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)
|
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, 2020, which include the full set of notes.
The
Company’s consolidated and individual interim financial information was prepared and presented in accordance with IAS 34 Interim
Financial Reporting (Technical Pronouncement – CPC 21 (R1) – Interim Statements), in accordance with the International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and also in accordance with accounting practices
adopted in Brazil by the Accounting Pronouncements Committee (CPC), approved by the Brazilian Securities Commission (CVM). All relevant
information specific to the financial statements, and only them, are being highlighted, and corresponds to the ones used by 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 October
28, 2021.
2.
|
Summary
of significant 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, 2020.
The
accounting standards that came into effect on January 1st, 2021 did not have a material effect on these consolidated quarterly
information.
Regarding
the reform of the reference interest rates (IBOR Reform), the Company continues to monitor the pronouncements of the regulatory authorities,
as well as the measures that have been adopted, aimed at adapting the various financial instruments to the new benchmarks. Petrobras
and its subsidiaries have debts indexed to Libor (London Interbank Offered Rate), the amount of which corresponds to approximately 33%
of their financings.
3.
|
Cash
and cash equivalents and Marketable securities
|
3.1.
|
Cash
and cash equivalents
|
Cash
and cash equivalents comprise cash in hand, term deposits with banks and short-term highly liquid financial investments that are readily
convertible to known amounts of cash, are subject to insignificant risk of changes in value and have a maturity of three months or less
from the date of acquisition.
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Cash
at bank and in hand
|
1,351
|
2,868
|
Short-term
financial investments
|
|
|
-
In Brazil
|
|
|
Brazilian
interbank deposit rate investment funds and other short-term deposits
|
31,853
|
13,469
|
Other
investment funds
|
973
|
143
|
|
32,826
|
13,612
|
-
Abroad
|
|
|
Time
deposits
|
19,570
|
13,376
|
Automatic
investing accounts and interest checking accounts
|
5,647
|
29,274
|
Other
financial investments
|
−
|
1,726
|
|
25,217
|
44,376
|
Total
short-term financial investments
|
58,043
|
57,988
|
Total
cash and cash equivalents
|
59,394
|
60,856
|
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.
The
main use of these funds in the period ended September 30, 2021 were for debt service, including prepayments of loans in the international
banking market, repurchase of securities in the international capital market and amortization of leases, totaling R$ 141,864, as well
as for investments in the amount of R$ 24,728 and for the payment of dividends in the amount of R$ 31,573.
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)
|
These
investments were substantially provided by an operating cash generation of R$151,734, financial compensation for the Búzios Co-participation
Agreement of R$15,510, proceeds from financing in the amount of R$8,921, receipts from the sale of assets and interests of R$ 15,053,
and the exchange effect on the balances of cash and cash equivalents arising from investments abroad of R$3,362.
3.2.
|
Marketable
securities
|
|
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Fair
value through profit or loss
|
2,920
|
3,388
|
Amortized
cost
|
246
|
263
|
Total
|
3,166
|
3,651
|
Current
|
2,920
|
3,424
|
Non-current
|
246
|
227
|
|
Marketable
securities classified as fair value through profit or loss refer mainly to investments in Brazilian Federal Government Bonds. These financial
investments have maturities of more than three months and are generally classified as current assets due to their maturity or the expectation
of their realization in the short term.
|
|
Consolidated
|
|
2021
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Gross
sales
|
154,062
|
399,087
|
92,668
|
254,613
|
Sales
taxes (*)
|
(32,468)
|
(80,609)
|
(21,938)
|
(57,516)
|
Sales
revenues
|
121,594
|
318,478
|
70,730
|
197,097
|
Diesel
|
35,722
|
92,983
|
19,593
|
51,132
|
Automotive
gasoline
|
17,690
|
43,197
|
9,174
|
22,416
|
Liquefied
petroleum gas
|
6,747
|
17,673
|
4,595
|
12,387
|
Jet
fuel
|
3,292
|
7,727
|
1,004
|
5,134
|
Naphtha
|
2,749
|
6,450
|
2,335
|
6,683
|
Fuel
oil (including bunker fuel)
|
2,852
|
6,708
|
818
|
2,642
|
Other
oil products
|
6,265
|
16,399
|
3,885
|
9,648
|
Subtotal
oil products
|
75,317
|
191,137
|
41,404
|
110,042
|
Natural
gas
|
8,974
|
21,659
|
4,043
|
13,341
|
Nitrogen
products and renewables
|
63
|
184
|
67
|
218
|
Breakage
|
204
|
1,069
|
724
|
1,900
|
Electricity
|
5,433
|
11,495
|
505
|
2,183
|
Services,
agency and others
|
1,380
|
3,446
|
1,118
|
3,059
|
Domestic
market
|
91,371
|
228,990
|
47,861
|
130,743
|
Exports
|
29,308
|
85,675
|
20,917
|
60,601
|
Crude
oil
|
21,582
|
61,803
|
15,417
|
44,920
|
Fuel
oil (including bunker fuel)
|
6,115
|
19,396
|
4,725
|
12,733
|
Other
oil products and other products
|
1,611
|
4,476
|
775
|
2,948
|
Sales
abroad (**)
|
915
|
3,813
|
1,952
|
5,753
|
Foreign
Market
|
30,223
|
89,488
|
22,869
|
66,354
|
Sales
revenues
|
121,594
|
318,478
|
70,730
|
197,097
|
(*)
Includes, mainly, CIDE, PIS, COFINS and ICMS (VAT).
|
(**)
Sales revenues from operations outside of Brazil, including trading and excluding exports.
|
|
In the
period from January to September of 2021 and 2020, sales to Vibra Energia, formerly BR Distribuidora represent more than 10% of the Company
sales revenues, mainly associated with the refining, transportation and marketing segment.
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
|
|
|
Consolidated
|
|
2021
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Raw
material, products for resale, materials and third-party services (*)
|
(30,823)
|
(71,554)
|
(13,490)
|
(47,201)
|
Depreciation,
depletion and amortization
|
(12,380)
|
(36,087)
|
(12,193)
|
(36,110)
|
Production
taxes
|
(15,574)
|
(42,397)
|
(8,504)
|
(21,684)
|
Employee
compensation
|
(3,265)
|
(7,850)
|
(2,774)
|
(8,500)
|
Total
|
(62,042)
|
(157,888)
|
(36,961)
|
(113,495)
|
(*)
It Includes short-term leases and inventory turnover.
|
|
|
Consolidated
|
|
2021
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Materials,
third-party services, freight, rent and other related costs
|
(4,831)
|
(14,020)
|
(5,355)
|
(16,201)
|
Depreciation,
depletion and amortization
|
(831)
|
(2,384)
|
(862)
|
(2,099)
|
Allowance
for expected credit losses
|
37
|
71
|
147
|
(7)
|
Employee
compensation
|
(141)
|
(373)
|
(235)
|
(664)
|
Total
|
(5,766)
|
(16,706)
|
(6,305)
|
(18,971)
|
5.3.
|
General
and administrative expenses
|
|
|
Consolidated
|
|
2021
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Employee
compensation
|
(1,364)
|
(3,390)
|
(1,229)
|
(3,724)
|
Materials,
third-party services, rent and other related costs
|
(294)
|
(894)
|
(291)
|
(933)
|
Depreciation,
depletion and amortization
|
(105)
|
(346)
|
(144)
|
(395)
|
Total
|
(1,763)
|
(4,630)
|
(1,664)
|
(5,052)
|
6.
|
Other
income and expenses
|
|
|
Consolidated
|
|
2021
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Pension
and medical benefits – retirees
|
(4,300)
|
(6,663)
|
(1,135)
|
(3,489)
|
Unscheduled
stoppages and pre-operating expenses
|
(1,792)
|
(5,281)
|
(1,569)
|
(5,634)
|
Gains
/ (losses) related to legal, administrative and arbitration proceedings
|
(1,416)
|
(2,797)
|
(1,206)
|
(2,088)
|
Variable
compensation program
|
(795)
|
(1,857)
|
(73)
|
95
|
Profit
Sharing
|
(182)
|
(496)
|
(25)
|
(77)
|
Gains/(losses)
with Commodities Derivatives
|
(70)
|
(294)
|
(257)
|
(1,940)
|
Reclassification
of comprehensive income (loss) due to the disposal of equity-accounted investments
|
(35)
|
(220)
|
(225)
|
(225)
|
Equalization
of expenses – Production Individualization Agreements
|
98
|
(190)
|
(733)
|
3,741
|
Voluntary
Separation Incentive Plan (PDV)
|
9
|
52
|
(415)
|
(5,437)
|
Fines
imposed on suppliers
|
249
|
664
|
113
|
415
|
Amounts
recovered from Lava Jato investigation
|
132
|
1,197
|
84
|
515
|
Results
on disposal/write-offs of assets and on remeasurement of investment retained with loss of control
|
613
|
1,235
|
1,132
|
784
|
Transfer
of rights on concession agreements (**)
|
1,518
|
1,579
|
−
|
−
|
Early
termination and cash outflows revision of lease agreements
|
632
|
1,846
|
139
|
873
|
Expenses/Reimbursements
from E&P partnership operations
|
705
|
2,254
|
1,645
|
3,385
|
Tax
recoverable (*)
|
189
|
2,853
|
81
|
7,860
|
Results
from co-participation agreements in bid areas (**)
|
3,519
|
3,519
|
−
|
−
|
Others
|
111
|
(224)
|
(390)
|
(554)
|
Total
|
(815)
|
(2,823)
|
(2,834)
|
(1,776)
|
(*)
It Includes the effects of the exclusion of ICMS (VAT tax) in the basis of calculation of sales taxes PIS and COFINS, as set out
in note 11.
|
(**)
According to note 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)
|
7.
|
Net
finance income (expense)
|
|
|
Consolidated
|
|
2021
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Finance
income
|
1,188
|
2,973
|
667
|
2,044
|
Income
from investments and marketable securities (Government Bonds)
|
519
|
921
|
251
|
825
|
Others
|
669
|
2,052
|
416
|
1,219
|
Finance
expenses
|
(6,237)
|
(22,721)
|
(9,778)
|
(23,292)
|
Interest
on finance debt
|
(3,499)
|
(12,415)
|
(5,224)
|
(14,323)
|
Unwinding
of discount on lease liabilities
|
(1,579)
|
(4,768)
|
(1,845)
|
(5,039)
|
Discount
and premium on repurchase of debt securities
|
(1,309)
|
(5,813)
|
(2,814)
|
(4,071)
|
Capitalized
borrowing costs
|
1,406
|
3,970
|
1,148
|
3,538
|
Unwinding
of discount on the provision for decommissioning costs
|
(1,017)
|
(3,071)
|
(792)
|
(2,504)
|
Other
finance expenses and income, net
|
(239)
|
(624)
|
(251)
|
(893)
|
Foreign
exchange gains (losses) and indexation charges
|
(20,431)
|
(25,704)
|
(13,799)
|
(35,148)
|
Foreign
Exchange (*)
|
(15,507)
|
(10,659)
|
(7,636)
|
(26,701)
|
Reclassification
of hedge accounting to the Statement of Income (*)
|
(5,396)
|
(17,823)
|
(6,147)
|
(18,174)
|
Recoverable
taxes inflation indexation income (**)
|
79
|
2,587
|
102
|
9,639
|
Others
|
393
|
191
|
(118)
|
88
|
Total
|
(25,480)
|
(45,452)
|
(22,910)
|
(56,396)
|
(*)
For more information, see notes 29.3.c and 29.3.a.
(**)
Includes PIS and Cofins inflation indexation income – exclusion of ICMS (VAT tax) from the basis of calculation. See note 11.
|
8.
|
Net
income by operating segment
|
Consolidated
Statement of Income by operating segment – Jul-Sep/2021
|
Exploration
and Production
|
Refining,
Transportation & Marketing
|
Gas
&
Power
|
Corporate
and ther business
|
Eliminations
|
Total
|
Sales
revenues
|
76,472
|
107,188
|
18,014
|
476
|
(80,556)
|
121,594
|
Intersegments
|
74,710
|
2,290
|
3,384
|
172
|
(80,556)
|
−
|
Third
parties
|
1,762
|
104,898
|
14,630
|
304
|
−
|
121,594
|
Cost
of sales
|
(32,983)
|
(95,546)
|
(13,938)
|
(474)
|
80,899
|
(62,042)
|
Gross
profit
|
43,489
|
11,642
|
4,076
|
2
|
343
|
59,552
|
Expenses
|
19,572
|
(5,396)
|
(4,043)
|
(4,719)
|
(29)
|
5,385
|
Selling
|
23
|
(2,172)
|
(3,572)
|
(16)
|
(29)
|
(5,766)
|
General
and administrative
|
(269)
|
(190)
|
(99)
|
(1,205)
|
−
|
(1,763)
|
Exploration
costs
|
(696)
|
−
|
−
|
−
|
−
|
(696)
|
Research
and development
|
(596)
|
(8)
|
(12)
|
(176)
|
−
|
(792)
|
Other
taxes
|
(406)
|
(196)
|
(273)
|
(266)
|
−
|
(1,141)
|
Impairment
|
16,901
|
(69)
|
(474)
|
−
|
−
|
16,358
|
Other
income and expenses
|
4,615
|
(2,761)
|
387
|
(3,056)
|
−
|
(815)
|
Net
income (loss) before financial results and income taxes
|
63,061
|
6,246
|
33
|
(4,717)
|
314
|
64,937
|
Net
finance income (expenses)
|
−
|
−
|
−
|
(25,480)
|
−
|
(25,480)
|
Results
in equity-accounted investments
|
151
|
1,343
|
60
|
(34)
|
−
|
1,520
|
Net
Income (loss) before income taxes
|
63,212
|
7,589
|
93
|
(30,231)
|
314
|
40,977
|
Income
taxes
|
(21,440)
|
(2,124)
|
(11)
|
13,929
|
(107)
|
(9,753)
|
Net
income (loss) of the period
|
41,772
|
5,465
|
82
|
(16,302)
|
207
|
31,224
|
Attributable
to:
|
|
|
|
|
|
|
Shareholders
of Petrobras
|
41,778
|
5,465
|
20
|
(16,328)
|
207
|
31,142
|
Non-controlling
interests
|
(6)
|
−
|
62
|
26
|
−
|
82
|
|
41,772
|
5,465
|
82
|
(16,302)
|
207
|
31,224
|
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
– Jul-Sep/2020
|
Exploration
and Production
|
Refining,
Transportation & Marketing
|
Gas
&
Power
|
Corporate
and ther business
|
Eliminations
|
Total
|
Sales
revenues
|
50,352
|
64,317
|
8,509
|
1,209
|
(53,657)
|
70,730
|
Intersegments
|
49,182
|
924
|
3,188
|
363
|
(53,657)
|
−
|
Third
parties
|
1,170
|
63,393
|
5,321
|
846
|
−
|
70,730
|
Cost
of sales
|
(25,101)
|
(55,670)
|
(4,101)
|
(1,090)
|
49,001
|
(36,961)
|
Gross
profit
|
25,251
|
8,647
|
4,408
|
119
|
(4,656)
|
33,769
|
Expenses
|
(3,355)
|
(4,575)
|
(2,753)
|
(4,107)
|
(30)
|
(14,820)
|
Selling
|
(1)
|
(3,595)
|
(2,647)
|
(34)
|
(28)
|
(6,305)
|
General
and administrative
|
(152)
|
(255)
|
(111)
|
(1,146)
|
−
|
(1,664)
|
Exploration
costs
|
(1,447)
|
−
|
−
|
−
|
−
|
(1,447)
|
Research
and development
|
(343)
|
(9)
|
(6)
|
(137)
|
−
|
(495)
|
Other
taxes
|
(1,996)
|
5
|
(40)
|
(116)
|
−
|
(2,147)
|
Impairment
|
(70)
|
−
|
173
|
(31)
|
−
|
72
|
Other
income and expenses
|
654
|
(721)
|
(122)
|
(2,643)
|
(2)
|
(2,834)
|
Net
income (loss) before financial results and income taxes
|
21,896
|
4,072
|
1,655
|
(3,988)
|
(4,686)
|
18,949
|
Net
finance income (expenses)
|
−
|
−
|
−
|
(22,910)
|
−
|
(22,910)
|
Results
in equity-accounted investments
|
42
|
(570)
|
312
|
(701)
|
−
|
(917)
|
Net
Income (loss) before income taxes
|
21,938
|
3,502
|
1,967
|
(27,599)
|
(4,686)
|
(4,878)
|
Income
taxes
|
(7,445)
|
(1,384)
|
(562)
|
11,008
|
1,592
|
3,209
|
Net
income (loss) of the period
|
14,493
|
2,118
|
1,405
|
(16,591)
|
(3,094)
|
(1,669)
|
Attributable
to:
|
|
|
|
|
|
|
Shareholders
of Petrobras
|
14,499
|
2,166
|
1,304
|
(16,421)
|
(3,094)
|
(1,546)
|
Non-controlling
interests
|
(6)
|
(48)
|
101
|
(170)
|
−
|
(123)
|
|
14,493
|
2,118
|
1,405
|
(16,591)
|
(3,094)
|
(1,669)
|
Consolidated Statement of Income by operating segment – Jan-Sep/2021
|
Exploration
and Production
|
Refining,
Transportation & Marketing
|
Gas
&
Power
|
Corporate
and ther business
|
Eliminations
|
Total
|
Sales
revenues
|
211,864
|
284,257
|
44,061
|
1,929
|
(223,633)
|
318,478
|
Intersegments
|
207,677
|
5,349
|
9,755
|
852
|
(223,633)
|
−
|
Third
parties
|
4,187
|
278,908
|
34,306
|
1,077
|
−
|
318,478
|
Cost
of sales
|
(91,286)
|
(248,767)
|
(29,957)
|
(1,906)
|
214,028
|
(157,888)
|
Gross
profit
|
120,578
|
35,490
|
14,104
|
23
|
(9,605)
|
160,590
|
Expenses
|
14,276
|
(10,334)
|
(11,645)
|
(8,103)
|
(86)
|
(15,892)
|
Selling
|
(4)
|
(6,146)
|
(10,410)
|
(60)
|
(86)
|
(16,706)
|
General
and administrative
|
(597)
|
(574)
|
(275)
|
(3,184)
|
−
|
(4,630)
|
Exploration
costs
|
(2,897)
|
−
|
−
|
−
|
−
|
(2,897)
|
Research
and development
|
(1,631)
|
(28)
|
(101)
|
(446)
|
−
|
(2,206)
|
Other
taxes
|
(616)
|
(543)
|
(530)
|
(294)
|
−
|
(1,983)
|
Impairment
|
16,329
|
(69)
|
(914)
|
7
|
−
|
15,353
|
Other
income and expenses
|
3,692
|
(2,974)
|
585
|
(4,126)
|
−
|
(2,823)
|
Net
income (loss) before financial results and income taxes
|
134,854
|
25,156
|
2,459
|
(8,080)
|
(9,691)
|
144,698
|
Net
finance income (expenses)
|
−
|
−
|
−
|
(45,452)
|
−
|
(45,452)
|
Results
in equity-accounted investments
|
451
|
4,695
|
450
|
2,248
|
−
|
7,844
|
Net
Income (loss) before income taxes
|
135,305
|
29,851
|
2,909
|
(51,284)
|
(9,691)
|
107,090
|
Income
taxes
|
(45,850)
|
(8,553)
|
(836)
|
20,395
|
3,295
|
(31,549)
|
Net
income (loss) of the period
|
89,455
|
21,298
|
2,073
|
(30,889)
|
(6,396)
|
75,541
|
Attributable
to:
|
|
|
|
|
|
|
Shareholders
of Petrobras
|
89,473
|
21,298
|
1,752
|
(30,963)
|
(6,396)
|
75,164
|
Non-controlling
interests
|
(18)
|
−
|
321
|
74
|
−
|
377
|
|
89,455
|
21,298
|
2,073
|
(30,889)
|
(6,396)
|
75,541
|
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-Sep/2020
|
|
Exploration
and Production
|
Refining,
Transportation & Marketing
|
Gas
&
Power
|
Corporate
and ther business
|
Eliminations
|
Total
|
Sales
revenues
|
125,618
|
176,803
|
27,133
|
3,158
|
(135,615)
|
197,097
|
Intersegments
|
122,326
|
3,064
|
9,398
|
827
|
(135,615)
|
−
|
Third
parties
|
3,292
|
173,739
|
17,735
|
2,331
|
−
|
197,097
|
Cost
of sales
|
(70,215)
|
(163,667)
|
(13,318)
|
(3,018)
|
136,723
|
(113,495)
|
Gross
profit
|
55,403
|
13,136
|
13,815
|
140
|
1,108
|
83,602
|
Expenses
|
(68,533)
|
(15,721)
|
(9,290)
|
(4,909)
|
(92)
|
(98,545)
|
Selling
|
(3)
|
(10,245)
|
(8,553)
|
(86)
|
(84)
|
(18,971)
|
General
and administrative
|
(658)
|
(797)
|
(332)
|
(3,265)
|
−
|
(5,052)
|
Exploration
costs
|
(2,265)
|
−
|
−
|
−
|
−
|
(2,265)
|
Research
and development
|
(841)
|
(30)
|
(25)
|
(387)
|
−
|
(1,283)
|
Other
taxes
|
(2,481)
|
(450)
|
(92)
|
(946)
|
−
|
(3,969)
|
Impairment
|
(64,374)
|
(208)
|
173
|
(820)
|
−
|
(65,229)
|
Other
income and expenses
|
2,089
|
(3,991)
|
(461)
|
595
|
(8)
|
(1,776)
|
Net
income (loss) before financial results and income taxes
|
(13,130)
|
(2,585)
|
4,525
|
(4,769)
|
1,016
|
(14,943)
|
Net
finance income (expenses)
|
−
|
−
|
−
|
(56,396)
|
−
|
(56,396)
|
Results
in equity-accounted investments
|
(764)
|
(2,759)
|
434
|
(356)
|
−
|
(3,445)
|
Net
Income (loss) before income taxes
|
(13,894)
|
(5,344)
|
4,959
|
(61,521)
|
1,016
|
(74,784)
|
Income
taxes
|
4,464
|
879
|
(1,538)
|
17,119
|
(346)
|
20,578
|
Net
income (loss) of the period
|
(9,430)
|
(4,465)
|
3,421
|
(44,402)
|
670
|
(54,206)
|
Attributable
to:
|
|
|
|
|
|
|
Shareholders
of Petrobras
|
(9,412)
|
(4,247)
|
3,127
|
(42,920)
|
670
|
(52,782)
|
Non-controlling
interests
|
(18)
|
(218)
|
294
|
(1,482)
|
−
|
(1,424)
|
|
(9,430)
|
(4,465)
|
3,421
|
(44,402)
|
670
|
(54,206)
|
The
balance of depreciation, depletion and amortization by business segment is set forth as follows:
|
|
|
|
|
|
|
Exploration
and Production
|
Refining,
Transportation & Marketing
|
Gas
&
Power
|
Corporate
and ther business
|
Total
|
Jan-Sep/2021
|
35,639
|
8,737
|
1,743
|
701
|
46,820
|
Jan-Sep/2020
|
35,693
|
7,887
|
1,837
|
786
|
46,203
|
|
|
|
|
|
|
|
Exploration
and Production
|
Refining,
Transportation & Marketing
|
Gas
&
Power
|
Corporate
and ther business
|
Total
|
Jul-Sep/2021
|
12,466
|
2,970
|
590
|
236
|
16,262
|
Jul-Sep/2020
|
11,852
|
2,740
|
615
|
263
|
15,470
|
9.
|
Trade
and other receivables
|
9.1.
|
Trade
and other receivables, net
|
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Receivables
from contracts with customers
|
|
|
Third
parties
|
22,457
|
16,013
|
Related
parties
|
|
|
Investees
(note 30.5)
|
2,199
|
3,450
|
Receivables
from the electricity sector
|
76
|
1,064
|
Subtotal
|
24,732
|
20,527
|
Other
trade receivables
|
|
|
Third
parties
|
|
|
Receivables
from divestments (*)
|
8,619
|
7,916
|
Lease
receivables
|
2,425
|
2,427
|
Other
receivables (**)
|
4,594
|
13,179
|
Related
parties
|
|
|
Petroleum
and alcohol accounts – receivables from Brazilian Government (note 30.5)
|
2,703
|
2,503
|
Subtotal
|
18,341
|
26,025
|
Total
trade receivables
|
43,073
|
46,552
|
Expected
credit losses (ECL) – Third parties
|
(8,035)
|
(7,939)
|
Expected
credit losses (ECL) – Related parties
|
(105)
|
(354)
|
Total
trade receivables, net
|
34,933
|
38,259
|
Current
|
25,560
|
24,584
|
Non-current
|
9,373
|
13,675
|
(*)Refers
mainly to amounts receivable (including interest and monetary and exchange adjustment) from the divestment of Nova Transportadora
do Sudeste (NTS), in addition to amounts related to Rio Ventura, Roncador, Pampo Enchova, Tartaruga Verde and Espadarte Modulo III
and Gemini LNG.
(**)
In 2020, it mainly includes amounts related to the purchase and sale of production platforms and equipment from our partners in E&P
consortia, with financial settlement in the first quarter of 2021.
|
Trade
and other receivables are generally classified as measured at amortized cost, except for receivables with final prices linked to changes
in commodity price after their transfer of control, which are classified as measured at fair value through profit or loss. Changes in
such prices as of September 30, 2021 amounted to R$ 4,349.
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)
|
In
the period from January to September 2021, the average term for receiving receivables from contracts from third-party customers, referring
to the sale of derivatives in the domestic market, is approximately 1.7 days (1.5 days on December 31, 2020). Fuel oil and petroleum
exports have an average term of receipt of approximately 14 days and 8.4 days, respectively (13 days and 8 days on December 31, 2020).
9.2.
|
Aging
of trade and other receivables – third parties
|
|
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
|
Trade
receivables
|
Expected
credit losses (ECL)
|
Trade
receivables
|
Expected
credit losses (ECL)
|
Current
|
28,726
|
(620)
|
30,402
|
(677)
|
Overdue:
|
|
|
|
|
1-
3 months
|
911
|
(101)
|
1,066
|
(42)
|
3
– 6 months
|
323
|
(146)
|
77
|
(46)
|
6
– 12 months
|
70
|
(34)
|
219
|
(147)
|
More
than 12 months
|
8,065
|
(7,134)
|
7,771
|
(7,027)
|
Total
|
38,095
|
(8,035)
|
39,535
|
(7,939)
|
9.3.
|
Changes
in provision for expected credit losses
|
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Opening
balance
|
8,293
|
9,392
|
Additions
|
266
|
1,024
|
Reversals
|
(342)
|
(166)
|
Write-offs
|
(213)
|
(3,596)
|
Transfer
of assets held for sale
|
(42)
|
(15)
|
Cumulative
translation adjustment
|
178
|
1,654
|
Closing
balance
|
8,140
|
8,293
|
Current
|
842
|
1,135
|
Non-current
|
7,298
|
7,158
|
In 2020,
write-offs of R$ 3,596 basically reflect receivables from suppliers, related to the construction and renovation of platforms, which were
already fully provisioned.
Petrobras
on agreement with Companhia de Eletricidade do Amapá
On
May 11, 2021, Petrobras signed with Companhia de Eletricidade do Amapá (CEA) a judicial agreement for the termination of litigation
and credit recovery, in the amount of R$314. The agreement establishes the payment to Petrobras of R$132.6, to be settled in 24 successive
monthly installments (sub-credit A). A discount will be granted in the remaining amount of R$ 181.4, which was also divided into 24 successive
monthly installments (sub-credit B), provided that payments are made on time. For each installment of sub-credit A paid, CEA will receive
a bonus corresponding to a portion of sub-credit B of the debt. In the event of default, as provided for in the agreement, Petrobras
may demand all the installments due on both debt sub-credits.
The
agreement is subject to the following suspensive conditions for recognition of the receivable: (i) success in the bidding process for
the privatization of the CEA; and (ii) transfer of the controlling interest of CEA to the bid winner by December 31, 2021.
In
July 2021, the bidding occurred for the privatization of CEA, in which Equatorial was the winner, when it paid a symbolic amount, and
the Administrative Council for Economic Defense (CADE) approved the transaction.
In
August 2021, the National Electric Energy Agency (ANEEL) approved the transfer of the controlling interest from CEA to Equatorial within
120 days of this date.
However,
in order to comply with the second suspensive condition, there is a need for capitalization of CEA by Equatorial to enable the transfer
of shareholding control. After the assumption of control, the receivable will be recognized, generating a positive effect on Petrobras’
consolidated result of R$132.6, without considering the tax effects.
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Crude
oil
|
16,788
|
11,653
|
Oil
products
|
13,625
|
10,001
|
Intermediate
products
|
2,618
|
2,060
|
Natural
gas and LNG (*)
|
1,220
|
631
|
Biofuels
|
97
|
157
|
Fertilizers
|
52
|
43
|
Total
products
|
34,400
|
24,545
|
Materials,
supplies and others
|
5,177
|
4,955
|
Total
|
39,577
|
29,500
|
(*)
Liquefied Natural Gas
|
NOTES TO THE FINANCIAL STATEMENTS
PETROBRAS
This interim financial information should be read together with the Company’s audited annual financial statements
(Expressed in millions of reais, unless otherwise indicated)
|
Consolidated
inventories are presented less a provision for adjustment to their net realizable value. These adjustments are mainly due to fluctuations
in the international quotations of crude oil and oil products and, when constituted, are recognized in the income statement for the period
as costs of sales. In the period from January to September 2021, reversal of provision was recorded in the amount of R$ 5 (provision
of R$ 1,518, in the period from January to September 2020).
As
of September 30, 2021, the Company had a volume of oil and / or oil products given as a guarantee of the Terms of Financial Commitment
– TCF, signed in 2008 with Petros, in the amount of R$ 11,713. Such amount is after deducting the equivalent volumes of early partial
liquidation of the Pre-70 TCF carried out in January 2021, the procedures for which to update the public records are in progress.
11.1.
|
Income
taxes and other taxes
|
Income
tax and social contribution
|
Consolidated
|
|
Current
assets
|
Current
liabilities
|
Non-current
liabilities
|
|
09.30.2021
|
12.31.2020
|
09.30.2021
|
12.31.2020
|
09.30.2021
|
12.31.2020
|
Taxes
in Brazil
|
|
|
|
|
|
|
Income
taxes
|
869
|
2,032
|
2,872
|
576
|
−
|
−
|
Income
taxes – Tax settlement programs
|
−
|
−
|
241
|
234
|
1,722
|
1,853
|
|
869
|
2,032
|
3,113
|
810
|
1,722
|
1,853
|
Taxes
abroad
|
124
|
138
|
27
|
219
|
−
|
−
|
Total
|
993
|
2,170
|
3,140
|
1,029
|
1,722
|
1,853
|
|
Consolidated
|
Other
taxes
|
Current
assets
|
Non-current
assets
|
Current
liabilities
|
Non-current
liabilities (*)
|
|
09.30.2021
|
12.31.2020
|
09.30.2021
|
12.31.2020
|
09.30.2021
|
12.31.2020
|
09.30.2021
|
12.31.2020
|
Taxes
in Brazil:
|
|
|
|
|
|
Current
/ Deferred VAT Rate (VAT)
|
4,022
|
2,635
|
1,513
|
1,522
|
4,038
|
3,334
|
−
|
−
|
Current
/ Deferred PIS and COFINS (**)
|
2,381
|
8,160
|
11,529
|
10,680
|
2,456
|
2,829
|
238
|
191
|
PIS
and COFINS – Law 9,718/98
|
−
|
−
|
3,451
|
3,537
|
−
|
−
|
−
|
−
|
CIDE
|
43
|
19
|
−
|
−
|
212
|
214
|
−
|
−
|
Production
taxes/Royalties
|
−
|
−
|
−
|
−
|
11,235
|
6,094
|
49
|
487
|
Withholding
income taxes
|
−
|
−
|
−
|
−
|
295
|
551
|
−
|
−
|
Others
|
333
|
453
|
1,434
|
621
|
675
|
608
|
307
|
1,430
|
Total
in Brazil
|
6,779
|
11,267
|
17,927
|
16,360
|
18,911
|
13,630
|
594
|
2,108
|
Taxes
abroad
|
225
|
46
|
51
|
51
|
112
|
66
|
−
|
−
|
Total
|
7,004
|
11,313
|
17,978
|
16,411
|
19,023
|
13,696
|
594
|
2,108
|
(*)
Other non-current taxes are classified as other liabilities.
|
(**)
As of September 30, 2021, includes R$858 (R$6,392 as of December 31, 2020) in current assets, referring to the exclusion of ICMS
in the PIS and COFINS calculation basis.
|
|
|
|
|
|
|
|
|
|
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)
|
Exclusion
of VAT tax from PIS and COFINS tax basis
In
June 2020, Petrobras and its subsidiaries obtained a favorable and final court decision on the exclusion of VAT Tax (ICMS) from the calculation
basis of PIS and COFINS contributions and recognized the amount of R$16,925, recorded in current assets as taxes and contributions. The
credits recognized in assets referred to the exclusion of the VAT Tax (ICMS) actually paid from the calculation basis of PIS and COFINS
contributions, whose amounts were unduly paid in terms of competences comprised between the months of October 2001 and August 2020.
On
May 14, 2021, the Federal Supreme Court (STF) determined that the VAT Tax (ICMS) amount to be excluded from the PIS and COFINS calculation
basis is the one highlighted in the invoice. Thus, mainly in the second quarter of 2021, an additional credit of R$ 4,956 was recognized,
monetarily restated and recorded in current assets as taxes and contributions.
The
company enabled these credits and offset it with payment of other federal taxes, totaling R$10,504 in 2021 (R$10,372 in 2020).
On
September 30, 2021, the amount to be offset by the exclusion of VAT Tax (ICMS) in the PIS and COFINS calculation basis, monetarily restated
by the Brazilian basic interest rate (Selic), is R$858.
The
net gain in income for the period from January to September 2021 was R$3,198 (R$10,887 from January to September 2020).
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
2021
|
|
2020
|
|
Effects
in the statement of income
|
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Tax
recovery
|
Other
operating income
|
|
|
61
|
2,554
|
−
|
7,675
|
Monetary
update
|
Foreign
exchange gains (losses) and inflation indexation charges, net
|
|
|
(2)
|
2,402
|
−
|
9,250
|
|
|
|
|
59
|
4,956
|
−
|
16,925
|
Pis
and Cofins
|
Tax
expenses
|
|
|
−
|
(111)
|
−
|
(430)
|
Tax
effects
|
Income
taxes
|
|
|
(20)
|
(1,647)
|
−
|
(5,608)
|
|
|
|
|
39
|
3,198
|
−
|
10,887
|
11.2
|
Tax amnesty
programs – State Tax
|
Petrobras,
based on the management of risks associated with litigation and in line with the value generation strategy, joined the state amnesty
programs in Rio de Janeiro and Bahia, generating a positive effect on the result in the period from January to September 2021 in the
amount of R$1,026, for the reversal of part of the related provisions, against tax expenses and other operating income of R$807 and financial
result of R$219.
Adhesions
to the state tax amnesty programs occurred mainly in the 1st quarter of 2021. The main information on these agreements is
presented below:
State
of Rio de Janeiro
The
State of Rio de Janeiro instituted a special installment program called PEP-ICMS VAT Tax, authorized by CONFAZ Agreement No. 87/2020,
created by State Supplementary Law No. 189/2020 and regulated by Decree 47,488 of February 12, 2021, which allowed the reduction of 90%
of the late payment charges due as a fine and interest. On June 7, 2021, the amnesty program of the State of Rio de Janeiro was extended
through Complementary Law 191/2021.
The
adhesion to the program created conditions for the closure of materialized and non-materialized ICMS VAT Tax contingencies in the total
amount of R$ 1,818, upon disbursement of R$ 679, of which R$ 531 during the months of April and May 2021, which included termination
spontaneous due to the cancellation of part of the Comperj project scope (current Gaslub), and R$ 148 during the month of September 2021,
due to the payment of tax assessment notices linked to ancillary obligations and undue ICMS VAT Tax credit, in addition to spontaneous
termination related to the review of the ICMS VAT Tax calculation process. As a result, in the period from January to September 2021,
the Company revised its expectation of disbursements considered probable and made the reversal of R$1,139 in the respective provisions
for lawsuits and taxes, of which R$982 in the first quarter of 2021 and R$157 in the third quarter of 2021.
State
of Bahia
The
adhesion to the remission and amnesty program with the State of Bahia was celebrated under the terms of VAT Tax Agreements 48/2020 and
49/2020, ratified by Law 14.286 / 2020, which allowed the remission of 50% of the tax and 90% of the fine and interest due. Tax debts
resulting from disallowance of tax credits were closed in January 2021 with the payment of R$ 113, providing a definitive solution for
this type of contingency.
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)
|
11.3
|
Reconciliation
between statutory tax rate and effective tax expense rate
|
The
following table provides the reconciliation of Brazilian statutory tax rate to the Company’s effective rate on income before income
taxes:
|
|
|
|
2021
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Net
income (loss) before income taxes
|
40,977
|
107,090
|
(4,878)
|
(74,784)
|
Nominal
income taxes computed based on Brazilian statutory corporate tax rates (34%)
|
(13,933)
|
(36,411)
|
1,659
|
25,427
|
Adjustments
to arrive at the effective tax rate:
|
|
|
|
|
Different
jurisdictional tax rates for companies abroad
|
659
|
305
|
3,793
|
2,560
|
Brazilian
income taxes on income of companies incorporated outside Brazil (*)
|
(785)
|
(1,928)
|
(1,089)
|
(3,471)
|
Tax
incentives
|
130
|
132
|
4
|
12
|
Tax
loss carryforwards (unrecognized tax losses)
|
542
|
424
|
(52)
|
(1,098)
|
Non-taxable
income (non-deductible expenses), net (**)
|
100
|
1,391
|
(563)
|
(1,077)
|
Expenses
with post-employment medical benefits
|
(1,779)
|
(2,263)
|
(390)
|
(1,171)
|
Results
of equity-accounted investments in Brazil and abroad
|
534
|
2,024
|
24
|
(400)
|
Non-incidence
of income taxes on indexation charges (SELIC interest rate) over undue paid taxes
|
4,767
|
4,767
|
−
|
−
|
Others
|
12
|
10
|
(177)
|
(204)
|
Income
taxes expense
|
(9,753)
|
(31,549)
|
3,209
|
20,578
|
Deferred
income taxes
|
(620)
|
(21,247)
|
3,235
|
21,811
|
Current
income taxes
|
(9,133)
|
(10,302)
|
(26)
|
(1,233)
|
Total
|
(9,753)
|
(31,549)
|
3,209
|
20,578
|
Effective
tax rate of income taxes
|
23.8%
|
29.5%
|
65.8%
|
27.5%
|
(*)
It relates to Brazilian income taxes on earnings of offshore investees, as established by Law No. 12,973/2014.
|
(**)
It includes provisions for legal proceedings.
|
11.4
|
Deferred
income taxes – non-current
|
Changes
of deferred income tax and social contribution
|
|
Consolidated
|
|
|
|
2021
|
2020
|
Balance
at January 1st
|
|
|
32,509
|
(1,502)
|
Recognized
in the statement of income for the period
|
|
|
(21,247)
|
8,940
|
Recognized
in shareholders’ equity
|
|
|
(4,400)
|
24,858
|
Cumulative
translation adjustment
|
|
|
11
|
559
|
Use
of tax credits
|
|
|
(2,821)
|
(332)
|
Others
|
|
|
(45)
|
(14)
|
Balance
at September 30
|
|
|
4,007
|
32,509
|
Deferred
tax assets
|
|
|
4,852
|
33,524
|
Deferred
tax liabilities
|
|
|
(845)
|
(1,015)
|
Balance
at September 30
|
|
|
4,007
|
32,509
|
|
|
|
|
|
The
table below shows the composition and the basis for realization of deferred tax assets and liabilities:
Nature
|
Reasoning
for realization
|
|
|
|
|
09.30.2021
|
12.31.2020
|
Property,
plant and equipment - Cost of prospecting and dismantling areas
|
Depreciation,
Amortization and Write-off of Assets
|
(12,026)
|
(16,655)
|
Property,
plant and equipment - Impairment
|
Amortization,
Write-off of Assets and Impairment Reversal
|
24,690
|
34,435
|
Property,
plant and equipment – Others (*)
|
Depreciation,
Amortization and Write-off of Assets
|
(69,003)
|
(45,157)
|
Loans,
accounts receivable / payable and financing
|
Payments,
Receipts and Consideration
|
18,582
|
20,335
|
Leases
|
Appropriation
of leases
|
6,560
|
6,186
|
Provision
for lawsuits
|
Payment
and reversal of the provision
|
3,923
|
3,453
|
Tax
losses
|
Compensation
of 30% of taxable income
|
16,278
|
12,995
|
Inventories
|
Sale,
Write-Off and Loss
|
934
|
822
|
Employee
benefits, mainly pension plan
|
Payment
and reversal of the provision
|
12,399
|
14,972
|
Others
|
|
|
|
1,670
|
1,123
|
Total
|
|
|
|
|
|
4,007
|
32,509
|
(*)
includes accelerated incentive depreciation, difference in depreciation per unit produced
x straight-line method, as well as capitalized financial charges
|
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)
|
Non-incidence
of income taxes on indexation charges (SELIC interest rate) over undue paid taxes
On
September 24, 2021, the Federal Supreme Court of Brazil (Superior Tribunal Federal – STF), in a judgment of extraordinary
appeal with general repercussion, without final decision, decided that it is unconstitutional the incidence of income taxes (IRPJ and
CSLL) on the indexation charges applying SELIC interest rate (indexation charges and default interest) over undue paid taxes.
The
Company has a writ of mandamus in which it discusses the right to repeat the amounts of IRPJ and CSLL incident on the indexation charges
applying SELIC over undue paid taxes and over judicial deposits since March 2015, as well as pleads the definitive removal of this tax
incidence.
On
October 20, 2021, a judicial decision was issued in the writ of mandamus, still pending publication, recognizing the right of the Company
of non-incidence of income taxes on indexation charges applying SELIC over undue paid taxes, but there was no pronouncement on the judicial
deposits.
Based
on the STF's decision, as well as on the legal grounds presented, Petrobras reassessed the expectation for this matter, considering that
it is probable that this tax treatment will be accepted.
Thus,
the company recognized in the third quarter of 2021, as current and deferred income from Corporate Income Tax and Social Contribution
Tax, the amount of R$4,767, according to ICPC 22 - Uncertainty in the Treatment of Income Taxes (equivalent to the international standard
IFRIC 23), being:
(i)
|
a R$ 694
increase in recoverable income taxes, within non-current assets, relating to periods when the Company
recorded taxable income; and
|
(ii)
|
a R$ 4,073
decrease in deferred income taxes, within non-current liabilities, relating to periods when the Company
recorded tax losses.
|
12
|
Short-term
and other benefits
|
The
balance of the main benefits for employees, current and non-current, is presented as follows:
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Voluntary
Severance Program (PDV)
|
2,644
|
4,678
|
Employees
variable compensation program
|
1,898
|
2,715
|
Accrued
vacation pay and Christmas Bonus
|
3,565
|
2,443
|
Salaries
and related charges
|
1,536
|
1,059
|
Profit
sharing
|
492
|
20
|
Total
|
10,135
|
10,915
|
Current
|
9,182
|
10,150
|
Non-current
(*)
|
953
|
765
|
(*)
Amount classified in other liabilities
12.1
|
Voluntary
Severance Programs
|
As
of September 30, 2021, changes in the provision for expenses relating to separation plans implemented by the Company are set out as follows:
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Opening
Balance
|
4,678
|
565
|
Enrollments
|
160
|
5,723
|
Revision
of provisions
|
(212)
|
(315)
|
Separations
in the period
|
(1,982)
|
(1,295)
|
Closing
Balance
|
2,644
|
4,678
|
Current
|
1,706
|
3,921
|
Non-current
|
938
|
757
|
|
The
recognition of the provision for expenditures on retirement programs occurred as employees joined.
The
voluntary termination program (PDV 2019), for retired employees under the Brazilian Social Security Institute (INSS), until the enactment
of the Pension Reform, had enrollments reopened during January 2021 for employees not yet enrolled or who have given up membership for
any reason until December 29, 2020. During the reopening period, 195 employees signed up for the program.
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)
|
On
March 29, 2021, the Company opened the sixth opportunity for the separation of corporate employees, with application deadline on April
19, 2021 and had the adhesion of 35 employees.
The
Company deferred payment of indemnities in two installments, the first at the time of termination, together with the legal severance
payments, and the second, when applicable, 12 months after the payment of the first installment.
On
September 30, 2021, of the total provisioned, the amount of R$1,392 refers to the second installment of 4,189 employees dismissed and
R$1,252 refers to 2,258 employees enrolled in voluntary dismissal programs with expected departure by December 2024.
12.2
|
Variable
compensation program
|
Performance
award program (PPP)
On
September 17, 2021, the Board of Directors approved an adjustment to the criteria for granting PPP 2021 to employees (previously approved
on December 16, 2020), changing its regulation. Thus, the 2021 PPP model presents, in addition to the net income for the year, the "declaration
and payment of remuneration to shareholders" for the year in reference approved by the Board of Directors. The payment of the 2021
PPP amounts remains associated with the compliance of the Company's performance metrics and the individual performance of employees.
In
the period from January to September 2021, the company provisioned R$1,857 (R$1,727 in the parent company) related to variable compensation
of employees for the year 2021, recorded in other operating expenses.
In
February 2021, the company advanced part of the PPP 2020 amount to employees in the amount of R$651. On April 14, 2021, the supplement
was paid, in the amount of R$1,996, totaling R$2,647.
12.3
|
Profit sharing
(PLR)
|
At
December 29, 2020, the 17 unions representing onshore employees had signed the agreement for the PLR for the next two years (2021/2022)
before the deadline determined by the Collective Labor Agreement (ACT). Among the offshore employees, only Sindmestre (Sindicato Nacional
dos Mestres de Cabotagem e dos Contra Mestres em Transportes Marítimos) had signed the agreement within the period defined
by the ACT.
The
PLR 2021/2022 regulation covers employees who do not occupy gratified functions and provides for individual limits according
to the remuneration of the participants.
In
order for PLR to be triggered in the years 2021 and 2022, in addition to the PLR agreement being signed, the following
triggers / requirements must be met: i) approval of dividend distribution by the Annual General Meeting (AGO); ii) calculation of net
income in the reference year; and iii) reaching the average percentage, weighted by weight, of the set of indicator targets of at least
80%.
The
maximum amount of PLR to be distributed is limited to 5% of adjusted Ebitda, 6.25% of net income and 25% of dividends distributed to
shareholders, in each year, whichever is lower.
In
the period from January to September 2021, the Company provisioned R$ 496 (R$ 440 in the Parent Company) referring to employees' profit
sharing for the year 2021, recorded in other operating expenses.
13
|
Employee benefits
(Post-Employment)
|
Represents
the company's obligation, net of collateral assets, when applicable, and discounted to present value and calculated annually by an independent
actuary, in accordance with the methodology established in CPC 33 (R1) - Employee Benefits, approved by CVM Resolution No. 695/ 2012,
which diverges from the accounting practices adopted by pension funds regulated by the National Council for Complementary Pensions (Conselho
Nacional de Previdência Complementar).
The
balances related to post-employment benefits granted to employees are shown below:
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
|
|
09.30.2021
|
12.31.2020
|
Liabilities
|
|
|
Health
Care Plan (Saúde Petrobras)
|
27,217
|
27,836
|
Petros
Pension Plan - Renegotiated (PPSP-R) (*)
|
21,917
|
31,265
|
Petros
Pension Plan - Non-renegotiated (PPSP-NR) (*)
|
6,233
|
8,424
|
Petros
Pension Plan - Renegotiated Pre-70 (PPSP-R Pre-70)
|
5,623
|
7,837
|
Petros
Pension Plan - Non-renegotiated Pre-70 (PPSP-NR Pre-70)
|
3,738
|
5,588
|
Petros
2 Pension Plan (PP2)
|
2,772
|
2,477
|
Other
plans
|
81
|
76
|
Total
|
67,581
|
83,503
|
Current
|
3,744
|
8,049
|
Non-current
|
63,837
|
75,454
|
Total
|
67,581
|
83,503
|
(*)
In 2020, includes the obligation with contribution related to the review of the lump sum death benefit.
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
movement of obligations with pension and health plans with defined benefit characteristics is shown below:
|
Pension
plans
|
Health
Care
|
Other
plans
|
|
|
PPSP-R
(*)
|
PPSP-NR
(*)
|
PP2
|
|
|
Total
|
Changes
in the net actuarial liability
|
|
|
|
|
|
|
Balance
as of January 1,
|
39.102
|
14.012
|
2.477
|
27.836
|
76
|
83.503
|
Recognized
in the Statement of Income
|
1.919
|
711
|
295
|
6.656
|
5
|
9.586
|
Costs
incurred in the period
|
(5)
|
(1)
|
−
|
4.518
|
−
|
4.512
|
-
Present value of the obligation
|
(3.672)
|
(168)
|
−
|
4.518
|
−
|
678
|
-
Value of guarantor asset - transfer to equity in PP3
|
2.494
|
114
|
−
|
−
|
−
|
2.608
|
-
Sponsor's contribution to PP3
|
1.173
|
53
|
−
|
−
|
−
|
1.226
|
Current
service cost
|
52
|
3
|
157
|
670
|
−
|
882
|
Net
interest cost
|
1.774
|
680
|
138
|
1.468
|
5
|
4.065
|
Interest
on the obligations with contribution for the revision of the lump sum death benefit
|
98
|
29
|
−
|
−
|
−
|
127
|
Recognized
in Equity - other comprehensive income
|
(6.885)
|
(1.769)
|
−
|
(6.034)
|
8
|
(14.680)
|
Remeasurement:
(Gains) / Actuarial losses
|
(6.885)
|
(1.769)
|
−
|
(6.034)
|
8
|
(14.680)
|
Cash
effects
|
(6.596)
|
(2.983)
|
−
|
(1.241)
|
(1)
|
(10.821)
|
Contributions
paid (***)
|
(2.219)
|
(359)
|
−
|
(1.241)
|
(1)
|
(3.820)
|
Payments
of obligations with contribution for the revision of the lump sum death benefit (**)
|
(1.797)
|
(536)
|
−
|
−
|
−
|
(2.333)
|
Payments
related to Term of financial commitment (TFC)
|
(2.580)
|
(2.088)
|
−
|
−
|
−
|
(4.668)
|
Other
changes
|
−
|
−
|
−
|
−
|
(7)
|
(7)
|
Others
|
−
|
−
|
−
|
−
|
(7)
|
(7)
|
Total
obligation with pension and medical benefits as of September 30,2021
|
27.540
|
9.971
|
2.772
|
27.217
|
81
|
67.581
|
(*)
It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
|
(**)
On June 30, the company made the early settlement of the debit balance of R$2.25 billion.
(***)On
September 30, the company contributed to the PP3 plan for participants who migrated from the PPSP-R and PPSP-NR plans.
|
|
Pension
plans
|
Health
Care
|
Other
plans
|
|
|
PPSP-R
(*)
|
PPSP-NR
(*)
|
PP2
|
|
|
Total
|
Changes
in the net actuarial liability
|
|
|
|
|
|
|
Balance
as of January 1,
|
41,239
|
13,154
|
3,987
|
48,312
|
98
|
106,790
|
Recognized
in the Statement of Income
|
454
|
206
|
571
|
(8,461)
|
14
|
(7,216)
|
Costs
incurred in the period
|
(1,606)
|
(477)
|
280
|
(11,882)
|
1
|
(13,684)
|
Service
cost
|
2,060
|
683
|
291
|
3,421
|
13
|
6,468
|
Recognized
in Equity - other comprehensive income
|
(1,833)
|
1,519
|
(2,081)
|
(10,417)
|
(41)
|
(12,853)
|
Remeasurement
effects recognized in other comprehensive income
|
(1,833)
|
1,519
|
(2,081)
|
(10,417)
|
(41)
|
(12,853)
|
Cash
effects
|
(2,457)
|
(1,374)
|
−
|
(1,598)
|
(4)
|
(5,433)
|
Contributions
paid
|
(1,324)
|
(416)
|
−
|
(1,598)
|
(4)
|
(3,342)
|
Payments
related to Term of financial commitment (TFC)
|
(1,133)
|
(958)
|
−
|
−
|
−
|
(2,091)
|
Other
changes
|
−
|
−
|
−
|
−
|
9
|
9
|
Others
|
−
|
−
|
−
|
−
|
9
|
9
|
Total
as of December 31 2020
|
37,403
|
13,505
|
2,477
|
27,836
|
76
|
81,297
|
Obligations
with contribution for the revision of the lump sum death benefit
|
1,699
|
507
|
−
|
−
|
−
|
2,206
|
Total
obligation with pension and medical benefits as of December 31 2020
|
39,102
|
14,012
|
2,477
|
27,836
|
76
|
83,503
|
(*)
It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
|
The
net expense for pension and health plans is as follows:
|
Pension
plans
|
|
|
Health
care Plans
|
|
|
|
PPSP-R
(*)
|
PPSP-NR
(*)
|
PP2
|
Saúde
Petrobras
|
Other
plans
|
Total
|
Relating
to active employees (costing and result)
|
218
|
37
|
238
|
2,425
|
5
|
2,923
|
Related
to inactive employees (other income and expenses)
|
1,603
|
645
|
57
|
4,231
|
−
|
6,536
|
Obligation
with contributory contribution – review of lump sum death benefit (other income and expenses)
|
98
|
29
|
−
|
−
|
−
|
127
|
Expense
recognized in income - Jan-Sep/2021
|
1,919
|
711
|
295
|
6,656
|
5
|
9,586
|
Expense
recognized in income -Jan-Sep/2020
|
1,617
|
580
|
435
|
3,449
|
18
|
6,099
|
Relating
to active employees (costing and result)
|
71
|
14
|
79
|
1,683
|
5
|
1,852
|
Related
to inactive employees (other income and expenses)
|
509
|
226
|
19
|
3,549
|
(3)
|
4,300
|
Obligation
with contributory contribution – review of lump sum death benefit (other income and expenses)
|
−
|
−
|
−
|
−
|
−
|
−
|
Expense
recognized in income -Jul-Sep/2021
|
580
|
240
|
98
|
5,232
|
2
|
6,152
|
Expense
recognized in income -Jul-Sep/2020
|
460
|
165
|
144
|
1,149
|
6
|
1,924
|
(*)
Includes the balance of the PPSP-R Pre-70 and PPSP-NR Pre-70 plans.
13.1Pension
plans
The
management of the company's supplementary pension plans is the responsibility of the Petrobras Foundation for Social Security (Fundação
Petrobras de Seguridade Social – Petros), which was incorporated by Petrobras as a private, non-profit legal entity with administrative
and financial autonomy.
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)
|
13.1.1.
Petros Plan Renegotiated (PPSP-R) and Non-Renegotiated (PPSP-NR)
On
March 29, 2021, the Petros Board of Directors approved the financial statements of the PPSP-R and PPSP-NR plans, ending the year 2020
with a surplus and reversing the scenario of successive deficits in the two largest defined benefit plans managed by the Foundation.
The
main differences in accounting practices adopted in Brazil (Conselho Nacional de Previdência Complementar and CVM) between
the Pension Fund and the Sponsor to calculate the actuarial commitment are shown below:
|
|
|
|
2020
|
|
PPSP-R
|
PPSP-NR
|
Accumulated
surplus according to CNPC – Petros Foundation
|
(968)
|
(536)
|
Financial
assumptions
|
19,090
|
5,830
|
Ordinary
and extraordinary sponsor contributions
|
13,798
|
3,981
|
Changes
in fair value of plan assets (*)
|
10,744
|
4,778
|
Others
(including Actuarial valuation method)
|
(5,261)
|
(548)
|
Net
actuarial liability according to CVM - Sponsor Company
|
37,403
|
13,505
|
(*)
Includes balance of accounts receivable resulting from the Financial Commitment Term - TCF signed with Petrobras, and which Petros
recognizes as equity.
|
|
Migration
to PP3 and intermediate revision of PPSP-R and PPSP-NR
The
PP-3 is a defined contribution (CD) pension option, which served as a voluntary and exclusive migration for participants and beneficiaries
of the PPSP-R and PPSP-NR plans, both Post-70.
On
January 27, 2021, the creation of the Petros Plan 3 (PP-3) was approved by responsible public agencies, as well as the changes in the
regulations of the PPSP-R and PPSP-NR plans, both post-70, basically predicting the process of migration of participants to PP-3.
The
application deadline for PP3 ended on April 30, 2021. The option for migration is irreversible and irrevocable, in addition to terminating
any and all relationship with the plan of origin.
On
June 15, 2021, the validation stage of the PP-3 applications was completed, totaling 2,176 applications granted and the technical and
administrative feasibility studies of the new defined contribution plan were completed, allowing its implementation as from August 2021.
Considering
the feasibility of PP-3, the option to migrate to the new plan being irreversible and irrevocable and the need to measure the cost of
the past service, Petrobras carried out an intermediate review of the PPSP-R and PPSP-NR plans in the second quarter of 2021, which resulted
in a reduction in liabilities of R$8,660, as a contra entry to: (i) R$6 of gain in income for the cost of past service of the 2,176 participants
who opted for the migration, as shown in the movement of plan obligations; and (ii) R$8,654 of gain in other comprehensive income in
shareholders' equity, mainly due to the increase in the discount rate applied to plan liabilities.
The
average duration of the actuarial liability of the PPSP-R and PPSP-NR plans, after the remeasurement of the liability, is 12.77 years
and 11.99 years, respectively (12.43 years and 11.51 years as of December 31, 2020, respectively).
On
September 9, 2021, Petrobras made a contribution to PP-3 in the amount of R$1,274, of which R$1,221 related to participants who migrated
from the PPSP-R plan and R$53 from the PPSP-NR plan, less the value of the contribution for the revision of the lump sum death benefit
in the amount of R$92, provided for in the plan for solving the deficit of the PPSP-R and PPSP-NR plans settled in June 2021.
a)
Actuarial assumptions
The
actuarial assumptions used to carry out the intermediate actuarial valuation in the 2nd quarter of 2021, compared to those adopted in
the December 2020 actuarial valuation, were not updated, except for the discount rate assumption, which increased by 0.68 pp when compared
to the real discount rates of 4.27% and 3.59% (as of May 31, 2021 and December 31, 2020, respectively) in the PPSP-R and 0.70 pp when
compared to the discount rates of 4.23% and 3.53% (as of May 31, 2021 and December 31, 2020, respectively) in the PPSP–NR.
13.1.2
Petros Plan 2 (PP2)
The
Petros 2 Plan has a defined contribution portion whose payments are recognized in income. In the period from January to September 2021,
the company's contribution to the defined contribution portion of the Petros Plan 2 was R$ 618 (R$ 640, for the period from January to
September 2020).
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)
|
In
2020, Petrobras' Board of Directors approved a new management model for Multidisciplinary Health Care. As of April 1, 2021, the management
of the health plan started to be carried out by a non-profit civil association, called Petrobras Health Association (Associação
Petrobras de Saúde - APS), maintaining the self-management modality that complies with the requirements of the National Supplementary
Health Agency (Agência Nacional de Saúde Suplementar - ANS).
With
the transfer to the new management model, there was no change in sponsors, benefits, coverage or scope, as well as accounting effects.
On
September 30, 2021, the enactment of Legislative Decree No. 26/2021, on the date of its publication, suspends the effects of CGPAR Resolution
No. 23/2018, which established parity limit for costing the health care benefit between state-owned companies and employees.
Considering
the conditions established that the company and the union entities established in the collective agreement 2020-2022, the participation
that, from January 2022 would be in the proportion of 50% (fifty percent) between the company and the participants, will be 60% (sixty
percent) of the expenses covered by the company and the remaining 40% (forty percent) by the participants. As a result of this change,
the company carried out an interim review of the actuarial liability of the health plan.
Thus,
the interim review in the 3rd quarter of 2021 resulted in a reduction in liabilities of R$1,516, as a contra entry to: (i) 4,518 in income
at past service cost arising from the change in benefit; and (ii) 6,034 gain in other comprehensive income in shareholders' equity, due
to the revision of actuarial assumptions, mainly due to the increase in the real discount rate applied to the plan's liabilities of 4.81%
and 3.76% (as of August 31, 2021 and December 31, 2020, respectively) and by the reduction in the variation of hospital medical costs
- VCMH by 4.66% and 6.17% (from August 31, 2021 and December 31, 2020, respectively).
The
other actuarial assumptions used to carry out the intermediate actuarial valuation, compared to those adopted in the December 2020 actuarial
valuation, were not updated.
14
|
Provisions
for legal proceedings
|
14.1Provisions
for legal proceedings, judicial deposits and contingent liabilities
The
Company recognizes provisions based on the best estimate of the costs of proceedings for which it is probable that an outflow of resources
embodying economic benefits will be required and that can be reliably estimated. These proceedings mainly include:
|
·
|
Labor
claims, in particular: (i) opt-out claims related to a review of the methodology by which
the minimum compensation based on an employee's position and work schedule (Remuneração
Mínima por Nível e Regime - RMNR) is calculated; and (ii) actions of outsourced
employees;
|
|
·
|
Tax
claims including: (i) claims relating to Brazilian federal tax credits applied that were
disallowed; (ii) non-payment of social security contributions on bonuses;
|
|
·
|
Civil
claims, in particular: (i) lawsuits related to contracts; (ii) royalties and production taxes,
including royalties over shale extraction; and (iii) penalties applied by ANP relating
to measurement systems.
|
|
·
|
Environmental
claims, specially: (i) compensation and fines relating to an environmental accident in the
State of Paraná in 2000; and (ii) fines relating to the Company’s offshore operation.
|
Provisions
for legal proceedings are set out as follows:
|
Consolidated
|
Current
and Non-current liabilities
|
09.30.2021
|
12.31.2020
|
Labor
claims
|
3,800
|
3,667
|
Tax
claims
|
1,740
|
2,538
|
Civil
claims
|
4,155
|
3,706
|
Environmental
claims
|
2,295
|
1,516
|
Total
|
11,990
|
11,427
|
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
|
|
09.30.2021
|
12.31.2020
|
Opening
Balance
|
11,427
|
12,546
|
Additions,
net of reversals
|
2,173
|
2,494
|
Use
of provision
|
(2,041)
|
(3,814)
|
Accruals
and charges
|
384
|
104
|
Transfer
to held for sale
|
(15)
|
−
|
Others
|
62
|
97
|
Closing
balance
|
11,990
|
11,427
|
|
In
preparing its consolidated financial statements for the period ended on September 30, 2021, the Company considered all available information
concerning legal proceedings in which the Company is a defendant, in order to estimate the amounts of obligations and probability that
outflows of resources will be required.
In
the period from January to September 2021, the increase in liabilities is mainly due to changes in the following cases: (i) R$ 801 for
the transfer to probable loss in actions related to indemnities and fines arising from the environmental accident that occurred in 2000
in the State of Paraná; (ii) R$626 in the provision for civil litigation involving contractual issues; (iii) R$215 in the provision
for arbitration proceedings arising from a subsidiary agreement; and (iv) R$151 in the provision for fines for regulatory agencies, mainly
offset by: (v) reduction of R$1,157 for the review of tax contingencies within the scope of the amnesty program of the state of Rio de
Janeiro, as per the explanatory note 11.2; and (vi) reduction of R$ 376 due to the agreement reached in the arbitration of engineering
contracts in platforms arising from subsidiaries abroad.
Judicial
deposits made in connection with legal proceedings are set out in the table below according to the nature of the corresponding lawsuits:
|
Consolidated
|
Non-current
assets
|
09.30.2021
|
12.31.2020
|
Tax
|
30,852
|
26,785
|
Labor
|
4,415
|
4,317
|
Civil
|
6,435
|
5,688
|
Environmental
|
571
|
588
|
Others
|
418
|
460
|
Total
|
42,691
|
37,838
|
|
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Opening
Balance
|
37,838
|
33,198
|
Additions
|
4,385
|
4,672
|
Use
|
(359)
|
(441)
|
Accruals
and charges
|
811
|
431
|
Transfer
to held for sale
|
(3)
|
−
|
Others
|
19
|
(22)
|
Closing
balance
|
42,691
|
37,838
|
In
the period from January to September 2021, the Company made judicial deposits in the amount of R$4,385, including: (i) R$1,430 referring
to Corporate Income Tax and Social Contribution for not adding the income of subsidiaries and affiliates domiciled abroad to the calculation
base of the Parent Company's Corporate Income Tax and Social Contribution; (ii) R$1,267 referring to the unification of fields (Cernambi,
Tupi, Tartaruga Verde and Tartaruga Mestiça); (iii) R$852 referring to the levy of withholding income tax related to platform
chartering; (iv) R$506 referring to Corporate Income Tax and Social Contribution deducting expenses with Petros; and (v) R$ 651 referring
to various judicial deposits of a tax nature, mainly offset by: (vi) R$ 722 referring to the redemption of a civil deposit made in an
indemnity action based on the unilateral termination of the Excise Tax (IPI) credit assignment agreement.
14.3
|
Contingent
liabilities
|
The
estimates of contingent liabilities for legal proceedings are indexed to inflation and updated by applicable interest rates. As of September
30, 2021, estimated contingent liabilities for which the possibility of loss is not considered remote are set out in the following table:
|
Consolidated
|
Nature
|
09.30.2021
|
12.31.2020
|
Tax
|
131,480
|
127,375
|
Labor
|
39,379
|
42,505
|
Civil
– General
|
29,015
|
24,012
|
Civil
– Environmental
|
5,941
|
7,613
|
Total
|
205,815
|
201,505
|
|
The
main contingent liabilities are:
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
matters comprising: i) withholding income tax (IRRF), Contribution of Intervention in the
Economic Domain (CIDE), Social Integration Program (PIS) and Contribution to Social Security
Financing (COFINS) on remittances for payments of vessel charters; (ii) income from foreign
subsidiaries and associates located outside Brazil not included in the computation of taxable
income (IRPJ and CSLL); (iii) tax on services provided offshore (ISS); (iv) requests to compensate
federal taxes disallowed by the Brazilian Federal Tax Authority; (v) collection and crediting
of ICMS VAT tax by several states; and (vi) collection of social security contributions over
payments of bonuses.
|
·
|
Labor
matters comprising mainly actions requiring a review of the methodology by which the minimum
compensation based on an employee's position and work schedule (Remuneração
Mínima por Nível e Regime - RMNR) is calculated;
|
·
|
Civil
lawsuits, highlighting: (i) administrative and legal proceedings that discuss differences
in special participations and royalties in different fields; (ii) lawsuits challenging the
state monopoly of piped gas services; (iii) fines from regulatory agencies; and (iv) claims
involving contracts;
|
·
|
Environmental
matters with emphasis on indemnities and reparations for environmental damages and fines
related to the company's operation.
|
In
the period from January to September 2021, the increase in liabilities is mainly due to the following events: (i) R$3,444 in civil litigation
involving contractual issues; (ii) R$1,487 referring to actions involving the collection of VAT Tax (ICMS) on inventory differences and
on added value; (iii) R$785 referring to administrative and legal proceedings discussing the difference in special participation and
royalties in several fields, including the unification of fields; (iv) R$767 referring to the incidence of withholding income tax, CIDE
and PIS/COFINS related to platform chartering; (v) R$725 referring to lawsuits involving the collection of Corporate Income Tax and Social
Contribution Tax in the deduction of expenses with Petros; and (vi) R$578 related to requests for offsetting federal taxes not approved
by the Federal Revenue Service of Brazil. This effect was partially offset by (vii) a reduction of R$ 2,859, based on the publication
of the judgment of the Constitutional Declaratory Action (ADC) No. 58 by the Federal Supreme Court, in relation to the financial adjustment
indexes applied to labor debts in collective actions in which labor unions question the calculation formula of the Minimum Remuneration
by Level and Work Regime (RMNR) Supplement; and (viii) R$1,769 for the review of amounts and transfer to probable loss in environmental
damages and fines actions related to the company's operation.
14.4
|
RMNR - Minimum
Remuneration by Level and Work Regime
|
As
of September 30, 2021, there are several lawsuits related to the Minimum Remuneration by Level and Work Regime (RMNR), with the objective
of revising its calculation criteria.
The
RMNR consists of a guaranteed minimum remuneration for employees, based on salary level, working conditions and geographic location.
This compensation policy was created and implemented by Petrobras in 2007 through collective bargaining with union representatives, and
approved at employee meetings, being questioned only three years after its implementation.
In
2018, the Superior Labor Court (TST) ruled against the Company, which filed extraordinary appeals against its decision. However, the
Federal Supreme Court (STF) suspended the effects of the decision rendered by the TST and determined the national suspension of the ongoing
processes related to the RMNR.
On
July 29, 2021, a monocratic decision was published in which the Reporting Justice granted the Extraordinary Appeal filed in one of the
proceedings to reestablish the judgment that dismissed the copyright requests, accepting the Company's thesis and recognizing the validity
of the collective bargaining agreement freely signed between Petrobras and the labor unions, reversing the decision of the TST.
This
decision was the subject of an Interlocutory Appeal filed by the Unions and has not yet become final and unappealable, with no effects
on the company's financial statements as of September 30, 2021, which present R$ 744 classified as probable loss, recognized in liabilities
as a provision for lawsuits and administrative proceedings, and R$32,110 classified as a possible loss, included in the explanatory note
of lawsuits not provisioned.
14.5
|
Class action
and related proceedings
|
Regarding
the class action in the Netherlands, on May 26, 2021, the Court ruled that the class action must continue and that the arbitration clause
of Petrobras' Bylaws does not prevent the company's shareholders from having access to the Dutch Judiciary and being represented by the
Foundation. However, investors who have already started arbitration against Petrobras or who are parties to legal proceedings in which
the applicability of the arbitration clause has been definitively recognized are excluded from the action.
The
class action moved to the stage of discussion of issues of merit. For more information, see explanatory note 20.4.1 to the financial
statements for the year ended December 31, 2020.
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)
|
In
the Argentine arbitration, detailed in item 20.4.3 of the financial statements for the year ended December 31, 2020, the appeal filed
by the Association has not yet been judged by the Argentine Supreme Court.
As
for the criminal actions in Argentina, detailed in item 20.5 of the financial statements for the year ended December 31, 2020, within
the scope of the action related to the alleged fraudulent offer of securities, on October 21, 2021, after appeal by the Association,
the Court of Appeals revoked the lower court decision that recognized Petrobras' immunity from jurisdiction. The same Court recommended
that the lower court take some steps to certify whether the company could be considered criminally immune in Argentina for a subsequent
reassessment of the matter. On the same occasion, the Court of Appeals recognized that the Association could not function as a representative
of financial consumers, due to the loss of its registration with the competent Argentine bodies. Appeal against the decisions.
In
relation to the action on alleged non-compliance with the obligation to disclose "material fact", on March 4, 2021, the Court
(Room A of the Economic Criminal Chamber) decided that the jurisdiction to judge this criminal action should be transferred from the
Criminal Economic Court No. 3 of the city of Buenos Aires to the Criminal Economic Court No. 2 of that same city.
14.6
Arbitrations in Brazil
In
the period from January to September 2021, there were no events that changed the assessment and information about arbitrations in Brazil.
For
more information, see note 20.4.2 to the financial statements for the year ended December 31, 2020.
14.7
|
Tax recoveries
under dispute
|
14.7.1
|
Deduction
of VAT tax (ICMS) from the basis of calculation of PIS and COFINS
|
The
Company filed complaints against Brazilian Federal Government challenging the constitutionality of the inclusion, from 2001 to 2020,
of ICMS within the calculation basis of PIS and COFINS. The Company obtained a favorable and definitive court decision on this claim,
recognizing that Petrobras had the right to offset the amounts unduly paid under PIS and COFINS, with this decision being final and the
respective asset recognized in the year 2020, according to note 17 of the financial statements of the year ended on December 31, 2020.
The
credit recognized in assets refers to the exclusion of the ICMS VAT Tax actually collected from the calculation basis of PIS and COFINS
contributions, as directed by the Federal Revenue Service of Brazil (COSIT Consultation Solution 13), while the difference for the ICMS
VAT Tax criterion highlighted in the invoice was not recorded in assets, as it was depending on a decision by the Federal Court of Justice
(STF).
On
May 14, 2021, the extract from the minutes of the STF judgment on the motion for clarification filed by the Federal Government was published
and it was clear that the criterion to be used for VAT Tax (ICMS) calculation purposes in the PIS and COFINS calculation basis is the
one related to the VAT Tax (ICMS) highlighted on the invoice. Based on the STF decision, Petrobras recognized the asset related to the
difference between the criteria, and this amount is already being offset in the Company's tax calculation.
The
effects recognized relating to the exclusion of VAT Tax (ICMS) from the PIS and COFINS basis, as well as the offset of these amounts,
are presented in note 11.1.
15
|
Provision
for decommissioning costs
|
The
table below details the amount of the decommissioning provision by production area:
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Opening
balance
|
97,595
|
70,377
|
Adjustment
to provision
|
38
|
29,309
|
Transfers
related to liabilities held for sale (*)
|
(2,866)
|
(2,793)
|
Payments
made
|
(2,798)
|
(2,293)
|
Interest
accrued
|
2,940
|
2,925
|
Others
|
19
|
70
|
Total
|
94,928
|
97,595
|
(*)
In the period from January to September 2021, refer to the following transfers: Polo Alagoas (R$808); Papa-Terra Field (R$773); Polo
Peroá (R$595); Polo Miranga (R$ 530); and Búzios Field (R$ 160). In 2020, it mainly includes transfers of R$1,550 relating
to concessions in Bahia and R$1,054 relating to concessions in Rio Grande do Norte (as per note 23 of June 30, 2021 and note 24 of December
31, 2020, respectively).
NOTES TO THE FINANCIAL STATEMENTS
PETROBRAS
This interim financial information should be read together with the Company’s audited annual financial statements
(Expressed in millions of reais, unless otherwise indicated)
|
16
|
The
“Lava Jato (Car Wash) Operation” and its effects on the Company
|
The
Company has monitored the progress of investigations under the “Lava Jato” Operation and, in the preparation of these unaudited
interim consolidated financial statements for the period ended September 30, 2021, did not identify any additional information that would
affect the adopted calculation methodology to write off, in the third quarter of 2014, amounts overpaid for the acquisition of property,
plant and equipment. The Company will continue to monitor these investigations for additional information in order to assess their potential
impact on the adjustment made.
In
addition, the Company has fully cooperated with the Brazilian Federal Police (Polícia Federal), the Brazilian Public Prosecutor’s
Office (Ministério Público Federal), the Judicial Court, the Federal Auditor’s Office (Tribunal de Contas da União
– TCU) and the General Federal Inspector’s Office (Controladoria Geral da União) in the investigation of all crimes
and irregularities.
In
the period from January to September 2021, as a result of leniency agreements and collaboration and repatriation agreements, the reimbursement
of R$ 1,197 (R$ 515 from January to September 2020) was recognized. Considering the amount recognized in previous years, Petrobras has
already recovered R$ 6,145 as a result of Lava Jato Operation. These funds were presented as other operating income.
16.1
|
U.S. Commodity
Futures Trading Commission - CFTC
|
On
May 30, 2019, the U.S. Commodity Futures Trading Commission (“CFTC”) contacted Petrobras with an inquiry regarding trading
activities related to the Lava Jato Operation. Petrobras reiterates that it continues to cooperate with the regulatory authorities, including
the CFTC, regarding any inquiry.
16.2
Order of civil inquiry - Brazilian Public Prosecutor’s Office
On
December 15, 2015, the State of São Paulo Public Prosecutor’s Office issued the Order of Civil Inquiry 01/2015, establishing
a civil proceeding to investigate the existence of potential damages caused by Petrobras to investors in the Brazilian stock market.
The Brazilian Attorney General’s Office (Procuradoria Geral da República) assessed this civil proceeding and determined
that the São Paulo Public Prosecutor’s Office has no authority over this matter, which must be presided over by the Brazilian
Public Prosecutor’s Office. The Company has provided all relevant information requested by the authorities.
.
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)
|
17
|
Property,
plant and equipment
|
|
Consolidated
|
Parent
|
|
Land,
buildings
and
improvement
|
Equipment
and other assets (*)
|
Assets
under
construction
(**)
|
Exploration
and development costs (oil and gas producing properties) (***)
|
Right-of-use
assets
|
Total
|
Total
|
Balance
at January 1,2020
|
17,938
|
283,673
|
88,480
|
164,845
|
87,013
|
641,949
|
662,816
|
Additions
|
1
|
23,819
|
14,825
|
1,883
|
22,671
|
63,199
|
174,429
|
Additions
to / review of estimates of decommissioning costs
|
−
|
−
|
−
|
27,899
|
−
|
27,899
|
27,829
|
Capitalized
borrowing costs
|
−
|
−
|
4,797
|
−
|
−
|
4,797
|
4,745
|
Write-offs
|
(26)
|
(2,269)
|
(2,266)
|
(1,055)
|
(6,588)
|
(12,204)
|
(81,011)
|
Transfers
|
(1,485)
|
13,724
|
(15,342)
|
6,079
|
(119)
|
2,857
|
1,955
|
Transfers
to assets held for sale
|
(47)
|
(1,055)
|
14
|
(3,956)
|
(73)
|
(5,117)
|
(4,995)
|
Depreciation,
amortization and depletion
|
(719)
|
(21,882)
|
−
|
(19,650)
|
(20,627)
|
(62,878)
|
(71,925)
|
Impairment
recognition
|
(68)
|
(35,813)
|
(13,997)
|
(22,691)
|
(1,645)
|
(74,214)
|
(66,603)
|
Impairment
reversal
|
−
|
28,522
|
2,479
|
8,296
|
638
|
39,935
|
22,848
|
Cumulative translation
adjustment
|
218
|
16,221
|
1,265
|
308
|
1,199
|
19,211
|
−
|
Balance
at December 31, 2020
|
15,812
|
304,940
|
80,255
|
161,958
|
82,469
|
645,434
|
670,088
|
Accumulated
cost
|
28,322
|
557,080
|
143,142
|
316,486
|
123,578
|
1,168,608
|
1,120,987
|
Accumulated
depreciation, amortization, depletion and impairment
|
(12,510)
|
(252,140)
|
(62,887)
|
(154,528)
|
(41,109)
|
(523,174)
|
(450,899)
|
Balance
at December 31, 2020
|
15,812
|
304,940
|
80,255
|
161,958
|
82,469
|
645,434
|
670,088
|
Additions
|
2
|
5,274
|
22,940
|
7
|
27,943
|
56,166
|
59,514
|
Additions
to / review of estimates of decommissioning costs
|
−
|
−
|
−
|
1
|
−
|
1
|
−
|
Capitalized
borrowing costs
|
−
|
−
|
3,954
|
−
|
−
|
3,954
|
3,908
|
Business
combinations
|
(1)
|
−
|
−
|
−
|
−
|
(1)
|
−
|
Transfer
of Signature Bonus
|
−
|
−
|
−
|
61,375
|
−
|
61,375
|
61,375
|
Write-offs
|
(2)
|
(3,362)
|
(1,941)
|
(8,667)
|
(669)
|
(14,641)
|
(14,649)
|
Transfers
|
(50)
|
2,755
|
(16,036)
|
13,623
|
11
|
303
|
(386)
|
Transfers
to assets held for sale
|
(8)
|
(8,476)
|
(3,023)
|
(3,288)
|
8
|
(14,787)
|
(15,356)
|
Depreciation,
amortization and depletion
|
(413)
|
(16,670)
|
−
|
(16,733)
|
(16,825)
|
(50,641)
|
(54,451)
|
Impairment
recognition (note 19)
|
−
|
(1,007)
|
(1)
|
(46)
|
−
|
(1,054)
|
(1,053)
|
Impairment
reversal (note 19)
|
−
|
7,240
|
537
|
9,415
|
169
|
17,361
|
17,209
|
Cumulative translation
adjustment
|
(2)
|
57
|
270
|
73
|
−
|
398
|
−
|
Balance
at September 30, 2021
|
15,338
|
290,751
|
86,955
|
217,718
|
93,106
|
703,868
|
726,199
|
Accumulated
cost
|
23,358
|
542,618
|
147,029
|
370,916
|
142,750
|
1,226,671
|
1,177,110
|
Accumulated
depreciation, amortization, depletion and impairment (***)
|
(8,020)
|
(251,867)
|
(60,074)
|
(153,198)
|
(49,644)
|
(522,803)
|
(450,911)
|
Balance
at September 30, 2021
|
15,338
|
290,751
|
86,955
|
217,718
|
93,106
|
703,868
|
726,199
|
Weighted
average useful life in years
|
40
(25
to 50)
(except
land)
|
20
(3
to 31)
|
|
Units
of production method
|
8
(2
to 47)
|
|
|
(*)
Composed of production platforms, refineries, thermoelectric plants, gas treatment units, pipelines and other operating, storage
and production facilities, including subsea production equipment and flow of oil and gas depreciated by the method of the units produced.
(**)
Balances by business segment are presented in note 24.
(***)
Composed of exploration and production assets related to wells, abandonment of areas, signature bonuses associated with proven reserves
and other expenses directly linked to exploration and production, except production platforms.
(****)
In the case of lands and assets under construction, it refers only to impairment losses.
|
|
The
rights-of-use comprise the following underlying assets:
|
Consolidated
|
Parent
Company
|
|
Platforms
|
Vessels
|
Buildings
and others
|
Total
|
Total
|
2020
|
|
|
|
|
|
Accumulated
cost
|
57,913
|
58,498
|
7,167
|
123,578
|
139,784
|
Accumulated
depreciation, amortization, depletion and impairment
|
(16,447)
|
(21,251)
|
(3,411)
|
(41,109)
|
(45,198)
|
Balance
at December 31, 2020
|
41,466
|
37,247
|
3,756
|
82,469
|
94,586
|
2021
|
|
|
|
|
|
Accumulated
cost
|
75,894
|
60,212
|
6,644
|
142,750
|
158,616
|
Accumulated
depreciation, amortization, depletion and impairment
|
(19,219)
|
(27,437)
|
(2,988)
|
(49,644)
|
(51,264)
|
Balance
at September 30, 2021
|
56,675
|
32,775
|
3,656
|
93,106
|
107,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17.2
|
Production
Individualization Agreements
|
Petrobras
has Production Individualization Agreements (AIP) signed in Brazil with partner companies in E&P consortia, as well as contracts
resulting from divestment operations and strategic partnerships linked to these consortia. These agreements will result in equalizations
payable or receivable of expenses and production volumes related to the Atapu, Berbigão, Sururu, Albacora Leste, Tartaruga Verde,
Mero and other fields.
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
change in the amount payable is shown below:
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Initial
balance
|
1,925
|
456
|
Additions/write-offs
in Property, Plant and Equipment
|
(419)
|
1,500
|
Payments
made
|
-
|
(89)
|
Other
operating (income) expenses
|
190
|
58
|
Final
balance
|
1,696
|
1,925
|
|
As
of September 30, 2021, Petrobras has an estimate of amounts payable for the execution of the AIP submitted for approval by the ANP of
R$1,696 (R$1,925 as of December 31, 2020). In the period from January to September 2021, these agreements resulted in the recognition
of additions and write-offs in property, plant and equipment, in addition to other net expenses of R$ 190, reflecting the best available
estimate of the assumptions used in the estimation of the calculation base and the sharing of assets relevant in areas to be equalized.
17.3
|
Capitalization
rate used to determine the amount of borrowing costs eligible for capitalization
|
The
weighted average rate of financial charges used to determine the amount of borrowing costs without a specific destination, to be capitalized
as an integral part of assets under construction, was 6.24% p.a. in the period from January to September 2021 (6.05% p.a. in the period
from January to September 2020).
|
Consolidated
|
Parent
Company
|
|
Rights
and Concessions
|
Software
|
Goodwill
|
Total
|
Total
|
Balance
at January 1st, 2020
|
77,261
|
976
|
252
|
78,489
|
77,904
|
Addition
|
157
|
448
|
−
|
605
|
562
|
Capitalized
borrowing costs
|
−
|
9
|
−
|
9
|
9
|
Write-offs
|
(922)
|
(16)
|
−
|
(938)
|
(902)
|
Transfers
|
(13)
|
(5)
|
(148)
|
(166)
|
(17)
|
Amortization
|
(37)
|
(295)
|
−
|
(332)
|
(298)
|
Impairment
recognition
|
−
|
(30)
|
(31)
|
(61)
|
−
|
Cumulative translation
adjustment
|
18
|
2
|
52
|
72
|
−
|
Balance
at December 31, 2020
|
76,464
|
1,089
|
125
|
77,678
|
77,258
|
Accumulated
Cost
|
76,925
|
6,467
|
125
|
83,517
|
82,110
|
Accumulated
amortization and impairment
|
(461)
|
(5,378)
|
−
|
(5,839)
|
(4,852)
|
Balance
at December 31, 2020
|
76,464
|
1,089
|
125
|
77,678
|
77,258
|
Addition
|
19
|
514
|
−
|
533
|
485
|
Addition - Signature Bonuses
|
520
|
−
|
−
|
520
|
520
|
Capitalized
borrowing costs
|
−
|
16
|
−
|
16
|
16
|
Write-offs
|
(51)
|
(5)
|
−
|
(56)
|
(44)
|
Transfers
|
(495)
|
18
|
−
|
(477)
|
(195)
|
Signature Bonuses Transfers
|
(61,375)
|
−
|
−
|
(61,375)
|
(61,375)
|
Amortization
|
(24)
|
(217)
|
−
|
(241)
|
(220)
|
Cumulative translation
adjustment
|
3
|
−
|
−
|
3
|
−
|
Balance
at September 30, 2021
|
15,061
|
1,415
|
125
|
16,601
|
16,445
|
Accumulated
Cost
|
15,332
|
7,016
|
125
|
22,474
|
21,490
|
Accumulated
amortization and impairment
|
(271)
|
(5,602)
|
−
|
(5,873)
|
(5,045)
|
Balance
at September 30, 2021
|
15,061
|
1,414
|
125
|
16,601
|
16,445
|
Estimated
useful life in years
|
(*)
|
5
|
Indefinite
|
|
|
(*)
Mainly composed of assets with indefinite useful lives, which are reviewed annually to determine whether events and circumstances continue
to support an indefinite useful life assessment.
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)
|
18.2
|
Surpluses
from Transfer of Rights
|
Atapu
and Sepia
On
April 9, 2021, the Board of Directors approved the signing of an Agreement with the Brazilian Federal Government that establishes the
shares in each contract and the amount of compensation to Petrobras in the event of bidding for the excess volumes of the Transfer of
Rights in the Sepia and Atapu fields. On April 14, 2021, this agreement was approved by the Ministry of Mines and Energy (MME).
With
the publication of MME Ordinance No. 23/2020, complemented by Ordinance MME No. 493/2021, Petrobras and Pré-Sal Petróleo
S.A (PPSA) revised and defined, prior to the bidding process for the excess volumes of the transfer of rights, the amounts of compensation
to be paid for the new contracting party to Petrobras for the deferral of the cash flow in the two areas, as well as the participation
in the Transfer of Rights and sharing contracts.
The
Agreement between Petrobras and the Federal Government provides for the following terms: firm compensation of US$ 3,254 million for the
60.5% participation of the new contractor for the Atapu Field and of US$ 3,200 million for the 68.7% participation for the Sepia Field.
In addition to these amounts, there is a forecast of an earn out, due between 2022 and 2032, when the price of Brent oil reaches an annual
average above US$40/bbl (limited to US$70/bbl, for amounts greater or equal to US$ 70/bbl). Such supplements have a grace period of 1
year for payment of the 1st earn out installment, from 2023 to 2024, restated at the rate of 8.99% p.a.
The
foreseen payment terms will be reflected in a Co-participation Agreement that will bind Petrobras and the new contracting parties of
the areas. The Co-participation Agreement will be effective from the signing of the Production Sharing Agreement and the payment of compensation
to Petrobras, when the contractors will have access to their participation in the production from the Sépia and Atapu fields.
On
April 28, 2021, Petrobras expressed to the National Energy Policy Council (CNPE) its interest in the preemptive right in the Second Round
of Bidding for Excess Volumes of the Transfer of Rights in the Production Sharing regime, with the expression of interest in the right
preferably in the areas of Atapu and Sépia, with a percentage of 30%, considering the parameters disclosed in CNPE Resolution
No. 05, of April 22, 2021, and MME Ordinance No. 08, of 19 April 2021.
The
amounts corresponding to the subscription bonus to be paid, if the participation percentages are confirmed under the terms above by CNPE,
will be R$ 1,201 for Atapu and R$ 2,141 for Sépia.
Búzios
On
November 6, 2019, the National Agency for Petroleum, Natural Gas and Biofuels (ANP) held the First Round of Bidding for the Transfer
of Rights Surplus, in which Petrobras acquired 90% of the right to explore and produce the volume exceeding the Onerous Assignment Contract
for the Búzios field, in the Santos Basin pre-salt, in partnership with CNODC Brasil Petróleo e Gás Ltda. (CNODC)
- 5% and CNOOC Petroleum Brasil Ltda. (CNOOC) - 5%.
The
signature bonuses, corresponding to the company's interest, in the amount of R$ 61,375, was paid in the last quarter of 2019 and the
Production Sharing Agreement signed with the regulatory entities in the first quarter of 2020.
a)
Búzios Co-participation Agreement
On
June 11, 2021, Petrobras signed with PPSA and the partners CNODC and CNOOC the Co-participation Agreement of Búzios, which will
regulate the coexistence of the Transfer of Rights Agreement and the Production Sharing Agreement of the Surplus from the Transfer of
Rights for the Búzios field. The total compensation amount due to the Assignment Agreement (100% Petrobras) for the Production
Sharing Agreement is US$29 billion, which will be recovered as Oil Cost by the contractors.
The
amount was calculated based on the guidelines established in MME Ordinance No. 213/2019 and took into account current market parameters,
as well as the deferral of the production of the volume contracted under the Transfer of Rights regime, in order to maximize the Net
Present Value (NPV) of the Union and maintain Petrobras' NPV calculated based on the effective date of the Co-Participation Agreement.
Following
the conditions of the agreement for the formation of the consortium to participate in the 2019 Bid, the amount of R$ 15,510 (US$ 2.9
billion) was paid by the partners CNODC and CNOOC to Petrobras in August 2021, after approval by the ANP, all conditions precedent being
met. Thus, the Agreement came into force on September 1, 2021.
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)
|
On
the effective date of the Agreement, the assets associated with the Búzios field were partially written off, including part of
the signature bonus paid by Petrobras due to the Transfer of Rights Agreement applicable to this field, in exchange for financial compensation,
resulting in a transaction analogous to a sale.
Together,
the contracted companies and PPSA defined the Development Plan for the field, which should result in a recoverable volume of 10,346 million
boe between the effective date of the Agreement and the end of the agreement in September 2050. Said recoverable volume results in shares
in the co-participated area of approximately 26% for the Assignment Agreement and 74% for the Production Sharing Agreement.
Considering the participation of each company in its respective contract and the participation of each contract in the co-participated
area, the participation in the area was 92.6594% for Petrobras and 3.6703% for each of the partners.
b)
Reimbursement of Expenses
Expenses
incurred by Petrobras in the ordinary operations of the bidding area for the benefit of the consortium, made prior to the start of the
Agreement and not included in the total compensation amount, in the estimated amount of R$ 399, will be reimbursed to Petrobras by the
partners CNODC and CNOOC .
c)
Exercise of the Partners' Purchase Option
Within
30 days after the effective date of the Agreement, Petrobras' partners in the consortium had the right to exercise the purchase option,
provided for in the agreement that established the formation of the consortium to participate in the Bid in 2019, to acquire, each one,
plus 5% stake.
On
September 29, 2021, the partner CNOOC expressed its interest in exercising the option to purchase the additional 5% portion. The estimated
amount to be received by Petrobras in cash at the closing of the operation for the portion of CNOOC, based on the exchange rate of R$
5.42/US$, will be US$ 2.08 billion, being: (i) US$ 1 .45 billion for compensation, subject to the adjustments provided for in the contract,
which considers the same effective date of the Agreement of September 1, 2021 and; (ii) US$0.63 billion for the reimbursement of the
signing bonus, referring to the additional participation of CNOOC. The values will be updated until the closing date of
the transaction.
On
September 30, 2021, the assets related to this transaction were reclassified to assets held for sale, described in note 23.1
The
effectiveness of this transaction is subject to approval by the Administrative Council for Economic Defense (CADE), ANP and the MME.
The
partner CNODC did not express an interest in exercising the option to purchase an additional 5% portion of the Production Sharing Agreement.
Thus,
after the completion of the transaction to purchase an additional 5% portion by CNOOC, Petrobras will hold 85% of the exploration and
production rights of the surplus volume of the Transfer of Rights in the Búzios field, while CNOOC will hold 10% and to CNODC,
5%. The share in the Shared Deposit of Búzios (Assignment Agreement, Production Sharing Agreement of the Transfer of Rights Surplus
and Tambuatá Concession Agreement) will be 88.99% of Petrobras, 7.34% of CNOOC and 3.67 % of CNODC.
d)
Other Information
The
result of the operation, presented in other operating income, is shown below:
|
Consolidated
|
Financial
compensation received (US$ 2.9 billion)
|
15,510
|
Reimbursement
of expenses
|
399
|
Write-off
of associated assets – Property, plant and equipment
|
(5,052)
|
Partial
write-off of signature bonus
|
(7,338)
|
Total
effect in the statement of income
|
3,519
|
Since
this was a special auction, related to the production surplus from fields with technical and commercial feasibility already defined,
the value of the signature bonus paid in the auction of the Transfer of Rights Surplus, in the amount of R$ 61,375, was transferred from
intangible asset to property, plant and equipment after the Agreement becomes effective.
The
effect on Petrobras' production curve, arising from the exercise of the call option by CNOOC, will only incur after the closing of the
transaction, with no expected impact on the 2021 production target.
The
volumes of reserves will be incorporated considering the beginning of the effectiveness of the Agreement for the Búzios field
and reflected in the estimates of proved reserves for December 31, 2021.
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)
|
Itapu
Co-participation Agreement
On
July 9, 2021, Petrobras signed with Pré-sal Petróleo SA (PPSA) the Co-participation Agreement of Itapu, which will regulate
the coexistence of the Transfer of Rights Agreement and the Production Sharing Agreement of the Transfer of Rights Surplus for the Itapu
field, in the Santos Basin pre-salt.
Negotiations
began after the tender, which took place on November 6, 2019, in which Petrobras acquired 100% of the exploration and production rights
of the surplus volume of the Transfer of Rights in the Itapu field.
Together,
Petrobras and PPSA defined the field's Development Plan, production curve estimates and recoverable volumes. As a result, the share in
the co-participated area was 51.708% for the transfer of rights agreement, with a total recoverable volume of 350 million boe, and 48.292%
for the production sharing agreement, with a total recoverable volume of 319 million boe.
The
effectiveness of the Agreement is subject to approval by the ANP and the assumptions of oil and gas prices, discount rate and cost metrics
used were established in MME Ordinance 213/2019.
18.3
Assignment of rights in block concession contracts in the State of Amapá
In
September 2020 and April 2021, Petrobras entered into agreements, respectively, with Total E&P do Brasil LTDA (Total), currently
TotalEnergies, and BP Energy do Brasil LTDA (BP), in which it assumed the full participation of these companies in the blocks located
in ultra-deep waters in northern Brazil. TotalEnergies was the operator of 5 blocks, with a 40% stake while Petrobras and BP held 30%
each. BP also had a 70% stake in another block, also a partner of Petrobras (30%). With the signing of these agreements, Petrobras now
holds 100% interest in these six blocks.
In
the third quarter of 2021, the terms of assignment of rights and amendments to the concession contracts in question were signed. As a
result of these agreements, Petrobras was entitled to the amount of R$ 1,052, referring to the negotiation for the full assumption of
the Minimum Exploratory Program (PEM) with the departure of the partners from the blocks, of which R$ 733 was received at the closing
of the operation and the amount of R$ 319 to be received in June 2022.
The
company also recorded an addition in its intangible assets, in the amount of R$466, due to the assumption of participation in the concessions,
this part not having a financial effect on its cash.
The
total amount resulting from the operation, in the amount of R$1,518, was recognized, as a contra entry, in other operating income.
The
Company assesses the recoverability of assets annually, or when there is an indication of impairment, as well as reversal of impairment
losses recognized in prior years. In compliance with accounting standards and the evolution of the oil and gas market scenario, management
assessed the reasonableness of the key Brent assumption, provided for in the Strategic Planning in force, in relation to the results
observed in previous quarters and future estimates of prices for short term, concluding the need to update the Brent short term assumption
established in the Strategic Planning 2021-2025 (PE 21-25).
Thus,
in the application on the impairment tests of property, plant and equipment in the financial statements for the 3rd quarter of 2021,
the Brent assumptions for the year 2021 were updated to US$ 69.40 and for the year 2022 to US$ 69, 20 (US$45.0 originally provided for
in the plan for 2021 and 2022), with prices from 2023 to 2025 remaining unchanged. For oil and gas production fields in Brazil, the post-tax
discount rate in constant currency was reduced from 7.1% p.a. to 6.3% p.a.
The
Strategic Planning 2022-2026 (SP 22-26) is under preparation and is expected to be approved in the 4th quarter of 2021. The update of
SP 22-26 will include all the economic assumptions and other variables of the company's planning.
In
the period from January to September 2021, net reversals due to devaluation of R$15,353 (R$16,359 net reversals in the period from July
to September 2021) were recognized in the income statement.
19.1
|
Property,
plant and equipment
|
In
the period from January to September 2021, net reversals due to depreciation of property, plant and equipment in the amount of R$16,306
(R$16,900 of net reversals in the period from July to September 2021) were recognized in the income for the period, mainly by:
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)
|
|
·
|
Oil
and gas production fields – Brazil: the company assessed the recoverability of the
carrying value of assets from production fields, resulting in a reversal of impairment losses
in the amount of R$17,209, mainly in Roncador CGUs (R$4,539) ; Polo Norte (R$3,772) and Polo
Berbigão-Sururu (R$2,049), as a result of the change in the Brent short-term assumption;
|
|
·
|
Equipment
and facilities related to production activity - Brazil: the company decided to permanently
stop platforms P-33 and P-26 in the Marlim field, which led to the exclusion of these assets
from the CGU Polo Norte and classification as isolated assets, with the recognition of impairment
losses in the amount of R$1,031;
|
|
·
|
Equipment
and facilities related to production activity – Abroad: the company relocated equipment
from platforms P-72 and P-73 to producing fields in the Santos Basin. Thus, considering the
expectation of future cash generation, it recognized reversal of impairment losses in the
amount of R$151.
|
In
the period from January to September of 2021, impairment losses were recognized due to the significant and adverse effects on the oil
and oil products market arising from: (i) the outbreak of the COVID-19 pandemic and its effects, and (ii) failure in negotiations between
members of Organization of the Petroleum Exporting Countries (OPEC) and its allies to define production levels, which contributed to
an increase in the global oil supply with a significant reduction in price in early March 2020.
These
events led the Company to adopt a series of measures aimed at preserving cash generation and to revise some of its key assumptions, with
repercussions on the tests of recoverability in the period from January to September 2020, leading to the recognition of impairment losses
in the amount of R$ 65,229, concentrated in the first quarter of 2020, with emphasis on:
·
|
R$
57,619 relating to the effect of updated assumptions in the estimation of the recoverable
amount of several E&P fields, notably in the following Cash Generating Units (CGU): Roncador,
Marlim Sul, Polo Norte, Albacora Leste, Berbigão-Sururu group, CVIT group and Mexilhão;
and
|
·
|
R$
6,625 relating to the hibernation of fields and platforms in shallow waters, affecting CGUs
Polo Norte, Ceará-Mar group and Ubarana group, as well as Caioba, Guaricema and Camorim
fields.
|
The
indicative evaluations conducted by the company throughout the third quarter of 2020 indicated the need for additional records of devaluation
losses in the Camarupim oil and gas production field in the amount of R$ 258, due to the cancellation of the project. This loss was offset
by impairment reversals occurred in shallow water fields and onshore fields, reclassified to the group of assets held for sale, in the
amount of R$ 188, and in FAFEN SE and BA, reflecting the lease agreements initiated in the third quarter of 2020, in the amount of R$
117.
On
November 25, 2020, the Management completed and approved its Strategic Plan 2021-2025, contemplating the update of the economic assumptions,
as well as its project portfolio and reserve volume estimates, which supported the recoverability tests of the assets of the fourth quarter
of 2020, with the partial reversal of impairment losses recorded in the first quarter of 2020 in several oil and gas production fields
in Brazil, as per note 27 of the financial statements of December 31, 2020.
19.2
|
Assets classified
as held for sale
|
In
the period from January to September 2021, losses on assets held for sale were also recognized in the statement of income, in the amount
of R$953 (R$542 of losses in the period from July to September 2021), arising from the valuation at value fair net of selling expenses,
mainly by:
·
|
Breitener
– approval of the sale of the company Breitener Energética S.A., located in
the state of Amazonas, resulting in the recognition of a loss in the amount of R$473.
|
·
|
Polo
Camaçari TPPs – approval of the sale of the Arembepe, Muryci and Bahia 1 Thermoelectric
Power Plants, located in Camaçari, in the state of Bahia, which resulted in the recognition
of impairment losses in the amount of R$441.
|
In
the period from January to September 2020, as a result of the approval of the company's management for the sale of fields associated
with projects in the E&P segment, the company recognized reversals of losses in the amount of R$198 (R$188 in the period from July
to September 2020), considering the fair value net of selling expenses.
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)
|
19.3
|
Investment
in affiliate with shares traded on stock exchanges (Petrobras Distribuidora S.A. - BR, currently
Vibra Energia)
|
On
August 26, 2020, the Board of Directors of Petrobras (CA) approved the process of disposal of its entire shareholding in Petrobras Distribuidora.
In
this context, the company assessed the recoverability of the investment based on the value in use, which includes the sale value, considering
the intention to sell the shares. As the value in use obtained was lower than the investment value recorded, the impairment assessments
indicated the existence of an impairment loss in the amount of R$778, recognized in the third quarter of 2020. The post-tax discount
rate applied was 11.1%, in nominal terms, taking into account the cost of equity, given the methodology adopted for value in use.
Continuing
the sale process, on June 30, 2021, the CA approved the price per common share issued by Petrobras Distribuidora S.A., in the amount
of R$ 26.00, within the scope of the public offering of secondary distribution of shares held by Petrobras, resulting in a sale amount
of R$ 11,264, net of transaction costs.
The
assessment of the recoverability of the investment based on the cash flow arising from the sale resulted in the recognition of reversals
of net impairment losses in the amount of R$ 2,019, recorded in the period from January to June 2021. On July 5, 2021, the operation
was closed, as per note 23.2.
20
|
Exploration
and evaluation of oil and gas reserves
|
The
exploration and evaluation activities include the search for oil and gas reserves from obtaining the legal rights to explore a specific
area to the declaration of the technical and commercial viability of the reserves.
Changes
in capitalized costs related to exploratory wells and the balances of amounts paid for obtaining rights and concessions for oil and natural
gas exploration, both directly related to exploratory activities in unproved reserves, are presented in the following table:
|
Consolidated
|
Capitalized
Exploratory Well Costs / Capitalized Acquisition Costs (*)
|
09.30.2021
|
12.31.2020
|
Property
plant and equipment
|
|
|
Opening
Balance
|
15,716
|
17,175
|
Additions
|
1,558
|
2,168
|
Write-offs
|
(860)
|
(1,066)
|
Transfers
|
(792)
|
(2,667)
|
Cumulative
translation adjustment
|
27
|
106
|
Closing
Balance
|
15,649
|
15,716
|
Intangible
Assets
|
14,399
|
75,489
|
Capitalized
Exploratory Well Costs / Capitalized Acquisition Costs
|
30,048
|
91,205
|
(*)
Amounts capitalized and subsequently expensed in the same period have been excluded from this table.
|
|
Exploration
costs recognized in the statement of income and cash used in oil and gas exploration and evaluation activities are set out in the following
table:
|
|
Consolidated
|
|
2021
|
2020
|
Exploration
costs recognized in the statement of income
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Geological
and geophysical expenses
|
525
|
1,354
|
337
|
911
|
Exploration
expenditures written off (includes dry wells and signature bonuses)
|
142
|
1,178
|
998
|
1,180
|
Contractual
penalties
|
28
|
261
|
64
|
116
|
Other
exploration expenses
|
1
|
104
|
48
|
58
|
|
696
|
2,897
|
1,447
|
2,265
|
|
|
|
|
|
Cash
used in:
|
|
|
|
|
Operating
activities
|
526
|
1,458
|
385
|
969
|
Investment
activities
|
1,066
|
2,381
|
585
|
1,932
|
Total
cash used
|
1,592
|
3,839
|
970
|
2,901
|
|
21
|
Collateral
for crude oil exploration concession agreements
|
The
Company has granted collateral to ANP in connection with the performance of the Minimum Exploration Programs established in the concession
agreements for petroleum exploration areas in the total amount of R$ 9,959 of which R$ 9,959 were still in force, net of commitments
undertaken. The collateral comprises crude oil from previously identified producing fields, pledged as collateral, amounting to R$ 6,933
and bank guarantees of R$ 3,026.
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)
|
22.1
|
Investments
in associates and joint ventures (Parent Company)
|
|
Balance
at 12.31.2020
|
Investments
|
Transfers
to held for sale
|
Restructuring,
capital decrease and others
|
Results
in equity-accounted investments
|
Cumulative
translation adjustments (CTA)
|
Other
comprehensive income
|
Dividends
|
Balance
at 09.30.2021
|
Subsidiaries
|
228,777
|
314
|
(2,081)
|
735
|
9,739
|
11,603
|
506
|
(1,326)
|
248,267
|
Joint
operations
|
164
|
−
|
−
|
−
|
60
|
−
|
−
|
(31)
|
193
|
Joint
ventures
|
237
|
34
|
(90)
|
−
|
46
|
14
|
(6)
|
(105)
|
130
|
Associates
(*)
|
12,678
|
−
|
(11,318)
|
(925)
|
7,081
|
393
|
166
|
(812)
|
7,263
|
Total
|
241,856
|
348
|
(13,489)
|
(190)
|
16,926
|
12,010
|
666
|
(2,274)
|
255,853
|
Other
investments
|
19
|
−
|
|
(1)
|
−
|
−
|
−
|
−
|
18
|
Total
|
241,875
|
348
|
(13,489)
|
(191)
|
16,926
|
12,010
|
666
|
(2,274)
|
255,871
|
Results
of companies classified as held for sale
|
|
|
|
|
(441)
|
|
−
|
|
|
|
|
|
|
|
16,485
|
|
666
|
|
|
(*)
Includes Braskem S / A.
|
|
|
|
|
|
|
|
|
|
|
Constitution
of the Petrobras Health Association (APS) and accounting treatment of contributions
The
APS has the nature of a civil association, with the purpose of carrying out social or assistance activities, in this case, non-profit
health care and is being consolidated in Petrobras' financial statements, in accordance with the requirements provided for in CPC 36
(R3) - Consolidated Statements.
Through
agreements signed between the sponsors and APS, transfers of financial resources are carried out for the formation of ANS' regulatory
capital, with the objective of guaranteeing coverage to its beneficiaries. These resources will be recognized in the sponsors, in their
individual statements, as Investments evaluated by the equity method.
As
of September 30, 2021, the balance of the investment in APS is R$311, classified as subsidiaries.
22.2
|
Changes
in investment (Consolidated)
|
|
Balance
at 12.31.2020
|
Investments
|
Transfers
to held for sale
|
Restructuring,
capital decrease and others
|
Results
in equity-accounted investments
|
Cumulative
translation adjustments (CTA)
|
Other
comprehensive income
|
Dividends
|
Balance
at 09.30.2021
|
Joint
ventures
|
4,232
|
35
|
(1,773)
|
(1)
|
795
|
131
|
(6)
|
(549)
|
2,864
|
Associates
(*)
|
12,758
|
44
|
(11,318)
|
(918)
|
7,049
|
398
|
166
|
(815)
|
7,364
|
Other
investments
|
20
|
−
|
−
|
(1)
|
−
|
−
|
−
|
−
|
19
|
Total
|
17,010
|
79
|
(13,091)
|
(920)
|
7,844
|
529
|
160
|
(1,364)
|
10,247
|
(*)
Includes Braskem S / A.
|
23
|
Disposal
of assets and other changes in organizational structure
|
The
Company has an active partnership and divestment portfolio, which takes into account opportunities for disposal of non-strategic assets
in several areas in which it operates, whose development of transactions also depends on conditions beyond the control of the Company.
The
divestment projects and strategic partnerships follow the procedures aligned with the guidelines of the Brazilian Federal Auditor’s
Office (Tribunal de Contas da União – TCU) and the current legislation.
The
major classes of assets and related liabilities classified as held for sale are shown in the following table:
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
|
|
09.30.2021
|
12.31.2020
|
|
E&P
|
RT&M
|
Gas
& Power
|
Corporate
and other segments
|
Total
|
Total
|
Assets
classified as held for sale
|
|
|
|
|
|
|
Cash
and Cash Equivalents
|
−
|
−
|
32
|
−
|
32
|
74
|
Trade
receivables
|
−
|
−
|
508
|
−
|
508
|
126
|
Inventories
|
−
|
1,611
|
192
|
−
|
1,803
|
23
|
Investments
|
1
|
−
|
1,757
|
60
|
1,818
|
355
|
Property,
plant and equipment
|
9,017
|
7,134
|
107
|
−
|
16,258
|
3,318
|
Others
|
−
|
69
|
501
|
−
|
570
|
185
|
Total
|
9,018
|
8,814
|
3,097
|
60
|
20,989
|
4,081
|
Liabilities
on assets classified as held for sale
|
|
|
|
|
|
|
Trade
Payables
|
−
|
−
|
29
|
−
|
29
|
110
|
Finance
debt
|
−
|
−
|
−
|
3
|
3
|
70
|
Provision
for decommissioning costs
|
4,911
|
−
|
−
|
−
|
4,911
|
3,326
|
Others
|
−
|
−
|
277
|
−
|
277
|
53
|
Total
|
4,911
|
−
|
306
|
3
|
5,220
|
3,559
|
|
23.1
Transactions pending closing at September 30, 2021
As
of September 30, 2021, the main assets and liabilities classified as held for sales include the sales shown in the table below, except
for sales of onshore fields in Ceará, Bahia and Espírito Santo, whose description was presented in note 32 to the financial
statements of December 31, 2020.
Transaction
|
Acquirer
|
Date
of approval / signing
|
Transaction
amount (*)
|
Further
information
|
Sale
of E&P assets in the state of Espírito Santo (Polo Peroá)
|
OP
Energy e DBO Energy
|
January
2021
|
US$
12.5 million
|
a
|
Sale
of the Company’s entire interest in nine onshore fields, called Miranda group, in the state of Bahia
|
Miranga
S.A. (structured entity), subsidiary of PetroRecôncavo S.A.
|
February
2021
|
US$135.1
million
|
b
|
Sale
of shares of the company that will hold the Landulpho Alves Refinery (RLAM) and its associated logistics assets, in the state of
Bahia
|
MC
Brazil Downstream Participações, a company of the Mubadala Capital group
|
March
2021
|
US$
1.65 billion
|
c
|
Sale
of three thermoelectric plants powered by fuel oil, located in Camaçari, in the state of Bahia
|
São
Francisco Energia S.A., a subsidiary of Global Participações em Energia S.A.
|
April
2021
|
68
|
d
|
Sale
of the entire interest in a set of seven onshore and shallow water fields called Alagoas group, and of Alagoas Natural Gas Processing
Unit, located in the state of Alagoas
|
Petromais
Global Exploração e Produção S.A.
|
June
2021
|
US$
300 million
|
e
|
Sale
of the Company’s 62,5% interest in Papa-Terra field, located in the Campos basin
|
3R
Petroleum Offshore S.A.
|
July
2021
|
US$
15.6 million
|
f
|
Sale
of the Company’s entire interest (51%) in Petrobras Gas S.A (Gaspetro)
|
Compass
Gas e Energia S.A.
|
July
2021
|
2,030
|
g
|
Sale
of 20% interest in Termelétrica Potiguar S.A. (TEP) and 40% in Companhia Energética Manauara S.A. (CEM)
|
Global
Participações Energia S.A. through its subsidiaries
|
July
2021
|
160.3
|
h
|
Sale
of the shares of the company that will hold the Isaac Sabbá Refinery (REMAN) and its associated logistics assets, in the state
of Amazonas
|
Ream
Participações S.A. (a company controlled by the partners of Atem Distribuidora de Petróleo S.A.)
|
August
2021
|
US$
189.5 million
|
i
|
Sale
of 93,7% in the Company’s entire interest in Breitener Energética S.A. (Breitener), located in the state of Amazonas
|
Breitener
Holding Participações S.A., a wholly owned subsidiary of Ceiba Energy LP
|
August
2021
|
251
|
j
|
Exercise
of the call option for additional 5% interest in the surplus volume of the Transfer of Rights Agreement of Búzios field
|
CNOOC
Petroleum Brasil Ltda (CNOOC)
|
September
2021
|
US$
2.08 billion
|
k
|
(*)
Amounts considered at the signing of the transaction.
|
a)
Sale of E&P assets in Espírito Santo
Amounts
due to Petrobras are composed of: (i) US$ 5 million was received at the contract signing; (ii) US$ 7.5 million to be received at
the transaction closing; and (iii) US$ 42.5 million as contingent receipts provided for in the contract, related to factors
such as Malombe's declaration of commerciality, future oil prices and extension of the concession terms. The amounts do not consider
the adjustments due until the closing of the transaction, which is subject to the fulfillment of precedent conditions, such as approval
by the ANP.
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)
|
b)Sale
of onshore fields in Bahia
Amounts
due to Petrobras are composed of: (i) US$ 11 million received upon the contract signing; (ii) US$ 44 million to be paid at
the transaction closing; and (iii) US$ 80.1 million deferred in three installments over three years from the transaction closing.
The
contract provides for the receipt of conditional amounts of up to US$ 85 million, classified as contingent assets, which will only be
recognized when the agreed conditions are met.
The
amounts do not consider the adjustments due until the closing of the transaction, which is subject to the fulfillment of precedent conditions,
such as approval by the ANP.
c)Sale
of the RLAM refinery
The
agreement provides for price adjustment due to changes in working capital, net debt and investments until the transaction closing, and
is subject to the fulfillment of conditions precedent. On June 9, 2021, the General Superintendence of the Administrative Council for
Economic Defense (CADE) approved the sale transaction.
d)
Sale of thermoelectric plants
The
agreement provides for the receipt of a contingent installment to be deposited in an escrow account, depending on the favorable solution
of the administrative process, being also subject to adjustments provided for in the agreement until the closing of the transaction,
and the fulfillment of precedent conditions, the example of the approvals of CADE and the National Electric Energy Agency (ANEEL).
In
the second quarter of 2021, the company recognized a loss of R$ 291, net of tax effects, due to the difference between the sale value
and the book value of the assets.
e)
Sale of onshore, shallow water fields and the Natural Gas Processing Unit - UPGN in Alagoas
Receipts
term: (i) US$60 million to be received on the date of signature of the agreement and; (b) US$240 million at the closing of the transaction.
The
amounts do not consider the adjustments due until the closing of the transaction, which is subject to the fulfillment of certain precedent
conditions, such as approval by the ANP.
f)Sale
of Papa-Terra field
The
conditions and terms of receipt will occur as follows: (i) US$6.0 million received on the date of signature; and (ii) US$9.6 million
at the closing of the transaction. Additionally, there are US$90.0 million in contingent receipts (contingent assets) provided for in
the contract, related to the asset's production levels and future oil prices. The amounts do not consider the adjustments due and the
closing of the transaction is subject to the fulfillment of precedent conditions, such as approval by the ANP.
g)Sale
of Gaspetro
Receipt
will be at the closing of the transaction, subject to the adjustments provided for in the contract.
The
closing of the transaction is subject to the fulfillment of conditions precedent, such as approval by CADE. In addition, until the closing
of the transaction, Petrobras will comply with the provisions contained in the shareholders' agreements of Gaspetro and natural gas distributors,
including with regard to preemptive rights, as applicable.
h)Sale
of interest in electricity companies
The
amounts will be received at the closing of the transactions, being R$ 81.3 by TEP and R$ 79 by CEM, subject to the adjustments provided
for in the contracts.
Transactions
are subject to compliance with conditions precedent, such as CADE approval.
i)Sale
of REMAN refinery assets
The
conditions and terms of receipt will occur as follows: (i) US$ 28.4 million received on the date of signature of the contract, as a guarantee;
and (ii) US$161.1 million to be received at the closing of the transaction, subject to adjustments provided for in the contract.
NOTES TO THE FINANCIAL STATEMENTS
PETROBRAS
This interim financial information should be read together with the Company’s audited annual financial statements
(Expressed in millions of reais, unless otherwise indicated)
|
The
transaction is subject to the fulfillment of conditions precedent, such as approval by CADE.
j)Sale
of Breitener Energética
The
receipt of R$ 251 will be made at the closing of the transaction, subject to the adjustments provided for in the contract. Additionally,
there is an amount of R$53 in contingent receipt, linked to Breitener's future remuneration on the sale of energy.
In
the third quarter of 2021, the company recognized a loss in the amount of R$312, net of tax effects, due to the difference between the
sale value and the book value of the assets.
The
closing of the transaction is subject to the fulfillment of conditions precedent, such as CADE approval.
k)
Transfer of Rights Agreement and the Production Sharing Agreement of the Transfer of Rights Surplus for the Búzios field
For
more information on the conditions of the contracts, see Note 18.2 – Intangible Assets – Surpluses from Transfer of Rights
- Búzios.
23.2
Closed transactions at September 30, 2021
Transaction
|
Acquirer
|
Signature
date (S)
Closing
date (C)
|
Sale
amount
|
Contractual
amount(*) (**)
|
Gain
(loss) (***)
|
Other
information
(****)
|
Sale of
30% of the Campo de Frade concession. The transaction also includes the sale of the entire stake held by Petrobras Frade Inversiones
S.A (PFISA), a Petrobras subsidiary, in Frade BV.
|
PetroRio
|
S
Nov/2019
C
Feb/2021
|
206
|
US$
43.5 million
|
474
|
a
|
|
|
|
|
|
|
|
Sale of
the entire stake in Petrobras Uruguay Distribución S.A. (PUDSA) by Petrobras Uruguay Sociedad Anónima de Inversiones
(PUSAI)
|
DISA
Corporación Petrolífera S.A.
|
S
Aug/2020
C
Feb/2021
|
369
|
US$
68.17 million
|
(14)
|
b
|
|
|
|
|
|
|
|
Sale of
all shares (50%) in BSBios Indústria e Comércio de Biodiesel Sul Brasil S/A (BSBios) by Petrobras Biocombustível
S.A.
|
RP
Participações em Biocombustíveis S.A
|
S
Dec/2020
C
Feb/2021
|
253
|
253
|
(1)
|
c
|
|
|
|
|
|
|
|
Sale of
all the 49% stakes in Eólica Mangue Seco 1 – Geradora e Comercializadora de Energia ElétricaS.A. (“Eólica
Mangue Seco 1”), Eólica Mangue Seco 3 - Geradora e Comercializadora de Energia Elétrica SA ("Eólica
Mangue Seco 3") and Eólica Mangue Seco 4 - Geradora e Comercializadora de Energia Elétrica SA ("Eólica
Mangue Seco 4").
|
V2I
Transmissão de Energia Elétrica S.A.
|
S
Dec/2020
C
Apr/2021
|
144,7
|
144,7
|
107
|
d
|
|
|
|
|
|
|
|
Sale of
the remaining 10% stake in Nova Transportadora do Sudeste S.A. (NTS)
|
Nova
Infraestrutura Gasodutos Participações S.A.
|
S
Apr/2021
C
Apr/2021
|
1539
|
1539
|
609
|
e
|
|
|
|
|
|
|
|
Sale of
the entire 51% stake in the capital of Eólica Mangue Seco 2 - Geradora e Comercializadora de Energia Elétrica S.A.
(Eólica Mangue Seco 2)
|
Fundo
de Investimento em Participações Multiestratégia Pirineus (FIP Pirineus)
|
S
Feb/2021
C
May/2021
|
34,2
|
34,2
|
23
|
f
|
|
|
|
|
|
|
|
Sale of
the entire interest in eight onshore E&P fields, jointly named Polo Rio Ventura, located in Bahia
|
3R
Rio Ventura S.A., whole subsidiary of 3R Petroleum Óleo e Gás S.A.
|
S
Aug/2020
C
Jul/2021
|
285,8
|
US$
53.7 million
|
330
|
g
|
|
|
|
|
|
|
|
Total sale
of interest in Petrobras Distribuidora S.A. (BR)
|
-
|
S
Jun/2021
C
Jul/2021
|
11358
|
*11358
|
|
h
|
|
|
|
|
|
|
|
Assignment
of 10% stake in the Lapa field and 10% in Lapa Oil & Gas BV
|
Total
Energies
|
S
Dec/2018
C
Aug/2021
|
261,2
|
US$
49.4 million
|
67
|
i
|
|
|
|
|
|
|
|
Sale of
the entire 40% stake in the company GNL Gemini Comercialização e Logística de Gás Ltda (GásLocal)
|
White
Martins Gases Industriais Ltda.
|
S
Sep/2020
C
Sep/2021
|
22,8
|
22,8
|
(3)
|
i
|
|
|
|
|
|
|
|
|
|
|
14,473.7
|
|
1,592.0
|
|
|
|
(*) Considering
amounts agreed upon at the signing of the transaction and converted into reais, when traded in another currency.
(**) The
amount of "Receipts from the sale of assets (Divestments) in the Statement of Cash Flows" is mainly composed of amounts
from the Divestment Program: partial receipt of operations from this year, installments from operations from previous years and advances
related to operations not completed.
(***) Recognized
in "Income from disposals, write-off of assets and result from the remeasurement of equity interests" - note 6 - Other
(expenses) net operating income.
|
These
conclusions came after the fulfillment of possible precedent conditions.
a)
Sale of the Frade field
The
transaction was concluded with the receipt of US$ 36 million, which includes the revenue from the sale of Petrobras' residual oil inventory,
on the closing date of the transaction, after the fulfillment of all precedent conditions and adjustments provided for in contracts.
In signing the contract, an additional US$ 7.5 million was received.
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
total transaction, of US$ 100 million, was adjusted based on the income earned by Petrobras in the period from July 1, 2019, base date
of the transaction, to February 5, 2021, the closing date of the transaction. In addition, there is an amount of US$ 20 million contingent
on a potential commercial discovery in the field.
b)
Sale of Petrobras Uruguay Distribución S.A. (PUDSA)
The
transaction was concluded with the receipt of US$ 62 million. The amount received at closing is added to the amount of US$ 6.17 million
received by PUSAI on the date of the sales agreement signature. As a result of this operation, the amount of R$ 185 was reclassified
to income statement as other operating expenses, resulting from the foreign exchange variation against the U.S. dollar, previously recognized
in PUDSA's shareholders' equity as cumulative translation adjustment.
c)
Sale of BSBios
The
operation was concluded with the receipt of R$ 253, already with the adjustments provided for in the contract. In addition to this amount,
R$ 67 are held in an escrow account for indemnification of eventual contingencies and will be released according to terms and conditions
set forth in the contract and R$ 2 were received in advance in the form of interest on capital in December 2020.
d)
Sales of Mangue Seco 1, 3 and 4
The
transactions were concluded with the receipt of R$44 (Eólica 1) and R$78.2 (Eólicas 3 and 4), with the adjustments provided
for in the share purchase agreement. In relation to Eólicas 3 and 4, it is added to the amount of R$ 22.5 received upon signing
the agreement, totaling R$ 100.7 for these assets.
e)
Sale of a 10% interest in NTS
The
operation was concluded with the receipt of R$ 1,539, on the date of signature and conclusion of the sale, after adjustments provided
for in the agreement depending on the base date of the operation.
f)
Sale of Mangue Seco 2
The
transaction results from the exercise of preemptive rights by Pirineus, in accordance with the shareholders' agreement of Eólica
Mangue Seco 2.
The
transaction was concluded with a total receipt of R$34.2, already with the adjustments provided for in the share purchase and sale agreement.
g)
Sale of Polo Rio Ventura
Receipt
took place in July 2021, in the amount of US$ 33.9 million, already with the adjustments provided for in the contract. The amount received
at closing adds to the amount of US$ 3.8 million received upon signing the sales contract, in August 2020.
The
company will still receive the following installments, subject to adjustments: (i) US$16 million to be received in January 2024; and
(ii) US$43.2 million in contingent receipts related to future oil prices. Of this contingent amount, the company recognized R$116 (equivalent
to US$21.6 million) in other operating income in September 2021.
h)
Total sale of interest in Petrobras Distribuidora S.A. (BR) – currently Vibra Energia
On
June 17, 2021, Petrobras filed the request for registration of a public offering of secondary distribution of common shares issued by
Petrobras Distribuidora S.A. (BR), with disclosure of the Preliminary Offering Prospect. The percentage of shares offered was 37.5% of
BR's share capital, which corresponds to the total interest currently held by Petrobras.
On
June 30, 2021, Petrobras approved the price per common share issued by BR in the amount of R$26.00, within the scope of the public offering
of secondary distribution of shares, totaling R$11,358. In this context, there was a net reversal of impairment in the amount of R$ 2,019,
in the period from January to June 2021, mainly recorded in the 2nd quarter of 2021, as per note 19.
On
July 5, 2021, the public offering for the secondary distribution of common shares issued by Petrobras Distribuidora SA (BR) was closed,
in the total amount of R$11,358, with the company receiving the net amount of transaction costs (R$11,264).
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)
|
i)
Assignment of participation in the Lapa field
In
2018, the company exercised the option to sell the remaining 10% of Petrobras' interest in the Lapa Field, including the assignment of
the remaining 10% of the interest held by Petrobras Netherlands BV (PNBV) in Lapa Oil & Gas BV, as per explanatory note 10.1 of the
2018 financial statements. In August 2021, the transaction was completed with the receipt of US$49.4 million, already with the adjustments
provided for in the contract.
Additionally,
in August 2021, there was a price adjustment for the transfer of rights in the Lapa and Iara fields by Petrobras and the interests held
by PNBV in Lapa BV and Iara BV (see note 10.1 of the 2018 financial statements), with recognition of R$116.6, as other operating income.
j)
Sale of interest in GasLocal
The
agreement ended controversies arising from the activities of the Gemini Consortium and GásLocal, in particular pending arbitration
and matters under judicial discussion. It also provides for adjustments in the commercial conditions for the supply of gas by Petrobras,
as a consortium member of the Gemini Consortium, by the end of 2023, in compliance with CADE's determination.
Receipt:
(i) R$56.0 million received upon signing the agreement; and (ii) R$4.6 million, subject to corrections provided for in the respective
agreement, to be received within a period of up to 13 months from the closing date of the agreement.
23.3
Other operations
On
January 5, 2021, Petrobras acquired 100% of the shares of the structured entity Company for the Development and Modernization of Industrial
Plants (CDMPI) for R$ 50 thousand. The difference between the amount paid and CDMPI's negative shareholders' equity, in the amount of
R$ 3,716, was classified as a capital transaction and reduced the shareholders' equity attributable to shareholders of Petrobras, in
return for the increase in the shareholders' equity of non-controlling interests, since Petrobras already controlled its operations before
the acquisition. On April 14, 2021, Petrobras' Extraordinary General Meeting resolved and approved the merger of CDMPI.
23.4
Contingent Assets on Asset Sales
a)
Pampo and Enchova
On
July 15, 2020, Petrobras completed the sale of its entire interest in the ten fields that comprise the Pampo and Enchova Poles to Trident
Energy do Brasil Ltda, as per note 33.2 of the financial statements for the year ended December 31, 2020. Among the conditions agreed
upon, receipts are conditioned to Brent scenarios, with a value of up to US$ 650 million. Of this contingent amount, the company recognized
R$152 in other operating income in September 2021.
23.5
Cash flows from sales of interest with loss of control
The
sales of equity interest that resulted in loss of control and the cash flows arising from these transactions are shown below:
|
Cash
received
|
Cash
and cash equivalents in subsidiaries with loss of control
|
Net
Proceeds
|
Jan-Sep/2021
|
|
PUDSA
|
334
|
81
|
253
|
Total
|
334
|
81
|
253
|
Jan-Sep/2020
|
|
Petrobras
Oil & Gas B.V.(PO&GBV) (*)
|
1,144
|
−
|
1,144
|
Total
|
1,144
|
−
|
1,144
|
(*)
Amount of US $ 276 million received on the closing date of the transaction.
|
24
|
Assets
by operating segment
|
The
segmented information reflects the evaluation structure of senior management in relation to performance and the allocation of resources
to the business.
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
assets by operating segment - 09.30.2021
|
|
|
Exploration
and Production
|
Refining,
Transportation & Marketing
|
Gas
&
Power
|
Corporate
|
Eliminations
|
Total
|
Current
assets
|
26,544
|
71,406
|
19,537
|
77,522
|
(28,675)
|
166,334
|
Non-current
assets
|
605,505
|
119,916
|
36,364
|
46,574
|
(4)
|
808,355
|
Long-term
receivables
|
26,508
|
12,692
|
1,642
|
36,801
|
(4)
|
77,639
|
Investments
|
2,232
|
7,248
|
658
|
109
|
−
|
10,247
|
Property,
plant and equipment
|
561,997
|
99,456
|
33,682
|
8,733
|
−
|
703,868
|
Operating
assets
|
503,310
|
85,748
|
20,519
|
7,336
|
−
|
616,913
|
Under
construction
|
58,687
|
13,708
|
13,163
|
1,397
|
−
|
86,955
|
Intangible
assets
|
14,768
|
520
|
382
|
931
|
−
|
16,601
|
Total
Assets
|
632,049
|
191,322
|
55,901
|
124,096
|
(28,679)
|
974,689
|
|
|
|
|
|
|
|
Consolidated
assets by operating segment - 12.31.2020
|
|
|
Exploration
and Production
|
Refining,
Transportation & Marketing
|
Gas
&
Power
|
Corporate
|
Eliminations
|
Total
|
Current
assets
|
27,713
|
42,455
|
10,264
|
79,700
|
(17,809)
|
142,323
|
Non-current
assets
|
597,341
|
124,092
|
43,241
|
80,413
|
9
|
845,096
|
Long-term
receivables
|
24,657
|
13,196
|
5,070
|
62,042
|
9
|
104,974
|
Investments
|
2,026
|
2,081
|
3,152
|
9,751
|
−
|
17,010
|
Property,
plant and equipment
|
494,838
|
108,308
|
34,373
|
7,915
|
−
|
645,434
|
Operating
assets
|
441,285
|
95,122
|
22,345
|
6,427
|
−
|
565,179
|
Under
construction
|
53,553
|
13,186
|
12,028
|
1,488
|
−
|
80,255
|
Intangible
assets
|
75,820
|
507
|
646
|
705
|
−
|
77,678
|
Total
Assets
|
625,054
|
166,547
|
53,505
|
160,113
|
(17,800)
|
987,419
|
25.1
|
Balance
by type of finance debt
|
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Banking
Market
|
6,800
|
26,069
|
Capital
Market
|
13,661
|
13,053
|
Development
banks
|
4,420
|
6,836
|
Others
|
43
|
51
|
Total
|
24,924
|
46,009
|
Banking
Market
|
50,443
|
70,576
|
Capital
Market
|
107,165
|
143,557
|
Development
banks
|
−
|
1,047
|
Export
Credit Agency
|
16,168
|
17,793
|
Others
|
1,013
|
1,056
|
Total
|
174,789
|
234,029
|
Total
finance debt
|
199,713
|
280,038
|
Current
|
18,588
|
21,751
|
Noncurrent
|
181,125
|
258,287
|
Current
finance debt is composed of:
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
Short-term
debt
|
632
|
5,926
|
Current
portion of long-term debt
|
15,463
|
12,382
|
Accrued
interest on short and long-term debt
|
2,493
|
3,443
|
Total
|
18,588
|
21,751
|
On
September 30, 2021, there were no defaults, breaches of covenants or adverse changes in clauses that resulted in changes to the payment
terms of loan and financing agreements. There was no change in the guarantees required in relation to December 31, 2020.
25.2
|
Changes
in finance debt and reconciliation with cash flows from financing activities
|
|
Balance
at 12.31.2019
|
Additions
|
Principal
amorti zation (*)
|
Interest
amorti zation (*)
|
Accrued
interest (**)
|
Foreign
exchange/ inflation indexation charges
|
CTA
|
Modification
of contractual cash flows
|
Transfer
to liabilities classified as held for sale
|
Balance
at 12.31.2020
|
In
Brazil
|
43,251
|
7,294
|
(5,543)
|
(1,720)
|
2,034
|
693
|
−
|
−
|
−
|
46,009
|
Abroad
|
211,731
|
78,229
|
(122,397)
|
(14,958)
|
16,427
|
7,830
|
57,593
|
(398)
|
(28)
|
234,029
|
Total
|
254,982
|
85,523
|
(127,940)
|
(16,678)
|
18,461
|
8,523
|
57,593
|
(398)
|
(28)
|
280,038
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
Balance
at
12.31.2020
|
Additions
|
Principal
amortization (*)
|
Interest
amorti zation (*)
|
Accrued
interest (**)
|
Foreign
exchange/ inflation indexation charges
|
Cumulative
translation adjustment (CTA)
|
Modification
of contractual cash flows
|
Transfer
to liabilities classified as held for sale
|
Balance
at 09.30.2021
|
In
Brazil
|
46,009
|
−
|
(22,004)
|
(1,299)
|
1,288
|
930
|
−
|
−
|
−
|
24,924
|
Abroad
|
234,029
|
8,921
|
(79,083)
|
(8,553)
|
10,518
|
499
|
8,458
|
−
|
−
|
174,789
|
Total
|
280,038
|
8,921
|
(101,087)
|
(9,852)
|
11,806
|
1,429
|
8,458
|
−
|
−
|
199,713
|
Debt
restructuring
|
|
−
|
(5,813)
|
−
|
|
|
|
|
|
|
Deposits
linked to financing (***)
|
|
−
|
(1,499)
|
(290)
|
|
|
|
|
|
|
Net
cash used in financing activities
|
|
8,921
|
(108,399)
|
(10,142)
|
|
|
|
|
|
|
(*)It
includes pre-payments.
|
(**)It
includes premium and discount over notional amounts, as well as gains and losses by modifications in contractual cash flows.
|
(***)
Amounts deposited for payment of obligations related to financing raised with the China Development Bank (CDB), with semiannual settlements
in June and December.
In
the period from January to September 2021, the settlement of old debts and the management of liabilities were carried out with own resources,
in addition to raising funds in the international capital market, aiming at improving the debt profile and better adapting to maturity
terms long-term investments.
The
Company repaid several finance debts, in the amount of R$ 118,541 notably: (i) prepayment of banking loans in the domestic and international
market totaling R$ 32,798; (ii) R$ 51,304 to repurchase and withdraw of global bonds previously issued by the Company in the capital
market, with net premium paid to bond holders amounting to R$ 5,798; and (iii) total prepayment of R$ 3,123 for loans with development
agencies.
The
company raised R$ 7,257 through bonds issued in the international capital market (Global Notes) maturing in 2051.
25.3
|
Summarized
information on current and non-current finance debt
|
|
Consolidated
|
Maturity
in
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
onwards
|
Total
(**)
|
Fair
value
|
|
|
|
|
|
|
|
|
|
Financing
in U.S. Dollars (US$)(*):
|
6,268
|
11,486
|
13,922
|
18,234
|
14,938
|
93,125
|
157,973
|
173,003
|
Floating
rate debt
|
4,404
|
11,486
|
13,922
|
14,549
|
10,518
|
11,100
|
65,979
|
|
Fixed
rate debt
|
1,864
|
−
|
−
|
3,685
|
4,420
|
82,025
|
91,994
|
|
Average
interest rate
|
4.4%
|
4.9%
|
5.0%
|
5.4%
|
5.6%
|
6.5%
|
6.1%
|
|
Financing
in Brazilian Reais (R$):
|
750
|
4,929
|
2,271
|
3,406
|
1,173
|
12,395
|
24,924
|
26,722
|
Floating
rate debt
|
95
|
3,568
|
1,468
|
1,468
|
725
|
3,491
|
10,815
|
|
Fixed
rate debt
|
655
|
1,361
|
803
|
1,938
|
448
|
8,904
|
14,109
|
|
Average
interest rate
|
3.6%
|
5.3%
|
5.1%
|
4.8%
|
4.4%
|
4.3%
|
4.5%
|
|
Financing
in Euro (€):
|
194
|
−
|
−
|
76
|
2,734
|
3,692
|
6,696
|
7,638
|
Fixed
rate debt
|
194
|
−
|
−
|
76
|
2,734
|
3,692
|
6,696
|
|
Average
interest rate
|
4.7%
|
-
|
-
|
4.7%
|
4.7%
|
4.7%
|
4.7%
|
|
Financing
in Pound Sterling (£):
|
353
|
−
|
−
|
−
|
−
|
9,767
|
10,120
|
11,569
|
Fixed
rate debt
|
353
|
−
|
−
|
−
|
−
|
9,767
|
10,120
|
|
Average
interest rate
|
6.2%
|
−
|
−
|
−
|
−
|
6.4%
|
6.3%
|
|
Total
on September 30, 2021
|
7,565
|
16,415
|
16,193
|
21,716
|
18,845
|
118,979
|
199,713
|
218,932
|
Average
interest rate
|
4.4%
|
5.0%
|
5.0%
|
5.3%
|
5.5%
|
6.4%
|
6.0%
|
|
Total
on December 31, 2020
|
21,751
|
17,055
|
30,620
|
30,977
|
32,373
|
147,262
|
280,038
|
319,689
|
Average
interest rate
|
4.6%
|
4.8%
|
4.8%
|
5.1%
|
5.2%
|
6.4%
|
5.9%
|
|
|
(*)
Includes debt raised in Brazil (in Brazilian reais) indexed to the U.S. dollar.
|
|
(**)The
average maturity of outstanding debt as of September 30, 2021 is 13.50 years (11.71 years as of December 31, 2020).
|
|
|
|
|
|
|
|
|
|
|
|
As
of September 30, 2021, the fair values of financing are mainly determined by using:
Level
1 - prices quoted in active markets, when applicable, in the amount of R$ 118,036 (R$ 172,717, on December 31, 2020); and
Level
2 - cash flow method discounted by the spot rates interpolated from the indexes (or proxies) of the respective financing, observed to
the pegged currencies, and by the credit risk of Petrobras, in the amount of R$ 100,896 (R$ 146,972, on December 31, 2020).
The
sensitivity analysis for financial instruments subject to foreign exchange variation is set out in note 29.3.
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
nominal (undiscounted) flow of principal and interest on financing, by maturity, is shown below:
|
Consolidated
|
Maturity
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
onwards
|
09.30.2021
|
12.31.2020
|
Principal
|
4,727
|
16,755
|
16,717
|
22,172
|
19,244
|
124,809
|
204,424
|
286,503
|
Interest
|
2,379
|
9,385
|
8,503
|
8,136
|
7,297
|
130,949
|
166,649
|
202,425
|
Total
(*)
|
7,106
|
26,140
|
25,220
|
30,308
|
26,541
|
255,758
|
371,073
|
488,928
|
(*)The
nominal flow of leases is found in note 26.
.
|
|
|
09.30.2021
|
Company
|
Financial
institution
|
Date
|
Maturity
|
Available
(Lines
of Credit)
|
Used
|
Balance
|
Abroad
(in US$ million)
|
|
|
|
|
|
|
|
PGT
BV
|
Syndicate
of banks
|
3/7/2018
|
2/7/2023
|
4,350
|
−
|
4,350
|
PGT
BV
|
Syndicate
of banks (*)
|
3/27/2019
|
2/27/2024
|
3,250
|
−
|
3,250
|
PGT
BV
|
The
Export - Import Bank of China
|
12/23/2019
|
12/27/2021
|
750
|
714
|
36
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
8,350
|
714
|
7,636
|
In
Brazil
|
|
|
|
|
|
|
|
Petrobras
|
Banco
do Brasil
|
3/23/2018
|
1/26/2023
|
2,000
|
−
|
2,000
|
Petrobras
|
Bradesco
|
6/1/2018
|
5/31/2023
|
2,000
|
−
|
2,000
|
Petrobras
|
Banco
do Brasil
|
10/4/2018
|
9/5/2025
|
2,000
|
−
|
2,000
|
Transpetro
|
Caixa
Econômica Federal
|
11/23/2010
|
Not
defined
|
329
|
−
|
329
|
Total
|
|
|
|
|
6,329
|
-
|
6,329
|
(*)
In April 2021, Petrobras extended part of the Revolving Credit Facility. Hence, US$2,050 will be available from February 28, 2024
to February 27, 2026.
|
|
|
|
|
|
|
|
|
|
|
26
Lease liabilities
The
leases mainly include oil and natural gas production units, drilling rigs and other exploration and production equipment, ships, support
vessels, helicopters, land and buildings. The movement of lease contracts recognized as liabilities is shown below:
|
Consolidated
|
|
Balance
at 12.31.2020
|
Remeasurement
/ new contracts
|
Payment
of principal and interest
|
Interest
expenses
|
Foreign
exchange gains and losses
|
Cumulative
translation adjustment
|
Transfers
|
Balance
at 09.30.2021
|
Brazil
|
22,556
|
2,930
|
(6,182)
|
928
|
539
|
−
|
105
|
20,876
|
Abroad
|
89,954
|
22,444
|
(17,141)
|
3,896
|
4,350
|
125
|
(93)
|
103,535
|
Total
|
112,510
|
25,374
|
(23,323)
|
4,824
|
4,889
|
125
|
12
|
124,411
|
As
of September 30, 2021, the value of the lease liability of Petrobras Parent Company is R$ 137,118 (R$ 121,288 on December 31, 2020),
including leases and sub-leases with investees, mainly vessels with PNBV and Transpetro.
The
nominal flow (not discounted) without considering future inflation projected in the lease contract flows, by maturity, is shown below:
|
Consolidated
|
Nominal
Future Payments
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
onwards
|
Total
|
Balance
at September 30, 2021
|
9,670
|
27,209
|
20,180
|
14,683
|
11,569
|
85,795
|
169,106
|
Balance
at December 31, 2020
|
29,915
|
22,400
|
15,054
|
11,697
|
9,481
|
62,276
|
150,823
|
Payments
in certain lease agreements vary due to changes in facts or circumstances occurring after their inception other than the passage of time.
Such payments are not included in the measurement of the lease obligations. Variable lease payments in the period from January to September
2021 amounted to R$ 3,229, representing 14% in relation to fixed payments (R$ 2,792 and 13% in the same period of 2020).
In
the period from January to September 2021, the Company recognized lease expenses in the amount of R$ 392 relating to short-term leases
(R$ 491 in the same period of 2020).
At
September 30, 2021, the nominal amounts of lease agreements for which the lease term has not commenced, as they relate to assets under
construction or not yet available for use, is R$ 381,994 (R$ 350,299 at December 31, 2020). The increase in the period corresponds to
new contractual commitment, including another floating production unit.
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
sensitivity analysis of financial instruments subject to exchange variation is presented in note 29.3.
27.1
|
Share capital
(net of share issuance costs)
|
As
of September 30, 2021, subscribed and fully paid share capital, net of issuance costs, was R$ 205,432, represented by 7,442,454,142 common
shares and 5,602,042,788 preferred shares, all of which are registered, book-entry shares with no par value.
Preferred
shares have priority on returns of capital, do not grant any voting rights and are non-convertible into common shares.
There
are treasury shares, constituted since 2018, with 222,760 common shares and 72,909 preferred shares.
27.2
|
Distributions
to shareholders
|
On
April 14, 2021, the Annual General Shareholders Meeting approved the dividends for the year 2020, in the amount of R$ 10,272, corresponding
to R$ 0.787446 per common and preferred share in circulation. Therefore, the additional dividends proposed to ordinary shareholders in
the amount of R$ 5,861 were reclassified from Shareholders’ Equity to liabilities on the date of approval.
On
April 29, 2021, dividends were paid in the amount of R$ 10,342 (R$ 0.792834 per common and preferred share outstanding) with the restatement
by the variation of the Selic rate from December 31, 2020 until the payment date.
On
August 4, 2021, the Board of Directors approved the payment of advance remuneration to shareholders for the year 2021 in the total amount
of R$31,600, equivalent to R$2.422533 per common and preferred share , divided into two installments, as shown in the table below:
|
|
|
Amount
of installment per type of share
|
Installments
|
Share
position date
|
Date
of payment
|
Amount
per share common and preferred (R$)
|
Total
amount of installments
|
Common
shares
|
Preferred
shares
|
First
installment - dividends
|
08.16.2021
|
08.25.2021
|
1.609911
|
21,000
|
11,981
|
9,019
|
Second
installment (*)
|
12.01.2021
|
12.15.2021
|
0.812622
|
10,600
|
6,048
|
4,552
|
|
|
|
2.422533
|
31,600
|
18,029
|
13,571
|
|
(*)
The form of distribution of the 2nd installment will be defined by the Executive Board at a future date (dividends or interest on equity).
On
September 30, 2021, the remuneration to the shareholders of the parent company in current liabilities is R$ 10,600 (R$ 10,607 in the
consolidated), representing the second installment of the advance payment of dividends approved on August 4, 2021 by the Board of Directors.
The
prepaid amounts will be monetarily restated in accordance with the variation of the SELIC rate, from the effective payment date until
the end of the referred fiscal year and will be discounted from the mandatory minimum dividends, including for purposes of payment of
priority minimum dividends on preferred shares.
|
|
Consolidated
and Parent Company
|
|
2021
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Basic
and diluted numerator - Net income (loss) attributable to shareholders of Petrobras attributed
equally between share classes
|
|
|
|
|
Net
income (loss) of the period
|
|
|
|
|
Common
|
17,768
|
42,884
|
(882)
|
(30,114)
|
Preferred
|
13,374
|
32,280
|
(664)
|
(22,668)
|
|
31,142
|
75,164
|
(1,546)
|
(52,782)
|
|
|
|
|
|
Basic
and diluted denominator - Weighted average number of shares outstanding
|
|
|
|
|
Common
|
7,442,231,382
|
7,442,231,382
|
7,442,231,382
|
7,442,231,382
|
Preferred
|
5,601,969,879
|
5,601,969,879
|
5,601,969,879
|
5,601,969,879
|
|
13,044,201,261
|
13,044,201,261
|
13,044,201,261
|
13,044,201,261
|
|
|
|
|
|
Basic
and diluted net income (loss) per share (R$ per share)
|
|
|
|
|
Common
|
2.39
|
5.76
|
(0.12)
|
(4.05)
|
Preferred
|
2.39
|
5.76
|
(0.12)
|
(4.05)
|
|
Basic
earnings per share are calculated by dividing the net income (loss) attributable to shareholders of Petrobras by the weighted average
number of outstanding shares during the period.
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)
|
Diluted
earnings (losses) per share are calculated by adjusting the net income (loss) and the weighted average number of outstanding shares during
the period taking into account the effects of all dilutive potential shares (equity instrument or contractual arrangements that are convertible
into shares).
Basic
and diluted earnings (losses) are identical as the Company has no potential shares in issue.
28
|
Fair
value of financial assets and liabilities
|
|
Fair
value measured based on
|
|
Level
I
|
Level
II
|
Level
III
|
Total
fair
value
recorded
|
Assets
|
|
|
|
|
Marketable
securities
|
2,920
|
−
|
−
|
2,920
|
Foreign
currency derivatives
|
−
|
227
|
−
|
227
|
Interest
rate derivatives
|
−
|
11
|
−
|
11
|
Balance
at September 30, 2021
|
2,920
|
238
|
−
|
3,158
|
Balance
at December 31, 2020
|
3,388
|
591
|
−
|
3,979
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Foreign
currency derivatives
|
−
|
(1,621)
|
−
|
(1,621)
|
Commodity
derivatives
|
(80)
|
(2)
|
−
|
(82)
|
Balance
at September 30, 2021
|
(80)
|
(1,623)
|
−
|
(1,703)
|
Balance
at December 31, 2020
|
(51)
|
(1,402)
|
−
|
(1,453)
|
|
The
estimated fair value for the company's financing, calculated at current market rates, is set out in note 25.
Certain
receivables are classified as fair value through profit or loss, as presented in note 9.
The
fair values of cash and cash equivalents, short-term debt and other financial assets and liabilities are equivalent or
do not differ significantly from their carrying amounts.
29.1
|
Derivative
financial instruments
|
A
summary of the positions of the derivative financial instruments held by the Company and recognized in other current assets and liabilities
as of September 30, 2021 , as well as the amounts recognized in the statement of income and other comprehensive income and the guarantees
given is set out as follows:
|
Statement
of Financial Position
|
|
Notional
value
|
Fair
value
Asset
Position (Liability)
|
Maturity
|
|
09.30.2021
|
12.31.2020
|
09.30.2021
|
12.31.2020
|
|
Derivatives
not designated for hedge accounting
|
|
|
|
|
|
Future
contracts (*)
|
(3,506)
|
(240)
|
(80)
|
(51)
|
|
Long
position/Crude oil and oil products
|
852
|
3,927
|
−
|
−
|
2021
|
Short
position/ Crude oil and oil products
|
(4,358)
|
(4,167)
|
−
|
−
|
2021
|
Options
contracts
|
(7)
|
−
|
(2)
|
−
|
|
Long
position/Soy oil (**)
|
(12)
|
−
|
(1)
|
−
|
2021
|
Short
position/ Soy oil (**)
|
5
|
−
|
(1)
|
−
|
2021
|
Options
contracts
|
|
|
|
|
|
Long
position (Reais/dollars) (***)
|
US$
(17)
|
−
|
(1)
|
−
|
2021
|
Short
position(Reais/dollars) (***)
|
US$
7
|
−
|
-
|
−
|
2021
|
Forward
contracts
|
|
|
|
|
|
Long
position/Foreign currency(pound sterling/dollars) (***)
|
-
|
Pound
sterling 354
|
−
|
121
|
-
|
SWAP
|
|
|
|
|
|
Foreign
currency - cross currency swap (***)
|
Pound
sterling 615
|
Pound
sterling 615
|
226
|
227
|
2026
|
Foreign
currency - cross currency swap (***)
|
Pound
sterling 600
|
Pound
sterling 600
|
(399)
|
(134)
|
2034
|
Swap
– IPCA inflation
|
3,008
|
3,008
|
11
|
243
|
2029/2034
|
Foreign
currency - cross currency swap (***)
|
US$
729
|
US$
729
|
(1,220)
|
(1,268)
|
2024/2029
|
Total
recognized in the Statement of Income
|
|
|
(1,464)
|
(862)
|
|
(*)
Notional value in thousands of bbl.
|
(**) Notional
value in thousands of tons (PBIO operations).
|
(***) Amounts
in dollars and pound sterlings are presented in million.
|
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)
|
|
Gains/
(losses) recognized in the statement of income
|
|
|
2021
|
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Commodity
derivatives
|
|
|
|
|
Crude
oil - 29.2 (a)
|
|
|
(259)
|
(2,847)
|
Other
operations- 29.2 (b)
|
(70)
|
(294)
|
2
|
907
|
Recognized
in Other Income and Expenses
|
(70)
|
(294)
|
(257)
|
(1,940)
|
Currency
derivatives
|
|
483
|
|
|
Swap
Pounds Sterling x Dollar - 29.3 (b)
|
(481)
|
(482)
|
591
|
(701)
|
NDF
– Euro x Dollar - 29.3 (b)
|
−
|
−
|
−
|
(48)
|
NDF
– Pounds Sterling x Dollar - 29.3 (b)
|
−
|
45
|
72
|
(23)
|
Swap
CDI x Dollar - 29.3 (c)
|
(293)
|
4
|
(140)
|
(1,567)
|
Others
|
1
|
3
|
(1)
|
(8)
|
|
(773)
|
(430)
|
522
|
(2,347)
|
Interest
rate derivatives
|
|
|
|
|
Swap
- CDI X IPCA
|
(143)
|
(201)
|
(45)
|
(90)
|
|
(143)
|
(201)
|
(45)
|
(90)
|
Cash
flow hedge on exports (*)
|
(5,396)
|
(17,823)
|
(6,147)
|
(18,174)
|
Recognized
in Net finance income (expense)
|
(6,312)
|
(18,454)
|
(5,670)
|
(20,611)
|
Total
|
(6,382)
|
(18,748)
|
(5,927)
|
(22,551)
|
(*)As
presented in note 29.3.
|
|
|
|
|
|
|
Gains/
(losses) recognized in other comprehensive income
|
|
|
2021
|
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Cash
flow hedge on exports (*)
|
(20,332)
|
4,288
|
(1,513)
|
(103,926)
|
|
|
|
|
|
(*)As
presented in note 29.3.
|
|
Guarantees
given (received) as collateral
|
|
09.30.2021
|
12.31.2020
|
Commodity
derivatives
|
258
|
69
|
Currency
derivatives
|
(141)
|
403
|
|
117
|
472
|
A
sensitivity analysis of the derivative financial instruments for the different types of market risks as of September 30, 2021 is set
out as follows:
|
|
Consolidated
|
Financial
Instruments
|
Risco
|
Probable
Scenario
|
Reasonably
possible
Scenario
(∆ of 25%)
|
Remote
Scenario
(∆ of 50%)
|
Derivatives
not designated for hedge accounting
|
|
|
|
|
|
|
|
Future
and Swap contracts
|
Crude
oil and oil products - price changes
|
−
|
(310)
|
(620)
|
Options
|
Soy
oil - price changes
|
(2)
|
(3)
|
(4)
|
Options
|
Exchange
rate – Depreciation of the Real compared to USD
|
(1)
|
(1)
|
(2)
|
|
|
|
|
|
(3)
|
(314)
|
(626)
|
The
probable scenario uses references external to the Company, widely used in the pricing of cargo in the oil, oil products and natural gas
market, which take into account the closing price of the asset on September 30, 2021, and therefore, it is considered that there is no
variation in the result of open operations in this scenario. The possible and remote scenarios reflect the potential effect on the result
of outstanding transactions, considering a variation in the closing price of 25% and 50%, respectively. To simulate the most unfavorable
scenarios, the variation was applied to each product group according to the position of open operations: price drop for long positions
and high for short positions.
29.2
|
Risk management
of crude oil and oil products prices
|
Petrobras
prefers exposure to the price cycle to the systematic protection of transactions for the purchase or sale of goods, whose objective is
to meet its operating needs, using derivative financial instruments. However, subject to the analysis of the business environment and
the prospects for carrying out the Strategic Plan, the execution of an occasional protection strategy with derivatives may be applicable.
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)
|
a)
Oil
In
March 2020, in order to preserve the Company's liquidity, Petrobras approved a protection strategy for systemic oil operations in order
to protect the revenue flows from these transactions against uncertainties in the prices of exports of oil cargoes already loaded, but
not priced, due to the high volatility of the economic context, generated both by the effects arising from the drop in oil prices, and
by the effects of the COVID-19 pandemic on the world consumption of oil and derivatives.
As
a result of this strategy, as of April 2020, forward (swap) and futures operations were carried out. Forward transactions (swaps) do
not require an initial disbursement, while future transactions require margin deposits, depending on the contracted volume.
b)
Other commodity derivative transactions
Petrobras,
using its assets, positions and proprietary and market knowledge from its operations in Brazil and abroad, seeks to capture market opportunities
through the purchase and sale of oil and oil products, which can occasionally be optimized with the use of commodity derivative instruments
to manage price risk in a safe and controlled manner.
29.3
|
Foreign
exchange risk management
|
a)
Cash Flow Hedge involving the Company’s future exports
The
carrying amounts, the fair value as of September 30, 2021, and a schedule of expected reclassifications to the statement of income of
cumulative losses recognized in other comprehensive income (shareholders’ equity) based on a US$ 1.00 / R$ 5.4394 exchange
rate are set out below:
|
|
|
|
Present
value of hedging instrument at
09.30.2021
|
Hedging
Instrument
|
|
Hedged
Transactions
|
|
Nature
of
the Risk
|
|
Maturity
Date
|
|
US$
million
|
R$
|
Foreign
exchange gains and losses on proportion of non-derivative financial instruments cash flows
|
|
Foreign
exchange gains and losses of highly probable future monthly exports revenues
|
|
Foreign
Currency
–
Real vs U.S. Dollar
Spot
Rate
|
|
From
oct/2021 to sep/2031
|
|
60,292
|
327,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes
in the present value of hedging instrument
|
US$
million
|
R$
|
Amounts
designated as of December 31, 2020
|
61,502
|
319,608
|
Additional
hedging relationships designated, designations revoked and hedging instruments re-designated
|
20,171
|
108,627
|
Exports
affecting the statement of income
|
(10,896)
|
(57,970)
|
Principal
repayments / amortization
|
(10,485)
|
(55,770)
|
Foreign
exchange variation
|
−
|
13,460
|
Amount
on September 30, 2021
|
60,292
|
327,955
|
Nominal
value of hedging instrument (finance debt and lease liability) on September 30, 2021
|
66,237
|
360,290
|
.
According
to the 2021-2025 Strategic Plan, there was an increase in expected exports and consequently in highly probable future exports, but not
in an amount equal to or greater than the finance debt and lease liabilities subject to designation as hedge instruments. As a result,
on September 30, 2021, the exchange exposure (Dollar x Real) was maintained throughout the year 2020, ending the period with passive
exchange exposure, as shown in table 29.3 c - Sensitivity analysis of financial instruments subject to exchange
variation.
In
the period from January to September 2021, the Company recognized a R$ 76 gain within foreign exchange gains (losses) due to ineffectiveness
(a R$ 5 loss in the same period of 2020).
The
average ratio of future exports for which cash flow hedge accounting was designated to the highly probable future exports is 100%.
A
roll-forward schedule of cumulative foreign exchange recognized in other comprehensive income as of September 30, 2021 is set out below:
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)
|
|
Exchange
rate
|
Tax
effect
|
Total
|
Balance
at January 1,2020
|
(51,486)
|
17,506
|
(33,980)
|
Recognized
in shareholders' equity
|
(99,467)
|
33,819
|
(65,648)
|
Reclassified
to the statement of income - occurred exports
|
21,754
|
(7,395)
|
14,359
|
Reclassified
to the statement of income - exports no longer expected or not occurred
|
2,554
|
(868)
|
1,686
|
Balance
at December 31, 2020
|
(126,645)
|
43,062
|
(83,583)
|
Recognized
in shareholders' equity
|
(13,536)
|
4,602
|
(8,934)
|
Reclassified
to the statement of income - occurred exports
|
17,823
|
(6,060)
|
11,763
|
Balance
at September 30, 2021
|
(122,358)
|
41,604
|
(80,754)
|
Changes
in expectations of realization of export prices and volumes in future reviews of business plans may determine the need for additional
reclassifications of accumulated exchange variation in shareholders' equity to the statement of income. A sensitivity analysis with an
average Brent oil price lower in US$ 10/barrel than considered in the last revision of the Strategic Plan 2021-2025, would indicate the
need to reclassify the deferred exchange variation from the shareholders’ equity to the statement of income in the amount of R$
18.
A
schedule of expected reclassification of cumulative foreign exchange recognized in other comprehensive income to the statement of income
as of September 30, 2021 is set out below:
|
Consolidated
|
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
to 2030
|
Total
|
Expected
realization
|
(6,630)
|
(27,243)
|
(22,391)
|
(17,295)
|
(12,021)
|
(10,577)
|
(10,901)
|
(15,300)
|
(122,358)
|
|
b)
Information on ongoing contracts
As
of September 30, 2021, the company has outstanding swap contracts - IPCA x CDI and CDI x Dollar, swap - Pound sterling x Dollar and Non
Deliverable Forward (NDF) - Pound x Dollar.
Swap
contracts – IPCA x CDI and CDI x Dollar
Changes
in future interest rate curves (CDI) may have an impact on the Company's results, due to the market value of these swap contracts. The
value of the shock on the curve was defined as a function of the average maturity of the swaps, and is approximately 25% of the future
rate of the average maturity. A sensitivity analysis on CDI with a constant increase (parallel shock) all other variables remaining constant,
would result in the following impacts:
Sensitivity
analysis
|
Result
|
Constant
increase of 300 basis points
|
(31)
|
Constant
decrease of 300 basis points
|
111
|
|
|
For
more information about such agreements, please see the note 38.3 of Petrobras financial statements of December 31, 2020.
c)Sensitivity
analysis for foreign exchange risk on financial instruments
The
scenario considered probable is referenced by an external source, Focus and Thomson Reuters, based on the exchange rate estimated for
the close of the next quarter. In addition to the possible and remote scenarios that consider the appreciation of the quarterly closing
exchange rate (risk) by 25% and 50%, respectively, except for the balances of assets and liabilities in foreign currency of foreign subsidiaries,
when carried out in a currency equivalent to their respective functional currencies. These analyzes only cover the exchange variation
and keep all other variables constant.
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)
|
|
|
|
|
Financial
Instruments
|
Exposure
at 09.30.2021
|
Risk
|
Probable
Scenario (*)
|
Reasonably
possible
scenario
(∆ of 25%)
|
Remote
Scenario
(∆ of 50%)
|
Assets
|
25,979
|
Dollar/
Real
|
(1,143)
|
6,495
|
12,990
|
Liabilities
|
(531,637)
|
|
23,399
|
(132,909)
|
(265,819)
|
Exchange
rate - Cross currency swap
|
(3,008)
|
|
132
|
(752)
|
(1,504)
|
Cash
flow hedge on exports
|
327,955
|
|
(14,434)
|
81,989
|
163,977
|
|
(180,711)
|
|
7,954
|
(45,177)
|
(90,356)
|
Assets
|
15
|
Euro
/ Real
|
−
|
4
|
8
|
Liabilities
|
(136)
|
|
4
|
(34)
|
(68)
|
|
(121)
|
|
4
|
(30)
|
(60)
|
Assets
|
6,862
|
Euro
/ Dollar
|
125
|
1,716
|
3,431
|
Liabilities
|
(14,226)
|
|
(260)
|
(3,557)
|
(7,113)
|
|
(7,364)
|
|
(135)
|
(1,841)
|
(3,682)
|
Assets
|
13
|
Pound
sterling/ Real
|
−
|
3
|
7
|
Liabilities
|
(120)
|
|
2
|
(30)
|
(60)
|
|
(107)
|
|
2
|
(27)
|
(53)
|
Assets
|
10,257
|
Pound
sterling / Dollar
|
250
|
2,564
|
5,129
|
Liabilities
|
(20,309)
|
|
(494)
|
(5,077)
|
(10,155)
|
Exchange
rate - Cross currency swap
|
8,905
|
|
217
|
2,226
|
4,453
|
|
(1,147)
|
|
(27)
|
(287)
|
(573)
|
Total
|
(189,450)
|
|
7,798
|
(47,362)
|
(94,724)
|
(*)
At September 30, 2021, the probable scenario was computed based on the following risks: Real x U.S. Dollar - a 4% appreciation of the
Real; Euro x U.S. Dollar: a 1.9% appreciation of the Euro; Pound Sterling x U.S. Dollar: a 2.55% appreciation of the Pound Sterling;
Real x Euro: a 2.6% appreciation of the Real; and Real x Pound Sterling - a 2% appreciation of the Real. Source: Focus and Thomson Reuters.
29.4
|
Interest
rate risk management
|
The
company preferably does not use derivative financial instruments to manage exposure to fluctuations in interest rates, as they do not
have significant impacts, except in specific situations presented by Petrobras subsidiaries.
The
interest rate risk sensitivity analysis is performed for a 12-month horizon. The values referring to the possible and remote
scenarios mean the total floating interest expense if there is a variation of 25% and 50% in these interest rates, respectively, keeping
all other variables constant.
The
table below shows, in the probable scenario, the amount to be disbursed by Petrobras with the payment of interest referring to debts
with floating interest rates on September 30, 2021.
|
Consolidated
|
Risk
|
Probable
Scenario (*)
|
Reasonably
possible
scenario
(∆ of 25%)
|
Remote
Scenario
(∆ of 50%)
|
LIBOR
1M
|
−
|
−
|
−
|
LIBOR
3M
|
8
|
10
|
12
|
LIBOR
6M
|
1,777
|
1,989
|
2,202
|
CDI
|
551
|
689
|
827
|
TJLP
|
299
|
374
|
449
|
IPCA
|
419
|
524
|
629
|
|
3,054
|
3,586
|
4,119
|
(*)
The probable scenario was calculated considering the quotations of currencies and floating rates to which the debts are indexed.
|
The
company regularly assesses market conditions and may carry out repurchase transactions of its securities or its subsidiaries in the international
capital market, by various means, including repurchase offers, bond redemptions and/or open market operations, provided they are in line
with the company's liability management strategy, which aims to improve the amortization profile and the cost of debt.
30
|
Related-party
transactions
|
The
Company has a related-party transactions policy, which is annually revised and approved by the Board of Directors, and is applicable
to all the Petrobras Group, in accordance with the Company’s by-laws.
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)
|
30.1
|
Transactions
with entities of Petrobras group (Parent)
|
|
09.30.2021
|
12.31.2020
|
|
Current
|
Non-current
|
Total
|
Current
|
Non-current
|
Total
|
Assets
|
|
|
|
|
|
|
Trade
and other receivables
|
|
|
|
|
|
|
Trade
and other receivables, mainly from sales
|
13,953
|
−
|
13,953
|
14,992
|
−
|
14,992
|
Dividends
receivable
|
93
|
−
|
93
|
1,134
|
−
|
1,134
|
Amounts
related to construction of natural gas pipeline
|
−
|
704
|
704
|
−
|
564
|
564
|
Other
operations
|
1,300
|
370
|
1,670
|
430
|
632
|
1,062
|
Advances
to suppliers
|
16
|
1,308
|
1,324
|
12
|
1,275
|
1,287
|
Total
|
15,362
|
2,382
|
17,744
|
16,568
|
2,471
|
19,039
|
Liabilities
|
|
|
|
|
|
|
Lease
liabilities (*)
|
(2,674)
|
(6,552)
|
(9,226)
|
(2,517)
|
(3,097)
|
(5,614)
|
Prepayment
of exports
|
(88,640)
|
(280,223)
|
(368,863)
|
(54,871)
|
(302,601)
|
(357,472)
|
Accounts
payable to suppliers
|
(12,319)
|
−
|
(12,319)
|
(55,931)
|
−
|
(55,931)
|
Purchases
of crude oil, oil products and others
|
(8,735)
|
−
|
(8,735)
|
(53,526)
|
−
|
(53,526)
|
Affreightment
of platforms
|
(877)
|
−
|
(877)
|
(624)
|
−
|
(624)
|
Advances
from clients
|
(2,674)
|
−
|
(2,674)
|
(1,745)
|
−
|
(1,745)
|
Other
operations
|
(33)
|
−
|
(33)
|
(36)
|
−
|
(36)
|
Total
|
(103,633)
|
(286,775)
|
(390,408)
|
(113,319)
|
(305,698)
|
(419,017)
|
(*)
Includes amounts referring to lease and sub-lease transactions between investees required by IFRS 16.
|
2021
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Result
|
|
|
|
|
Revenues,
mainly sales revenues
|
61,926
|
174,004
|
41,336
|
114,632
|
Foreign
exchange and inflation indexation charges, net (**)
|
(12,631)
|
(20,663)
|
(13,179)
|
(67,525)
|
Finance
income (expenses), net (**)
|
(5,697)
|
(16,881)
|
(7,853)
|
(22,933)
|
Total
|
43,598
|
136,460
|
20,304
|
24,174
|
(**)Includes
the amounts of R$ 132 of foreign exchange variation loss and R$ 391 of financial expenses related to leasing and sub-lease operations
required by IFRS 16.
|
|
30.2
|
Non-standardized
credit rights investment fund (FIDC-NP)
|
The
parent company maintains funds invested in the FIDC-NP that are mainly used for the acquisition of performing and / or non-performing
credit rights for operations carried out by affiliates. The amounts invested are recorded in accounts receivable.
Assignments
of credit rights, performed and not performed, are recorded as financing in current liabilities.
|
Parent
Company
|
|
09.30.2021
|
12.31.2020
|
Accounts
receivable, net
|
59,210
|
10,121
|
Credit
rights assignments
|
(39,595)
|
(10,580)
|
|
2021
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Financial
Income FIDC-NP
|
656
|
1,039
|
397
|
1,625
|
Financial
Expenses FIDC-NP
|
(414)
|
(734)
|
(367)
|
(1,680)
|
Net
finance income (expense)
|
242
|
305
|
30
|
(55)
|
Petrobras
has the procedure of granting guarantees to its equity interests for some financial operations carried out in Brazil and abroad. As a
result of the early debt settlement strategy throughout the year, the financial transactions carried out by these equity interests and
guaranteed by Petrobras have a balance of R$159,855 to be settled on September 30, 2021 (R$213,834 on December 31, 2020).
The
guarantees offered by Petrobras, mainly non-remunerated fiduciary, are made based on contractual clauses that support the financial transactions
between the subsidiaries/controlled companies and third parties, guaranteeing the assumption of compliance with a third party obligation,
if the original debtor does not do so.
The
financial transactions carried out by the subsidiaries and guaranteed by Petrobras are presented in Note 39.6 of Petrobras' financial
statements as of December 31, 2020.
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)
|
30.4
|
Investments
in debt securities of subsidiaries
|
The
debt securities of PGF and CDMPI in the amount of R$5,613, held by a subsidiary of PIB BV directly or through an investment fund abroad,
were settled in the 2nd quarter of 2021. The balance of these securities on December 31, 2020 was R$5,368.
30.5
|
Transactions
with joint ventures, associates, government entities and pension plans
|
The
company does, and expects to continue to do, business in the normal course of various transactions with its joint ventures, affiliates,
pension funds, as well as with its controlling shareholder, the Brazilian federal government, which includes transactions with banks
and other entities under its control, such as financing and banking services, asset management and others.
Significant
transactions resulted in the following balances:
|
|
Consolidated
|
|
09.30.2021
|
12.31.2020
|
|
Asset
|
Liability
|
Asset
|
Liability
|
Joint
ventures and associates
|
|
|
|
|
Petrobras
Distribuidora (BR), currently Vibra Energia
|
−
|
−
|
1,020
|
205
|
Natural
Gas Transportation Companies
|
−
|
−
|
383
|
994
|
State-controlled
gas distributors (joint ventures)
|
1,257
|
200
|
1,170
|
355
|
Petrochemical
companies (associates)
|
208
|
207
|
88
|
46
|
Other
associates and joint ventures
|
734
|
144
|
789
|
624
|
Subtotal
|
2,199
|
551
|
3,450
|
2,224
|
Brazilian
government
|
|
|
|
|
Government
bonds
|
7,980
|
−
|
8,483
|
−
|
Banks
controlled by the Brazilian Government
|
45,975
|
8,089
|
39,892
|
19,266
|
Receivables
from the Electricity sector
|
76
|
2
|
1,064
|
−
|
Petroleum
and alcohol account - receivables from the Brazilian Government (note 9.1)
|
2,703
|
−
|
2,503
|
−
|
Brazilian
Federal Government – dividends
|
10
|
3,040
|
9
|
−
|
Others
|
28
|
138
|
201
|
238
|
Subtotal
|
56,772
|
11,269
|
52,152
|
19,504
|
Pension
plans
|
384
|
161
|
268
|
339
|
Total
|
59,355
|
11,981
|
55,870
|
22,067
|
Current
assets
|
12,985
|
5,542
|
13,841
|
6,366
|
Non-current
assets
|
46,370
|
6,439
|
42,029
|
15,701
|
The
effect on the result of significant transactions is presented below:
|
|
Consolidated
|
|
2021
|
2020
|
|
Jul-Sep
|
Jan-Sep
|
Jul-Sep
|
Jan-Sep
|
Joint
ventures and associates
|
|
|
|
|
Petrobras
Distribuidora (BR), currently Vibra Energia
|
26,861
|
67,753
|
15,415
|
40,004
|
Natural
Gas Transportation Companies
|
(301)
|
(1,957)
|
(1,474)
|
(6,232)
|
State-controlled
gas distributors (joint ventures)
|
3,579
|
9,136
|
1,907
|
6,441
|
Petrochemical
companies (associates)
|
5,394
|
13,954
|
3,898
|
10,667
|
Other
associates and joint ventures
|
798
|
1,439
|
697
|
659
|
Subtotal
|
36,331
|
90,325
|
20,443
|
51,539
|
Brazilian
government
|
|
|
|
|
Government
bonds
|
94
|
198
|
29
|
137
|
Banks
controlled by the Brazilian Government
|
(244)
|
(752)
|
263
|
(1,348)
|
Receivables
from the Electricity sector
|
78
|
674
|
64
|
178
|
Petroleum
and alcohol account - receivables from the Brazilian Government
|
78
|
200
|
3
|
13
|
Federal
Government (Dividends)
|
20
|
−
|
(2)
|
(17)
|
Empresa
Brasileira de Administração de Petróleo e Gás Natural – Pré-Sal Petróleo S,A, –
PPSA
|
(73)
|
(435)
|
(334)
|
(540)
|
Others
|
(157)
|
(331)
|
43
|
(5)
|
Subtotal
|
(204)
|
(446)
|
66
|
(1,582)
|
Pension
plans
|
−
|
−
|
(950)
|
(950)
|
Total
|
36,127
|
89,879
|
19,559
|
49,007
|
|
|
|
|
|
Revenues,
mainly sales revenues
|
36,824
|
93,842
|
21,882
|
59,649
|
Purchases
and services
|
(317)
|
(2,961)
|
(2,063)
|
(8,522)
|
Operating
income and expense
|
(214)
|
(1,002)
|
(544)
|
(950)
|
Foreign
exchange and inflation indexation charges, net
|
(148)
|
(396)
|
198
|
(1,109)
|
Finance
income (expenses), net
|
(18)
|
396
|
86
|
(61)
|
Total
|
36,127
|
89,879
|
19,559
|
49,007
|
The
liability with pension plans of the Company's employees and managed by Fundação Petros, which includes debt instruments,
is presented in note 13.
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)
|
Petrobras
on agreement with Amazonas Energia
On
April 7, 2021, Petrobras signed, together with its indirect subsidiaries Breitener Tambaqui SA and Breitener Jaraqui SA, a court agreement
to receive amounts litigated by them against Amazonas Energia S/A (debtor) and Centrais Elétricas Brasileiras SA – Eletrobras
(jointly liable), in the approximate amount of R$436, referring to 7 lawsuits, which will be suspended until the full settlement of the
negotiated credits. The amount will be settled by the debtor in 60 installments, calculated by the constant amortization system - SAC,
updated based on 124.75% of the CDI, until its full settlement.
The
signing of the agreement generated a positive effect on Petrobras' consolidated result in the 2nd quarter of 2021 of R$ 328, net of tax
effects.
30.6
|
Compensation
of key management personnel
|
The
total remuneration of the members of the Board of Directors and Executive Board of Petrobras Holding are based on the guidelines established
by the Secretariat for Coordination and Governance of State Companies - SEST, of the Ministry of Economy, and by the Ministry of Mines
and Energy and are presented as follows:
Parent
Company
|
Jan-Sep/2021
|
Jan-Sep/2020
|
|
Officers
|
Board
Members
|
Total
|
Officers
|
Board
Members
|
Total
|
Wages
and short-term benefits
|
10.4
|
0.5
|
10.9
|
9.7
|
0.5
|
10.2
|
Social
security and other employee-related taxes
|
2.6
|
0.1
|
2.7
|
2.4
|
0.1
|
2.5
|
Post-employment
benefits (pension plan)
|
0.8
|
−
|
0.8
|
0.7
|
−
|
0.7
|
Benefits
due to termination of tenure
|
2.9
|
−
|
2.9
|
0.5
|
−
|
0.5
|
Total
compensation recognized in the statement of income
|
16.7
|
0.6
|
17.3
|
13.3
|
0.6
|
13.9
|
Total
compensation paid (*)
|
29.4
|
0.6
|
30.0
|
13.3
|
0.6
|
13.9
|
Average
number of members in the period (**)
|
9.00
|
10.44
|
19.44
|
9.00
|
9.44
|
18.44
|
Average
number of paid members in the period (***)
|
9.00
|
4.89
|
13.89
|
9.00
|
4.33
|
13.33
|
|
(*)
Includes the PPP for Administrators in the Executive Board.
(**)
Monthly average number of members.
|
(***)
Monthly average number of paid members.
|
In
the period from January to September of 2021, the consolidated expense with the total compensation of the company's officers and directors
totaled R$ 50.69 (R$ 43.7 in the period from January to September of 2020).
On
April 14, 2021, the Annual General Meeting set the remuneration of the managers (Executive Board and Board of Directors) at up to R$
47.06 as the global limit of remuneration to be paid in the period between April 2021 and March 2022.
The
compensation of the members of the Advisory Committees to the Board of Directors must be considered apart from the overall compensation
limit set for the administrators, that is, the amounts received are not classified as compensation for the administrators.
The
members of the Board of Directors who participate in the Statutory Audit Committee waive the remuneration of the Board of Directors,
as established in art. 38, § 8 of Decree No. 8.945, of December 27, 2016, and they were entitled to a total remuneration of R$ 2,079
thousand in the period from January to September 2021 (R$ 2,446.4 thousand, considering the social charges). In the period from January
to September 2020, the remuneration accumulated in the period was R$1,641 thousand (R$1,969 thousand, considering social charges).
.
31
|
Supplemental
information on statement of cash flows
|
|
Consolidated
|
|
2021
|
2020
|
|
Jan-Sep
|
Jan-Sep
|
Amounts
paid/received during the period
|
|
|
Withholding
income tax paid on behalf of third-parties
|
2,925
|
2,703
|
Capital
expenditures and financing activities not involving cash
|
|
|
Lease
|
27,799
|
12,354
|
Provision/(reversals)
for decommissioning costs
|
1
|
64
|
Use
of tax credits and judicial deposits to pay the contingency
|
2,826
|
3
|
Intangible
asset received by assumption of participation
|
520
|
−
|
|
NOTES TO THE FINANCIAL STATEMENTS
PETROBRAS
This interim financial information should be read together with the Company’s audited annual financial statements
(Expressed in millions of reais, unless otherwise indicated)
|
Completion
of obligations set forth in agreement with the U.S. Department of Justice - DoJ
On
September 27, 2018, Petrobras announced the closing of agreements to close the investigations by the Securities and Exchange Commission
- SEC and the US Department of Justice - DoJ, related to the company's internal controls, accounting records and financial statements,
during the period from 2003 to 2012.
Petrobras
has completed the obligations provided for in the agreement signed with the DoJ, including the evolution of its integrity program and
the submission of information during the three-year agreement, which was fully complied with and, therefore, terminated.
Environmental
Claims Agreement
On
October 8, 2021, Petrobras signed an agreement relating to three public civil actions that set out environmental damages arising from
the leakage of the Santa Catarina - Paraná (OSPAR) pipeline on July 16, 2000, in Araucária city in the state of Paraná.
As of September 30, 2021, the values related to public civil actions are classified as probable loss and recorded in the financial statements,
as set out in note 14.1.
The
value of the agreement is R$ 1.4 billion, to be paid in four quarterly installments, from its signature and judicial approval. The
effectiveness of the agreement is subject to approval by the Federal Regional Court of 4th Region.
Agreement
with National Agency of Petroleum, Natural Gas and Biofuels (ANP)
In
October 2021, the Executive Board and the Board of Directors of Petrobras approved the proposal for the execution of an Agreement between
Petrobras and the ANP related to the collection of royalties on the operation of the Shale Industrialization Unit (SIX), located in São
Mateus do Sul/PR.
On
October 21, 2021, the terms of the Agreement were approved by the collegiate board of the ANP, contemplating the payment of the amount
of R$ 565 whose liability is provisioned in the company's financial statements on September 30, 2021.
The
payment will be paid in 60 installments from the execution of the Agreement and will result in the termination of all legal and administrative
proceedings related to the collection of royalties and administrative fines arising from the mining of oil shale carried out at SIX,
as well as in the execution of a concession agreement between Petrobras and ANP to regulate shale research and mining in the SIX. The
terms of the Agreement, as well as the draft of the concession agreement, will be submitted to public consultation and hearing by the
ANP.
Anticipation
of shareholder remuneration
On
October 28, 2021, the Board of Directors approved the additional distribution of remuneration to shareholders in the total amount of
R$31,800, equivalent to R$2.437865 per common and preferred share, to be paid in December 15, 2021, together with the 2nd installment,
approved on August 4, 2021, as shown in the table below:
|
|
|
|
Amount
of installment by type of share
|
Installment
|
Date
of approval Board of Directors
|
Share
position date
|
Date
of payment
|
Amount
per share common and preferred (R$)
|
Total
amount of the installments
|
Common
shares
|
Preferred
shares
|
Third
installment (*)
|
10.28.2021
|
12.01.2021
|
12.15.2021
|
2.437865
|
31,800
|
18,143
|
13,657
|
|
|
|
|
|
|
|
|
(*)
The form of distribution of the 3rd installment will be defined by the Executive Board at a future date (dividends or interest on
shareholders’ equity).
|
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)
|
33.
|
Correlation
between the explanatory notes of December 31, 2020 and the ones of September 30, 2021
|
|
Number
of notes
|
Notes
to the Financial Statements
|
Annual
for
2020
|
Quarterly
information for 3Q-21
|
Basis
of preparation and presentation of financial statements
|
2
|
1
|
Summary
of significant accounting policies
|
3
|
2
|
Cash
and cash equivalents and Marketable securities
|
8
|
3
|
Sales
revenues
|
9
|
4
|
Costs
and Expenses by nature
|
10
|
5
|
Other
income and expenses
|
11
|
6
|
Net
finance income (expense)
|
12
|
7
|
Segment
information – Statement of Income
|
13
|
8
|
Trade
and other receivables
|
14
|
9
|
Inventories
|
15
|
10
|
Taxes
|
17
|
11
|
Short-term
benefits
|
18
|
12
|
Employee
benefits (Post-Employment)
|
19
|
13
|
Provisions
for legal proceedings
|
20
|
14
|
Provision
for decommissioning costs
|
21
|
15
|
The
“Lava Jato (Car Wash) investigation” and its effects on the Company
|
23
|
16
|
Property,
plant and equipment
|
25
|
17
|
Intangible
assets
|
26
|
18
|
Impairment
|
27
|
19
|
Exploration
and evaluation of oil and gas reserves
|
28
|
20
|
Collateral
for crude oil exploration concession agreements
|
29
|
21
|
Investments
|
31
|
22
|
Disposal
of Assets and other changes in organizational structure
|
32
|
23
|
Segment
information – Asset
|
33
|
24
|
Finance
debt
|
34
|
25
|
Leases
|
35
|
26
|
Equity
|
36
|
27
|
Fair
value of financial assets and liabilities
|
37
|
28
|
Risk
management
|
38
|
29
|
Related-party
transactions
|
39
|
30
|
Supplemental
information on statement of cash flows
|
40
|
31
|
Subsequent
events
|
41
|
32
|
The
notes to the annual report 2020 that were suppressed in the interim financial statements of September 30, 2021 because they do not have
significant changes and / or may not be applicable to interim financial information are:
Notes
to the Financial Statements
|
Number
of notes
|
The
Company and its operations
|
1
|
Accounting
estimates
|
4
|
New
standards and interpretations
|
5
|
Context,
resilience measures and impacts caused by COVID-19
|
6
|
Capital
management
|
7
|
Trade
payables
|
16
|
Other
assets and liabilities
|
22
|
Commitment
to purchase natural gas
|
24
|
Partnerships
in exploration and production activities
|
30
|
STATEMENT
OF DIRECTORS ON INTERIM ACCOUNTING INFORMATION AND REPORT ON THE REVIEW OF QUARTERLY INFORMATION
PETROBRAS
In
compliance with the provisions of items V and VI of article 25 of CVM Instruction 480, of December 7, 2009, the chief executive officer
and directors of Petróleo Brasileiro S.A. - Petrobras, a publicly-held corporation, headquartered at Avenida República
do Chile, 65, Rio de Janeiro, RJ, registered with the CNPJ under nº 33.000.167 / 0001-01, declare that the financial statements
were prepared in accordance with the law or the bylaws and that:
(i)reviewed,
discussed and agreed with the Interim Financial Statements of Petrobras for the period ended on September 30, 2021;
(ii)
reviewed, discussed and agreed with the opinions expressed in the report of KPMG Auditores Independentes regarding the Interim Financial
Statements of Petrobras for the period ended on September 30, 2021.
Rio
de Janeiro, October 28, 2021.
Joaquim
Silva e Luna
|
|
Rodrigo
Araujo Alves
|
|
|
|
Chief
Executive Officer
|
|
Chief
Financial and Investor Relations Officer
|
|
|
|
|
|
|
Rodrigo
Costa Lima e Silva
|
|
Fernando
Assumpção Borges
|
|
|
|
Chief
Refining and Natural Gas Executive Officer
|
|
Chief
Exploration and Production Executive Officer
|
|
|
|
|
|
|
Cláudio
Rogério Linassi Mastella
|
|
Roberto
Furian Ardenghy
|
|
|
|
Chief
Logistics and Trade Executive Officer
|
|
Chief
Institutional Relations and Sustainability Executive Officer
|
|
|
|
|
|
|
João
Henrique Rittershaussen
|
|
Salvador
Dahan
|
|
|
|
Chief
Production Development Executive Officer
|
|
Chief
Governance and Compliance Executive Officer
|
|
|
|
|
|
|
Nicolás
Simone
|
|
|
|
|
|
Chief
Digital Transformation and Innovation Officer
|
|
|
KPMG
Auditores Independentes
Rua
do Passeio, 38 - Setor 2 - 17º andar - Centro
20021-290
- Rio de Janeiro/RJ - Brasil
Caixa
Postal 2888 - CEP 20001-970 - Rio de Janeiro/RJ - Brasil
Telefone
+55 (21) 2207-9400, Fax +55 (21) 2207-9000
www.kpmg.com.br
Report on the
review of quarterly information - ITR
(A free translation
of the original report in Portuguese, as filed with the Brazilian Securities and Exchange Commission (CVM), prepared in accordance with
the accounting practices adopted in Brazil, rules of the CVM and of the International Financial Reporting Standards - IFRS)
To the Board
of Directors and Shareholders of
Petróleo
Brasileiro S.A. - Petrobras
Rio de Janeiro
- RJ
Introduction
We
have reviewed the interim accounting information, individual and consolidated, of Petróleo Brasileiro S.A. - Petrobras (“the
Company”), identified as Parent Company and Consolidated, respectively, included in the quarterly information form - ITR for the
quarter ended September 30, 2021, which comprises the balance sheet as of September 30, 2021 and the respective statements of income
and comprehensive income for the three and nine months periods then ended, and statements of changes in shareholders' equity and of cash
flows for the nine-months period then ended, including the explanatory notes.
The
Company`s Management is responsible for the preparation of these interim accounting information in accordance with the CPC 21(R1) and
the IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as the presentation
of these information in accordance with the standards issued by the Brazilian Securities and Exchange Commission, applicable to the preparation
of quarterly information - ITR. Our responsibility is to express our conclusion on this interim accounting information based on our review.
KPMG
Auditores Independentes, uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas
à KPMG International Cooperative (“KPMG International”), uma entidade suíça.
|
KPMG
Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity.
|
Scope
of the review
We
conducted our review in accordance with Brazilian and International Interim Information Review Standards (NBC TR 2410 - Revisão
de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410 - Review of Interim Financial
Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries
primarily of the management responsible for financial and accounting matters and applying analytical procedures and other review procedures.
The scope of a review is significantly less than an audit conducted in accordance with auditing standards and, accordingly, it did not
enable us to obtain assurance that we were aware of all the material matters that would have been identified in an audit. Therefore,
we do not express an audit opinion.
Conclusion
on the individual and consolidated interim accounting information
Based
on our review, we are not aware of any fact that might lead us to believe that the individual and consolidated interim accounting information
included in the aforementioned quarterly information was not prepared, in all material respects, in accordance with CPC 21(R1) and IAS
34, issued by the IASB, applicable to the preparation of the quarterly review - ITR, and presented in accordance with the standards issued
by the Brazilian Securities and Exchange Commission.
Other
matters - Statements of added value
The
individual and consolidated statements of value added for the quarter ended June 30, 2021, prepared under the responsibility of the Company's
management, and presented as supplementary information for the purposes of IAS 34, were submitted to the same review procedures followed
together with the review of the Company's interim financial information. In order to form our conclusion, we evaluated whether these
statements were reconciliated to the interim financial information and to the accounting records, as applicable, and whether their form
and content are in accordance with the criteria set on Technical Pronouncement CPC 09 - Statement of Value Added. Based on our review,
nothing has come to our attention that causes us to believe that the accompanying statements of value added were not prepared, in all
material respects, in accordance with the individual and consolidated interim financial information taken as a whole.
Rio
de Janeiro, October 28, 2021
KPMG Auditores
Independentes
CRC SP-014428/O-6
F-RJ
Original
report in Portuguese signed by
Marcelo Gavioli
Accountant
CRC 1SP201409/O-1
KPMG
Auditores Independentes, uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas
à KPMG International Cooperative (“KPMG International”), uma entidade suíça.
|
KPMG
Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity.
|