Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 47

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 47
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 one processing unit, but that still need to be processed, treated or converted to be available for
sale.

Natural gas is initially processed and its derivatives are
subsequently sold or transferred to thermoelectric plants and refineries, while LNG can be sold or converted into natural gas.

Biofuels mainly comprise the balances of ethanol and biodiesel
inventories.

Materials, supplies and others mainly represent production
inputs and operating materials that will be used in the Company's activities and are stated at average purchase cost, when this does not
exceed replacement cost.

The increase in the balance of inventories in 2024, of R$4,366,
refers mainly to petroleum oil products, reflecting the greater share of imported oil products in inventory formation, the lower volumes
sold in the domestic and foreign markets, the greater production; and the higher costs of imports and raw materials (crude oil), following
the devaluation of the real against the U.S. dollar at the time of inventory formation.

Inventories are presented deducted from losses
to adjust their net realizable value, with these adjustments resulting mainly from fluctuations in international oil and oil product prices,
and when constituted, they are recognized in the income statement for the year as costs of products and services sold. On December 31,
2024, there was a reversal of the provision for losses of R$214 (R$40 on December 31, 2023).

At December 31, 2024, the Company had pledged crude oil and
oil products volumes as collateral for the Term of Financial Commitment (TFC) related to Pension Plans PPSP-R, PPSP-R Pre-70 and PPSP-NR
Pre-70 signed by Petrobras and Fundação Petrobras de Seguridade Social – Petros Foundation in 2008, in the
estimated amount of R$ 4,712 (R$ 4,773 on December 31, 2023).

Accounting policy for inventories

Inventories are determined by the weighted average
cost method adjusted to the net realizable value when it is lower than their carrying amount.

Net realizable value is the estimated selling price
of inventory in the ordinary course of business, less estimated cost of completion and estimated expenses to complete its sale, considering
the purpose for which the inventories are held. Inventories with identifiable sales contracts have a net realizable value based on the
contracted price, as, for example, in offshore operations (without physical tanking