Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 148

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 148
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 exports designated as hedged in cash flow hedge relationships
represent, on average, 69.11% of highly probable future exports.

A roll-forward schedule of cumulative foreign exchange losses
recognized in shareholders’ equity to be realized by future exports is set out below:

|                                                            |    2024 |    2023 |
| Opening balance                                            | -28,833 | -70,089 |
| Recognized in shareholders’ equity                         | -85,507 |  22,410 |
| Reclassified to the statement of income - occurred exports |  16,246 |  18,846 |
| Other comprehensive income (loss)                          | -69,261 |  41,256 |
| Closing balance                                            | -98,094 | -28,833 |

Additional hedging relationships may be revoked or additional
reclassification adjustments from equity to the statement of income may occur as a result of changes in forecasted export prices and export
volumes following a revision of the Company’s strategic plan. Based on a sensitivity analysis considering a US$ 10/barrel decrease
in Brent prices stress scenario, when compared to the Brent price projections in the Business Plan 2025-2029, would not indicate a reclassification from
equity to the statement of income.

A schedule of expected reclassification of cumulative foreign
exchange losses recognized in other comprehensive income to the statement of income as of December 31, 2024, is set out below:

|                      |    2025 |    2026 |    2027 |    2028 |    2029 | 2030 onwards | Consolidated Total |
| Expected realization | -17,672 | -18,118 | -18,338 | -14,302 | -11,632 |      -18,032 |            -98,094 |

Accounting policy for hedge accounting

At inception of the hedge relationship, the Company documents
its objective and strategy, including identification of the hedging instrument, the hedged item, the nature of the hedged risk and evaluation
of hedge effectiveness requirements.

Considering the natural hedge and the risk management strategy,
the Company designates hedging relationships to account for the effects of the existing hedge between a foreign exchange gain or loss
from proportions of its long-term debt obligations (denominated in U.S. dollars) and foreign exchange gain or loss of its highly probable
U.S. dollar denominated future exports revenues, so that gains or losses associated with the hedged transaction