Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 150

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 150
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 rate used to determine their present value.

b)Derivative financial instruments not
designated for hedge accounting

In 2019, Petrobras contracted derivative transactions with
the objective of protecting itself from exposure arising from the 1st series of the 7th debenture issue, with IPCA x CDI interest rate
swap transactions, maturing in September 2029 and September 2034, and CDI x Dollar cross-currency swap transactions, maturing in September
2024 and September 2029. In September 2024, the notional value of the matured cross-currency swap was US$ 241 million.

The methodology used to calculate the fair value of this swap
operation consists of calculating the future value of the operations, using rates agreed in each contract and the projections of the interest
rate curves, IPCA coupon and foreign exchange coupon, discounting to present value using the risk-free rate. Curves are obtained from
Bloomberg based on forward contracts traded in stock exchanges.

The mark-to-market is adjusted to the credit risk of the financial
institutions, which is not relevant in terms of financial volume, since the Company makes contracts with highly rated banks.

Changes in interest rate forward curves (CDI interest rate)
may affect the Company's results, due to the market value of these swap contracts. In preparing a sensitivity analysis for these curves,
a parallel shock was estimated based on the average maturity of these swap contracts, in the scope of the Company’s Risk Management
Policy, which resulted in a 618 basis points effect on the estimated interest rate. The effect of this sensitivity analysis, keeping all
other variables constant, is shown in the following table:

| Financial Instruments | Consolidated                 
 Reasonably Possible scenario |     |
| SWAP CDI x USD        |                              | -62 |

c) Sensitivity analysis for foreign exchange
risk on financial instruments

The sensitivity analysis only covers the exchange rate variation
and maintains all other variables constant. The probable scenario is referenced on external sources like Focus bulletin and Thomson Reuters,
making use of the exchange rate forecast for the end of the following year, as follows:

| · |     | U.S. dollar x real - a 3.15% appreciation of the real; |

| 104 |

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

| · |     | Euro x U.S. dollar - a 1.03% depreciation of the euro