Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000664
Chunk: 28

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 28
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 commodities prices, exchange rates and other market factors.

The table above does not include information on
contracts with original expected duration of less than one year, such as spot-market contracts, variable considerations which are constrained,
and information on contracts only establishing general terms and conditions (Master Agreements), for which volumes and prices will only
be defined in subsequent contracts.

In addition, electricity sales are mainly driven
by demands to generate electricity from thermoelectric power plants, as and when requested by the Brazilian National Electric System Operator
(ONS). These requests are substantially affected by Brazilian hydrological conditions. Thus, the table above presents mainly fixed amounts
for the electricity to be available to customers in these operations.

| 9.3. | Contract liabilities |

The balance of contract liabilities carried on
the statement of financial position in 2024 amounted to US$ 64 (US$ 115 in 2023). This amount is classified as other current
liabilities and primarily comprises advances from customers in ship and take or pay contracts to be recognized as revenue based on future
sales of natural gas or following the non-exercise of the right by the customer.

Accounting policy for revenues

The Company evaluates contracts with customers
for the sale of oil and oil products, natural gas, electricity, services and other products, which will be subject to revenue recognition,
and identifies the distinct goods and services promised in each of them.

Sales revenues are recognized when control is transferred
to the client, which usually occurs upon delivery of the product or when the service is provided. At this moment, the Company satisfies
the performance obligation.

Performance obligations are considered to be promises
to transfer to the client: (i) good or service (or group of goods or services) that is distinct; and (ii) a series of distinct goods or
services that have the same characteristics or are substantially the same and that have the same pattern of transfer to the client.

Revenue is measured based on the amount of consideration
to which the Company expects to be entitled in exchange for transfers of promised goods or services to the customer, excluding amounts
collected on behalf of third parties. Transaction prices are based on contractually stated prices, which reflect the Company's pricing
methodologies and policies based on market parameters.

Invoicing occurs in periods very close to deliveries
and rendering of services, therefore, significant changes in transaction prices are not expected to be recognized in revenues for periods
subsequent to satisfaction of the performance obligation, except for some exports in which final price formation occurs