Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000664
Chunk: 7

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 7
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industry costs, idle capacity, oil and gas production forecasted by specialized firms, and the relationship between the oil price and
the Brazilian Real/U.S. dollar exchange rate.

The process of projecting Brazilian real/U.S. dollar
exchange rate is based on econometric models that consider long-term assumptions involving observable inputs, such as commodity prices,
country risk, interest rates in the U.S. and the value of the U.S. dollar relative to a basket of foreign currencies (U.S. dollar Index
– USDX).

Changes in the economic environment may result
in changing assumptions and, consequently, the recognition of impairment losses or reversals on certain assets or CGUs. For example, the
Company’s sales revenues and refining margins are directly impacted by Brent price variations, as well as Brazilian Real/U.S. dollar
exchange rate variations, which also impacts our capital and operating expenditures.

Note 25 presents Brent prices and exchange rate
estimates of the Company.

Discount rates

The discount rates used in impairment tests reflect
specific risks associated with the estimated cash flows of the assets or CGUs. For example, changes in the economic and political environment
may result in higher country risk projections, causing increases in the discount rates used in impairment tests, as well as investment
decisions that result in the postponement or interruption of projects considering specific risks related to non-completion or delayed
start of operations.

Note 25 presents the main discount rates applied
in impairment tests.

Estimated proved and probable reserves

Reserves estimates, according to the criteria established
by the ANP/SPE (as set out in note 4.1) are revised at least annually, based on updated geological and production data of reservoirs,
as well as on changes in prices and costs used in these estimates. Revisions may also result from significant changes in the Company’s
strategy for development projects or in the production capacity.

| 10 |

| INDEX |

Although the Company is reasonably certain that
proved reserves will be produced, the timing and amount recovered can be affected by a sort of factors including completion of development
projects, reservoir performance, regulatory aspects and significant changes in long-term oil and gas price levels.

| 4.2.2.Identifying | cash-generating units for impairment 
 testing                              |

A cash-generating unit (CGU) represents the smaller
identifiable group of assets that generate cash inflows, which are largely independent of the cash inflows of other assets or groups of
assets. Identifying CGUs requires management assumptions