Company: PBR
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001292814-25-002051
Chunk: 38

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 38
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 forward contracts (Swap) | −                 |                          -88 |
| Foreign currency - depreciation BRL x USD       | Forward contracts                   | −                 |                           -1 |
|                                                 |                                     | −                 |                          -89 |

The positions with commodity derivatives are presented
in note 26.3.

| 43 |

| 26.4.3. | Interest rate risk management |

The Company considers that interest rate risk does
not create a significant exposure and therefore, preferably does not use derivative financial instruments to manage interest rate risk,
except for specific situations faced by certain subsidiaries of Petrobras.

In this sensitivity analysis, the probable scenario
represents the amounts to be disbursed by Petrobras relating to the payment of interest on debts linked to floating rates as of March
31, 2025. The reasonably possible scenario represents the disbursement if there is a 40% change on these rates, keeping all other variables
constant.

| Risk                                                    |     | Sensitivity effect on the results | Reasonably possible 
            scenario |
| SOFR 3M (1)                                             |     |                                89 |                 115 |
| SOFR 6M (1)                                             |     |                                74 |                  88 |
| SOFR O/N (1)                                            |     |                               140 |                 196 |
| CDI                                                     |     |                               517 |                 723 |
| TR                                                      |     |                                 4 |                   6 |
| TJLP                                                    |     |                                59 |                  82 |
| IPCA                                                    |     |                                70 |                  98 |
|                                                         |     |                               953 |               1,308 |
| (1) It represents the Secured Overnight Financing Rate. |     |                                   |                     |

| 26.5. | Liquidity risk management |

The possibility of a shortage of cash to settle
the Company’s obligations on the agreed dates is managed by the Company. The Company mitigates its liquidity risk by defining reference
parameters for treasury management and by periodically analyzing the risks associated to the projected cash flow, quantifying its main
risks through Monte Carlo simulations. These risks include oil prices, exchange rates, gasoline and diesel international prices, among
others. In this way, the Company is able to predict cash needs for its operational continuity and for the execution of its business plan.

Management believes that its current working capital
is sufficient for the Company's present requirements. In the event that the Company presents negative