At June 30, 2022 and report on review of Quarterly Information

(A free translation of the original in Portuguese)

INDEX

PETROBRAS

Parent Company Interim Accounting Information / Statement of Financial Position - Assets 3
Parent Company Interim Accounting Information / Statement of Financial Position - Liabilities 4
Parent Company Interim Accounting Information / Statement of Income 5
Parent Company Interim Accounting Information / Statement of Comprehensive Income 6
Parent Company Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2022 to 06/30/2022 7
Parent Company Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2021 to 06/30/2021 8
Parent Company Interim Accounting Information / Statement of Cash Flows - Indirect Method 9
Parent Company Interim Accounting Information / Statement of Added Value 10
Consolidated Interim Accounting Information / Statement of Financial Position - Assets 11
Consolidated Interim Accounting Information / Statement of Financial Position - Liabilities 12
Consolidated Interim Accounting Information / Statement of Income 13
Consolidated Interim Accounting Information / Statement of Comprehensive Income 14
Consolidated Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2022 to 06/30/2022 15
Consolidated Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2021 to 06/30/2021 16
Consolidated Interim Accounting Information / Statement of Cash Flows - Indirect Method (R$ Thousand) 17
Consolidated Interim Accounting Information / Statement of Added Value 18
1.Basis of preparation 19
2.Summary of significant accounting policies 19
3.Cash and cash equivalents and Marketable securities 19
4.Sales revenues 21
5.Costs and expenses by nature 21
6.Other income and expenses 22
7.Net finance income (expense) 22
8.Net income by operating segment 23
9.Trade and other receivables 25
10.Inventories 26
11.Taxes 27
12.Employee benefits 29
13.Provisions for legal proceedings 34
14.Provision for decommissioning costs 37
15.Property, plant and equipment 38
16Intangible assets 40
17Impairment 42
18Exploration and evaluation of oil and gas reserves 43
19Collateral for crude oil exploration concession agreements 44
20Investments 44
21Assets by operating segment 45
22Disposal of assets and other changes in organizational structure 45
23Finance debt 49
24Lease liabilities 52
25Equity 53
26Fair value of financial assets and liabilities 55
27Risk management 55
28Related-party transactions 60
29Supplemental information on statement of cash flows 63
30Subsequent events 63
31.Correlation between the explanatory notes of December 31, 2021 and the ones of June 30, 2022 66
Statement of Directors on Interim Accounting Information and Report on the Review of Quarterly Information 67
Independent Auditors' Report 67
2

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Financial Position - Assets

(R$ Thousand)

Account Code Account Description 06.30.2022 12.31.2021
1 Total Assets 1,257,122,000 1,248,196,000
1.01 Current Assets 211,355,000 170,555,000
1.01.01 Cash and Cash Equivalents 2,554,000 2,930,000
1.01.02 Marketable Securities 3,856,000 3,630,000
1.01.03 Trade and Other Receivables 113,027,000 100,110,000
1.01.04 Inventories 44,553,000 33,906,000
1.01.06 Recoverable Taxes 5,957,000 6,368,000
1.01.06.01 Current Recoverable Taxes 5,957,000 6,368,000
1.01.06.01.01 Recoverable Income Taxes 567,000 526,000
1.01.06.01.02 Other Recoverable Taxes 5,390,000 5,842,000
1.01.08 Other Current Assets 41,408,000 23,611,000
1.01.08.01 Non-Current Assets Held for Sale 29,067,000 13,142,000
1.01.08.03 Others 12,341,000 10,469,000
1.01.08.03.03 Others 12,341,000 10,469,000
1.02 Non-Current Assets 1,045,767,000 1,077,641,000
1.02.01 Long-Term Receivables 80,708,000 73,779,000
1.02.01.03 Marketable Securities Measured at Amortized Cost 257,000 247,000
1.02.01.04 Trade and Other Receivables 8,762,000 8,450,000
1.02.01.07 Deferred Taxes 18,660,000 17,845,000
1.02.01.07.02 Deferred Taxes and Contributions 18,660,000 17,845,000
1.02.01.10 Other Non-Current Assets 53,029,000 47,237,000
1.02.01.10.04 Judicial Deposits 50,463,000 44,543,000
1.02.01.10.05 Other Assets 2,566,000 2,694,000
1.02.02 Investments 264,052,000 269,825,000
1.02.03 Property, Plant and Equipment 684,117,000 717,355,000
1.02.04 Intangible Assets 16,890,000 16,682,000
3

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Financial Position - Liabilities

(R$ Thousand)

Account Code Account Description 06.30.2022 12.31.2021
2 Total Liabilities 1,257,122,000 1,248,196,000
2.01 Current Liabilities 301,107,000 269,989,000
2.01.01 Payroll, Profit Sharing and Related Charges 6,216,000 7,655,000
2.01.02 Trade Payables 31,690,000 32,734,000
2.01.03 Taxes Obligations 7,952,000 3,599,000
2.01.03.01 Federal Taxes Obligations 7,952,000 3,599,000
2.01.03.01.01 Income Tax and Social Contribution Payable 7,952,000 3,599,000
2.01.04 Current Debt and Finance Lease Obligations 181,866,000 187,005,000
2.01.04.01 Current Debt 153,523,000 155,461,000
2.01.04.03 Lease Obligations 28,343,000 31,544,000
2.01.05 Other Liabilities 60,304,000 30,767,000
2.01.05.02 Others 60,304,000 30,767,000
2.01.05.02.01 Dividends and Interest on Capital Payable 24,233,000 0
2.01.05.02.04 Other Taxes Payable 19,389,000 22,022,000
2.01.05.02.06 Other liabilities 16,682,000 8,745,000
2.01.06 Provisions 3,696,000 3,578,000
2.01.06.02 Other Provisions 3,696,000 3,578,000
2.01.06.02.04 Pension and Medical Benefits 3,696,000 3,578,000
2.01.07 Liabilities Associated with Non-Current Assets Held for Sale and Discontinued 9,383,000 4,651,000
2.01.07.01 Liabilities Associated with Non-Current Assets Held for Sale 9,383,000 4,651,000
2.02 Non-Current Liabilities 545,470,000 590,878,000
2.02.01 Non-Current Debt and Finance Lease Obligations 351,462,000 413,637,000
2.02.01.01 Non-Current Debt 253,443,000 306,944,000
2.02.01.03 Lease Obligations 98,019,000 106,693,000
2.02.02 Other Liabilities 1,585,000 1,637,000
2.02.02.02 Others 1,585,000 1,637,000
2.02.02.02.03 Income Tax and Social Contribution 1,585,000 1,637,000
2.02.03 Deferred Taxes 44,146,000 14,807,000
2.02.03.01 Deferred Taxes 44,146,000 14,807,000
2.02.04 Provisions 148,277,000 160,797,000
2.02.04.01 Provisions for Tax Social Security, Labor and Civil Lawsuits 11,990,000 10,382,000
2.02.04.02 Other Provisions 136,287,000 150,415,000
2.02.04.02.04 Pension and Medical Benefits 45,082,000 50,773,000
2.02.04.02.05 Provision for Decommissioning Costs 80,567,000 86,713,000
2.02.04.02.06 Employee Benefits 532,000 803,000
2.02.04.02.07 Other liabilities 10,106,000 12,126,000
2.03 Shareholders' Equity 410,545,000 387,329,000
2.03.01 Share Capital 205,432,000 205,432,000
2.03.02 Capital Reserves 3,318,000 3,313,000
2.03.04 Profit Reserves 177,039,000 164,028,000
2.03.08 Other Comprehensive Income 24,756,000 14,556,000
4

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Income

(R$ Thousand)

Account Code Account Description Accumulated of the Current Quarter 04/01/2022 to 06/30/2022 Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Quarter 04/01/2021 to 06/30/2021 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
3.01 Sales Revenues 162,738,000 297,186,000 106,044,000 194,860,000
3.02 Cost of Sales -71,069,000 -136,906,000 -54,170,000 -100,200,000
3.03 Gross Profit 91,669,000 160,280,000 51,874,000 94,660,000
3.04 Operating Expenses / Income 5,689,000 2,579,000 -3,858,000 -11,710,000
3.04.01 Selling Expenses -7,121,000 -13,638,000 -6,116,000 -11,531,000
3.04.02 General and Administrative Expenses -1,277,000 -2,519,000 -1,048,000 -2,268,000
3.04.05 Other Operating Expenses 8,842,000 6,278,000 -3,021,000 -7,133,000
3.04.05.01 Other Taxes -396,000 -667,000 -194,000 -662,000
3.04.05.02 Research and Development Expenses -1,080,000 -2,161,000 -775,000 -1,414,000
3.04.05.03 Exploration Costs 73,000 -333,000 -999,000 -2,192,000
3.04.05.05 Other Operating Expenses, Net 11,052,000 10,236,000 -556,000 -1,679,000
3.04.05.07 Impairment of Assets / Reversals (Charges) -807,000 -797,000 -497,000 -1,186,000
3.04.06 Share of Profit / Gains on Interest in Equity-Accounted Investments 5,245,000 12,458,000 6,327,000 9,222,000
3.05 Net Income Before Financial Results and Income Taxes 97,358,000 162,859,000 48,016,000 82,950,000
3.06 Finance Income (Expenses), Net -18,180,000 -16,819,000 13,927,000 -18,549,000
3.06.01 Finance Income 3,123,000 4,754,000 722,000 1,189,000
3.06.01.01 Finance Income 3,123,000 4,754,000 722,000 1,189,000
3.06.02 Finance Expenses -21,303,000 -21,573,000 13,205,000 -19,738,000
3.06.02.01 Finance Expenses -6,694,000 -13,435,000 -7,535,000 -15,190,000
3.06.02.02 Foreign Exchange and Inflation Indexation Charges, Net -14,609,000 -8,138,000 20,740,000 -4,548,000
3.07 Net Income Before Income Taxes 79,178,000 146,040,000 61,943,000 64,401,000
3.08 Income Tax and Social Contribution -24,848,000 -47,149,000 -19,088,000 -20,379,000
3.08.01 Current -24,639,000 -37,153,000 0 0
3.08.02 Deferred -209,000 -9,996,000 -19,088,000 -20,379,000
3.09 Net Income from Continuing Operations 54,330,000 98,891,000 42,855,000 44,022,000
3.11 Income / (Loss) for the Period 54,330,000 98,891,000 42,855,000 44,022,000
3.99.01 Income per Share
3.99.01.01 Ordinary Shares 4,16 7,58 3,28 3,37
3.99.01.02 Preferred Shares 4,16 7,58 3,28 3,37
3.99.02 Diluted Income per Share
3.99.02.01 Ordinary Shares 4,16 7,58 3,28 3,37
3.99.02.02 Preferred Shares 4,16 7,58 3,28 3,37
5

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Comprehensive Income

(R$ Thousand)

Account Code Account Description Accumulated of the Current Quarter 04/01/2022 to 06/30/2022 Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Quarter 04/01/2021 to 06/30/2021 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
4.01 Net Income for the Period 54,330,000 98,891,000 42,855,000 44,022,000
4.02 Other Comprehensive Income 7,896,000 10,200,000 5,663,000 13,197,000
4.02.01 Actuarial Gains / (Losses) on Defined Benefits Plans 0 0 8,654,000 8,654,000
4.02.02 Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans 0 0 -2,942,000 -2,942,000
4.02.03 Translation Adjustments in Investees 26,222,000 -17,074,000 -33,773,000 -9,488,000
4.02.07 Unrealized Gains / (Losses) on Cash Flow Hedge - Recognized in Shareholders' Equity -32,407,000 27,501,000 42,714,000 12,193,000
4.02.08 Unrealized Gains / (Losses) on Cash Flow Hedge - Reclassified to Profit and Loss 5,155,000 12,376,000 6,331,000 12,234,000
4.02.09 Deferred Income Tax and Social Contribution on Cash Flow Hedge 9,266,000 -13,558,000 -16,675,000 -8,305,000
4.02.10 Share of Other Comprehensive Income of Equity-Accounted Investments -340,000 955,000 1,354,000 851,000
4.03 Total Comprehensive Income for the Period 62,226,000 109,091,000 48,518,000 57,219,000
6

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2022 to 06/30/2022

(R$ Thousand)

Account Code Account Description Share Capital Capital Reserves, Granted Options and Treasury Shares Profit Reserves Retained Earnings / Accumulated Losses Other Comprehensive Income Shareholders' Equity
5.01 Balance at the Beginning of the Period 205,432,000 3,313,000 164,028,000 0 14,556,000 387,329,000
5.03 Adjusted Opening Balance 205,432,000 3,313,000 164,028,000 0 14,556,000 387,329,000
5.04 Capital Transactions with Owners 0 5,000 -44,842,000 -41,038,000 0 -85,875,000
5.04.06 Dividends 0 0 -44,842,000 -41,038,000 0 -85,880,000
5.04.08 Change in Interest in Subsidiaries 0 5,000 0 0 0 5,000
5.05 Total of Comprehensive Income 0 0 0 98,891,000 10,200,000 109,091,000
5.05.01 Net Income for the Period 0 0 0 98,891,000 0 98,891,000
5.05.02 Other Comprehensive Income 0 0 0 0 10,200,000 10,200,000
5.07 Balance at the End of the Period 205,432,000 3,318,000 119,186,000 57,853,000 24,756,000 410,545,000
7

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2021 to 06/30/2021

(R$ Thousand)

Account Code Account Description Share Capital Capital Reserves, Granted Options and Treasury Shares Profit Reserves Retained Earnings / Accumulated Losses Other Comprehensive Income Shareholders' Equity
5.01 Balance at the Beginning of the Period 205,432,000 2,665,000 127,296,000 0 -26,983,000 308,410,000
5.03 Adjusted Opening Balance 205,432,000 2,665,000 127,296,000 0 -26,983,000 308,410,000
5.04 Capital Transactions with Owners 0 -3,716,000 -5,861,000 0 0 -9,577,000
5.04.06 Dividends 0 0 -5,861,000 0 0 -5,861,000
5.04.08 Change in Interest in Subsidiaries 0 -3,716,000 0 0 0 -3,716,000
5.05 Total of Comprehensive Income 0 0 0 44,022,000 13,197,000 57,219,000
5.05.01 Net Income for the Period 0 0 0 44,022,000 0 44,022,000
5.05.02 Other Comprehensive Income 0 0 0 0 13,197,000 13,197,000
5.07 Balance at the End of the Period 205,432,000 -1,051,000 121,435,000 44,022,000 -13,786,000 356,052,000

b

8

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Cash Flows - Indirect Method

(R$ Thousand)

Account Code Account Description Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
6.01 Net cash provided by operating activities 71,822,000 60,295,000
6.01.01 Cash provided by operating activities 133,496,000 107,070,000
6.01.01.01 Net Income for the period 98,891,000 44,022,000
6.01.01.02 Pension and medical benefits (actuarial expense) 3,136,000 3,306,000
6.01.01.03 Results in equity-accounted investments -12,458,000 -9,222,000
6.01.01.04 Depreciation, depletion and amortization 35,167,000 32,950,000
6.01.01.05 Impairment of assets (reversal) 797,000 1,186,000
6.01.01.06 Exploratory expenditures write-offs 183,000 1,036,000
6.01.01.08 Foreign exchange, indexation and finance charges 16,570,000 18,321,000
6.01.01.09 Deferred income taxes, net 9,996,000 20,379,000
6.01.01.10 Allowance (reversals) for expected credit losses 216,000 10,000
6.01.01.13 Revision and unwinding of discount on the provision for decommissioning costs 1,487,000 2,078,000
6.01.01.16 Results from co-participation agreements in bid areas -14,243,000 0
6.01.01.17 Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA -4,212,000 -1,133,000
6.01.01.18 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation -11,000 -4,588,000
6.01.01.19 Early termination and cash outflows revision of lease agreements -2,023,000 -1,275,000
6.01.02 Decrease / (increase) in assets / increase/ (decrease) in liabilities -61,674,000 -46,775,000
6.01.02.01 Trade and other receivables, net -43,437,000 -26,510,000
6.01.02.02 Inventories -10,764,000 -6,277,000
6.01.02.03 Judicial deposits -4,027,000 -2,357,000
6.01.02.05 Other assets -2,070,000 -2,242,000
6.01.02.06 Trade payables 83,000 -10,250,000
6.01.02.07 Other taxes payable 31,939,000 12,234,000
6.01.02.08 Pension and medical benefits -8,713,000 -8,756,000
6.01.02.09 Provisions for legal proceedings 1,608,000 27,000
6.01.02.10 Short-term benefits -1,705,000 -1,173,000
6.01.02.11 Income tax and social contribution paid -25,071,000 -69,000
6.01.02.12 Provision for Decommissioning Costs -1,424,000 -1,740,000
6.01.02.14 Other liabilities 1,907,000 338,000
6.02 Net cash used in investing activities 5,427,000 -91,137,000
6.02.01 Acquisition of PP&E and intangibles assets -20,015,000 -49,799,000
6.02.02 Decrease (increase) in investments in investees -82,000 1,945,000
6.02.03 Proceeds from disposal of assets - Divestment 16,970,000 3,054,000
6.02.04 Divestment (investment) in marketable securities -17,783,000 -48,794,000
6.02.05 Dividends received 1,506,000 2,457,000
6.02.08 Financial compensation for Co-participation Agreement 24,831,000 0
6.03 Net cash used in financing activities -77,625,000 28,019,000
6.03.02 Proceeds from financing 43,654,000 123,943,000
6.03.03 Repayment of principal - finance debt -35,586,000 -55,391,000
6.03.04 Repayment of interest - finance debt -9,506,000 -14,002,000
6.03.05 Dividends paid to shareholders of Petrobras -62,029,000 -10,282,000
6.03.08 Settlement of lease liabilities -14,158,000 -16,249,000
6.05 Net increase/ (decrease) in cash and cash equivalents -376,000 -2,823,000
6.05.01 Cash and cash equivalents at the beginning of the year 2,930,000 5,180,000
6.05.02 Cash and cash equivalents at the end of the period 2,554,000 2,357,000
9

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Added Value

(R$ Thousand)

Account Code Account Description Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
7.01 Sales Revenues 395,557,000 264,050,000
7.01.01 Sales of Goods and Services 358,045,000 242,757,000
7.01.02 Other Revenues 20,927,000 6,775,000
7.01.03 Revenues Related to the Construction of Assets to be Used in Own Operations 16,801,000 14,528,000
7.01.04 Allowance for expected credit losses -216,000 -10,000
7.02 Inputs Acquired from Third Parties -109,255,000 -81,310,000
7.02.01 Cost of Sales -62,277,000 -39,123,000
7.02.02 Materials, Power, Third-Party Services and Other Operating Expenses -23,038,000 -23,644,000
7.02.03 Impairment Charges / Reversals of Assets -797,000 -1,186,000
7.02.04 Others -23,143,000 -17,357,000
7.02.04.01 Tax Credits on Inputs Acquired from Third Parties -23,143,000 -17,357,000
7.03 Gross Added Value 286,302,000 182,740,000
7.04 Retentions -38,684,000 -35,671,000
7.04.01 Depreciation, Amortization and Depletion -38,684,000 -35,671,000
7.05 Net Added Value Produced 247,618,000 147,069,000
7.06 Transferred Added Value 20,052,000 16,018,000
7.06.01 Share of Profit of Equity-Accounted Investments 12,458,000 9,222,000
7.06.02 Finance Income 4,754,000 1,189,000
7.06.03 Others 2,840,000 5,607,000
7.06.03.01 Rentals, royalties and others 2,840,000 1,019,000
7.06.03.03 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation 0 4,588,000
7.07 Total Added Value to be Distributed 267,670,000 163,087,000
7.08 Distribution of Added Value 267,670,000 163,087,000
7.08.01 Employee Compensation 12,557,000 12,193,000
7.08.01.01 Salaries 8,016,000 7,487,000
7.08.01.02 Fringe Benefits 4,090,000 4,283,000
7.08.01.03 Unemployment Benefits (FGTS) 451,000 423,000
7.08.02 Taxes and Contributions 128,507,000 79,803,000
7.08.02.01 Federal 104,058,000 63,296,000
7.08.02.02 State 24,275,000 16,435,000
7.08.02.03 Municipal 174,000 72,000
7.08.03 Return on Third-Party Capital 27,715,000 27,069,000
7.08.03.01 Interest 24,227,000 24,601,000
7.08.03.02 Rental Expenses 3,488,000 2,468,000
7.08.04 Return on Shareholders' Equity 98,891,000 44,022,000
7.08.04.01 Interest on Capital 5,633,000 0
7.08.04.02 Dividends 35,405,000 0
7.08.04.03 Retained Earnings / (Losses) for the Period 57,853,000 44,022,000
10

Petróleo Brasileiro S.A. - Petrobras

Consolidated Interim Accounting Information / Statement of Financial Position - Assets

(R$ Thousand)

Account Code Account Description 06.30.2022 12.31.2021
1 Total Assets 1,004,754,000 972,951,000
1.01 Current Assets 224,785,000 168,247,000
1.01.01 Cash and Cash Equivalents 85,311,000 58,410,000
1.01.02 Marketable Securities 14,957,000 3,630,000
1.01.03 Trade and Other Receivables 26,443,000 35,538,000
1.01.04 Inventories 49,822,000 40,486,000
1.01.06 Recoverable Taxes 6,676,000 7,511,000
1.01.06.01 Current Recoverable Taxes 6,676,000 7,511,000
1.01.06.01.01 Recoverable Income Taxes 744,000 911,000
1.01.06.01.02 Other Recoverable Taxes 5,932,000 6,600,000
1.01.08 Other Current Assets 41,576,000 22,672,000
1.01.08.01 Non-Current Assets Held for Sale 30,340,000 13,895,000
1.01.08.03 Others 11,236,000 8,777,000
1.01.08.03.03 Others 11,236,000 8,777,000
1.02 Non-Current Assets 779,969,000 804,704,000
1.02.01 Long-Term Receivables 86,511,000 79,992,000
1.02.01.03 Marketable Securities measured at amortized cost 257,000 247,000
1.02.01.04 Trade and Other Receivables 10,379,000 10,603,000
1.02.01.07 Deferred Taxes 21,978,000 21,568,000
1.02.01.07.01 Deferred Income Tax and Social Contribution 2,869,000 3,371,000
1.02.01.07.02 Deferred Taxes and Contributions 19,109,000 18,197,000
1.02.01.10 Other Non-Current Assets 53,897,000 47,574,000
1.02.01.10.04 Judicial Deposits 50,894,000 44,858,000
1.02.01.10.05 Other Assets 3,003,000 2,716,000
1.02.02 Investments 8,993,000 8,427,000
1.02.03 Property, Plant and Equipment 667,423,000 699,406,000
1.02.04 Intangible Assets 17,042,000 16,879,000
11

Petróleo Brasileiro S.A. - Petrobras

Consolidated Interim Accounting Information / Statement of Financial Position - Liabilities

(R$ Thousand)

b

Account Code Account Description 06.30.2022 12.31.2021
2 Total Liabilities 1,004,754,000 972,951,000
2.01 Current Liabilities 171,157,000 134,913,000
2.01.01 Payroll, Profit Sharing and Related Charges 6,814,000 8,335,000
2.01.02 Trade Payables 28,954,000 30,597,000
2.01.03 Taxes Obligations 10,065,000 4,089,000
2.01.03.01 Federal Taxes Obligations 10,065,000 4,089,000
2.01.03.01.01 Income Tax and Social Contribution Payable 10,065,000 4,089,000
2.01.04 Current Debt and Lease Obligations 48,923,000 50,631,000
2.01.04.01 Current Debt 21,560,000 20,316,000
2.01.04.03 Lease Obligations 27,363,000 30,315,000
2.01.05 Other Liabilities 63,158,000 32,789,000
2.01.05.02 Others 63,158,000 32,789,000
2.01.05.02.01 Dividends and Interest on Capital Payable 24,269,000 0
2.01.05.02.04 Other Taxes Payable 19,822,000 22,325,000
2.01.05.02.06 Other liabilities 19,067,000 10,464,000
2.01.06 Provisions 3,697,000 3,632,000
2.01.06.02 Other Provisions 3,697,000 3,632,000
2.01.06.02.04 Pension and Medical Benefits 3,697,000 3,632,000
2.01.07 Liabilities Associated with Non-Current Assets Held for Sale and Discontinued 9,546,000 4,840,000
2.01.07.01 Liabilities Associated with Non-Current Assets Held for Sale 9,546,000 4,840,000
2.02 Non-Current Liabilities 420,745,000 448,457,000
2.02.01 Non-Current Debt and Finance Lease Obligations 231,714,000 277,187,000
2.02.01.01 Non-Current Debt 141,084,000 178,908,000
2.02.01.03 Lease Obligations 90,630,000 98,279,000
2.02.02 Other Liabilities 1,626,000 1,676,000
2.02.02.02 Others 1,626,000 1,676,000
2.02.02.02.03 Income Tax and Social Contribution 1,626,000 1,676,000
2.02.03 Deferred Taxes 36,115,000 6,857,000
2.02.03.01 Deferred Taxes 36,115,000 6,857,000
2.02.04 Provisions 151,290,000 162,737,000
2.02.04.01 Provisions for Tax Social Security, Labor and Civil Lawsuits 12,926,000 11,263,000
2.02.04.02 Other Provisions 138,364,000 151,474,000
2.02.04.02.04 Pension and Medical Benefits 45,872,000 51,498,000
2.02.04.02.05 Provision for Decommissioning Costs 81,053,000 87,160,000
2.02.04.02.06 Employee Benefits 542,000 812,000
2.02.04.02.07 Other liabilities 10,897,000 12,004,000
2.03 Shareholders' Equity 412,852,000 389,581,000
2.03.01 Share Capital 205,432,000 205,432,000
2.03.02 Capital Reserves 3,102,000 3,097,000
2.03.04 Profit Reserves 177,255,000 164,244,000
2.03.08 Other Comprehensive Income 24,756,000 14,556,000
2.03.09 Non-controlling interests 2,307,000 2,252,000
12

Petróleo Brasileiro S.A. - Petrobras

Consolidated Interim Accounting Information / Statement of Income

(R$ Thousand)

Account Code Account Description Accumulated of the Current Quarter 04/01/2022 to 06/30/2022 Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Quarter 04/01/2021 to 06/30/2021 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
3.01 Sales Revenues 170,960,000 312,601,000 110,710,000 196,884,000
3.02 Cost of Sales -75,099,000 -141,974,000 -53,705,000 -95,846,000
3.03 Gross Profit 95,861,000 170,627,000 57,005,000 101,038,000
3.04 Operating Expenses / Income 573,000 -8,795,000 -4,824,000 -14,953,000
3.04.01 Selling Expenses -6,136,000 -12,295,000 -5,742,000 -10,940,000
3.04.02 General and Administrative Expenses -1,589,000 -3,148,000 -1,371,000 -2,867,000
3.04.05 Other Operating Expenses 8,352,000 4,886,000 -3,016,000 -7,470,000
3.04.05.01 Other Taxes -455,000 -766,000 -261,000 -842,000
3.04.05.02 Research and Development Expenses -1,080,000 -2,161,000 -775,000 -1,414,000
3.04.05.03 Exploration Costs -196,000 -604,000 -1,005,000 -2,201,000
3.04.05.05 Other Operating Expenses, Net 10,930,000 9,260,000 -478,000 -2,008,000
3.04.05.07 Impairment of Assets / Reversals (Charges) -847,000 -843,000 -497,000 -1,005,000
3.04.06 Share of Profit / Gains on Interest in Equity-Accounted Investments -54,000 1,762,000 5,305,000 6,324,000
3.05 Net Income Before Financial Results and Income Taxes 96,434,000 161,832,000 52,181,000 86,085,000
3.06 Finance Income (Expenses), Net -15,757,000 -12,774,000 10,776,000 -19,972,000
3.06.01 Finance Income 3,054,000 4,414,000 1,109,000 1,785,000
3.06.01.01 Finance Income 3,054,000 4,414,000 1,109,000 1,785,000
3.06.02 Finance Expenses -18,811,000 -17,188,000 9,667,000 -21,757,000
3.06.02.01 Finance Expenses -4,691,000 -8,660,000 -9,871,000 -16,484,000
3.06.02.02 Foreign Exchange and Inflation Indexation Charges, Net -14,120,000 -8,528,000 19,538,000 -5,273,000
3.07 Net Income Before Income Taxes 80,677,000 149,058,000 62,957,000 66,113,000
3.08 Income Tax and Social Contribution -26,193,000 -49,791,000 -19,916,000 -21,796,000
3.08.01 Current -26,057,000 -39,520,000 -520,000 -1,169,000
3.08.02 Deferred -136,000 -10,271,000 -19,396,000 -20,627,000
3.09 Net Income from Continuing Operations 54,484,000 99,267,000 43,041,000 44,317,000
3.11 Income / (Loss) for the Period 54,484,000 99,267,000 43,041,000 44,317,000
3.11.01 Attributable to Shareholders of Petrobras 54,330,000 98,891,000 42,855,000 44,022,000
3.11.02 Attributable to Non-Controlling Interests 154,000 376,000 186,000 295,000
3.99.01 Income per Share
3.99.01.01 Ordinary Shares 4.16 7.58 3.28 3.37
3.99.01.02 Preferred Shares 4.16 7.58 3.28 3.37
3.99.02 Diluted Income per Share
3.99.02.01 Ordinary Shares 4.16 7.58 3.28 3.37
3.99.02.02 Preferred Shares 4.16 7.58 3.28 3.37
13

Petróleo Brasileiro S.A. - Petrobras

Consolidated Interim Accounting Information / Statement of Comprehensive Income

(R$ Thousand)

Account Code Account Description Accumulated of the Current Quarter 04/01/2022 to 06/30/2022 Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Quarter 04/01/2021 to 06/30/2021 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
4.01 Net Income for the Period 54,484,000 99,267,000 43,041,000 44,317,000
4.02 Other Comprehensive Income 7,898,000 10,198,000 5,119,000 13,044,000
4.02.01 Actuarial Gains (Losses) on Post-employment Defined Benefits Plans 0 0 8,661,000 8,646,000
4.02.02 Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans 0 0 -2,942,000 -2,942,000
4.02.03 Translation Adjustments in Investees 26,224,000 -17,076,000 -34,317,000 -9,641,000
4.02.07 Unrealized Gains / (Losses) on Cash Flow Hedge - Recognized in Shareholders' Equity -32,407,000 27,501,000 42,714,000 12,193,000
4.02.08 Unrealized Gains / (Losses) on Cash Flow Hedge - Reclassified to Profit and Loss 5,442,000 12,663,000 6,333,000 12,427,000
4.02.09 Deferred Income Tax and Social Contribution on Cash Flow Hedge 9,168,000 -13,656,000 -16,676,000 -8,371,000
4.02.10 Share of Other Comprehensive Income of Equity-Accounted Investments -529,000 766,000 1,346,000 732,000
4.03 Total Comprehensive Income for the Period 62,382,000 109,465,000 48,160,000 57,361,000
4.03.01 Attributable to Shareholders of Petrobras 62,226,000 109,091,000 48,518,000 57,219,000
4.03.02 Attributable to Non-controlling Interests 156,000 374,000 -358,000 142,000
14

Petróleo Brasileiro S.A. - Petrobras

Consolidated Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2022 to 06/30/2022

(R$ Thousand)

Account Code Account Description Share Capital

Capital Reserves,

Granted Options

and Treasury Shares

Profit Reserves

Retained Earnings /

Accumulated Losses

Other

Comprehensive

Income

Shareholders' Equity

Non-controlling

interest

Shareholders' Equity

Consolidated

5.01 Balance at the Beginning of the Period 205,432,000 3,313,000 164,028,000 0 14,556,000 387,329,000 2,252,000 389,581,000
5.03 Adjusted Opening Balance 205,432,000 3,313,000 164,028,000 0 14,556,000 387,329,000 2,252,000 389,581,000
5.04 Capital Transactions with Owners 0 5,000 -44,842,000 -41,038,000 0 -85,875,000 -319,000 -86,194,000
5.04.06 Dividends 0 0 -44,842,000 -41,038,000 0 -85,880,000 -223,000 -86,103,000
5.04.08 Capital Transactions 0 5,000 0 0 0 5,000 -96,000 -91,000
5.05 Capital Transactions 0 0 0 98,891,000 10,200,000 109,091,000 374,000 109,465,000
5.05.01 Net Income for the Period 0 0 0 98,891,000 0 98,891,000 376,000 99,267,000
5.05.02 Other Comprehensive Income 0 0 0 0 10,200,000 10,200,000 -2,000 10,198,000
5.07 Balance at the End of the Period 205,432,000 3,318,000 119,186,000 57,853,000 24,756,000 410,545,000 2,307,000 412,852,000
15

Petróleo Brasileiro S.A. - Petrobras

Consolidated Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2021 to 06/30/2021

(R$ Thousand)

Account Code Account Description Share Capital

Capital Reserves,

Granted Options

and Treasury Shares

Profit Reserves

Retained Earnings /

Accumulated Losses

Other

Comprehensive

Income

Shareholders' Equity

Non-controlling

interest

Shareholders' Equity

Consolidated

5.01 Balance at the Beginning of the Period 205,432,000 2,665,000 127,296,000 0 -26,983,000 308,410,000 2,740,000 311,150,000
5.03 Adjusted Opening Balance 205,432,000 2,665,000 127,296,000 0 -26,983,000 308,410,000 2,740,000 311,150,000
5.04 Capital Transactions with Owners 0 -3,716,000 -5,861,000 0 0 -9,577,000 3,456,000 -6,121,000
5.04.01 Capital Increases 0 0 0 0 0 0 11,000 11,000
5.04.06 Dividends 0 0 -5,861,000 0 0 -5,861,000 -204,000 -6,065,000
5.04.08 Capital Transactions 0 -3,716,000 0 0 0 -3,716,000 3,649,000 -67,000
5.05 Total of Comprehensive Income 0 0 0 44,022,000 13,197,000 57,219,000 142,000 57,361,000
5.05.01 Net Income for the Period 0 0 0 44,022,000 0 44,022,000 295,000 44,317,000
5.05.02 Other Comprehensive Income 0 0 0 0 13,197,000 13,197,000 -153,000 13,044,000
5.07 Balance at the End of the Period 205,432,000 -1,051,000 121,435,000 44,022,000 -13,786,000 356,052,000 6,338,000 362,390,000
16

Petróleo Brasileiro S.A. - Petrobras

Consolidated Interim Accounting Information / Statement of Cash Flows - Indirect Method

(R$ Thousand)

Account Code Account Description Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
6.01 Net cash provided by operating activities 124,628,000 96,634,000
6.01.01 Cash provided by operating activities 141,186,000 110,286,000
6.01.01.01 Net Income for the period 99,267,000 44,317,000
6.01.01.02 Pension and medical benefits (actuarial expense) 3,210,000 3,434,000
6.01.01.03 Results of equity-accounted investments -1,762,000 -6,324,000
6.01.01.04 Depreciation, depletion and amortization 33,600,000 30,558,000
6.01.01.05 Impairment of assets (reversal) 843,000 1,005,000
6.01.01.06 Exploratory expenditures write-offs 455,000 1,036,000
6.01.01.08 Foreign exchange, indexation and finance charges 14,178,000 20,142,000
6.01.01.09 Deferred income taxes, net 10,271,000 20,627,000
6.01.01.10 Allowance (reversals) for expected credit losses 195,000 -46,000
6.01.01.11 Inventory write-down (write-back) to net realizable value 15,000 -5,000
6.01.01.13 Revision and unwinding of discount on the provision for decommissioning costs 1,497,000 2,091,000
6.01.01.16 Results from co-participation agreements in bid areas -14,243,000 0
6.01.01.17 Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA -4,300,000 -437,000
6.01.01.18 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation -18,000 -4,898,000
6.01.01.19 Early termination and cash outflows revision of lease agreements -2,022,000 -1,214,000
6.01.02 Decrease / (increase) in assets / increase/ (decrease) in liabilities -16,558,000 -13,652,000
6.01.02.01 Trade and other receivables, net 247,000 -3,582,000
6.01.02.02 Inventories -10,252,000 -8,712,000
6.01.02.03 Judicial deposits -4,143,000 -2,383,000
6.01.02.05 Other assets -2,965,000 -1,128,000
6.01.02.06 Trade payables -1,092,000 1,838,000
6.01.02.07 Other taxes payable 34,450,000 12,669,000
6.01.02.08 Pension and medical benefits -8,721,000 -8,759,000
6.01.02.09 Provisions for legal proceedings 1,687,000 -314,000
6.01.02.10 Short-term benefits -1,775,000 -1,276,000
6.01.02.11 Income tax and social contribution paid -25,449,000 -652,000
6.01.02.12 Provision for Decommissioning Costs -1,424,000 -1,743,000
6.01.02.14 Other liabilities 2,879,000 390,000
6.02 Net cash used in investing activities 11,744,000 -12,614,000
6.02.01 Acquisition of PP&E and intangibles assets -20,721,000 -16,871,000
6.02.02 Decrease (increase) in investments in assets -98,000 -60,000
6.02.03 Proceeds from disposal of assets - Divestment 17,055,000 2,728,000
6.02.04 Divestment (investment) in marketable securities -10,536,000 492,000
6.02.05 Dividends received 1,213,000 1,097,000
6.02.08 Financial compensation for Co-participation Agreement 24,831,000 0
6.03 Net cash used in financing activities -106,160,000 -96,349,000
6.03.01 Changes in non-controlling interest -93,000 -66,000
6.03.02 Proceeds from financing 1,645,000 8,469,000
6.03.03 Repayment of principal - finance debt -27,040,000 -71,898,000
6.03.04 Repayment of interest - finance debt -4,740,000 -6,787,000
6.03.05 Dividends paid to shareholders of Petrobras -62,029,000 -10,282,000
6.03.06 Dividends paid to non-controlling interests -290,000 -212,000
6.03.08 Settlement of lease liabilities -13,613,000 -15,573,000
6.04 Effect of exchange rate changes on cash and cash equivalents -3,346,000 529,000
6.05 Net increase/ (decrease) in cash and cash equivalents 26,866,000 -11,800,000
6.05.01 Cash and cash equivalents at the beginning of the year 58,482,000 60,930,000
6.05.02 Cash and cash equivalents at the end of the period 85,348,000 49,130,000
17

Petróleo Brasileiro S.A. - Petrobras

Consolidated Interim Accounting Information / Statement of Added Value

(R$ Thousand)

Account Code Account Description Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
7.01 Sales Revenues 413,029,000 270,822,000
7.01.01 Sales of Goods and Services 373,772,000 245,025,000
7.01.02 Other Revenues 22,006,000 9,075,000
7.01.03 Revenues Related to the Construction of Assets to be Used in Own Operations 17,446,000 16,676,000
7.01.04 Allowance for expected credit losses -195,000 46,000
7.02 Inputs Acquired from Third Parties -114,396,000 -81,222,000
7.02.01 Cost of Sales -67,181,000 -38,775,000
7.02.02 Materials, Power, Third-Party Services and Other Operating Expenses -24,347,000 -25,153,000
7.02.03 Impairment Charges / Reversals of Assets -843,000 -1,005,000
7.02.04 Others -22,025,000 -16,289,000
7.02.04.01 Tax Credits on Inputs Acquired from Third Parties -22,010,000 -16,294,000
7.02.04.02 Inventory Write-Down to Net Realizable Value -15,000 5,000
7.03 Gross Added Value 298,633,000 189,600,000
7.04 Retentions -37,117,000 -33,279,000
7.04.01 Depreciation, Amortization and Depletion -37,117,000 -33,279,000
7.05 Net Added Value Produced 261,516,000 156,321,000
7.06 Transferred Added Value 7,811,000 13,403,000
7.06.01 Share of Profit of Equity-Accounted Investments 1,762,000 6,324,000
7.06.02 Finance Income 4,414,000 1,785,000
7.06.03 Others 1,635,000 5,294,000
7.06.03.01 Rentals, royalties and others 1,635,000 396,000
7.06.03.03 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation 0 4,898,000
7.07 Total Added Value to be Distributed 269,327,000 169,724,000
7.08 Distribution of Added Value 269,327,000 169,724,000
7.08.01 Employee Compensation 13,809,000 13,513,000
7.08.01.01 Salaries 8,976,000 8,470,000
7.08.01.02 Fringe Benefits 4,334,000 4,570,000
7.08.01.03 Unemployment Benefits (FGTS) 499,000 473,000
7.08.02 Taxes and Contributions 132,922,000 82,915,000
7.08.02.01 Federal 107,816,000 65,892,000
7.08.02.02 State 24,671,000 16,716,000
7.08.02.03 Municipal 435,000 307,000
7.08.03 Return on Third-Party Capital 23,329,000 28,979,000
7.08.03.01 Interest 19,872,000 26,736,000
7.08.03.02 Rental Expenses 3,457,000 2,243,000
7.08.04 Return on Shareholders' Equity 99,267,000 44,317,000
7.08.04.01 Interest on Capital 5,633,000 0
7.08.04.02 Dividends 35,405,000 0
7.08.04.03 Retained Earnings / (Losses) for the Period 57,853,000 44,022,000
7.08.04.04 Non-controlling Interests on Retained Earnings / (Losses) 376,000 295,000
18

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

1. Basis of preparation

These interim financial statements present the significant changes in the period, avoiding repetition of certain notes to the financial statements previously reported, and present the consolidated information, considering Management's understanding that it provides a comprehensive view of the Company's financial position and operational performance, complemented by certain information of the Parent Company. Hence, this interim financial information should be read together with the Company's audited annual financial statements for the year ended December 31, 2021, which include the full set of notes.

The consolidated and individual interim financial information of the company was prepared and is presented in accordance with the Technical Pronouncement - CPC 21 (R1) - Interim Financial Statements, issued by the Accounting Pronouncements Committee (CPC) and approved by the Securities and Exchange Commission (CVM), and related to IAS 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB). All relevant information pertaining to the financial statements, and only these, are being evidenced, and correspond to those used in the management of the company's Management.

These interim financial statements were approved and authorized for issue by the Company's Board of Directors in a meeting held on July 28, 2022.

2. Summary of significant accounting policies

The same accounting policies and methods of computation were followed in these consolidated interim financial statements as those followed in the preparation of the annual financial statements of the Company for the year ended December 31, 2021.

The accounting standards that came into effect on January 1st, 2022 did not have a material effect on these individual and consolidated quarterly information.

Regarding the reform of the reference interest rates (IBOR Reform), the Company continues to monitor the pronouncements of the regulatory authorities, as well as the measures that have been adopted, aimed at adapting the various financial instruments to the new benchmarks. Petrobras and its subsidiaries have debts indexed to Libor (London Interbank Offered Rate), the amount of which corresponds to approximately 33.7% of their financings. Debts indexed to Libor are presented in Note 23.4.

3. Cash and cash equivalents and Marketable securities
3.1. Cash and cash equivalents

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

Consolidated
06.30.2022 12.31.2021
Cash at bank and in hand 1,212 1,666
Short-term financial investments
- In Brazil
Brazilian interbank deposit rate investment funds and other short-term deposits 31,807 10,885
Other investment funds 1,073 911
32,880 11,796
- Abroad
Time deposits 32,448 24,050
Automatic investing accounts and interest checking accounts 18,620 20,826
Other financial investments 151 72
51,219 44,948
Total short-term financial investments 84,099 56,744
Total cash and cash equivalents 85,311 58,410

Short-term financial investments in Brazil primarily consist of investments in funds holding Brazilian Federal Government Bonds that can be redeemed immediately, as well as reverse repurchase agreements that mature within three months as of the date of their acquisition. Short-term financial investments abroad comprise time deposits that mature in three months or less from the date of their acquisition, highly-liquid automatic investment accounts, interest checking accounts and other short-term fixed income instruments.

19

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

3.2. Marketable securities
Consolidated
06.30.2022 12.31.2021
Fair value through profit or loss 3,256 3,630
Amortized cost 11,958 247
Total 15,214 3,877
Current 14,957 3,630
Non-current 257 247

Marketable securities classified as fair value through profit or loss refer mainly to investments in Brazilian Federal Government Bonds. These financial investments have maturities of more than three months and are generally classified as current assets due to their maturity or the expectation of their realization in the short term. Securities classified as amortized cost refer to investments abroad in time deposits with maturities exceeding three months from the contracting date and investments in floating-rate Bank Deposit Certificates (CDB) with daily liquidity, with maturity of one year.

20

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

4. Sales revenues
Consolidated
2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Gross sales 201,389 373,772 136,888 245,025
Sales taxes (*) (30,429) (61,171) (26,178) (48,141)
Sales revenues 170,960 312,601 110,710 196,884
Diesel 52,603 91,478 32,100 57,261
Gasoline 21,187 40,591 14,439 25,507
Liquefied petroleum gas 7,074 13,246 5,908 10,926
Jet fuel 6,899 12,075 2,107 4,435
Naphtha 3,555 6,737 1,889 3,701
Fuel oil (including bunker fuel) 1,734 3,645 2,027 3,856
Other oil products 7,949 14,599 5,319 10,134
Subtotal oil products 101,001 182,371 63,789 115,820
Natural gas 9,649 18,677 7,007 12,685
Crude oil 13,251 22,398 290
Nitrogen products and renewables 466 809 47 121
Breakage 834 1,373 500 865
Electricity 534 2,087 3,092 6,062
Services, agency and others 1,508 2,747 900 1,776
Domestic market 127,243 230,462 75,335 137,619
Exports 40,401 75,511 33,567 56,367
Crude oil 27,589 52,632 24,759 40,221
Fuel oil (including bunker fuel) 11,224 21,089 6,683 13,281
Other oil products and other products 1,588 1,790 2,125 2,865
Sales abroad (**) 3,316 6,628 1,808 2,898
Foreign Market 43,717 82,139 35,375 59,265
Sales revenues 170,960 312,601 110,710 196,884
(*) Includes, mainly, CIDE, PIS, COFINS and ICMS (VAT).
(**) Sales revenues from operations outside of Brazil, including trading and excluding exports.

In the period from January to June 2022 and 2021, Vibra Energia, formerly BR Distribuidora, represents more than 10% of the company's total sales, mainly impacting the Refining, Transportation and Marketing (RTM) segment.

5. Costs and expenses by nature
5.1. Cost of sales
Consolidated
2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Raw material, products for resale, materials and third-party services (*) (39,525) (69,782) (26,138) (40,731)
Depreciation, depletion and amortization (13,677) (27,093) (11,465) (23,707)
Production taxes (19,828) (40,974) (13,912) (26,823)
Employee compensation (2,069) (4,125) (2,190) (4,585)
Total (75,099) (141,974) (53,705) (95,846)
(*) It Includes short-term leases and inventory turnover.
5.2. Selling expenses
Consolidated
2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Materials, third-party services, freight, rent and other related costs (4,922) (9,889) (4,890) (9,189)
Depreciation, depletion and amortization (1,066) (2,104) (739) (1,553)
Allowance for expected credit losses (30) (70) 3 34
Employee compensation (118) (232) (116) (232)
Total (6,136) (12,295) (5,742) (10,940)
21

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

5.3. General and administrative expenses
Consolidated
2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Employee compensation (1,060) (2,096) (1,013) (2,026)
Materials, third-party services, rent and other related costs (411) (814) (249) (600)
Depreciation, depletion and amortization (118) (238) (109) (241)
Total (1,589) (3,148) (1,371) (2,867)
6. Other income and expenses
Consolidated
2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Unscheduled stoppages and pre-operating expenses (2,520) (4,472) (1,848) (3,489)
Gains / (losses) related to legal, administrative and arbitration proceedings (1,485) (2,792) (1,675) (1,381)
Pension and medical benefits - retirees (1,245) (2,487) (1,174) (2,363)
Variable compensation program (638) (1,256) (534) (1,062)
Gains/(losses) with Commodities Derivatives (809) (1,091) (98) (224)
Profit Sharing (168) (329) (157) (314)
Gains / (losses) on decommissioning of returned/abandoned areas (15) (140) (3) (38)
Equalization of expenses - Production Individualization Agreements (187) (49) (44) (288)
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments (2) (185)
Amounts recovered from Lava Jato investigation (**) 60 275 1,065
Tax recovery (*) 118 207 2,548 2,664
Fines imposed on suppliers 239 594 255 415
Expenses/Reimbursements from E&P partnership operations 638 776 997 1,549
Early termination and cash outflows revision of lease agreements 882 2,022 819 1,214
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control 1,828 4,300 365 622
Results from co-participation agreements in bid areas (***) 14,243 14,243
Others 49 (326) (202) (193)
Total 10,930 9,260 (478) (2,008)
(*) In the six-month period ended June 30, 2021, it Includes the effects of the exclusion of ICMS (VAT tax) from the basis of calculation of sales taxes PIS and COFINS, except for the effects of inflation indexation.
(**) The total amount recovered from Lava Jato Investigation through December 31, 2021 was R$ 6,220, recognized through collaboration and leniency agreements entered into with individuals and legal entities.
(***) It refers to the gain related to the Co-participation Agreement of Atapu and Sépia (see note 16.2).
7. Net finance income (expense)
Consolidated
2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Finance income 3,054 4,414 1,109 1,785
Income from investments and marketable securities (Government Bonds) 1,821 2,665 242 402
Others 1,233 1,749 867 1,383
Finance expenses (4,691) (8,660) (9,871) (16,484)
Interest on finance debt (3,396) (6,180) (4,797) (8,916)
Unwinding of discount on lease liabilities (1,644) (3,170) (1,582) (3,189)
Discount and premium on repurchase of debt securities (404) (538) (3,491) (4,504)
Capitalized borrowing costs 1,464 2,708 1,410 2,564
Unwinding of discount on the provision for decommissioning costs (675) (1,357) (1,027) (2,054)
Other finance expenses and income, net (36) (123) (384) (385)
Foreign exchange gains (losses) and indexation charges (14,120) (8,528) 19,538 (5,273)
Foreign Exchange (*) (8,184) 4,351 23,575 4,848
Reclassification of hedge accounting to the Statement of Income (*) (5,442) (12,663) (6,333) (12,427)
Recoverable taxes inflation indexation income (**) 119 227 2,437 2,508
Others (613) (443) (141) (202)
Total (15,757) (12,774) 10,776 (19,972)
(*) For more information, see notes 27.3.a and 27.3.c.
(**) In 2021, includes PIS and Cofins inflation indexation income - exclusion of ICMS (VAT tax) from the basis of calculation..
22

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

8. Net income by operating segment

Consolidated Statement of Income by operating segment - Apr-Jun/2022

Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 108,041 157,429 18,390 743 (113,643) 170,960
Intersegments 106,229 2,449 4,971 (6) (113,643)
Third parties 1,812 154,980 13,419 749 170,960
Cost of sales (40,228) (131,897) (11,677) (729) 109,432 (75,099)
Gross profit 67,813 25,532 6,713 14 (4,211) 95,861
Expenses 12,551 (4,163) (4,008) (3,732) (21) 627
Selling (19) (2,267) (3,815) (14) (21) (6,136)
General and administrative (61) (208) (85) (1,235) (1,589)
Exploration costs (196) (196)
Research and development (939) (10) (3) (128) (1,080)
Other taxes (117) (90) (42) (206) (455)
Impairment (625) (222) (847)
Other income and expenses 14,508 (1,366) (63) (2,149) 10,930
Net income (loss) before financial results and income taxes 80,364 21,369 2,705 (3,718) (4,232) 96,488
Net finance income (expenses) (15,757) (15,757)
Results in equity-accounted investments 282 (474) 143 (5) (54)
Net Income (loss) before income taxes 80,646 20,895 2,848 (19,480) (4,232) 80,677
Income taxes (27,324) (7,266) (919) 7,877 1,439 (26,193)
Net income (loss) of the period 53,322 13,629 1,929 (11,603) (2,793) 54,484
Attributable to:
Shareholders of Petrobras 53,327 13,629 1,796 (11,629) (2,793) 54,330
Non-controlling interests (5) 133 26 154
53,322 13,629 1,929 (11,603) (2,793) 54,484
23

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Consolidated Statement of Income by operating segment - Apr-Jun/2021

Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 71,440 100,328 13,960 617 (75,635) 110,710
Intersegments 70,184 1,777 3,345 329 (75,635)
Third parties 1,256 98,551 10,615 288 110,710
Cost of sales (29,667) (88,246) (8,748) (609) 73,565 (53,705)
Gross profit 41,773 12,082 5,212 8 (2,070) 57,005
Expenses (2,408) (2,752) (3,499) (1,441) (29) (10,129)
Selling (26) (2,135) (3,537) (15) (29) (5,742)
General and administrative (150) (204) (82) (935) (1,371)
Exploration costs (1,005) (1,005)
Research and development (568) (9) (62) (136) (775)
Other taxes (119) (127) (130) 115 (261)
Impairment (34) (440) (23) (497)
Other income and expenses (506) (277) 752 (447) (478)
Net income (loss) before financial results and income taxes 39,365 9,330 1,713 (1,433) (2,099) 46,876
Net finance income (expenses) 10,776 10,776
Results in equity-accounted investments 174 2,736 175 2,220 5,305
Net Income (loss) before income taxes 39,539 12,066 1,888 11,563 (2,099) 62,957
Income taxes (13,385) (3,172) (583) (3,490) 714 (19,916)
Net income (loss) of the period 26,154 8,894 1,305 8,073 (1,385) 43,041
Attributable to:
Shareholders of Petrobras 26,162 8,894 1,174 8,010 (1,385) 42,855
Non-controlling interests (8) 131 63 186
26,154 8,894 1,305 8,073 (1,385) 43,041

Consolidated Statement of Income by operating segment - Jan-Jun/2022

Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 210,608 285,905 36,045 1,401 (221,358) 312,601
Intersegments 207,178 4,707 9,461 12 (221,358)
Third parties 3,430 281,198 26,584 1,389 312,601
Cost of sales (80,340) (244,062) (26,949) (1,378) 210,755 (141,974)
Gross profit 130,268 41,843 9,096 23 (10,603) 170,627
Expenses 12,299 (6,944) (8,624) (7,247) (41) (10,557)
Selling (29) (4,406) (7,789) (30) (41) (12,295)
General and administrative (129) (404) (169) (2,446) (3,148)
Exploration costs (604) (604)
Research and development (1,848) (23) (17) (273) (2,161)
Other taxes (193) (129) (94) (350) (766)
Impairment (618) (222) 3 (6) (843)
Other income and expenses 15,720 (1,760) (558) (4,142) 9,260
Net income (loss) before financial results and income taxes 142,567 34,899 472 (7,224) (10,644) 160,070
Net finance income (expenses) (12,774) (12,774)
Results in equity-accounted investments 539 941 292 (10) 1,762
Net Income (loss) before income taxes 143,106 35,840 764 (20,008) (10,644) 149,058
Income taxes (48,473) (11,866) (160) 7,089 3,619 (49,791)
Net income (loss) of the period 94,633 23,974 604 (12,919) (7,025) 99,267
Attributable to:
Shareholders of Petrobras 94,644 23,974 335 (13,037) (7,025) 98,891
Non-controlling interests (11) 269 118 376
94,633 23,974 604 (12,919) (7,025) 99,267
24

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Consolidated Statement of Income by operating segment - Jan-Jun/2021

Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 135,392 177,069 26,047 1,453 (143,077) 196,884
Intersegments 132,967 3,059 6,371 680 (143,077)
Third parties 2,425 174,010 19,676 773 196,884
Cost of sales (58,303) (153,221) (16,019) (1,432) 133,129 (95,846)
Gross profit 77,089 23,848 10,028 21 (9,948) 101,038
Expenses (5,296) (4,938) (7,602) (3,384) (57) (21,277)
Selling (27) (3,974) (6,838) (44) (57) (10,940)
General and administrative (328) (384) (176) (1,979) (2,867)
Exploration costs (2,201) (2,201)
Research and development (1,035) (20) (89) (270) (1,414)
Other taxes (210) (347) (257) (28) (842)
Impairment (572) (440) 7 (1,005)
Other income and expenses (923) (213) 198 (1,070) (2,008)
Net income (loss) before financial results and income taxes 71,793 18,910 2,426 (3,363) (10,005) 79,761
Net finance income (expenses) (19,972) (19,972)
Results in equity-accounted investments 300 3,352 390 2,282 6,324
Net Income (loss) before income taxes 72,093 22,262 2,816 (21,053) (10,005) 66,113
Income taxes (24,410) (6,429) (825) 6,466 3,402 (21,796)
Net income (loss) of the period 47,683 15,833 1,991 (14,587) (6,603) 44,317
Attributable to:
Shareholders of Petrobras 47,695 15,833 1,732 (14,635) (6,603) 44,022
Non-controlling interests (12) 259 48 295
47,683 15,833 1,991 (14,587) (6,603) 44,317

The balance of depreciation, depletion and amortization by business segment is shown below:

Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Total
Apr-Jun/2022 13,701 2,662 481 152 16,996
Apr-Jun/2021 11,301 2,817 571 239 14,928
Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Total
Jan-Jun/2022 26,642 5,653 1,043 262 33,600
Jan-Jun/2021 23,173 5,767 1,153 465 30,558
9. Trade and other receivables
9.1. Trade and other receivables, net
Consolidated
06.30.2022 12.31.2021
Receivables from contracts with customers
Third parties 28,417 27,005
Related parties
Investees (note 28.4) 1,590 2,152
Subtotal 30,007 29,157
Other trade receivables
Third parties
Receivables from divestments (*) 5,631 14,951
Lease receivables 2,182 2,428
Other receivables 3,871 4,866
Related parties
Petroleum and alcohol accounts - receivables from Brazilian Government 3,051 2,822
Subtotal 14,735 25,067
Total trade receivables 44,742 54,224
Expected credit losses (ECL) - Third parties (7,873) (7,971)
Expected credit losses (ECL) - Related parties (47) (112)
Total trade receivables, net 36,822 46,141
Current 26,443 35,538
Non-current 10,379 10,603

(*) On June 30, 2022, refers mainly to the amount receivable for the divestment of Rio Ventura, Roncador, Baúna, Miranga, Maromba, Pampo and Enchova, Sépia and Atapu.

Accounts receivable are classified in the amortized cost category, except for certain receivables with final price formation after the transfer of control of products that depend on the variation in the value of the commodity, classified in the category fair value through profit or loss, whose value on June 30, 2022 totaled R$4,057 (R$6,445 as of December 31, 2021).

25

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

The balance of receivables from divestments decreased mainly due to the receipt of US$ 950 million (R$ 5,066), from the sale of interest in the exploration block BM-S-8 and the receipt of US$ 1 billion (R$ 5,549) from Nova Transportadora do Sudeste (NTS), referring to the last installment of the sale of 90% of Petrobras shares, partially offset by other receivables recorded in the period, arising from the Atapu and Sépia Co-participation Agreement of R$650 and that of Pampo and Enchova of R$654.

9.2. Aging of trade and other receivables - third parties
Consolidated
06.30.2022 12.31.2021
Trade receivables Expected credit losses (ECL) Trade receivables Expected credit losses (ECL)
Current 30,877 (408) 39,392 (428)
Overdue:
Until 3 months 975 (180) 1,214 (144)
3 - 6 months 125 (120) 221 (36)
6 - 12 months 117 (94) 286 (164)
More than 12 months 8,007 (7,071) 8,137 (7,199)
Total 40,101 (7,873) 49,250 (7,971)
9.3. Changes in provision for expected credit losses
Consolidated

2022

Jan-Jun

2021

Jan-Jun

Opening balance 8,083 8,293
Additions 370 225
Reversals (196) (402)
Write-offs (104) (4)
Cumulative translation adjustment (233) (142)
Closing balance 7,920 7,970
Current 994 994
Non-current 6,926 6,976
10. Inventories
Consolidated
06.30.2022 12.31.2021
Crude oil 20,874 17,012
Oil products 17,035 13,922
Intermediate products 3,323 2,967
Natural gas and LNG (*) 3,230 1,946
Biofuels 123 106
Fertilizers 8 43
Total products 44,593 35,996
Materials, supplies and others 5,229 4,490
Total 49,822 40,486
(*) Liquefied Natural Gas

Consolidated inventories are presented net of losses for adjustment to their net realizable value, these adjustments being mainly due to fluctuations in international oil prices and their derivatives and, they are recognized in the statement of income for the period as cost of sales. In the period from January to June 2022, there was a provision of R$15 (reversal of R$5 in the period from January to June 2021).

On June 30, 2022, the company had a volume of oil and/or derivatives of inventories given as guarantee of the Financial Commitment Terms - TCF, signed in 2008 with Petros, in the amount of R$ 16,831. This guarantee amount is in the process of revaluation due to the partial early settlement of the TCF Pension Difference and TCF Pre-70, carried out in February 2022, and its value is estimated at R$ 5,775, meeting the contractual condition of coverage of the debt with the TCFs.

26

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

11. Taxes
11.1. Income tax and social contribution

Current taxes

Income tax and social contribution

Consolidated
Current assets Current liabilities Non-current liabilities
06.30.2022 12.31.2021 06.30.2022 12.31.2021 06.30.2022 12.31.2021
Taxes in Brazil
Income taxes 731 745 8,290 3,803
Income taxes - Tax settlement programs 246 241 1,626 1,676
731 745 8,536 4,044 1,626 1,676
Taxes abroad 13 166 1,529 45
Total 744 911 10,065 4,089 1,626 1,676

Reconciliation between statutory tax rate and effective tax expense rate

The reconciliation of taxes calculated according to nominal rates and the amount of registered taxes are shown below:

Consolidated
2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Net income before income taxes 80,677 149,058 62,957 66,113
Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) (27,430) (50,680) (21,405) (22,478)
Adjustments to arrive at the effective tax rate:
Interest on capital 1,899 1,895 (1)
Different jurisdictional tax rates for companies abroad 1,009 2,043 (469) (354)
Brazilian income taxes on income of companies incorporated outside Brazil (*) (1,613) (3,155) 13 (1,143)
Tax loss carryforwards (unrecognized tax losses) (48) (36) 48 (118)
Non-taxable income (non-deductible expenses), net (**) 185 319 1,062 1,291
Post-retirement benefit (218) (940) (242) (484)
Results of equity-accounted investments in Brazil and abroad (12) 621 1,077 1,490
Others 35 142 1
Income tax expenses (26,193) (49,791) (19,916) (21,796)
Deferred income taxes (136) (10,271) (19,396) (20,627)
Current income taxes (26,057) (39,520) (520) (1,169)
Effective tax rate of income taxes 32,5% 33.4% 31.6% 33.0%
(*) Income tax and social contribution in Brazil referring to income earned in the years by investees abroad, according to provisions provided for in Law No. 12,973 / 2014.

(**) Includes effect on judicial agreements.

Deferred income taxes - non-current

The table below shows the composition and basis for realization of deferred tax assets and liabilities:

Nature Basis for realization 06.30.2022 12.31.2021
Property, plant and equipment - Cost of prospecting and dismantling areas

Depreciation, Amortization and Write-off of Assets

(4,089) (7,601)
Property, plant and equipment - Impairment Amortization, Write-off of Assets and Impairment Reversal 24,322 24,455
Property, plant and equipment - Depreciation, accelerated and linear x unit produced and capitalized charges Depreciation, Amortization and Write-off of Assets (80,983) (72,123)
Loans, accounts receivable / payable and financing Payments, Receipts and Consideration 7,428 19,475
Leases Appropriation of consideration 3,085 6,942
Provision for lawsuits Payment and reversal of the provision 3,963 3,378
Tax losses Compensation of 30% of taxable income 3,369 10,193
Inventories Sale, Write-Off and Loss 1,782 1,271
Employee benefits, mainly pension plan Payment and reversal of the provision 6,369 6,976
Others 1,508 3,548
Total (33.246) (3.486)
Deferred income taxes - assets 2,869 3,371
Deferred income taxes - liabilities (*) (36,115) (6,857)
(*) The balance of deferred tax liabilities increased in the period, mainly due to the offsetting of tax losses and negative basis of social contribution, use of the benefit of accelerated tax depreciation and the appreciation of the real against the dollar.
27

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

The table below shows the movement in the periods:

Consolidated
2022 2021
Jan-Jun Jan-Jun
Opening balance (3,486) 32,509
Recognized in income of the period (10,271) (20,627)
Recognized in shareholders' equity (13,656) (11,313)
Cummulative Translation Adjustment (31) (2)
Use of tax credits (5,819)
Others 17 8
Final balance (33,246) 575
11.2. Other taxes

Consolidated

Other taxes Current assets Non-current assets Current liabilities Non-current liabilities (*)
06.30.2022 12.31.2021 06.30.2022 12.31.2021 06.30.2022 12.31.2021 06.30.2022 12.31.2021
Taxes in Brazil:
Current / Deferred VAT Rate (VAT) 3,740 3,712 2,033 2,114 3,937 5,554
Current / Deferred PIS and COFINS (**) 1,686 2,330 12,253 11,329 1,545 2,786 344 251
PIS and COFINS - Law 9,718/98 3,366 3,313
CIDE 5 31 135 235
Production taxes/Royalties 12,897 11,984 117 117
Withholding income taxes 292 481
Tax settlement programs 260 374 36 36
Others 218 272 1,409 1,393 586 781 421 392
Total in Brazil 5,649 6,345 19,061 18,149 19,652 22,195 918 796
Taxes abroad 283 255 48 48 170 130
Total 5,932 6,600 19,109 18,197 19,822 22,325 918 796
(*) Other non-current liabilities are classified as other liabilities.
(**) As of June 30, 2022, includes R$394 (R$576 as of December 31, 2021) in current assets, referring to the exclusion of VAT tax in the PIS and COFINS calculation basis.

PIS and COFINS Law 9,718/98

The company filed common actions against the Federal Government referring to the recovery of amounts paid as PIS/COFINS on financial income and active exchange variations, considering the unconstitutionality of §1 of art. 3 of Law 9,718/98, in the periods between February 1999 and January 2004.

All actions were upheld with a final and unappealable decision. Currently, two actions are in the precatory stage, with values ​​as claimed by the company. Regarding the two remaining cases, both have favorable reports, and in one of them, the Union has already expressed its agreement.

As of June 30, 2022, the amount monetarily restated is R$3,366 (R$3,313 as of December 31, 2021).

12. Employee benefits

Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment. It also includes expenses with directors and other managers. Such benefits include salaries, post-employment benefits, termination benefits and other benefits.

Consolidated
06.30.2022 12.31.2021
Liabilities
Short-term employee benefits 6,182 7,197
Termination benefits 1,174 1,950
Post-retirement benefits 49,569 55,130
Total 56,925 64,277
Current 10,511 11,967
Non-current 46,414 52,310

12.1.Short-term benefits

Short-term benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the reporting period in which the employees render the related service.

28

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Consolidated
06.30.2022 12.31.2021
Variable compensation program - PPP 1,426 2,574
Accrued vacation and Christmas bonus 3,144 2,453
Salaries and related charges and other provisions 1,276 1,505
Profit sharing 336 665
Total 6,182 7,197
Current 6,167 7,178
Non-current (*) 15 19

(*) Refers to the balance of the deferral for 4 years of 40% of the PPP portion of the administrators.

In the period from January to June, in relation to short-term benefits, the company recognized the following amounts in the income statement:

Consolidated
2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Costs/Expenses in the statement of income
Salaries, vacation, christmas bonus, charges over provisions and others 3,836 7,365 3,482 7,061
Variable compensation program 638 1,256 534 1,062
Profit sharing (*) 168 329 157 314
Manager compensations and charges 11 26 14 33
Total 4,653 8,976 4,187 8,470
(*) In 2022, it includes R$ 4 of profit sharing reversal of 2021.

12.1.1 Variable compensation program

Performance award program (PPP)

On September 17, 2021, the Board of Directors (CA) approved an adjustment to the criteria for granting the 2021 variable compensation program to employees. The PPP 2021 model presents, in addition to the net income for the year, the declaration and payment of remuneration to shareholders for the year in reference approved by the Board of Directors.

On December 15, 2021, the Board of Directors approved the PPP 2022 for employees. The criteria of the PPP 2021 model for activating the program were maintained.

From January to June 2022, the company:

i. paid R$2,428 (R$2,286 in the parent company) referring to the PPP 2021, considering compliance with the company's performance metrics and the individual performance of all employees; and

ii. provisioned R$1,256 (R$1,192 in the parent company) referring to the PPP 2022, recorded in other operating expenses.

Profit Sharing (PLR)

On December 29, 2020, the 17 labor unions representing employees of onshore bases signed the agreement for PLR 2021/2022, within the period determined by the Collective Bargaining Agreement (ACT). Among the maritime bases, three labor union entities signed the agreement within the deadline defined by the ACT.

The PLR ​​2021/2022 regulation, approved by the Secretariat for Coordination and Governance of State-owned Companies (Sest), of the Federal Government, covers employees who do not occupy remunerated functions and provides for individual limits according to the participants' remuneration. In order for the PLR ​​to be activated in 2021 and 2022, in addition to the PLR ​​agreement having been signed, the following triggers/requirements must be met: i) approval of the distribution of dividends by the Annual General Meeting (AGO); ii) calculation of net income in the reference year; and iii) achievement of the average percentage, weighted by weight, of the set of indicators' targets of at least 80%.

The maximum amount of PLR to be distributed is limited to 5% of Adjusted EBITDA, to 6.25% of net income and to 25% of dividends distributed to shareholders, in each year, whichever is lower.

From January to June 2022:

i. the company paid R$659 (R$593 in the parent company), referring to PLR 2021, and

ii. provisioned R$ 333 (R$ 300 in the parent company) referring to the 2022 PLR, recorded in other operating expenses.

29

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

12.2. Termination benefits

These are those provided by the termination of the employment contract as a result of: i) the entity's decision to terminate the employee's employment relationship before the normal retirement date; or ii) employee's decision to accept an offer of benefits in exchange for termination of employment.

The company has voluntary termination programs (PDV), incentive retirement (PAI), specific termination programs for the corporate segment and for employees assigned to units in the process of divestment, which basically provide for the same legal and indemnity benefits.

Transpetro launched a new voluntary termination program for seafarers. Enrollment took place between May 4, 2022 and July 14, 2022 and the maximum deadline for termination of employees who join the program is December 3, 2022.

Considering the set of programs, there are 11,539 adhesions accumulated until June 30, 2022 (11,418 adhesions until December 31, 2021).

The change in the provision as of June 30, 2022 is shown below:

Consolidated

Jan-Jun

2022

Jan-Jun

2021

Opening Balance 1,950 4,678
Effects in the statement of income 29 (43)
Enrollments 25 141
Revision of provisions 4 (184)
Effect in cash and cash equivalents (805) (667)
Use due to termination (805) (667)
Saldo final 1,174 3,968
Current 647 3,425
Non Current 527 543

The recognition of the provision for expenses with the retirement programs occurs as the employees join.

The company deferred the payment of indemnities in two installments, the first at the time of termination, together with the legal severance payments, and the second, when applicable, 12 months after the payment of the first installment.

As of June 30, 2022, of the total provisioned, the amount of R$252 corresponds to the second installment of 852 terminated employees and the amount of R$922 corresponds to 1,807 employees enrolled in the voluntary termination programs scheduled to leave by December 2023.

12.3.Post-employment benefits

The Company maintains a health care plan for its employees in Brazil (active and retiree) and their dependents, and five other major types of post-retirement pension benefits (collectively referred to as "pension plans").

The balances related to post-employment benefits granted to employees are shown below:

Consolidated
06.30.2022 12.31.2021
Liabilities
Health Care Plan AMS: Saúde Petrobras 25,764 25,029
Petros Pension Plan - Renegotiated (PPSP-R) 16,248 18,042
Petros Pension Plan - Non-renegotiated (PPSP-NR) 3,674 3,672
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pré 70) 1,569 4,557
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pré 70) 1,306 2,851
Petros 2 Pension Plan (PP-2) 1,005 918
Other plans 3 61
Total 49,569 55,130
Current 3,697 3,632
Non-current 45,872 51,498
30

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Health Care Plan

The health care plan, named "AMS Plan - Saúde Petrobras" by the beneficiaries, is managed by the Petrobras Health Association (APS), a non-profit civil association and includes prevention and health care programs.

Benefits are paid by the Company based on the costs incurred by the participants. The financial participation of the Company and the beneficiaries on the expenses is established in the collective bargaining agreement (ACT), being 60% (sixty percent) by the company and 40% (forty percent) by the participants.

Pension plans

The Company's post-retirement plans are managed by Petros Foundation (Fundação Petrobras de Seguridade Social), a nonprofit legal entity governed by private law with administrative and financial autonomy.

The net obligation with pension plans recorded by the company has a different recognition methodology than that applicable to pension funds, regulated by the Conselho Nacional de Previdência Complementar.

The main differences in accounting practices adopted in Brazil (CNPC and CVM) between the Pension Fund and the Sponsor for calculating the actuarial commitment on December 31, 2021 are shown below:

PPSP-R (*) PPSP-NR (*)
Accumulated deficit according to CNPC - Petros Foundation 7,746 776
Financial assumptions (interest rate and inflation) (6,252) (2,033)
Ordinary and extraordinary sponsor contributions 12,223 3,636
Changes in value of plan assets (**) 8,074 3,029
Others (calculation methodology, etc.) 808 1,115
Net actuarial liability according to CVM - Sponsor Company 22,599 6,523

(*) Includes the balance of the PPSP-R Pre-70 and PPSP-NR Pre-70 plans.

(**) Includes balance of accounts receivable arising from the Financial Commitment Term - TCF signed with Petrobras, which Petros recognizes as equity.

On March 28, 2022, the Petros Deliberative Council approved the financial statements of the pension plans for the year ended on December 31, 2021, sponsored by the company.

12.3.1 Amounts in the financial statements related to defined benefit plans

Represents the company's obligation, net of collateral assets when applicable, discounted to present value and calculated annually by an independent actuary, in accordance with the methodology established in IAS 19/CPC 33 (R1) - Employee Benefits, approved by CVM Deliberation No. 695/2012.

The movement of obligations with pension and health plans with a defined benefit feature is shown below:

Consolidated
Pension plans Health Care Plan Other plans
PPSP-R (*) PPSP-NR (*) PP2 AMS - Saúde Petrobras Total
Balance on December 31, 2021 22,599 6,523 918 25,029 61 55,130
Recognized in income - cost and expenses 1,183 374 83 1,570 3,210
Current service cost 25 3 34 270 332
Interest cost, net 1,158 371 49 1,300 2,878
Cash effects (5,965) (1,917) (839) (8,721)
Contributions paid (728) (243) (839) (1,810)
Payments related to Term of financial commitment (TFC) (5,237) (1,674) (6,911)
Other changes 4 4 (58) (50)
Balance of actuarial liability as of June 30, 2022 17,817 4,980 1,005 25,764 3 49,569
(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
31

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Pension plans Health Care

Other

plans

PPSP-R (*) PPSP-NR (*) PP2 AMS - Saúde Petrobras Total
Balance on December 31, 2020 39,102 14,012 2,477 27,836 76 83,503
Recognized in income - cost and expenses 1,339 471 197 1,424 3 3,434
Costs incurred in the period (5) (1) (6)
- Present value of the obligation (3,672) (168) (3,840)
- Value of guarantor asset - transfer to equity in PP3 2,494 114 2,608
- Sponsor's contribution to PP3 1,173 53 1,226
Current service cost 24 105 446 575
Net interest cost 1,222 443 92 978 3 2,738
Interest on the obligations with contribution for the revision of the lump sum death benefit 98 29 127
Recognized in Equity - other comprehensive income (6,885) (1,769) 8 (8,646)
Remeasurement: (Gains) / Actuarial losses (6,885) (1,769) 8 (8,646)
Cash effects (5,082) (2,838) (838) (1) (8,759)
Contributions paid (705) (214) (838) (1) (1,758)
Payments of obligations with contribution for the revision of the lump sum death benefit (**) (1,797) (536) (2,333)
Payments related to Term of financial commitment (TFC) (2,580) (2,088) (4,668)
Other changes (7) (7)
Balance on June 30,2021 28,474 9,876 2,674 28,422 79 69,525
(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(**) On June 30, 2021, the Company prepaid the debt balance of R$2.25 billion.

The net expense with pension and health plans is presented below:

Pension plans Health Care Plan Other plans
PPSP-R (*) PPSP-NR (*) PP2

AMS - Saúde

Petrobras

Total
Related to active employees (cost and expenses) 91 15 47 570 723
Related to retired employees (other income and expenses) 1,092 359 36 1,000 2,487
Expense in the statement of income - Jan-Jun/2022 1,183 374 83 1,570 3,210
Related to active employees (cost and expenses) 147 23 159 742 1,071
Related to retired employees (other income and expenses) 1,094 419 38 682 3 2,236
Obligations with contribution for the revision of the lump sum death benefit 98 29 127
Expense in the statement of income - Jan-Jun/2021 1,339 471 197 1,424 3 3,434
(*) It includes amounts of PPSP-R pre-70 and PPSP-NR pre-70
Pension plans Health Care Plan Other plans
PPSP-R (*) PPSP-NR (*) PP2

AMS - Saúde

Petrobras

Total
Related to active employees (cost and expenses) 46 8 23 283 360
Related to retired employees (other income and expenses) 546 179 18 502 1,245
Expense in the statement of income - Abr-Jun/2022 592 187 41 785 1,605
Related to active employees (cost and expenses) 75 10 79 371 (1) 534
Related to retired employees (other income and expenses) 543 209 19 341 3 1,115
Obligations with contribution for the revision of the lump sum death benefit 46 13 59
Expense in the statement of income - Abr-Jun/2021 664 232 98 712 2 1,708
(*) It includes amounts of PPSP-R pre-70 and PPSP-NR pre-70

12.3.2. Contributions

In the period from January to June 2022, the company contributed a total of R$8,721 to the defined benefit plans, which reduced the balance of obligations, as shown in Note 12.3.1. Of this amount, it includes the partial early settlement of the Financial Commitment Term, in the amount of R$6,882, carried out on February 25, 2022.

Additionally, there was a contribution of R$ 458 (R$ 411 for the period from January to June 2021) to the defined contribution portion of the PP2 plan and R$ 4 of the PP3 plan, which were recognized in costs and income for the year.

The collection of contributions to the PP3 plan began in August 2021.

13. Provisions for legal proceedings

13.1 Provisions for legal proceedings, judicial deposits and contingent liabilities

The company sets up provisions in judicial, administrative and arbitration proceedings in an amount sufficient to cover losses considered probable and for which a reliable estimate can be made. The main actions refer to:

32

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

· Labor lawsuits, highlighting: (i) individual actions to review the methodology for calculating the Minimum Remuneration by Level and Regime (RMNR); and (ii) outsourced actions.
· Tax proceedings, including: (i) non-approval of federal tax offsets; (ii) fines for non-compliance with ancillary obligations; and (iii) non-payment of fuel CIDE on propane and butane imports.
· Civil proceedings, in particular: (i) claims involving contracts; (ii) collection of royalties and production taxes, including royalties on shale extraction; and (iii) fines imposed by the ANP related to measurement systems.
· Environmental lawsuits, in particular: (i) fines related to the environmental accident that occurred in 2000 in the State of Paraná; (ii) fines related to the company's offshore operation; and (iii) public civil action for oil spill in 2004 in Serra do Mar/SP State Park.

Provisions for legal proceedings are set out as follows:

Consolidated
Non-current liabilities 06.30.2022 12.31.2021
Labor claims 4,038 3,995
Tax claims 2,019 1,705
Civil claims 5,674 4,581
Environmental claims 1,195 982
Total 12,926 11,263
Consolidated

2022

Jan-Jun

2021

Jan-Jun

Opening Balance 11,263 11,427
Additions, net of reversals 2,011 993
Use of provision (1,135) (1,404)
Accruals and charges 812 97
Others (25) 31
Closing balance 12,926 11,144

In the preparation of the interim financial information for the period ended on June 30, 2022, the Company considered all available information concerning legal proceedings in which the Company is a defendant, in order to estimate the amounts of obligations and probability that outflows of resources will be required.

In the period from January to June 2022, the increase in liabilities arises mainly from changes in the following cases: (i) R$1,017 in the provision for civil litigation involving contractual matters; and (ii) R$197 in the provision for fines for non-compliance with ancillary obligations.

13.2 Judicial deposits

Judicial deposits made in connection with legal proceedings are set out in the table below according to the nature of the corresponding lawsuits:

Consolidated
Non-current assets 06.30.2022 12.31.2021
Tax 36,459 32,310
Labor 4,554 4,443
Civil 8,930 7,113
Environmental 574 566
Others 377 426
Total 50,894 44,858
Consolidated

2022

Jan-Jun

2021

Jan-Jun

Opening Balance 44,858 37,838
Additions 4,362 2,611
Use (225) (231)
Accruals and charges 1,949 410
Others (50) (77)
Closing balance 50,894 40,551

From January to June 2022, the company made judicial deposits in the amount of R$4,362, including: (i) R$1,432 referring to the unification of fields (Cernambi, Tupi, Tartaruga Verde and Tartaruga Mestiça); (ii) R$680 referring to Corporate Income Tax and Social Contribution Tax for not adding the income of subsidiaries and affiliates domiciled abroad to the parent company's Corporate Income Tax and Social Contribution Tax calculation basis; (iii) R$696 referring to the levy of CIDE and PIS/COFINS related to the charter of platforms; and (iv) R$346 referring to Corporate Income Tax and Social Contribution Tax in the deduction of expenses with Petros.

33

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

13.3 Contingent assets

As of June 30, 2022, the contingent liabilities plus interest and monetary restatement, estimated for legal proceedings, whose probability of loss is considered possible, are presented in the following table:

Consolidated
Nature 06.30.2022 12.31.2021
Tax 148,633 138,312
Labor 42,250 40,022
Civil - General 35,145 31,921
Civil - Environmental 7,088 6,652
Total 233,116 216,907

The main contingent liabilities are:

· Tax matters comprising: i) withholding income tax (IRRF), Contribution of Intervention in the Economic Domain (CIDE), Social Integration Program (PIS) and Contribution to Social Security Financing (COFINS) on remittances for payments of vessel charters; (ii) income from foreign subsidiaries and associates located outside Brazil not included in the computation of taxable income (Corporate Income Tax and Social Contribution); (iii) requests to compensate federal taxes disallowed by the Brazilian Federal Tax Authority; (iv) collection and crediting of ICMS VAT tax by several states; (v) collection of social security contributions over payments of bonuses, and (vi) collection of custom duties and fines related to imports under the Repetro regime in the Frade consortium.
· Labor matters comprising collective actions requiring a review of the methodology by which the minimum compensation based on an employee's position and work schedule (Remuneração Mínima por Nível e Regime - RMNR) is calculated;
· Civil lawsuits, highlighting: (i) administrative and legal proceedings that discuss differences in special participations and royalties in different fields; (ii) fines from regulatory agencies; and (iii) claims involving contracts;
· Environmental matters with emphasis on indemnities and reparations for environmental damages and fines related to the company's operation.

In the period from January to June 2022, the increase in contingent liabilities arises mainly from: (i) R$ 11,629 referring to the tax assessment notice for the collection, by joint liability, of customs taxes and fines arising from the importation of goods under the regime of Repetro, for use in the Frade consortium; (ii) R$2,738 referring to administrative and legal proceedings that discuss difference in special participation and royalties in different fields, including unification of fields; (iii) R$2,039 referring to class actions that require a review of the methodology for calculating the Minimum Remuneration by Level and Regime (RMNR); (iv) R$ 1,316 referring to the levy of CIDE and PIS/COFINS related to the chartering of platforms; (v) R$1,071 referring to lawsuits involving ICMS VAT Tax collection on imports in operations with liquefied petroleum gas derived from natural gas. These effects were partially offset mainly by: (vi) R$5,978 for the transfer to remote loss related to the collection of Service Tax (ISS) on services in maritime waters; (vii) R$1,546 for the write-off due to the execution of an agreement and review of amounts in actions on the state monopoly of piped gas services; and (viii) R$990 for the write-off and review of amounts due to favorable decisions in compensation processes not approved.

13.4 RMNR - Minimum Remuneration by Level and Work Regime

There are several lawsuits related to the Minimum Remuneration by Level and Work Regime (RMNR), with the objective of revising its calculation criteria.

The RMNR consists of a guaranteed minimum remuneration for employees, based on salary level, working conditions and geographic location. This compensation policy was created and implemented by Petrobras in 2007 through collective bargaining with union representatives, and approved at employee meetings, being questioned only three years after its implementation.

In 2018, the Superior Labor Court (TST) ruled against the Company, which filed extraordinary appeals against its decision. However, the Federal Supreme Court (STF) suspended the effects of the decision rendered by the TST and determined the national suspension of the ongoing processes related to the RMNR.

On July 29, 2021, a monocratic decision was published in which the Reporting Justice granted the Extraordinary Appeal filed in one of the proceedings to reestablish the judgment that dismissed the copyright requests, accepting the Company's thesis and recognizing the validity of the collective bargaining agreement freely signed between Petrobras and the labor unions, reversing the decision of the TST.

34

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

In February 2022, the judgment of the grievances filed by the plaintiff and several amici curiae began. The judgment is currently underway in the First Panel of the Federal Supreme Court, with 3 votes in favor of the company, confirming that the prevailing understanding is in the sense of recognizing the validity of the collective bargaining agreement freely signed between Petrobras and the unions. Considering that the last minister to speak up requested a view, the trial was suspended pending the presentation of the vote by Minister Vistor.

As of June 30, 2022, there are several lawsuits related to the Minimum Remuneration by Level and Work Regime (RMNR) reflected in the company's interim financial information, R$ 787 of which classified as probable loss, recognized in liabilities as a provision for legal and administrative proceedings , and R$35,022 classified as possible loss.

13.5 Class action and related proceedings

On May 26, 2021, the District Court of Rotterdam ruled that the class action against Petróleo Brasileiro S.A. - Petrobras, Petrobras International Braspetro B.V. (PIB BV), Petrobras Global Finance B.V. (PGF), Petrobras Oil & Gas B.V. (PO&G) and some former Petrobras managers must proceed and that the arbitration clause in Petrobras' Bylaws does not prevent the company's shareholders from having access to the Dutch Judiciary and being represented by the Stichting Petrobras Compensation Foundation. However, investors who have already initiated arbitration against Petrobras or who are parties to legal proceedings in which the applicability of the arbitration clause has been definitively recognized are excluded from the action. The collective action moved to the phase of discussion of the merits issues.

In the Argentine arbitration, in which Petrobras is held liable for an alleged loss of market value of Petrobras shares in Argentina, due to the unfolding of Operation Lava Jato, the appeal filed by Consumidores Financieros Asociación Civil para su Defensa (" Association") has not yet been tried by the Argentine Supreme Court.

As for the criminal action in Argentina related to an alleged fraudulent offer of securities, aggravated by the fact that Petrobras allegedly declared false data in its financial statements prior to 2015, the Court of Appeals overturned, on October 21, 2021, the decision of first instance that had recognized Petrobras' immunity from jurisdiction and recommended that the lower court take some steps to certify whether the company could be considered criminally immune in Argentina for subsequent reassessment of the matter. Petrobras appealed against this decision, but on April 20, 2022 the appeal was not admitted by the Court of Cassation. The Court of Appeals recognized that the Association could not act as a representative of financial consumers, due to the loss of its registration before the competent Argentine bodies, which was also the subject of an appeal, still pending judgment. Petrobras presented other procedural defenses, which are still subject to appeals before the Argentine Court of Appeal. This criminal action is being processed before the Economic Criminal Court No. 2 of the City of Buenos Aires.

Regarding the other criminal action, for alleged non-compliance with the obligation to publish as a "material fact" in the Argentine market that there was a class action brought by Consumers Financieros Asociación Civil para su Defensa before the Commercial Court, there were no relevant events in the period from January to June 2022.

13.6 Arbitrations in Brazil

In the period from January to June 2022, there were no events that changed the assessment and information about arbitrations in Brazil.

13.7 Legal proceedings - Compulsory Loan - Eletrobras

During the period from January to June 2022, there were no events that modified the evaluation of this process.

13.8 Lawsuits brought by Natural Gas Distributors and others

During the period from January to June 2022, Petrobras obtained, in the Superior Court of Justice, the suspension of the preliminary decision obtained by CEGÁS, which granted the extension of its gas supply contract for 6 months. The injunction that had been obtained by the State of Santa Catarina and that had extended, until April 2022, the price of the gas supply contract that was terminated on December 31, 2021, was revoked in a judgment handed down on June 29, 2022.

14. Provision for decommissioning costs

The following table details the amount of the decommissioning provision by production area:

35

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Consolidated
06.30.2022 12.31.2021
Onshore 2,618 4,868
Shallow Waters 20,082 20,825
Deep and ultra-deep post-salt 44,055 46,989
Pre-salt 14,298 14,478
Total 81,053 87,160
Consolidated

2022

Jan-Jun

2021

Jan-Jun

Opening balance 87,160 97,595
Adjustment to provision 194 28
Transfers related to liabilities held for sale (*) (5,473) (1,933)
Payments made (2,052) (1,743)
Interest accrued 1,249 1,972
Others (25) (15)
Total 81,053 95,904

(*) In the period from January to June 2022, refers to transfers of R$507 related to the Golfinho and Camarupim Poles, in Espírito Santo, R$1,841 related to the Albacora Leste Field, in Rio de Janeiro, R$165 related to the Capixaba North Pole, in Espírito Santo, and R$ 2,960 related to the Potiguar Pole, in Rio Grande do Norte, as per explanatory note 22. In 2021, it refers to transfers of R$ 595 related to the Peroá Pole, in Espírito Santo , R$530 related to the Miranga Complex, in Bahia, and R$808 related to the Alagoas Complex, in Alagoas.

15. Property, plant and equipment
15.1 By class of assets
Consolidated Parent

Land, buildings

and

improvement

Equipment and other assets (*)

Assets under

construction (**)

Exploration and development costs (oil and gas producing properties) (***) Right-of-use assets Total Total
Balance at December 31, 2021 13,302 296,471 94,430 200,046 95,157 699,406 717,355
Accumulated cost 22,770 547,365 144,831 345,470 147,222 1,207,658 1,154,481
Accumulated depreciation and impairment (****) (9,468) (250,894) (50,401) (145,424) (52,065) (508,252) (437,126)
Additions 2,229 16,262 42 15,996 34,529 33,534
Additions to / review of estimates of decommissioning costs 54 54
Capitalized borrowing costs 2,687 2,687 2,656
Signing bonus transfer (*****) 4,242 4,242 4,242
Write-offs (1) (3,592) (4,811) (3,012) (6,884) (18,300) (18,006)
Transfers 321 8,963 (20,898) 12,053 439 373
Transfers to assets held for sale (78) (9,272) (1,743) (6,266) (38) (17,397) (16,826)
Depreciation, amortization and depletion (224) (12,015) (13,570) (11,484) (37,293) (38,833)
Impairment recognition (note 17) (241) (91) (212) (544) (505)
Impairment reversal (note 17) 62 9 57 128 127
Cumulative translation adjustment (3) (13) (430) (78) (4) (528)
Balance at June 30, 2022 13,317 282,592 85,415 193,356 92,743 667,423 684,117
Accumulated cost 22,564 535,190 134,005 337,430 146,509 1,175,698 1,123,374
Accumulated depreciation and impairment (****) (9,247) (252,598) (48,590) (144,074) (53,766) (508,275) (439,257)
Weighted average useful life in years

40

(25 to 50)

(except land)

20

(3 to 31)

Units of production method

8

(2 to 47)

36

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Consolidated Parent

Land, buildings

and

improvement

Equipment and other assets (*)

Assets under

construction (**)

Exploration and development costs (oil and gas producing properties) (***) Right-of-use assets Total Total
Balance at December 31, 2020 15,812 304,940 80,255 161,958 82,469 645,434 670,088
Additions 1 3,870 15,298 4 5,834 25,007 28,318
Additions to / review of estimates of decommissioning costs (7) (7)
Capitalized borrowing costs 2,555 2,555 2,527
Business combination (1) (1)
Write-offs (2) (241) (863) (79) (369) (1,554) (1,563)
Transfers 57 3,838 (14,491) 11,012 (9) 407 (302)
Transfers to assets held for sale (5,929) (874) (1,343) 12 (8,134) (8,151)
Depreciation, amortization and depletion (310) (10,800) (10,800) (11,101) (33,011) (35,525)
Impairment recognition (1,007) (46) (1,053) (1,053)
Impairment reversal 210 153 97 460 308
Cumulative translation adjustment (3) 34 (266) (17) (2) (254)
Balance at June 30, 2021 15,554 294,915 81,767 160,779 76,834 629,849 654,647
Accumulated cost 23,735 554,159 142,176 317,840 125,157 1,163,067 1,115,389
Accumulated depreciation and impairment (****) (8,181) (259,244) (60,409) (157,061) (48,323) (533,218) (460,742)

(*) Comprised of production platforms, refineries, thermoelectric plants, gas treatment units, pipelines and other operating, storage and production facilities, including subsea equipment for the production and flow of oil and gas depreciated using the units of production method.

(**) The balances by business segment are presented in Note 21.

(***) Comprises exploration and production assets related to wells, abandonment of areas, signature bonuses associated with proved reserves and other expenses directly linked to exploration and production, except production platforms (oil and gas producing fields).

(****) In the case of land and assets under construction, it refers only to impairment losses.

(*****) Transfer of Intangible assets referring to the Atapu and Sépia fields.

The rights-of-use comprise the following underlying assets:

Consolidated Parent Company
Platforms Vessels Buildings and others Total Total
06.30.2022
Accumulated cost 72,046 65,127 9,336 146,509 159,645
Accumulated depreciation and impairment (20,451) (30,655) (2,660) (53,766) (56,461)
Total 51,595 34,472 6,676 92,743 103,184
12.31.2021
Accumulated cost 74,562 62,875 9,785 147,222 160,538
Accumulated depreciation and impairment (19,652) (29,410) (3,003) (52,065) (54,117)
Total 54,910 33,465 6,782 95,157 106,421

15.2 Production Individualization Agreements

Petrobras has Production Individualization Agreements (AIP) signed in Brazil with partner companies in E&P consortia, as well as contracts resulting from divestment operations and strategic partnerships linked to these consortia. These agreements will result in equalizations payable or receivable of expenses and production volumes related to the Atapu, Berbigão, Sururu, Albacora Leste, Tartaruga Verde and others.

The following table shows the movement of amounts payable related to AIPs submitted for approval by the ANP, classified in the trade payables account, reflecting the best available estimate of the assumptions used in the calculation of the calculation basis and the sharing of relevant assets in areas to be equalized:

2022

Jan-Jun

2021

Jan-Jun

Initial balance 2,033 1,925
Additions/(write-offs) in Property, Plant and Equipment (192) (352)
Other operating (income) expenses 49 288
Final balance 1,890 1,861

15.3 Capitalization rate used to determine the amount of borrowing costs eligible for capitalization

The weighted average rate of financial charges used to determine the amount of borrowing costs without a specific destination, to be capitalized as an integral part of assets under construction, was 6.56% p.a. in the period from January to June 2022 (6.08% p.a. in the period from January to June 2021).

37

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

16. Intangible assets
16.1 By class of assets
Consolidated Parent Company
Rights and Concessions (*) Software Goodwill Total Total
Balance at December 31, 2021 15,037 1,719 123 16,879 16,682
Accumulated Cost 15,312 7,373 123 22,808 21,769
Accumulated amortization and impairment (275) (5,654) (5,929) (5,087)
Addition 4,260 438 4,698 4,670
Capitalized borrowing costs 21 21 21
Write-offs (50) (4) (54) (5)
Transfers (54) (3) (57) (58)
Transfer of signature bônus (**) (4,242) (4,242) (4,242)
Amortization (9) (178) (187) (178)
Impairment accrual (6) (6)
Cumulative translation adjustment (10) (10)
Balance at June 30, 2022 14,932 1,987 123 17,042 16,890
Accumulated Cost 15,216 7,786 123 23,125 22,150
Accumulated amortization and impairment (284) (5,799) (6,083) (5,260)
Estimated useful life in years (***) 5 Indefinite
Consolidated Parent Company
Rights and Concessions (*) Software Goodwill Total Total
Balance at December 31, 2020 76,464 1,089 125 77,678 77,258
Addition 66 300 366 338
Capitalized borrowing costs 9 9 9
Write-offs (34) (3) (37) (31)
Transfers (227) 14 (213) (195)
Amortization (18) (144) (162) (145)
Cumulative translation adjustment (2) (2)
Balance at June 30, 2021 76,249 1,265 125 77,639 77,234
Accumulated Cost 76,716 6,756 125 83,597 82,208
Accumulated amortization and impairment (467) (5,491) (5,958) (4,974)

(*) Comprised mainly of signature bonuses, paid in concession contracts for oil or natural gas exploration and production sharing, in addition to public service concessions, trademarks and patents and others.

(**) Transfer to property, plant and equipment referring to Atapu and Sépia fields.

(***) Comprised mainly of assets with an indefinite useful life, whose valuation is reviewed annually to determine whether it remains justifiable.

16.2 Surpluses from Transfer of Rights

Búzios

The expenses incurred by Petrobras in the ordinary operations of the auctioned area for the benefit of the consortium, carried out prior to the start of the Buzios Coparticipation Agreement, and not included in the total amount of compensation, in the updated amount of R$ 319, were reimbursed to Petrobras by the partners CNODC Brasil Petróleo e Gás Ltda (CNODC) and CNOOC Petroleum Brasil Ltda (CPBL) in February 2022.

Additionally, on March 4, 2022, Petrobras signed an agreement with its partner CPBL for the transfer of 5% of its interest in the Production Sharing Agreement for the Excess Volume of the Assignment Agreement for the Búzios field, in the pre-salt layer of Santos basin. The agreement results from the share purchase option exercised by CPBL on September 29, 2021.

The amount to be received in cash by Petrobras at the closing of the transaction is US$ 2,120 million, referring to the compensation and reimbursement of the signature bonus for the additional participation of CPBL, subject to the usual adjustments in this type of contract between the base date and the closing date and compliance with conditions precedent, such as authorization by the Administrative Council for Economic Defense (CADE), recommendation for approval of the Assignment by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and approval by the Ministry of Mines and Energy ( MME).

After the completion of the transaction, Petrobras will hold an 85% interest in the Production Sharing Agreement for the Excess Volume of the Assignment Agreement for the Búzios field, CPBL will hold a 10% interest and CNODC, 5%. The total interest in this Búzios Co-participation Agreement, including the installments of the Assignment Agreement and the BS-500 Concession Agreement (100% of Petrobras) will be 88.99% of Petrobras, 7.34% of CPBL and 3,67% of CNODC.

As of June 30, 2022, the assets and liabilities related to the agreement to transfer 5% of the interest are classified as held for sale.

38

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Atapu and Sepia

On April 27, 2022, Petrobras entered into the Production Sharing Agreement for the Surplus Volumes of the Assignment of Atapu in partnership with Shell Brasil Petróleo Ltda (Shell - 25%) and TotalEnergies EP Brasil Ltda. (TotalEnergies - 22.5%), and the Production Sharing Agreement for the Surplus Volumes of the Sepia Assignment, in consortium with the companies TotalEnergies (28%), Petronas Petróleo Brasil Ltda. (Petronas - 21%) and QP Brasil Ltda. (QP - 21%). These agreements are linked to the 2nd bidding round for the Surplus of the Transfer of Rights in the Production Sharing regime, which took place on December 17, 2021.

The Co-participation Agreements (Agreements) and the Addendums to the Agreement for the Individualization of Atapu and Sepia Production (AIPs), necessary to manage the coincident deposits contained in the area of ​​the Assignment Agreement and in the area of ​​the Production Sharing Agreement of the Surplus Transfer of Rights, were also concluded on April 27, 2022.

The compensations owed to Petrobras for Atapu and Sépia, which includes a preliminary estimate of the gross up of the taxes levied, under the terms of Ordinance No. 08 of April 19, 2021 from the MME, were paid by the partners on April 13, 26 and 27, 2022, amounting to R$9,960 in the Atapu compensation and R$14,552 in the Sépia compensation.

The Agreements came into force on May 2, 2022, after the attestation by Pré-Sal Petróleo S.A (PPSA) as to the contractors' compliance with the payment of compensation, as established in Ordinance No. 519 of May 21, 2021.

On the effective date of the Agreements, the property, plant and equipment and intangible assets associated with the Atapu and Sépia fields were partially written off, in exchange for financial compensation, resulting in a transaction similar to a sale.

The company calculated the amount of R$ 650, of which R$ 300 for Atapu and R$ 350 for Sépia, resulting from the difference between the preliminary estimate and the final calculation of the gross up of taxes levied on the net income generated by the transfer of ownership of the Petrobras assets for the Production Sharing regime, as provided for in Ordinance No. 08, mentioned above. This amount was received by Petrobras in July 2022 from Atapu and Sépia partners.

The consolidated result of the operation, presented in other operating income, was R$14,243, of which R$5,090 from Atapu and R$9,153 from Sepia.

The signature bonus corresponding to the company's participation in the Production Sharing Agreement (Surplus Volumes of the Transfer of Rights) in Sépia was R$ 2,141 and, in Atapu, in the amount of R$ 2,101.

Since it was a special auction, related to the surplus production of fields with technical and commercial feasibility already defined, the value of the signature bonus paid in the first quarter of 2022 was recognized in property, plant and equipment after the start of the Agreement.

17 Impairment
Consolidated
2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Recognition of loss / (reversal)
Property, plant and equipment 420 416 55 593
Intangible 6
Property, plant and equipment and Intangible 420 422 55 593
Assets held for sale 427 421 442 412
847 843 497 1,005
Investments 13 57 (2,140) (1,948)
Net effect in the statement of income 860 900 (1,643) (943)
Recognition of loss 1,052 1,105 832 1,712
Loss reversal (192) (205) (2,475) (2,655)

The company assesses the recoverability of assets annually or when there is an indication of devaluation. In the period from January to June 2022, net losses due to devaluation in the amount of R$ 843 were recognized in the statement of income, mainly due to the following reasons:

· Permanent stoppage of the P-35 platform in the Marlim field, which led to the exclusion of this asset from the CGU Polo Norte and classification as an isolated asset, with the recognition of losses due to devaluation in the amount of R$ 262;
39

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

· Approval of the sale of the Golfinho Complex, which comprises the fields of Golfinho, an oil producer, and Canapu, a producer of non-associated gas, and the exploratory block BM-ES-23. As a result of this operation, the company assessed the recoverability of the book value of the assets of the Complex, considering the fair value net of selling expenses, which resulted in the recognition of impairment losses in the amount of R$258;
· Approval of the sale of the Northeast Lubricants and Petroleum Derivatives Refinery (LUBNOR), in the state of Ceará, which led to its exclusion from RTM CGU and classification as an isolated asset. As a result of this operation, the company assessed the recoverability of the book value of the refinery, considering the fair value net of selling expenses, which resulted in the recognition of impairment losses in the amount of R$ 222.

In the period from January to June 2021, net losses due to devaluation in the amount of R$ 1,005 were recognized in the statement of income, mainly due to the following reasons:

· Permanent stoppage of platforms P-33 and P-26 in the Marlim field, which led to the exclusion of these assets from the CGU Polo Norte and classification as isolated assets, with the recognition of losses due to devaluation in the amount of R$ 1,031;
· Approval of the sale of the Arembepe, Muryci and Bahia 1 Thermoelectric Power Plants, located in Camaçari, in the state of Bahia. As a result of this transaction, the company assessed the recoverability of the book value of the Thermoelectric Power Plants, considering the fair value net of selling expenses, which resulted in the recognition of impairment losses in the amount of R$441;
· Evaluation of the recoverability of the book value of production field assets, considering the fair value net of selling expenses, which resulted in a reversal of impairment losses in the amount of R$ 308, mainly due to the approval of the sale of the concession of Papa Terra, located in the Campos Basin (Rio de Janeiro), in the amount of R$ 208;
· Relocation of equipment from platforms P-72 and P-73 to producing fields in the Santos Basin. As a result, considering the expectation of future cash generation, it recognized a reversal of impairment losses in the amount of R$151.
17.1 Investment in an associate with shares traded on stock exchanges (Petrobras Distribuidora S.A. - BR)

On August 26, 2020, the Board of Directors of Petrobras approved the process of divestment of its entire interest in Petrobras Distribuidora. On June 30, 2021, the Board of Directors approved the price per common share issued by Petrobras Distribuidora S.A., in the amount of R$ 26.00, within the scope of the public offering of secondary distribution of Shares held by Petrobras, resulting in an amount of sale of R$11,264, net of transaction costs.

The evaluation of the recoverability of the investment based on the cash flow from the sale resulted in the recognition of reversals of net impairment losses, in the period from January to June 2021, in the amount of R$ 2,019.

18 Exploration and evaluation of oil and gas reserves

Changes in capitalized costs related to exploratory wells and the balances of amounts paid for obtaining rights and concessions for oil and natural gas exploration, both directly related to exploratory activities in unproved reserves, are presented in the following table:

Consolidated
Capitalized Exploratory Well Costs / Capitalized Acquisition Costs (*)

2022

Jan-Jun

2021

Jan-Jun

Property plant and equipment
Opening Balance 11,127 15,716
Additions 486 1,194
Write-offs (72) (965)
Transfers (210) (780)
Cumulative translation adjustment (37) (22)
Closing Balance 11,294 15,143
Intangible Assets 14,322 75,320
Capitalized Exploratory Well Costs / Capitalized Acquisition Costs 25,616 90,463
(*) Amounts capitalized and subsequently expensed in the same period have been excluded from this table.
40

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Exploration costs recognized in the statement of income and cash flows used related to oil and gas exploration and evaluation activities are set out in the following table:

Consolidated
2022 2021
Exploration costs recognized in the statement of income Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Geological and geophysical expenses 403 681 460 829
Exploration expenditures written off (includes dry wells and signature bonuses) 341 455 296 1,036
Contractual penalties (*) (545) (536) 149 233
Other exploration expenses (3) 4 100 103
196 604 1,005 2,201
Cash used in:
Operating activities 400 685 560 932
Investment activities 4,452 4,847 687 1,315
4,852 5,532 1,247 2,247

(*) Petrobras made a reversal of R$639 on the provision related to contractual penalties for local content on June 30, 2022, as described in note 30.

19 Collateral for crude oil exploration concession agreements

The Company has granted collateral to ANP in connection with the performance of the Minimum Exploration Programs established in the concession agreements for petroleum exploration areas in the total amount of R$ 10,021 of which R$ 10,021 were still in force, net of commitments undertaken. The collateral comprises crude oil from previously identified producing fields, pledged as collateral, amounting to R$ 6,933 and bank guarantees of R$ 3,088.

20 Investments
20.1 Changes in investment (Parent Company)
Controlled companies Joint operations Jointly controlled companies

Associates

(*)

Total
Balance at December 31, 2021 264,102 180 109 5,434 269,825
Investments 9 74 83
Transfers to held for sale (9) (282) (291)
Restructuring, capital decrease and others (517) 5 (512)
Results in equity-accounted investments (**) 11,379 30 65 922 12,396
Cumulative translation adjustments (16,557) (517) (17,074)
Other comprehensive income 189 2 764 955
Dividends (722) (80) (23) (505) (1,330)
Balance at June 30, 2022 257,874 130 227 5,821 264,052
Controlled companies Joint operations Jointly controlled companies

Associates

(*)

Total
Balance at December 31, 2020 228,777 164 237 12,697 241,875
Investments 110 27 137
Transfers to held for sale (11) (11,264) (11,275)
Restructuring, capital decrease and others 637 (931) (294)
Results in equity-accounted investments 3,421 23 43 5,735 9,222
Cumulative translation adjustments (9,121) 14 (381) (9,488)
Other comprehensive income 119 (1) 733 851
Dividends (795) (34) (26) (816) (1,671)
Balance at June 30, 2021 223,148 153 283 5,773 229,357
(*) Includes Braskem and other investments
(**) In the income statement, it includes the results of companies classified as held for sale in the amount of R$ 62 on June 30, 2022.
41

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

20.2 Changes in investment (Consolidated)
Jointly controlled companies

Associates

(*)

Total
Balance at December 31, 2021 2,839 5,588 8,427
Investments 74 29 103
Transfers to held for sale (282) (282)
Restructuring, capital decrease and others (69) (69)
Results in equity-accounted investments 792 970 1,762
Cumulative translation adjustments (151) (525) (676)
Other comprehensive income 2 764 766
Dividends (533) (505) (1,038)
Balance at June 30, 2022 3,023 5,970 8,993
Jointly controlled companies

Associates

(*)

Total
Balance at December 31, 2020 4,232 12,778 17,010
Investments 28 39 67
Transfers to held for sale (11) (11,264) (11,275)
Restructuring, capital decrease and others (1) (926) (927)
Results in equity-accounted investments 583 5,741 6,324
Cumulative translation adjustments (86) (387) (473)
Other comprehensive income (1) 733 732
Dividends (344) (818) (1,162)
Balance at June 30, 2021 4,400 5,896 10,296
(*) Includes Braskem and other investments.
21 Assets by operating segment

The segmented information reflects the evaluation structure of senior management in relation to performance and the allocation of resources to the business.

Consolidated assets by operating segment - 06.30.2022
Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate Eliminations Total
Current assets 46,159 95,125 15,868 111,979 (44,346) 224,785
Non-current assets 568,855 122,083 39,966 49,065 779,969
Long-term receivables 30,979 14,147 3,364 38,021 86,511
Investments 2,121 5,894 818 160 8,993
Property, plant and equipment 521,057 101,490 35,389 9,487 667,423
Operating assets 462,787 86,563 24,822 7,836 582,008
Under construction 58,270 14,927 10,567 1,651 85,415
Intangible assets 14,698 552 395 1,397 17,042
Total Assets 615,014 217,208 55,834 161,044 (44,346) 1,004,754
Consolidated assets by operating segment - 12.31.2021
Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate Eliminations Total
Current assets 33,672 70,822 21,418 73,995 (31,660) 168,247
Non-current assets 597,740 121,076 37,669 48,220 (1) 804,704
Long-term receivables 28,136 12,342 1,795 37,720 (1) 79,992
Investments 2,194 5,412 662 159 8,427
Property, plant and equipment 552,654 102,788 34,829 9,135 699,406
Operating assets 486,676 89,770 20,868 7,662 604,976
Under construction 65,978 13,018 13,961 1,473 94,430
Intangible assets 14,756 534 383 1,206 16,879
Total Assets 631,412 191,898 59,087 122,215 (31,661) 972,951
22 Disposal of assets and other changes in organizational structure

The Company has an active partnership and divestment portfolio, which takes into account opportunities for disposal of non-strategic assets in several areas in which it operates, whose development of transactions also depends on conditions beyond the control of the Company.

The divestment projects and strategic partnerships follow the procedures aligned with the guidelines of the Brazilian Federal Auditor's Office (Tribunal de Contas da União - TCU) and the current legislation.

The major classes of assets and related liabilities classified as held for sale are shown in the following table:

42

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Consolidated
06.30.2022 12.31.2021
E&P RT&M Gas & Power Corporate and other segments Total Total
Assets classified as held for sale
Cash and Cash Equivalents 37 37 72
Trade receivables 202 202 175
Inventories 433 4 437 408
Investments 1 282 1,419 9 1,711 1,599
Property, plant and equipment 26,321 842 4 9 27,176 11,023
Others 13 764 777 618
Total 26,322 1,570 2,430 18 30,340 13,895
Liabilities on assets classified as held for sale
Trade Payables 7 7 9
Finance debt 185 185 5
Provision for decommissioning costs 9,198 9,198 4,646
Others 156 156 180
Total 9,198 163 185 9,546 4,840

22.1Transactions pending closing at June 30, 2022

In operations carried out in previous periods, the main assets and liabilities classified as held for sale include: (i) total interest in the Peroá Complex; (ii) total interest in the Papa-Terra production field; (iii) onshore fields in Bahia, Ceará, Espírito Santo and Sergipe; (iv) Gaspetro; (iv) REMAN Refinery; (v) Unidade de Industrialização do Xisto (Shale Industrialization Unit) - SIX; and (vi) additional interest of 5% related to Surpluses from Rights' Assignment - Búzios (explanatory note 16.2 - Intangible assets).

In relation to the divestment in REMAN, on March 8, 2022, the Administrative Council for Economic Defense (CADE) published a statement declaring the Concentration Act complex and ordering the performance of due diligence related to the process of sale of the REMAN refinery to Ream Participações S.A., whose agreement was signed in August 2021. The Concentration Act process requires diligencies related to a more in-depth analysis of the transaction. Completion of this process is expected to take place between 240 and 330 days from November 2021. Petrobras is collaborating with CADE to obtain approval for the transaction within the legal deadline.

The sale of 51% of Petrobras Gás S.A. (Gaspetro) was concluded on July 11, 2022, as described in Note 30 - Subsequent Events.

Additionally, in the period from January to June 2022, new agreements were signed and, together with the operations carried out in previous periods, comprise the assets and liabilities held for sale on June 30, 2022. The new agreements are demonstrated as follows:

Transaction Buyer Approval date for signature Amount (*) Conditions and deadlines for receipt and other information
Sale of the entire interest in a set of 22 concessions for onshore and shallow water production fields, together with their processing, refining, logistics, storage, transport and outflow of oil and natural gas infrastructure, located in the Potiguar Basin, in the state of Rio Grande do Norte, jointly called Potiguar Pole. 3R Potiguar S.A., wholly-owned company of 3R Petroleum Óleo e Gás S.A. Jan/2022

US$ 1,385

million

a
Sale of the entire interest in a set of four concessions of onshore production fields, with integrated facilities, located in the state of Espírito Santo, jointly called Norte Capixaba Pole. Seacrest Petróleo SPE Norte Capixaba Ltda., wholly-owned company of Seacrest Exploração e Produção de Petróleo Ltda. Feb/2022

US$ 478

million

b
Sale of the entire interest in the Albacora Leste concession, located predominantly in deep waters in the Campos Basin. Petro Rio Jaguar Petróleo Ltda. (PetroRio), associated company of Petro Rio S.A. Apr/2022

US$ 1,951

million

c
Sale of the entire interest (27.88%) in Deten Química S.A (Deten), located in the industrial hub of Camaçari, in the state of Bahia. Cepsa Química S.A. Apr/2022 585 d
Sale of the Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) refinery and associated logistics assets, located in the state of Ceará. Grepar Participações Ltda. May/2022

US$ 34

million

e
Sale of the total interest in the sets of maritime concessions called Golfinho Pole and Camarupim Pole, in deep waters in the post-salt, located in the Espírito Santo Basin. BW Energy Maromba do Brasil Ltda (BWE) Jun/2022

US$ 15

million

f
(*) Transaction value, which does not include contingent assets, when contractually provided.

It is important to mention that the transaction values ​​do not consider the adjustments due until the closing of the transaction, which are subject to the fulfillment of certain conditions precedent, such as approvals by the ANP and CADE.

43

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

a) Sale of assets of the Potiguar Pole

The conditions and terms of receipt will be as follows: (a) US$ 110 million received on the date of execution of the purchase and sale agreement; (b) US$1.04 billion upon closing of the transaction and (c) US$235 million to be paid in 4 annual installments of US$58.75 million, beginning in March 2024.

b) Sale of assets in the Capixaba North Pole

The conditions and terms of receipt will be as follows: (a) US$ 35.85 million received on the date of execution of the agreement; (b) US$442.15 million at the closing of the transaction and (c) up to US$66 million in contingent payments provided for in contracts, depending on future Brent quotations.

c) Sale of Albacora Leste

Receipt conditions and terms: (a) US$ 292.7 million received on the date of execution of the agreement; (b) US$ 1.66 billion at the closing of the transaction; and (c) up to US$250 million in contingent payments, depending on future Brent prices.

d) Sale of Deten

Conditions and terms of receipt: deposit of 5% of the value on the date of signature of the purchase and sale agreement, which will be deducted from the total amount upon payment.

e) Sale of LUBNOR

Receipt Terms and Conditions: (a) US$3.4 million received on signature date; (b) US$9.6 million to be paid upon closing of the transaction; and (c) US$21 million in deferred payments.

f) Sale of interest in Golfinho and Camarupim Poles

Receipt conditions and terms: (a) US$ 3 million received on the signature date, (b) US$ 12 million to be paid at the closing of the transaction; and (c) up to US$60 million in contingent payments, depending on future Brent prices and asset development.

22.2Completed operations

The main asset sales operations are presented below:

Transaction Buyer

Signature date

(S) and closing date (C)

Sale amount

(*) (**)

Closing amount

in other currencies (***)

Gain

(loss)

(****)

Other information

Sale of the entire interest in a set of seven land and shallow water concessions called Alagoas Pole and the Natural Gas Processing Unit - UPGN of Alagoas Petromais Global Exploração e Produção S.A., currently Origem Energia S.A.

Jul/2021

Feb/2022

1,567

US$ 300

miillion

1,738 a
Sale of the entire interest in fourteen onshore exploration and production fields, called Recôncavo Pole, located in the state of Bahia 3R Candeias S.A. subsidiary of 3R Petroleum Óleo e Gás

Dec/2020

May/2022

1,298 US$ 256 million 1,066 b
2,865 2,804
2.865 2.804
(*) Amount agreed upon signing the transaction, plus closing price adjustment, when provided for in the contract.
(**) The amount of "Receipts from the sale of assets (Disinvestments) in the Statement of Cash Flows" is mainly composed of amounts from the Divestment Program: partial receipt of operations this year, installments of operations from previous years and advances related to unfinished operations.
(***) Contractual value and price adjustments of operations traded in a currency other than the Brazilian real.

(****) Recognized in "Income from disposals, write-off of assets and result on remeasurement of equity interests" - explanatory note 6 - Other (expenses) net operating income.

The operations were concluded after the fulfillment of conditions precedent.

a) Sale of Polo Alagoas assets

The transaction was concluded with the receipt of US$ 60 million on the date of execution of the purchase and sale agreement and US$ 240 million at the closing of the transaction.

44

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

b) Sale of Polo Recôncavo assets

The transaction was concluded with the receipt of US$ 10 million on the date the purchase and sale agreement was signed and US$ 246 million on the closing date of the transaction.

22.3Price adjustments - Transactions completed in previous years

a) Sale of RLAM

On November 30, 2021, Petrobras finalized the sale of its entire interest in Refinaria de Mataripe S.A., the company that owns Refinaria Landulpho Alves (RLAM) to the company MC Brazil Downstream Participações S.A. As part of the negotiation, which provided for a final adjustment of the acquisition price, Petrobras recognized in January 2022 the amount of R$368 (US$68 million) in other operating income.

The amount is still subject to eventual residual adjustment between the parties.

22.4Contingent assets on asset sales

Some asset sales provide for receipts subject to contractual clauses, especially related to the Brent variation in sales related to E&P assets.

The divestments that may generate revenue recognition, recorded in other operating income, are presented below:

Sales Divestment closing date

At closing

of the agreement

US$ million

Asset recognized in the period from January to June 2022

Active

recognized in previous periods US$ million

US$ million R$
Sales in previous years
Riacho da Forquilha Pole Dec/2019 62 8 41
Pampo and Enchova Poles Jul/2020 650 125 621 36
Baúna Field Nov/2020 285 95 502 17
Frade Field Feb/2021 20
Ventura Pole Jul2021 43 43
Miranga Pole Dec/2021 85 33 164 15
Cricaré Pole Dec/2021 118 20 104
Total 281 1,432 111

22.5Other Operations

On March 23, 2022, the process of closing the company Participações em Complexos Bioenergéticos S.A. - PCBios was concluded, in which Petrobras held 50%. The dissolution and liquidation of PCBios were approved at the company's Extraordinary General Meeting. There were no effects in the statement of income.

23 Finance debt
23.1 Balance by type of finance debt
Consolidated
06.30.2022 12.31.2021
Banking Market 6,503 6,904
Capital Market 14,669 13,975
Development banks (*) 4,032 4,291
Others 32 39
Total in Brazil 25,236 25,209
Banking Market 41,464 47,573
Capital Market 80,984 108,968
Export Credit Agency 14,079 16,468
Others 881 1,006
Total abroad 137,408 174,015
Total finance debt 162,644 199,224
Current 21,560 20,316
Noncurrent 141,084 178,908

(*) Includes BNDES, FINAME, and FINEP.

45

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

The amount classified in current liabilities is composed of:

Consolidated
06.30.2022 12.31.2021
Short-term debt 790 602
Current portion of long-term debt 18,318 17,093
Accrued interest on short and long-term debt 2,452 2,621
Total 21,560 20,316

The capital market balance is mainly composed of R$77,885 in global notes, issued abroad by PGF, and R$13,742 in debentures, issued in Brazil by Petrobras.

The global notes mature between 2024 and 2115 and do not require collateral. Such financing was carried out in dollars, euros and pounds, being 87%, 2% and 11% of the total of global notes, respectively.

The debentures, with maturities between 2022 and 2034 and without guarantees, are not convertible into shares.

As of June 30, 2022, there were no defaults, breaches of covenants (breaches) or adverse changes in clauses that resulted in changes in the payment terms of loan and financing agreements. There was no change in the guarantees required in relation to December 31, 2021.

23.2 Changes
Consolidated
Brazil Abroad Total
Balance at December 31, 2021 25,209 174,015 199,224
Proceeds from financing 1,645 1,645
Repayment of principal (*) (886) (25,589) (26,475)
Repayment of interest (*) (646) (4,091) (4,737)
Charges incurred in the period (**) 1,017 4,807 5,824
Monetary and exchange variations 542 (2,766) (2,224)
Cumulative translation adjustment (10,613) (10,613)
Balance at June 30, 2022 25,236 137,408 162,644
Consolidated
Brazil Abroad Total
Balance at December 31, 2020 46,009 234,029 280,038
Proceeds from financing - 8,469 8,469
Repayment of principal (*) (17,871) (49,391) (67,262)
Repayment of interest (*) (843) (5,915) (6,758)
Charges incurred in the period (**) 857 7,723 8,580
Monetary and exchange variations 687 (1,081) (394)
Cumulative translation adjustment - (5,049) (5,049)
Balance at June 30, 2021 28,839 188,785 217,624
(*) Includes prepaymments.
(**)Includes appropriations of goodwill, discounts and associated transaction costs.

The company settled several loans and financing, in the amount of R$31,780, highlighting the repurchase and redemption of R$19,547 of securities in the international capital market.

23.3 Reconciliation with cash flows from financing activities
2022 2021
Jan-Jun Jan-Jun
Proceeds from financing Repayment of principal Repayment of interest Proceeds from financing Repayment of principal Repayment of interest
Changes in financing 1,645 (26,475) (4,737) 8,469 (67,262) (6,758)
Debt reestructuring (538) (4,504)
Related deposits (*) (27) (3) (132) (29)
Cash flows from financing activities 1,645 (27,040) (4,740) 8,469 (71,898) (6,787)
(*)Amounts deposited for payment of obligations related to financing obtained from the China Development Bank (CDB), with semi-annual settlements in June and December.
46

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

23.4 Summarized information on current and non-current finance debt
Consolidated
Maturity in 2022 2023 2024 2025 2026 2027 onwards Total (*) Fair value
Financing in U.S. Dollars (US$)(*): 8,625 13,393 17,059 13,540 8,094 63,344 124,055 123,044
Floating rate debt (**) 6,532 13,393 14,012 10,128 5,988 4,700 54,753
Fixed rate debt 2,093 3,047 3,412 2,106 58,644 69,302
Average interest rate (p.a) 5.0% 6.2% 6.1% 6.0% 6.4% 6.6% 6.4%
Financing in Brazilian Reais (R$): 4,999 2,522 3,515 1,158 2,284 10,758 25,236 24,320
Floating rate debt(***) 3,678 1,478 1,468 725 725 2,768 10,842
Fixed rate debt 1,321 1,044 2,047 433 1,559 7,990 14,394
Average interest rate (p.a) 6.1% 5.9% 5.4% 4.8% 4.3% 4.8% 5.2%
Financing in Euro (€): 81 66 1,642 2,987 4,776 4,667
Fixed rate debt 81 66 1,642 2,987 4,776
Average interest rate (p.a) - 4.7% 4.7% 4.7% 4.7% 4.7%
Financing in Pound Sterling (£): 205 83 3,409 4,880 8,577 8,150
Fixed rate debt 205 83 3,409 4,880 8,577
Average interest rate (p.a) 6.2% 6.2% 6.2% 6.4% 6.3%
Total on June 30, 2022 13,829 16,079 20,640 16,340 13,787 81,969 162,644 160,181
Average interest rate (p.a) 5.3% 6.1% 6.0% 5.8% 6.0% 6.5% 6.3%
Total on December 31, 2021 20,315 16,591 22,253 19,247 15,809 105,009 199,224 211,453
Average interest rate (p.a) 5.2% 5.3% 5.5% 5.6% 5.9% 6.5% 6.2%

(*)The average maturity of outstanding debt as of June 30, 2022 is 13.04 years (13.39 years as of December 31, 2021).

(**) Operation

(**) Operations with variable index plus fixed spread.

(***) Operations with variable index plus fixed spread, as applicable.

As of June 30, 2022, the fair values ​​of financing are mainly determined by using:

Level 1 - prices quoted in active markets, when applicable, in the amount of R$ 75,436 (R$ 115,906, on December 31, 2021); and

Level 2 - cash flow method discounted by the spot rates interpolated from the indexes (or proxies) of the respective financing, observed to the pegged currencies, and by the credit risk of Petrobras, in the amount of R$ 84,745 (R$ 95,547, on December 31, 2021).

The sensitivity analysis for financial instruments subject to foreign exchange variation is set out in note 27.3.

The nominal (undiscounted) flow of principal and interest on financing, by maturity, is shown below:

Consolidated
Maturity 2022 2023 2024 2025 2026 2027 onwards 06.30.2022 12.31.2021
Principal 11,261 16,247 21,156 16,812 14,261 86,805 166,542 204,007
Interest 4,886 8,721 7,796 6,511 5,838 105,230 138,982 170,524
Total (*) 16,147 24,968 28,952 23,323 20,099 192,035 305,524 374,531

(*)The nominal flow of leases is found in note 24.

.

23.5 Lines of credit
06.30.2022
Company Financial institution Date Maturity

Available

(Lines of Credit)

Used Balance
Abroad (in US$ million)
PGT BV Syndicate of banks 12/16/2021 11/16/2026 5,000 5,000
PGT BV (*) Syndicate of banks 03/27/2019 02/27/2024 3,250 3,250
Total 8,250 - 8,250
In Brazil
Petrobras Banco do Brasil 03/23/2018 09/26/2026 2,000 2,000
Petrobras Bradesco 06/01/2018 05/31/2023 2,000 2,000
Petrobras Banco do Brasil 10/04/2018 09/05/2025 2,000 2,000
Transpetro Caixa Econômica Federal 11/23/2010 Not defined 329 329
Total 6,329 6,329
(*) In April 2021, PGT extended part of the Revolving Credit Facility. As such, US$2,050 million will be available for withdrawal from February 28, 2024 through February 27, 2026.
24 Lease liabilities

Changes in lease agreements recognized as liabilities are shown below:

47

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Consolidated
Brazil Abroad Total
Balance at December 31, 2021 25,695 102,899 128,594
Remeasurement/New agreements 4,761 2,571 7,332
Payment of principal and interest (3,972) (9,641) (13,613)
Charges incurred in the period 818 2,447 3,265
Monetary and Exchange variation (830) (6,413) (7,243)
Cumulative translation adjustments (161) (161)
Transfers (181) (181)
Balance at June 30, 2022 26,472 91,521 117,993
Consolidated
Brazil Abroad Total
Balance at December 31, 2020 22,556 89,954 112,510
Remeasurement /Novos contratos 1,741 2,573 4,314
Payment of principal and interest (4,042) (11,531) (15,573)
Charges incurred in the period 582 2,646 3,228
Monetary and Exchange variation (484) (2,881) (3,365)
Cumulative translation adjustments (91) (91)
Transfers 15 (93) (78)
Balance at June 30, 2021 20,368 80,577 100,945

As of June 30, 2022, the lease liability of Petrobras Holding is R$ 126,362 (R$ 138,238 as of December 31, 2021), including leases and subleases with investee companies, mainly vessels with PNBV and Transpetro.

The nominal flow (not discounted) without considering the projected future inflation in the flows of the lease contracts, by maturity, is presented below:

Consolidated
Maturity in 2022 2023 2024 2025 2026 2027 onwards Total
Nominal value on June 30,, 2022 14,985 24,546 18,479 13,544 10,800 80,063 162,417
Nominal value on December 31, 2021 31,077 22,011 16,895 12,885 11,004 81,520 175,392

In certain contracts, during the lease term, there are payments that vary due to changes in facts or circumstances that occurred after the commencement date, in addition to the passage of time. Such payments are not included in the measurement of lease obligations. In the period from January to June 2022, these amounts were R$3,023 and represented 22% in relation to fixed payments (R$1,996 and represented 13% in relation to fixed payments in the period from January to June 2021).

In the period from January to June 2022, the company recognized leasing expenses in the amount of R$ 431 (R$ 248 in the period from January to June 2021), referring to contracts with a term of less than one year.

As of June 30, 2022, the nominal value of lease agreements that had not yet been initiated, due to the related assets being under construction or not having been made available for use, represent the amount of R$ 403,659 (R$ 443,967 in 31 December 2021). The reduction basically corresponds to the appreciation of the Real against the U.S Dollar.

The sensitivity analysis of financial instruments subject to exchange variation is presented in Note 27.3.

25 Equity
25.1 Share capital

As of June 30, 2022 and December 31, 2021, the subscribed and paid-in capital in the amount of R$205,432 is represented by 13,044,496,930 shares, of which 7,442,454,142 are common shares and 5,602,042,788 are preferred shares, all registered, book-entry shares with no par value.

Preferred shares have priority in the case of capital reimbursement, do not guarantee voting rights and are not convertible into common shares.

There are shares held by Petrobras that are held in treasury, represented by 295,669 shares, of which 222,760 are common shares and 72,909 are preferred shares.

48

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

25.2 Remuneration to shareholders

Dividends for the year 2021

On April 13, 2022, the Annual Shareholders' Meeting approved dividends for fiscal year 2021, in the amount of R$101,395, corresponding to R$7.773202 per outstanding preferred and common share. This amount includes the anticipation of shareholder remuneration, monetarily restated by the Selic rate variation from the date of payment to December 31, 2021, in the amount of R$64,075, and the complementary dividend of R$37,320 that, on December 31, 2021, was highlighted in shareholders' equity as a proposed additional dividend.

Complementary dividends of R$37,320 were reclassified from shareholders' equity to liabilities on the date of approval of the Annual Shareholders' Meeting and payment approved for May 16, 2022 in the amount of R$38,745, equivalent to R$2.9702487 per outstanding preferred and common share, with the adjustment by the Selic rate variation from December 31, 2021 until the payment date.

Anticipation of dividends for the year 2022

On May 5, 2022, the Board of Directors approved the distribution of remuneration to shareholders in the total amount of R$ 48,466 (R$ 3.715490 per preferred share and common outstanding), based on the result for the period from January to March 2022 (interim) by use of a portion of the profit retention reserve account (intermediate), as shown in the following table:

Remuneration to shareholders
Date of shareholder position Amount per share common and preferred (R$) Amount
Interim dividends 05.23.2022 2.708577 35,331
Interim interest on capital 05.23.2022 0.430177 5,612
Total prepayments based on net income for the period Jan-Mar 2022 3.138754 40,943
Interim dividends using a portion of the profit retention reserve as of 12.31.2021 05.23.2022 0.576736 7,523
Total of remuneration to shareholders 3.715490 48,466
Outstanding preferred shares 3.715490 20,814
Outstanding common shares 3.715490 27,652

The dividends and interest on capital were paid in June and July 2022, in two equal installments of R$24,233 (R$1.857745 per outstanding preferred share and common share).

The amount will be monetarily restated, according to the variation of the Selic rate, from the date of the effective payment until the end of said fiscal year, and will be deducted from the remuneration that will be distributed to shareholders at the end of the 2022 fiscal year.

The anticipation of interest on capital for the year 2022 resulted in an income tax and social contribution tax credit of R$1,908. The interest on capital was subject to withholding income tax of 15%, except for immune and exempt shareholders, as established in Law No. 9,249/95.

Dividends payable

On June 30, 2022, the balance of dividends payable, in the amount of R$ 24,233, corresponds to the second installment of the anticipation of dividends for the year 2022. This installment of dividends was paid on July 20, 2022.

49

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

25.3 Earnings per share
Consolidated and Parent Company
2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Basic and diluted denominator - Net income (loss) attributable to shareholders of Petrobras attributable equally between share classes
Net income of the period
Common 30,997 56,421 24,450 25,116
Preferred 23,333 42,470 18,405 18,906
54,330 98,891 42,855 44,022
Basic and diluted denominator - Weighted average number of outstanding shares (number of shares)
Common 7,442,231,382 7,442,231,382 7,442,231,382 7,442,231,382
Preferred 5,601,969,879 5,601,969,879 5,601,969,879 5,601,969,879
13,044,201,261 13,044,201,261 13,044,201,261 13,044,201,261
Basic and diluted earnings per share (R$ per share)
Common 4.16 7.58 3.28 3.37
Preferred 4.16 7.58 3.28 3.37

Basic earnings per share are calculated by dividing the net income (loss) attributable to shareholders of Petrobras by the weighted average number of outstanding shares during the period.

Diluted earnings (losses) per share are calculated by adjusting the net income (loss) and the weighted average number of shares taking into account the effects of all dilutive potential shares (equity instrument or contractual arrangements that are convertible into shares).

Basic and diluted earnings (losses) are identical as the Company has no potential shares in issue.

26 Fair value of financial assets and liabilities
Fair value measured based on
Level I Level II Level III

Total fair

value

recorded

Assets
Marketable securities 3,256 3,256
Commodity derivatives 206 22 228
Balance at June 30, 2022 3,462 22 3,484
Balance at December 31, 2021 3,630 128 3,758
Liabilities
Foreign currency derivatives (1,437) (1,437)
Interest derivatives (38) (38)
Balance at June 30, 2022 (1,475) (1,475)
Balance at December 31, 2021 (6) (1,519) (1,525)

The estimated fair value for the company's financing, calculated at current market rates, is set out in note 23.

Certain receivables are classified as fair value through profit or loss, as presented in note 9.

The fair values ​​of cash and cash equivalents, short-term debt and other financial assets and liabilities are equivalent or do not differ significantly from their carrying amounts.

27 Risk management
27.1 Derivative financial instruments

The following tables present a summary of the positions held by the company as of June 30, 2022, recognized as other current assets and liabilities, in addition to the amounts recognized in income, other comprehensive income for the period and guarantees given as collateral by nature of the operations:

50

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Statement of Financial Position
Fair value
Notional value Asset Position (Liability) Maturity
06.30.2022 12.31.2021 06.30.2022 12.31.2021
Derivatives not designated for hedge accounting
Future contracts - total (*) (3,884) (1,308) 206 (6)
Long position/Crude oil and oil products 5,242 1,380 2022
Short position/Crude oil and oil products (9,126) (2,688) 2022
Swap (**)
Long put/ Soybean oil (**) (13) (11) 12 (2) 2022
Options
Long put/ Soybean oil (**) (25) 10 2022
Forward contracts
Short position/Foreign currency (BRL/USD) (***) US$ 64 US$ 15 (16) 1 2022
Short position/Foreign currency (EUR/USD) (***) EUR 94 - (3) - 2022
Swap
Foreign currency / Cross-currency Swap (***) GBP 583 GBP 583 (164) 127 2026
Foreign currency / Cross-currency Swap (***) GBP 442 GBP 442 (718) (277) 2034
Swap - IPCA 3,008 3,008 (38) (6) 2029/2034
Foreign currency / Cross-currency Swap (***) US$ 729 US$ 729 (536) (1,234) 2024/2029
Total recognized in the Statement of Financial Position (1,247) (1,397)
(*) Notional value in thousands of bbl.
(**) Notional value in thousands of tons.

(***) Amounts in US$, EUR (euros) and GBP are presented in million.

Gains/ (losses) recognized in the statement of income

2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Commodity derivatives
Other commodity derivative transactions - 27.2 (a) (809) (1,091) (98) (224)
Recognized in Other Income and Expenses (809) (1,091) (98) (224)
Currency derivatives
Swap Pounds Sterling x Dollar - 27.3 (b) (622) (780) (158) (1)
NDF - Pounds Sterling x Dollar - 27.3 (b) 25 45
Swap CDI x Dollar - 27.3 (b) (113) 766 452 298
Others (1) (2) (2) 2
(736) (16) 317 344
Interest rate derivatives
Swap - CDI X IPCA (78) (97) 96 (58)
(78) (97) 96 (58)
Cash flow hedge on exports (*) (5,442) (12,663) (6,333) (12,427)
Recognized in Net finance income (expense) (6,256) (12,776) (5,920) (12,141)
Total (7,065) (13,867) (6,018) (12,365)
(*) As presented in note 27.3

Gains/ (losses) recognized in other comprehensive income

Apr-Jun

2022

Jan-Jun

Apr-Jun

2021

Jan-Jun

Cash flow hedge on exports (*) (26,965) 40,164 49,046 24,620
(*) As presented in note 27.3
51

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Guarantees given (received) as collateral
06.30.2022 12.31.2021
Commodity derivatives 583 86
Currency derivatives 700 150
1,283 236

A sensitivity analysis of the derivative financial instruments for the different types of market risks as of June 30, 2022 is set out as follows:

Consolidated
Financial Instruments Risk Probable Scenario

Possible

Scenario (∆ of 25%)

Remote

Scenario (∆ of 50%)

Derivatives not designated for hedge accounting
Future and Swap contracts Crude oil and oil products - price changes (1,007) (2,013)
Future and Swap contracts Soy oil - price changes 12 38 89
Options Soy oil - price changes 10 16 56
NDF Exchange rate - Depreciation of the Real compared to USD (16) 95 175
6 (858) (1,693)

The probable scenario uses references external to the Company, widely used in the pricing of cargo in the oil, oil products and natural gas market, which take into account the closing price of the asset on June 30, 2022, and therefore, it is considered that there is no variation in the result of open operations in this scenario. The possible and remote scenarios reflect the potential effect on the result of outstanding transactions, considering a variation in the closing price of 25% and 50%, respectively. To simulate the most unfavorable scenarios, the variation was applied to each product group according to the position of open operations: price drop for long positions and high for short positions.

27.2 Risk management of crude oil and oil products prices

Petrobras prefers exposure to the price cycle to the systematic performance of protection of operations of purchase or sale of goods, whose objective is to meet its operational needs, with the use of derivative financial instruments. However, subject to the analysis of the business environment and the prospects for carrying out the Strategic Plan, the execution of an occasional hedging strategy with derivatives may be applicable.

a) Other commodity derivative transactions

Petrobras, using its assets, positions and proprietary and market knowledge from its operations in Brazil and abroad, seeks to capture market opportunities through the purchase and sale of oil and oil products, which can occasionally be optimized with the use of commodity derivative instruments to manage price risk in a safe and controlled manner.

27.3 Foreign exchange risk management

a) Cash Flow Hedge involving the Company's future exports

The reference values, at present value, of the hedging instruments as of June 30, 2022, in addition to the expectation of reclassification to the statement of income of the balance of exchange variation accumulated in shareholders' equity in future periods, based on a rate of R$/US$ of 5.2380, are shown below:

Present value of hedging instrument at

06.30.2022

Hedging Instrument Hedged Transactions

Nature

of the Risk

Maturity

Date

US$

million

R$
Foreign exchange gains and losses on proportion of non-derivative financial instruments cash flows Foreign exchange gains and losses of highly probable future monthly exports revenues

Foreign Currency

- Real vs U.S. Dollar

Spot Rate

From July/2022 to June/2032 64,626 338,509
52

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Changes in the present value of hedging instrument (principal and interest) US$ million R$
Amounts designated as of December 31, 2021 72,640 405,370
Additional hedging relationships designated, designations revoked and hedging instruments re-designated 6,162 32,036
Exports affecting the statement of income (5,794) (29,264)
Principal repayments / amortization (8,382) (42,533)
Foreign exchange variation (27,100)
Amount on June 30, 2022 64,626 338,509
Nominal value of hedging instrument (finance debt and lease liability) on June 30, 2022 75,052 393,121

.

In the period from January to June 2022, an exchange loss of R$401 was recognized referring to the ineffectiveness in the exchange variation line (exchange gain of R$77 in the same period in 2021).

Future exports designated as hedged items in cash flow hedge relationships represent, on average, 62.77% of highly probable future exports.

The movement in exchange variation accumulated in other comprehensive income as of June 30, 2022, to be realized by future exports, is presented below:

Exchange rate variation Tax effect Total
Balance at December 31, 2021 (123,622) 42.034 (81.588)
Recognized in Shareholders' Equity 27,501 (9.350) 18.151
Reclassified to the statement of income - occurred exports 12,663 (4.306) 8.357
Balance at June 30, 2022 (83,458) 28.378 (55.080)
Exchange rate variation Tax effect Total
Balance at December 31, 2020 (126,645) 43,062 (83,583)
Recognized in Shareholders' Equity 12,193 (4,146) 8,047
Reclassified to the statement of income - occurred exports 12,427 (4,225) 8,202
Balance at June 30, 2021 (102,025) 34,691 (67,334)

Changes in expectations of realization of export prices and volumes in future reviews of business plans may determine the need for additional reclassifications of accumulated exchange variation in shareholders' equity to the statement of income. A sensitivity analysis with an average Brent oil price lower in US$ 10/barrel than considered in the last revision of the Strategic Plan 2022-2026, would not indicate the need to reclassify the exchange variation from the shareholders' equity to the statement of income.

The annual expectation of realization of the exchange variation balance accumulated in shareholders' equity as of June 30, 2022 is shown below:

Consolidated
2022 2023 2024 2025 2026 2027 2028 to 2031 Total
Expected realization (12,294) (20,251) (15,189) (9,561) (8,123) (8,730) (9,310) (83,458)

b) Information on ongoing contracts

As of June 30, 2022, the company has swap contracts - IPCA x CDI and CDI x Dollar, in addition to swap - Pound Sterling x Dollar outstanding.

Swap contracts - IPCA x CDI and CDI x Dollar

Changes in future interest rate curves (CDI) may impact the company's results, depending on the market value of these swap contracts. The value of the shock on the curve was defined as a function of the average maturity term of the swaps, and is approximately 25% of the average term future rate. A sensitivity analysis of the future interest rate curves (CDI), by means of a parallel shock, keeping all other variables constant, would result in the impacts shown in the following table:

53

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Sensitivity analysis Result
Constant increase of 300 basis points (142)
Constant decrease of 300 basis points 237

c)Sensitivity analysis for foreign exchange risk on financial instruments

The scenario considered probable is referenced by an external source, Focus and Thomson Reuters, based on the exchange rate estimated for the close of the next quarter. In addition to the possible and remote scenarios that consider the appreciation of the quarterly closing exchange rate (risk) by 25% and 50%, respectively, except for the balances of assets and liabilities in foreign currency of foreign subsidiaries, when carried out in a currency equivalent to their respective functional currencies. These analyzes only cover the exchange variation and keep all other variables constant.

Financial Instruments Exposure at 06.30.2022 Risk Probable Scenario (*)

Reasonably possible

scenario (∆ of 25%)

Remote

Scenario (∆ of 50%)

Assets 23,352 Dollar / Real 53 5,838 11,676
Liabilities (451,325) (1,034) (112,831) (225,663)
Exchange rate - Cross currency swap (3,008) (7) (752) (1,504)
Cash flow hedge on exports 338,509 776 84,627 169,255
(92,472) (212) (23,118) (46,236)
Assets 16 Euro / Real 4 8
Liabilities (669) (4) (167) (335)
(653) (4) (163) (327)
Assets 4,903 Euro / Dollar 15 1,226 2,452
Liabilities (9,790) (31) (2,448) (4,895)
(4,887) (16) (1,222) (2,443)
Assets 10 Pound Sterling/ Real 3 5
Liabilities (106) (1) (27) (53)
(96) (1) (24) (48)
Assets 8,698 Pound Sterling/ Dollar 25 2,175 4,349
Liabilities (17,113) (49) (4,278) (8,557)
Exchange rate - Cross currency swap 6,527 19 1,632 3,264
(1,888) (5) (471) (944)
Total (99,996) (238) (24,998) (49,998)

(*) The probable scenarios were calculated considering the following variations for the risks: Real x Dollar - 0.23% devaluation of the real / Euro x Dollar - appreciation of the euro by 0.3% / Pound Sterling x Dollar - appreciation of the Pound Sterling by 0.29% / Real x Euro - devaluation of the real by 0.5% / Real x Pound Sterling - devaluation of the real by 0.5%. Source: Focus and Thomson Reuters.

27.4 Interest rate risk management

The company preferentially does not use derivative financial instruments to manage exposure to interest rate fluctuations, as they do not cause material impacts, except in specific situations presented by Petrobras subsidiaries.

The interest rate risk sensitivity analysis is performed for a 12-month horizon. The values ​​referring to the possible and remote scenarios mean the total floating interest expense in the event of a variation of 25% and 50% in these interest rates, respectively, keeping all other variables constant.

The following table informs, in the probable scenario, the amount to be disbursed by Petrobras with the payment of interest related to debts with floating interest rate on June 30, 2022.

Consolidated
Risk Probable Scenario (*)

Reasonably possible

scenario (∆ of 25%)

Remote

Scenario (∆ of 50%)

LIBOR 3M 46 55 64
LIBOR 6M 2,770 3,158 3,545
CDI 723 904 1,085
TJLP 364 455 546
IPCA 464 580 696
4,367 5,152 5,936
(*) The probable scenario was calculated considering the quotations of currencies and floating rates to which the debts are indexed.
54

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

27.5 Liquidity risk

The possibility of insufficient cash or other financial assets to settle obligations on the scheduled dates is managed by the company. In Petrobras' individual interim financial information for the period ended June 30, 2022, net working capital was negative, mainly due to transactions with subsidiaries, as per explanatory note 28. In the same period, considering the integrated cash view, the net working capital was positive in the consolidated interim financial information.

The company regularly assesses market conditions and may carry out repurchase transactions for its securities or those of its subsidiaries in the international capital markets, through various means, including repurchase offers, securities redemptions and/or open market operations, provided that they are in line with the company's liability management strategy, which aims to improve the amortization profile and the cost of debt.

28 Related-party transactions

The company has a policy on Transactions with Related Parties that is reviewed and approved annually by the Board of Directors, as provided for in Petrobras' Bylaws.

The policy also aims to ensure adequate and diligent decision-making by the company's management.

28.1 Commercial transactions per operation with investees (Parent Company)
06.30.2022 12.31.2021
Current Non-current Total Current Non-current Total
Assets
Trade and other receivables
Trade and other receivables, mainly from sales 16,020 16,020 13,451 13,451
Dividends receivable 49 49 175 175
Amounts related to construction of gas pipeline 791 791 727 727
Other operations 694 316 1,010 736 332 1,068
Advances to suppliers 586 1,052 1,638 594 1,163 1,757
Total 17,349 2,159 19,508 14,956 2,222 17,178
Liabilities
Lease liabilities (*) (2,357) (5,101) (7,458) (2,689) (5,860) (8,549)
Prepayment of exports (84,922) (223,408) (308,330) (87,387) (272,855) (360,242)
Accounts payable to suppliers (13,209) (13,209) (8,707) (8,707)
Purchases of crude oil, oil products and others (11,191) (11,191) (4,800) (4,800)
Affreightment of platforms (516) (516) (854) (854)
Advances from clientes (1,494) (1,494) (3,035) (3,035)
Other operations (8) (8) (18) (18)
Total (100,488) (228,509) (328,997) (98,783) (278,715) (377,498)

(*) Includes amounts referring to lease and sub-lease transactions between investees required by IFRS 16 / CPC 06 (R1) - Leases.

2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Result
Revenues, mainly sales revenues 43,137 82,520 60,682 112,078
Foreign exchange and inflation indexation charges, net(**) (12,450) (6,441) 10,033 (8,032)
Finance income (expenses), net (**) (5,411) (10,635) (5,435) (11,184)
Total 25,276 65,444 65,280 92,862
(**) Includes the amounts of R$158 of active exchange variation and R$302 of financial expenses referring to leases and subleases required by IFRS 16 / CPC 06 (R1) (R$77 of active exchange variation and R$ 206 of financial expense for the period from January to June 2021).
28.2 Non-standardized credit rights investment fund (FIDC-NP)

The parent company maintains funds invested in the FIDC-NP that are mainly used for the acquisition of performing and / or non-performing credit rights for operations carried out by affiliates. The amounts invested are recorded in accounts receivable.

Assignments of credit rights, performed and not performed, are recorded as financing in current liabilities.

Parent Company
06.30.2022 12.31.2021
Accounts receivable, net 80,779 59,651
Credit rights assignments (58,527) (58,545)
55

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Financial Income FIDC-NP 2,281 3,331 283 383
Financial Expenses FIDC-NP (1,269) (2,015) (222) (320)
Net finance income (expense) 1,012 1,316 61 63
28.3 Guarantees

Petrobras has the procedure of granting guarantees to its equity interests for certain financial operations carried out in Brazil and abroad. As a result of the strategy of early settlement of debts during the year, the financial operations carried out by these equity interests and guaranteed by Petrobras present a balance of R$ 124,636 to be settled on June 30, 2022 (R$ 153,611 on December 31, 2021).

The guarantees offered by Petrobras, mainly personal, non-remunerated, are based on contractual clauses that support financial transactions between subsidiaries/controlled companies and third parties, guaranteeing the assumption of compliance with a third party's obligation, if the original debtor fails to do so.

28.4 Transactions with joint ventures, associates, government entities and pension plans

The company does, and expects to continue to do, business in the normal course of various transactions with its joint ventures, affiliates, pension funds, as well as with its controlling shareholder, the Brazilian federal government, which includes transactions with banks and other entities under its control, such as financing and banking services, asset management and others.

Significant transactions resulted in the following balances:

Consolidated
06.30.2022 12.31.2021
Asset Liability Asset Liability
Joint ventures and associates
State-controlled gas distributors (joint ventures) 1,076 269 1,422 237
Petrochemical companies (associates) 11 50 144 67
Other associates and joint ventures 503 6 586 66
Subtotal 1,590 325 2,152 370
Brazilian government
Government bonds 9,257 8,069
Banks controlled by the Brazilian Government 51,461 8,440 46,970 7,073
Petroleum and alcohol account - receivables from the Brazilian Government 3,051 2,822
Brazilian Government (dividends) 6,949
Others 265 280 161 305
Subtotal 64,034 15,669 58,022 7,378
Pension plans 301 168 282 338
Total 65,925 16,162 60,456 8,086
Current assets 14,025 10,679 11,777 1,760
Non-current assets 51,900 5,483 48,679 6,326

The effect on the result of significant transactions is presented below:

56

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Consolidated
2022 2021
Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Joint ventures and associates
Petrobras Distribuidora (BR), currently Vibra Energia 22,740 40,892
Natural Gas Transportation Companies (311) (1,656)
State-controlled gas distributors (joint ventures) 3,062 6,064 3,096 5,557
Petrochemical companies (associates) 6,561 12,443 4,350 8,560
Other associates and joint ventures 301 454 407 641
Subtotal 9,924 18,961 30,282 53,994
Brazilian government
Government bonds 249 469 67 104
Banks controlled by the Brazilian Government (251) (142) (161) (508)
Receivables from the Electricity sector 513 596
Petroleum and alcohol account - receivables from the Brazilian Government 132 229 59 122
Brazilian Government (dividends) (381) (381) (20) (20)
Empresa Brasileira de Administração de Petróleo e Gás Natural - Pré-Sal Petróleo S.A. - PPSA (651) (854) (193) (362)
Others (80) (19) (228) (174)
Subtotal (982) (698) 37 (242)
Total 8,942 18,263 30,319 53,752
Revenues, mainly sales revenues 9,940 19,252 31,058 57,018
Purchases and services 7 29 (561) (2,644)
Operating income and expense (768) (1,231) (553) (788)
Foreign exchange and inflation indexation charges, net (214) (149) (29) (248)
Finance income (expenses), net (23) 362 404 414
Total 8,942 18,263 30,319 53,752

Liabilities with pension plans of the company's employees and managed by Fundação Petros, which include debt instruments, are presented in note 12.

28.5 Compensation of key management personnel

The total remuneration of the members of the Board of Directors and Executive Board of Petrobras Holding are based on the guidelines established by the Secretariat for Coordination and Governance of State Companies - SEST, of the Ministry of Economy, and by the Ministry of Mines and Energy and are presented as follows:

Parent Company

Jan-Jun/2022 Jan-Jun/2021
Officers Board Members Total Officers Board Members Total
Wages and short-term benefits 7.0 0.2 7.2 7.1 0.4 7.5
Social security and other employee-related taxes 2.0 2.0 1.8 0.1 1.9
Post-employment benefits (pension plan) 0.6 0.6 0.5 0.5
Benefits due to termination of tenure 0.6 0.6 1.4 1.4
Total compensation recognized in the statement of income 10.2 0.2 10.4 10.8 0.5 11.3
Total compensation paid (*) 20.4 0.2 20.6 21.0 0.5 21.5
Average number of members in the period (**) 9.00 11.00 20.00 9.00 10.33 19.33
Average number of paid members in the period (***) 9.00 2.83 11.83 9.00 5.00 14.00

(*) Includes the PPP for Administrators in the Executive Board.

(**) Monthly average number of members.

(***) Monthly average number of paid members.

In the period from January to June 2022, the consolidated expense with the total compensation of the company's officers and directors totaled R$ 29.56 (R$ 33.29 in the period from January to June 2021).

On April 13, 2022, the Annual Shareholders' Meeting set the compensation of managers (Executive Board and Board of Directors) at up to R$ 39.59 as the global limit of compensation to be paid in the period between April 2022 and March 2023.

The compensation of the members of the Advisory Committees to the Board of Directors must be considered apart from the global compensation limit set for the managers, that is, the amounts received are not classified as compensation for the managers.

The members of the Board of Directors who participate in the Statutory Audit Committees waive the remuneration of the Board of Directors, as established in art. 38, § 8 of Decree No. 8,945, of December 27, 2016, and they were entitled to a total remuneration of R$ 1,721.4 thousand in the period from January to June 2022 (R$ 2,065.6 thousand, considering the social charges). In the period from January to June 2021, the remuneration accrued in the period was R$ 1,315.8 thousand (R$ 1,559.6 thousand, considering social charges).

57

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

29 Supplemental information on statement of cash flows
Consolidated
2022 2021
Jan-Jun Jan-Jun
Amounts paid/received during the period
Withholding income tax paid on behalf of third-parties 3,023 2,078
Transactions that does not involve cash
Acquisition of property, plant and equipment on term 95
Lease 15,906 5,860
Provision/(reversals) for decommissioning costs 54 (7)
Use of tax credits and judicial deposits to pay the contingency 5,819 2
Remeasurement of property, plant and equipment acquired in previous periods 189

The final balance of cash and cash equivalents, in the statement of cash flows, includes amounts related to assets held for sale, as shown in the reconciliation below:

Consolidated
2022 2021
Jan-Jun Jan-Jun
Balance reconciliation at the beginning of the period
Balance of cash and cash equivalents on the statement of financial position 58,410 60,856
Cash and cash equivalents classified as assets held for sale 72 74
Cash and cash equivalents in the Statement of Cash Flow - Opening balance 58,482 60,930
Balance reconciliation at the end of the period
Balance of cash and cash equivalents on the statement of financial position 85,311 49,126
Cash and cash equivalents classified as assets held for sale 37 4
Cash and cash equivalents in the Statement of Cash Flow - Closing Balance 85,348 49,130
30 Subsequent events

Agreement with the ANP on royalties on shale oil

On July 1st, 2022, Petrobras signed an agreement in the amount of R$ 601 with the National Agency of Petroleum, Natural Gas and Biofuels (ANP), approved by the Executive Board and the Board of Directors of Petrobras in October 2021, related to the collection of royalties on the operation of the Shale Industrialization Unit (SIX), located in São Mateus do Sul / PR, as well as a concession agreement to regulate the exploration and production of oil and gas from shale at SIX. The disbursement will be made in an installment of R$ 150 and the remaining balance in 60 monthly installments.

The effectiveness of the agreement is subject to its judicial approval, so that, with said approval, all legal and administrative proceedings related to the collection of royalties and administrative fines arising from the mining of shale at SIX will be terminated.

The amount of the agreement was provisioned in Petrobras' financial statements for the year ended December 31, 2021.

Sale of Deten

On July 5, 2022, Petrobras ended the disposal of its entire interest (27.88%) in Deten Química S.A (Deten). After the fulfillment of all the conditions precedent, the operation was concluded with the receipt of R$ 514, which reflects the purchase price adjusted according to monetary restatement, dividends received and deduction of the amount of the deposit received at the signing of the purchase agreement and sale of shares.

Information on the agreement signed in April 2022 is described in Note 22 - Sales of Assets and Other Corporate Restructuring. The result of the operation will be recognized in the third quarter of 2022.

Loan linked to sustainability

On July 8, 2022, the company signed with Bank of China, MUFG and The Bank of Nova Scotia a credit line with sustainability commitments (Sustainability-Linked Loan - SLL), in the amount of US$ 1.25 billion and expiring in July 2027. The contract includes incentive mechanisms for achieving sustainability commitments, based on the corporate performance indicators of E&P's greenhouse gas (GHG) intensity, GHG intensity in refining and methane in E&P. The withdrawal was carried out by the company in July 2022.

Sale of Gaspetro

On July 11, 2022, Petrobras ended the sale of 51% of Petrobras Gás S.A. (Gaspetro) to Compass Gás e Energia S.A. (Compass). The transaction was concluded for the amount of R$2,097, fully settled on the date.

The result of the operation will be recognized in the third quarter of 2022.

58

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

Repurchase of securities

On July 15, 2022, Petrobras concluded the offer to repurchase global bonds, with maturities between 2024 and 2115, carried out by its wholly-owned subsidiary Petrobras Global Finance B.V. (PGF). The total amount offered by investors, excluding capitalized and unpaid interest, was US$ 854 million. The total amount paid to these investors was US$791 million, considering the prices offered by Petrobras and excluding capitalized interest up to the settlement date.

Term of Conduct Adjustment with ANP

On July 27, 2022, Petrobras approved the execution, with the ANP, of a Term of Conduct Adjustment to offset local content fines related to 22 concessions in which Petrobras has a 100% interest, located in the basins Barreirinhas, Campos, Espírito Santo, Parecis, Potiguar, Recôncavo, Santos, Sergipe-Alagoas and Solimões.

The Term of Conduct Adjustment provides for the conversion of fines into investment commitments in Exploration and Production with local content. Under the terms of the agreement, Petrobras is committed to investing approximately R$1 billion in local content by December 31, 2026. With this, all administrative proceedings related to the collection of fines arising from non-compliance with local content in these concessions will be terminated, resulting in a reduction in the liability of R$639 in the interim financial information as of June 30, 2022.

Remuneration to Shareholders

On July 28, 2022, the Board of Directors approved the distribution of remuneration to shareholders in the total amount of R$ 87,814 (R$ 6.732003 per preferred share and common share outstanding), based on the interim net income of the period from April to June 2022 and by use of a portion of the profit retention reserve account, as shown in the following table:

Remuneration to shareholders
Date of shareholder position Amount per common and preferred share (R$) Amount
Interim dividends 08.11.2022 3.482049 45,421
Interim interest on capital 08.11.2022 0.427141 5,572
Total prepayments based on the statement of shareholder position as of 06.30.2022 3.909190 50,993
Interim dividends using a portion of the profit retention reserve 08.11.2022 2.822813 36,821
Total of remuneration to shareholders 6.732003 87,814
Outstanding preferred shares 6.732003 37,713
Outstanding common shares 6.732003 50,101

These dividends and interest on capital will be paid in two equal installments of R$ 43,907, on August 31, 2022 and September 20, 2022, being deducted from the remuneration that will be distributed to shareholders at the end of the year 2022. The amount will be monetarily restated, according to the variation of the Selic rate, from the date of effective payment until the end of said fiscal year.

59

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company's audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

31. Correlation between the explanatory notes of December 31, 2021 and the ones of June 30, 2022
Number of notes
Notes to the Financial Statements

Annual

for 2021

Quarterly information for 2Q-22
Basis of preparation and presentation of financial statements 2 1
Summary of significant accounting policies 3 2
Cash and cash equivalents and Marketable securities 7 3
Sales revenues 8 4
Costs and Expenses by nature 9 5
Other income and expenses 10 6
Net finance income (expense) 11 7
Segment information - Statement of Income 12 8
Trade and other receivables 13 9
Inventories 14 10
Taxes 16 11
Employee benefits (Post-Employment) 17 12
Provisions for legal proceedings 18 13
Provision for decommissioning costs 19 14
Property, plant and equipment 23 15
Intangible assets 24 16
Impairment 25 17
Exploration and evaluation of oil and gas reserves 26 18
Collateral for crude oil exploration concession agreements 27 19
Investments 29 20
Segment information - Asset 30 21
Disposal of Assets and other changes in organizational structure 31 22
Finance debt 32 23
Leases 33 24
Equity 34 25
Fair value of financial assets and liabilities 35 26
Risk management 36 27
Related-party transactions 37 28
Supplemental information on statement of cash flows 38 29
Subsequent events 39 30

The notes to the annual report 2021, which were suppressed in the interim financial statements of June 30, 2022 because they do not have significant changes and / or may not be applicable to interim financial information, are:

Notes to the Financial Statements Number of notes
The Company and its operations 1
Accounting estimates 4
New standards and interpretations 5
Capital management 6
Trade payables 15
Other assets and liabilities 20
"Lava Jato Operation" and the reflects on the Company 21
Commitment to purchase natural gas 22
Partnerships in exploration and production activities 28
60

STATEMENT OF DIRECTORS ON INTERIM ACCOUNTING INFORMATION AND REPORT ON THE REVIEW OF QUARTERLY INFORMATION

PETROBRAS

In compliance with the provisions of items V and VI of article 25 of CVM Instruction 480, of December 7, 2009, the chief executive officer and directors of Petróleo Brasileiro S.A. - Petrobras, a publicly-held corporation, headquartered at Avenida República do Chile, 65, Rio de Janeiro, RJ, registered with the CNPJ under nº 33.000.167 / 0001-01, declare that the financial statements were prepared in accordance with the law or the bylaws and that:

(i)reviewed, discussed and agreed with the Interim Financial Statements of Petrobras for the period ended on June 30, 2022;

(ii) reviewed, discussed and agreed with the conclusions expressed in the report of KPMG Auditores Independentes Ltda., regarding the Interim Financial Statements of Petrobras for the period ended on June 30, 2022.

Rio de Janeiro, July 28, 2022.

Caio Mário Paes de Andrade Rafael Chaves Santos

Chief Executive Officer

Chief Institutional Relations and Sustainability Executive Officer

Cláudio Rogério Linassi Mastella Rodrigo Araujo Alves

Chief Commercialization and Logistics Executive Officer

Chief Financial and Investor Relations Executive Officer
Fernando Assumpção Borges Rodrigo Costa Lima e Silva

Chief Exploration and Production Executive Officer

Chief Refining and Natural Gas Executive Officer

João Henrique Rittershaussen Salvador Dahan
Chief Production Development Executive Officer Chief Governance and Compliance Executive Officer
Juliano de Carvalho Dantas
Chief Digital Transformation and Innovation Executive Officer
61

KPMG Auditores Independentes Ltda.

Rua do Passeio, 38 - Setor 2 - 17º andar - Centro

20021-290 - Rio de Janeiro/RJ - Brasil

Caixa Postal 2888 - CEP 20001-970 - Rio de Janeiro/RJ - Brasil

Telefone +55 (21) 2207-9400

kpmg.com.br

Report on the review of quarterly information - ITR

(A free translation of the original report in Portuguese, as filed with the Brazilian Securities Commission - CVM, prepared in accordance with the Technical Pronouncement CPC 21 (R1) - Interim Financial Reporting and the international standard IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board - IASB)

To the Board of Directors and Shareholders of

Petróleo Brasileiro S.A. - Petrobras

Rio de Janeiro - RJ

Introduction

We have reviewed the individual and consolidated interim financial information of Petróleo Brasileiro S.A. - Petrobras ("the Company"), identified as Parent Company and Consolidated, respectively, included in the quarterly information form - ITR for the quarter ended June 30, 2022, which comprises the statement of financial position as of June 30, 2022 and the respective statements of income and comprehensive income for the three and six-months periods then ended, and statements of changes in shareholders' equity and of cash flows for the six-months period then ended, including the explanatory notes.

Management is responsible for the preparation of the individual and consolidated interim financial information in accordance with the CPC 21 (R1) - Interim Financial Reporting and the IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, such as for the presentation of these information in accordance with the standards issued by the Brazilian Securities Commission - CVM, applicable to the preparation of quarterly information - ITR. Our responsibility is to express our conclusion on this interim financial information based on our review.

KPMG Auditores Independentes Ltda., uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ("KPMG International"), uma entidade suíça. KPMG Auditores Independentes Ltda., a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.
62

Scope of the review

We conducted our review in accordance with Brazilian and international standards on reviews of interim financial information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the auditing standards and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34, issued by the IASB, applicable to the preparation of Quarterly Information - ITR, and presented in accordance with the standards issued by the Brazilian Securities Commission.

Other matters - Statements of added value

The individual and consolidated interim financial information referred to above includes the individual and consolidated statements of added value (DVA) for the six-month period ended at June 30, 2022, prepared under responsibility of Company's management, and presented as supplementary information for IAS 34 purposes. These statements were submitted to review procedures carried out together with the review of the Company's interim financial information to conclude that they are reconciled with interim financial information and accounting records, as applicable, and its form and content are in accordance with the criteria defined in CPC 09 - Statement of Added Value. Based on our review, nothing has come to our attention that causes us to believe that those statements were not prepared, in all material respects, in accordance with the criteria set forth in this Standard with respect to the individual and consolidated interim financial information taken as a whole.

Rio de Janeiro, July 28, 2022

KPMG Auditores Independentes Ltda.

CRC SP-014428/O-6 F-RJ

(Original report in Portuguese signed by)

Ulysses M. Duarte Magalhães

Accountant CRC RJ-092095/O-8

KPMG Auditores Independentes Ltda., uma sociedade simples brasileira, de responsabilidade limitada e firma-membro da organização global KPMG de firmas-membro independentes licenciadas da KPMG International Limited, uma empresa inglesa privada de responsabilidade limitada. KPMG Auditores Independentes Ltda., a Brazilian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
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PETROBRAS - Petróleo Brasileiro SA published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 14:31:01 UTC.