Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000664
Chunk: 122

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 122
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 exchange variation of the Real against other foreign currencies, may affect net income and the statement of financial position
due to the exposures in foreign currencies, such as high probable future transactions, monetary items and firm commitments.

The Company seeks to mitigate the effect of potential
variations in the Real/U.S. dollar spot rates mainly raising funds denominated in U.S. dollars, aiming at reducing the net exposure between
obligations and receipts in this currency, thus representing a form of structural protection that takes into account criteria of liquidity
and cost competitiveness.

Foreign exchange variation on future exports denominated
in U.S. Dollar in a given period are efficiently hedged by the U.S. dollar debt portfolio taking into account changes in such portfolio
over time. Cash flow hedge involving the Company’s future exports are presented in note 34.4.1(a).

The foreign exchange risk management strategy may
involve the use of derivative financial instruments to hedge certain liabilities, mitigating foreign exchange rate risk exposure, especially
when the Company is exposed to a foreign currency in which no cash inflows are expected. The positions with exchange rate derivatives
are presented in note 34.3.

In the short-term, the foreign exchange risk is
managed by applying resources in cash or cash equivalent denominated in Brazilian Real, U.S. dollar or in another currency.

| a) | Cash Flow Hedge involving the 
 Company’s future exports      |

The Company uses hedge accounting for the risk
arising from exchange rate variations of “highly probable future exports” (hedged item) by means of foreign exchange rate
variations of proportions of certain obligations denominated in U.S. dollars (hedging instruments).

The carrying amounts, the fair value as of December
31, 2024, and a schedule of expected reclassifications to the statement of income of cumulative losses recognized in other comprehensive
income (shareholders’ equity) based on a US$ 1.00 / R$ 6.1923 exchange rate are set out below:

|                                                                                                    |                                                                                      | Present value of hedging instrument notional 
 value at                                     
 12.31.2024                                   |                               |             |            |
| Hedging Instrument                                                                                 | Hedged Transactions                                                                  | Nature                                       
 of the Risk                                  | Maturity                      
 Date                          | US$ million | R$ million |
| Foreign exchange gains and losses on proportion of non-derivative financial instruments cash flows | Foreign exchange gains and losses of highly probable future monthly exports revenues | Foreign Currency