PETROBRAS - PETROLEO BRASILEIRO SA - Foreign Filer Report 2023

6-K 1 pbritr1q23rs_6k.htm 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

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

Securities Exchange Act of 1934

For the month of May, 2023

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 20231-030 – 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 _ NoX_

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Interim Financial Information

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

At March 31, 2023 and report on review of interim financial information

(A free translation of the original in Portuguese)

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INDEX

PETROBRAS

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| 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 - 01/01/2023 to 03/31/2023 | 7 |
| Parent Company Interim Accounting Information / Statement
of Changes in Shareholders’ Equity - 01/01/2022 to 03/31/2022 | 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 - 01/01/2023 to 03/31/2023 | 15 |
| Consolidated Interim Accounting Information / Statement
of Changes in Shareholders’ Equity - 01/01/2022 to 03/31/2022 | 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. Summary of
significant accounting policies | 19 |
| 3. Cash and cash
equivalents and Marketable securities | 19 |
| 4. Sales revenues | 20 |
| 5. Costs and
expenses by nature | 21 |
| 6. Other income
and expenses | 21 |
| 7. Net finance
income (expense) | 22 |
| 8. Net income
by operating segment | 22 |
| 9. Trade and
other receivables | 24 |
| 10. Inventories | 25 |
| 11. Trade payables | 25 |
| 12. Taxes | 26 |
| 13. Employee
benefits | 27 |
| 14. Provisions
for legal proceedings, judicial deposits and contingent liabilities | 32 |
| 15 Provision
for decommissioning costs | 36 |
| 16 Other assets
and liabilities | 36 |
| 17 Property,
plant and equipment | 37 |
| 18 Intangible
assets | 39 |
| 19 Exploration
and evaluation of oil and gas reserves | 40 |
| 20 Collateral
for crude oil exploration concession agreements | 40 |
| 21 Investments | 40 |
| 22 Disposal of
assets and other transactions | 41 |
| 23 Finance debt | 43 |
| 24 Lease liabilities | 46 |
| 25 Equity | 47 |
| 26 Risk management | 48 |
| 27 Related-party
transactions | 53 |
| 28 Supplemental
information on statement of cash flows | 57 |
| 29 Subsequent
events | 57 |
| 30 Correlation
between the explanatory notes of December 31, 2022 and the ones of March 31, 2023 | 59 |
| Statement of directors on interim accounting information
and report on the review of quarterly information | 60 |
| Independent Auditors' Report | 61 |

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Petróleo Brasileiro S.A. – Petrobras Parent Company Interim Accounting Information / Statement of Financial Position - Assets (R$ Thousand)

| Account
Code | Account
Description | 03.31.2023 | 12.31.2022 |
| --- | --- | --- | --- |
| 1 | Total
Assets | 1,256,947,000 | 1,268,330,000 |
| 1.01 | Current
Assets | 158,066,000 | 176,508,000 |
| 1.01.01 | Cash
and Cash Equivalents | 2,283,000 | 3,627,000 |
| 1.01.02 | Marketable
Securities | 9,679,000 | 9,109,000 |
| 1.01.03 | Trade
and Other Receivables | 81,152,000 | 87,396,000 |
| 1.01.04 | Inventories | 36,856,000 | 39,016,000 |
| 1.01.06 | Recoverable
Taxes | 5,712,000 | 6,344,000 |
| 1.01.06.01 | Current
Recoverable Taxes | 5,712,000 | 6,344,000 |
| 1.01.06.01.01 | Current
Income Tax and Social Contribution | 748,000 | 602,000 |
| 1.01.06.01.02 | Other
Recoverable Taxes | 4,964,000 | 5,742,000 |
| 1.01.08 | Other
Current Assets | 22,384,000 | 31,016,000 |
| 1.01.08.01 | Non-Current
Assets Held for Sale | 10,102,000 | 19,365,000 |
| 1.01.08.03 | Others | 12,282,000 | 11,651,000 |
| 1.01.08.03.03 | Others | 12,282,000 | 11,651,000 |
| 1.02 | Non-Current
Assets | 1,098,881,000 | 1,091,822,000 |
| 1.02.01 | Long-Term
Receivables | 114,423,000 | 105,183,000 |
| 1.02.01.03 | Marketable
Securities Measured at Amortized Cost | 13,423,000 | 8,159,000 |
| 1.02.01.04 | Trade
and Other Receivables | 8,509,000 | 10,912,000 |
| 1.02.01.07 | Deferred
Taxes | 20,197,000 | 19,349,000 |
| 1.02.01.07.02 | Deferred
Taxes and Contributions | 20,197,000 | 19,349,000 |
| 1.02.01.10 | Other
Non-Current Assets | 72,294,000 | 66,763,000 |
| 1.02.01.10.04 | Judicial
Deposits | 60,657,000 | 57,239,000 |
| 1.02.01.10.05 | Other
Assets | 11,637,000 | 9,524,000 |
| 1.02.02 | Investments | 270,851,000 | 271,427,000 |
| 1.02.03 | Property,
Plant and Equipment | 698,263,000 | 699,786,000 |
| 1.02.04 | Intangible
Assets | 15,344,000 | 15,426,000 |

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Petróleo Brasileiro S.A. – Petrobras Parent Company Interim Accounting Information / Statement of Financial Position - Liabilities (R$ Thousand)

| Account
Code | Account
Description | 03.31.2023 | 12.31.2022 |
| --- | --- | --- | --- |
| 2 | Total
Liabilities | 1,256,947,000 | 1,268,330,000 |
| 2.01 | Current
Liabilities | 233,904,000 | 267,314,000 |
| 2.01.01 | Payroll,
Profit Sharing and Related Charges | 7,402,000 | 7,146,000 |
| 2.01.02 | Trade
Payables | 31,214,000 | 34,714,000 |
| 2.01.03 | Taxes
Obligations | 4,694,000 | 12,690,000 |
| 2.01.03.01 | Federal
Taxes Obligations | 4,694,000 | 12,690,000 |
| 2.01.03.01.01 | Income
Tax and Social Contribution Payable | 4,694,000 | 12,690,000 |
| 2.01.04 | Current
Debt and Finance Lease Obligations | 154,081,000 | 150,657,000 |
| 2.01.04.01 | Current
Debt | 124,355,000 | 120,724,000 |
| 2.01.04.03 | Lease
Obligations | 29,726,000 | 29,933,000 |
| 2.01.05 | Other
Liabilities | 27,421,000 | 50,711,000 |
| 2.01.05.02 | Others | 27,421,000 | 50,711,000 |
| 2.01.05.02.01 | Dividends
and Interest on Capital Payable | − | 21,751,000 |
| 2.01.05.02.04 | Other
Taxes Payable | 15,026,000 | 15,576,000 |
| 2.01.05.02.06 | Other
liabilities | 12,395,000 | 13,384,000 |
| 2.01.06 | Provisions | 3,802,000 | 3,750,000 |
| 2.01.06.02 | Other
Provisions | 3,802,000 | 3,750,000 |
| 2.01.06.02.04 | Pension
and Medical Benefits | 3,802,000 | 3,750,000 |
| 2.01.07 | Liabilities
Associated with Non-Current Assets Held for Sale and Discontinued | 5,290,000 | 7,646,000 |
| 2.01.07.01 | Liabilities
Associated with Non-Current Assets Held for Sale | 5,290,000 | 7,646,000 |
| 2.02 | Non-Current
Liabilities | 620,959,000 | 638,422,000 |
| 2.02.01 | Non-Current
Debt and Finance Lease Obligations | 391,321,000 | 417,644,000 |
| 2.02.01.01 | Non-Current
Debt | 294,388,000 | 315,417,000 |
| 2.02.01.03 | Lease
Obligations | 96,933,000 | 102,227,000 |
| 2.02.02 | Other
Liabilities | 1,509,000 | 1,538,000 |
| 2.02.02.02 | Others | 1,509,000 | 1,538,000 |
| 2.02.02.02.03 | Income
Taxes Payable | 1,509,000 | 1,538,000 |
| 2.02.03 | Deferred
Taxes | 49,457,000 | 42,511,000 |
| 2.02.03.01 | Deferred
Income Taxes | 49,457,000 | 42,511,000 |
| 2.02.04 | Provisions | 178,672,000 | 176,729,000 |
| 2.02.04.01 | Provisions
for Tax Social Security, Labor and Civil Lawsuits | 15,272,000 | 14,609,000 |
| 2.02.04.02 | Other
Provisions | 163,400,000 | 162,120,000 |
| 2.02.04.02.04 | Pension
and Medical Benefits | 55,473,000 | 54,000,000 |
| 2.02.04.02.05 | Provision
for Decommissioning Costs | 96,467,000 | 96,552,000 |
| 2.02.04.02.06 | Employee
Benefits | 671,000 | 761,000 |
| 2.02.04.02.07 | Other
liabilities | 10,789,000 | 10,807,000 |
| 2.03 | Shareholders'
Equity | 402,084,000 | 362,594,000 |
| 2.03.01 | Share
Capital | 205,432,000 | 205,432,000 |
| 2.03.02 | Capital
Reserves | 3,318,000 | 3,318,000 |
| 2.03.04 | Profit
Reserves | 166,502,000 | 128,346,000 |
| 2.03.08 | Other
Comprehensive Income | 26,832,000 | 25,498,000 |

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Petróleo Brasileiro S.A. – Petrobras Parent Company Interim Accounting Information / Statement of Income (R$ Thousand)

| Account
Code | Account
Description | Accumulated
of the Current Year 01/01/2023 to 03/31/2023 | Accumulated
of the Previous Year 01/01/2022 to 03/31/2022 |
| --- | --- | --- | --- |
| 3.01 | Sales
Revenues | 129,138,000 | 134,448,000 |
| 3.02 | Cost
of Sales | (62,046,000) | (65,837,000) |
| 3.03 | Gross
Profit | 67,092,000 | 68,611,000 |
| 3.04 | Operating
Expenses / Income | (5,852,000) | (3,110,000) |
| 3.04.01 | Selling
Expenses | (6,211,000) | (6,517,000) |
| 3.04.02 | General
and Administrative Expenses | (1,551,000) | (1,242,000) |
| 3.04.05 | Other
Operating Expenses | (5,249,000) | (2,564,000) |
| 3.04.05.01 | Other
Taxes | (815,000) | (271,000) |
| 3.04.05.02 | Research
and Development Expenses | (800,000) | (1,081,000) |
| 3.04.05.03 | Exploration
Costs | (816,000) | (406,000) |
| 3.04.05.05 | Other
Operating Expenses, Net | (2,818,000) | (806,000) |
| 3.04.06 | Share
of Profit / Gains on Interest in Equity-Accounted Investments | 7,159,000 | 7,213,000 |
| 3.05 | Net
Income Before Financial Results and Income Taxes | 61,240,000 | 65,501,000 |
| 3.06 | Finance
Income (Expenses), Net | (6,156,000) | 1,361,000 |
| 3.06.01 | Finance
Income | 2,694,000 | 1,631,000 |
| 3.06.01.01 | Finance
Income | 2,694,000 | 1,631,000 |
| 3.06.02 | Finance
Expenses | (8,850,000) | (270,000) |
| 3.06.02.01 | Finance
Expenses | (8,219,000) | (6,741,000) |
| 3.06.02.02 | Foreign
Exchange and Inflation Indexation Charges, Net | (631,000) | 6,471,000 |
| 3.07 | Net
Income Before Income Taxes | 55,084,000 | 66,862,000 |
| 3.08 | Income
Tax and Social Contribution | (16,928,000) | (22,301,000) |
| 3.08.01 | Current | (14,410,000) | (12,514,000) |
| 3.08.02 | Deferred | (2,518,000) | (9,787,000) |
| 3.09 | Net
Income from Continuing Operations | 38,156,000 | 44,561,000 |
| 3.11 | Income
/ (Loss) for the Period | 38,156,000 | 44,561,000 |
| 3.99.01 | Income
per Share | | |
| 3.99.01.01 | Ordinary
Shares | 2.93 | 3.42 |
| 3.99.01.02 | Preferred
Shares | 2.93 | 3.42 |
| 3.99.02 | Diluted
Income per Share | | |
| 3.99.02.01 | Ordinary
Shares | 2.93 | 3.42 |
| 3.99.02.02 | Preferred
Shares | 2.93 | 3.42 |

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Petróleo Brasileiro S.A. – Petrobras Parent Company Interim Accounting Information / Statement of Comprehensive Income (R$ Thousand)

| Account
Code | Account
Description | Accumulated
of the Current Year 01/01/2023 to 03/31/2023 | Accumulated
of the Previous Year 01/01/2022 to 03/31/2022 |
| --- | --- | --- | --- |
| 4.01 | Net
Income for the Period | 38,156,000 | 44,561,000 |
| 4.02 | Other
Comprehensive Income | 1,334,000 | 2,304,000 |
| 4.02.01 | Actuarial
Gains / (Losses) on Defined Benefits Plans | (570,000) | − |
| 4.02.02 | Deferred
Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans | 194,000 | − |
| 4.02.03 | Translation
Adjustments in investees | (7,782,000) | (43,296,000) |
| 4.02.07 | Unrealized
Gains / (Losses) on Cash Flow Hedge - Recognized in Shareholders' Equity | 7,691,000 | 59,908,000 |
| 4.02.08 | Unrealized
Gains / (Losses) on Cash Flow Hedge - Reclassified to Profit and Loss | 5,897,000 | 7,221,000 |
| 4.02.09 | Deferred
Income Tax and Social Contribution on Cash Flow Hedge | (4,620,000) | (22,824,000) |
| 4.02.10 | Share
of Other Comprehensive Income of Equity-Accounted Investments | 524,000 | 1,295,000 |
| 4.03 | Total
Comprehensive Income for the Period | 39,490,000 | 46,865,000 |

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Petróleo Brasileiro S.A. – Petrobras Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2023 to 03/31/2023 (R$ Thousand)

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

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Petróleo Brasileiro S.A. – Petrobras Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2022 to 03/31/2022 (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 | 3,313,000 | 164,028,000 | − | 14,556,000 | 387,329,000 |
| 5.03 | Adjusted
Opening Balance | 205,432,000 | 3,313,000 | 164,028,000 | − | 14,556,000 | 387,329,000 |
| 5.05 | Total
of Comprehensive Income | − | − | − | 44,561,000 | 2,304,000 | 46,865,000 |
| 5.05.01 | Net
Income for the Period | − | − | − | 44,561,000 | − | 44,561,000 |
| 5.05.02 | Other
Comprehensive Income | − | − | − | − | 2,304,000 | 2,304,000 |
| 5.07 | Balance
at the End of the Period | 205,432,000 | 3,313,000 | 164,028,000 | 44,561,000 | 16,860,000 | 434,194,000 |

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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 Year 01/01/2023 to 03/31/2023 | Accumulated
of the Previous Year 01/01/2022 to 03/31/2022 |
| --- | --- | --- | --- |
| 6.01 | Net
cash provided by operating activities | 25,718,000 | 28,674,000 |
| 6.01.01 | Cash
provided by operating activities | 70,633,000 | 75,748,000 |
| 6.01.01.01 | Net
Income for the period | 38,156,000 | 44,561,000 |
| 6.01.01.02 | Pension
and medical benefits (actuarial expense) | 1,873,000 | 1,568,000 |
| 6.01.01.03 | Results
in equity-accounted investments | (7,159,000) | (7,213,000) |
| 6.01.01.04 | Depreciation,
depletion and amortization | 16,032,000 | 17,402,000 |
| 6.01.01.05 | Impairment
of assets (reversal) | (70,000) | (10,000) |
| 6.01.01.06 | Exploratory
expenditures write-offs | 165,000 | 114,000 |
| 6.01.01.07 | Losses
on legal, administrative and arbitration proceedings | 1,160,000 | 1,213,000 |
| 6.01.01.08 | Foreign
exchange, indexation and finance charges | 5,466,000 | (1,297,000) |
| 6.01.01.10 | Allowance
(reversals) for expected credit losses | 117,000 | 115,000 |
| 6.01.01.13 | Revision
and unwinding of discount on the provision for decommissioning costs | 1,095,000 | 801,000 |
| 6.01.01.15 | Income
Taxes | 16,928,000 | 22,301,000 |
| 6.01.01.16 | Results
from co-participation agreements in bid areas | (144,000) | − |
| 6.01.01.17 | Disposal/write-offs
of assets, remeasurement of investment retained with loss of control and reclassification of CTA | (2,137,000) | (2,682,000) |
| 6.01.01.19 | Early
termination and cash outflows revision of lease agreements | (849,000) | (1,125,000) |
| 6.01.02 | Decrease
/ (increase) in assets / increase/ (decrease) in liabilities | (23,242,000) | (39,415,000) |
| 6.01.02.01 | Trade
and other receivables, net | (18,610,000) | (18,817,000) |
| 6.01.02.02 | Inventories | 2,158,000 | (9,022,000) |
| 6.01.02.03 | Judicial
deposits | (2,073,000) | (2,055,000) |
| 6.01.02.05 | Other
assets | 1,046,000 | (191,000) |
| 6.01.02.06 | Trade
payables | (2,974,000) | 1,000,000 |
| 6.01.02.07 | Other
taxes | (992,000) | 630,000 |
| 6.01.02.08 | Pension
and medical benefits | (921,000) | (7,673,000) |
| 6.01.02.09 | Provisions
for legal proceedings | (412,000) | (288,000) |
| 6.01.02.10 | Other
Employee Benefits | 168,000 | (763,000) |
| 6.01.02.12 | Provision
for Decommissioning Costs | (822,000) | (702,000) |
| 6.01.02.14 | Other
liabilities | 190,000 | (1,534,000) |
| 6.01.03 | Others | (21,673,000) | (7,659,000) |
| 6.01.03.01 | Income
Taxes Paid | (21,673,000) | (7,659,000) |
| 6.02 | Net
cash used in investing activities | (2,429,000) | (3,980,000) |
| 6.02.01 | Acquisition
of PP&E and intangibles assets | (12,780,000) | (11,899,000) |
| 6.02.02 | Decrease
(increase) in investments in investees | (25,000) | (45,000) |
| 6.02.03 | Proceeds
from disposal of assets - Divestment | 9,643,000 | 9,185,000 |
| 6.02.04 | Divestment
(investment) in marketable securities | (1,585,000) | (1,631,000) |
| 6.02.05 | Dividends
received | 286,000 | 91,000 |
| 6.02.08 | Financial
compensation for Co-participation Agreement | 2,032,000 | 319,000 |
| 6.03 | Net
cash used in financing activities | (24,633,000) | (24,748,000) |
| 6.03.02 | Proceeds
from financing | 34,235,000 | 3,184,000 |
| 6.03.03 | Repayment
of principal - finance debt | (22,716,000) | (15,565,000) |
| 6.03.04 | Repayment
of interest - finance debt | (6,879,000) | (5,136,000) |
| 6.03.05 | Dividends
paid to shareholders of Petrobras | (21,803,000) | (2,000) |
| 6.03.08 | Settlement
of lease liabilities | (7,470,000) | (7,229,000) |
| 6.05 | Net
increase/ (decrease) in cash and cash equivalents | (1,344,000) | (54,000) |
| 6.05.01 | Cash
and cash equivalents at the beginning of the year | 3,627,000 | 2,930,000 |
| 6.05.02 | Cash
and cash equivalents at the end of the period | 2,283,000 | 2,876,000 |

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Petróleo Brasileiro S.A. – Petrobras Parent Company Interim Accounting Information / Statement of Added Value (R$ Thousand)

| Account
Code | Account
Description | Accumulated
of the Current Year 01/01/2023 to 03/31/2023 | Accumulated
of the Previous Year 01/01/2022 to 03/31/2022 |
| --- | --- | --- | --- |
| 7.01 | Sales
Revenues | 164,490,000 | 176,913,000 |
| 7.01.01 | Sales
of Goods and Services | 145,779,000 | 165,040,000 |
| 7.01.02 | Other
Revenues | 8,077,000 | 3,949,000 |
| 7.01.03 | Revenues
Related to the Construction of Assets to be Used in Own Operations | 10,751,000 | 8,039,000 |
| 7.01.04 | Allowance
for expected credit losses | (117,000) | (115,000) |
| 7.02 | Inputs
Acquired from Third Parties | (60,199,000) | (49,192,000) |
| 7.02.01 | Cost
of Sales | (24,496,000) | (30,792,000) |
| 7.02.02 | Materials,
Power, Third-Party Services and Other Operating Expenses | (25,673,000) | (7,706,000) |
| 7.02.03 | Impairment
Charges / Reversals of Assets | 70,000 | 10,000 |
| 7.02.04 | Others | (10,100,000) | (10,704,000) |
| 7.02.04.01 | Tax
Credits on Inputs Acquired from Third Parties | (10,100,000) | (10,704,000) |
| 7.03 | Gross
Added Value | 104,291,000 | 127,721,000 |
| 7.04 | Retentions | (18,617,000) | (19,301,000) |
| 7.04.01 | Depreciation,
Amortization and Depletion | (18,617,000) | (19,301,000) |
| 7.05 | Net
Added Value Produced | 85,674,000 | 108,420,000 |
| 7.06 | Transferred
Added Value | 11,395,000 | 10,149,000 |
| 7.06.01 | Share
of Profit of Equity-Accounted Investments | 7,159,000 | 7,213,000 |
| 7.06.02 | Finance
Income | 2,694,000 | 1,631,000 |
| 7.06.03 | Others | 1,542,000 | 1,305,000 |
| 7.06.03.01 | Rentals,
royalties and others | 1,542,000 | 1,305,000 |
| 7.07 | Total
Added Value to be Distributed | 97,069,000 | 118,569,000 |
| 7.08 | Distribution
of Added Value | 97,069,000 | 118,569,000 |
| 7.08.01 | Employee
Compensation | 6,967,000 | 6,165,000 |
| 7.08.01.01 | Salaries | 4,314,000 | 3,850,000 |
| 7.08.01.02 | Fringe
Benefits | 2,387,000 | 2,074,000 |
| 7.08.01.03 | Unemployment
Benefits (FGTS) | 266,000 | 241,000 |
| 7.08.02 | Taxes
and Contributions | 39,838,000 | 64,754,000 |
| 7.08.02.01 | Federal | 33,898,000 | 52,636,000 |
| 7.08.02.02 | State | 5,893,000 | 12,003,000 |
| 7.08.02.03 | Municipal | 47,000 | 115,000 |
| 7.08.03 | Return
on Third-Party Capital | 12,108,000 | 3,089,000 |
| 7.08.03.01 | Interest | 10,258,000 | 1,477,000 |
| 7.08.03.02 | Rental
Expenses | 1,850,000 | 1,612,000 |
| 7.08.04 | Return
on Shareholders' Equity | 38,156,000 | 44,561,000 |
| 7.08.04.03 | Retained
Earnings / (Losses) for the Period | 38,156,000 | 44,561,000 |

Field: Page; Sequence: 11

Field: /Page

Petróleo Brasileiro S.A. – Petrobras Consolidated Interim Accounting Information / Statement of Financial Position - Assets (R$ Thousand)

| Account
Code | Account
Description | 03.31.2023 | 12.31.2022 |
| --- | --- | --- | --- |
| 1 | Total
Assets | 978,577,000 | 976,709,000 |
| 1.01 | Current
Assets | 157,194,000 | 163,052,000 |
| 1.01.01 | Cash
and Cash Equivalents | 52,277,000 | 41,723,000 |
| 1.01.02 | Marketable
Securities | 14,629,000 | 14,470,000 |
| 1.01.03 | Trade
and Other Receivables | 23,497,000 | 26,142,000 |
| 1.01.04 | Inventories | 40,483,000 | 45,804,000 |
| 1.01.06 | Recoverable
Taxes | 6,102,000 | 6,819,000 |
| 1.01.06.01 | Current
Recoverable Taxes | 6,102,000 | 6,819,000 |
| 1.01.06.01.01 | Recoverable
Income Taxes | 918,000 | 859,000 |
| 1.01.06.01.02 | Other
Recoverable Taxes | 5,184,000 | 5,960,000 |
| 1.01.08 | Other
Current Assets | 20,206,000 | 28,094,000 |
| 1.01.08.01 | Non-Current
Assets Held for Sale | 9,853,000 | 18,823,000 |
| 1.01.08.03 | Others | 10,353,000 | 9,271,000 |
| 1.01.08.03.03 | Others | 10,353,000 | 9,271,000 |
| 1.02 | Non-Current
Assets | 821,383,000 | 813,657,000 |
| 1.02.01 | Long-Term
Receivables | 118,949,000 | 110,722,000 |
| 1.02.01.03 | Marketable
Securities measured at amortized cost | 13,423,000 | 8,159,000 |
| 1.02.01.04 | Trade
and Other Receivables | 9,868,000 | 12,729,000 |
| 1.02.01.07 | Deferred
Taxes | 24,282,000 | 24,057,000 |
| 1.02.01.07.01 | Deferred
Income Tax and Social Contribution | 3,699,000 | 4,342,000 |
| 1.02.01.07.02 | Deferred
Taxes and Contributions | 20,583,000 | 19,715,000 |
| 1.02.01.10 | Other
Non-Current Assets | 71,376,000 | 65,777,000 |
| 1.02.01.10.04 | Judicial
Deposits | 61,095,000 | 57,671,000 |
| 1.02.01.10.05 | Other
Assets | 10,281,000 | 8,106,000 |
| 1.02.02 | Investments | 8,314,000 | 8,172,000 |
| 1.02.03 | Property,
Plant and Equipment | 678,621,000 | 679,182,000 |
| 1.02.04 | Intangible
Assets | 15,499,000 | 15,581,000 |

Field: Page; Sequence: 12

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Petróleo Brasileiro S.A. – Petrobras Consolidated Interim Accounting Information / Statement of Financial Position - Liabilities (R$ Thousand) b

| Account
Code | Account
Description | 03.31.2023 | 12.31.2022 |
| --- | --- | --- | --- |
| 2 | Total
Liabilities | 978,577,000 | 976,709,000 |
| 2.01 | Current
Liabilities | 128,450,000 | 163,731,000 |
| 2.01.01 | Payroll,
Profit Sharing and Related Charges | 8,080,000 | 7,805,000 |
| 2.01.02 | Trade
Payables | 25,643,000 | 28,507,000 |
| 2.01.03 | Taxes
Obligations | 6,891,000 | 15,045,000 |
| 2.01.03.01 | Federal
Taxes Obligations | 6,891,000 | 15,045,000 |
| 2.01.03.01.01 | Income
Taxes Payable | 6,891,000 | 15,045,000 |
| 2.01.04 | Current
Debt and Lease Obligations | 49,483,000 | 47,650,000 |
| 2.01.04.01 | Current
Debt | 20,818,000 | 18,656,000 |
| 2.01.04.03 | Lease
Obligations | 28,665,000 | 28,994,000 |
| 2.01.05 | Other
Liabilities | 29,261,000 | 53,328,000 |
| 2.01.05.02 | Others | 29,261,000 | 53,328,000 |
| 2.01.05.02.01 | Dividends
and Interest on Capital Payable | − | 21,762,000 |
| 2.01.05.02.04 | Other
Taxes Payable | 15,356,000 | 15,906,000 |
| 2.01.05.02.06 | Other
liabilities | 13,905,000 | 15,660,000 |
| 2.01.06 | Provisions | 3,802,000 | 3,750,000 |
| 2.01.06.02 | Other
Provisions | 3,802,000 | 3,750,000 |
| 2.01.06.02.04 | Pension
and Medical Benefits | 3,802,000 | 3,750,000 |
| 2.01.07 | Liabilities
Associated with Non-Current Assets Held for Sale and Discontinued | 5,290,000 | 7,646,000 |
| 2.01.07.01 | Liabilities
Associated with Non-Current Assets Held for Sale | 5,290,000 | 7,646,000 |
| 2.02 | Non-Current
Liabilities | 446,722,000 | 448,593,000 |
| 2.02.01 | Non-Current
Debt and Finance Lease Obligations | 221,548,000 | 233,053,000 |
| 2.02.01.01 | Non-Current
Debt | 130,757,000 | 137,630,000 |
| 2.02.01.03 | Lease
Obligations | 90,791,000 | 95,423,000 |
| 2.02.02 | Other
Liabilities | 1,549,000 | 1,578,000 |
| 2.02.02.02 | Others | 1,549,000 | 1,578,000 |
| 2.02.02.02.03 | Income
Taxes Payable | 1,549,000 | 1,578,000 |
| 2.02.03 | Deferred
Taxes | 42,576,000 | 35,220,000 |
| 2.02.03.01 | Deferred
Taxes | 42,576,000 | 35,220,000 |
| 2.02.04 | Provisions | 181,049,000 | 178,742,000 |
| 2.02.04.01 | Provisions
for Tax Social Security, Labor and Civil Lawsuits | 16,472,000 | 15,703,000 |
| 2.02.04.02 | Other
Provisions | 164,577,000 | 163,039,000 |
| 2.02.04.02.04 | Pension
and Medical Benefits | 56,446,000 | 54,925,000 |
| 2.02.04.02.05 | Provision
for Decommissioning Costs | 96,954,000 | 97,048,000 |
| 2.02.04.02.06 | Employee
Benefits | 686,000 | 776,000 |
| 2.02.04.02.07 | Other
liabilities | 10,491,000 | 10,290,000 |
| 2.03 | Shareholders'
Equity | 403,405,000 | 364,385,000 |
| 2.03.01 | Share
Capital | 205,432,000 | 205,432,000 |
| 2.03.02 | Capital
Reserves | 3,102,000 | 3,102,000 |
| 2.03.04 | Profit
Reserves | 166,718,000 | 128,562,000 |
| 2.03.08 | Other
Comprehensive Income | 26,832,000 | 25,498,000 |
| 2.03.09 | Non-controlling
interests | 1,321,000 | 1,791,000 |

Field: Page; Sequence: 13

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Petróleo Brasileiro S.A. – Petrobras Consolidated Interim Accounting Information / Statement of Income (R$ Thousand)

| Account
Code | Account
Description | Accumulated
of the Current Year 01/01/2023 to 03/31/2023 | Accumulated
of the Previous Year 01/01/2022 to 03/31/2022 |
| --- | --- | --- | --- |
| 3.01 | Sales
Revenues | 139,068,000 | 141,641,000 |
| 3.02 | Cost
of Sales | (65,757,000) | (66,875,000) |
| 3.03 | Gross
Profit | 73,311,000 | 74,766,000 |
| 3.04 | Operating
Expenses / Income | (13,114,000) | (9,368,000) |
| 3.04.01 | Selling
Expenses | (6,344,000) | (6,159,000) |
| 3.04.02 | General
and Administrative Expenses | (1,855,000) | (1,559,000) |
| 3.04.05 | Other
Operating Expenses | (5,096,000) | (3,466,000) |
| 3.04.05.01 | Other
Taxes | (1,039,000) | (311,000) |
| 3.04.05.02 | Research
and Development Expenses | (800,000) | (1,081,000) |
| 3.04.05.03 | Exploration
Costs | (817,000) | (408,000) |
| 3.04.05.05 | Other
Operating Expenses, Net | (2,440,000) | (1,666,000) |
| 3.04.06 | Share
of Profit / Gains on Interest in Equity-Accounted Investments | 181,000 | 1,816,000 |
| 3.05 | Net
Income Before Financial Results and Income Taxes | 60,197,000 | 65,398,000 |
| 3.06 | Finance
Income (Expenses), Net | (3,200,000) | 2,983,000 |
| 3.06.01 | Finance
Income | 2,419,000 | 1,360,000 |
| 3.06.01.01 | Finance
Income | 2,419,000 | 1,360,000 |
| 3.06.02 | Finance
Expenses | (5,619,000) | 1,623,000 |
| 3.06.02.01 | Finance
Expenses | (4,387,000) | (3,969,000) |
| 3.06.02.02 | Foreign
Exchange and Inflation Indexation Charges, Net | (1,232,000) | 5,592,000 |
| 3.07 | Net
Income Before Income Taxes | 56,997,000 | 68,381,000 |
| 3.08 | Income
Tax and Social Contribution | (18,690,000) | (23,598,000) |
| 3.08.01 | Current | (15,192,000) | (13,463,000) |
| 3.08.02 | Deferred | (3,498,000) | (10,135,000) |
| 3.09 | Net
Income from Continuing Operations | 38,307,000 | 44,783,000 |
| 3.11 | Income
/ (Loss) for the Period | 38,307,000 | 44,783,000 |
| 3.11.01 | Attributable
to Shareholders of Petrobras | 38,156,000 | 44,561,000 |
| 3.11.02 | Attributable
to Non-Controlling Interests | 151,000 | 222,000 |
| 3.99.01 | Income
per Share | | |
| 3.99.01.01 | Ordinary
Shares | 2.93 | 3.42 |
| 3.99.01.02 | Preferred
Shares | 2.93 | 3.42 |
| 3.99.02 | Diluted
Income per Share | | |
| 3.99.02.01 | Ordinary
Shares | 2.93 | 3.42 |
| 3.99.02.02 | Preferred
Shares | 2.93 | 3.42 |

Field: Page; Sequence: 14

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Petróleo Brasileiro S.A. – Petrobras Consolidated Interim Accounting Information / Statement of Comprehensive Income (R$ Thousand)

| Account
Code | Account
Description | Accumulated
of the Current Year 01/01/2023 to 03/31/2023 | Accumulated
of the Previous Year 01/01/2022 to 03/31/2022 |
| --- | --- | --- | --- |
| 4.01 | Net
Income for the Period | 38,307,000 | 44,783,000 |
| 4.02 | Other
Comprehensive Income | 1,334,000 | 2,300,000 |
| 4.02.01 | Actuarial
Gains (Losses) on Post-employment Defined Benefits Plans | (570,000) | − |
| 4.02.02 | Deferred
Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans | 194,000 | − |
| 4.02.03 | Translation
Adjustments in investees | (7,782,000) | (43,300,000) |
| 4.02.07 | Unrealized
Gains / (Losses) on Cash Flow Hedge - Recognized in Shareholders' Equity | 7,691,000 | 59,908,000 |
| 4.02.08 | Unrealized
Gains / (Losses) on Cash Flow Hedge - Reclassified to Profit and Loss | 5,992,000 | 7,221,000 |
| 4.02.09 | Deferred
Income Tax and Social Contribution on Cash Flow Hedge | (4,652,000) | (22,824,000) |
| 4.02.10 | Share
of Other Comprehensive Income of Equity-Accounted Investments | 461,000 | 1,295,000 |
| 4.03 | Total
Comprehensive Income for the Period | 39,641,000 | 47,083,000 |
| 4.03.01 | Attributable
to Shareholders of Petrobras | 39,490,000 | 46,865,000 |
| 4.03.02 | Attributable
to Non-controlling Interests | 151,000 | 218,000 |

Field: Page; Sequence: 15

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Petróleo Brasileiro S.A. – Petrobras Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2023 to 03/31/2023 (R$ Thousand)

| Account
Code | Account
Description | Share
Capital | Capital
Reserves, Granted
Options and
Treasury Shares | Profit
Reserves | Retained
Earnings / Accumulated
Losses | Other Comprehensive Income | Shareholders'
Equity | Non-controlling interest | Shareholders'
Equity Consolidated |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 5.01 | Balance
at the Beginning of the Period | 205,432,000 | 3,318,000 | 128,346,000 | − | 25,498,000 | 362,594,000 | 1,791,000 | 364,385,000 |
| 5.03 | Adjusted
Opening Balance | 205,432,000 | 3,318,000 | 128,346,000 | − | 25,498,000 | 362,594,000 | 1,791,000 | 364,385,000 |
| 5.04 | Capital
Transactions with Owners | − | − | − | − | − | − | (621,000) | (621,000) |
| 5.04.06 | Dividends | − | − | − | − | − | − | (230,000) | (230,000) |
| 5.04.08 | Capital
Transactions | − | − | − | − | − | − | (391,000) | (391,000) |
| 5.05 | Capital
Transactions | − | − | − | 38,156,000 | 1,334,000 | 39,490,000 | 151,000 | 39,641,000 |
| 5.05.01 | Net
Income for the Period | − | − | − | 38,156,000 | − | 38,156,000 | 151,000 | 38,307,000 |
| 5.05.02 | Other
Comprehensive Income | − | − | − | − | 1,334,000 | 1,334,000 | − | 1,334,000 |
| 5.07 | Balance
at the End of the Period | 205,432,000 | 3,318,000 | 128,346,000 | 38,156,000 | 26,832,000 | 402,084,000 | 1,321,000 | 403,405,000 |

Field: Page; Sequence: 16

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Petróleo Brasileiro S.A. – Petrobras Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2022 to 03/31/2022 (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 | 3,313,000 | 164,028,000 | − | 14,556,000 | 387,329,000 | 2,252,000 | 389,581,000 |
| 5.03 | Adjusted
Opening Balance | 205,432,000 | 3,313,000 | 164,028,000 | − | 14,556,000 | 387,329,000 | 2,252,000 | 389,581,000 |
| 5.04 | Capital
Transactions with Owners | − | − | − | − | − | − | 397,000 | 397,000 |
| 5.04.06 | Dividends | − | − | − | − | − | − | (12,000) | (12,000) |
| 5.04.08 | Capital
Transactions | − | − | − | − | − | − | 409,000 | 409,000 |
| 5.05 | Total
of Comprehensive Income | − | − | − | 44,561,000 | 2,304,000 | 46,865,000 | 218,000 | 47,083,000 |
| 5.05.01 | Net
Income for the Period | − | − | − | 44,561,000 | − | 44,561,000 | 222,000 | 44,783,000 |
| 5.05.02 | Other
Comprehensive Income | − | − | − | − | 2,304,000 | 2,304,000 | (4,000) | 2,300,000 |
| 5.07 | Balance
at the End of the Period | 205,432,000 | 3,313,000 | 164,028,000 | 44,561,000 | 16,860,000 | 434,194,000 | 2,867,000 | 437,061,000 |

Field: Page; Sequence: 17

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Petróleo Brasileiro S.A. – Petrobras Consolidated Interim Accounting Information / Statement of Cash Flows – Indirect Method

| Account
Code | Account
Description | Accumulated
of the Current Year 01/01/2023 to 03/31/2023 | Accumulated
of the Previous Year 01/01/2022 to 03/31/2022 |
| --- | --- | --- | --- |
| 6.01 | Net
cash provided by operating activities | 53,759,000 | 52,824,000 |
| 6.01.01 | Cash
provided by operating activities | 76,397,000 | 81,016,000 |
| 6.01.01.01 | Net
Income for the period | 38,307,000 | 44,783,000 |
| 6.01.01.02 | Pension
and medical benefits (actuarial expense) | 1,924,000 | 1,605,000 |
| 6.01.01.03 | Results
of equity-accounted investments | (181,000) | (1,816,000) |
| 6.01.01.04 | Depreciation,
depletion and amortization | 15,186,000 | 16,604,000 |
| 6.01.01.05 | Impairment
of assets (reversal) | 16,000 | (4,000) |
| 6.01.01.06 | Exploratory
expenditures write-offs | 165,000 | 114,000 |
| 6.01.01.07 | Losses
on legal, administrative and arbitration proceedings | 1,319,000 | 1,307,000 |
| 6.01.01.08 | Foreign
exchange, indexation and finance charges | 3,377,000 | (2,440,000) |
| 6.01.01.10 | Allowance
(Reversals) for expected credit losses | 125,000 | 105,000 |
| 6.01.01.11 | Inventory
write-down (write-back) to net realizable value | (44,000) | (34,000) |
| 6.01.01.13 | Revision
and unwinding of discount on the provision for decommissioning costs | 1,102,000 | 806,000 |
| 6.01.01.15 | Income
Taxes | 18,690,000 | 23,598,000 |
| 6.01.01.16 | Results
from co-participation agreements in bid areas | (144,000) | − |
| 6.01.01.17 | Disposal/write-offs
of assets, remeasurement of investment retained with loss of control and reclassification of CTA | (2,577,000) | (2,472,000) |
| 6.01.01.19 | Early
termination and cash outflows revision of lease agreements | (868,000) | (1,140,000) |
| 6.01.02 | Decrease
/ (increase) in assets / increase/ (decrease) in liabilities | (403,000) | (20,265,000) |
| 6.01.02.01 | Trade
and other receivables, net | 2,146,000 | 3,123,000 |
| 6.01.02.02 | Inventories | 5,127,000 | (9,763,000) |
| 6.01.02.03 | Judicial
deposits | (2,093,000) | (2,120,000) |
| 6.01.02.05 | Other
assets | 570,000 | 249,000 |
| 6.01.02.06 | Trade
payables | (2,467,000) | (1,267,000) |
| 6.01.02.07 | Other
taxes | (1,129,000) | 558,000 |
| 6.01.02.08 | Pension
and medical benefits | (925,000) | (7,677,000) |
| 6.01.02.09 | Provisions
for legal proceedings | (444,000) | (270,000) |
| 6.01.02.10 | Other
Employee Benefits | 181,000 | (769,000) |
| 6.01.02.12 | Provision
for Decommissioning Costs | (855,000) | (702,000) |
| 6.01.02.14 | Other
liabilities | (514,000) | (1,627,000) |
| 6.01.03 | Others | (22,235,000) | (7,927,000) |
| 6.01.03.01 | Income
Taxes Paid | (22,235,000) | (7,927,000) |
| 6.02 | Net
cash used in investing activities | (5,738,000) | (4,983,000) |
| 6.02.01 | Acquisition
of PP&E and intangibles assets | (12,592,000) | (12,338,000) |
| 6.02.02 | Decrease
(increase) in investments in assets | (41,000) | (49,000) |
| 6.02.03 | Proceeds
from disposal of assets - Divestment | 9,646,000 | 9,255,000 |
| 6.02.04 | Divestment
(investment) in marketable securities | (4,838,000) | (2,445,000) |
| 6.02.05 | Dividends
received | 55,000 | 275,000 |
| 6.02.08 | Financial
compensation for Co-participation Agreement | 2,032,000 | 319,000 |
| 6.03 | Net
cash used in financing activities | (36,261,000) | (16,455,000) |
| 6.03.01 | Changes
in non-controlling interest | (392,000) | 412,000 |
| 6.03.02 | Proceeds
from financing | 263,000 | 782,000 |
| 6.03.03 | Repayment
of principal - finance debt | (3,894,000) | (7,683,000) |
| 6.03.04 | Repayment
of interest - finance debt | (2,964,000) | (3,022,000) |
| 6.03.05 | Dividends
paid to shareholders of Petrobras | (21,803,000) | (2,000) |
| 6.03.06 | Dividends
paid to non-controlling interests | (248,000) | (26,000) |
| 6.03.08 | Settlement
of lease liabilities | (7,223,000) | (6,916,000) |
| 6.04 | Effect
of exchange rate changes on cash and cash equivalents | (1,206,000) | (8,227,000) |
| 6.05 | Net
increase/ (decrease) in cash and cash equivalents | 10,554,000 | 23,159,000 |
| 6.05.01 | Cash
and cash equivalents at the beginning of the year | 41,723,000 | 58,482,000 |
| 6.05.02 | Cash
and cash equivalents at the end of the period | 52,277,000 | 81,641,000 |

Field: Page; Sequence: 18

Field: /Page

Petróleo Brasileiro S.A. – Petrobras Consolidated Interim Accounting Information / Statement of Added Value (R$ Thousand)

| Account
Code | Account
Description | Accumulated
of the Current Year 01/01/2023 to 03/31/2023 | Accumulated
of the Previous Year 01/01/2022 to 03/31/2022 |
| --- | --- | --- | --- |
| 7.01 | Sales
Revenues | 176,116,000 | 185,271,000 |
| 7.01.01 | Sales
of Goods and Services | 155,831,000 | 172,383,000 |
| 7.01.02 | Other
Revenues | 9,484,000 | 4,652,000 |
| 7.01.03 | Revenues
Related to the Construction of Assets to be Used in Own Operations | 10,926,000 | 8,341,000 |
| 7.01.04 | Allowance
for expected credit losses | (125,000) | (105,000) |
| 7.02 | Inputs
Acquired from Third Parties | (64,509,000) | (50,911,000) |
| 7.02.01 | Cost
of Sales | (27,291,000) | (32,760,000) |
| 7.02.02 | Materials,
Power, Third-Party Services and Other Operating Expenses | (27,656,000) | (8,007,000) |
| 7.02.03 | Impairment
Charges / Reversals of Assets | (16,000) | 4,000 |
| 7.02.04 | Others | (9,546,000) | (10,148,000) |
| 7.02.04.01 | Tax
Credits on Inputs Acquired from Third Parties | (9,590,000) | (10,182,000) |
| 7.02.04.02 | Inventory
Write-Down to Net Realizable Value | 44,000 | 34,000 |
| 7.03 | Gross
Added Value | 111,607,000 | 134,360,000 |
| 7.04 | Retentions | (17,771,000) | (18,502,000) |
| 7.04.01 | Depreciation,
Amortization and Depletion | (17,771,000) | (18,502,000) |
| 7.05 | Net
Added Value Produced | 93,836,000 | 115,858,000 |
| 7.06 | Transferred
Added Value | 3,487,000 | 3,845,000 |
| 7.06.01 | Share
of Profit of Equity-Accounted Investments | 181,000 | 1,816,000 |
| 7.06.02 | Finance
Income | 2,419,000 | 1,360,000 |
| 7.06.03 | Others | 887,000 | 669,000 |
| 7.06.03.01 | Rentals,
royalties and others | 887,000 | 669,000 |
| 7.07 | Total
Added Value to be Distributed | 97,323,000 | 119,703,000 |
| 7.08 | Distribution
of Added Value | 97,323,000 | 119,703,000 |
| 7.08.01 | Employee
Compensation | 7,644,000 | 6,776,000 |
| 7.08.01.01 | Salaries | 4,795,000 | 4,323,000 |
| 7.08.01.02 | Fringe
Benefits | 2,558,000 | 2,189,000 |
| 7.08.01.03 | Unemployment
Benefits (FGTS) | 291,000 | 264,000 |
| 7.08.02 | Taxes
and Contributions | 42,569,000 | 66,883,000 |
| 7.08.02.01 | Federal | 36,355,000 | 54,447,000 |
| 7.08.02.02 | State | 6,048,000 | 12,203,000 |
| 7.08.02.03 | Municipal | 166,000 | 233,000 |
| 7.08.03 | Return
on Third-Party Capital | 8,803,000 | 1,261,000 |
| 7.08.03.01 | Interest | 7,028,000 | (400,000) |
| 7.08.03.02 | Rental
Expenses | 1,775,000 | 1,661,000 |
| 7.08.04 | Return
on Shareholders' Equity | 38,307,000 | 44,783,000 |
| 7.08.04.03 | Retained
Earnings / (Losses) for the Period | 38,156,000 | 44,561,000 |
| 7.08.04.04 | Non-controlling
Interests on Retained Earnings / (Losses) | 151,000 | 222,000 |

Field: Page; Sequence: 19; Options: NewSection; Value: 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)

Field: /Page

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, 2022, 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 Statements, issued by the Accounting Pronouncements Committee (CPC) and approved by the Securities and Exchange Commission (CVM), and related to IAS 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB). All relevant information pertaining to the financial statements, and only these, are being evidenced, and correspond to those used in the management of the company's Management.

These interim financial statements were approved and authorized for issue by the Company’s Board of Directors in a meeting held on May 11, 2023.

Summary of significant accounting policies

The same accounting policies and methods of computation were followed in these consolidated interim financial statements as those followed in the preparation of the annual financial statements of the Company for the year ended December 31, 2022.

The accounting standards that came into effect on January 1 st , 2023 did not have a material effect on these individual and consolidated quarterly information.

Cash and cash equivalents and Marketable securities

3.1. Cash and cash equivalents

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

	Consolidated — 03.31.2023	12.31.2022
Cash
at bank and in hand	687	1,126
Short-term
financial investments
-
In Brazil
Brazilian
interbank deposit rate investment funds and other short-term deposits	16,667	14,414
Other
investment funds	664	1,277
	17,331	15,691
-
Abroad
Time
deposits	15,855	12,458
Automatic
investing accounts and interest checking accounts	18,303	12,339
Other
financial investments	101	109
	34,259	24,906
Total
short-term financial investments	51,590	40,597
Total
cash and cash equivalents	52,277	41,723

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.

Field: Page; Sequence: 20

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3.2. Marketable securities

	03.31.2023	Consolidated — 12.31.2022
Fair
value through profit or loss	4,266	3,722
Amortized
cost - Bank Deposit Certificates and time deposits	23,525	18,647
Amortized
cost	261	260
Total	28,052	22,629
Current	14,629	14,470
Non-current	13,423	8,159

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.

Sales revenues

	2023 Jan-Mar	2022 Jan-Mar
Gross
sales	155,831	172,383
Sales
taxes (*)	(16,763)	(30,742)
Sales
revenues	139,068	141,641
Diesel	43,150	38,875
Gasoline	19,189	19,404
Liquefied
petroleum gas	4,829	6,172
Jet
fuel	7,302	5,176
Naphtha	2,485	3,182
Fuel
oil (including bunker fuel)	1,486	1,911
Other
oil products	5,633	6,650
Subtotal
oil products	84,074	81,370
Natural
gas	7,927	9,028
Crude
oil	7,016	9,147
Nitrogen
products and renewables	109	343
Breakage	1,142	539
Electricity	570	1,553
Services,
agency and others	1,267	1,239
Domestic
market	102,105	103,219
Exports	35,014	35,110
Crude
oil	28,809	25,043
Fuel
oil (including bunker fuel)	5,372	9,865
Other
oil products and other products	833	202
Sales
abroad (**)	1,949	3,312
Foreign
Market	36,963	38,422
Sales
revenues	139,068	141,641
(*)
Includes, mainly, CIDE, PIS, COFINS and ICMS (VAT).
(**)
Sales revenues from operations outside of Brazil, including trading and excluding exports.
	Consolidated
	2023	2022
	Jan-Mar	Jan-Mar
Brazil	102,105	103,219
Domestic
market	102,105	103,219
China	12,946	8,185
Americas
(except United States)	7,394	8,672
Europe	7,004	6,512
Asia
(except China and Singapore)	4,202	2,602
United
States	2,920	5,909
Singapore	2,494	6,535
Others	3	7
Foreign
market	36,963	38,422
Sales
revenues	139,068	141,641

In the period from January to March 2023, the revenues of two clients in the Refining, Transportation and Marketing (RTM) segment individually represent 16% and 11% of the company's revenues. In the same period of 2022, only one customer in the RTM segment represented 14% of the company's total revenue.

Field: Page; Sequence: 21

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Costs and expenses by nature

5.1. Cost of sales

	Consolidated — 2023 Jan-Mar	2022 Jan-Mar
Raw
material, products for resale, materials and third-party services (*)	(36,857)	(30,257)
Depreciation,
depletion and amortization	(12,444)	(13,416)
Production
taxes	(14,457)	(21,146)
Employee
compensation	(1,999)	(2,056)
Total	(65,757)	(66,875)
(*)
It Includes short-term leases and inventory turnover.

5.2. Selling expenses

	2023 Jan-Mar	2022 Jan-Mar
Materials,
third-party services, freight, rent and other related costs	(5,329)	(4,967)
Depreciation,
depletion and amortization	(777)	(1,038)
Allowance
for expected credit losses	(107)	(40)
Employee
compensation	(131)	(114)
Total	(6,344)	(6,159)

5.3. General and administrative expenses

	2023 Jan-Mar	2022 Jan-Mar
Employee
compensation	(1,189)	(1,036)
Materials,
third-party services, rent and other related costs	(529)	(403)
Depreciation,
depletion and amortization	(137)	(120)
Total	(1,855)	(1,559)

Other income and expenses

	Consolidated — 2023	2022
	Jan-Mar	Jan-Mar
Unscheduled
stoppages and pre-operating expenses	(2,594)	(1,952)
Pension
and medical benefits – retirees	(1,460)	(1,242)
Losses
related to legal, administrative and arbitration proceedings	(1,319)	(1,307)
Variable
compensation program	(725)	(618)
Profit
Sharing	(180)	(161)
Impairment	(16)	4
Gains
(losses) on decommissioning of returned/abandoned areas	(3)	(125)
Results
from co-participation agreements in bid areas	144	−
Gains/(losses)
with Commodities Derivatives	410	(282)
Amounts
recovered from Lava Jato investigation (*)	463	60
Government
grants	538	385
Expenses/Reimbursements
from E&P partnership operations	835	138
Early
termination and cash outflows revision of lease agreements	868	1,140
Results
on disposal/write-offs of assets and on remeasurement of investment retained with loss of control	2,577	2,472
Others
(**)	(1,978)	(178)
Total	(2,440)	(1,666)
(*) Up to the
year ended December 31, 2022, the amount recovered of R$ 6,719 was recognized through collaboration and leniency agreements entered
into with individuals and legal entities.
(**) It includes,
in 2023, expenses with compensation for the termination of a vessel charter agreement in the amount of R$ 1,654.

Field: Page; Sequence: 22

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Net finance income (expense)

	2023 Jan-Mar	2022 Jan-Mar
Finance
income	2,419	1,360
Income
from investments and marketable securities (Government Bonds)	1,732	844
Others	687	516
Finance
expenses	(4,387)	(3,969)
Interest
on finance debt	(2,812)	(2,784)
Unwinding
of discount on lease liabilities	(1,862)	(1,526)
Capitalized
borrowing costs	1,408	1,244
Unwinding
of discount on the provision for decommissioning costs	(1,099)	(682)
Other
finance expenses and income, net	(22)	(221)
Foreign
exchange gains (losses) and indexation charges	(1,232)	5,592
Foreign
Exchange (*)	4,170	12,535
Reclassification
of hedge accounting to the Statement of Income (*)	(5,992)	(7,221)
Monetary
restatement of anticipated dividends and dividends payable	(164)	(1)
Recoverable
taxes inflation indexation income	335	108
Others	419	171
Total	(3,200)	2,983
(*)
For more information, see notes 26.3a and 26.3c.

Net income by operating segment

In 2022, Petrobras implemented changes to its financial reporting system, according to the metric approved by the Executive Board. These changes did not change the allocation of Petrobras' reportable operating segments (E&P, RT&M and G&P). However, the measurement of certain components of the operating segments and of Corporate and other businesses was changed as following:

· trade and other receivables, recoverable income taxes and other recoverable taxes, previously allocated to operating segments, are now presented in Corporate and other businesses. Expected credit losses are now also presented in Corporate and other businesses;

· losses with commodity derivatives (within other income and expenses, net), previously presented in Corporate and other businesses, are now presented in operating segments;

· general and administrative expenses related to logistics and fuel sales, previously presented in Corporate and other businesses, are now disclosed in the RT&M segment.

This information reflects the Company's current management model and is used by the Board of Executive Officers (Chief Operating Decision Maker - CODM) to make decisions regarding resource allocation and performance evaluation.

In this context, the information by operating segment of the first quarter of 2022 has been restated for comparison purposes, as follows:

| Consolidated
Statement of Income by operating segment - Jan-Mar/2022 Reclassified | Exploration
and Production (E&P) | Refining,
Transportation & Marketing (RT&M) | Gas & Power
(G&P) | Corporate
and other businesses | | Total |
| --- | --- | --- | --- | --- | --- | --- |
| | | | | | Eliminations | |
| Net
income (loss) of the period disclosed in Jan-Mar/2022 | 41,311 | 10,345 | (1,325) | (1,316) | (4,232) | 44,783 |
| Changes
in the measurement | (8) | (266) | 20 | 254 | − | − |
| Net
income (loss) of the period reclassified - Jan-Mar/2022 | 41,303 | 10,079 | (1,305) | (1,062) | (4,232) | 44,783 |

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8.1. Net income by operating segment

Consolidated Statement of Income by operating segment – Jan-Mar/2023

| | Exploration
and Production | Refining,
Transportation & Marketing | Gas & Power | Corporate
and other business | Eliminations | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Sales
revenues | 81,722 | 129,052 | 14,823 | 388 | (86,917) | 139,068 |
| Intersegments | 80,267 | 2,462 | 4,181 | 7 | (86,917) | − |
| Third
parties | 1,455 | 126,590 | 10,642 | 381 | − | 139,068 |
| Cost
of sales | (33,143) | (113,603) | (7,621) | (398) | 89,008 | (65,757) |
| Gross
profit | 48,579 | 15,449 | 7,202 | (10) | 2,091 | 73,311 |
| Expenses | (638) | (6,141) | (4,051) | (2,442) | (23) | (13,295) |
| Selling | (35) | (2,775) | (3,390) | (121) | (23) | (6,344) |
| General
and administrative | (86) | (405) | (79) | (1,285) | − | (1,855) |
| Exploration
costs | (817) | − | − | − | − | (817) |
| Research
and development | (645) | (10) | (7) | (138) | − | (800) |
| Other
taxes | (90) | (558) | (46) | (345) | − | (1,039) |
| Other
income and expenses | 1,035 | (2,393) | (529) | (553) | − | (2,440) |
| Net
income (loss) before financial results and income taxes | 47,941 | 9,308 | 3,151 | (2,452) | 2,068 | 60,016 |
| Net
finance income (expenses) | − | − | − | (3,200) | − | (3,200) |
| Results
in equity-accounted investments | 94 | 66 | 23 | (2) | − | 181 |
| Net
Income (loss) before income taxes | 48,035 | 9,374 | 3,174 | (5,654) | 2,068 | 56,997 |
| Income
taxes | (16,300) | (3,165) | (1,071) | 2,550 | (704) | (18,690) |
| Net
income (loss) of the period | 31,735 | 6,209 | 2,103 | (3,104) | 1,364 | 38,307 |
| Attributable
to: | | | | | | |
| Shareholders
of Petrobras | 31,742 | 6,209 | 2,010 | (3,169) | 1,364 | 38,156 |
| Non-controlling
interests | (7) | − | 93 | 65 | − | 151 |
| | 31,735 | 6,209 | 2,103 | (3,104) | 1,364 | 38,307 |

Consolidated Statement of Income by operating segment – Jan-Mar/2022 - Reclassified

| | Exploration
and Production | Refining,
Transportation & Marketing | Gas & Power | Corporate
and other business | Eliminations | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Sales
revenues | 102,567 | 128,476 | 17,655 | 658 | (107,715) | 141,641 |
| Intersegments | 100,949 | 2,258 | 4,490 | 18 | (107,715) | − |
| Third
parties | 1,618 | 126,218 | 13,165 | 640 | − | 141,641 |
| Cost
of sales | (40,112) | (112,165) | (15,272) | (649) | 101,323 | (66,875) |
| Gross
profit | 62,455 | 16,311 | 2,383 | 9 | (6,392) | 74,766 |
| Expenses | (263) | (3,184) | (4,586) | (3,131) | (20) | (11,184) |
| Selling | (9) | (2,123) | (3,952) | (55) | (20) | (6,159) |
| General
and administrative | (68) | (324) | (84) | (1,083) | - | (1,559) |
| Exploration
costs | (408) | - | - | − | - | (408) |
| Research
and development | (909) | (13) | (14) | (145) | - | (1,081) |
| Other
taxes | (76) | (39) | (52) | (144) | - | (311) |
| Other
income and expenses | 1,207 | (685) | (484) | (1,704) | - | (1,666) |
| Net
income (loss) before financial results and income taxes | 62,192 | 13,127 | (2,203) | (3,122) | (6,412) | 63,582 |
| Net
finance income (expenses) | - | - | − | 2,983 | - | 2,983 |
| Results
in equity-accounted investments | 257 | 1,415 | 149 | (5) | - | 1,816 |
| Net
Income (loss) before income taxes | 62,449 | 14,542 | (2,054) | (144) | (6,412) | 68,381 |
| Income
taxes | (21,146) | (4,463) | 749 | (918) | 2,180 | (23,598) |
| Net
income (loss) of the period | 41,303 | 10,079 | (1,305) | (1,062) | (4,232) | 44,783 |
| Attributable
to: | | | | | | |
| Shareholders
of Petrobras | 41,309 | 10,079 | (1,441) | (1,154) | (4,232) | 44,561 |
| Non-controlling
interests | (6) | − | 136 | 92 | − | 222 |
| | 41,303 | 10,079 | (1,305) | (1,062) | (4,232) | 44,783 |

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

| | Exploration
and Production | Refining,
Transportation & Marketing | Gas & Power | Corporate
and other business | Total |
| --- | --- | --- | --- | --- | --- |
| Jan-Mar/2023 | 11,502 | 2,899 | 643 | 142 | 15,186 |
| Jan-Mar/2022 | 12,941 | 2,991 | 562 | 110 | 16,604 |

Field: Page; Sequence: 24

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8.2. Assets by operating segment

| | Exploration
and Production (E&P) | Refining,
Transportation & Marketing (RT&M) | Gas & Power
(G&P) | Corporate
and other business | Elimina-tions | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated
assets by operating segment - 03.31.2023 | | | | | | |
| Current
assets | 18,454 | 55,449 | 1,936 | 106,327 | (24,972) | 157,194 |
| Non-current
assets | 584,673 | 115,787 | 37,179 | 83,744 | − | 821,383 |
| Long-term
receivables | 37,132 | 9,604 | 491 | 71,722 | − | 118,949 |
| Investments | 1,967 | 5,242 | 903 | 202 | − | 8,314 |
| Property,
plant and equipment | 532,663 | 100,351 | 35,390 | 10,217 | − | 678,621 |
| Operating
assets | 471,882 | 85,258 | 24,428 | 8,205 | − | 589,773 |
| Under
construction | 60,781 | 15,093 | 10,962 | 2,012 | − | 88,848 |
| Intangible
assets | 12,911 | 590 | 395 | 1,603 | − | 15,499 |
| Total
Assets | 603,127 | 171,236 | 39,115 | 190,071 | (24,972) | 978,577 |
| Consolidated
assets by operating segment - 12.31.2022 | | | | | | |
| Current
assets | 27,259 | 62,794 | 2,041 | 98,422 | (27,464) | 163,052 |
| Non-current
assets | 579,735 | 116,858 | 37,533 | 79,531 | − | 813,657 |
| Long-term
receivables | 33,140 | 9,450 | 492 | 67,640 | − | 110,722 |
| Investments | 1,976 | 5,098 | 905 | 193 | − | 8,172 |
| Property,
plant and equipment | 531,550 | 101,728 | 35,747 | 10,157 | − | 679,182 |
| Operating
assets | 480,481 | 87,925 | 25,085 | 8,267 | − | 601,758 |
| Under
construction | 51,069 | 13,803 | 10,662 | 1,890 | − | 77,424 |
| Intangible
assets | 13,069 | 582 | 389 | 1,541 | − | 15,581 |
| Total
Assets | 606,994 | 179,652 | 39,574 | 177,953 | (27,464) | 976,709 |

Trade and other receivables

9.1. Trade and other receivables, net

	Consolidated — 03.31.2023	12.31.2022
Receivables
from contracts with customers
Third
parties	25,649	27,184
Related
parties
Investees
(note 27.5)	473	486
Subtotal	26,122	27,670
Other
trade receivables
Third
parties
Receivables
from divestments and Transfer of Rights Agreement (*)	7,038	10,026
Lease
receivables	1,972	2,054
Other
receivables	3,073	3,993
Related
parties
Petroleum
and alcohol accounts – receivables from Brazilian Government	3,198	3,143
Subtotal	15,281	19,216
Total
trade receivables	41,403	46,886
Expected
credit losses (ECL) – Third parties	(8,024)	(8,000)
Expected
credit losses (ECL) – Related parties	(14)	(15)
Total
trade receivables, net	33,365	38,871
Current	23,497	26,142
Non-current	9,868	12,729
(*)
On March 31, 2023 and December 31, 2022, it mainly refers to the receivables from the operations of Atapu, Sépia, Carmópolis,
Roncador, Maromba, Miranga, Baúna, Pampo and Enchova, Breitener, Rio Ventura and Cricaré.

Accounts receivable are classified in the amortized cost category, except for certain receivables with final price formation after the transfer of control of products that depend on the variation in the value of the commodity, classified in the category fair value through profit or loss, whose value on March 31, 2023 totaled R$ 2,367 (R$ 2,451 as of December 31, 2022).

The balance of receivables from divestments was reduced mainly by earn out receipts related to Sépia and Atapu (R$ 2,007) and Baúna (R$ 438).

Field: Page; Sequence: 25

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9.2. Aging of trade and other receivables – third parties

	03.31.2023	Consolidated	12.31.2022
	Trade
receivables	Expected
credit losses (ECL)	Trade
receivables	Expected
credit losses (ECL)
Current	28,071	(177)	33,778	(203)
Overdue:
Until
3 months	584	(225)	986	(252)
3
– 6 months	488	(155)	159	(143)
6
– 12 months	532	(317)	330	(265)
More
than 12 months	8,057	(7,150)	8,004	(7,137)
Total	37,732	(8,024)	43,257	(8,000)

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

	Consolidated — 2023 Jan-Mar	2022 Jan-Mar
Opening
balance	8,015	8,083
Additions	222	215
Reversals	(110)	(133)
Write-offs	(1)	(24)
Cumulative
translation adjustment	(88)	(574)
Closing
balance	8,038	7,567
Current	1,359	990
Non-current	6,679	6,577

Inventories

	Consolidated — 03.31.2023	12.31.2022
Crude
oil	17,658	19,505
Oil
products	13,205	17,102
Intermediate
products	2,887	3,063
Natural
gas and LNG (*)	651	706
Biofuels	86	75
Fertilizers	7	19
Total
products	34,494	40,470
Materials,
suppliers and others	5,989	5,334
Total	40,483	45,804
(*)
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 period from January to March 2023, there was a R$ 44 reversal of cost of sales, adjusting inventories to net realizable value (a R$ 34 reversal of cost of sales in the first quarter of 2022).

As of March 31, 2023, the company has a volume of oil and/or oil product inventories given as guarantee of the Term of Financial Commitments (TFC) related to the PPSP-R, PPSP R pre 70 and PPSP NR pre 70 Pension plans, signed in 2008 with Fundação Petrobras de Seguridade Social - Petros, in the estimated amount of R$ 4.731, after deducting the partial early settlement, made in February 2022.

Trade payables

	Consolidated — 03.31.2023	12.31.2022
Third
parties in Brazil	15,261	18,248
Third
parties abroad	10,338	10,096
Related
parties	44	163
Total
in current liabilities	25,643	28,507

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| 12. Taxes 12.1. Income tax and social contribution Current
taxes Income
tax and social contribution Consolidated | Current
assets | | Current
liabilities | | Non-current
liabilities | |
| --- | --- | --- | --- | --- | --- | --- |
| | 03.31.2023 | 12.31.2022 | 03.31.2023 | 12.31.2022 | 03.31.2023 | 12.31.2022 |
| Taxes
in Brazil | | | | | | |
| Income
taxes | 890 | 833 | 4,674 | 13,074 | − | − |
| Income
taxes – Tax settlement programs | − | − | 265 | 259 | 1,549 | 1,578 |
| | 890 | 833 | 4,939 | 13,333 | 1,549 | 1,578 |
| Taxes
abroad | 28 | 26 | 1,952 | 1,712 | − | − |
| Total | 918 | 859 | 6,891 | 15,045 | 1,549 | 1,578 |

Reconciliation between statutory tax rate and effective tax expense rate

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

	2023 Jan-Mar	2022 Jan-Mar
Net
income before income taxes	56,997	68,381
Nominal
income taxes computed based on Brazilian statutory corporate tax rates (34%)	(19,379)	(23,250)
Adjustments
to arrive at the effective tax rate:
Different
jurisdictional tax rates for companies abroad	1,278	1,034
Brazilian
income taxes on income of companies incorporated outside Brazil (*)	(526)	(1,542)
Tax
incentives	222	43
Tax
loss carryforwards (unrecognized tax losses)	(28)	12
Non-taxable
income (non-deductible expenses), net	33	134
Post-retirement
benefit	(401)	(722)
Results
of equity-accounted investments in Brazil and abroad	60	633
Others	51	60
Income
tax expenses	(18,690)	(23,598)
Deferred
income taxes	(3,498)	(10,135)
Current
income taxes	(15,192)	(13,463)
Effective
tax rate of income taxes	32.8%	34.5%
(*)
Income tax and social contribution in Brazil referring to income earned in the years by investees abroad, according to provisions
provided for in Law No. 12,973 / 2014.

Deferred income taxes - non-current

The table below shows the movement in the periods:

	Consolidated — 2023	2022
	Jan-Mar	Jan-Mar
Opening
balance	(30,878)	(3,486)
Recognized
in income of the period	(3,498)	(10,135)
Recognized
in shareholders’ equity	(4,458)	(22,824)
Cummulative
Translation Adjustment	(44)	(30)
Use
of tax credits	−	(3,767)
Others	1	19
Final
balance	(38,877)	(40,223)

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

Consolidated

| Nature | Basis
for realization | 03.31.2023 | 12.31.2022 |
| --- | --- | --- | --- |
| Property,
plant and equipment - Cost of prospecting and dismantling areas | Depreciation,
Amortization and Write-off of Assets | 2,974 | 824 |
| Property,
plant and equipment - Impairment | Amortization,
Write-off of Assets and Impairment Reversal | 17,668 | 18,795 |
| Property,
plant and equipment – Depreciation, accelerated and linear x unit produced and capitalized charges | Depreciation,
Amortization and Write-off of Assets | (82,477) | (80,553) |
| Loans,
accounts receivable / payable and financing | Payments,
Receipts and Consideration | (1,077) | 4,228 |
| Leases | Appropriation
of consideration | 976 | 2,266 |
| Provision
for lawsuits | Payment
and reversal of the provision | 4,879 | 4,618 |
| Tax
losses | Compensation
of 30% of taxable income | 4,736 | 4,771 |
| Inventories | Sale,
Write-Off and Loss | 1,063 | 1,740 |
| Employee
benefits, mainly pension plan | Payment
and reversal of the provision | 8,207 | 7,918 |
| Others | | 4,174 | 4,515 |
| Total | | (38,877) | (30,878) |
| Deferred
income taxes – assets | | 3,699 | 4,342 |
| Deferred
income taxes – liabilities | | (42,576) | (35,220) |

Uncertain tax treatments

On April 24, 2023, the Company received an additional charge from the Dutch tax authority, due to a final assessment on the calculation of the Corporate Income Tax (CIT) of subsidiaries in the Netherlands in 2018, arising from the valuation of platforms and equipment nationalized under the Repetro tax regime, in the amount of R$ 1,417, classified as a contingent liability (note 14.3).

The years 2019 to 2022 have not yet been assessed by the Dutch tax authorities. Any collection by the Dutch tax authority on a similar basis to the 2018 year could reach the amount of R$ 1,529, making the total of the aforementioned uncertain tax position at R$ 2,946.

The Company will continue to defend its position that the valuation of platforms and equipment was carried out in compliance with the relevant legislation, through the use of administrative appeals or by the Dutch judicial courts. Therefore, no provision was recorded in these unaudited condensed consolidated interim financial statements for the period ended March 31, 2023.

12.2. Other taxes

Consolidated

| Other
taxes | Current
assets — 03.31.2023 | 12.31.2022 | Non-current
assets — 03.31.2023 | 12.31.2022 | Current
liabilities — 03.31.2023 | 12.31.2022 | Non-current
liabilities () — 03.31.2023 | 12.31.2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Taxes
in Brazil: | | | | | | | | |
| Current
/ Deferred VAT Rate (VAT) | 3,378 | 3,734 | 2,481 | 2,470 | 3,713 | 3,646 | − | − |
| Current
/ Deferred PIS and COFINS | 1,502 | 1,970 | 13,144 | 12,323 | 558 | 148 | 523 | 466 |
| PIS
and COFINS - Law 9,718/98 | − | − | 3,460 | 3,429 | − | − | − | − |
| Production
taxes/Royalties | − | | − | − | 9,207 | 10,416 | 734 | 594 |
| Withholding
income taxes | − | − | − | − | 372 | 779 | − | − |
| Others | 264 | 218 | 1,427 | 1,424 | 1,409 | 820 | 471 | 471 |
| Total
in Brazil | 5,144 | 5,922 | 20,512 | 19,646 | 15,259 | 15,809 | 1,728 | 1,531 |
| Taxes
abroad | 40 | 38 | 71 | 69 | 97 | 97 | − | − |
| Total | 5,184 | 5,960 | 20,583 | 19,715 | 15,356 | 15,906 | 1,728 | 1,531 |
| ()
Other non-current taxes are classified within other non-current liabilities in the balance sheet. | | | | | | | | |

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.

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	Consolidated — 03.31.2023	12.31.2022
Liabilities
Short-term
employee benefits	7,898	7,576
Termination
benefits	868	1,005
Post-retirement
benefits	60,248	58,675
Total	69,014	67,256
Current	11,882	11,555
Non-current	57,132	55,701

13.1. Short-term benefits

	Consolidated — 03.31.2023	12.31.2022
Variable
compensation program – PPP	3,006	2,552
Accrued
vacation and christmas bonus	2,944	2,634
Salaries
and related charges and other provisions	1,313	1,704
Profit
sharing	635	686
Total	7,898	7,576
Current	7,725	7,413
Non-current
(*)	173	163

(*) 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:

	2023 Jan-Mar	2022 Jan-Mar
Costs/Expenses
in the statement of income
Salaries,
vacation, christmas bonus, charges over provisions and others	(3,878)	(3,529)
Variable
compensation program	(725)	(618)
Profit
sharing	(180)	(161)
Manager
compensations and charges	(12)	(15)
Total	(4,795)	(4,323)

13.1.1 Variable compensation program

Performance award program (PPP)

Until March 2023, the company paid the PPP 2022 to employees in the amount of R$718 (R$666 in the parent company) and, in April 2023, R$1,987 (R$1,852 in the parent company), totaling R$ 2,705 (R$2,518 in the parent company), considering compliance with the company's performance metrics and the individual performance of all employees.

With regard to the 2023 financial year, a proposal for reviewing Petrobras' PPP model is under study. However, in view of the expectation of maintaining a program with a similar nature to that of 2022, Petrobras provisioned, in the period from January to March 2023, R$ 664 referring to the employees' variable remuneration for the year 2023, recorded in other operating expenses and, in the consolidated, R$ 725 with the other programs of the consolidated companies.

Profit Sharing (PLR)

The company made an advance of PLR 2022 to employees in the amount of R$ 229 (R$ 211 in the parent company), whose final payment is estimated for May 30, 2023, considering PLR 2021/2022 rule, approved by the Secretariat for Coordination and Governance of State Companies (Sest), of the Federal Government, which covers employees without managerial functions and provides for individual limits according to the remuneration of participants.

In the period from January to March 2023, the company provisioned R$180 (R$162 in the parent company) referring to employee profit sharing for the year 2023, recorded in other operating expenses.

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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.

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.

Considering the set of programs, there are 11,732 adhesions accumulated until March 31, 2023 (11,688 adhesions until December 31, 2022).

The change in the provision is shown below:

	Consolidated — 2023	2022
	Jan-Mar	Jan-Mar
Opening
Balance	1,005	1,950
Effects
in the statement of income	(17)	20
Enrollments	18	23
Revision
of provisions	(35)	(3)
Effect
in cash and cash equivalents	(120)	(676)
Use
due to termination	(120)	(676)
Saldo
final	868	1,294
Current	355	695
Non
Current	513	599

The recognition of the provision for expenses with the retirement programs occurs as the employees join.

The company deferred the payment of indemnities in two installments, the first at the time of termination, together with the legal severance payments, and the second, when applicable, 12 months after the payment of the first installment.

As of March 31, 2023, of the total provisioned, the amount of R$174 corresponds to the second installment of 590 terminated employees and the amount of R$694 corresponds to 1,319 employees enrolled in the voluntary termination programs scheduled to leave by September 2025.

13.3. Post-employment benefits

The company maintains a health care plan for its employees in Brazil (active and retired) and their dependents and five other main post-retirement pension benefits (collectively referred to as “company pension plans”).

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

	Consolidated — 03.31.2023	12.31.2022
Liabilities
Health
Care Plan: Saúde Petrobras	30,926	30,330
Petros
Pension Plan - Renegotiated (PPSP-R)	19,032	18,813
Petros
Pension Plan - Non-renegotiated (PPSP-NR)	5,487	5,431
Petros
Pension Plan - Renegotiated - Pre-70 (PPSP-R Pré 70)	2,105	1,484
Petros
Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pré 70)	1,810	1,767
Petros
2 Pension Plan (PP-2)	888	850
Total	60,248	58,675
Current	3,802	3,750
Non-current	56,446	54,925

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Health Care Plan

The health care plan, named “Saúde Petrobras”, is managed by the Petrobras Health Association (APS), a non-profit civil association and includes prevention and health care programs. The plan covers all current employees, retirees 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 is established in the collective bargaining agreement (ACT), being 60% (sixty percent) by the company and 40% (forty percent) by the participants.

Pension plans

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

The net obligation with pension plans recorded by the company has a different recognition methodology than that applicable to pension funds, regulated by the Conselho Nacional de Previdência Complementar .

The main differences in accounting practices adopted in Brazil (CNPC and CVM) between the Pension Fund and the Sponsor for calculating the actuarial commitment on December 31, 2022 are shown below:

| | PPSP-R
() | PPSP-NR
() |
| --- | --- | --- |
| Deficit
registered by Petros | 1,721 | 1,781 |
| Ordinary
and extraordinary future contributions - sponsor | 21,977 | 5,627 |
| Contributions
related to the TFC - sponsor | 3,608 | 2,041 |
| Financial
assumptions (interest and Inflation rates), adjustment in the value of plan assets and calculation methodology | (7,009) | (2,251) |
| Net
actuarial liability recorded by the Company | 20,297 | 7,198 |
| (*)
It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. | | |

On March 29, 2023, the Petros Deliberative Council approved the financial statements of the pension plans for the year ended on December 31, 2022, sponsored by the company.

Deficit Settlement Plan 2021 referring to the PPSP-R plan

On April 1 st , 2023, the deficit equation plan (PED) for the 2021 fiscal year of the Petros Renegotiated Plan (PPSP-R) came into effect, with the start of extraordinary charges on the payroll of assets and beneficiaries from April/ 23, after a favorable statement by SEST (the supervisory body of the sponsor Petrobras), which took place on March 17, 2023.

The PED 2021 had already been approved by Petros' Deliberative Council (CD) on November 10, 2022 and the deficit calculated for the 2021 fiscal year of R$ 8,515, must be equated equally between the sponsors and the participants of the PPSP-R, subject to the contribution parity limit, and Petrobras will have the total amount of R$ 4,012, positioned on December 31, 2022, which will be paid in monthly installments for the entire period of existence of the plan.

13.3.1 Amounts in the financial statements related to defined benefit plans

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

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

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

| | Consolidated — Pension
Plans | | | Health
Care Plan | Other
plans | |
| --- | --- | --- | --- | --- | --- | --- |
| | PPSP-R
() | PPSP-NR
() | PP2 | AMS
- Saúde Petrobras | | Total |
| Balance
on December 31, 2021 | 22,599 | 6,523 | 918 | 25,029 | 61 | 55,130 |
| Recognized
in income – cost and expenses | 591 | 187 | 42 | 785 | − | 1,605 |
| Current
service cost | 12 | 2 | 17 | 135 | − | 166 |
| Interest
cost, net | 579 | 185 | 25 | 650 | − | 1,439 |
| Cash
effects | (5,499) | (1,756) | − | (422) | − | (7,677) |
| Payment
of contributions | (284) | (89) | − | (422) | − | (795) |
| Term
of Financial Commitment (TCF) | (5,215) | (1,667) | − | − | − | (6,882) |
| Other
changes | − | − | − | − | (52) | (52) |
| Balance
on March 31, 2022 | 17,691 | 4,954 | 960 | 25,392 | 9 | 49,006 |
| (*) It
includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. | | | | | | |

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

| | Pension
plans — PPSP-R
() | PPSP-NR
() | PP2 | Health
Care Plan — AMS
- Saúde Petrobras | Total |
| --- | --- | --- | --- | --- | --- |
| Related
to active employees (cost and expenses) | (59) | (11) | (18) | (376) | (464) |
| Related
to retired employees (other income and expenses) | (552) | (200) | (20) | (688) | (1,460) |
| Expense
in the statement of income - Jan-Mar/2023 | (611) | (211) | (38) | (1,064) | (1,924) |
| Related
to active employees (cost and expenses) | (45) | (7) | (24) | (287) | (363) |
| Related
to retired employees (other income and expenses) | (546) | (180) | (18) | (498) | (1,242) |
| Expense
in the statement of income - Jan-Mar/2022 | (591) | (187) | (42) | (785) | (1,605) |
| (*)
It includes amounts of PPSP-R pre-70 and PPSP-NR pre-70 | | | | | |

13.3.2. Contributions

From January to March 2023, the company contributed a total of R$925 to defined benefit plans, which reduced the balance of obligations, as per the table in note 13.3.1. Additionally, it contributed R$283 (R$242 for the period from January to March 2022) to the defined contribution portion of the PP2 plan and R$2 of the PP3 plan (R$2 for the period from January to March 2022), which were recognized in costing and in statement of income for the year.

The contribution to the defined benefit portion of the PP-2, which had been suspended in July 2012, was restored in April 2023, pursuant to a decision by the Petros Foundation's Deliberative Council. Thus, a portion of the monthly contribution will be destined to risk coverage (payment of sickness allowance, reclusion allowance, lump sum death benefit and minimum guarantees) to reduce the balance of the actuarial liability.

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Provisions for legal proceedings, judicial deposits and contingent liabilities

14.1 Provisions for legal proceedings

The company sets up provisions in judicial, administrative and arbitration proceedings in an amount sufficient to cover losses considered probable and for which a reliable estimate can be made. The main actions refer to:

· Labor lawsuits, highlighting: (i) various labor claims; (ii) individual actions to review the methodology for calculating the Minimum Remuneration by Level and Regime (RMNR); and (iii) third-party claims.

· Tax claims including: (i) tax notices for alleged non-compliance with ancillary obligations; (ii) claims relating to benefits previously taken for Brazilian federal tax credits applied that were subsequently alleged to be disallowable; and (iii) claims for alleged non-payment of CIDE on imports of propane and butane.

· Civil claims, in particular: (i) lawsuits related to contracts; (ii) penalties applied by ANP, mainly relating to production measurement systems; and (iii) litigation involving corporate conflicts.

· Environmental claims, specially: (i) fines relating to an environmental accident in the State of Paraná in 2000; (ii) fines relating to the Company’s offshore operation; and (iii) public civil action for oil spill in 2004 in Serra do Mar-São Paulo State Park.

Provisions for legal proceedings are set out as follows:

| Non-current
liabilities | Consolidated — 03.31.2023 | 12.31.2022 |
| --- | --- | --- |
| Labor
claims | 3,885 | 3,844 |
| Tax
claims | 2,568 | 2,433 |
| Civil
claims | 8,525 | 7,847 |
| Environmental
claims | 1,494 | 1,579 |
| Total | 16,472 | 15,703 |
| | Consolidated | |
| | 2023 Jan-Mar | 2022 Jan-Mar |
| Opening
Balance | 15,703 | 11,263 |
| Additions,
net of reversals | 945 | 1,070 |
| Use
of provision | (528) | (421) |
| Accruals
and charges | 359 | 253 |
| Others | (7) | (58) |
| Closing
balance | 16,472 | 12,107 |

In the preparation of the interim financial information for the period ended on March 31, 2023, the Company considered all available information concerning legal proceedings in which the Company is a defendant, in order to estimate the amounts of obligations and probability that outflows of resources will be required.

In the period from January to March 2023, the increase in liabilities is mainly due to changes in the following cases: (i) R$556 in the provision for civil litigation involving contractual issues; (ii) R$78 in the provision related to labor claims; (iii) R$73 in the provision for litigation related to the state monopoly of piped gas services, offset by (iv) a reduction of R$104 due to the agreement involving environmental processes of administrative responsibility.

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14.2 Judicial deposits

Judicial deposits made in connection with legal proceedings are set out in the table below according to the nature of the corresponding lawsuits:

| Non-current
assets | Consolidated — 03.31.2023 | 12.31.2022 |
| --- | --- | --- |
| Tax | 43,169 | 41,095 |
| Labor | 4,763 | 4,735 |
| Civil | 12,242 | 10,899 |
| Environmental | 559 | 569 |
| Others | 362 | 373 |
| Total | 61,095 | 57,671 |

	Consolidated — 2023 Jan-Mar	2022 Jan-Mar
Opening
Balance	57,671	44,858
Additions	2,087	2,117
Use	(99)	(119)
Accruals
and charges	1,446	833
Others	(10)	(87)
Closing
balance	61,095	47,602

From January to March 2023, the company made judicial deposits in the amount of R$2,087, with emphasis on: (i) R$554 referring to production taxes amounts related to the unification of fields (Cernambi, Tupi, Tartaruga Verde and Tartaruga Mestiça); (ii) R$502 referring to the incidence of CIDE, PIS and COFINS related to the chartering of platforms; (iii) R$457 related to the recalculation of production taxes on the production of the Albacora field; and (iv) R$323 referring to Corporate Income Tax and Social Contribution Tax for not adding the income of subsidiaries and affiliates domiciled abroad to the parent company's Corporate Income Tax and Social Contribution Tax calculation basis.

14.3 Contingent liabilities

As of March 31, 2023, the contingent liabilities plus interest and monetary restatement, estimated for legal proceedings, whose probability of loss is considered possible, are presented in the following table:

Nature	Consolidated — 03.31.2023	12.31.2022
Tax	169,037	167,457
Labor	44,362	43,163
Civil	39,855	39,381
Environmental	7,036	6,561
Total	260,290	256,562

The main contingent liabilities are:

· Tax matters comprising: i) withholding income tax (IRRF), Contribution of Intervention in the Economic Domain (CIDE), Social Integration Program (PIS) and Contribution to Social Security Financing (COFINS) on remittances for payments of vessel charters; (ii) income from foreign subsidiaries and associates located outside Brazil not included in the computation of taxable income (IRPJ and CSLL); (iii) collection of customs taxes and fines related to imports under the Repetro regime in the Frade consortium; (iv) collection of PIS and COFINS, resulting from the payment of taxes negotiated with the Brazilian Federal Government, excluding the payment of fines; (v) collection of VAT tax (ICMS) involving several states; and (vi) deduction from the PIS and COFINS tax base, including ship-or-pay agreements and chartering of aircraft and vessels.

· Labor matters comprising mainly actions requiring a review of the methodology by which the minimum compensation based on an employee's position and work schedule ( Remuneração Mínima por Nível e Regime - RMNR) is calculated.

· Civil matters comprising mainly: (i) lawsuits related to contracts ; (ii) administrative and legal proceedings challenging an ANP order requiring Petrobras to pay additional special participation fees and royalties (production taxes) with respect to several fields; and (iii) regulation agencies fines.

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· Environmental matters comprising indemnities for damages and fines related to the Company operation.

In the period from January to March 2023, the increase in contingent liabilities is mainly due to: (i) R$ 1,417 referring to the Corporate Income Tax (CIT), tax on income, of Petrobras subsidiaries in the Netherlands for the year 2018 by valuation of platforms and equipment nationalized under Repetro; (ii) R$1,187 referring to the incidence of PIS/COFINS on tax amnesties; (iii) R$1,162 related to class actions that require a review of the methodology for calculating the Minimum Remuneration by Level and Regime (RMNR); (iv) R$831 referring to administrative and judicial proceedings that discuss the difference in special participation and royalties in different fields, including the unification of fields; (v) R$706 referring to lawsuits involving reversal of ICMS VAT Tax credits; (vi) R$355 referring to fines from regulatory agencies; (vii) R$357 referring to the incidence of CIDE and PIS/COFINS related to the chartering of platforms; and (viii) R$356 referring to the levy of ICMS VAT Tax on added value. These effects were partially offset mainly by (ix) R$3,308 for the transfer to remote loss due to a favorable decision referring to ICMS VAT Tax disputes involving the tax classification of goods.

14.4 RMNR - Minimum Remuneration by Level and Work Regime

There are several lawsuits related to the Minimum Remuneration by Level and Work Regime (RMNR), with the objective of revising its calculation criteria.

The RMNR consists of a guaranteed minimum remuneration for employees, based on salary level, working conditions and geographic location. This compensation policy was created and implemented by Petrobras in 2007 through collective bargaining with union representatives, and approved at employee meetings, being questioned only three years after its implementation.

In 2018, the Superior Labor Court (TST) ruled against the Company, which filed extraordinary appeals against its decision. However, the Federal Supreme Court (STF) suspended the effects of the decision rendered by the TST and determined the national suspension of the ongoing processes related to the RMNR.

On July 29, 2021, a monocratic decision was published in which the Reporting Justice granted the Extraordinary Appeal filed in one of the proceedings to reestablish the judgment that dismissed the copyright requests, accepting the Company's thesis and recognizing the validity of the collective bargaining agreement freely signed between Petrobras and the labor unions, reversing the decision of the TST.

In February 2022, the judgment of the grievances filed by the plaintiff and several amici curiae began. The judgment is currently underway in the First Panel of the Federal Supreme Court, with 3 votes in favor of the company, confirming that the prevailing understanding is in the sense of recognizing the validity of the collective bargaining agreement freely signed between Petrobras and the unions. Considering that the last minister to speak up requested a view, the trial was suspended pending the presentation of the vote by Minister Vistor.

As of March 31, 2023, there are several lawsuits related to the Minimum Remuneration by Level and Work Regime (RMNR) reflected in the company's interim financial information, R$859 of which classified as probable loss, recognized in liabilities as a provision for lawsuits and administrative expenses, and R$36,694 classified as possible loss.

14.5 Class action and related proceedings

On January 23, 2017, Stichting Petrobras Compensation Foundation ("Foundation") filed a class action in the Netherlands, at the District Court of Rotterdam, against Petróleo Brasileiro S.A. – Petrobras, Petrobras International Braspetro B.V. (PIB BV), Petrobras Global Finance B.V. (PGF), Petrobras Oil & Gas B.V. (PO&G) and some former Petrobras managers. The Foundation alleges that it represents the interests of an unidentified group of investors and claims that, based on the facts revealed by Lava-Jato Operation, the defendants acted illegally before investors. On 26 May 2021, the District Court of Rotterdam decided that the class action must proceed and that the arbitration clause of Petrobras' bylaws does not prevent the Company's shareholders from having access to the Dutch Judiciary and being represented by the Stichting Petrobras Compensation Foundation (“Foundation”). However, investors who have already started arbitration against Petrobras or who are parties to legal proceedings in which the applicability of the arbitration clause has been definitively recognized are excluded from the action. The class action is in the merit discussion stage and a decision is expected for July 26, 2023, but it may be brought forward or postponed by the Court.

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In the arbitration in Argentina, in which Petrobras is being held responsible for an alleged loss of market value of Petrobras shares in the country, due to the developments of Lava Jato Operation, the appeal filed by the Consumidores Damnificados Asociación Civil para su Defensa (“ Association”) was denied, but the Association filed a new appeal, which has not yet been judged by the Argentine Supreme Court.

In parallel to such arbitration, the Association also filed a class action before the Civil and Commercial Court of Buenos Aires, Argentina, with Petrobras appearing spontaneously on April 10, 2023, in the context of which it alleges Petrobras' responsibility for an alleged loss of market value of Petrobras' securities in Argentina, as a result of allegations made within the scope of the Lava Jato Operation and its impact on the Company's financial statements prior to 2015. Such demand does not generate immediate financial and economic impacts for the company. Petrobras denies the allegations made by the Association and will vigorously defend itself against the accusations made by the author of the collective action.

Regarding the criminal action in Argentina related to an alleged fraudulent offer of securities, aggravated by the fact that Petrobras allegedly declared false data in its financial statements prior to 2015, the Court of Appeals revoked, on October 21, 2021, the decision of first instance that had recognized Petrobras' immunity from jurisdiction and recommended that the lower court take steps to certify whether the company could be considered criminally immune in Argentina for a subsequent reassessment of the matter. Petrobras appealed against this decision, but the higher courts upheld the decision of the Court of Appeals, so the immunity will have to be reviewed by the lower court. The Court of Appeals recognized that the Association could not act as a representative of financial consumers, due to the loss of its registration with the competent Argentine bodies, which was also the object of an appeal accepted by the Court of Cassation on September 15, 2022, recognizing the Association the right to represent financial consumers. Petrobras presented other procedural defenses, still subject to appreciation by the appellate courts of the Argentine Justice. This criminal action is pending before the Criminal Economic Court No. 2 of the city of Buenos Aires.

In relation to the other criminal action, for alleged non-compliance with the obligation to publish as a “relevant fact” in the Argentine market that there was a class action filed by Consumidores Damnificados Asociación Civil para su Defensa before the Commercial Court, no relevant events occurred in the period from January to March 2023.

The EIG Energy Fund XIV, L.P. and affiliates (“EIG”) filed a lawsuit against Petrobras, before the District Court of Columbia, United States, to recover alleged losses related to its investment in Sete Brasil Participações S.A. On August 8, 2022, the judge upheld EIG's claim as to Petrobras' responsibility for the alleged losses, but denied the motion for summary judgment with respect to damages, whereby the award of compensation will be subject to the proof of damages by EIG at a hearing and to the consideration of the defenses by the Company. In the same decision, whose effects were recognized in the company's financial statements in the third quarter of 2022, the judge denied the request to dismiss the case based on Petrobras' immunity from jurisdiction, which is why an appeal was filed with the Federal Court of Appeals for the District of Columbia. Considering the filing of the appeal, Petrobras requested the suspension of the process, which was granted by the lower court judge on October 26, 2022

On August 26, 2022, the District Court of Amsterdam granted a precautionary measure to block certain Petrobras assets in the Netherlands, at the request of EIG. The concession was based on the decision of the District Court of Columbia, on August 8, 2022, and was intended to ensure the satisfaction of EIG's claims contained in the aforementioned US lawsuit. For the purpose of this injunction alone, the District Court of Amsterdam limited EIG's claims to a total of US$ 297.2 million, although the US Court ruled that any award of damages would depend on evidence of damages by EIG at a trial hearing. There are some discussions about the scope of the assets blocked by EIG, but there is no related lawsuit pending in the Netherlands. This precautionary block does not prevent Petrobras and its subsidiaries from complying with their obligations to third parties.

14.6 Arbitrations proposed by non-controlling Shareholders in Brazil

In the three-month period ended March 31, 2023, there were no events that changed the assessment and information on arbitrations in Brazil. For more information, see explanatory note 18.5 to the financial statements for the year ended December 31, 2022.

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14.7 Legal proceedings - Compulsory Loan – Eletrobrás

In the three-month period ended March 31, 2023, there were no events that changed the assessment on this proceeding. For more information, see explanatory note 18.6 to the financial statements for the year ended December 31, 2022.

14.8 Lawsuits brought by natural gas distributors and others

In the three-month period ended March 31, 2023, there were no events that changed the assessment and information on lawsuits and arbitrations. For more information, see explanatory note 18.7 to the financial statements for the year ended December 31, 2022.

15 Provision for decommissioning costs

The following table details the amount of the decommissioning provision by production area:

	Consolidated — 03.31.2023	12.31.2022
Onshore	2,185	2,182
Shallow
Waters	23,161	22,951
Deep
and ultra-deep post-salt	51,597	52,114
Pre-salt	20,011	19,801
Total	96,954	97,048
	Consolidated
	2023 Jan-Mar	2022 Jan-Mar
Opening
balance	97,048	87,160
Adjustment
to provision	34	179
Transfers
related to liabilities held for sale (*)	−	(3,125)
Payments
made	(1,164)	(1,041)
Interest
accrued	1,050	635
Others	(14)	(71)
Total	96,954	83,737

(*) In the period from January to March 2022, refers to transfers of R$ 165 related to the North Pole Capixaba, in Espírito Santo, and R$ 2,960 related to the Potiguar Pole, in Rio Grande do Norte.

16 Other assets and liabilities

Assets	Consolidated
	03.31.2023	12.31.2022
Escrow
account and/ or collateral	6,667	5,673
Advances
to suppliers	9,698	8,147
Prepaid
expenses	1,964	1,892
Derivatives
transactions	314	281
Assets
related to E&P partnerships	921	368
Others	1,070	1,016
	20,634	17,377
Current	10,353	9,271
Non-Current	10,281	8,106
Liabilities	Consolidated
	03.31.2023	12.31.2022
Obligations
arising from divestments	6,782	7,068
Contractual
retentions	3,163	3,134
Advances
from customers	3,147	4,726
Provisions
for environmental expenses, R&D and fines	4,018	3,519
Other
taxes	1,728	1,531
Unclaimed
dividends	1,346	1,258
Derivatives
transactions	502	767
Others	3,710	3,947
	24,396	25,950
Current	13,905	15,660
Non-Current	10,491	10,290

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17 Property, plant and equipment

17.1By class of assets

| | Consolidated — Land,
buildings and improvement | Equipment
and other assets () | Assets
under construction
() | Exploration
and development costs (oil and gas producing properties) () | Right-of-use
assets | Total | Parent
Company — Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Balance
at December 31, 2022 | 13,241 | 287,740 | 77,424 | 200,537 | 100,240 | 679,182 | 699,786 |
| Accumulated
cost | 22,659 | 550,097 | 124,904 | 352,617 | 154,805 | 1,205,082 | 1,158,091 |
| Accumulated
depreciation and impairment () | (9,418) | (262,357) | (47,480) | (152,080) | (54,565) | (525,900) | (458,305) |
| Additions | − | 573 | 10,758 | − | 4,915 | 16,246 | 16,132 |
| Additions
to / review of estimates of decommissioning costs | − | − | − | 31 | − | 31 | − |
| Capitalized
borrowing costs | − | − | 1,395 | − | − | 1,395 | 1,395 |
| Write-offs | (1) | (285) | (24) | (198) | (784) | (1,292) | (1,349) |
| Transfers
() | 206 | 1,074 | (630) | 535 | (42) | 1,143 | 1,136 |
| Transfers
to assets held for sale | (3) | (103) | (45) | (35) | − | (186) | (186) |
| Depreciation,
amortization and depletion | (111) | (5,916) | − | (5,666) | (6,157) | (17,850) | (18,721) |
| Impairment
recognition | − | (77) | (25) | − | − | (102) | − |
| Impairment
reversal | − | 86 | − | − | − | 86 | 70 |
| Cumulative translation
adjustment | − | (10) | (5) | (23) | 6 | (32) | − |
| Balance
at March 31, 2023 | 13,332 | 283,082 | 88,848 | 195,181 | 98,178 | 678,621 | 698,263 |
| Accumulated
cost | 22,743 | 550,459 | 133,588 | 351,744 | 157,333 | 1,215,867 | 1,169,205 |
| Accumulated
depreciation and impairment (*) | (9,411) | (267,377) | (44,740) | (156,563) | (59,155) | (537,246) | (470,942) |

| | Consolidated — Land,
buildings and improvement | Equipment
and other assets () | Assets
under construction
() | Exploration
and development costs (oil and gas producing properties) () | Right-of-use
assets | Total | Parent
Company — Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Balance
at December 31, 2021 | 13,302 | 296,471 | 94,430 | 200,046 | 95,157 | 699,406 | 717,355 |
| Accumulated
cost | 22,770 | 547,365 | 144,831 | 345,470 | 147,222 | 1,207,658 | 1,154,481 |
| Accumulated
depreciation and impairment () | (9,468) | (250,894) | (50,401) | (145,424) | (52,065) | (508,252) | (437,126) |
| Additions | − | 991 | 8,043 | 5 | 5,142 | 14,181 | 13,888 |
| Additions
to / review of estimates of decommissioning costs | − | − | − | 54 | − | 54 | − |
| Capitalized
borrowing costs | − | − | 1,236 | − | − | 1,236 | 1,221 |
| Write-offs | (1) | (142) | (344) | (20) | (176) | (683) | (349) |
| Transfers
() | 282 | 5,502 | (11,804) | 6,161 | (6) | 135 | 117 |
| Transfers
to assets held for sale | (50) | (3,001) | (910) | (3,439) | 2 | (7,398) | (7,400) |
| Depreciation,
amortization and depletion | (111) | (6,093) | − | (6,640) | (5,713) | (18,557) | (19,342) |
| Impairment
reversal | − | 4 | − | − | − | 4 | 4 |
| Cumulative translation
adjustment | (4) | (47) | (1,077) | (195) | (4) | (1,327) | − |
| Balance
at March 31, 2022 | 13,418 | 293,685 | 89,574 | 195,972 | 94,402 | 687,051 | 705,494 |
| Accumulated
cost | 22,651 | 544,277 | 138,040 | 340,629 | 146,902 | 1,192,499 | 1,141,885 |
| Accumulated
depreciation and impairment (*) | (9,233) | (250,592) | (48,466) | (144,657) | (52,500) | (505,448) | (436,391) |

(*) Comprised of production platforms, refineries, thermoelectric plants, gas treatment units, pipelines and other operating, storage and production facilities, including subsea equipment for the production and flow of oil and gas depreciated using the units of production method.

(**) The balances by business segment are presented in Note 8.

(***) Comprises exploration and production assets related to wells, abandonment of areas, signature bonuses associated with proved reserves and other expenses directly linked to exploration and production, except production platforms (oil and gas producing fields).

(****) In the case of land and assets under construction, it refers only to impairment losses.

(*) Mainly includes transfers between types of assets and transfers of advances to suppliers.

17.2Estimated useful life

The useful life of assets depreciated are shown below:

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| Asset | Weighted
average useful life in years |
| --- | --- |
| Buildings
and improvement | 40 (between
25 and 50) |
| Equipment
and other assets | 20
(3 to 31) (except assets by the units of production method) |
| Exploration
and development costs | Units
of production method |
| Right-of-use | 8 (between 2 and 47) |

17.3Right-of-use assets

The right-of-use assets comprise the following underlying assets:

| | Platforms | Vessels | Buildings
and others | Total | Parent
Company — Total |
| --- | --- | --- | --- | --- | --- |
| 03.31.2023 | | | | | |
| Accumulated
cost | 66,247 | 78,949 | 12,137 | 157,333 | 170,317 |
| Accumulated
depreciation and impairment | (19,852) | (36,271) | (3,032) | (59,155) | (62,550) |
| Total | 46,395 | 42,678 | 9,105 | 98,178 | 107,767 |
| 12.31.2022 | | | | | |
| Accumulated
cost | 65,758 | 77,159 | 11,888 | 154,805 | 167,727 |
| Accumulated
depreciation and impairment | (17,704) | (34,092) | (2,769) | (54,565) | (57,517) |
| Total | 48,054 | 43,067 | 9,119 | 100,240 | 110,210 |

17.4Production Individualization Agreements

Petrobras has Production Individualization Agreements (AIP) signed in Brazil with partner companies in E&P consortia, as well as contracts resulting from divestment operations and strategic partnerships linked to these consortia. These agreements will result in equalizations payable or receivable of expenses and production volumes related to the Agulhinha, Albacora Leste, Berbigão, Budião Noroeste, Budião Sudeste, Caratinga, Sururu and Tartaruga fields.

The table below presents changes in the reimbursements payable relating to the execution of the AIP submitted to the approval of the ANP:

| | Consolidated
and Parent Company — 2023 Jan-Mar | 2022 Jan-Mar |
| --- | --- | --- |
| Initial
balance | 2,122 | 2,033 |
| Additions/(write-offs)
in Property, Plant and Equipment | (17) | (169) |
| Other
operating (income) expenses | 92 | (138) |
| Final
balance | 2,197 | 1,726 |

17.5Capitalization rate used to determine the amount of borrowing costs eligible for capitalization

The capitalization rate used to determine the amount of borrowing costs eligible for capitalization was the weighted average of the borrowing costs applicable to the borrowings that were outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. For the three-month period ended March 31, 2023, the capitalization rate was 6.85% p.a. (6.01% p.a. for the three-month period ended March 31, 2022).

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18 Intangible assets

18.1By class of assets

| | Consolidated — Rights
and Concessions () | Software | Goodwill | Total | Parent
Company — Total |
| --- | --- | --- | --- | --- | --- |
| Balance
at December 31, 2022 | 13,164 | 2,294 | 123 | 15,581 | 15,426 |
| Accumulated
Cost | 13,453 | 8,144 | 123 | 21,720 | 20,864 |
| Accumulated
amortization and impairment | (289) | (5,850) | − | (6,139) | (5,438) |
| Addition | 3 | 197 | − | 200 | 196 |
| Capitalized
borrowing costs | − | 13 | − | 13 | 13 |
| Write-offs | (180) | − | − | (180) | (180) |
| Transfers | − | 5 | − | 5 | 2 |
| Amortization | (4) | (116) | − | (120) | (113) |
| Balance
at March 31, 2023 | 12,983 | 2,393 | 123 | 15,499 | 15,344 |
| Accumulated
Cost | 13,277 | 8,349 | 123 | 21,749 | 20,894 |
| Accumulated
amortization and impairment | (294) | (5,956) | − | (6,250) | (5,550) |
| Estimated
useful life in years | (*) | 5 | Undefined | | |

| | Consolidated — Rights
and Concessions () | Software | Goodwill | Total | Parent
Company — Total |
| --- | --- | --- | --- | --- | --- |
| Balance
at December 31, 2021 | 15,037 | 1,719 | 123 | 16,879 | 16,682 |
| Accumulated
Cost | 15,312 | 7,373 | 123 | 22,808 | 21,769 |
| Accumulated
amortization and impairment | (275) | (5,654) | − | (5,929) | (5,087) |
| Addition | 20 | 192 | − | 212 | 186 |
| Capitalized
borrowing costs | − | 8 | − | 8 | 8 |
| Write-offs | (4) | (4) | − | (8) | (4) |
| Transfers | (17) | 1 | − | (16) | − |
| Amortization | (5) | (89) | − | (94) | (89) |
| Impairment
- accrual | − | (6) | − | (6) | − |
| Cumulative translation
adjustment | (7) | (1) | (1) | (9) | − |
| Balance
at March 31, 2022 | 15,024 | 1,820 | 122 | 16,966 | 16,783 |
| Accumulated
Cost | 15,301 | 7,484 | 122 | 22,907 | 21,957 |
| Accumulated
amortization and impairment | (277) | (5,664) | − | (5,941) | (5,174) |
| Weighted
average useful life in years | (*) | 5 | Undefined | | |

(*) Comprised mainly of signature bonuses, paid in concession contracts for oil or natural gas exploration and production sharing, in addition to public service concessions, trademarks and patents and others.

(**) Comprised mainly of assets with an indefinite useful life, whose valuation is reviewed annually to determine whether it remains justifiable.

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19 Exploration and evaluation of oil and gas reserves

Changes in the balances of capitalized costs directly associated with exploratory wells pending determination of proved reserves and the balance of amounts paid for obtaining rights and concessions for exploration of oil and natural gas (capitalized acquisition costs) are set out in the following table:

	Consolidated — 2023	2022
	Jan-Mar	Jan-Mar
Capitalized
Exploratory Well Costs/Capitalized Acquisition Costs (*)
Property,
plant and equipment
Opening
Balance	9,790	11,127
Additions	337	344
Write-offs	−	(68)
Transfers	(224)	(48)
Cummulative
translation adjustment	(8)	(97)
Final
balance	9,895	11,258
Intangible	12,376	14,376
Capitalized
Exploratory Well Costs / Capitalized Acquisition Costs	22,271	25,634
(*) Amounts capitalized and
subsequently expensed in the same period have been excluded from this table.

Exploration costs recognized in the statement of income and cash used in oil and gas exploration and evaluation activities are set out in the following table:

	Consolidated — 2023	2022
Exploration
costs recognized in the statement of income	Jan-Mar	Jan-Mar
Geological
and geophysical expenses	(649)	(278)
Exploration
expenditures written off (includes dry wells and signature bonuses)	(165)	(114)
Contractual
penalties on local content requirements	(1)	(9)
Other
exploration expenses	(2)	(7)
	(817)	(408)
Cash
used in:
Operating
activities	651	285
Investment
activities	337	395
	988	680

20 Collateral for crude oil exploration concession agreements

Petrobras has granted collateral to the National Agency of Petroleum, Natural Gas and Biofuels - ANP in the total amount of R$ 9,247 for the Minimum Exploratory Programs established in the concession agreements for petroleum exploration areas, which are in force and net of commitments undertaken. Of this amount, R$8,598 corresponds to the pledge of crude oil from previously identified fields that are already in the production phase and R$649 refers to bank guarantees.

21 Investments

21.1Changes in investment (Parent Company)

| | Controlled
companies | Joint
operations | Jointly
controlled companies | Associates (**) | Total |
| --- | --- | --- | --- | --- | --- |
| Balance
at December 31, 2022 | 266,054 | 130 | 113 | 5,130 | 271,427 |
| Investments | − | − | 25 | − | 25 |
| Restructuring,
capital decrease and others | (239) | − | − | − | (239) |
| Results
in equity-accounted investments | 7,096 | 10 | 4 | 49 | 7,159 |
| Cumulative
translation adjustments | (7,377) | − | − | (405) | (7,782) |
| Other
comprehensive income | 63 | − | (4) | 465 | 524 |
| Dividends | (262) | (1) | − | − | (263) |
| Balance
at March 31, 2023 | 265,335 | 139 | 138 | 5,239 | 270,851 |

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| | Controlled
companies | Joint
operations | Jointly
controlled companies | Associates () | Total |
| --- | --- | --- | --- | --- | --- |
| Balance
at December 31, 2021 | 264,102 | 180 | 109 | 5,434 | 269,825 |
| Investments | − | − | 45 | − | 45 |
| Restructuring,
capital decrease and others | (295) | − | − | − | (295) |
| Results
in equity-accounted investments () | 5,725 | 13 | 30 | 1,403 | 7,171 |
| Cumulative
translation adjustments | (42,024) | − | − | (1,272) | (43,296) |
| Other
comprehensive income | − | − | (1) | 1,296 | 1,295 |
| Dividends | 1 | − | (6) | − | (5) |
| Balance
at March 31, 2022 | 227,509 | 193 | 177 | 6,861 | 234,740 |
| ()
On March 31, 2022, the income statement includes the results of companies classified as held for sale in the amount of R$42. | | | | | |
| ()
Includes other investments. | | | | | |

21.2Changes in investment (Consolidated)

| | Jointly
controlled companies | Associates (*) | Total |
| --- | --- | --- | --- |
| Balance
at December 31, 2022 | 2,855 | 5,317 | 8,172 |
| Investments | 25 | 17 | 42 |
| Restructuring,
capital decrease and others | − | (8) | (8) |
| Results
in equity-accounted investments | 124 | 57 | 181 |
| Cumulative
translation adjustments | (74) | (410) | (484) |
| Other
comprehensive income | (4) | 465 | 461 |
| Dividends | (50) | − | (50) |
| Balance
at March 31, 2023 | 2,876 | 5,438 | 8,314 |

| | Jointly
controlled companies | Associates () | Total |
| --- | --- | --- | --- |
| Balance
at December 31, 2021 | 2,839 | 5,588 | 8,427 |
| Investments | 46 | 3 | 49 |
| Transfers
to held for sale | (12) | − | (12) |
| Restructuring,
capital decrease and others | 47 | (56) | (9) |
| Results
in equity-accounted investments | 359 | 1,457 | 1,816 |
| Cumulative
translation adjustments | (416) | (1,295) | (1,711) |
| Other
comprehensive income | (1) | 1,296 | 1,295 |
| Dividends | (254) | − | (254) |
| Balance
at March 31, 2022 | 2,608 | 6,993 | 9,601 |
| ()
Includes other investments. | | | |

22 Disposal of assets and other transactions

The Company has an active portfolio, which takes into account opportunities of partnerships and disposal of non-strategic assets in several areas in which it operates, whose development of transactions also depends on conditions beyond the control of the Company.

On February 28, 2023, Petrobras was notified by the Ministry of Mines and Energy - MME, requesting the suspension of asset sales for 90 days, due to the reassessment of the National Energy Policy and to the new composition of the National Energy Policy Council, respecting the Company's governance rules, commitments assumed with government entities and without going against the interests of Petrobras.

On April 3, 2023, the Company’s Board of Executive Officers informed that the revision of unsigned divestment processes will be carried out within the scope of the adjustments to be made to the 2023-27 Strategic Plan.

The major classes of assets and related liabilities classified as held for sale are shown in the following table:

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	Consolidated
	03.31.2023				12.31.2022
	E&P	RT&M	Corporate
and other segments	Total	Total
Assets
classified as held for sale
Inventories	−	130	−	130	108
Investments	1	1	−	2	2
Property,
plant and equipment	9,612	105	−	9,717	18,713
Others	−	4	−	4	−
Total	9,613	240	−	9,853	18,823
Liabilities
on assets classified as held for sale
Finance
debt	−	−	677	677	694
Provision
for decommissioning costs	4,613	−	−	4,613	6,952
Total	4,613	−	677	5,290	7,646

22.1Sales pending closing

The assets and liabilities corresponding to the transactions signed in previous periods which are pending closing are classified as held for sale at March 31, 2023:

i. sale of the Company's entire interest (100%) in a set of 22 production onshore and shallow water field concessions, together with their associated infrastructure, located in the Potiguar Basin, in the state of Rio Grande do Norte, jointly called the Potiguar group of fields;

ii. sale of the Company's entire interest in a set of four onshore production fields, with integrated facilities, located in the state of Espírito Santo, jointly called Norte Capixaba group of fields;

iii. sale of the Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) refinery and its associated logistics assets, located in the state of Ceará; and

iv. sale of the Company's entire interest in a set of maritime concessions called Golfinho and Camarupim groups of fields, located in the Espírito Santo Basin.

For more information on these transactions (which are subject to certain conditions precedent), see note 30.1 of the Company's consolidated financial statements of 2022.

From January to March 2023, no new contracts were signed.

22.2Closed sales

The main asset sales operations are presented below:

| Transaction | Acquirer | Signature
date (S) Closing
date (C) | Sale
amount ()() | Closing
amount in other currencies() | Gain/
(loss) () | Further
infor-mation |
| --- | --- | --- | --- | --- | --- | --- |
| Sale
of its entire interest in Albacora Leste producing field, located in the Campos Basin | Petro
Rio Jaguar Petróleo LTDA (PetroRio), a subsidiary of Petro Rio S.A. | Apr/2022 Jan/2023 | 9,654 | US$
1,928 | 2,953 | a |
| ()
Amount agreed at the signing of the transaction, plus closing price adjustment, when provided for in the contract. | | | | | | |
| (**)
The amount of “Receivables from the sale of assets (Divestments) in the Statement of Cash Flows” is mainly composed of
amounts from the Divestment Program: partial receipt of operations from this year, installments of operations from previous years
and advances referring to operations not completed. | | | | | | |
| ()
Contract value and price adjustments of transactions traded in currencies other than the real. | | | | | | |
| (****)
Recognized in "Results from disposals, write-off of assets and result from the remeasurement of equity interests" - explanatory
note 6 - Other (expenses) income, net. | | | | | | |

a) Sale of Albacora Leste concession

The transaction was closed after the fulfillment of conditions precedent, with the receipt, in cash, of R$ 8,455 (US$ 1,635 million), including price adjustments provided for in the contract, in addition to US$ 292.7 million received at the transaction signing. In addition, Petrobras is expected to receive up to US$ 250 million in contingent payments provided for in the contract, depending on future Brent prices.

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22.3Contingent assets from disposed investments and other transactions

Some disposed assets and other agreements provide for receipts subject to contractual clauses, especially related to the Brent variation in transactions related to E&P assets.

The transactions that may generate gain recognition, accounted for within other income and expenses, are presented below:

| Transaction | Closing
date | At
the closing of the operation US$
million | Asset
recognized in the period from January to March 2023 | | Asset
recognized in previous periods US$
million |
| --- | --- | --- | --- | --- | --- |
| | | | US$
million | R$ | |
| Sales
in previous years | | | | | |
| Riacho
da Forquilha group of fields | December
2019 | 62 | 7 | 34 | 28 |
| Pampo
and Enchova group of fields | July
2020 | 650 | − | − | 180 |
| Baúna
field | November
2020 | 285 | − | − | 132 |
| Frade
field | February
2021 | 20 | − | − | − |
| Ventura
group of fields | July
2021 | 43 | − | − | 43 |
| Miranga
group of fields | December
2021 | 85 | − | − | 55 |
| Cricare
group of fields | December
2021 | 118 | − | − | 22 |
| Peroá
group of fields | August
2022 | 43 | − | − | 10 |
| Papa-Terra
field | December
2022 | 90 | 1 | 3 | 15 |
| Sales
in the period | | | | | |
| Albacora
Leste field | January
2023 | 250 | − | − | − |
| Surplus
volume of the Transfer of Rights Agreement | | | | | − |
| Sepia
and Atapu | April
2022 | 5,244 | 25 | 130 | 693 |
| Total | | | | | |
| Sales
in previous years | | | 33 | 167 | 1,178 |

23 Finance debt

23.1 Balance by type of finance debt

	Consolidated — 03.31.2023	12.31.2022
Banking
Market	6,182	6,705
Capital
Market	15,024	15,108
Development
banks (*)	3,656	3,770
Others	25	19
Total
in Brazil	24,887	25,602
Banking
Market	43,305	43,759
Capital
Market	71,398	73,368
Export
Credit Agency	11,181	12,745
Others	804	812
Total
abroad	126,688	130,684
Total
finance debt	151,575	156,286
Current	20,818	18,656
Noncurrent	130,757	137,630

(*) Includes BNDES, FINAME, and FINEP.

The amount classified in current liabilities is composed of:

	Consolidated — 03.31.2023	12.31.2022
Short-term
debt	32	−
Current
portion of long-term debt	18,332	16,231
Accrued
interest on short and long-term debt	2,454	2,425
Total	20,818	18,656

The capital market balance is mainly composed of R$68,220 in global notes, issued abroad by PGF, R$9,691 in debentures and R$4,570 in book-entry commercial notes, issued in Brazil by Petrobras.

The global notes mature between 2024 and 2115 and do not require collateral. Such financing was carried out in dollars, euros and pounds, being 87%, 2% and 11% of the total global notes, respectively.

The debentures and commercial notes, due between 2024 and 2037 do not require real guarantees and are not convertible into shares or equity interests.

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As of March 31, 2023, there were no defaults, breaches of covenants (breaches) or adverse changes in clauses that resulted in changes in the payment terms of loan and financing agreements. There was no change in the guarantees required in relation to December 31, 2022.

23.2 Changes

	Consolidated — Brazil	Abroad	Total
Balance
at December 31, 2022	25,602	130,684	156,286
Proceeds
from financing	12	251	263
Repayment
of principal (*)	(943)	(1,466)	(2,409)
Repayment
of interest (*)	(614)	(1,935)	(2,549)
Charges
incurred in the period (**)	551	2,264	2,815
Monetary
and exchange variations	279	(151)	128
Cumulative
translation adjustment	−	(2,959)	(2,959)
Balance
at March 31, 2023	24,887	126,688	151,575
	Consolidated
	Brazil	Abroad	Total
Balance
at December 31, 2021	25,209	174,015	199,224
Proceeds
from financing	−	782	782
Repayment
of principal (*)	(749)	(5,423)	(6,172)
Repayment
of interest (*)	(479)	(2,291)	(2,770)
Charges
incurred in the period (**)	516	2,177	2,693
Monetary
and exchange variations	241	(3,891)	(3,650)
Cumulative
translation adjustment	−	(22,288)	(22,288)
Balance
at March 31, 2022	24,738	143,081	167,819
(*)
Includes prepaymments.
(**)Includes
appropriations of goodwill, discounts and associated transaction costs.

In the period from January to March 2023, the Company repaid several finance debts, in the amount of R$ 6,858.

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23.3 Reconciliation with cash flows from financing activities - Consolidated

			2023			2022
			Jan-Mar			Jan-Mar
	Proceeds
from financing	Repayment
of principal	Repayment
of interest	Proceeds
from financing	Repayment
of principal	Repayment
of interest
Changes
in financing	263	(2,409)	(2,549)	782	(6,172)	(2,770)
Debt
reestructuring	−	−	−	−	(134)	−
Related
deposits (*)	−	(1,485)	(415)	−	(1,377)	(252)
Cash
flows from financing activities	263	(3,894)	(2,964)	782	(7,683)	(3,022)
(*)Amounts
deposited for payment of obligations related to financing obtained from the China Development Bank (CDB), with semi-annual settlements
in June and December.

23.4 Summarized information on current and non-current finance debt

| Maturity
in | Consolidated — 2023 | 2024 | 2025 | 2026 | 2027 | 2028
onwards | Total () | Fair
value |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financing
in U.S. Dollars (US$): | 13,888 | 16,457 | 13,047 | 7,763 | 12,523 | 50,866 | 114,544 | 113,505 |
| Floating
rate debt () | 13,086 | 13,612 | 9,823 | 5,808 | 8,838 | 3,312 | 54,479 | |
| Fixed
rate debt | 802 | 2,845 | 3,224 | 1,955 | 3,685 | 47,554 | 60,065 | |
| Average
interest rate (p.a) | 6.5% | 6.4% | 6.0% | 6.3% | 5.9% | 6.6% | 6.5% | |
| Financing
in Brazilian Reais (R$): | 2,394 | 3,818 | 1,161 | 2,316 | 653 | 14,544 | 24,886 | 25,423 |
| Floating
rate debt() | 1,523 | 1,467 | 719 | 719 | 215 | 7,089 | 11,732 | |
| Fixed
rate debt | 871 | 2,351 | 442 | 1,597 | 438 | 7,455 | 13,154 | |
| Average
interest rate (p.a) | 6.5% | 6.7% | 6.4% | 6.2% | 6.4% | 6.5% | 6.5% | |
| Financing
in Euro (€): | 77 | 91 | 1,498 | − | − | 3,025 | 4,691 | 4,481 |
| Fixed
rate debt | 77 | 91 | 1,498 | − | − | 3,025 | 4,691 | |
| Average
interest rate (p.a) | 4.6% | 4.7% | 4.7% | - | - | 4.7% | 4.7% | |
| Financing
in Pound Sterling (£): | 104 | 35 | − | 2,899 | − | 4,416 | 7,454 | 6,925 |
| Fixed
rate debt | 104 | 35 | − | 2,899 | − | 4,416 | 7,454 | |
| Average
interest rate (p.a) | 6.2% | 6.3% | − | 6.2% | − | 6.5% | 6.3% | |
| Total
on March 31, 2023 | 16,463 | 20,401 | 15,706 | 12,978 | 13,176 | 72,851 | 151,575 | 150,334 |
| Average
interest rate (p.a) | 6.4% | 6.4% | 6.0% | 6.2% | 5.9% | 6.6% | 6.5% | − |
| Total
on December 31, 2022 | 18,656 | 20,577 | 16,061 | 13,164 | 15,096 | 72,732 | 156,286 | 155,766 |
| Average
interest rate (p.a) | 6.7% | 6.5% | 6.1% | 6.2% | 6.0% | 6.6% | 6.5% | − |
| (*)The
average maturity of outstanding debt as of March 31, 2023 is 12.02 years (12.07 years as of December 31, 2022). ()
Operation | | | | | | | | |

(**) Operations with variable index plus fixed spread.

(***) Operations with variable index plus fixed spread, as applicable.

As of March 31, 2023, the fair values of financing are mainly determined by using:

Level 1 - prices quoted in active markets, when applicable, in the amount of R$ 65,873 (R$ 68,146, on December 31, 2022); and

Level 2 - cash flow method discounted by the spot rates interpolated from the indexes (or proxies) of the respective financing, observed to the pegged currencies, and by the credit risk of Petrobras, in the amount of R$ 84,461 (R$ 87,620, on December 31, 2022).

Regarding the reform of the reference interest rates (IBOR Reform), the company continues to monitor the pronouncements of the regulatory authorities, as well as the measures that have been adopted, with a view to adapting the various financial instruments to the new benchmarks, and the company expects that the replacement of the reference to LIBOR in current financing agreements is carried out under market conditions, and therefore, it expects that there will be no material impacts when this process is completed. Petrobras and its subsidiaries have debts indexed to Libor (London Interbank Offered Rate), whose value corresponds to approximately 30.9% of its financing.

The sensitivity analysis for financial instruments subject to foreign exchange variation is set out in note 26.3.

A maturity schedule of the Company’s finance debt (undiscounted), including face value and interest payments is set out as follows:

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| Maturity | Consolidated — 2023 | 2024 | 2025 | 2026 | 2027 | 2028
onwards | 03.31.2023 | 12.31.2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Principal | 13,933 | 20,549 | 16,135 | 13,319 | 13,463 | 76,997 | 154,396 | 165,419 |
| Interest | 7,409 | 8,945 | 7,340 | 6,490 | 5,366 | 87,500 | 123,050 | 129,478 |
| Total
() | 21,342 | 29,494 | 23,475 | 19,809 | 18,829 | 164,497 | 277,446 | 294,897 |
| ()The
nominal flow of leases is found in note 24. . | | | | | | | | |

23.5 Lines of credit

| Company | Financial
institution | Date | Maturity | Available (Lines
of Credit) | Used | Balance |
| --- | --- | --- | --- | --- | --- | --- |
| Abroad
(in US$ million) | | | | | | |
| PGT
BV | Syndicate
of banks | 12/16/2021 | 11/16/2026 | 5,000 | − | 5,000 |
| PGT
BV () | Syndicate
of banks | 03/27/2019 | 02/27/2024 | 3,250 | − | 3,250 |
| Total | | | | 8,250 | - | 8,250 |
| In
Brazil | | | | | | |
| Petrobras | Banco
do Brasil | 03/23/2018 | 09/26/2026 | 2,000 | − | 2,000 |
| Petrobras | Banco
do Brasil | 10/04/2018 | 09/05/2025 | 2,000 | − | 2,000 |
| Transpetro | Caixa
Econômica Federal | 11/23/2010 | Not
defined | 329 | − | 329 |
| Total | | | | 4,329 | − | 4,329 |
| ()
In April 2021, PGT extended part of the Revolving Credit Facility. As such, $2,050 million will be available for withdrawal from
February 28, 2024 through February 27, 2026. | | | | | | |

24 Lease liabilities

Changes in lease agreements recognized as liabilities are shown below:

	Consolidated — Brazil	Abroad	Total
Balance
at December 31, 2022	31,411	93,006	124,417
Remeasurement/New
agreements	1,610	1,572	3,182
Payment
of principal and interest	(2,630)	(4,593)	(7,223)
Charges
incurred in the period	583	1,311	1,894
Monetary
and Exchange variation	(391)	(2,389)	(2,780)
Cumulative
translation adjustments	−	(34)	(34)
Balance
at March 31, 2023	30,583	88,873	119,456
Current			28,665
No
Current			90,791

	Consolidated — Brazil	Abroad	Total
Balance
at December 31, 2021	25,695	102,899	128,594
Remeasurement
/ New agreements	2,133	1,618	3,751
Payment
of principal and interest	(1,952)	(4,964)	(6,916)
Charges
incurred in the period	380	1,218	1,598
Monetary
and Exchange variation	(2,067)	(15,017)	(17,084)
Cumulative
translation adjustments	−	(344)	(344)
Balance
at March 31, 2022	24,189	85,410	109,599
Current			25,361
No
Current			84,238

As of March 31, 2023, the value of the lease liability of Petrobras Holding is R$126,659 (R$ 132,160 as of December 31, 2022), including leases and subleases with investee companies, mainly vessels with PNBV and Transpetro.

The nominal flow (not discounted) without considering the projected future inflation in the flows of the lease contracts, by maturity, is presented below:

| Maturity
in | Consolidated — 2023 | 2024 | 2025 | 2026 | 2027 | 2028
onwards | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Nominal
value on March 31, 2023 | 22,513 | 25,169 | 18,367 | 12,800 | 10,885 | 73,156 | 162,890 |
| Nominal
value on December 31, 2022 | 29,797 | 24,115 | 17,640 | 12,492 | 11,071 | 75,646 | 170,761 |

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In certain contracts, there are variable payments and amounts less than 1 year recognized as an expense:

	Consolidated — 2023	2022
	Jan-Mar	Jan-Mar
Variable
payments	1,683	1,308
Up
to 1 year maturity	92	351
Variable
payments x fixed payments	23%	19%

At March 31, 2023, the nominal amounts of lease agreements for which the lease term has not commenced, as they relate to assets under construction or not yet available for use, is R$ 414,321 (R$ 416,962 at December 31, 2022).

The sensitivity analysis of financial instruments subject to exchange variation is presented in note 26.3.

25 Equity

25.1 Share capital

As of March 31, 2023 and December 31, 2022, the subscribed and paid-in capital in the amount of R$205,432 is represented by 13,044,496,930 shares, of which R$117,208 refer to 7,442,454,142 common shares and R$88,224 refer to 5,602,042,788 preferred shares, all registered, book-entry shares and with no par value.

Preferred shares have priority in the case of capital reimbursement, do not guarantee voting rights and are not convertible into common shares.

There are shares owned by Petrobras that are held in treasury in the amount of R$7 (R$7 on December 31, 2022), represented by 295,669 shares, of which 222,760 are common shares and 72,909 are preferred shares.

25.2 Remuneration to shareholders

Dividends for the year 2022

On April 27, 2023, the Annual Shareholders' Meeting approved dividends for the year 2022, in the amount of R$222,560, corresponding to R$17.06202044 per outstanding preferred and common share. This amount includes advance payment to shareholders, monetarily restated by the Selic rate variation from the payment date to December 31, 2022, in the amount of R$186,745, and the additional dividend of R$35,815 which, on December 31, 2022, was highlighted in shareholders' equity as an additional proposed dividend.

Complementary dividends of R$ 35,815, equivalent to R$ 2.74573369 per outstanding preferred and common share, were reclassified from shareholders' equity to liabilities on the date of approval of the Annual Shareholders' Meeting and will be paid in three installments, on May 19, June 16th and December 27th, 2023, updated by the Selic rate from December 31st, 2022 until the date of each payment.

Dividends payable

As of March 31, 2023, there is no balance of dividends payable to the parent company's shareholders, as shown in the movement below.

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| | Parent
Company — 2023 | 2022 |
| --- | --- | --- |
| | Jan-Mar | Jan-Mar |
| Changes
in dividends payable | | |
| Opening
balance | 21,751 | − |
| Payments
made | (21,803) | (2) |
| Monetary
restatement | 156 | − |
| Transfers
to unclaimed dividends | (88) | 2 |
| Withholding
income taxes over interest on capital and monetary restatement | (16) | − |
| Closing
balance | − | − |

On January 19, 2023, Petrobras paid the second installment of anticipated dividends approved by the Board of Directors on November 3, 2022, in the amount of R$ 21,751, net of withholding income taxes over interest on capital. This installment was monetarily restated in R$ 156 based on the SELIC interest rate from December 31, 2022 to the payment date.

Unclaimed dividends

As of March 31, 2023, the balance of dividends not claimed by shareholders of Petrobras is R$ 1,346 (R$ 1,258 on December 31, 2022) recorded as other current liabilities, as described in note 16. The payment of these dividends was not carried out due to the lack of registration data for which the shareholders are responsible with the custodian bank for the Company's shares and with Petrobras.

| | Parent
Company — 2023 | 2022 |
| --- | --- | --- |
| | Jan-Mar | Jan-Mar |
| Changes
in unclaimed dividends | | |
| Opening
balance | 1,258 | 451 |
| Transfers
from dividends payable | 88 | (2) |
| Closing
balance | 1,346 | 449 |

25.3 Earnings per share

| | Consolidated
and Parent Company — 2023 | 2022 |
| --- | --- | --- |
| | Jan-Mar | Jan-Mar |
| Basic
and diluted denominator – Net income attributable to shareholders of Petrobras attributable equally between share classes | | |
| Net
income of the period | | |
| Common | 21,770 | 25,424 |
| Preferred | 16,386 | 19,137 |
| | 38,156 | 44,561 |
| Basic
and diluted denominator - Weighted average number of outstanding shares (number of shares) | | |
| Common | 7,442,231,382 | 7,442,231,382 |
| Preferred | 5,601,969,879 | 5,601,969,879 |
| | 13,044,201,261 | 13,044,201,261 |
| Basic
and diluted earnings per share (R$ per share) | | |
| Common | 2.93 | 3.42 |
| Preferred | 2.93 | 3.42 |

Basic earnings per share are calculated by dividing the net income attributable to shareholders of Petrobras by the weighted average number of outstanding shares during the period.

Diluted earnings per share are calculated by adjusting the net income attributable to shareholders of Petrobras and the weighted average number of outstanding shares during the period taking into account the effects of all dilutive potential shares (equity instrument or contractual arrangements that are convertible into shares).

Basic and diluted earnings are identical as the Company has no potentially dilutive shares.

26 Risk management

The Company presents a sensitivity analysis of factors relating to its corporate risk management process. The possible and remote scenarios are related to events with low and very low probability of occurrence, respectively. The period of application of the sensitivity analysis is one year, except for operations with commodity derivatives, for which a three-month period is applied, due to the short-term nature of these transactions.

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26.1 Derivative financial instruments

The following tables present a summary of the positions held by the company as of March 31, 2023, recognized as other current assets and liabilities, in addition to the amounts recognized in income, other comprehensive income for the period and guarantees given as collateral by nature of the operations:

| | | Statement
of Financial Position | | | |
| --- | --- | --- | --- | --- | --- |
| | | | | Fair
value | |
| | Notional
value | | Asset
Position (Liability) | | Maturity |
| | 03.31.2023 | 12.31.2022 | 03.31.2023 | 12.31.2022 | |
| Derivatives
not designated for hedge accounting | | | | | |
| Future
contracts - total () | 2,514 | 683 | 19 | (209) | |
| Long
position/Crude oil and oil products | 10,521 | 9,058 | − | − | 2023 |
| Short
position/Crude oil and oil products | (8,007) | (8,375) | − | − | 2023 |
| Swap
() | | | | | |
| Long
position/ Soybean oil | 1 | − | − | − | 2023 |
| Short
position/ Soybean oil | (5) | (3) | 2 | (1) | 2023 |
| Forward
contracts | | | | | |
| Long
position/Foreign currency forwards (BRL/USD) () | 1 | 1 | − | − | 2023 |
| Short
position/Foreign currency forwards (BRL/USD) () | (6) | − | 1 | − | 2023 |
| Swap | | | | | |
| Swap
- CDI X IPCA | 3,008 | 3,008 | 95 | (82) | 2029/2034 |
| Foreign
currency / Cross-currency Swap () | US$
729 | US$
729 | (403) | (336) | 2024/2029 |
| Total
recognized in the Statement of Financial Position | | | (286) | (628) | |
| ()
Notional value in thousands of bbl. | | | | | |
| (**)
Notional value in thousands of tons (PBIO operations). | | | | | |
| ()
Amounts in US$ are presented in million. | | | | | |

| | Gains/
(losses) recognized in the statement of income — 2023 Jan-Mar | 2022 Jan-Mar |
| --- | --- | --- |
| Commodity
derivatives | | |
| Other
commodity derivative transactions - Note 26.2 (a) | 410 | (282) |
| Recognized
in Other Income and Expenses | 410 | (282) |
| Currency
derivatives | | |
| Swap
Pounds Sterling x Dollar | − | (158) |
| Swap
CDI x Dollar - Note 26.3 (b) | 79 | 879 |
| Others | (1) | (1) |
| | 78 | 720 |
| Interest
rate derivatives | | |
| Swap
- CDI X IPCA | 35 | (19) |
| | 35 | (19) |
| Cash
flow hedge on exports -Note 26.3 (a) | (5,992) | (7,221) |
| Recognized
in Net finance income (expense) | (5,879) | (6,520) |
| Total | (5,469) | (6,802) |

| | Gains/
(losses) recognized in other comprehensive income — 2023 | 2022 |
| --- | --- | --- |
| | Jan-Mar | Jan-Mar |
| Cash
flow hedge on exports - Note 26.3 (a) | 13,683 | 67,129 |

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| | Guarantees
given (received) as collateral — 03.31.2023 | 12.31.2022 |
| --- | --- | --- |
| Commodity
derivatives | 108 | 499 |
| | 108 | 499 |

A sensitivity analysis of the derivative financial instruments for the different types of market risks as of March 31, 2023 is set out as follows:

| Financial
Instruments | Risk | Consolidated — Probable
Scenario | Possible Scenario | Remote Scenario |
| --- | --- | --- | --- | --- |
| Derivatives
not designated for hedge accounting | | | | |
| Future
and Swap contracts | Crude
oil and oil products - price changes | − | (330) | (660) |
| Future
and Swap contracts | Soy
oil - price changes | − | − | (1) |
| | | − | (330) | (661) |

The probable scenario uses references external to the Company, widely used in the pricing of cargo in the oil, oil products and natural gas market, which take into account the closing price of the asset on March 31, 2023, and therefore, it is considered that there is no variation in the result of open operations in this scenario. The possible and remote scenarios reflect the potential effect on the result of outstanding transactions, considering a variation in the closing price of 20% and 40%, respectively. To simulate the most unfavorable scenarios, the variation was applied to each product group according to the position of open operations: price drop for long positions and high for short positions.

26.2 Risk management of crude oil and oil products prices

Petrobras prefers exposure to the price cycle to the systematic performance of protection of operations of purchase or sale of goods, whose objective is to meet its operational needs, with the use of derivative financial instruments. However, subject to the analysis of the business environment and the prospects for carrying out the Strategic Plan, the execution of an occasional hedging strategy with derivatives may be applicable.

a) Other commodity derivative transactions

Petrobras, using its assets, positions and proprietary and market knowledge from its operations in Brazil and abroad, seeks to capture market opportunities through the purchase and sale of oil and oil products, which can occasionally be optimized with the use of commodity derivative instruments to manage price risk in a safe and controlled manner.

26.3 Foreign exchange risk management

a) Cash Flow Hedge involving the Company’s future exports

The reference values, at present value, of the hedging instruments as of March 31, 2023, in addition to the expectation of reclassification to the statement of income of the balance of exchange variation accumulated in shareholders' equity in future periods, based on a rate of R$/US$ of 5.0804, are shown below:

| Hedging
Instrument | Hedged
Transactions | Nature of
the Risk | Maturity Date | US$ million | R$ |
| --- | --- | --- | --- | --- | --- |
| Foreign
exchange gains and losses on proportion of non-derivative financial instruments cash flows | Foreign
exchange gains and losses of highly probable future monthly exports revenues | Foreign
Currency –
Real vs U.S. Dollar Spot
Rate | From
Apr/2023 to Mar/2033 | 61,711 | 313,516 |

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| Changes
in the present value of hedging instrument (principal and interest) | US$
million | R$ |
| --- | --- | --- |
| Amounts
designated as of December 31, 2022 | 62,119 | 324,121 |
| Additional
hedging relationships designated, designations revoked and hedging instruments re-designated | 6,035 | 31,083 |
| Exports
affecting the statement of income | (1,792) | (9,264) |
| Principal
repayments / amortization | (4,651) | (24,223) |
| Foreign
exchange variation | − | (8,201) |
| Amount
on March 31, 2023 | 61,711 | 313,516 |
| Nominal
value of hedging instrument (finance debt and lease liability) on March 31, 2023 | 71,293 | 362,195 |

In the period from January to March 2023, an exchange loss of R$510 was recognized referring to the ineffectiveness in the exchange variation line (exchange gain of R$125 in the same period in 2022).

Future exports designated as hedged items in cash flow hedge relationships represent, on average, 48.13% of highly probable future exports.

The movement in the exchange variation accumulated in other comprehensive income as of March 31, 2023, to be realized by future exports, is shown below:

| | Exchange
rate variation | Tax
effect | Total |
| --- | --- | --- | --- |
| Balance
at December 31, 2022 | (70,089) | 23,831 | (46,258) |
| Recognized
in Shareholders’ Equity | 7,691 | (2,615) | 5,076 |
| Reclassified
to the statement of income - occurred exports | 5,992 | (2,037) | 3,955 |
| Balance
at March 31, 2023 | (56,406) | 19,179 | (37,227) |
| | Exchange
rate variation | Tax
effect | Total |
| Balance
at December 31, 2021 | (123,622) | 42,034 | (81,588) |
| Recognized
in Shareholders’ Equity | 59,908 | (20,369) | 39,539 |
| Reclassified
to the statement of income - occurred exports | 7,221 | (2,455) | 4,766 |
| Balance
at March 31, 2022 | (56,493) | 19,210 | (37,283) |

Changes in expectations of realization of export prices and volumes in future reviews of business plans may determine the need for additional reclassifications of accumulated exchange variation in shareholders' equity to the statement of income. A sensitivity analysis with an average Brent oil price lower in US$ 10/barrel than considered in the last revision of the Strategic Plan 2023-2027, would not indicate the need to reclassify the exchange variation from the shareholders’ equity to the statement of income.

The annual expectation of realization of the exchange variation balance accumulated in shareholders' equity as of March 31, 2023 is shown below:

| | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029
to 2032 | Total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Expected
realization | (13,703) | (13,959) | (8,453) | (6,911) | (7,710) | (5,052) | (618) | (56,406) |

b) Information on ongoing contracts

As of March 31, 2023, the company has swap contracts - IPCA x CDI and CDI x Dollar outstanding.

Swap contracts – IPCA x CDI and CDI x Dollar

In 2019, Petrobras entered into derivative operations with the objective of protecting itself from exposure arising from the 1st series of the 7th issue of debentures, with IPCA x CDI interest swap operations, maturing in September 2029 and September 2034, and operations of cross-currency swap CDI x Dollar, with maturities in September 2024 and September 2029.

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In July 2022, the first debenture repurchase plan was approved, authorizing the acquisition of these securities to be held in treasury or resold. Until March 31, 2023, only an immaterial amount of this debt was repurchased. The position in derivative contracts of IPCA x CDI and CDI x Dollar remains unchanged.

Changes in future interest rate curves (CDI) may impact the company's results, due to the market value of these swap contracts. In preparing the sensitivity analysis on future interest rate curves, the parallel shock on this curve was estimated based on the average maturity of swaps and the methodology on the horizon of application of sensitivity, presented above. For the possible and remote scenarios, the impacts of variations of 40% (500 BP – basis points) and 80% (1000 BP), respectively, on future interest rate curves were estimated. The effects of this sensitivity analysis, keeping all other variables constant, are shown in the table below:

| | Possible
Result | Remote
Result |
| --- | --- | --- |
| SWAP
foreign currency (IPCA x USD) | (52) | (99) |

The methodology used to calculate the fair value of this swap operation consists of calculating the future value of the operations, using rates agreed in each contract and the projections of the forward curves, IPCA coupon and foreign exchange coupon, discounting to present value using the risk-free rate. Curves are obtained from Bloomberg based on forward contracts traded in stock exchanges.

The mark-to-market is adjusted to the credit risk of the financial institutions, which is not relevant in terms of financial volume, since the Company deals in contracts with highly rated banks.

c) Sensitivity analysis for foreign exchange risk on financial instruments

The scenario considered probable is referenced by an external source, Focus and Thomson Reuters, based on the exchange rate forecast for the close of the next quarter. The possible and remote scenarios have the same references and consider the appreciation of the exchange rate at the end of the quarter (risk) at 20% and 40%, respectively, with the exception of the balances of assets and liabilities in foreign currency of subsidiaries abroad, when carried out in currency equivalent to their respective functional currencies. These analyzes cover only the exchange rate variation and keep all other variables constant.

| Financial
Instruments | Exposure
at 03.31.2023 | Risk | Probable
Scenario () | Reasonably
possible scenario | Remote Scenario |
| --- | --- | --- | --- | --- | --- |
| Assets | 38,160 | Dollar
/ Real | 1,274 | 7,632 | 15,264 |
| Liabilities | (489,286) | | (16,334) | (97,857) | (195,714) |
| Exchange
rate - Cross currency swap | (3,008) | | (100) | (602) | (1,203) |
| Cash
flow hedge on exports | 313,516 | | 10,466 | 62,703 | 125,406 |
| | (140,618) | | (4,694) | (28,124) | (56,247) |
| Assets | 4,841 | Euro
/ Dollar | 151 | 968 | 1,936 |
| Liabilities | (9,522) | | (297) | (1,904) | (3,809) |
| | (4,681) | | (146) | (936) | (1,873) |
| Assets | 7,665 | Pound
Sterling/ Dollar | 149 | 1,533 | 3,066 |
| Liabilities | (14,777) | | (286) | (2,955) | (5,911) |
| | (7,112) | | (137) | (1,422) | (2,845) |
| Assets | 9 | Pound
Sterling / Real | − | 2 | 4 |
| Liabilities | (164) | | (9) | (33) | (66) |
| | (155) | | (9) | (31) | (62) |
| Assets | 22 | Euro
/ Real | 1 | 4 | 9 |
| Liabilities | (65) | | (4) | (13) | (26) |
| | (43) | | (3) | (9) | (17) |
| Total | (152,609) | | (4,989) | (30,522) | (61,044) |
| ()
The probable scenario was computed based on the following risks: Real x U.S. Dollar - a 3,34% depreciation of the Real; Euro
x Dollar: a 3% appreciation of the Euro; Pound Sterling x U.S. Dollar: a 1.88% appreciation of the Pound Sterling; Real x Euro: a
6.5% depreciation of the Real; and Real x Pound Sterling - a 5.3% depreciation of the Real. Source: Focus and Thomson Reuters. | | | | | |

26.4 Interest rate risk management

The company preferentially does not use derivative financial instruments to manage exposure to interest rate fluctuations, as they do not cause material impacts, except in specific situations presented by Petrobras subsidiaries.

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The interest rate risk sensitivity analysis is performed for a 12-month horizon. The values referring to the possible and remote scenarios mean the total floating interest expense in the event of a variation of 40% and 80% in these interest rates, respectively, keeping all other variables constant.

The following table informs, in the probable scenario, the amount to be disbursed by Petrobras with the payment of interest related to debts with floating interest rate on March 31, 2023.

| Risk | Consolidated — Probable
Scenario () | Reasonably
possible scenario | Remote Scenario |
| --- | --- | --- | --- |
| LIBOR
3M | 59 | 77 | 94 |
| LIBOR
6M | 3,292 | 4,609 | 5,926 |
| SOFR
3M () | 353 | 482 | 612 |
| SOFR
6M () | 52 | 73 | 94 |
| CDI | 842 | 1,179 | 1,515 |
| TJLP | 363 | 508 | 653 |
| IPCA | 479 | 670 | 862 |
| | 5,440 | 7,598 | 9,756 |
| ()
The probable scenario was calculated considering the quotations of currencies and floating rates to which the debts are indexed . (**)
Represents the Secured Overnight Funding Rate. | | | |

26.5 Liquidity risk management

The possibility of insufficient cash or other financial assets to settle obligations on the scheduled dates is managed by the company. In Petrobras' individual interim financial information for the period ended March 31, 2023, net working capital was negative, mainly due to transactions with subsidiaries, as per explanatory note 27. In the same period, considering the integrated cash view, the net working capital was positive in the consolidated interim financial information.

The company regularly assesses market conditions and may carry out repurchase transactions of its securities or those of its subsidiaries in the international capital markets, by various means, including repurchase offers, securities redemptions and/or open market operations, provided that they are in line with the company's liability management strategy, which aims to improve the amortization profile and the cost of debt.

26.6 Fair value of financial assets and liabilities

| | Level
I | Level
II | Level
III | Total
fair value recorded |
| --- | --- | --- | --- | --- |
| Assets | | | | |
| Commodity
derivatives | 19 | 2 | − | 21 |
| Foreign
currency derivatives | − | 1 | − | 1 |
| Interest
rate derivatives | − | 95 | − | 95 |
| Balance
at March 31, 2023 | 19 | 98 | − | 117 |
| Balance
at December 31, 2022 | − | − | − | − |
| Liabilities | | | | |
| Foreign
currency derivatives | − | (403) | − | (403) |
| Balance
at March 31, 2023 | − | (403) | − | (403) |
| Balance
at December 31, 2022 | (209) | (419) | − | (628) |

The fair value of other financial assets and liabilities is presented in the respective notes: 3 – Marketable securities; 9 – Trade and other receivables; and 23 – Finance debt (estimated amount).

The fair values of cash and cash equivalents, current debt and other financial assets and liabilities are equivalent or do not differ significantly from their carrying amounts.

27 Related-party transactions

The company has a policy on Transactions with Related Parties that is reviewed and approved annually by the Board of Directors, as provided for in Petrobras' Bylaws.

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The policy also aims to ensure adequate and diligent decision-making by the company's management.

27.1 Commercial transactions per operation with investees (Parent Company)

	03.31.2023 — Current	Non-current	Total	12.31.2022 — Current	Non-current	Total
Assets
Trade
and other receivables
Trade
and other receivables, mainly from sales	25,072	−	25,072	26,388	−	26,388
Dividends
receivable	78	−	78	94	−	94
Amounts
related to construction of gas pipeline	−	786	786	−	820	820
Other
operations	31	206	237	678	200	878
Advances
to suppliers	652	1,880	2,532	614	2,010	2,624
Total	25,833	2,872	28,705	27,774	3,030	30,804
Liabilities
Lease
liabilities (*)	(2,099)	(4,335)	(6,434)	(2,113)	(4,630)	(6,743)
Mutual
operations	(350)	(67,877)	(68,227)	(1,093)	(52,569)	(53,662)
Prepayment
of exports	(86,611)	(195,732)	(282,343)	(76,192)	(231,206)	(307,398)
Accounts
payable to suppliers	(12,687)	−	(12,687)	(13,455)	−	(13,455)
Purchases
of crude oil, oil products and others	(8,828)	−	(8,828)	(9,471)	−	(9,471)
Affreightment
of platforms	(286)	−	(286)	(365)	−	(365)
Advances
from clients	(3,594)	−	(3,594)	(3,614)	−	(3,614)
Other
operations	21	−	21	(5)	−	(5)
Total	(101,747)	(267,944)	(369,691)	(92,853)	(288,405)	(381,258)

(*) Includes amounts referring to lease and sub-lease transactions between investees required by IFRS 16 / CPC 06 (R2) - Leases.

	2023 Jan-Mar	2022 Jan-Mar
Result
Revenues,
mainly sales revenues	29,962	39,383
Foreign
exchange and inflation indexation charges, net (**)	(1,219)	6,009
Finance
income (expenses), net (**)	(6,161)	(5,224)
Total	22,582	40,168
(**)
Includes the amounts of R$ 39 of active exchange variation and R$ 130 of financial expenses related to leasing and subleasing operations
required by IFRS 16 / CPC 06 (R2) (R$ 344 of active exchange variation and R$ 160 of financial expense for the period from January
to March 2022).

27.2 Annual interest rates for loan operations

| | Parent
Company | |
| --- | --- | --- |
| | | Liability |
| | 03.31.2023 | 12.31.2022 |
| De
7.01 to 8% | (55,587) | (53,662) |
| De
8.01 to 9% | (12,640) | − |
| Total | (68,227) | (53.662) |

27.3 Non-standardized credit rights investment fund (FIDC-NP)

The parent company maintains funds invested in the FIDC-NP that are mainly used for the acquisition of performing and / or non-performing credit rights for operations carried out by affiliates. The amounts invested are recorded in accounts receivable.

Assignments of credit rights, performed and not performed, are recorded as financing in current liabilities.

| | Parent
Company — 03.31.2023 | 12.31.2022 |
| --- | --- | --- |
| Accounts
receivable, net | 37,691 | 40,007 |
| Credit
rights assignments | (30,444) | (36,541) |

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	2023 Jan-Mar	2022 Jan-Mar
Financial
Income FIDC-NP	1,285	1,050
Financial
Expenses FIDC-NP	(1,119)	(746)
Net
finance income (expense)	166	304

27.4 Guarantees

Petrobras has the procedure of granting guarantees to its equity interests for certain financial operations carried out in Brazil and abroad. The financial operations carried out by these equity interests and guaranteed by Petrobras present a balance of R$ 109,916 to be settled on March 31, 2023 (R$ 113,815 on December 31, 2022).

The guarantees offered by Petrobras, mainly personal, non-remunerated, are based on contractual clauses that support financial transactions between subsidiaries/controlled companies and third parties, guaranteeing the assumption of compliance with a third party's obligation, if the original debtor fails to do so.

27.5 Transactions with joint ventures, associates, government entities and pension plans

The company does, and expects to continue to do, business in the normal course of various transactions with its joint ventures, affiliates, pension funds, as well as with its controlling shareholder, the Brazilian federal government, which includes transactions with banks and other entities under its control, such as financing and banking services, asset management and others.

Significant transactions resulted in the following balances:

	03.31.2023	Consolidated	12.31.2022
	Asset	Liability	Asset	Liability
Joint
ventures and associates
Petrochemical
companies (associates)	94	35	109	52
Other
associates and joint ventures	379	9	377	111
Subtotal	473	44	486	163
Brazilian
government
Government
bonds	8,669	−	8,812	−
Banks
controlled by the Brazilian Government	64,252	6,436	61,625	8,178
Petroleum
and alcohol account - receivables from the Brazilian Government	3,198	−	3,143	−
Federal
Government (*)	−	1,559	−	7,419
Pré-Sal
Petróleo S.A. – PPSA	−	274	−	296
Others	818	185	306	371
Subtotal	76,937	8,454	73,886	16,264
Petros	396	982	290	1,569
Total	77,806	9,480	74,662	17,996
Current
assets	13,045	2,646	13,583	11,055
Non-current
assets	64,761	6,834	61,079	6,941

(*) Includes lease amounts.

The effect on the result of significant transactions is presented below:

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	2023 Jan-Mar	2022 Jan-Mar
Joint
ventures and associates
State-controlled
gas distributors (*)	−	3,002
Petrochemical
companies	4,618	5,882
Other
associates and joint ventures	45	153
Subtotal	4,663	9,037
Brazilian
government
Government
bonds	275	220
Banks
controlled by the Brazilian Government	33	109
Petroleum
and alcohol account - receivables from the Brazilian Government	55	97
Brazilian
Government	(88)	−
Pré-Sal
Petróleo S.A. – PPSA	(564)	(203)
Others	(200)	61
Subtotal	(489)	284
Petros	(23)	−
Total	4,151	9,321
Revenues,
mainly sales revenues	4,647	9,312
Purchases
and services	8	22
Operating
income and expense	(768)	(463)
Foreign
exchange and inflation indexation charges, net	(221)	65
Finance
income (expenses), net	485	385
Total	4,151	9,321
(*)
In July 2022, the Company disposed its entire interest in Gaspetro.

Liabilities with pension plans of the company's employees and managed by Fundação Petros, which include debt instruments, are presented in note 13.

27.6 Compensation of key management personnel

The total remuneration of the members of the Board of Directors and Executive Board of Petrobras Holding are based on the guidelines established by the Secretariat for Coordination and Governance of State Companies - SEST, of the Ministry of Management and Innovation in Public Services, and by the Ministry of Mines and Energy and are presented below:

Parent Company

| | Jan-Mar/2023 — Officers | Board
Members | Total | Jan-Mar/2022 — Officers | Board
Members | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Wages
and short-term benefits | 3.6 | 0.2 | 3.8 | 3.8 | 0.1 | 3.9 |
| Social
security and other employee-related taxes | 1.0 | − | 1.0 | 1.1 | − | 1.1 |
| Post-employment
benefits (pension plan) | 0.3 | − | 0.3 | 0.3 | − | 0.3 |
| Benefits
due to termination of tenure | 0.3 | − | 0.3 | − | − | − |
| Total
compensation recognized in the statement of income | 5.2 | 0.2 | 5.4 | 5.2 | 0.1 | 5.3 |
| Total
compensation paid () | 5.2 | 0.2 | 5.4 | 6.6 | 0.1 | 6.7 |
| Monthly
average number of members in the period | 9.00 | 11.00 | 20.00 | 9.00 | 11.00 | 20.00 |
| Monthly
average number of paid members in the period | 9.00 | 5.00 | 14.00 | 9.00 | 3.33 | 12.33 |
| ()
Includes the PPP for Administrators in the Executive Board. | | | | | | |

In the period from January to March 2023, the consolidated expense with the total compensation of the company's officers and board members totaled R$ 12.22 (R$ 15.11 in the period from January to March 2022).

The remuneration of the members of the Advisory Committees to the Board of Directors must be considered apart from the global limit of the remuneration established for the administrators, that is, the amounts received are not classified as remuneration of the administrators.

The members of the Board of Directors who participate in the Statutory Audit Committees waive the remuneration of the Board of Directors, as established in art. 38, § 8 of Decree No. 8,945, of December 27, 2016, and were entitled to a total remuneration of R$ 618 thousand in the period from January to March 2023 (R$ 741 thousand, considering social charges). In the period from January to March 2022, the remuneration accrued in the period was R$ 800 thousand (R$ 959 thousand, considering social charges).

On April 27, 2023, the Annual Shareholders' Meeting set the remuneration of the management (Executive Board and Board of Directors) at up to R$44.99 as the global limit of remuneration to be paid in the period between April 2023 and March 2024 (R$ 39.59 in the period between April 2022 and March 2023, fixed on April 13, 2022).

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28 Supplemental information on statement of cash flows

	Consolidated — 2023	2022
	Jan-Mar	Jan-Mar
Amounts
paid/received during the period
Withholding
income tax paid on behalf of third-parties	1,047	845
Transactions
that does not involve cash
Lease	4,798	5,100
Provision/(reversals)
for decommissioning costs	34	54
Use
of tax credits and judicial deposits to pay the contingency	97	3,767

The final balance of cash and cash equivalents, in the statement of cash flows, includes amounts related to assets held for sale, as shown in the reconciliation below:

	Consolidated — 2023	2022
	Jan-Mar	Jan-Mar
Balance
reconciliation at the beginning of the period
Balance
of cash and cash equivalents on the statement of financial position	41,723	58,410
Cash
and cash equivalents classified as assets held for sale	−	72
Cash
and cash equivalents in the Statement of Cash Flow - Opening balance	41,723	58,482
Balance
reconciliation at the end of the period
Balance
of cash and cash equivalents on the statement of financial position	52,277	81,601
Cash
and cash equivalents classified as assets held for sale	−	40
Cash
and cash equivalents in the Statement of Cash Flow - Closing Balance	52,277	81,641

28.1 Reconciliation of Depreciation, depletion and amortization with Statements of Cash Flows

	Consolidated — 2023	2022
	Jan-Mar	Jan-Mar
Depreciation
of Property, plant and equipment	17,850	18,557
Amortization
of Intangible assets	120	93
	17,970	18,650
Depreciation
of right of use - recovery of PIS/COFINS	(199)	(148)
Depreciation,
depletion and amortization in the Statements of Added Value	17,771	18,502
Capitalized
depreciation	(2,585)	(1,898)
Depreciation,
depletion and amortization in the Statements of Cash Flows	15,186	16,604

29 Subsequent events

Sale of Norte Capixaba group of fields

On April 12, 2023, after fulfilling all the conditions precedent, the Company completed the sale of its entire interest (100%) in a set of 4 concessions in onshore production fields, with integrated facilities, located in the state of Espírito Santo, for the company Seacrest Petróleo SPE Norte Capixaba Ltda (Seacrest).

The operation was completed with the receipt of US$ 426.65 million in cash, including price adjustments provided for in the contract. This amount is added to US$ 35.85 million received when the contract was signed. In addition to these amounts, Petrobras expects to receive up to US$ 66 million in contingent payments, depending on future Brent prices.

The result of the operation will be reflected in the interim financial information for the second quarter of 2023.

Remuneration to shareholders

On May 11, 2023, the Board of Directors approved the distribution of remuneration to shareholders in the total amount of R$ 24,700 (R$ 1.893577 per preferred and common shares in circulation), based on the result for the period from January to March 2023, as shown in the table below:

| | Date
of Board of Directors’ approval | Date
of shareholders’ position | Remuneration
to shareholders of Petrobras — Amount
per preferred and common shares (R$) | Amount |
| --- | --- | --- | --- | --- |
| Anticipation
of dividends | 05.11.2023 | 06.12.2023 | 1.224968 | 15,979 |
| Anticipation
of interest on capital | 05.11.2023 | 06.12.2023 | 0.668609 | 8,721 |
| Total
of remuneration to shareholders | | | 1.893577 | 24,700 |

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These dividends and interest on capital will be paid in two equal installments of R$ 12,350, on August 18 and September 20, 2023, being included in the remuneration proposal that will be distributed to shareholders at the end of 2023 year. The amounts will be monetarily restated, according to the Selic rate variation, from the date of effective payment of each installment until the end of the referred fiscal year, on December 31, 2023.

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30 Correlation between the explanatory notes of December 31, 2022 and the ones of March 31, 2023

| Notes
to the Financial Statements | Number
of notes — Annual for
2022 | Quarterly
information for 1Q-23 |
| --- | --- | --- |
| Basis
of preparation and presentation of financial statements | 2 | 1 |
| Summary
of significant accounting policies | 3 | 2 |
| Cash
and cash equivalents and Marketable securities | 7 | 3 |
| Sales
revenues | 8 | 4 |
| Costs
and Expenses by nature | 9 | 5 |
| Other
income and expenses | 10 | 6 |
| Net
finance income (expense) | 11 | 7 |
| Segment
information | 12 | 8 |
| Trade
and other receivables | 13 | 9 |
| Inventories | 14 | 10 |
| Trade
payables | 15 | 11 |
| Taxes | 16 | 12 |
| Employee
benefits (Post-Employment) | 17 | 13 |
| Provisions
for legal proceedings | 18 | 14 |
| Provision
for decommissioning costs | 19 | 15 |
| Other
assets and liabilities | 20 | 16 |
| Property,
plant and equipment | 23 | 17 |
| Intangible
assets | 24 | 18 |
| Exploration
and evaluation of oil and gas reserves | 26 | 19 |
| Collateral
for crude oil exploration concession agreements | 27 | 20 |
| Investments | 29 | 21 |
| Disposal
of Assets and other changes in organizational structure | 30 | 22 |
| Finance
debt | 31 | 23 |
| Leases | 32 | 24 |
| Equity | 33 | 25 |
| Risk
management | 34 | 26 |
| Related-party
transactions | 35 | 27 |
| Supplemental
information on statement of cash flows | 36 | 28 |
| Subsequent
events | 37 | 29 |

The notes to the annual report 2022, which were suppressed in the interim financial statements of March 31, 2023 because they do not have significant changes and / or may not be applicable to interim financial information, are:

| Notes
to the Financial Statements | Number
of notes |
| --- | --- |
| The
Company and its operations | 1 |
| Accounting
estimates | 4 |
| New
standards and interpretations | 5 |
| Capital
management | 6 |
| “Lava
Jato Operation” and the reflects on the Company | 21 |
| Commitment
to purchase natural gas | 22 |
| Impairment | 25 |
| Partnerships
in exploration and production activities | 28 |

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STATEMENT OF DIRECTORS ON INTERIM ACCOUNTING INFORMATION AND REPORT ON THE REVIEW OF QUARTERLY INFORMATION

PETROBRAS

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In compliance with the provisions of items V and VI of article 27 of CVM Resolution 80, of March 29, 2022, the chief executive officer and directors of Petróleo Brasileiro S.A. - Petrobras, a publicly-held corporation, headquartered at Avenida República do Chile, 65, Rio de Janeiro, RJ, registered with the CNPJ under nº 33.000.167 / 0001-01, declare that the financial statements were prepared in accordance with the law or the bylaws and that:

(i)reviewed, discussed and agreed with the Interim Financial Statements of Petrobras for the period ended on March 31, 2023;

(ii) reviewed, discussed and agreed with the conclusions expressed in the report of KPMG Auditores Independentes Ltda., regarding the Interim Financial Statements of Petrobras for the period ended on March 31, 2023.

Rio de Janeiro, May 11, 2023.

| Jean
Paul Terra Prates | Mário
Vinícius Claussen Spinelli |
| --- | --- |
| Chief
Executive Officer | Chief
Governance and Compliance Executive Officer |
| Carlos
José do Nascimento Travassos | Mauricio
Tolmasquim |
| Chief
Engineering, Technology and Innovation Officer | Chief
Energy Transition and Sustainability Officer |
| Clarice
Coppetti | Sergio
Caetano Leite |
| Chief
Corporate Affairs Officer | Chief
Financial and Investor Relations Executive Officer |
| Claudio
Romeo Schlosser | William
França da Silva |
| Chief
Logistics, Commercialization and Markets Executive Officer | Chief
Industrial Processes and Products Officer |
| Joelson
Falcão Mendes | |
| Chief
Exploration and Production Executive Officer | |

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KPMG Auditores Independentes Ltda.

Rua do Passeio, 38 - Setor 2 - 17º andar - Centro

20021-290 - Rio de Janeiro/RJ - Brasil

Caixa Postal 2888 - CEP 20001-970 - Rio de Janeiro/RJ - Brasil

Telefone +55 (21) 2207-9400

www.kpmg.com.br

Report on the review of quarterly information - ITR

(A free translation of the original report in Portuguese, as filed with the Brazilian Securities Commission - CVM, prepared in accordance with the Technical Pronouncement CPC 21 (R1) - Interim Financial Reporting and the international accounting standard IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board - IASB)

To the Board of Directors and Shareholders of

Petróleo Brasileiro S.A. - Petrobras

Rio de Janeiro - RJ

Introduction

We have reviewed the individual and consolidated interim financial information of Petróleo Brasileiro S.A. - Petrobras (“the Company”), identified as Parent Company and Consolidated, respectively, included in the quarterly information form - ITR for the quarter ended March 31, 2023, which comprises the statement of financial position as of March 31, 2023 and the respective statements of income, comprehensive income, changes in shareholders' equity and of cash flows for the three-months period then ended, including the explanatory notes.

Management is responsible for the preparation of the individual and consolidated interim financial information in accordance with the CPC 21 (R1) – Interim Financial Reporting and the IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, such as for the presentation of these information in accordance with the standards issued by the Brazilian Securities Commission - CVM, applicable to the preparation of quarterly information - ITR. Our responsibility is to express our conclusion on this interim financial information based on our review.

KPMG Auditores Independentes Ltda., uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative (“KPMG International”), uma entidade suíça. KPMG Auditores Independentes Ltda., a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

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Scope of the review

We conducted our review in accordance with Brazilian and international standards on reviews of interim financial information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the auditing standards and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34, issued by the IASB , applicable to the preparation of quarterly information - ITR, and presented in accordance with the standards issued by the Brazilian Securities Commission.

Other matters - Statements of added value

The individual and consolidated interim financial information referred to above includes the individual and consolidated statements of added value (DVA) for the three-month period ended at March 31, 2023, prepared under responsibility of Company’s management, and presented as supplementary information for IAS 34 purposes. These statements were submitted to review procedures carried out together with the review of the Company’s interim financial information to conclude that they are reconciled with interim financial information and accounting records, as applicable, and its form and content are in accordance with the criteria defined in CPC 09 - Statement of Added Value. Based on our review, nothing has come to our attention that causes us to believe that those statements were not prepared, in all material respects, in accordance with the criteria set forth in this Standard with respect to the individual and consolidated interim financial information taken as a whole.

Rio de Janeiro, May 11, 2023

KPMG Auditores Independentes Ltda.

CRC SP-014428/O-6 F-RJ

(Original report in Portuguese signed by)

Ulysses M. Duarte Magalhães

Accountant CRC RJ-092095/O-8

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 11, 2023

PETRÓLEO BRASILEIRO S.A–PETROBRAS By: /s/ Sergio Caetano Leite

Sergio Caetano Leite

Chief Financial Officer and Investor Relations Officer

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