Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000660
Chunk: 17

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 17
---
 3.2 |    5.6 |    2.5 |    5.6 |              -0.7 |        -3.1 |        -3.1 |
| Refining cost (US$ / barrel) - Brazil                                                                                      |   2.48 |   2.84 |   2.75 |   2.65 |   2.38 |             -12.7 |        -9.8 |        11.3 |
| Price of basic oil products - Domestic Market (US$/bbl)                                                                    |  83.30 |  88.10 | 104.30 |  89.57 | 101.05 |              -5.4 |       -20.1 |       -11.4 |
| (1) Changes in EBITDA and ROCE margins in percentage points.                                                               
 (2) Number for 3Q24 and 4Q23 revised due to the reclassification of fertilizer                                             
 assets that left G&EBC and were migrated to RTC in 2023 and, until then, were not fully reflected in the ROCE calculation. |        |        |        |        |        |                   |             |             |

In 2024, the gross profit was
US$ 2.7 billion lower than in 2023, reflecting a deterioration in the external environment with the reduction of international margins
in the refining segment. Adjusting for the effect of inventory turnover of US$ 1.6 billion in 2024 and US$ 0.5 billion in 2023, the gross
profit would have been US$ 4.9 billion in 2024 and US$ 9.6 billion in 2023.

The sales volume was lower, mainly
for diesel, due to the increase in imports by third parties, primarily from Russia, and the rise in the mandatory blending content of
biodiesel in type B diesel and gasoline, reflecting the recovery of hydrated ethanol's share compared to C gasoline in flex-fuel vehicles.

The operating income in 2024 was
lower than in 2023, reflecting the reduction in gross profit, partially offset by lower operating expenses, mainly due to reduced selling
expenses resulting from the lower volume.

In 2024, the refining cost in
dollars per barrel was 11% higher than in 2023. This was mainly due to higher personnel expenses related to the collective labor agreement
and increased