Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 149

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 149
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 (the highly probable future
exports) and the hedging instrument (debt obligations) are recognized in the statement of income in the same periods.

Foreign exchange gains and losses on proportions of debt obligations
and lease liability (non-derivative financial instruments) have been designated as hedging instruments.

| 103 |

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

The highly probable future exports for each month are hedged
by a proportion of the debt obligations with an equal US dollar nominal amount. Only a portion of the Company’s forecast exports
are considered highly probable.

The Company’s future exports are exposed to the risk
of variation in the Brazilian Real/U.S. dollar spot rate, which is offset by the converse exposure to the same type of risk with respect
to its debt denominated in U.S. dollar.

The hedge relationships are assessed on a monthly basis and
they may cease and may be re-designated in order to achieve the risk management strategy.

Foreign exchange gains and losses relating to the effective
portion of such hedges are recognized in equity, within 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.

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.

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