UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

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

Securities Exchange Act of 1934

 

For the month of August, 2024

 

Commission File Number 1-15106

 

 

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

 

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

 

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

(Address of principal executive office)

 

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

Form 20-F ___X___ Form 40-F _______

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

Yes _______ No___X____

 

 

 
 

 

 

Interim Financial

Information

 

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

 

At June 30, 2024 and report on review of interim

financial information

 

 

 

 

 

 

(A free translation of the original in Portuguese)

 

 

 

 

 

 
 

INDEX

PETROBRAS

 

 

 

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

 

 

   
 2 
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

 

   
 3 
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

 

   
 4 
Petróleo Brasileiro S.A. – Petrobras 

Parent Company Interim Accounting Information / Statement of Income

(R$ Thousand)

 

 

 

Account Code Account Description Accumulated of the Current Period 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

 

 

   
 5 
Petróleo Brasileiro S.A. – Petrobras 

Parent Company Interim Accounting Information / Statement of Comprehensive Income

(R$ Thousand)

 

 

Account Code Account Description Accumulated of the Current Period 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

 

 

   
 6 
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
   
 7 
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

   
 8 
Petróleo Brasileiro S.A. – Petrobras 

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

(R$ Thousand)

 

 

Account Code Account Description Accumulated of the Current Period 01/01/2024 to 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
   
 9 
Petróleo Brasileiro S.A. – Petrobras 

Parent Company Interim Accounting Information / Statement of Added Value

(R$ Thousand)

 

 

Account Code Account Description Accumulated of the Current Period 01/01/2024 to 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

 

 

 

 

 

 

   
 10 
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

 

 

   
 11 
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

 

 

 

   
 12 
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

 

 

 

 

 

   
 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

 

 

   
 14 
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
   
 15 
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
   
 16 
Petróleo Brasileiro S.A. – Petrobras 

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

(R$ Thousand)

 

 

Account Code Account Description Accumulated of the Current Period 01/01/2024 to 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

 

 

   
 17 
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

 

   
 18 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

 

1.Basis of preparation

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

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

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.

   
 19 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

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.

 

 

 

 

   
 20 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

4.Sales revenues
    Consolidated
  2024 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.

 

 

 

 

 

   
 21 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

5.Costs and expenses by nature
5.1.Cost of sales
    Consolidated  
  2024 2023  
  Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Raw material, products for resale, materials and third-party services (1) (30,241) (56,955) (28,153) (65,010)
Depreciation, depletion and amortization (12,630) (25,742) (12,652) (25,096)
Production taxes (15,175) (30,182) (13,345) (27,802)
Employee compensation (3,165) (5,352) (2,009) (4,008)
Total (61,211) (118,231) (56,159) (121,916)
(1) It Includes short-term leases and inventory turnover.
   
           
5.2.Selling expenses
    Consolidated
  2024 2023
  Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Materials, third-party services, freight, rent and other related costs (5,570) (11,119) (5,070) (10,399)
Depreciation, depletion and amortization (870) (1,725) (764) (1,541)
Allowance for expected credit losses 11 (40) 21 (86)
Employee compensation (183) (334) (134) (265)
Total (6,612) (13,218) (5,947) (12,291)

 

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

 

6.Other income and expenses, net

 

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

 

7.Net finance income (expense)

 

   
 22 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

 

    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)

 

 

   
 23 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

 

Consolidated Statement of Income by operating segment - 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
 

 

 

   
 24 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

 

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

 

   
 25 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

  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.

   
 26 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

 

9.2.Aging of trade and other receivables – third parties
  Consolidated Parent Company  
  06.30.2024 12.31.2023 06.30.2024 12.31.2023
  Trade receivables Expected credit losses (ECL) Trade receivables Expected credit losses (ECL) Trade receivables Expected credit losses (ECL) Trade receivables Expected credit losses (ECL)
Current 27,638 (189) 33,636 (163) 21,001 (185) 25,925 (159)
Overdue:                
Until 3 months (1) 1,100 (180) 2,285 (208) 502 (177) 2,246 (200)
3 – 6 months 541 (107) 91 (50) 527 (103) 68 (43)
6 – 12 months 159 (138) 303 (277) 139 (136) 278 (274)
More than 12 months 8,984 (7,850) 8,125 (7,113) 4,757 (4,195) 4,492 (3,950)
Total 38,422 (8,464) 44,440 (7,811) 26,926 (4,796) 33,009 (4,626)
 
(1) On January 10, 2024, Petrobras received from Carmo Energy the last installment in the amount of US$298 million, including adjustments and late payment charges due, relating to the sale of the Carmópolis Complex, due on December 20, 2023.
                       
9.3.Changes in provision for expected credit losses - third parties and related parties
  Consolidated Parent Company
  2024 2023 2024 2023
  Jan-Jun Jan-Jun Jan-Jun Jan-Jun
Opening balance 7,821 8,015 4,636 4,652
    Additions 453 475 429 401
    Reversals (222) (243) (212) (243)
   Write-offs (47) (166) (46) (163)
   Cumulative translation adjustment 470 (255)
Closing balance 8,475 7,826 4,807 4,647
Current 1,626 1,364 1,407 1,180
Non-current 6,849 6,462 3,400 3,467
10.Inventories
  Consolidated
  06.30.2024 12.31.2023
Crude oil 16,859 16,341
Oil products 12,509 10,631
Intermediate products 2,684 3,076
Natural gas and LNG (1) 605 379
Biofuels 75 61
Fertilizers 7 7
Total products 32,739 30,495
Materials, suppliers and others 8,057 6,689
Total 40,796 37,184
(1) Liquefied Natural Gas.

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

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

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

Forfaiting

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

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

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

   
 27 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

 

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:

   
 28 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

 

Consolidated

Nature Basis for realization 06.30.2024 12.31.2023  
Property, plant and equipment - Cost of prospecting and dismantling areas

 

Depreciation, Amortization and Write-off of Assets

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

 

 

                       

 

Uncertain treatments on Corporate Income Tax (CIT)

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

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

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

12.2.Other taxes

Consolidated

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

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

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

   
 29 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

 

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.

 

   
 30 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

13.Employee benefits

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

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

13.1.       Short-term employee benefits

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

 

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

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

The company recognized the following amounts in the income statement:

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

(1) Includes complement/reversion of previous programs.

 

13.1.1 Variable compensation programs

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

In the period from January to June 2024, Petrobras:

·paid the amount of R$ 2,110 (R$ 1,695 in the parent company) related to the performance award programs, considering compliance with the company's performance metrics and the individual performance of employees; and
·provisioned the amount of R$ 912 related to the 2024 fiscal year (R$ 1,367 for the PPP in the period from January to June 2023), recorded in other operating expenses, including the variable remuneration of Petrobras and other programs of the consolidated companies. At the parent company, the provision was R$ 713 (R$ 1,247 for the PPP in the period from January to June 2023).

Profit Sharing (Participações nos lucros ou resultados - PLR)

In the period from January to June 2024, Petrobras:

·paid the amount of R$ 2,904 (R$ 2,827 in the parent company) related to the profit sharing, considering the rules and individual limits according to the remuneration of each employee; and
·provisioned the amount of R$ 1,577 for the 2024 fiscal year (R$ 340 in the period from January to June 2023), recorded in other operating expenses. At the parent company, the provision was R$ 1,539 (R$ 328 in the period from January to June 2023).

   
 31 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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

(Expressed in millions of reais, unless otherwise indicated)

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.

   
 32 

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

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