PBR.A Petroleo Brasileiro ADR

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

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

Securities Exchange Act of 1934

 

For the month of August, 2024

 

Commission File Number 1-15106

 

 

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

 

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

 

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

(Address of principal executive office)

 

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

Form 20-F ___X___ Form 40-F _______

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

Yes _______ No___X____

 

 

 

 

Interim Financial

Information

 

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

 

At June 30, 2024 and report on review of interim

financial information

 

 

 

 

 

 

(A free translation of the original in Portuguese)

 

 

 

 

 

INDEX

PETROBRAS

 

 

Parent Company Interim Accounting Information / Statement of Financial Position - Assets		3
Parent Company Interim Accounting Information / Statement of Financial Position - Liabilities		4
Parent Company Interim Accounting Information / Statement of Income		5
Parent Company Interim Accounting Information / Statement of Comprehensive Income		6
Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2024 to 06/30/2024		7
Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2023 to 06/30/2023		8
Parent Company Interim Accounting Information / Statement of Cash Flows – Indirect Method		9
Parent Company Interim Accounting Information / Statement of Added Value		10
Consolidated Interim Accounting Information / Statement of Financial Position - Assets		11
Consolidated Interim Accounting Information / Statement of Financial Position - Liabilities		12
Consolidated Interim Accounting Information / Statement of Income		13
Consolidated Interim Accounting Information / Statement of Comprehensive Income		14
Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2024 to 06/30/2024		15
Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2023 to 06/30/2023		16
Consolidated Interim Accounting Information / Statement of Cash Flows – Indirect Method		17
Consolidated Interim Accounting Information / Statement of Added Value		18
1	Basis of preparation	19
2	Material accounting policies	20
3	Cash and cash equivalents and marketable securities	20
4	Sales revenues	21
5	Costs and expenses by nature	22
6	Other income and expenses, net	22
7	Net finance income (expense)	23
8	Information by operating segment	23
9	Trade and other receivables	26
10	Inventories	27
11	Trade payables	28
12	Taxes	28
13	Employee benefits	31
14	Provisions for legal proceedings, judicial deposits and contingent liabilities	37
15	Provision for decommissioning costs	42
16	Other assets and liabilities	43
17	Property, plant and equipment	43
18	Intangible assets	46
19	Impairment	46
20	Exploration and evaluation of oil and gas reserves	47
21	Collateral for crude oil exploration concession agreements	48
22	Investments	48
23	Disposal of assets and other transactions	49
24	Finance debt	50
25	Lease liability	53
26	Equity	54
27	Financial risk management	57
28	Related party transactions	64
29	Supplemental information on statement of cash flows	67
30	Subsequent events	67
31	Correlation between the explanatory notes of December 31, 2023 and the ones of June 30, 2024	69
Statement of directors on interim accounting information and report on the review of quarterly information		70
Independent Auditors' Report		71

 

 

 

 

 

 

 

Account Code	Account Description	06.30.2024	12.31.2023
1	Total Assets	1,394,573,000	1,309,830,000
1.01	Current Assets	175,322,000	143,004,000
1.01.01	Cash and Cash Equivalents	22,606,000	2,562,000
1.01.02	Marketable Securities	15,530,000	13,644,000
1.01.03	Trade and Other Receivables	73,522,000	77,757,000
1.01.04	Inventories	35,060,000	31,612,000
1.01.06	Recoverable Taxes	14,152,000	5,123,000
1.01.06.01	Current Recoverable Taxes	14,152,000	5,123,000
1.01.06.01.01	Recoverable Income Taxes	4,942,000	731,000
1.01.06.01.02	Other Recoverable Taxes	9,210,000	4,392,000
1.01.08	Other Current Assets	14,452,000	12,306,000
1.01.08.01	Non-Current Assets Held for Sale	2,789,000	2,053,000
1.01.08.03	Others	11,663,000	10,253,000
1.01.08.03.03	Others	11,663,000	10,253,000
1.02	Non-Current Assets	1,219,251,000	1,166,826,000
1.02.01	Long-Term Receivables	115,900,000	124,474,000
1.02.01.03	Marketable Securities Measured at Amortized Cost	7,469,000	11,661,000
1.02.01.04	Trade and Other Receivables	5,515,000	8,099,000
1.02.01.07	Deferred Taxes	21,564,000	21,516,000
1.02.01.07.02	Deferred Taxes and Contributions	21,564,000	21,516,000
1.02.01.10	Other Non-Current Assets	81,352,000	83,198,000
1.02.01.10.04	Judicial Deposits	68,713,000	70,968,000
1.02.01.10.05	Other Assets	12,639,000	12,230,000
1.02.02	Investments	318,494,000	268,220,000
1.02.03	Property, Plant and Equipment	770,082,000	759,569,000
1.02.04	Intangible Assets	14,775,000	14,563,000

 

 

Account Code	Account Description	06.30.2024	12.31.2023
2	Total Liabilities	1,394,573,000	1,309,830,000
2.01	Current Liabilities	202,663,000	188,618,000
2.01.01	Payroll, Profit Sharing and Related Charges	7,071,000	8,882,000
2.01.02	Trade Payables	34,161,000	26,649,000
2.01.03	Taxes Obligations	286,000	4,445,000
2.01.03.01	Federal Taxes Obligations	286,000	4,445,000
2.01.03.01.01	Income Tax and Social Contribution Payable	286,000	4,445,000
2.01.04	Current Debt and Finance Lease Obligations	89,055,000	83,100,000
2.01.04.01	Current Debt	46,410,000	46,736,000
2.01.04.03	Lease Obligations	42,645,000	36,364,000
2.01.05	Other Liabilities	53,656,000	48,868,000
2.01.05.02	Others	53,656,000	48,868,000
2.01.05.02.01	Dividends and Interest on Capital Payable	12,752,000	16,947,000
2.01.05.02.04	Other Taxes Payable	28,783,000	19,669,000
2.01.05.02.06	Other liabilities	12,121,000	12,252,000
2.01.06	Provisions	14,072,000	14,053,000
2.01.06.02	Other Provisions	14,072,000	14,053,000
2.01.06.02.04	Pension and Medical Benefits	4,920,000	4,392,000
2.01.06.02.05	Provision for Decommissioning Costs	9,152,000	9,661,000
2.01.07	Liabilities Associated with Non-Current Assets Held for Sale and Discontinued	4,362,000	2,621,000
2.01.07.01	Liabilities Associated with Non-Current Assets Held for Sale	4,362,000	2,621,000
2.02	Non-Current Liabilities	818,431,000	740,771,000
2.02.01	Non-Current Debt and Finance Lease Obligations	575,355,000	479,659,000
2.02.01.01	Non-Current Debt	427,278,000	346,419,000
2.02.01.03	Lease Obligations	148,077,000	133,240,000
2.02.02	Other Liabilities	1,316,000	1,409,000
2.02.02.02	Others	1,316,000	1,409,000
2.02.02.02.03	Income Taxes Payable	1,316,000	1,409,000
2.02.03	Deferred Taxes	39,314,000	59,000,000
2.02.03.01	Deferred Income Taxes	39,314,000	59,000,000
2.02.04	Provisions	202,446,000	200,703,000
2.02.04.01	Provisions for Tax Social Security, Labor and Civil Lawsuits	16,143,000	14,855,000
2.02.04.02	Other Provisions	186,303,000	185,848,000
2.02.04.02.04	Pension and Medical Benefits	74,952,000	73,517,000
2.02.04.02.05	Provision for Decommissioning Costs	100,457,000	102,167,000
2.02.04.02.06	Employee Benefits	579,000	492,000
2.02.04.02.07	Other liabilities	10,315,000	9,672,000
2.03	Shareholders' Equity	373,479,000	380,441,000
2.03.01	Share Capital	205,432,000	205,432,000
2.03.02	Capital Reserves	(2,241,000)	(322,000)
2.03.04	Profit Reserves	122,816,000	158,955,000
2.03.05	Retained Earnings/Losses	7,697,000	−
2.03.08	Other Comprehensive Income	39,775,000	16,376,000

 

 

 

Account Code	Account Description	Accumulated of the Current Period 04/01/2024 to 06/30/2024	Accumulated of the Current Year 01/01/2024 to 06/30/2024	Accumulated of the Previous Period 04/01/2023 to 06/30/2023	Accumulated of the Previous Year 01/01/2023 to 06/30/2023
3.01	Sales Revenues	116,721,000	232,097,000	109,551,000	238,689,000
3.02	Cost of Sales	(58,849,000)	(114,762,000)	(56,205,000)	(118,251,000)
3.03	Gross Profit	57,872,000	117,335,000	53,346,000	120,438,000
3.04	Operating Expenses / Income	(20,945,000)	(32,260,000)	(11,458,000)	(17,310,000)
3.04.01	Selling Expenses	(6,678,000)	(13,255,000)	(6,107,000)	(12,318,000)
3.04.02	General and Administrative Expenses	(2,520,000)	(4,426,000)	(1,614,000)	(3,165,000)
3.04.05	Other Operating Expenses	(17,095,000)	(23,738,000)	(6,869,000)	(12,118,000)
3.04.05.01	Other Taxes	(4,734,000)	(5,095,000)	(1,374,000)	(2,189,000)
3.04.05.02	Research and Development Expenses	(1,008,000)	(1,916,000)	(850,000)	(1,650,000)
3.04.05.03	Exploration Costs	(879,000)	(1,545,000)	(944,000)	(1,760,000)
3.04.05.05	Other Operating Expenses, Net	(10,474,000)	(15,248,000)	(1,840,000)	(4,728,000)
3.04.05.07	Impairment (losses) reversals, net	−	66,000	(1,861,000)	(1,791,000)
3.04.06	Share of Profit / Gains on Interest in Equity-Accounted Investments	5,348,000	9,159,000	3,132,000	10,291,000
3.05	Net Income Before Financial Results and Income Taxes	36,927,000	85,075,000	41,888,000	103,128,000
3.06	Finance Income (Expenses), Net	(41,147,000)	(55,004,000)	(3,184,000)	(9,340,000)
3.06.01	Finance Income	2,582,000	5,062,000	2,898,000	5,592,000
3.06.01.01	Finance Income	2,582,000	5,062,000	2,898,000	5,592,000
3.06.02	Finance Expenses	(43,729,000)	(60,066,000)	(6,082,000)	(14,932,000)
3.06.02.01	Finance Expenses	(19,912,000)	(28,959,000)	(8,148,000)	(16,367,000)
3.06.02.02	Foreign Exchange and Inflation Indexation Charges, Net	(23,817,000)	(31,107,000)	2,066,000	1,435,000
3.07	Net Income Before Income Taxes	(4,220,000)	30,071,000	38,704,000	93,788,000
3.08	Income Tax and Social Contribution	1,615,000	(8,976,000)	(9,922,000)	(26,850,000)
3.08.01	Current	(4,216,000)	(15,621,000)	(6,511,000)	(20,921,000)
3.08.02	Deferred	5,831,000	6,645,000	(3,411,000)	(5,929,000)
3.09	Net Income from Continuing Operations	(2,605,000)	21,095,000	28,782,000	66,938,000
3.11	Income / (Loss) for the Period	(2,605,000)	21,095,000	28,782,000	66,938,000
3.99.01	Income per Share
3.99.01.01	Ordinary Shares	(0.20)	1.63	2.20	5.13
3.99.01.02	Preferred Shares	(0.20)	1.63	2.20	5.13
3.99.02	Diluted Income per Share
3.99.02.01	Ordinary Shares	(0.20)	1.63	2.20	5.13
3.99.02.02	Preferred Shares	(0.20)	1.63	2.20	5.13

 

 

 

Account Code	Account Description	Accumulated of the Current Period 04/01/2024 to 06/30/2024	Accumulated of the Current Year 01/01/2024 to 06/30/2024	Accumulated of the Previous Period 04/01/2023 to 06/30/2023	Accumulated of the Previous Year 01/01/2023 to 06/30/2023
4.01	Net Income for the Period	(2,605,000)	21,095,000	28,782,000	66,938,000
4.02	Other Comprehensive Income	18,759,000	23,399,000	300,000	1,634,000
4.02.01	Actuarial Gains / (Losses) on Defined Benefits Plans	6,528,000	6,528,000	−	(570,000)
4.02.02	Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans	−	−	−	194,000
4.02.03	Translation Adjustments in investees	33,732,000	42,715,000	(14,691,000)	(22,473,000)
4.02.07	Unrealized Gains / (Losses) on Cash Flow Hedge  - Recognized in Shareholders' Equity	(34,933,000)	(44,899,000)	16,534,000	24,225,000
4.02.08	Unrealized Gains / (Losses) on Cash Flow Hedge  - Reclassified to Profit and Loss	3,125,000	6,547,000	5,286,000	11,183,000
4.02.09	Deferred Income Tax and Social Contribution on Cash Flow Hedge	10,815,000	13,040,000	(7,420,000)	(12,040,000)
4.02.10	Share of Other Comprehensive Income of Equity-Accounted Investments	(508,000)	(532,000)	591,000	1,115,000
4.03	Total Comprehensive Income for the Period	16,154,000	44,494,000	29,082,000	68,572,000

 

 

 

Account Code	Account Description	Share Capital	Capital Reserves, Granted Options and Treasury Shares	Profit Reserves	Retained Earnings / Accumulated Losses	Other Comprehensive Income	Shareholders' Equity
5.01	Balance at the Beginning of the Period	205,432,000	(322,000)	158,955,000	−	16,376,000	380,441,000
5.03	Adjusted Opening Balance	205,432,000	(322,000)	158,955,000	−	16,376,000	380,441,000
5.04	Capital Transactions with Owners	−	(1,919,000)	(36,139,000)	(13,398,000)	−	(51,456,000)
5.04.04	Treasury Shares Acquired	−	(1,919,000)	−	−	−	(1,919,000)
5.04.06	Dividends	−	−	(36,139,000)	(13,446,000)	−	(49,585,000)
5.04.11	Expired dividends	−	−	−	48,000	−	48,000
5.05	Total of Comprehensive Income	−	−	−	21,095,000	23,399,000	44,494,000
5.05.01	Net Income for the Period	−	−	−	21,095,000	−	21,095,000
5.05.02	Other Comprehensive Income	−	−	−	−	23,399,000	23,399,000
5.07	Balance at the End of the Period	205,432,000	(2,241,000)	122,816,000	7,697,000	39,775,000	373,479,000

 

 

Account Code	Account Description	Share Capital	Capital Reserves, Granted Options and Treasury Shares	Profit Reserves	Retained Earnings / Accumulated Losses	Other Comprehensive Income	Shareholders' Equity
5.01	Balance at the Beginning of the Period	205,432,000	3,318,000	128,346,000	−	25,498,000	362,594,000
5.03	Adjusted Opening Balance	205,432,000	3,318,000	128,346,000	−	25,498,000	362,594,000
5.04	Capital Transactions with Owners	−	−	(35,815,000)	(24,668,000)	−	(60,483,000)
5.04.06	Dividends	−	−	(35,815,000)	(24,700,000)	−	(60,515,000)
5.04.11	Expired dividends	−	−	−	32,000	−	32,000
5.05	Total of Comprehensive Income	−	−	−	66,938,000	1,634,000	68,572,000
5.05.01	Net Income for the Period	−	−	−	66,938,000	−	66,938,000
5.05.02	Other Comprehensive Income	−	−	−	−	1,634,000	1,634,000
5.07	Balance at the End of the Period	205,432,000	3,318,000	92,531,000	42,270,000	27,132,000	370,683,000

b

 

Account Code	Account Description	Accumulated of the Current Period 01/01/2024 to 06/30/2024	Accumulated of the Previous Period 01/01/2023 to 06/30/2023
6.01	Net cash provided by operating activities	89,492,000	56,949,000
6.01.01	Cash provided by operating activities	123,470,000	128,446,000
6.01.01.01	Net Income for the period	21,095,000	66,938,000
6.01.01.02	Pension and medical benefits (actuarial expense)	10,935,000	3,747,000
6.01.01.03	Results in equity-accounted investments	(9,159,000)	(10,291,000)
6.01.01.04	Depreciation, depletion and amortization	34,224,000	32,993,000
6.01.01.05	Impairment of assets (reversal), net	(66,000)	1,791,000
6.01.01.06	Exploratory expenditures write-offs	542,000	197,000
6.01.01.07	Losses on legal, administrative and arbitration proceedings	2,582,000	2,443,000
6.01.01.08	Foreign exchange, indexation and finance charges	53,744,000	8,421,000
6.01.01.10	Allowance for credit loss on trade and other receivables, net	226,000	98,000
6.01.01.13	Revision and unwinding of discount on the provision for decommissioning costs	2,713,000	2,233,000
6.01.01.15	Income Taxes	8,976,000	26,850,000
6.01.01.16	Results from co-participation agreements in bid areas	(533,000)	(144,000)
6.01.01.17	Gain on disposal/write-offs of assets	(1,054,000)	(5,541,000)
6.01.01.19	Early termination and cash outflows revision of lease agreements	(755,000)	(1,289,000)
6.01.02	Decrease / (increase) in assets / increase/ (decrease) in liabilities	(11,072,000)	(39,972,000)
6.01.02.01	Trade and other receivables, net	1,330,000	(29,753,000)
6.01.02.02	Inventories	(3,483,000)	3,087,000
6.01.02.03	Judicial deposits	3,471,000	(3,938,000)
6.01.02.05	Other assets	(821,000)	1,663,000
6.01.02.06	Trade payables	5,177,000	(1,133,000)
6.01.02.07	Other taxes	(8,217,000)	(3,262,000)
6.01.02.08	Pension and medical benefits	(2,442,000)	(2,267,000)
6.01.02.09	Provisions for legal proceedings	(995,000)	(1,068,000)
6.01.02.10	Other Employee Benefits	(1,726,000)	(1,035,000)
6.01.02.12	Provision for Decommissioning Costs	(2,285,000)	(1,695,000)
6.01.02.14	Other liabilities	(1,081,000)	(571,000)
6.01.03	Others	(22,906,000)	(31,525,000)
6.01.03.01	Income Taxes Paid	(22,906,000)	(31,525,000)
6.02	Net cash used in investing activities	(12,925,000)	1,544,000
6.02.01	Acquisition of PP&E and intangibles assets	(28,852,000)	(26,966,000)
6.02.02	Decrease (increase) in investments in investees	134,000	(49,000)
6.02.03	Proceeds from disposal of assets - Divestment	3,806,000	17,513,000
6.02.04	Divestment (investment) in marketable securities	8,688,000	8,195,000
6.02.05	Dividends received	1,348,000	819,000
6.02.08	Financial compensation for Co-participation Agreement	1,951,000	2,032,000
6.03	Net cash used in financing activities	(56,523,000)	(60,109,000)
6.03.02	Proceeds from financing	86,927,000	56,035,000
6.03.03	Repayment of principal - finance debt	(55,342,000)	(37,793,000)
6.03.04	Repayment of interest - finance debt	(11,196,000)	(10,915,000)
6.03.05	Dividends paid to shareholders of Petrobras	(54,636,000)	(52,398,000)
6.03.08	Settlement of lease liabilities	(20,357,000)	(15,038,000)
6.03.10	Share repurchase program	(1,919,000)	−
6.05	Net increase/ (decrease) in cash and cash equivalents	20,044,000	(1,616,000)
6.05.01	Cash and cash equivalents at the beginning of the period	2,562,000	3,627,000
6.05.02	Cash and cash equivalents at the end of the period	22,606,000	2,011,000

 

Account Code	Account Description	Accumulated of the Current Period 01/01/2024 to 06/30/2024	Accumulated of the Previous Period  01/01/2023 to 06/30/2023
7.01	Sales Revenues	332,122,000	313,052,000
7.01.01	Sales of Goods and Services	298,324,000	278,080,000
7.01.02	Other Revenues	5,825,000	15,324,000
7.01.03	Revenues Related to the Construction of Assets to be Used in Own Operations	28,199,000	19,746,000
7.01.04	Allowance for expected credit losses	(226,000)	(98,000)
7.02	Inputs Acquired from Third Parties	(110,706,000)	(118,235,000)
7.02.01	Cost of Sales	(42,451,000)	(45,117,000)
7.02.02	Materials, Power, Third-Party Services and Other Operating Expenses	(48,400,000)	(51,399,000)
7.02.03	Impairment Charges / Reversals of Assets	66,000	(1,791,000)
7.02.04	Others	(19,921,000)	(19,928,000)
7.02.04.01	Tax Credits on Inputs Acquired from Third Parties	(19,921,000)	(19,928,000)
7.03	Gross Added Value	221,416,000	194,817,000
7.04	Retentions	(34,224,000)	(32,992,000)
7.04.01	Depreciation, Amortization and Depletion	(34,224,000)	(32,992,000)
7.05	Net Added Value Produced	187,192,000	161,825,000
7.06	Transferred Added Value	16,931,000	18,784,000
7.06.01	Share of Profit of Equity-Accounted Investments	9,159,000	10,291,000
7.06.02	Finance Income	5,062,000	5,592,000
7.06.03	Others	2,710,000	2,901,000
7.06.03.01	Rentals, royalties and others	2,710,000	2,901,000
7.07	Total Added Value to be Distributed	204,123,000	180,609,000
7.08	Distribution of Added Value	204,123,000	180,609,000
7.08.01	Employee Compensation	23,309,000	14,097,000
7.08.01.01	Salaries	10,764,000	8,870,000
7.08.01.02	Fringe Benefits	11,970,000	4,724,000
7.08.01.03	Unemployment Benefits (FGTS)	575,000	503,000
7.08.02	Taxes and Contributions	92,863,000	78,269,000
7.08.02.01	Federal	62,281,000	61,635,000
7.08.02.02	State	30,462,000	16,531,000
7.08.02.03	Municipal	120,000	103,000
7.08.03	Return on Third-Party Capital	66,856,000	21,305,000
7.08.03.01	Interest	63,911,000	17,914,000
7.08.03.02	Rental Expenses	2,945,000	3,391,000
7.08.04	Return on Shareholders' Equity	21,095,000	66,938,000
7.08.04.01	Interest on Capital	7,671,000	8,721,000
7.08.04.02	Dividends	5,775,000	15,979,000
7.08.04.03	Retained Earnings / (Losses) for the Period	7,649,000	42,238,000

 

 

 

 

 

 

 

 

Account Code	Account Description	06.30.2024	12.31.2023
1	Total Assets	1,058,688,000	1,050,888,000
1.01	Current Assets	159,310,000	157,079,000
1.01.01	Cash and Cash Equivalents	43,829,000	61,613,000
1.01.02	Marketable Securities	23,848,000	13,650,000
1.01.03	Trade and Other Receivables	24,489,000	29,702,000
1.01.04	Inventories	40,796,000	37,184,000
1.01.06	Recoverable Taxes	15,564,000	5,703,000
1.01.06.01	Current Recoverable Taxes	15,564,000	5,703,000
1.01.06.01.01	Recoverable Income Taxes	6,049,000	1,055,000
1.01.06.01.02	Other Recoverable Taxes	9,515,000	4,648,000
1.01.08	Other Current Assets	10,784,000	9,227,000
1.01.08.01	Non-Current Assets Held for Sale	2,347,000	1,624,000
1.01.08.03	Others	8,437,000	7,603,000
1.01.08.03.03	Others	8,437,000	7,603,000
1.02	Non-Current Assets	899,378,000	893,809,000
1.02.01	Long-Term Receivables	123,216,000	129,735,000
1.02.01.03	Marketable Securities measured at amortized cost	7,469,000	11,661,000
1.02.01.04	Trade and Other Receivables	6,533,000	8,942,000
1.02.01.07	Deferred Taxes	28,166,000	26,533,000
1.02.01.07.01	Deferred Income Tax and Social Contribution	6,096,000	4,672,000
1.02.01.07.02	Deferred Taxes and Contributions	22,070,000	21,861,000
1.02.01.10	Other Non-Current Assets	81,048,000	82,599,000
1.02.01.10.04	Judicial Deposits	69,368,000	71,390,000
1.02.01.10.05	Other Assets	11,680,000	11,209,000
1.02.02	Investments	5,480,000	6,574,000
1.02.03	Property, Plant and Equipment	755,739,000	742,774,000
1.02.04	Intangible Assets	14,943,000	14,726,000

 

 

 

Account Code	Account Description	06.30.2024	12.31.2023
2	Total Liabilities	1,058,688,000	1,050,888,000
2.01	Current Liabilities	177,972,000	163,928,000
2.01.01	Payroll, Profit Sharing and Related Charges	7,860,000	9,802,000
2.01.02	Trade Payables	26,752,000	23,302,000
2.01.03	Taxes Obligations	2,075,000	6,295,000
2.01.03.01	Federal Taxes Obligations	2,075,000	6,295,000
2.01.03.01.01	Income Taxes Payable	2,075,000	6,295,000
2.01.04	Current Debt and Lease Obligations	67,003,000	55,781,000
2.01.04.01	Current Debt	25,663,000	20,923,000
2.01.04.03	Lease Obligations	41,340,000	34,858,000
2.01.05	Other Liabilities	55,778,000	51,898,000
2.01.05.02	Others	55,778,000	51,898,000
2.01.05.02.01	Dividends and Interest on Capital Payable	12,757,000	17,134,000
2.01.05.02.04	Other Taxes Payable	29,020,000	20,168,000
2.01.05.02.06	Other liabilities	14,001,000	14,596,000
2.01.06	Provisions	14,142,000	14,229,000
2.01.06.02	Other Provisions	14,142,000	14,229,000
2.01.06.02.04	Pension and Medical Benefits	4,920,000	4,392,000
2.01.06.02.05	Provision for Decommissioning Costs	9,222,000	9,837,000
2.01.07	Liabilities Associated with Non-Current Assets Held for Sale and Discontinued	4,362,000	2,621,000
2.01.07.01	Liabilities Associated with Non-Current Assets Held for Sale	4,362,000	2,621,000
2.02	Non-Current Liabilities	504,676,000	504,620,000
2.02.01	Non-Current Debt and Finance Lease Obligations	264,470,000	247,281,000
2.02.01.01	Non-Current Debt	120,652,000	118,508,000
2.02.01.03	Lease Obligations	143,818,000	128,773,000
2.02.02	Other Liabilities	1,347,000	1,446,000
2.02.02.02	Others	1,347,000	1,446,000
2.02.02.02.03	Income Taxes Payable	1,347,000	1,446,000
2.02.03	Deferred Taxes	33,778,000	52,820,000
2.02.03.01	Deferred Taxes	33,778,000	52,820,000
2.02.04	Provisions	205,081,000	203,073,000
2.02.04.01	Provisions for Tax Social Security, Labor and Civil Lawsuits	17,374,000	16,000,000
2.02.04.02	Other Provisions	187,707,000	187,073,000
2.02.04.02.04	Pension and Medical Benefits	76,352,000	74,916,000
2.02.04.02.05	Provision for Decommissioning Costs	100,923,000	102,493,000
2.02.04.02.06	Employee Benefits	590,000	505,000
2.02.04.02.07	Other liabilities	9,842,000	9,159,000
2.03	Shareholders' Equity	376,040,000	382,340,000
2.03.01	Share Capital	205,432,000	205,432,000
2.03.02	Capital Reserves	(2,457,000)	(538,000)
2.03.04	Profit Reserves	123,032,000	159,171,000
2.03.05	Retained Earnings/Losses	7,697,000	−
2.03.08	Other Comprehensive Income	39,775,000	16,376,000
2.03.09	Non-controlling interests	2,561,000	1,899,000

 

 

 

 

Account Code	Account Description	Accumulated of the Current Period 04/01/2024 to 06/30/2024	Accumulated of the Current Year 01/01/2024 to 06/30/2024	Accumulated of the Previous Period 04/01/2023 to 06/30/2023	Accumulated of the Previous Year 01/01/2023 to 06/30/2023
3.01	Sales Revenues	122,258,000	239,979,000	113,840,000	252,908,000
3.02	Cost of Sales	(61,211,000)	(118,231,000)	(56,159,000)	(121,916,000)
3.03	Gross Profit	61,047,000	121,748,000	57,681,000	130,992,000
3.04	Operating Expenses / Income	(27,504,000)	(44,178,000)	(15,710,000)	(28,824,000)
3.04.01	Selling Expenses	(6,612,000)	(13,218,000)	(5,947,000)	(12,291,000)
3.04.02	General and Administrative Expenses	(2,874,000)	(5,090,000)	(1,921,000)	(3,776,000)
3.04.05	Other Operating Expenses	(17,022,000)	(24,417,000)	(7,736,000)	(12,832,000)
3.04.05.01	Other Taxes	(5,079,000)	(5,774,000)	(1,632,000)	(2,671,000)
3.04.05.02	Research and Development Expenses	(1,008,000)	(1,916,000)	(850,000)	(1,650,000)
3.04.05.03	Exploration Costs	(913,000)	(1,583,000)	(945,000)	(1,762,000)
3.04.05.05	Other Operating Expenses, Net	(10,223,000)	(15,390,000)	(2,363,000)	(4,787,000)
3.04.05.07	Impairment (losses) reversals, net	201,000	246,000	(1,946,000)	(1,962,000)
3.04.06	Share of Profit / Gains on Interest in Equity-Accounted Investments	(996,000)	(1,453,000)	(106,000)	75,000
3.05	Net Income Before Financial Results and Income Taxes	33,543,000	77,570,000	41,971,000	102,168,000
3.06	Finance Income (Expenses), Net	(36,396,000)	(45,975,000)	(269,000)	(3,469,000)
3.06.01	Finance Income	2,488,000	5,224,000	2,553,000	4,972,000
3.06.01.01	Finance Income	2,488,000	5,224,000	2,553,000	4,972,000
3.06.02	Finance Expenses	(38,884,000)	(51,199,000)	(2,822,000)	(8,441,000)
3.06.02.01	Finance Expenses	(15,631,000)	(20,941,000)	(4,295,000)	(8,682,000)
3.06.02.02	Foreign Exchange and Inflation Indexation Charges, Net	(23,253,000)	(30,258,000)	1,473,000	241,000
3.07	Net Income Before Income Taxes	(2,853,000)	31,595,000	41,702,000	98,699,000
3.08	Income Tax and Social Contribution	338,000	(10,300,000)	(12,766,000)	(31,456,000)
3.08.01	Current	(5,230,000)	(17,525,000)	(8,763,000)	(23,955,000)
3.08.02	Deferred	5,568,000	7,225,000	(4,003,000)	(7,501,000)
3.09	Net Income from Continuing Operations	(2,515,000)	21,295,000	28,936,000	67,243,000
3.11	Income / (Loss) for the Period	(2,515,000)	21,295,000	28,936,000	67,243,000
3.11.01	Attributable to Shareholders of Petrobras	(2,605,000)	21,095,000	28,782,000	66,938,000
3.11.02	Attributable to Non-Controlling Interests	90,000	200,000	154,000	305,000
3.99.01	Income per Share
3.99.01.01	Ordinary Shares	(0.20)	1.63	2.20	5.13
3.99.01.02	Preferred Shares	(0.20)	1.63	2.20	5.13
3.99.02	Diluted Income per Share
3.99.02.01	Ordinary Shares	(0.20)	1.63	2.20	5.13
3.99.02.02	Preferred Shares	(0.20)	1.63	2.20	5.13

 

 

 

 

 

 

Account Code	Account Description	Accumulated of the Current Period 04/01/2024 to 06/30/2024	Accumulated of the Current Year 01/01/2024 to 06/30/2024	Accumulated of the Previous Period 04/01/2023 to 06/30/2023	Accumulated of the Previous Year 01/01/2023 to 06/30/2023
4.01	Net Income for the Period	(2,515,000)	21,295,000	28,936,000	67,243,000
4.02	Other Comprehensive Income	18,774,000	23,415,000	298,000	1,632,000
4.02.01	Actuarial Gains (Losses) on Post-employment Defined Benefits Plans	6,828,000	6,828,000	−	(570,000)
4.02.02	Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans	−	−	−	194,000
4.02.03	Translation Adjustments in investees	33,735,000	42,719,000	(14,693,000)	(22,475,000)
4.02.07	Unrealized Gains / (Losses) on Cash Flow Hedge  - Recognized in Shareholders' Equity	(34,933,000)	(44,899,000)	16,534,000	24,225,000
4.02.08	Unrealized Gains / (Losses) on Cash Flow Hedge  - Reclassified to Profit and Loss	3,126,000	6,578,000	5,337,000	11,329,000
4.02.09	Deferred Income Tax and Social Contribution on Cash Flow Hedge	10,814,000	13,029,000	(7,436,000)	(12,088,000)
4.02.10	Share of Other Comprehensive Income of Equity-Accounted Investments	(796,000)	(840,000)	556,000	1,017,000
4.03	Total Comprehensive Income for the Period	16,259,000	44,710,000	29,234,000	68,875,000
4.03.01	Attributable to Shareholders of Petrobras	16,154,000	44,494,000	29,082,000	68,572,000
4.03.02	Attributable to Non-controlling Interests	105,000	216,000	152,000	303,000

 

 

 

Account Code	Account Description	Share Capital	Capital Reserves, Granted Options and Treasury Shares	Profit Reserves	Retained Earnings / Accumulated Losses	Other Comprehensive Income	Shareholders' Equity	Non-controlling interest	Shareholders' Equity Consolidated
5.01	Balance at the Beginning of the Period	205,432,000	(322,000)	158,955,000	−	16,376,000	380,441,000	1,899,000	382,340,000
5.03	Adjusted Opening Balance	205,432,000	(322,000)	158,955,000	−	16,376,000	380,441,000	1,899,000	382,340,000
5.04	Capital Transactions with Owners	−	(1,919,000)	(36,139,000)	(13,398,000)	−	(51,456,000)	446,000	(51,010,000)
5.04.04	Treasury Shares Acquired	−	(1,919,000)	−	−	−	(1,919,000)	−	(1,919,000)
5.04.06	Dividends	−	−	(36,139,000)	(13,446,000)	−	(49,585,000)	(189,000)	(49,774,000)
5.04.08	Capital Transactions	−	−	−	−	−	−	635,000	635,000
5.04.11	Expired unclaimed dividends	−	−	−	48,000	−	48,000	−	48,000
5.05	Total of Comprehensive Income	−	−	−	21,095,000	23,399,000	44,494,000	216,000	44,710,000
5.05.01	Net Income for the Period	−	−	−	21,095,000	−	21,095,000	200,000	21,295,000
5.05.02	Other Comprehensive Income	−	−	−	−	23,399,000	23,399,000	16,000	23,415,000
5.07	Balance at the End of the Period	205,432,000	(2,241,000)	122,816,000	7,697,000	39,775,000	373,479,000	2,561,000	376,040,000

 

Account Code	Account Description	Share Capital	Capital Reserves, Granted Options and Treasury Shares	Profit Reserves	Retained Earnings / Accumulated Losses	Other Comprehensive Income	Shareholders' Equity	Non-controlling interest	Shareholders' Equity Consolidated
5.01	Balance at the Beginning of the Period	205,432,000	3,318,000	128,346,000	−	25,498,000	362,594,000	1,791,000	364,385,000
5.03	Adjusted Opening Balance	205,432,000	3,318,000	128,346,000	−	25,498,000	362,594,000	1,791,000	364,385,000
5.04	Capital Transactions with Owners	−	−	(35,815,000)	(24,668,000)	−	(60,483,000)	(496,000)	(60,979,000)
5.04.06	Dividends	−	−	(35,815,000)	(24,700,000)	−	(60,515,000)	(234,000)	(60,749,000)
5.04.08	Capital Transactions	−	−	−	−	−	−	(262,000)	(262,000)
5.04.11	Expired unclaimed dividends	−	−	−	32,000	−	32,000	−	32,000
5.05	Total of Comprehensive Income	−	−	−	66,938,000	1,634,000	68,572,000	303,000	68,875,000
5.05.01	Net Income for the Period	−	−	−	66,938,000	−	66,938,000	305,000	67,243,000
5.05.02	Other Comprehensive Income	−	−	−	−	1,634,000	1,634,000	(2,000)	1,632,000
5.07	Balance at the End of the Period	205,432,000	3,318,000	92,531,000	42,270,000	27,132,000	370,683,000	1,598,000	372,281,000

 

Account Code	Account Description	Accumulated of the Current Period 01/01/2024 to 06/30/2024	Accumulated of the Previous Period  01/01/2023 to 06/30/2023
6.01	Net cash provided by operating activities	93,651,000	101,510,000
6.01.01	Cash provided by operating activities	127,155,000	138,054,000
6.01.01.01	Net Income for the period	21,295,000	67,243,000
6.01.01.02	Pension and medical benefits (actuarial expense)	11,245,000	3,848,000
6.01.01.03	Results of equity-accounted investments	1,453,000	(75,000)
6.01.01.04	Depreciation, depletion and amortization	33,009,000	31,268,000
6.01.01.05	Impairment of assets (reversals), net	(246,000)	1,962,000
6.01.01.06	Exploratory expenditures write-offs	542,000	197,000
6.01.01.07	Losses on legal, administrative and arbitration proceedings	2,675,000	2,680,000
6.01.01.08	Foreign exchange, indexation and finance charges	46,875,000	4,483,000
6.01.01.10	Allowance for credit loss on trade and other receivables, net	249,000	174,000
6.01.01.11	Inventory write-back to net realizable value	(215,000)	22,000
6.01.01.13	Revision and unwinding of discount on the provision for decommissioning costs	2,734,000	2,245,000
6.01.01.15	Income Taxes	10,300,000	31,456,000
6.01.01.16	Results from co-participation agreements in bid areas	(533,000)	(143,000)
6.01.01.17	Gain on disposal/write-offs of assets	(1,469,000)	(5,993,000)
6.01.01.19	Early termination and cash outflows revision of lease agreements	(759,000)	(1,313,000)
6.01.02	Decrease / (increase) in assets / increase/ (decrease) in liabilities	(9,615,000)	(4,267,000)
6.01.02.01	Trade and other receivables, net	7,176,000	5,940,000
6.01.02.02	Inventories	(1,756,000)	5,629,000
6.01.02.03	Judicial deposits	3,236,000	(3,981,000)
6.01.02.05	Other assets	(366,000)	1,371,000
6.01.02.06	Trade payables	1,170,000	(1,541,000)
6.01.02.07	Other taxes	(9,596,000)	(4,858,000)
6.01.02.08	Pension and medical benefits	(2,454,000)	(2,273,000)
6.01.02.09	Provisions for legal proceedings	(1,027,000)	(1,111,000)
6.01.02.10	Other Employee Benefits	(1,865,000)	(1,092,000)
6.01.02.12	Provision for Decommissioning Costs	(2,347,000)	(1,714,000)
6.01.02.14	Other liabilities	(1,786,000)	(637,000)
6.01.03	Others	(23,889,000)	(32,277,000)
6.01.03.01	Income Taxes Paid	(23,889,000)	(32,277,000)
6.02	Net cash used in investing activities	(26,901,000)	(9,741,000)
6.02.01	Acquisition of PP&E and intangibles assets	(29,309,000)	(26,981,000)
6.02.02	Acquisition of equity interests	(33,000)	(88,000)
6.02.03	Proceeds from disposal of assets - Divestment	3,812,000	17,521,000
6.02.04	Divestment (investment) in marketable securities	(3,648,000)	(2,569,000)
6.02.05	Dividends received	326,000	344,000
6.02.08	Financial compensation for Co-participation Agreement	1,951,000	2,032,000
6.03	Net cash used in financing activities	(89,760,000)	(79,765,000)
6.03.01	Changes in non-controlling interest	637,000	(264,000)
6.03.02	Proceeds from financing	3,055,000	315,000
6.03.03	Repayment of principal - finance debt	(11,734,000)	(7,554,000)
6.03.04	Repayment of interest - finance debt	(5,017,000)	(5,115,000)
6.03.05	Dividends paid to shareholders of Petrobras	(54,636,000)	(52,398,000)
6.03.06	Dividends paid to non-controlling interests	(386,000)	(249,000)
6.03.08	Settlement of lease liabilities	(19,760,000)	(14,500,000)
6.03.10	Share repurchase program	(1,919,000)	−
6.04	Effect of exchange rate changes on cash and cash equivalents	5,226,000	(3,845,000)
6.05	Net increase/ (decrease) in cash and cash equivalents	(17,784,000)	8,159,000
6.05.01	Cash and cash equivalents at the beginning of the period	61,613,000	41,723,000
6.05.02	Cash and cash equivalents at the end of the period	43,829,000	49,882,000

 

 

 

Account Code	Account Description	Accumulated of the Current Period 01/01/2024 to 06/30/2024	Accumulated of the Previous Period 01/01/2023 to 06/30/2023
7.01	Sales Revenues	342,086,000	329,651,000
7.01.01	Sales of Goods and Services	306,523,000	292,560,000
7.01.02	Other Revenues	7,423,000	17,164,000
7.01.03	Revenues Related to the Construction of Assets to be Used in Own Operations	28,389,000	20,101,000
7.01.04	Allowance for expected credit losses	(249,000)	(174,000)
7.02	Inputs Acquired from Third Parties	(113,604,000)	(122,794,000)
7.02.01	Cost of Sales	(48,538,000)	(49,958,000)
7.02.02	Materials, Power, Third-Party Services and Other Operating Expenses	(46,522,000)	(51,970,000)
7.02.03	Impairment Charges / Reversals of Assets	246,000	(1,962,000)
7.02.04	Others	(18,790,000)	(18,904,000)
7.02.04.01	Tax Credits on Inputs Acquired from Third Parties	(18,790,000)	(18,904,000)
7.03	Gross Added Value	228,482,000	206,857,000
7.04	Retentions	(33,009,000)	(31,268,000)
7.04.01	Depreciation, Amortization and Depletion	(33,009,000)	(31,268,000)
7.05	Net Added Value Produced	195,473,000	175,589,000
7.06	Transferred Added Value	5,264,000	6,644,000
7.06.01	Share of Profit of Equity-Accounted Investments	(1,453,000)	75,000
7.06.02	Finance Income	5,224,000	4,972,000
7.06.03	Others	1,493,000	1,597,000
7.06.03.01	Rentals, royalties and others	1,493,000	1,597,000
7.07	Total Added Value to be Distributed	200,737,000	182,233,000
7.08	Distribution of Added Value	200,737,000	182,233,000
7.08.01	Employee Compensation	25,157,000	15,477,000
7.08.01.01	Salaries	12,023,000	9,861,000
7.08.01.02	Fringe Benefits	12,507,000	5,064,000
7.08.01.03	Unemployment Benefits (FGTS)	627,000	552,000
7.08.02	Taxes and Contributions	96,282,000	84,839,000
7.08.02.01	Federal	65,153,000	67,644,000
7.08.02.02	State	30,778,000	16,844,000
7.08.02.03	Municipal	351,000	351,000
7.08.03	Return on Third-Party Capital	58,003,000	14,674,000
7.08.03.01	Interest	55,045,000	11,423,000
7.08.03.02	Rental Expenses	2,958,000	3,251,000
7.08.04	Return on Shareholders' Equity	21,295,000	67,243,000
7.08.04.01	Interest on Capital	7,671,000	8,721,000
7.08.04.02	Dividends	5,775,000	15,979,000
7.08.04.03	Retained Earnings / (Losses) for the Period	7,649,000	42,238,000
7.08.04.04	Non-controlling Interests on Retained Earnings / (Losses)	200,000	305,000

 

 

1.

Basis of preparation

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

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

In the preparation of these unaudited condensed consolidated interim financial statements, the Company assessed the impacts of extreme weather events that occurred in the state of Rio Grande do Sul on its operations and concluded that they did not materially affect the Company’s assets and results in the six-month period ended June 30, 2024.

These interim financial statements were approved and authorized for issue by the Company’s Board of Directors in a meeting held on August 8, 2024.

1.1.

New standards and interpretations

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

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

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

	Consolidated			Parent Company
	Disclosed on 06.30.2023	CPC 09 (R1) Effect	Reclassified on 06.30.2023	Disclosed on 06.30.2023	CPC 09 (R1) Effect	Reclassified on 06.30.2023
Revenues	333,844	(4,193)	329,651	317,223	(4,171)	313,052
Inputs acquired from third parties	(122,209)	(585)	(122,794)	(117,628)	(607)	(118,235)
Gross added value	211,635	(4,778)	206,857	199,595	(4,778)	194,817
Depreciation, depletion and amortization	(36,046)	4,778	(31,268)	(37,770)	4,778	(32,992)
Net added value produced by the Company	175,589	−	175,589	161,825	−	161,825

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

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

 

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

 

 

 

2.

Material accounting policies

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

3.

Cash and cash equivalents and marketable securities

3.1.

Cash and cash equivalents

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

	Consolidated
	06.30.2024	12.31.2023
Cash at bank and in hand	2,840	501
Short-term financial investments
- In Brazil
Brazilian interbank deposit rate investment funds and other short-term deposits	2,429	8,434
Other investment funds	609	1,352
	3,038	9,786
- Abroad
Time deposits	25,858	37,458
Automatic investing accounts and interest checking accounts	11,904	13,807
Other financial investments	189	61
	37,951	51,326
Total short-term financial investments	40,989	61,112
Total cash and cash equivalents	43,829	61,613

 

 

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

3.2.

Marketable securities

		Consolidated
	06.30.2024	12.31.2023
Fair value through profit or loss	3,463	4,485
Amortized cost - Bank Deposit Certificates and time deposits	27,588	20,572
Amortized cost – Others	266	254
Total	31,317	25,311
Current	23,848	13,650
Non-current	7,469	11,661

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

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

 

 

 

 

4.

Sales revenues

		Consolidated
	2024		2023
	Apr-Jun	Jan-Jun	Apr-Jun	Jan-Jun
Gross sales	156,282	306,523	136,729	292,560
Sales taxes (1)	(34,024)	(66,544)	(22,889)	(39,652)
Sales revenues	122,258	239,979	113,840	252,908
Diesel	36,396	71,447	35,099	78,249
Gasoline	16,015	31,883	18,700	37,889
Liquefied petroleum gas	4,134	7,890	4,712	9,541
Jet fuel	5,980	11,845	5,461	12,763
Naphtha	2,521	4,639	2,132	4,617
Fuel oil (including bunker fuel)	1,213	2,915	1,294	2,780
Other oil products	5,596	10,643	5,584	11,217
Subtotal oil products	71,855	141,262	72,982	157,056
Natural gas	5,918	12,464	7,083	15,010
Crude oil	5,502	11,590	6,756	13,772
Nitrogen products and renewables	227	383	122	231
Breakage	632	1,324	1,072	2,214
Electricity	543	1,174	756	1,326
Services, agency and others	1,052	2,275	1,394	2,661
Domestic market	85,729	170,472	90,165	192,270
Exports	35,053	66,743	21,950	56,964
Crude oil	26,813	51,131	14,416	43,225
Fuel oil (including bunker fuel)	5,859	12,413	6,580	11,952
Other oil products and other products	2,381	3,199	954	1,787
Sales abroad (2)	1,476	2,764	1,725	3,674
Foreign Market	36,529	69,507	23,675	60,638
Sales revenues	122,258	239,979	113,840	252,908
(1) Includes, mainly, CIDE, PIS, COFINS and ICMS (VAT).
(2) Sales revenues from operations outside of Brazil, including trading and excluding exports.

 

	2024	2024	2023	2023
	Apr-Jun	Jan-Jun	Apr-Jun	Jan-Jun
Brazil	85,729	170,472	90,165	192,270
Domestic market	85,729	170,472	90,165	192,270
China	15,116	22,475	4,846	17,792
Americas (except United States)	4,995	10,192	6,107	13,501
Europe	7,699	13,713	3,455	10,459
Asia (except China and Singapore)	2,171	4,558	1,088	3,552
United States	3,450	10,736	3,658	6,578
Singapore	3,068	7,777	4,515	8,747
Others	30	56	6	9
Foreign market	36,529	69,507	23,675	60,638
Sales revenues	122,258	239,979	113,840	252,908

 

In the six-month period ended June 30, 2024, sales to two clients of the refining, transportation and marketing segment represented individually 15% and 10% of the Company’s sales revenues; in the same period of 2023, sales to two clients of the same segment represented individually 16% and 11% of the Company’s sales revenues.

 

 

 

 

 

5.

Costs and expenses by nature

5.1.

Cost of sales

			Consolidated
		2024	2023
	Apr-Jun	Jan-Jun	Apr-Jun	Jan-Jun
Raw material, products for resale, materials and third-party services (1)	(30,241)	(56,955)	(28,153)	(65,010)
Depreciation, depletion and amortization	(12,630)	(25,742)	(12,652)	(25,096)
Production taxes	(15,175)	(30,182)	(13,345)	(27,802)
Employee compensation	(3,165)	(5,352)	(2,009)	(4,008)
Total	(61,211)	(118,231)	(56,159)	(121,916)
(1) It Includes short-term leases and inventory turnover.

5.2.

Selling expenses

		Consolidated
	2024	2023
	Apr-Jun	Jan-Jun	Apr-Jun	Jan-Jun
Materials, third-party services, freight, rent and other related costs	(5,570)	(11,119)	(5,070)	(10,399)
Depreciation, depletion and amortization	(870)	(1,725)	(764)	(1,541)
Allowance for expected credit losses	11	(40)	21	(86)
Employee compensation	(183)	(334)	(134)	(265)
Total	(6,612)	(13,218)	(5,947)	(12,291)

 

5.3.

General and administrative expenses

		Consolidado
	2024	2023
	Apr-Jun	Jan-Jun	Apr-Jun	Jan-Jun
Employee compensation (1)	(1,916)	(3,363)	(1,209)	(2,398)
Materials, third-party services, rent and other related costs	(762)	(1,356)	(555)	(1,084)
Depreciation, depletion and amortization	(196)	(371)	(157)	(294)
Total	(2,874)	(5,090)	(1,921)	(3,776)
(1) In the second quarter of 2024, it mainly refers to the actuarial revision of the Saúde Petrobras - AMS health care plan, reflecting the change in the benefit, in the amount of R$ 418. For more information, see note 13.

 

6.

Other income and expenses, net

 

		Consolidated
	2024		2023
	Apr-Jun	Jan-Jun	Apr-Jun	Jan-Jun
Pension and medical benefits – retirees (1)	(6,918)	(8,449)	(1,465)	(2,925)
Stoppages for asset maintenance and pre-operating expenses	(3,656)	(6,889)	(2,971)	(5,565)
Losses related to legal, administrative and arbitration proceedings	(1,277)	(2,675)	(1,361)	(2,680)
Profit Sharing	(704)	(1,577)	(158)	(338)
Variable compensation program	(522)	(912)	(649)	(1,374)
Operating expenses with thermoelectric power plants	(277)	(603)	(220)	(432)
Institutional relations and cultural projects	(228)	(364)	(126)	(239)
Expenses with contractual fines received	(94)	(177)	(290)	(611)
Amounts recovered from Lava Jato investigation (2)	8	34	20	483
Gains/(losses) with Commodities Derivatives	97	122	(47)	363
Ship/take or pay agreements and fines imposed to suppliers	216	449	186	359
Government grants	82	467	358	896
Results from co-participation agreements in bid areas	296	533	(1)	143
Results of non-core activities	431	624	226	404
Fines imposed on suppliers	360	636	327	551
Early termination and cash outflows revision of lease agreements	417	759	445	1,313
Expenses/Reimbursements from E&P partnership operations	582	1,356	588	1,423
Results on disposal/write-offs of assets	663	1,469	3,416	5,993
Others (3)	301	(193)	(641)	(2,551)
Total	(10,223)	(15,390)	(2,363)	(4,787)
(1) In the second quarter of 2024, it mainly refers to the actuarial revision of the Saúde Petrobras - AMS health care plan, reflecting the change in the benefit, in the amount of R$ 5,389. For more information, see note 13.
(2) The total amount recovered from the Lava Jato Investigation through December 31, 2023 was R$ 7,281, recognized through collaboration and leniency agreements entered into with individuals and legal entities.
(3) It includes, in the six-month period ended June 30, 2023, expenses with compensation for the termination of a vessel charter agreement in the amount of R$ 1,654.

 

7.

Net finance income (expense)

 

 

		Consolidated
	2024		2023
	Apr-Jun	Jan-Jun	Apr-Jun	Jan-Jun
Finance income	2,488	5,224	2,553	4,972
Income from investments and marketable securities (Government Bonds)	1,981	4,121	2,101	3,833
Other finance income	507	1,103	452	1,139
Finance expenses	(15,631)	(20,941)	(4,295)	(8,682)
Interest on finance debt	(2,705)	(5,449)	(2,537)	(5,349)
Unwinding of discount on lease liability	(2,905)	(5,613)	(1,973)	(3,835)
Capitalized borrowing costs	1,996	3,857	1,573	2,981
Unwinding of discount on the provision for decommissioning costs	(1,345)	(2,692)	(1,085)	(2,184)
Other finance expenses (1)	(10,672)	(11,044)	(273)	(295)
Foreign exchange gains (losses) and indexation charges	(23,253)	(30,258)	1,473	241
Foreign exchange gains (losses) (2)	(18,683)	(23,026)	7,402	11,572
Reclassification of hedge accounting to the Statement of Income (2)	(3,126)	(6,578)	(5,337)	(11,329)
Indexation to the Selic interest rate of anticipated dividends and dividends payable	(1,634)	(1,980)	(1,987)	(2,151)
Recoverable taxes inflation indexation income	(787)	(542)	150	485
Other foreign exchange gains and indexation charges, net (1)	977	1,868	1,245	1,664
Total	(36,396)	(45,975)	(269)	(3,469)
(1) It includes, in the three and six-month periods ended June 30, 2024, finance expense of R$ 10,399 and indexation charges of R$ 1,184 related to the tax settlement program - federal taxes. For more information, see note 12.3.
(2) For more information, see notes 27.2.2a and 27.2.2 c.

8.

Information by operating segment

 

8.1.

Net income by operating segment

 

Consolidated Statement of Income by operating segment - Apr-Jun/2024
	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas and Low Carbon Energies (G&LCE)	Corporate and other businesses	Eliminations	Total
Sales revenues	81,779	114,935	11,449	418	(86,323)	122,258
Intersegments	81,381	1,293	3,642	7	(86,323)	−
Third parties	398	113,642	7,807	411	−	122,258
Cost of sales	(32,560)	(107,110)	(5,721)	(382)	84,562	(61,211)
Gross profit	49,219	7,825	5,728	36	(1,761)	61,047
Expenses	(8,200)	(3,660)	(4,531)	(10,117)	−	(26,508)
Selling	(2)	(2,803)	(3,802)	(5)	−	(6,612)
General and administrative	(113)	(484)	(182)	(2,095)	−	(2,874)
Exploration costs	(913)	−	−	−	−	(913)
Research and development	(765)	(5)	(5)	(233)	−	(1,008)
Other taxes	(4,355)	(111)	(17)	(596)	−	(5,079)
Impairment	−	201	−	−	−	201
Other income and expenses, net	(2,052)	(458)	(525)	(7,188)	−	(10,223)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes	41,019	4,165	1,197	(10,081)	(1,761)	34,539
Net finance income (expenses)	−	−	−	(36,396)	−	(36,396)
Results in equity-accounted investments	150	(1,323)	190	(13)	−	(996)
Net Income (loss) before income taxes	41,169	2,842	1,387	(46,490)	(1,761)	(2,853)
Income taxes	(13,946)	(1,416)	(407)	15,508	599	338
Net income (loss) of the period	27,223	1,426	980	(30,982)	(1,162)	(2,515)
Attributable to:
Shareholders of Petrobras	27,227	1,426	920	(31,016)	(1,162)	(2,605)
Non-controlling interests	(4)	−	60	34	−	90
	27,223	1,426	980	(30,982)	(1,162)	(2,515)

 

 

 

Consolidated Statement of Income by operating segment - Apr-Jun/2023
	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas and Low Carbon Energies (G&LCE)	Corporate and other businesses	Eliminations	Total
Sales revenues	72,922	104,328	13,701	430	(77,541)	113,840
Intersegments	71,770	1,823	3,938	10	(77,541)	−
Third parties	1,152	102,505	9,763	420	−	113,840
Cost of sales	(30,276)	(95,709)	(8,051)	(431)	78,308	(56,159)
Gross profit	42,646	8,619	5,650	(1)	767	57,681
Expenses	(2,707)	(5,682)	(3,795)	(3,399)	(21)	(15,604)
Selling	(20)	(2,525)	(3,388)	7	(21)	(5,947)
General and administrative	(86)	(417)	(85)	(1,333)	−	(1,921)
Exploration costs	(945)	−	−	−	−	(945)
Research and development	(625)	(59)	(3)	(163)	−	(850)
Other taxes	(1,634)	482	(44)	(436)	−	(1,632)
Impairment	(148)	(1,943)	−	145	−	(1,946)
Other income and expenses, net	751	(1,220)	(275)	(1,619)	−	(2,363)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes	39,939	2,937	1,855	(3,400)	746	42,077
Net finance income (expenses)	−	−	−	(269)	−	(269)
Results in equity-accounted investments	92	(340)	83	59	−	(106)
Net Income (loss) before income taxes	40,031	2,597	1,938	(3,610)	746	41,702
Income taxes	(13,579)	(998)	(631)	2,695	(253)	(12,766)
Net income (loss) of the period	26,452	1,599	1,307	(915)	493	28,936
Attributable to:
Shareholders of Petrobras	26,456	1,599	1,212	(978)	493	28,782
Non-controlling interests	(4)	−	95	63	−	154
	26,452	1,599	1,307	(915)	493	28,936
Consolidated Statement of Income by operating segment - Jan-Jun/2024
	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas and Low Carbon Energies (G&LCE)	Corporate and other businesses	Eliminations	Total
Sales revenues	161,423	224,840	23,438	797	(170,519)	239,979
Intersegments	160,505	2,792	7,206	16	(170,519)	−
Third parties	918	222,048	16,232	781	−	239,979
Cost of sales	(65,320)	(206,081)	(11,559)	(744)	165,473	(118,231)
Gross profit	96,103	18,759	11,879	53	(5,046)	121,748
Expenses	(11,317)	(7,803)	(8,937)	(14,668)	−	(42,725)
Selling	(6)	(5,535)	(7,608)	(69)	−	(13,218)
General and administrative	(214)	(901)	(321)	(3,654)	−	(5,090)
Exploration costs	(1,583)	−	−	−	−	(1,583)
Research and development	(1,455)	(13)	(8)	(440)	−	(1,916)
Other taxes	(4,453)	(145)	(42)	(1,134)	−	(5,774)
Impairment	(21)	201	−	66	−	246
Other income and expenses, net	(3,585)	(1,410)	(958)	(9,437)	−	(15,390)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes	84,786	10,956	2,942	(14,615)	(5,046)	79,023
Net finance income (expenses)	−	−	−	(45,975)	−	(45,975)
Results in equity-accounted investments	235	(1,968)	297	(17)	−	(1,453)
Net Income (loss) before income taxes	85,021	8,988	3,239	(60,607)	(5,046)	31,595
Income taxes	(28,827)	(3,725)	(1,000)	21,536	1,716	(10,300)
Net income (loss) of the period	56,194	5,263	2,239	(39,071)	(3,330)	21,295
Attributable to:
Shareholders of Petrobras	56,202	5,263	2,111	(39,151)	(3,330)	21,095
Non-controlling interests	(8)	−	128	80	−	200
	56,194	5,263	2,239	(39,071)	(3,330)	21,295

 

 

 

Consolidated Statement of Income by operating segment - Jan-Jun/2023
	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas and Low Carbon Energies (G&LCE)	Corporate and other businesses	Eliminations	Total
Sales revenues	154,644	233,380	28,524	818	(164,458)	252,908
Intersegments	152,037	4,285	8,119	17	(164,458)	−
Third parties	2,607	229,095	20,405	801	−	252,908
Cost of sales	(63,419)	(209,312)	(15,672)	(829)	167,316	(121,916)
Gross profit	91,225	24,068	12,852	(11)	2,858	130,992
Expenses	(3,345)	(11,823)	(7,846)	(5,841)	(44)	(28,899)
Selling	(55)	(5,300)	(6,778)	(114)	(44)	(12,291)
General and administrative	(172)	(822)	(164)	(2,618)	−	(3,776)
Exploration costs	(1,762)	−	−	−	−	(1,762)
Research and development	(1,270)	(69)	(10)	(301)	−	(1,650)
Other taxes	(1,724)	(76)	(90)	(781)	−	(2,671)
Impairment	(78)	(2,029)	−	145	−	(1,962)
Other income and expenses, net	1,716	(3,527)	(804)	(2,172)	−	(4,787)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes	87,880	12,245	5,006	(5,852)	2,814	102,093
Net finance income (expenses)	−	−	−	(3,469)	−	(3,469)
Results in equity-accounted investments	186	(274)	106	57	−	75
Net Income (loss) before income taxes	88,066	11,971	5,112	(9,264)	2,814	98,699
Income taxes	(29,879)	(4,163)	(1,702)	5,245	(957)	(31,456)
Net income (loss) of the period	58,187	7,808	3,410	(4,019)	1,857	67,243
Attributable to:
Shareholders of Petrobras	58,198	7,808	3,222	(4,147)	1,857	66,938
Non-controlling interests	(11)	−	188	128	−	305
	58,187	7,808	3,410	(4,019)	1,857	67,243

 

 

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

 

	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas and Low Carbon Energies (G&LCE)	Corporate and other businesses	Total
Apr-Jun/2024	12,128	3,320	736	177	16,361
Apr-Jun/2023	12,319	2,972	645	146	16,082
	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas and Low Carbon Energies (G&LCE)	Corporate and other businesses	Total
Jan-Jun/2024	24,656	6,527	1,492	334	33,009
Jan-Jun/2023	23,821	5,871	1,288	288	31,268

 

8.2.

Assets by operating segment

	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas and Low Carbon Energies (G&LCE)	Corporate and other businesses	Elimina-tions	Total
Consolidated assets by operating segment - 06.30.2024
Current assets	14,089	59,116	2,217	112,909	(29,021)	159,310
Non-current assets	664,807	115,950	34,055	84,566	−	899,378
Long-term receivables	39,692	12,034	505	70,985	−	123,216
Investments	1,828	2,401	934	317	−	5,480
Property, plant and equipment	611,365	100,818	32,229	11,327	−	755,739
Operating assets	516,446	85,918	19,064	8,553	−	629,981
Under construction	94,919	14,900	13,165	2,774	−	125,758
Intangible assets	11,922	697	387	1,937	−	14,943
Total Assets	678,896	175,066	36,272	197,475	(29,021)	1,058,688

 

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

9.

Trade and other receivables

9.1.

Trade and other receivables

	Consolidated		Parent Company
	06.30.2024	12.31.2023	06.30.2024	12.31.2023
Receivables from contracts with customers
Third parties	24,056	29,231	15,004	19,980
Related parties
Investees (note 28.5)	1,075	680	30,941	27,341
Subtotal	25,131	29,911	45,945	47,321
Other trade receivables
Third parties
Receivables from divestments and Transfer of Rights Agreement	8,141	10,466	8,141	10,466
Lease receivables	1,840	1,706	133	136
Other receivables	4,385	3,037	3,648	2,427
Related parties
Applications in credit rights - FIDC-NP (note 28.3)	−	−	25,977	28,797
Petroleum and alcohol accounts – receivables from Brazilian Government	−	1,345	−	1,345
Subtotal	14,366	16,554	37,899	43,171
Total trade receivables	39,497	46,465	83,844	90,492
Expected credit losses (ECL) – Third parties	(8,464)	(7,811)	(4,796)	(4,626)
Expected credit losses (ECL) – Related parties	(11)	(10)	(11)	(10)
Total trade receivables, net	31,022	38,644	79,037	85,856
Current	24,489	29,702	73,522	77,757
Non-current	6,533	8,942	5,515	8,099

 

Accounts receivable are classified in the amortized cost category, except for certain receivables with final price formation after the transfer of control of products that depend on the variation in the value of the commodity, classified in the category fair value through profit or loss, whose value on June 30, 2024 totaled R$ 2,973 (R$ 2,434 as of December 31, 2023).

 

The balance of receivables from divestment and Transfer of Rights Agreement is mainly related to the Earn Out of the Atapu and Sépia fields, totaling R$ 1,936 (R$ 2,957 as of December 31, 2023), from the sale of the Roncador field for R$ 2,009 (R$ 1,745 as of December 31, 2023) and the Potiguar group of fields for R$ 1,155 (R$ 1,283 as of December 31, 2023).

The increase in the “Other” balance is mainly related to reimbursements from partners for the enrollment to the tax transaction, in the amount of R$ 1,121 (note 12.3).

On June 26, 2024, the amount of R$ 1,389, net of withholding income tax, related to the second and final installment of the judicialized debts with the Brazilian Federal Government (precatórios), arising from of Petroleum and Alcohol Account, was released to the Company and became part of the guarantee in a tax lawsuit.

 

9.2.

Aging of trade and other receivables – third parties

					Consolidated		Parent Company
	06.30.2024		12.31.2023			06.30.2024			12.31.2023
	Trade receivables	Expected credit losses (ECL)	Trade receivables	Expected credit losses (ECL)		Trade receivables		Expected credit losses (ECL)	Trade receivables	Expected credit losses (ECL)
Current	27,638	(189)	33,636	(163)		21,001		(185)	25,925	(159)
Overdue:
Until 3 months (1)	1,100	(180)	2,285	(208)		502		(177)	2,246	(200)
3 – 6 months	541	(107)	91	(50)		527		(103)	68	(43)
6 – 12 months	159	(138)	303	(277)		139		(136)	278	(274)
More than 12 months	8,984	(7,850)	8,125	(7,113)		4,757		(4,195)	4,492	(3,950)
Total	38,422	(8,464)	44,440	(7,811)		26,926		(4,796)	33,009	(4,626)
(1) On January 10, 2024, Petrobras received from Carmo Energy the last installment in the amount of US$298 million, including adjustments and late payment charges due, relating to the sale of the Carmópolis Complex, due on December 20, 2023.

9.3.

Changes in provision for expected credit losses - third parties and related parties

	Consolidated		Parent Company
	2024	2023	2024	2023
	Jan-Jun	Jan-Jun	Jan-Jun	Jan-Jun
Opening balance	7,821	8,015	4,636	4,652
Additions	453	475	429	401
Reversals	(222)	(243)	(212)	(243)
Write-offs	(47)	(166)	(46)	(163)
Cumulative translation adjustment	470	(255)	−	−
Closing balance	8,475	7,826	4,807	4,647
Current	1,626	1,364	1,407	1,180
Non-current	6,849	6,462	3,400	3,467

10.

Inventories

	Consolidated
	06.30.2024	12.31.2023
Crude oil	16,859	16,341
Oil products	12,509	10,631
Intermediate products	2,684	3,076
Natural gas and LNG (1)	605	379
Biofuels	75	61
Fertilizers	7	7
Total products	32,739	30,495
Materials, suppliers and others	8,057	6,689
Total	40,796	37,184
(1) Liquefied Natural Gas.

Consolidated inventories are presented net of losses for adjustment to their net realizable value, these adjustments being mainly due to fluctuations in international oil prices and their oil products and, they are recognized in the statement of income for the period as cost of sales. In the six-month period ended June 30, 2024, the Company recognized a R$ 215 reversal of cost of sales, adjusting inventories to net realizable value (a R$ 22 loss within cost of sales in the six-month period ended June 30, 2023).

At June 30, 2024, the Company had pledged crude oil and oil products volumes as collateral for the Term of Financial Commitment (TFC) related to Pension Plans PPSP-R, PPSP-R Pre-70 and PPSP-NR Pre-70 signed by Petrobras and Fundação Petrobras de Seguridade Social – Petros Foundation in 2008, in the estimated amount of R$ 4,623.

11.

Trade payables

	Consolidated		Parent Company
	06.30.2024	12.31.2023	06.30.2024	12.31.2023
Third parties in Brazil	17,983	17,544	16,982	16,376
Third parties abroad	8,550	5,691	4,140	2,705
Related parties (note 28.1)	219	67	13,039	7,568
Total	26,752	23,302	34,161	26,649

Forfaiting

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

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

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

 

As of June 30, 2024, the balance advanced by suppliers, within the scope of the program, is R$ 775 (R$ 534 as of December 31, 2023) and has a payment term from 6 to 92 days and a weighted average term of 53 days (payment term from 7 to 92 days and a weighted average term of 57 days in 2023), after the contracted commercial conditions have been met.

 

12.        Taxes 12.1.       Income taxes	Consolidated
	Current assets		Current liabilities		Non-current liabilities
	06.30.2024	12.31.2023	06.30.2024	12.31.2023	06.30.2024	12.31.2023
Taxes in Brazil
Income taxes	5,188	963	226	4,788	0	0
Income taxes – Tax settlement programs	0	0	293	283	1,347	1,446
	5,188	963	519	5,071	1,347	1,446
Taxes abroad	861	92	1,556	1,224	0	0
Total	6,049	1,055	2,075	6,295	1,347	1,446

 

Reconciliation between statutory income tax rate and effective income tax rate

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

 

		Consolidated
	2024	2023
	Apr-Jun	Jan-Jun	Apr-Jun	Jan-Jun
Net income (loss) before income taxes	(2,853)	31,595	41,702	98,699
Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%)	970	(10,742)	(14,179)	(33,558)
Adjustments to arrive at the effective tax rate:
Tax benefits from the deduction of interest on capital distributions	2,608	2,608	2,965	2,965
Different jurisdictional tax rates for companies abroad	1,252	2,680	(683)	595
Brazilian income taxes on income of companies incorporated outside Brazil (1)	(471)	(717)	(492)	(1,018)
Tax incentives	(118)	37	161	383
Tax loss carryforwards (unrecognized tax losses) (2)	147	424	(61)	(89)
Non-taxable income (non-deductible expenses), net	(58)	65	(5)	28
Enrollment to the tax settlement program (3)	(833)	(833)	−	−
Post-employment benefits	(2,844)	(3,445)	(495)	(896)
Results of equity-accounted investments in Brazil and abroad	(431)	(602)	(35)	25
Non-incidence of income taxes on indexation (SELIC interest rate) of undue paid taxes	144	248	−	−
Others	(28)	(23)	58	109
Income taxes	338	(10,300)	(12,766)	(31,456)
Deferred income taxes	5,568	7,225	(4,003)	(7,501)
Current income taxes	(5,230)	(17,525)	(8,763)	(23,955)
Effective tax rate of income taxes	11.8%	32.6%	30.6%	31.9%
(1) It relates to Brazilian income taxes on earnings of offshore investees, as established by Law No. 12,973/2014.
(2) Petrobras recognized tax loss and negative social contribution basis of a subsidiary in the amount of R$ 265, within the scope of the incentivized self-regularization program for taxes administered by the Brazilian Federal Revenue Service (Law No. 14,740/23 and Normative Instruction No. 2,168/23), to settle a debt in the amount of R$560, of which R$295 in cash.
(3) For more information, see note 12.3.

Deferred income taxes - non-current

The table below shows the movement in the periods:

	Consolidated		Parent Company
	2024	2023	2024	2023
	Jan-Jun	Jan-Jun	Jan-Jun	Jan-Jun
Opening balance	(48,148)	(30,878)	(59,000)	(42,511)
Recognized in income of the period	7,225	(7,501)	6,644	(5,929)
Recognized in shareholders’ equity	13,029	(11,894)	13,040	(11,845)
Cummulative Translation Adjustment	227	(108)	−	−
Use of tax credits	(7)	−	−	−
Others	(8)	123	2	110
Final balance	(27,682)	(50,258)	(39,314)	(60,175)

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

 

Consolidated

Nature	Basis for realization							06.30.2024		12.31.2023
Property, plant and equipment - Cost of prospecting and dismantling areas	Depreciation, Amortization and Write-off of Assets							(28,550)		(30,480)
Property, plant and equipment – Impairment	Amortization, Write-off of Assets and Impairment Reversal							19,793		20,348
Property, plant and equipment – Right of use	Depreciation, Amortization and Write-off of Assets							(45,636)		(45,359)
Property, plant and equipment – Depreciation, accelerated and linear x unit produced and capitalized charges	Depreciation, Amortization and Write-off of Assets							(95,230)		(90,939)
Loans, accounts receivable / payable and financing	Payments, Receipts and Consideration							4,053		(12,001)
Leases	Appropriation of consideration							51,898		44,733
Provision for decomissioning costs	Payment and reversal of the provision							38,603		38,779
Provision for lawsuits	Payment and reversal of the provision							5,076		4,617
Tax losses	Compensation of 30% of taxable income							6,032		5,517
Inventories	Sale, Write-Off and Loss							2,933		1,988
Employee benefits, mainly pension plan	Payment and reversal of the provision							9,081		9,856
Others								4,265		4,793
Total								(27.682)		(48.148)
Deferred income taxes – assets							6,096		4,672
Deferred income taxes – liabilities							(33,778)		(52,820)

 

Uncertain treatments on Corporate Income Tax (CIT)

In 2023 and 2024, the Company received additional charges from the Dutch tax authority, due to a final assessment on the calculation of the Corporate Income Tax (CIT) of subsidiaries in the Netherlands from 2018 to 2020, arising from the valuation for tax purposes of platforms and equipment nationalized under the Repetro tax regime, in the amount of R$ 3,374 (U$S 607 million), updated through June 30, 2024 by applicable interest rates.

Tax treatments of certain subsidiaries from 2020 to 2022 have not yet been assessed by this tax authority. Any charges by the Dutch tax authority for those years, on a similar basis to the periods already assessed, could reach the amount R$ 1,006 (U$S 181 million). Thus, the total amount of these uncertain tax treatments is R$ 4,380 (U$S 788 million), updated through June 30, 2024 by applicable interest rates.

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

12.2.

Other taxes

Consolidated

Other taxes		Current assets		Non-current assets		Current liabilities		Non-current liabilities (1)
		06.30.2024	12.31.2023	06.30.2024	12.31.2023	06.30.2024	12.31.2023	06.30.2024	12.31.2023
Taxes in Brazil:
Current/Deferred VAT Rate (VAT)		3,144	2,868	2,920	2,939	5,628	4,997	−	−
Current/Deferred PIS and COFINS		6,057	1,470	13,668	13,923	2,978	1,282	724	684
PIS and COFINS - Law 9,718/98		−	−	3,599	3,549	−	−	−	−
Production taxes/Royalties		−	−	−	−	9,385	10,139	658	702
Withholding income taxes		−	−	−	−	614	1,317	−	−
Tax settlement programs (2)		−	−	−	−	8,331	−	−	−
Others		277	279	1,822	1,402	2,028	2,142	452	435
Total in Brazil		9,478	4,617	22,009	21,813	28,964	19,877	1,834	1,821
Taxes abroad		37	31	61	48	56	291	−	−
Total		9,515	4,648	22,070	21,861	29,020	20,168	1,834	1,821
	((1) Other non-current taxes are classified within other non-current liabilities in the statement of financial position.
	((2) For more information, see note 12.3.

12.3

. Enrollment to the tax settlement program

In June 2024, Petrobras enrolled to a Transaction Notice (Edital de Transação PGFN-RFB 6/2024) published in the same month by the Attorney General's Office of the Brazilian National Treasury (PGFN) and the Brazilian Federal Revenue (RFB), for the settlement of relevant litigation related to the taxation of remittances abroad, arising from the bipartition of the legal transaction agreed in a chartering contract for vessels and platforms, and in another contract for services.

The Transaction Notice provides for the settlement of debts under dispute relating to the taxation of CIDE, PIS and COFINS, from 2008 to 2013, whose updated amount at the enrollment date on June 28, 2024 is R$ 44,957. The balance of the contingent liability related to the taxation of remittances abroad, which includes the debts relating to the taxation of CIDE, PIS and COFINS, was disclosed in the financial statements of December 31, 2023, note 19.3.

 

The enrollment to this program brings economic benefits, as maintaining the discussions would imply a financial effort to provide and maintain judicial guarantees related to the Negotiated Legal Proceeding (NJP) agreed with the PGFN, in addition to other procedural costs and expenses.

The program provided for a 65% discount on the total amount of the debt, after converting judicial deposits into definitive payment. Therefore, on June 28, 2024, CIDE, PIS and COFINS liabilities were recognized in the amount of R$19,849. The settlement of this tax liability was defined as follows:

·

use in June 2024 of judicial deposits related to the debts to be settled through this program, in the amount of R$ 6,653;

·

use of tax loss carryforwards of subsidiaries in June 2024, in the amount of R$ 1,294;

·

payment of R$ 3,571 upon enrollment in June 2024 and the remaining balance to be paid in 6 monthly installments until December 2024, updated by the Selic interest rate.

The calculation of the liability, registered in Taxes and Contributions, related to this transaction is presented as follows:

 

	06.30.2024
Enrolling to the program	19,849
Use of judicial deposits	(6,653)
Use of tax credit from subsidiaries	(1,294)
Down payment	(3,571)
Balance at June 30, 2024	8,331

 

As part of this tax transaction is related to projects in which the company operates in partnership in E&P consortia, Petrobras started with negotiations with the partners for the reimbursement of the corresponding amounts to their respective interests, in the expected amount of R$ 2,581, being:

·

R$ 1,121 recognized in June 2024 referring to consortia that approved the enrollment to the transaction until June 30, 2024;

·

R$ 1,460 were treated as contingent assets on June 30, 2024, with: (i) R$ 1,279 recognized in July and August 2024, referring to consortia that approved after June 30, 2024 until the date of the release of the interim financial statements; and (ii) R$181 in negotiation with consortia, not yet recognized.

Effects of the tax transaction in the statement of income

	Consolidated
Principal and fines	8,840
Indexation to the SELIC interest rate	11,009
Total debt enrolled in the tax settlement program	19,849
PIS and COFINS tax credits after enrolling the program (1)	(2,899)
Use of tax loss carryforwards	(1,294)
Indexation to the Selic interest rate of Judicial deposits and taxes over tax credits	1,304
Income taxes (2)	(4,934)
Effect in the statement of income before reimbursement of partners in joint ventures	12,026
Reimbursements approved by partners in joint ventures until June 30, 2024	(1,121)
Income taxes (2)	333
Total effect in the statement of income	11,238
Other taxes	4,256
Net finance income (expense)	11,583
Income taxes	(4,601)
Total effect in the statement of income	11,238

(1) Credits arising from debts included in the tax transaction after discounts, as provided for in the Transaction Notice, recorded in current assets.

(2) Tax effect of the tax transaction.

 

13.

Employee benefits

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

		Consolidated
	06.30.2024		12.31.2023
Liabilities
Short-term employee benefits	7,883		9,615
Termination benefits	567		692
Post-retirement benefits	81,272		79,308
Total	89,722		89,615
Current	12,780		14,194
Non-current	76,942		75,421
Total	89,722		89,615

13.1.       Short-term employee benefits

			Consolidated
			06.30.2024	12.31.2023
Variable compensation program – Employees			1,072	2,246
Accrued vacation and christmas bonus			3,796	2,780
Salaries and related charges and other provisions			1,383	1,658

 

Profit sharing			1,632	2,931
Total			7,883	9,615
Current			7,665	9,412
Non-current (1)			218	203
Total			7,883	9,615

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

The company recognized the following amounts in the income statement:

		Consolidated
	2024		2023
	Apr-Jun	Jan-Jun	Apr-Jun	Jan-Jun
Costs/Expenses in the statement of income
Salaries, vacation, christmas bonus, charges over provisions and others	(4,918)	(9,497)	(4,242)	(8,120)
Variable compensation program (1)	(520)	(912)	(649)	(1,374)
Profit sharing (1)	(704)	(1,577)	(158)	(338)
Manager compensations and charges	(23)	(37)	(17)	(29)
Total	(6,165)	(12,023)	(5,066)	(9,861)
(1) Includes complement/reversion of previous programs.

13.1.1 Variable compensation programs

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

In the period from January to June 2024, Petrobras:

·

paid the amount of R$ 2,110 (R$ 1,695 in the parent company) related to the performance award programs, considering compliance with the company's performance metrics and the individual performance of employees; and

·

provisioned the amount of R$ 912 related to the 2024 fiscal year (R$ 1,367 for the PPP in the period from January to June 2023), recorded in other operating expenses, including the variable remuneration of Petrobras and other programs of the consolidated companies. At the parent company, the provision was R$ 713 (R$ 1,247 for the PPP in the period from January to June 2023).

Profit Sharing (Participações nos lucros ou resultados - PLR)

In the period from January to June 2024, Petrobras:

·

paid the amount of R$ 2,904 (R$ 2,827 in the parent company) related to the profit sharing, considering the rules and individual limits according to the remuneration of each employee; and

·

provisioned the amount of R$ 1,577 for the 2024 fiscal year (R$ 340 in the period from January to June 2023), recorded in other operating expenses. At the parent company, the provision was R$ 1,539 (R$ 328 in the period from January to June 2023).

13.2.       Termination benefits

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

Voluntary severance programs

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

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

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

As of June 30, 2024, from the balance of R$ 567, R$ 39 refers to the second installment of 146 retired employees and R$ 528 refers to 944 employees enrolled in voluntary severance programs with expected termination by 2027.

13.3.       Employee benefits (post-employment)

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

The following table presents the balance of post-employment benefits:

			Consolidated
			06.30.2024	12.31.2023
Liabilities
Health Care Plan: AMS Saúde Petrobras			48,684	46,772
Petros Pension Plan - Renegotiated (PPSP-R)			20,373	20,437
Petros Pension Plan - Non-renegotiated (PPSP-NR)			6,503	6,479
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pré 70)			2,554	2,513
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pré 70)			2,279	2,234
Petros 2 Pension Plan (PP-2)			879	873
Total			81,272	79,308
Current			4,920	4,392
Non-current			76,352	74,916

Health Care Plan

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

Benefits are paid by the Company based on the costs incurred by the participants. The financial participation of the Company and the beneficiaries on the expenses are provided for in the rules of the plan and in the Collective Bargaining Agreement (ACT), being 60% by the Company and 40% by the participants until March 31, 2024.

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

On April 26, 2024, the aforementioned resolutions were revoked and, for this reason, the Company and the unions entered into an agreement, in June 2024, via amendment to the current collective bargaining agreement, to resume the costing relationship previously practiced, with 70% covered by Petrobras and 30% by the beneficiaries, effective since April 2024. Due to this change, the Company carried out an intermediate remeasurement of the actuarial liabilities of this plan.