Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 34

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 34
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 |                        |
| Exports                                   |                             17,434 |                            16,622 |                 34,056 |
| Total                                     |                            317,236 |                           225,636 |                542,872 |

Revenues are recognized once goods are transferred
and services are provided to the customers and their measurement and timing of recognition will be subject to future demands, changes
in commodities prices, exchange rates and other market factors.

The table above does not include information on
contracts with original expected duration of less than one year, such as spot-market contracts, variable considerations which are constrained,
and information on contracts only establishing general terms and conditions (Master Agreements), for which volumes and prices will only
be defined in subsequent contracts.

In addition, electricity sales are mainly driven by demands
to generate electricity from thermoelectric power plants, as and when requested by the Brazilian National Electric System Operator (ONS).
These requests are substantially affected by Brazilian hydrological conditions. Thus, the table above presents mainly fixed amounts for
the electricity to be available to customers in these operations.

| 9.3. | Contract liabilities |

The balance of contract liabilities carried on
the statement of financial position in 2024 amounted to R$ 397 (R$ 558 in 2023). This amount is classified as other current liabilities
and primarily comprises advances from customers in ship and take or pay contracts to be recognized as revenue based on future sales of
natural gas or following the non-exercise of the right by the customer

Accounting policy for revenues

The Company evaluates contracts with customers
for the sale of oil and oil products, natural gas, electricity, services and other products, which will be subject to revenue recognition,
and identifies the distinct goods and services promised in each of them.

Sales revenues are recognized when control is transferred
to the client, which usually occurs upon delivery of the product or when the service is provided. At this moment, the Company satisfies
the performance obligation.

Performance obligations are considered to be promises
to transfer to the client: (i) good or service (or group of goods or services) that is distinct; and (ii) a series of distinct goods or
services that have the same characteristics or are substantially the same and that have the same pattern of transfer to the client.

Revenue is measured based on the amount of consideration
to which the Company expects to be entitled in exchange for transfers of promised goods or services to the customer, excluding amounts
collected on behalf of third parties.