Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000664
Chunk: 146

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 146
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| In 2023, we standardized the conversion between gas and oil equivalent to 5,614.65 ft3 = 1 boe, which is equivalent to the conversion used in contracts in Brazil. Quantities from previous years were restated with the new conversion.                                                        |           |             |                   |

| 120 |

| INDEX |

(v) Standardized measure of discounted future net cash flows relating to proved oil and gas quantities and changes therein

The standardized measure of discounted future net
cash flows, related to the above proved oil and gas reserves, is calculated in accordance with the requirements of Codification Topic
932 – Extractive Activities – Oil and Gas.

Estimated future cash inflows from production in
Brazil are computed by applying the average price during the 12-month period prior to the ending date of the period covered by the report,
determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are
defined by contractual arrangements, excluding escalations based upon future conditions. Future price changes are limited to those provided
by contractual arrangements existing at the end of each reporting year. Future development and production costs are those estimated future
expenditures necessary to develop and produce year-end estimated proved reserves based on current costs, including abandonment costs,
assuming continuing economic conditions. Estimated future income taxes (including future social contributions on net income - CSLL) are
calculated by applying appropriate year-end statutory tax rates. The amounts presented as future income taxes expenses reflect allowable
deductions considering statutory tax rates. Discounted future net cash flows are calculated using 10% mid-period discount factors. This
discounting requires a year-by-year estimate of when the future expenditures will be incurred and when the reserves will be produced.

The valuation prescribed under Codification Topic
932 – Extractive Activities – Oil and Gas requires assumptions as to the timing and amount of future development and production
costs. The calculations are made as of December 31 each year and should not be relied upon as an indication of Petrobras’ future
cash flows or the value of its oil and gas reserves.

| 121 |

| INDEX |

Standardized measure of discounted future net cash flows:

|                                                                           |          |         | Consolidated entities |    Equity 
    Method 
 Investees |
|                                                                           |          |  Abroad |                       |           |
|                                                                           |   Brazil |   South 
 America |                 Total |           |
| December 31