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
Petróleo Brasileiro S.A. – Petrobras | |
Parent Company Interim Accounting Information / Statement of Financial Position - Assets | |
(R$ Thousand) | |
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 |
Petróleo Brasileiro S.A. – Petrobras | |
Parent Company Interim Accounting Information / Statement of Financial Position - Liabilities | |
(R$ Thousand) | |
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 |
Petróleo Brasileiro S.A. – Petrobras | |
Parent Company Interim Accounting Information / Statement of Income | |
(R$ Thousand) | |
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 |
Petróleo Brasileiro S.A. – Petrobras | |
Parent Company Interim Accounting Information / Statement of Comprehensive Income | |
(R$ Thousand) | |
Account Code |
Account Description |
Accumulated of the Current Period 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 |
Petróleo Brasileiro S.A. – Petrobras | |
Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2024 to 06/30/2024 | |
(R$ Thousand) | |
Account Code |
Account Description |
Share Capital |
Capital Reserves, Granted Options and Treasury Shares |
Profit Reserves |
Retained Earnings / Accumulated Losses |
Other Comprehensive Income |
Shareholders' Equity |
5.01 |
Balance at the Beginning of the Period |
205,432,000 |
(322,000) |
158,955,000 |
− |
16,376,000 |
380,441,000 |
5.03 |
Adjusted Opening Balance |
205,432,000 |
(322,000) |
158,955,000 |
− |
16,376,000 |
380,441,000 |
5.04 |
Capital Transactions with Owners |
− |
(1,919,000) |
(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 |
Petróleo Brasileiro S.A. – Petrobras | |
Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2023 to 06/30/2023 | |
(R$ Thousand) | |
Account Code |
Account Description |
Share Capital |
Capital Reserves, Granted Options and Treasury Shares |
Profit Reserves |
Retained Earnings / Accumulated Losses |
Other Comprehensive Income |
Shareholders' Equity |
5.01 |
Balance at the Beginning of the Period |
205,432,000 |
3,318,000 |
128,346,000 |
− |
25,498,000 |
362,594,000 |
5.03 |
Adjusted Opening Balance |
205,432,000 |
3,318,000 |
128,346,000 |
− |
25,498,000 |
362,594,000 |
5.04 |
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
Petróleo Brasileiro S.A. – Petrobras | |
Parent Company Interim Accounting Information / Statement of Cash Flows – Indirect Method | |
(R$ Thousand) | |
Account Code |
Account Description |
Accumulated of the Current Period 01/01/2024 to 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 |
Petróleo Brasileiro S.A. – Petrobras | |
Parent Company Interim Accounting Information / Statement of Added Value | |
(R$ Thousand) | |
Account Code |
Account Description |
Accumulated of the Current Period 01/01/2024 to 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 |
Petróleo Brasileiro S.A. – Petrobras | |
Consolidated Interim Accounting Information / Statement of Financial Position - Assets | |
(R$ Thousand) | |
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 |
Petróleo Brasileiro S.A. – Petrobras | |
Consolidated Interim Accounting Information / Statement of Financial Position - Liabilities | |
(R$ Thousand) | |
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 |
Petróleo Brasileiro S.A. – Petrobras | |
Consolidated Interim Accounting Information / Statement of Income | |
(R$ Thousand) | |
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 |
Petróleo Brasileiro S.A. – Petrobras | |
Consolidated Interim Accounting Information / Statement of Comprehensive Income | |
(R$ Thousand) | |
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 |
Petróleo Brasileiro S.A. – Petrobras | |
Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2024 to 06/30/2024 | |
(R$ Thousand) | |
Account Code |
Account Description |
Share Capital |
Capital Reserves,
Granted Options
and Treasury Shares |
Profit Reserves |
Retained Earnings /
Accumulated Losses |
Other
Comprehensive
Income |
Shareholders' Equity |
Non-controlling
interest |
Shareholders' Equity
Consolidated |
5.01 |
Balance at the Beginning of the Period |
205,432,000 |
(322,000) |
158,955,000 |
− |
16,376,000 |
380,441,000 |
1,899,000 |
382,340,000 |
5.03 |
Adjusted Opening Balance |
205,432,000 |
(322,000) |
158,955,000 |
− |
16,376,000 |
380,441,000 |
1,899,000 |
382,340,000 |
5.04 |
Capital Transactions with Owners |
− |
(1,919,000) |
(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 |
Petróleo Brasileiro S.A. – Petrobras | |
Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2023 to 06/30/2023 | |
(R$ Thousand) | |
Account Code |
Account Description |
Share Capital |
Capital Reserves,
Granted Options
and Treasury Shares |
Profit Reserves |
Retained Earnings /
Accumulated Losses |
Other
Comprehensive
Income |
Shareholders' Equity |
Non-controlling
interest |
Shareholders' Equity
Consolidated |
5.01 |
Balance at the Beginning of the Period |
205,432,000 |
3,318,000 |
128,346,000 |
− |
25,498,000 |
362,594,000 |
1,791,000 |
364,385,000 |
5.03 |
Adjusted Opening Balance |
205,432,000 |
3,318,000 |
128,346,000 |
− |
25,498,000 |
362,594,000 |
1,791,000 |
364,385,000 |
5.04 |
Capital Transactions with Owners |
− |
− |
(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 |
Petróleo Brasileiro S.A. – Petrobras | |
Consolidated Interim Accounting Information / Statement of Cash Flows – Indirect Method | |
(R$ Thousand) | |
Account Code |
Account Description |
Accumulated of the Current Period 01/01/2024 to 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 |
Petróleo Brasileiro S.A. – Petrobras | |
Consolidated Interim Accounting Information / Statement of Added Value | |
(R$ Thousand) | |
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 |
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, 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.
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) |
| 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.
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company’s audited annual financial statements (Expressed in millions of reais, unless otherwise indicated) |
|
|
Consolidated |
|
2024 |
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.
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 |
|
|
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. |
|
|
|
|
|
|
|
|
|
|
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) |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company’s audited annual financial statements (Expressed in millions of reais, unless otherwise indicated) |
|
|
Consolidated |
|
2024 |
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) |
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 - 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 |
|
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-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 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company’s audited annual financial statements (Expressed in millions of reais, unless otherwise indicated) |
|
Exploration and Production (E&P) |
Refining, Transportation & Marketing (RT&M) |
Gas and Low Carbon Energies (G&LCE) |
Corporate and other businesses |
Elimina-tions |
Total |
|
Consolidated assets by operating segment - 12.31.2023 |
|
|
|
|
|
|
|
Current assets |
13,574 |
53,265 |
1,793 |
113,997 |
(25,550) |
157,079 |
Non-current assets |
658,729 |
115,224 |
31,013 |
88,843 |
− |
893,809 |
Long-term receivables |
43,705 |
10,014 |
400 |
75,616 |
− |
129,735 |
Investments |
1,667 |
3,926 |
703 |
278 |
− |
6,574 |
Property, plant and equipment |
601,553 |
100,629 |
29,539 |
11,053 |
− |
742,774 |
Operating assets |
524,822 |
87,762 |
17,454 |
8,570 |
− |
638,608 |
Under construction |
76,731 |
12,867 |
12,085 |
2,483 |
− |
104,166 |
Intangible assets |
11,804 |
655 |
371 |
1,896 |
− |
14,726 |
Total Assets |
672,303 |
168,489 |
32,806 |
202,840 |
(25,550) |
1,050,888 |
| 9. | Trade and other receivables |
| 9.1. | Trade and other receivables |
|
Consolidated |
Parent Company |
|
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.
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company’s audited annual financial statements (Expressed in millions of reais, unless otherwise indicated) |
| 9.2. | Aging of trade and other receivables –
third parties |
|
Consolidated |
Parent Company |
|
|
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$298 million, including adjustments and late payment charges due, relating to the sale of the Carmópolis Complex, due on December 20, 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
| 9.3. | Changes in provision for expected credit losses
- third parties and related parties |
|
Consolidated |
Parent Company |
|
2024 |
2023 |
2024 |
2023 |
|
Jan-Jun |
Jan-Jun |
Jan-Jun |
Jan-Jun |
Opening balance |
7,821 |
8,015 |
4,636 |
4,652 |
Additions |
453 |
475 |
429 |
401 |
Reversals |
(222) |
(243) |
(212) |
(243) |
Write-offs |
(47) |
(166) |
(46) |
(163) |
Cumulative translation adjustment |
470 |
(255) |
− |
− |
Closing balance |
8,475 |
7,826 |
4,807 |
4,647 |
Current |
1,626 |
1,364 |
1,407 |
1,180 |
Non-current |
6,849 |
6,462 |
3,400 |
3,467 |
|
Consolidated |
|
06.30.2024 |
12.31.2023 |
Crude oil |
16,859 |
16,341 |
Oil products |
12,509 |
10,631 |
Intermediate products |
2,684 |
3,076 |
Natural gas and LNG (1) |
605 |
379 |
Biofuels |
75 |
61 |
Fertilizers |
7 |
7 |
Total products |
32,739 |
30,495 |
Materials, suppliers and others |
8,057 |
6,689 |
Total |
40,796 |
37,184 |
(1) Liquefied Natural Gas. |
Consolidated inventories are presented net of
losses for adjustment to their net realizable value, these adjustments being mainly due to fluctuations in international oil prices and
their oil products and, they are recognized in the statement of income for the period as cost of sales. In the six-month period ended
June 30, 2024, the Company recognized a R$ 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.
|
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).
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) |
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:
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
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.
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.
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 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.
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) |
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). |
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) |
13.2.
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.
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company’s audited annual financial statements |