Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 9

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 9
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tends to continue being driven by market supply and demand fundamentals.

Brent prices and exchange rate projections are
derived from the Strategic Plan and are consistent with market evidence, such as independent macro-economic forecasts, industry analysts
and experts. Backtesting analysis and feedback processes in order to continually improve forecast techniques are also performed.

The Company’s oil price forecast model is
based on a nonlinear relationship between variables reflecting market supply and demand fundamentals. This model also takes into account
other relevant factors, such as the effects of the Organization of the Petroleum Exporting Countries (OPEC) decisions on the oil market,
industry costs, idle capacity, oil and gas production forecasted by specialized firms, and the relationship between the oil price and
the Brazilian Real/U.S. dollar exchange rate.

The process of projecting Brazilian Real/U.S. dollar
exchange rate is based on econometric models that consider long-term assumptions involving observable inputs, such as commodity prices,
country risk, interest rates in the United States and the value of the U.S. dollar relative to a basket of foreign currencies (U.S. Dollar
Index – USDX).

Changes in the economic environment may result
in changing assumptions and, consequently, the recognition of impairment losses or reversals on certain assets or CGUs. For example, the
Company’s sales revenues and refining margins are directly impacted by Brent price variations, as well as Brazilian Real/U.S. dollar
exchange rate variations, which also impacts our capital and operating expenditures.

Note 25 presents Brent prices and exchange rate
estimates adopted by the Company.

| 15 |

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

Discount rates

The discount rates used in impairment tests reflect
specific risks associated with the estimated cash flows of the assets or CGUs. For example, changes in the economic and political environment
may result in higher country risk projections, causing increases in the discount rates used in impairment tests, as well as investment
decisions that result in the postponement or interruption of projects considering specific risks related to non-completion or delayed
start of operations.

Note 25 presents the main discount rates applied
in impairment tests.

Estimated proved and probable reserves

Reserves estimates, according to the criteria established
by the ANP/SPE (as set out in note 4.1) are revised at least annually, carried out based on the re-evaluation of pre-existing data and/or
new information available related to the production and geology of