Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000664
Chunk: 128

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 128
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 | Probable scenario | Reasonably possible scenario |
| Derivatives not designated for hedge accounting |                                     |                   |                              |
| Crude oil and oil products - price changes      | Future and forward contracts (Swap) | −                 |                         -148 |
| Soybean oil - price changes                     | Future and forward contracts (Swap) | −                 |                            - |
| Foreign currency - depreciation BRL x USD       | Forward contracts                   | −                 |                           -2 |
|                                                 |                                     | −                 |                         -150 |

The positions with commodity derivatives are presented
in note 33.3.

| 33.4.3. | 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 interests on debts linked to floating rates as of December
31, 2024. The reasonably possible scenario represents the disbursement if there is a 40% change on these rates, keeping all other variables
constant.

| 104 |

| INDEX |

| Risk                                                                |     | Sensitivity effect on the results | Reasonably possible 
            scenario |
| Finance debt                                                        |     |                                   |                     |
| SOFR 3M (1)                                                         |     |                                93 |                 120 |
| SOFR 6M (1)                                                         |     |                                90 |                 106 |
| SOFR O/N (1)                                                        |     |                               140 |                 195 |
| CDI                                                                 |     |                               401 |                 562 |
| TR                                                                  |     |                                 5 |                   6 |
| TJLP                                                                |     |                                52 |                  73 |
| IPCA                                                                |     |                                68 |                  95 |
|                                                                     |     |                               849 |               1,157 |
| (1) It represents the Secured Overnight Financing Rate (note 24.4). |     |                                   |                     |

| 33.5. | 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