000 187,073,000
2.02.04.02.04 Pension and Medical Benefits 75,999,000 74,916,000
2.02.04.02.05 Provision for Decommissioning Costs 101,811,000 102,493,000
2.02.04.02.06 Employee Benefits 495,000 505,000
2.02.04.02.07 Other liabilities 9,642,000 9,159,000
2.03 Shareholders' Equity 409,922,000 382,340,000
2.03.01 Share Capital 205,432,000 205,432,000
2.03.02 Capital Reserves (1,685,000) (538,000)
2.03.04 Profit Reserves 182,873,000 159,171,000
2.03.08 Other Comprehensive Income 21,016,000 16,376,000
2.03.09 Non-controlling interests 2,286,000 1,899,000

 

 

 

 

12 
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Income

(R$ Thousand)

   

 

Account Code Account Description Accumulated of the Current Period 01/01/2024 to 03/31/2024 Accumulated of the Previous Period 01/01/2023 to 03/31/2023
3.01 Sales Revenues 117,721,000 139,068,000
3.02 Cost of Sales (57,020,000) (65,757,000)
3.03 Gross Profit 60,701,000 73,311,000
3.04 Operating Expenses / Income (16,674,000) (13,114,000)
3.04.01 Selling Expenses (6,606,000) (6,344,000)
3.04.02 General and Administrative Expenses (2,216,000) (1,855,000)
3.04.05 Other Operating Expenses (7,395,000) (5,096,000)
3.04.05.01 Other Taxes (695,000) (1,039,000)
3.04.05.02 Research and Development Expenses (908,000) (800,000)
3.04.05.03 Exploration Costs (670,000) (817,000)
3.04.05.05 Other Operating Expenses, Net (5,167,000) (2,424,000)
3.04.05.07 Impairment (losses) reversals, net 45,000 (16,000)
3.04.06 Share of Profit / Gains on Interest in Equity-Accounted Investments (457,000) 181,000
3.05 Net Income Before Financial Results and Income Taxes 44,027,000 60,197,000
3.06 Finance Income (Expenses), Net (9,579,000) (3,200,000)
3.06.01 Finance Income 2,736,000 2,419,000
3.06.01.01 Finance Income 2,736,000 2,419,000
3.06.02 Finance Expenses (12,315,000) (5,619,000)
3.06.02.01 Finance Expenses (5,310,000) (4,387,000)
3.06.02.02 Foreign Exchange and Inflation Indexation Charges, Net (7,005,000) (1,232,000)
3.07 Net Income Before Income Taxes 34,448,000 56,997,000
3.08 Income Tax and Social Contribution (10,638,000) (18,690,000)
3.08.01 Current (12,295,000) (15,192,000)
3.08.02 Deferred 1,657,000 (3,498,000)
3.09 Net Income from Continuing Operations 23,810,000 38,307,000
3.11 Income / (Loss) for the Period 23,810,000 38,307,000
3.11.01 Attributable to Shareholders of Petrobras 23,700,000 38,156,000
3.11.02 Attributable to Non-Controlling Interests 110,000 151,000
3.99.01 Income per Share      
3.99.01.01 Ordinary Shares 1.83 2.93
3.99.01.02 Preferred Shares 1.83 2.93
3.99.02 Diluted Income per Share    
3.99.02.01 Ordinary Shares 1.83 2.93
3.99.02.02 Preferred Shares 1.83 2.93

 

 

 

 

 

 

13 
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Comprehensive Income

(R$ Thousand)

   

 

 

Account Code Account Description Accumulated of the Current Period 01/01/2024 to 03/31/2024 Accumulated of the Previous Period 01/01/2023 to 03/31/2023
4.01 Net Income for the Period 23,810,000 38,307,000
4.02 Other Comprehensive Income 4,641,000 1,334,000
4.02.01 Actuarial Gains (Losses) on Post-employment Defined Benefits Plans (570,000)
4.02.02 Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans 194,000
4.02.03 Translation Adjustments in investees 8,984,000 (7,782,000)
4.02.04 Unrealized Gains/(Losses) on securities measured at fair value through other comprehensive income
4.02.05 Unrealized Gains/(Losses) on securities measured at fair value through other comprehensive incomes - Reclassified to Profit or Loss
4.02.06 Deferred Income Tax and Social Contribution on securities measured at fair value through other comprehensive income
4.02.07 Unrealized Gains / (Losses) on Cash Flow Hedge  - Recognized in Shareholders' Equity (9,966,000) 7,691,000
4.02.08 Unrealized Gains / (Losses) on Cash Flow Hedge  - Reclassified to Profit and Loss 3,452,000 5,992,000
4.02.09 Deferred Income Tax and Social Contribution on Cash Flow Hedge 2,215,000 (4,652,000)
4.02.10 Share of Other Comprehensive Income of Equity-Accounted Investments (44,000) 461,000
4.03 Total Comprehensive Income for the Period 28,451,000 39,641,000
4.03.01 Attributable to Shareholders of Petrobras 28,340,000 39,490,000
4.03.02 Attributable to Non-controlling Interests 111,000 151,000

 

 

 

14 
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2024 to 03/31/2024

(R$ Thousand)

   

 

 

Account Code Account Description Share Capital

Capital Reserves,

Granted Options

and Treasury Shares

Profit Reserves

Retained Earnings /

Accumulated Losses

Other

Comprehensive

Income

Shareholders' Equity

Non-controlling

interest

Shareholders' Equity

Consolidated

5.01 Balance at the Beginning of the Period 205,432,000 (322,000) 158,955,000 16,376,000 380,441,000 1,899,000 382,340,000
5.03 Adjusted Opening Balance 205,432,000 (322,000) 158,955,000 16,376,000 380,441,000 1,899,000 382,340,000
5.04 Capital Transactions with Owners (1,147,000) 2,000 (1,145,000) 276,000 (869,000)
5.04.04 Treasury Shares Acquired (1,147,000) (1,147,000) (1,147,000)
5.04.06 Dividends (187,000) (187,000)
5.04.08 Capital Transactions 463,000 463,000
5.04.11 Expired unclaimed dividends 2,000 2,000 2,000
5.05 Total of Comprehensive Income 23,700,000 4,640,000 28,340,000 111,000 28,451,000
5.05.01 Net Income for the Period 23,700,000 23,700,000 110,000 23,810,000
5.05.02 Other Comprehensive Income 4,640,000 4,640,000 1,000 4,641,000
5.07 Balance at the End of the Period 205,432,000 (1,469,000) 158,955,000 23,702,000 21,016,000 407,636,000 2,286,000 409,922,000

 

15 
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2023 to 03/31/2023

(R$ Thousand)

   

 

 

Account Code Account Description Share Capital

Capital Reserves,

Granted Options

and Treasury Shares

Profit Reserves

Retained Earnings /

Accumulated Losses

Other

Comprehensive

Income

Shareholders' Equity

Non-controlling

interest

Shareholders' Equity

Consolidated

5.01 Balance at the Beginning of the Period 205,432,000 3,318,000 128,346,000 25,498,000 362,594,000 1,791,000 364,385,000
5.03 Adjusted Opening Balance 205,432,000 3,318,000 128,346,000 25,498,000 362,594,000 1,791,000 364,385,000
5.04 Capital Transactions with Owners (621,000) (621,000)
5.04.06 Dividends (230,000) (230,000)
5.04.08 Capital Transactions (391,000) (391,000)
5.05 Total of Comprehensive Income 38,156,000 1,334,000 39,490,000 151,000 39,641,000
5.05.01 Net Income for the Period 38,156,000 38,156,000 151,000 38,307,000
5.05.02 Other Comprehensive Income 1,334,000 1,334,000 1,334,000
5.07 Balance at the End of the Period 205,432,000 3,318,000 128,346,000 38,156,000 26,832,000 402,084,000 1,321,000 403,405,000

 

16 
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Cash Flows – Indirect Method

(R$ Thousand)

   

Account Code Account Description Accumulated of the Current Period 01/01/2024 to 03/31/2024 Accumulated of the Previous Period 01/01/2023 to 03/31/2023
6.01 Net cash provided by operating activities 46,481,000 53,759,000
6.01.01 Cash provided by operating activities 64,795,000 76,397,000
6.01.01.01 Net Income for the period 23,810,000 38,307,000
6.01.01.02 Pension and medical benefits (actuarial expense) 2,145,000 1,924,000
6.01.01.03 Results of equity-accounted investments 457,000 (181,000)
6.01.01.04 Depreciation, depletion and amortization 16,648,000 15,186,000
6.01.01.05 Impairment of assets (reversals), net (45,000) 16,000
6.01.01.06 Exploratory expenditures write-offs 248,000 165,000
6.01.01.07 Losses on legal, administrative and arbitration proceedings 1,398,000 1,319,000
6.01.01.08 Foreign exchange, indexation and finance charges 9,561,000 3,377,000
6.01.01.10 Allowance (reversals) for credit loss on trade and other receivables, net 151,000 125,000
6.01.01.11 Inventory write-back to net realizable value (216,000) (44,000)
6.01.01.13 Revision and unwinding of discount on the provision for decommissioning costs 1,385,000 1,102,000
6.01.01.15 Income Taxes 10,638,000 18,690,000
6.01.01.16 Results from co-participation agreements in bid areas (237,000) (144,000)
6.01.01.17 Gain on disposal/write-offs of assets (806,000) (2,577,000)
6.01.01.19 Early termination and cash outflows revision of lease agreements (342,000) (868,000)
6.01.02 Decrease / (increase) in assets / increase/ (decrease) in liabilities (5,334,000) (403,000)
6.01.02.01 Trade and other receivables, net 2,913,000 2,146,000
6.01.02.02 Inventories (3,115,000) 5,127,000
6.01.02.03 Judicial deposits (1,424,000) (2,093,000)
6.01.02.05 Other assets 183,000 570,000
6.01.02.06 Trade payables 2,025,000 (2,467,000)
6.01.02.07 Other taxes (2,530,000) (1,129,000)
6.01.02.08 Pension and medical benefits (1,006,000) (925,000)
6.01.02.09 Provisions for legal proceedings (389,000) (444,000)
6.01.02.10 Other Employee Benefits (292,000) 181,000
6.01.02.12 Provision for Decommissioning Costs (1,304,000) (855,000)
6.01.02.14 Other liabilities (395,000) (514,000)
6.01.03 Others (12,980,000) (22,235,000)
6.01.03.01 Income Taxes Paid (12,980,000) (22,235,000)
6.02 Net cash used in investing activities (16,440,000) (5,738,000)
6.02.01 Acquisition of PP&E and intangibles assets (14,049,000) (12,592,000)
6.02.02 Acquisition of equity interests (4,000) (41,000)
6.02.03 Proceeds from disposal of assets - Divestment 2,801,000 9,646,000
6.02.04 Divestment (investment) in marketable securities (7,260,000) (4,838,000)
6.02.05 Dividends received 121,000 55,000
6.02.08 Financial compensation for Co-participation Agreement 1,951,000 2,032,000
6.03 Net cash used in financing activities (35,582,000) (36,261,000)
6.03.01 Changes in non-controlling interest 463,000 (392,000)
6.03.02 Proceeds from financing 8,000 263,000
6.03.03 Repayment of principal - finance debt (5,006,000) (3,894,000)
6.03.04 Repayment of interest - finance debt (2,932,000) (2,964,000)
6.03.05 Dividends paid to shareholders of Petrobras (17,182,000) (21,803,000)
6.03.06 Dividends paid to non-controlling interests (282,000) (248,000)
6.03.08 Settlement of lease liabilities (9,504,000) (7,223,000)
6.03.10 Share repurchase program (1,147,000)
6.04 Effect of exchange rate changes on cash and cash equivalents 1,617,000 (1,206,000)
6.05 Net increase/ (decrease) in cash and cash equivalents (3,924,000) 10,554,000
6.05.01 Cash and cash equivalents at the beginning of the year 61,613,000 41,723,000
6.05.02 Cash and cash equivalents at the end of the period 57,689,000 52,277,000

 

 

 

17 
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Added Value

(R$ Thousand)

   

 

Account Code Account Description Accumulated of the Current Year 01/01/2024 to 03/31/2024 Accumulated of the Previous Year 01/01/2023 to 03/31/2023
7.01 Sales Revenues 166,598,000 173,884,000
7.01.01 Sales of Goods and Services 150,241,000 155,875,000
7.01.02 Other Revenues 3,403,000 9,484,000
7.01.03 Revenues Related to the Construction of Assets to be Used in Own Operations 13,105,000 8,650,000
7.01.04 Allowance for expected credit losses (151,000) (125,000)
7.02 Inputs Acquired from Third Parties (53,849,000) (64,862,000)
7.02.01 Cost of Sales (24,939,000) (27,291,000)
7.02.02 Materials, Power, Third-Party Services and Other Operating Expenses (19,635,000) (27,965,000)
7.02.03 Impairment Charges / Reversals of Assets 45,000 (16,000)
7.02.04 Others (9,320,000) (9,590,000)
7.02.04.01 Tax Credits on Inputs Acquired from Third Parties (9,320,000) (9,590,000)
7.03 Gross Added Value 112,749,000 109,022,000
7.04 Retentions (16,648,000) (15,186,000)
7.04.01 Depreciation, Amortization and Depletion (16,648,000) (15,186,000)
7.05 Net Added Value Produced 96,101,000 93,836,000
7.06 Transferred Added Value 3,084,000 3,487,000
7.06.01 Share of Profit of Equity-Accounted Investments (457,000) 181,000
7.06.02 Finance Income 2,736,000 2,419,000
7.06.03 Others 805,000 887,000
7.06.03.01 Rentals, royalties and others 805,000 887,000
7.07 Total Added Value to be Distributed 99,185,000 97,323,000
7.08 Distribution of Added Value 99,185,000 97,323,000
7.08.01 Employee Compensation 9,001,000 7,644,000
7.08.01.01 Salaries 5,858,000 4,795,000
7.08.01.02 Fringe Benefits 2,814,000 2,558,000
7.08.01.03 Unemployment Benefits (FGTS) 329,000 291,000
7.08.02 Taxes and Contributions 50,677,000 42,569,000
7.08.02.01 Federal 35,867,000 36,355,000
7.08.02.02 State 14,586,000 6,048,000
7.08.02.03 Municipal 224,000 166,000
7.08.03 Return on Third-Party Capital 15,697,000 8,803,000
7.08.03.01 Interest 14,210,000 7,028,000
7.08.03.02 Rental Expenses 1,487,000 1,775,000
7.08.04 Return on Shareholders' Equity 23,810,000 38,307,000
7.08.04.03 Retained Earnings / (Losses) for the Period 23,700,000 38,156,000
7.08.04.04 Non-controlling Interests on Retained Earnings / (Losses) 110,000 151,000

 

 

18 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  

 

1.Basis of preparation

These interim financial statements present the significant changes in the period, avoiding repetition of certain notes to the financial statements previously reported, and present the consolidated information, considering Management’s understanding that it provides a comprehensive view of the Company’s financial position and operational performance, complemented by certain information of the Parent Company. Hence, this interim financial information should be read together with the Company’s audited annual financial statements for the year ended December 31, 2023, which include the full set of notes.

The consolidated and individual interim financial information of the company was prepared and is presented in accordance with the Technical Pronouncement - CPC 21 (R1) - Interim Financial Statement, issued by the Accounting Pronouncements Committee (CPC) and approved by the Securities and Exchange Commission (CVM), and related to IAS 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB). All relevant information pertaining to the financial statements, and only these, are being evidenced, and correspond to those used in the management of the company's Management.

These interim financial statements were approved and authorized for issue by the Company’s Board of Directors in a meeting held on May 13, 2024.

1.1.New standards and interpretations

On January 1, 2024, new standards issued by the IASB came into force and were adopted by the Company, with corresponding technical pronouncements issued by the CPC and approved by the CVM, as disclosed in explanatory note 6 of the financial statements as of December 31, 2023.

In relation to the regulations in force as from January 1, 2024, according to the assessments carried out, there were no material impacts on the initial application in this consolidated and individual interim financial information, except for the review of Technical Pronouncement CPC 09 (R1) - Statement of Added Value (DVA).

This review generated a restatement of the DVA between components of the wealth created (revenue, inputs acquired from third parties and depreciation, depletion and amortization) without affecting the net added value produced by the Company, as follows:

  Consolidated Parent Company
  Disclosed on 03.31.2023 CPC 09 (R1) Effect Reclassified on 03.31.2023 Disclosed on 03.31.2023 CPC 09 (R1) Effect Reclassified on 03.31.2023
Revenues 176,116 (2,232) 173,884 164,490 (2,276) 162,214
Inputs acquired from third parties (64,509) (353) (64,862) (60,199) (309) (60,508)
Gross added value 111,607 (2,585) 109,022 104,291 (2,585) 101,706
Depreciation, depletion and amortization (17,771) 2,585 (15,186) (18,617) 2,585 (16,032)
Net added value produced by the Company 93,836 93,836 85,674 85,674
 

The main changes introduced by CPC 09 (R1) that impacted the company's DVA were:

·Adjustments to the net realizable value of inventories – they are no longer presented as inputs acquired from third parties and are now disclosed as other revenues;

 

·Depreciation, depletion and amortization – the portion capitalized in the company's assets is no longer presented as revenue related to the construction of assets for use and the portion used in liabilities for decommissioning areas is no longer presented as inputs acquired from third parties. Thus, depreciation, depletion and amortization now represent the amounts recognized in the income statement for the period and normally used to reconcile the cash flow from operating activities and the net income for the period.

 

 

 

 

 

19 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  

 

2.Material accounting policies

The same accounting policies and methods of computation were followed in these consolidated interim financial statements as those followed in the preparation of the annual financial statements of the Company for the year ended December 31, 2023.

3.Cash and cash equivalents and marketable securities
3.1.Cash and cash equivalents

They include cash, available bank deposits and short-term financial investments with high liquidity, which meet the definition of cash and cash equivalents.

  Consolidated
  03.31.2024 12.31.2023
Cash at bank and in hand 3,614 501
Short-term financial investments    
   - In Brazil    
         Brazilian interbank deposit rate investment funds and other short-term deposits 2,774 8,434
         Other investment funds 665 1,352
  3,439 9,786
   - Abroad    
 Time deposits 32,321 37,458
Automatic investing accounts and interest checking accounts 18,239 13,807
 Other financial investments 76 61
  50,636 51,326
Total short-term financial investments 54,075 61,112
Total cash and cash equivalents 57,689 61,613

 

 

Short-term financial investments in Brazil primarily consist of investments in funds holding Brazilian Federal Government Bonds that can be redeemed immediately, as well as reverse repurchase agreements that mature within three months as of the date of their acquisition. Short-term financial investments abroad comprise time deposits that mature in three months or less from the date of their acquisition, highly-liquid automatic investment accounts, interest checking accounts and other short-term fixed income instruments.

3.2.Marketable securities
    Consolidated
  03.31.2024 12.31.2023
Fair value through profit or loss 4,668 4,485
Amortized cost - Bank Deposit Certificates and time deposits 28,533 20,572
Amortized cost – Others 265 254
Total 33,466 25,311
Current 24,072 13,650
Non-current 9,394 11,661
 

Marketable securities classified as fair value through profit or loss refer mainly to investments in Brazilian Federal Government Bonds (amounts determined by level 1 of the fair value hierarchy). These financial investments have maturities of more than three months.

Securities classified as amortized cost refer to investments in Brazil in post-fixed Bank Deposit Certificates with daily liquidity, with maturities between one and two years, and to investments abroad in time deposits with maturities of more than three months from the contracting date.

 

20 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  
4.Sales revenues

 

    Consolidated
                 
     

2024

 

Jan-Mar

2023

 

Jan-Mar

Gross sales     150,241 155,831
Sales taxes (1)     (32,520) (16,763)
Sales revenues     117,721 139,068
Diesel     35,051 43,150
Gasoline     15,868 19,189
Liquefied petroleum gas     3,756 4,829
Jet fuel     5,865 7,302
Naphtha     2,118 2,485
Fuel oil (including bunker fuel)     1,702 1,486
Other oil products     5,047 5,633
Subtotal oil products     69,407 84,074
Natural gas     6,546 7,927
Crude oil     6,088 7,016
Nitrogen products and renewables     156 109
Breakage     692 1,142
Electricity     631 570
Services, agency and others     1,223 1,267
Domestic market     84,743 102,105
Exports     31,690 35,014
    Crude oil     24,318 28,809
     Fuel oil (including bunker fuel)     6,554 5,372
    Other oil products and other products     818 833
Sales abroad (2)     1,288 1,949
Foreign Market     32,978 36,963
Sales revenues     117,721 139,068
 (1) Includes, mainly, CIDE, PIS, COFINS and ICMS (VAT).
(2) Sales revenues from operations outside of Brazil, including trading and excluding exports.
 
    Consolidated
     
     

2024

Jan-Mar

2023

Jan-Mar

Brazil     84,743 102,105
Domestic market     84,743 102,105
China     7,359 12,946
Americas (except United States)     5,197 7,394
Europe     6,014 7,004
Asia (except China and Singapore)     2,387 2,464
United States     7,286 2,920
Singapore     4,709 4,232
Others     26 3
Foreign market     32,978 36,963
Sales revenues     117,721 139,068
 

 

In the three-month period ended March 31, 2024, sales to one client of the refining, transportation and marketing segment represented individually 15% of the Company’s sales revenues; in the same period of 2023, sales to two clients of the same segment represented individually 16% and 11% of the Company’s sales revenues.

 

 

 

21 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  
5.Costs and expenses by nature
5.1.Cost of sales
    Consolidated
    2024                    2023
      Jan-Mar Jan-Mar
Raw material, products for resale, materials and third-party services (1)     (26,714) (36,857)
Depreciation, depletion and amortization     (13,112) (12,444)
Production taxes     (15,007) (14,457)
Employee compensation     (2,187) (1,999)
Total     (57,020) (65,757)
(1) It Includes short-term leases and inventory turnover.
 
         
5.2.Selling expenses
    Consolidated
    2024                      2023
      Jan-Mar Jan-Mar
Materials, third-party services, freight, rent and other related costs     (5,549) (5,329)
Depreciation, depletion and amortization     (855) (777)
Allowance for expected credit losses     (51) (107)
Employee compensation     (151) (131)
Total     (6,606) (6,344)

 

5.3.General and administrative expenses
    Consolidated
     

2024

Jan-Mar

2023

Jan-Mar

Employee compensation     (1,447) (1,189)
Materials, third-party services, rent and other related costs     (594) (529)
Depreciation, depletion and amortization     (175) (137)
Total     (2,216) (1,855)

 

 

6.Other income and expenses, net
  Consolidated
  2024 2023
  Jan-Mar Jan-Mar
Stoppages for asset maintenance and pre-operating expenses (3,233) (2,594)
Pension and medical benefits – retirees (1,531) (1,460)
Losses related to legal, administrative and arbitration proceedings (1,398) (1,319)
Profit Sharing (873) (180)
Variable compensation program (390) (725)
Operating expenses with thermoelectric power plants (326) (212)
Institutional relations and cultural projects (136) (113)
Expenses with contractual fines received (83) (321)
Gains/(losses) with Commodities Derivatives 25 410
Amounts recovered from Lava Jato investigation (1) 26 463
Ship/take or pay agreements and fines imposed to suppliers 233 173
Results from co-participation agreements in bid areas 237 144
Fines imposed on suppliers 276 224
Early termination and cash outflows revision of lease agreements 342 868
Government grants 385 538
Expenses/Reimbursements from E&P partnership operations 774 835
Results on disposal/write-offs of assets 806 2,577
Others (2) (301) (1,732)
Total (5,167) (2,424)
(1) The total amount recovered from the Lava Jato Investigation through December 31, 2023 was R$ 7,281, recognized through collaboration and leniency agreements entered into with individuals and legal entities.
(2) It includes, in the first quarter of 2023, expenses with compensation for the termination of a vessel charter agreement in the amount of R$ 1.654.

 

 

 

22 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  
7.Net finance income (expense)
  Consolidated
  2024 2023
  Jan-Mar Jan-Mar
Finance income 2,736 2,419
Income from investments and marketable securities (Government Bonds) 2,140 1,732
Other finance income 596 687
Finance expenses (5,310) (4,387)
Interest on finance debt (2,744) (2,812)
Unwinding of discount on lease liability (2,708) (1,862)
Capitalized borrowing costs 1,861 1,408
Unwinding of discount on the provision for decommissioning costs (1,347) (1,099)
Other finance expenses (372) (22)
Foreign exchange gains (losses) and indexation charges (7,005) (1,232)
Foreign exchange gains (losses) (1) (4,343) 4,170
Reclassification of hedge accounting to the Statement of Income (1) (3,452) (5,992)
Indexation to the Selic interest rate of anticipated dividends and dividends payable (346) (164)
Recoverable taxes inflation indexation income   245 335
Other foreign exchange gains and indexation charges, net 891 419
Total (9,579) (3,200)
(1) For more information, see notes 27.2.2 a and 27.2.2 c.

 

8.Information by operating segment

 

8.1.Net income by operating segment

 

Consolidated Statement of Income by operating segment - Jan-Mar/2024
  Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas and Low Carbon Energies (G&LCE) Corporate and other businesses Eliminations Total
Sales revenues 79,644 109,905 11,989 379 (84,196) 117,721
     Intersegments 79,124 1,499 3,564 9 (84,196)
     Third parties 520 108,406 8,425 370 117,721
Cost of sales (32,760) (98,971) (5,838) (362) 80,911 (57,020)
Gross profit 46,884 10,934 6,151 17 (3,285) 60,701
Expenses (3,117) (4,143) (4,406) (4,551) (16,217)
    Selling (4) (2,732) (3,806) (64) (6,606)
    General and administrative (101) (417) (139) (1,559) (2,216)
    Exploration costs (670) (670)
    Research and development (690) (8) (3) (207) (908)
    Other taxes (98) (34) (25) (538) (695)
    Impairment (21) 66 45
    Other income and expenses, net (1,533) (952) (433) (2,249) (5,167)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes 43,767 6,791 1,745 (4,534) (3,285) 44,484
    Net finance income (expenses) (9,579) (9,579)
    Results in equity-accounted investments 85 (645) 107 (4) (457)
Net Income (loss) before income taxes 43,852 6,146 1,852 (14,117) (3,285) 34,448
    Income taxes (14,881) (2,309) (593) 6,028 1,117 (10,638)
Net income (loss) of the period 28,971 3,837 1,259 (8,089) (2,168) 23,810
Attributable to:            
Shareholders of Petrobras 28,975 3,837 1,191 (8,135) (2,168) 23,700
Non-controlling interests (4) 68 46 110
  28,971 3,837 1,259 (8,089) (2,168) 23,810

 

 

23 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  

 

Consolidated Statement of Income by operating segment - Jan-Mar/2023
  Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas and Low Carbon Energies (G&LCE) Corporate and other businesses Eliminations Total
             
Sales revenues 81,722 129,052 14,823 388 (86,917) 139,068
     Intersegments 80,267 2,462 4,181 7 (86,917)
     Third parties 1,455 126,590 10,642 381 139,068
Cost of sales (33,143) (113,603) (7,621) (398) 89,008 (65,757)
Gross profit 48,579 15,449 7,202 (10) 2,091 73,311
Expenses (638) (6,141) (4,051) (2,442) (23) (13,295)
    Selling (35) (2,775) (3,390) (121) (23) (6,344)
    General and administrative (86) (405) (79) (1,285) (1,855)
    Exploration costs (817) (817)
    Research and development (645) (10) (7) (138) (800)
    Other taxes (90) (558) (46) (345) (1,039)
    Impairment 70 (86) - - - (16)
    Other income and expenses, net 965 (2,307) (529) (553) (2,424)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes 47,941 9,308 3,151 (2,452) 2,068 60,016
    Net finance income (expenses) (3,200) (3,200)
    Results in equity-accounted investments 94 66 23 (2) 181
Net Income (loss) before income taxes 48,035 9,374 3,174 (5,654) 2,068 56,997
    Income taxes (16,300) (3,165) (1,071) 2,550 (704) (18,690)
Net income (loss) of the period 31,735 6,209 2,103 (3,104) 1,364 38,307
Attributable to:            
Shareholders of Petrobras 31,742 6,209 2,010 (3,169) 1,364 38,156
Non-controlling interests (7) 93 65 151
  31,735 6,209 2,103 (3,104) 1,364 38,307
 

 

The balance of depreciation, depletion and amortization by business segment is shown below:

  Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas and Low Carbon Energies (G&LCE) Corporate and other businesses Total
Jan-Mar/2024 12,528 3,207 756 157 16,648
Jan-Mar/2023 11,502 2,899 643 142 15,186
8.2.Assets by operating segment
  Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas and Low Carbon Energies (G&LCE) Corporate and other businesses Elimina-tions Total
             
Consolidated assets by operating segment - 03.31.2024
             
Current assets 12,240 58,666 2,164 120,929 (28,035) 165,964
Non-current assets 665,754 114,732 33,823 87,019 901,328
Long-term receivables 45,407 10,440 403 73,608 129,858
Investments 1,692 3,434 762 280 6,168
Property, plant and equipment 606,815 100,182 32,279 11,207 750,483
Operating assets 520,895 85,994 19,619 8,522 635,030
Under construction 85,920 14,188 12,660 2,685 115,453
Intangible assets 11,840 676 379 1,924 14,819
Total Assets 677,994 173,398 35,987 207,948 (28,035) 1,067,292

 

 

 

 

 

24 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  

 

  Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas and Low Carbon Energies (G&LCE) Corporate and other businesses Elimina-tions Total
 
Consolidated assets by operating segment - 12.31.2023
             
Current assets 13,574 53,265 1,793 113,997 (25,550) 157,079
Non-current assets 658,729 115,224 31,013 88,843 893,809
Long-term receivables 43,705 10,014 400 75,616 129,735
Investments 1,667 3,926 703 278 6,574
Property, plant and equipment 601,553 100,629 29,539 11,053 742,774
Operating assets 524,822 87,762 17,454 8,570 638,608
Under construction 76,731 12,867 12,085 2,483 104,166
Intangible assets 11,804 655 371 1,896 14,726
Total Assets 672,303 168,489 32,806 202,840 (25,550) 1,050,888

 

9.Trade and other receivables
9.1.Trade and other receivables

 

  Consolidated Parent Company
  03.31.2024 12.31.2023 03.31.2024 12.31.2023
Receivables from contracts with customers        
Third parties 27,117 29,231 18,810 19,980
Related parties        
Investees (note 28.5) 738 680 28,481 27,341
Subtotal 27,855 29,911 47,291 47,321
Other trade receivables        
 Third parties        
Receivables from divestments and Transfer of Rights Agreement 7,401 10,466 7,401 10,466
Lease receivables 1,702 1,706 137 136
Other receivables 2,244 3,037 1,710 2,427
Related parties        
Applications in credit rights - FIDC-NP (note 28.3) 14,699 28,797
Petroleum and alcohol accounts – receivables from Brazilian Government 1,367 1,345 1,367 1,345
Subtotal 12,714 16,554 25,314 43,171
Total trade receivables 40,569 46,465 72,605 90,492
Expected credit losses (ECL) – Third parties (8,070) (7,811) (4,766) (4,626)
Expected credit losses (ECL) – Related parties (13) (10) (13) (10)
Total trade receivables, net 32,486 38,644 67,826 85,856
Current 25,184 29,702 61,345 77,757
Non-current 7,302 8,942 6,481 8,099
 
 

 

Accounts receivable are classified in the amortized cost category, except for certain receivables with final price formation after the transfer of control of products that depend on the variation in the value of the commodity, classified in the category fair value through profit or loss, whose value on March 31, 2024 totaled R$ 1,795 (R$ 2,434 as of December 31, 2023).

 

The balance of receivables from divestment and Transfer of Rights Agreement is mainly related to the Earn Out of the Atapu and Sépia fields, totaling R$ 1,457 (R$ 2,957 as of December 31, 2023), from the sale of the Roncador field for R$ 1,809 (R$ 1,745 as of December 31, 2023), and the Potiguar group of fields for R$ 1,354 (R$ 1,283 as of December 31, 2023).

 

The second and final installment of Petroleum and Alcohol Accounts in the amount of R$ 1,367 is in a judicial account and awaits court clearance to work as a guarantee in a tax enforcement proceeding.

 

25 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  
9.2.Aging of trade and other receivables – third parties
  Consolidated Parent Company  
  03.31.2024 12.31.2023 03.31.2024 12.31.2023
  Trade receivables Expected credit losses (ECL) Trade receivables Expected credit losses (ECL) Trade receivables Expected credit losses (ECL) Trade receivables Expected credit losses (ECL)
Current 28,724 (227) 33,636 (163) 22,204 (222) 25,925 (159)
Overdue:                
Until 3 months (1) 1,001 (223) 2,285 (208) 927 (220) 2,246 (200)
3 – 6 months 160 (91) 91 (50) 141 (86) 68 (43)
6 – 12 months 211 (176) 303 (277) 175 (172) 278 (274)
More than 12 months 8,368 (7,353) 8,125 (7,113) 4,611 (4,066) 4,492 (3,950)
Total 38,464 (8,070) 44,440 (7,811) 28,058 (4,766) 33,009 (4,626)
 
(1) On January 10, 2024, Petrobras received from Carmo Energy the last installment in the amount of US$298 million, including adjustments and late payment charges due, relating to the sale of the Carmópolis Complex, due on December 20, 2023.
                       
9.3.Changes in provision for expected credit losses - third parties and related parties

 

  Consolidated Parent Company
  2024 2023 2024 2023
  Jan-Mar Jan-Mar Jan-Mar Jan-Mar
Opening balance 7,821 8,015 4,636 4,652
    Additions 288 222 265 214
    Reversals (118) (110) (111) (106)
   Write-offs (11) (1) (11) (1)
   Cumulative translation adjustment 103 (88)
Closing balance 8,083 8,038 4,779 4,759
Current 1,541 1,359 1,339 1,237
Non-current 6,542 6,679 3,440 3,522
10.Inventories
  Consolidated
  03.31.2024 12.31.2023
Crude oil 16,465 16,341
Oil products 13,635 10,631
Intermediate products 2,929 3,076
Natural gas and LNG (1) 596 379
Biofuels 69 61
Fertilizers 7 7
Total products 33,701 30,495
Materials, suppliers and others 7,148 6,689
Total 40,849 37,184
(1) Liquefied Natural Gas.

Consolidated inventories are presented net of losses for adjustment to their net realizable value, these adjustments being mainly due to fluctuations in international oil prices and their oil products and, they are recognized in the statement of income for the period as cost of sales. In the three-month period ended March 31, 2024, the Company recognized a R$ 216 reversal of cost of sales, adjusting inventories to net realizable value (a R$ 44 reversal of cost of sales in the three-month period ended March 31, 2023).

At March 31, 2024, the Company had pledged crude oil and oil products volumes as collateral for the Term of Financial Commitment (TFC) related to pension plans PPSP-R, PPSP-R Pre-70 and PPSP-NR Pre-70 signed by Petrobras and Fundação Petrobras de Seguridade Social – Petros in 2008, in the estimated amount of R$ 4,502.

 

26 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  
11.Trade payables
  Consolidated Parent Company
  03.31.2024 12.31.2023 03.31.2024 12.31.2023
Third parties in Brazil 16,457 17,544 15,475 16,376
Third parties abroad 9,288 5,691 3,824 2,705
Related parties (note 28.1) 56 67 10,526 7,568
Total 25,801 23,302 29,825 26,649

Forfaiting

The Company has a program to encourage the development of the oil and gas production chain called “Mais Valor” (More Value), operated by a partner company on a 100% digital platform.

By using this platform, the suppliers who want to anticipate their receivables may launch a reverse auction, in which the winner is the financial institution which offers the lowest discount rate. The financial institution becomes the creditor of invoices advanced by the supplier, and Petrobras pays the invoices on the same date and under the conditions originally agreed with the supplier.

Invoices are advanced in the “Mais Valor” program exclusively at the discretion of the suppliers and do not change the terms, prices and commercial conditions contracted by Petrobras with such suppliers, as well as it does not add financial charges to the Company, therefore, the classification is maintained as Trade payables in Statements of Cash Flows (Cash flows from operating activities).

As of March 31, 2024, the balance advanced by suppliers, within the scope of the program, is R$ 676 (R$ 534 as of December 31, 2023) and has a payment term from 7 to 92 days and a weighted average term of 55 days (payment term from 7 to 92 days and a weighted average term of 57 days in 2023), after the contracted commercial conditions have been met.

 

 

12.       Taxes

12.1.       Income taxes

 

Consolidated
  Current assets Current liabilities Non-current liabilities
  03.31.2024 12.31.2023 03.31.2024 12.31.2023 03.31.2024 12.31.2023
Taxes in Brazil
Income taxes 1,783 963 3,278 4,788
Income taxes – Tax settlement programs 289 283 1,396 1,446
  1,783 963 3,567 5,071 1,396 1,446
Taxes abroad 28 92 1,464 1,224
Total 1,811 1,055 5,031 6,295 1,396 1,446

 

Reconciliation between statutory income tax rate and effective income tax rate

The reconciliation of taxes calculated according to nominal rates and the amount of registered taxes are shown below:

 

27 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  

 

    Consolidated
     
     

2024

Jan-Mar

2023

Jan-Mar

Net income before income taxes     34,448 56,997
Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%)     (11,712) (19,379)
Adjustments to arrive at the effective tax rate:        
Different jurisdictional tax rates for companies abroad     1,428 1,278
Brazilian income taxes on income of companies incorporated outside Brazil (1)     (246) (526)
Tax incentives     155 222
Tax loss carryforwards (unrecognized tax losses) (2)     277 (28)
Non-taxable income (non-deductible expenses), net     123 33
Post-retirement benefit     (601) (401)
Results of equity-accounted investments in Brazil and abroad     (171) 60
Non-incidence of income taxes on indexation (SELIC interest rate) of undue paid taxes     104 48
Others     5 3
Income tax expenses     (10,638) (18,690)
Deferred income taxes     1,657 (3,498)
Current income taxes     (12,295) (15,192)
Effective tax rate of income taxes     30.9% 32.8%
(1) It relates to Brazilian income taxes on earnings of offshore investees, as established by Law No. 12,973/2014.
(2) Petrobras recognized tax loss and negative social contribution basis of a subsidiary in the amount of R$ 265, within the scope of the incentivized self-regularization program for taxes administered by the Brazilian Federal Revenue Service (Law No. 14,740/23 and Normative Instruction No. 2,168/23), to settle a debt in the amount of R$560, of which R$295 in cash.

Deferred income taxes - non-current

The table below shows the movement in the periods:

    Consolidated
      2024 2023
      Jan-Mar Jan-Mar
Opening balance     (48,148) (30,878)
Recognized in income of the period     1,657 (3,498)
Recognized in shareholders’ equity     2,215 (4,458)
Cummulative Translation Adjustment     46 (44)
Use of tax credits     (1)
Others     (100) 1
Final balance     (44,331) (38,877)
 

The table below shows the composition and basis for realization of deferred tax assets and liabilities:

Consolidated

Nature Basis for realization 03.31.2024 12.31.2023
Property, plant and equipment - Cost of prospecting and dismantling areas

 

Depreciation, Amortization and Write-off of Assets

(29,439) (30,480)
Property, plant and equipment – Impairment Amortization, Write-off of Assets and Impairment Reversal 19,905 20,348
Property, plant and equipment – Right of use Depreciation, Amortization and Write-off of Assets (46,334) (45,359)
Property, plant and equipment – Depreciation, accelerated and linear x unit produced and capitalized charges Depreciation, Amortization and Write-off of Assets (93,357) (90,939)
Loans, accounts receivable / payable and financing Payments, Receipts and Consideration (8,793) (12,001)
Leases Appropriation of consideration 47,035 44,733
Provision for decomissioning costs Payment and reversal of the provision 38,682 38,779
Provision for lawsuits Payment and reversal of the provision 4,888 4,617
Tax losses Compensation of 30% of taxable income 5,794 5,517
Inventories Sale, Write-Off and Loss 2,898 1,988
Employee benefits, mainly pension plan Payment and reversal of the provision 9,710 9,856
Others   4,680 4,793
Total           (44.331) (48.148)
Deferred income taxes – assets   5,829 4,672
Deferred income taxes – liabilities   (50,160) (52,820)

 

 

                 

 

Uncertain treatments on Corporate Income Tax (CIT)

In 2023 and the three-month period ended March 31, 2024, the Company received additional charges from the Dutch tax authority, due to a final assessment on the calculation of the Corporate Income Tax (CIT) of subsidiaries in the Netherlands from 2018 to 2020, arising from the valuation for tax purposes of platforms and equipment nationalized under the Repetro tax regime, in the amount of R$ 3,002 (US$ 601 million), updated through March 31, 2024 by applicable interest rates.

 

28 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  

Tax treatments of certain subsidiaries from 2020 to 2022 have not yet been assessed by this tax authority. Any charges by the Dutch tax authority for those years, on a similar basis to the periods already assessed, could reach the amount of R$ 1,240 (U$S 248 million). Thus, the total amount of these uncertain tax treatments is R$ 4,242 (U$S 849 million), updated through March 31, 2024 by applicable interest rates.

The Company continues to defend its position but understands that it is not probable that the tax authority will fully accept this tax treatment. Thus, a liability was recognized with a corresponding effect in income taxes within the statement of income in 2023, by means of the expected value method, constituted by the sum of amounts weighted by the probability of loss.

12.2.Other taxes

Consolidated

Other taxes Current assets Non-current assets Current liabilities Non-current liabilities (1)
  03.31.2024 12.31.2023 03.31.2024 12.31.2023 03.31.2024 12.31.2023 03.31.2024 12.31.2023
Taxes in Brazil:  
Current/Deferred VAT Rate (VAT) 3,401 2,868 3,127 2,939 5,634 4,997
Current/Deferred PIS and COFINS 2,166 1,470 13,955 13,923 2,336 1,282 735 684
PIS and COFINS - Law 9,718/98 3,575 3,549
Production taxes/Royalties   8,875 10,139 689 702
Withholding income taxes 593 1,317
Others 290 279 1,360 1,402 1,926 2,142 452 435
Total in Brazil 5,857 4,617 22,017 21,813 19,364 19,877 1,876 1,821
Taxes abroad 33 31 50 48 391 291
Total 5,890 4,648 22,067 21,861 19,755 20,168 1,876 1,821

(1) Other non-current taxes are classified within other non-current liabilities in the statement of financial position.

13.Employee benefits

Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment. It also includes expenses with directors and other managers. Such benefits include salaries, post-employment benefits, termination benefits and other benefits.

  Consolidated
  03.31.2024 12.31.2023
Liabilities    
Short-term employee benefits 9,419 9,615
Termination benefits 597 692
Post-retirement benefits 80,448 79,308
Total 90,464 89,615
Current 13,970 14,194
Non-current 76,494 75,421
Total 90,464 89,615
       

13.1.       Short-term employee benefits

    Consolidated
      03.31.2024 12.31.2023
Variable compensation program – Employees     2,195 2,246
Accrued vacation and christmas bonus     3,225 2,780
Salaries and related charges and other provisions     1,148 1,658
Profit sharing     2,851 2,931
Total     9,419 9,615
Current     9,208 9,412
Non-current (1)     211 203
Total     9,419 9,615

(1) Refers to the balance of the deferral for 4 years of 40% of the PPP portion of the administrators and executive managers.

The company recognized the following amounts in the income statement:

 

29 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  

 

  Consolidated
     
     

2024

Jan-Mar

2023

Jan-Mar

Costs/Expenses in the statement of income        
Salaries, vacation, christmas bonus, charges over provisions and others     (4,579) (3,878)
Variable compensation program (1)     (392) (725)
Profit sharing (1)     (873) (180)
Manager compensations and charges     (14) (12)
Total     (5,858) (4,795)

(1) Includes complement/reversion of previous programs.

13.1.1 Variable compensation programs

Performance award programs (Programa de Prêmio por Performance - PPP and Programa de Prêmio por Desempenho - PRD)

In the period from January to March 2024, Petrobras:

·paid the amount of R$441 (R$363 in the parent company) for the 2023 fiscal year, considering compliance with the company's performance metrics and the individual performance of employees; and
·provisioned the amount of R$390 (R$725 for the PPP in the period from January to March 2023), recorded in other operating expenses, including the variable remuneration of Petrobras and other programs of the consolidated companies. At the parent company, the provision was R$355 (R$664 for the PPP in the period from January to March 2023).

On April 30, 2024, the company paid the amount of R$ 1,448 (R$ 1,244 in the parent company) referring to the variable remuneration program, relating to the year 2023.

Profit Sharing (Participações nos lucros ou resultados - PLR)

In the period from January to March 2024, Petrobras:

·paid the amount of R$ 952 (R$ 943 in the parent company) for the year 2023, which is estimated to be settled on May 31, 2024, considering the rules and individual limits according to the remuneration of each employee.
·provisioned the amount of R$870 (R$180 in the period from January to March 2023) for the 2024 fiscal year, recorded in other operating expenses. At the parent company, the provision was R$784 (R$162 in the period from January to March 2023).

13.2.       Termination benefits

These are those provided by the termination of the employment contract as a result of: i) the entity's decision to terminate the employee's employment relationship before the normal retirement date; or ii) employee's decision to accept an offer of benefits in exchange for termination of employment.

Voluntary severance programs

The company has voluntary termination programs (PDV), incentive retirement (PAI), specific termination programs for the corporate segment and for employees assigned to units in the process of divestment, which basically provide for the same legal and indemnity benefits. Currently, the programs are closed for enrollment.

Recognition of the provision for expenses occur as employees enroll to the programs.

The Company disburses the severance payments in two installments, one at the time of termination and the remainder one year after the termination.

As of March 31, 2024, from the balance of R$ 597, R$ 56 refers to the second installment of 213 retired employees and R$ 541 refers to 980 employees enrolled in voluntary severance programs with expected termination by 2026.

 

30 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  

13.3.       Employee benefits (post-employment)

The Company maintains a health care plan for its employees in Brazil (active and retiree) and their dependents and other five major post-employment pension plans (collectively referred to as “pension plans”).

The balances related to post-employment benefits granted to employees are shown below:

    Consolidated
      03.31.2024 12.31.2023
Liabilities        
Health Care Plan: AMS Saúde Petrobras     47,697 46,772
Petros Pension Plan - Renegotiated (PPSP-R)     20,510 20,437
Petros Pension Plan - Non-renegotiated (PPSP-NR)     6,527 6,479
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pré 70)     2,562 2,513
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pré 70)     2,278 2,234
Petros 2 Pension Plan (PP-2)     874 873
Total     80,448 79,308
Current     4,449 4,392
Non-current     75,999 74,916
 

Health Care Plan

The health care plan, named AMS (Saúde Petrobras), is managed and run by Petrobras Health Association (Associação Petrobras de Saúde – APS), a nonprofit civil association, and includes prevention and health care programs. The plan offers assistance to all employees, retirees, pensioners and eligible family members, according to the rules of the plan, and is open to new employees.

Benefits are paid by the Company based on the costs incurred by the participants. The financial participation of the Company and the beneficiaries on the expenses are provided for in the Collective Bargaining Agreement (ACT), being 60% by the Company and 40% by the participants.

As provided in clause 37, paragraph 2 of the Collective Bargaining Agreement 2023-2025, if the resolutions No. 42/2022 and No. 49/2023 of the Commission on Corporate Governance and the Administration of Corporate Holdings of the Brazilian Federal Government (Comissão de Governança Corporativa e de Administração de Participações Societárias da União – CGPAR) are revoked or amended, allowing adjustments in the cost-sharing of health care plans, the Company and the labor unions will discuss a new cost-sharing arrangement, in order to minimize the impact on the income of its beneficiaries.

On April 26, 2024, CGPAR Resolutions No. 42/2022 and No. 49/2023 were revoked through CGPAR Resolution No. 52/2024, which is why the company and the unions began negotiations with a view to discuss a new relationship costing.

Pension plans

The Company’s post-retirement plans are managed by Petros Foundation (Fundação Petrobras de Seguridade Social), a nonprofit legal entity governed by private law with administrative and financial autonomy.

The net obligation with pension plans recorded by the Company is measured in accordance with the requirements of IFRS which has a different measurement methodology to that applicable to pension funds, regulated by the Post-Retirement Benefit Federal Council (Conselho Nacional de Previdência Complementar – CNPC).

On March 28, 2024, the Deliberative Council of Petros Foundation approved the financial statements of the pension plans for the year ended December 31, 2023, sponsored by the Company.

The following table below presents the reconciliation of the deficit of Petros Plan registered by Petros Foundation as of December 31, 2023 with the net actuarial liability registered by the Company at the same date:

 

31 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  

 

  PPSP-R (1) PPSP-NR (1)
Deficit registered by Petros 1,708 487
Ordinary and extraordinary future contributions - sponsor 22,925 6,743
Contributions related to the TFC - sponsor 3,831 2,307
Financial assumptions (interest and Inflation rates), adjustment in the value of plan assets and calculation methodology (5,514) (824)
Net actuarial liability recorded by the Company 22,950 8,713
(1) It includes the balance of PPSP-R Pre-70 and PPSP-NR Pre-70.

Sponsor Contributions – according to the CNPC criteria, the calculation of the obligation in Petros considers, besides the future cash flow of the participants, the future cash flow of normal and extraordinary sponsor contributions, discounted to present value, while the Company, according to the CVM criteria, only considers such sponsor cash flows as they are made.

Financial Assumptions - The main difference lies in the definition of the real interest rate established by Petros according to the expected profitability of the current investment portfolios and the parameters published by Previc (CNPC), considering a moving average of recent years in setting safety limits. On the other hand, in the Company's calculations, it involves the real interest rates determined through an equivalent rate that combines the maturity profile of pension and healthcare obligations with the future yield curve of longer-term Brazilian government securities (Treasury IPCA, formerly known as NTN), observing spot position at the end of the closing exercise considered.

Adjustment to the value of plan's backing assets - In Petros, the government securities, with the portfolio immunization strategy, are marked on the curve, while in the Company, they are marked at market value.

13.3.1 Amounts in the financial statements related to defined benefit plans

The net actuarial liability represents the company's obligations, net of the fair value of plan assets (when applicable), at present value.

The movement of obligations with pension and health plans with a defined benefit feature is shown below:

  Consolidated
   
      Pension Plans Health Care Plan  
  PPSP-R (1) PPSP-NR (1) PP2 AMS - Saúde Petrobras Total
Balance on December 31, 2023 22,950 8,713 873 46,772 79,308
Recognized in income – cost and expenses 533 203 19 1,390 2,145
Current service cost 9 3 294 306
Interest cost, net 524 200 19 1,096 1,839
Cash effect (412) (111) (18) (465) (1,006)
Payment of contributions (2) (412) (111) (18) (465) (1,006)
Other changes 1 1
Balance on March 31, 2024 23,072 8,805 874 47,697 80,448
(1) It includes the balance of PPSP-R Pre-70 and PPSP-NR Pre-70.
(2) Includes the value of extraordinary contributions related to the deficit resolution plans of the PPSP R and PPSP NR plans.

 

 

 

  Consolidated
      Pension Plans Health Care Plan  
  PPSP-R (1) PPSP-NR (1) PP2 AMS - Saúde Petrobras Total
Balance on December 31, 2022 20,297 7,198 850 30,330 58,675
Recognized in income – cost and expenses 611 211 38 1,064 1,924
Current service cost 14 3 13 180 210
Interest cost, net 597 208 25 884 1,714
Recognized in Equity - other comprehensive income 570 570
Remeasurement: (Gains) / Actuarial losses (2) 570 570
Cash effect (341) (112) (472) (925)
Payment of contributions (3) (341) (112) (472) (925)
Other changes 4 4
Balance on March 31, 2023 21,137 7,297 888 30,926 60,248
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.

(2) Refers to the complement of 2022 year.

(3) Includes the value of extraordinary contributions related to the deficit resolution plans of the PPSP R and PPSP NR plans.

 

 

 

 

32 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

  

The net expense with pension and health plans is presented below:

  Pension plans Health Care Plan    
  PPSP-R (1) PPSP-NR (1) PP2

AMS - Saúde

Petrobras

  Total
Related to active employees (cost and expenses) (42) (10) (4) (558)   (614)
Related to retired employees (other income and expenses) (491) (193) (15) (832)   (1,531)
Expense in the statement of income - Jan-Mar/2024 (533) (203)