Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000664
Chunk: 125

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 125
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 income.

Whenever a portion of future exports for a certain
period, for which their foreign exchange gains and losses hedging relationship has been designated is no longer highly probable, the Company
revokes the designation and the cumulative foreign exchange gains or losses that have been recognized in other comprehensive income remain
separately in equity until the forecast exports occur.

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 from other comprehensive income to the statement of income.

| 102 |

| INDEX |

In addition, when a financial instrument designated
as a hedging instrument expires or settles, the Company may replace it with another financial instrument in a manner in which the hedge
relationship continues to occur. Likewise, whenever a hedged transaction effectively occurs, its financial instrument previously designated
as a hedging instrument may be designated for a new hedge relationship.

Gains or losses relating to the ineffective portion
are immediately recognized in finance income (expense). Ineffectiveness may occur as hedged items and hedge instruments have different
maturity dates and due to discount rate used to determine their present value.

| b) | Derivative financial instruments    
 not designated for hedge accounting |

In September 2019, Petrobras contracted a cross-currency
swap aiming to protect against exposure arising from the 7th issuance of debentures, for IPCA x CDI operations, maturing in September
2029 and September 2034, and US$ 240 for CDI x U.S. Dollar operations, maturing in September 2024 and September 2029. In September
2024, the notional amount of the matured cross-currency swap was US$ 241.

The methodology used to calculate the fair value
of this swap operation consists of calculating the future value of the operations, using rates agreed in each contract and the projections
of the interest rate curves, IPCA coupon and foreign exchange coupon, discounting to present value using the risk-free rate. Curves are
obtained from Bloomberg based on forward contracts traded in stock exchanges.

The mark-to-market is adjusted to the credit risk
of the financial institutions, which is not relevant in terms of financial volume, since the Company makes contracts with highly rated
banks.

Changes in interest rate forward curves (CDI interest