Company: PBR
Filing Date: 2025-11-07
Form Type: 6-K
Source: 0001292814-25-003845
Chunk: 59

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-11-07
Form: 6-K
Chunk 59
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 uses market references, used
in pricing models for oil, oil products and natural gas markets, and takes into account the closing price of the asset on September 30,
2025. Therefore, no effect is considered arising from outstanding operations in this scenario. The reasonably possible scenario reflects
the potential effects on the statement of income from outstanding transactions, considering a variation in the closing price of 20%. To
simulate the most unfavorable scenarios, the variation was applied to each asset according to open transactions: price decrease for long
positions and increase for short positions.

| Financial Instruments                           | Risk                                | Probable scenario | Reasonably possible scenario |
| Derivatives not designated for hedge accounting |                                     |                   |                              |
| Crude oil and oil products - price changes      | Future and forward contracts (Swap) | −                 |                         -537 |
| Soybean oil - price changes                     | Option                              | −                 |                           -3 |
| Foreign currency - depreciation R$ x US$        | Forward contracts                   | −                 |                           -9 |
|                                                 |                                     | −                 |                         -549 |

The positions with commodity derivatives are presented
in note 26.3.

| 26.4.3 | Interest rate risk management |

The Company considers that interest rate risk does
not create significant exposure and, therefore, preferably does not use derivative financial instruments to manage interest rate risk,
except for specific situations faced by certain subsidiaries of Petrobras.

In this sensitivity analysis, the probable scenario
represents the amounts to be disbursed by Petrobras relating to the payment of interest on debts linked to floating rates as of September
30, 2025. The reasonably possible scenario represents the disbursement if there is a 40% change on these rates, keeping all other variables
constant.

| Risk                                                    |     | Probable scenario | Reasonably possible 
            scenario |
| CDI                                                     |     |             3,893 |               5,450 |
| SOFR 3M (1)                                             |     |               639 |                 823 |
| SOFR 6M (1)                                             |     |               347 |                 409 |
| SOFR O/N (1)                                            |     |               415 |                 581 |
| IPCA                                                    |     |               552 |                 773 |
| TJLP                                                    |     |               342 |                 478 |
| LPR 12M (2)                                             |     |                77 |