Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 15

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 15
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18 |

| NOTES TO THE FINANCIAL STATEMENTSPETROBRAS(In millions of reais, unless otherwise indicated) |

The sensitivity analysis of discount rates and
other information on provision for decommissioning costs are presented in note 20.

| 4.7. | Sources of estimation uncertainty 
 related to leases                 |

The Company uses incremental borrowing rates to
determine the present value of the lease payments, when the interest rate implicit in the lease cannot be readily determined.

The determination of incremental rates requires
estimates based on corporate funding rates (obtained from the yields on bonds issued by Petrobras), which take into account the risk-free
rate and the Company's credit risk premium, adjusted to reflect the specific conditions and characteristics of the lease, such as the
risk of the country's economic environment, guarantees, currency and duration of the payment flow.

The present value of lease liabilities is determined
based on the incremental rates estimated at the start date of each lease. Therefore, even in cases where lease agreements have similar
characteristics, their cash flows may be discounted at significantly different incremental rates depending on the Company's corporate
funding rates on the start date of each lease.

Note 31 presents information on lease arrangements
by class of underlying assets.

| 4.8. | Sources of estimation uncertainty                                            
 related to cash flow hedge accounting involving the Company’s future exports |

The Company determines its “highly probable
future exports” based on its current Business Plan and on short-term estimates on a monthly basis. The highly probable future exports
are determined by a percentage of projected exports revenues.

The estimate of the amount of highly probable future
exports considers future uncertainty regarding the Brent oil prices, oil production and demand for products in a model which optimizes
the Company's operations and investments, in addition to considering the historical profile of exported volume in relation to total oil
production.

As described in note 33.4.1, foreign exchange gains
and losses relating to the effective portion of hedging instruments are recognized in other comprehensive income and reclassified to the
statement of income within finance income (expense) in the periods when the hedged item affects the statement of income. However, if future
exports for which foreign exchange gains and losses hedging relationship has been designated is no longer expected to occur, any related
cumulative foreign exchange gains or losses that have been recognized in other comprehensive income from the date the hedging relationship
was designated to the date the Company revoked the designation is immediately recycled