Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000664
Chunk: 23

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 23
---
 assessment made, the Company estimates that there will be no significant effects arising from the initial application
on its consolidated financial statements.

In relation to the amendments effective as of January
1, 2026, the Company is assessing the effects that they will have on its consolidated financial statements.

| 20 |

| INDEX |

| 7. | Capital Management |

The Company’s objective in its capital management
is to maintain its capital structure at an adequate level in order to continue as a going concern, maximizing value to shareholders and
investors. In 2023 and 2022, its main source of funding was cash provided by its operating activities.

The financial strategy of the Strategic Plan 2025-2029
(“Strategic Plan”) is focused on:

| • | cash generation greater than investments and financial 
 liabilities;                                           |

| • | high-return investments approved by management only                                                      
 when a positive net present value is expected when using a brent oil price scenario of US$45 per barrel; |

| • | efficient and more flexible capital structure, with 
 low leverage in challenging scenarios; and          |

| • | distribution of dividends according to the current                                
 shareholders remuneration policy, with the possibility of extraordinary payments. |

For the gross debt (composed of current and non-current
finance debt and lease liability) the ceiling target was increased to US$ 75,000, converging to US$ 65,000 in the long-term.

As of December 31, 2024, gross debt decreased to
US$ 60,311, from US$ 62,600 as of December 31, 2023, remaining within the range defined in the Company’s Strategic Plan.

This measure is not defined according to the International
Financial Reporting Standards - IFRS and should not be considered in isolation or as a replacement for debt metrics under the IFRS, nor
should it be used as a basis for comparison with the indicators of other companies.

| 8. | Cash and cash equivalents and 
 marketable securities         |

| 8.1. | Cash and cash equivalents |

They include cash, available bank deposits and
short-term financial investments with high liquidity, which meet the definition of cash equivalents.

|                                                                                 | 12.31.2024 | 12.31.2023 |
| Cash at bank and in hand                                                        |        136 |        103 |
| Short-term financial investments                                                |            |            |
| - In Brazil                                                                     |            |