Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 146

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 146
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 social contribution |  33,353 |                                                                  9,804 |
| Total                                                 | -64,741 |                                                                -19,029 |

| 33.4. | Market risks |

| 33.4.1. | Foreign exchange risk management |

By managing its foreign exchange risk, the Company takes into
account the cash flows derived from its operations as a whole. This concept is especially applicable to the risk relating to the exposure
of the Brazilian Real against the U.S. dollar, in which future cash flows in U.S. dollar, as well as cash flows in Brazilian Real affected
by the fluctuation between both currencies, such as cash flows derived from diesel and gasoline sales in the domestic market, are assessed
in an integrated manner.

Accordingly, the financial risk management mainly involves
structured actions encompassing the business of the Company.

Changes in the Real/U.S. dollar spot rate, as well as foreign
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 33.4.1(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 33.3.

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
proport