Petrobras : EXPLANATORY NOTE - Form 6-K/A

EXPLANATORY NOTE

Petrobras is amending its report on Form 6-K furnished to the Securities and Exchange Commission on July 29, 2022 (File/Film Number: 001-15106 / 221118175) (the "Original 6-K") solely for the purpose of adding Exhibit 101, which contains Interactive Data File disclosure in accordance with Rule 405 of Regulation S-T. Except as described above, this amendment does not amend any information set forth in the Original 6-K.

Unaudited

Consolidated

Interim

Financial

Statements

As of June 30, 2022 and for the six-month periods ended June 30, 2022 and 2021 with report of independent registered public accounting firm

INDEX

PETROBRAS

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION	3
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME	4
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	5
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS	6
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY	7
1.Basis of preparation	8
2.Summary of significant accounting policies	8
3.Cash and cash equivalents and Marketable securities	8
4.Sales revenues	9
5.Costs and expenses by nature	10
6.Other income and expenses	11
7.Net finance income (expense)	11
8.Net income by operating segment	12
9.Trade and other receivables	16
10.Inventories	17
11.Taxes	18
12.Employee benefits	20
13.Provisions for legal proceedings	25
14.Provision for decommissioning costs	29
15.Property, plant and equipment	30
16.Intangible assets	32
17.Impairment	34
18.Exploration and evaluation of oil and gas reserves	35
19.Collateral for crude oil exploration concession agreements	35
20.Investments	36
21.Assets by operating segment	36
22.Disposal of assets and other changes in organizational structure	37
23.Finance debt	41
24.Lease liabilities	43
25.Equity	44
26.Fair value of financial assets and liabilities	46
27.Risk management	46
28.Related-party transactions	51
29.Supplemental information on statement of cash flows	53
30.Subsequent events	53
Report of Independent Registered Public Accounting Firm	56

2

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

PETROBRAS

As of June 30, 2022 and December 31, 2021 (Expressed in millions of US Dollars, unless otherwise indicated)

Assets	Note	06.30.2022	12.31.2021		Liabilities	Note	06.30.2022	12.31.2021
Current assets					Current liabilities
Cash and cash equivalents	3.1	16,287	10,467		Trade payables		5,528	5,483
Marketable securities	3.2	2,855	650		Finance debt	23.1	4,116	3,641
Trade and other receivables	9.1	5,048	6,368		Lease liability	24	5,224	5,432
Inventories	10	9,512	7,255		Income taxes payable	11.1	1,922	733
Recoverable income taxes	11.1	142	163		Other taxes payable	11.2	3,784	4,001
Other recoverable taxes	11.2	1,132	1,183		Dividends payable	25.2	4,633	−
Others		2,146	1,573		Employee benefits	12	2,007	2,144
	37,122	27,659		Others		3,641	1,875
							30,855	23,309
Assets classified as held for sale	22	5,792	2,490		Liabilities related to assets classified as held for sale	22	1,822	867
	42,914	30,149			32,677	24,176
Non-current assets					Non-current liabilities
Long-term receivables					Finance debt	23.1	26,935	32,059
Trade and other receivables	9.1	1,981	1,900		Lease liability	24	17,302	17,611
Marketable securities	3.2	49	44		Income taxes payable	11.1	310	300
Judicial deposits	13.2	9,716	8,038		Deferred income taxes	11.1	6,895	1,229
Deferred income taxes	11.1	548	604		Employee benefits	12	8,861	9,374
Other recoverable taxes	11.2	3,648	3,261		Provisions for legal proceedings	13.1	2,468	2,018
Others		574	487		Provision for decommissioning costs	14	15,474	15,619
		16,516	14,334		Others		2,081	2,150
							80,326	80,360
					Total liabilities		113,003	104,536
					Equity
Investments	20	1,717	1,510		Share capital (net of share issuance costs)	25.1	107,101	107,101
Property, plant and equipment	15	127,419	125,330		Capital reserve and capital transactions		1,144	1,143
Intangible assets	16	3,254	3,025		Profit reserves		76,055	72,811
		148,906	144,199		Accumulated other comprehensive (deficit)		(105,922)	(111,648)
					Attributable to the shareholders of Petrobras		78,378	69,407
					Non-controlling interests		439	405
							78,817	69,812
Total assets		191,820	174,348		Total liabilities and equity		191,820	174,348
The notes form an integral part of these unaudited consolidated interim financial statements.

3

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

PETROBRAS

Three and six-month periods ended June 30, 2022 and 2021 (Expressed in millions of US Dollars, unless otherwise indicated)

	Note	Jan-Jun/2022	Jan-Jun/2021	Apr-Jun/2022	Apr-Jun/2021
Sales revenues	4	61,892	36,680	34,703	20,982
Cost of sales	5.1	(28,019)	(17,849)	(15,240)	(10,158)
Gross profit		33,873	18,831	19,463	10,824
Income (expenses)
Selling expenses	5.2	(2,425)	(2,034)	(1,247)	(1,086)
General and administrative expenses	5.3	(622)	(533)	(323)	(260)
Exploration costs	18	(123)	(405)	(44)	(191)
Research and development expenses		(426)	(264)	(220)	(147)
Other taxes		(152)	(152)	(93)	(46)
Impairment of assets	17	(167)	(180)	(168)	(90)
Other income and expenses	6	1,867	(393)	2,189	(109)
	(2,048)	(3,961)	94	(1,929)
Income before net finance expense, results of equity-accounted investments and income taxes		31,825	14,870	19,557	8,895
Finance income		881	328	619	206
Finance expenses		(1,716)	(3,079)	(959)	(1,871)
Foreign exchange gains (losses) and inflation indexation charges		(1,767)	(869)	(2,858)	3,684
Net finance income (expense)	7	(2,602)	(3,620)	(3,198)	2,019
Results of equity-accounted investments	20	341	1,209	(9)	1,026
Net income before income taxes		29,564	12,459	16,350	11,940
Income taxes	11.1	(9,875)	(4,103)	(5,309)	(3,784)
Net income for the period		19,689	8,356	11,041	8,156
Net income attributable to shareholders of Petrobras		19,615	8,301	11,010	8,121
Net income attributable to non-controlling interests		74	55	31	35
Basic and diluted earnings per common and preferred share - in U.S. dollars	25.3	1.50	0.64	0.84	0.62
The notes form an integral part of these unaudited consolidated interim financial statements.

4

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

PETROBRAS

Three and six-month periods ended June 30, 2022 and 2021 (Expressed in millions of US Dollars, unless otherwise indicated)

	Jan-Jun/2022	Jan-Jun/2021	Apr-Jun/2022	Apr-Jun/2021
Net income for the period	19,689	8,356	11,041	8,156
Items that will not be reclassified to the statement of income:
Actuarial losses on post-employment defined benefit plans
Recognized in equity	−	1,719	−	1,722
Deferred income tax	−	(585)	−	(585)
−	1,134	−	1,137
Items that may be reclassified subsequently to the statement of income:
Unrealized gains (losses) on cash flow hedge - highly probable future exports
Recognized in equity	5,073	2,451	(6,523)	8,042
Reclassified to the statement of income	2,488	2,307	1,108	1,194
Deferred income tax	(2,571)	(1,617)	1,841	(3,140)
4,990	3,141	(3,574)	6,096
Translation adjustments (*)
Recognized in equity	614	869	(4,283)	1,682
Reclassified to the statement of income	−	34	−	−
614	903	(4,283)	1,682
Share of other comprehensive income in equity-accounted investments
Recognized in equity	145	141	(105)	253
Other comprehensive income (loss)	5,749	5,319	(7,962)	9,168
Total comprehensive income	25,438	13,675	3,079	17,324
Comprehensive income attributable to shareholders of Petrobras	25,341	13,651	3,102	17,299
Comprehensive income (loss) attributable to non-controlling interests	97	24	(23)	25
(*) It includes cumulative translation adjustments in associates and joint ventures.
The notes form an integral part of these unaudited consolidated interim financial statements.

5

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

PETROBRAS

Six-month periods ended June 30, 2022 and 2021 (Expressed in millions of US Dollars, unless otherwise indicated)

	Note	Jan-Jun/2022	Jan-Jun/2021
Cash flows from operating activities
Net income for the period		19,689	8,356
Adjustments for:
Pension and medical benefits (actuarial expense)	12	633	638
Results of equity-accounted investments	20.2	(341)	(1,209)
Depreciation, depletion and amortization	8	6,630	5,678
Impairment of assets (reversal)	17	167	180
Inventory write-down (write-back) to net realizable value	10	3	(3)
Allowance (reversals) for credit loss on trade and other receivables		39	(4)
Exploratory expenditure write-offs	18	94	187
Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA		(846)	(71)
Foreign exchange, indexation and finance charges		2,882	3,652
Deferred income taxes, net	11.1	1,989	3,883
Revision and unwinding of discount on the provision for decommissioning costs	14	295	389
PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation		(4)	(973)
Results from co-participation agreements in bid areas	16	(2,872)	−
Early termination and cash outflows revision of lease agreements		(401)	(227)
Decrease (Increase) in assets
Trade and other receivables		57	(735)
Inventories		(2,034)	(1,579)
Judicial deposits		(816)	(438)
Other assets		(652)	(182)
Increase (Decrease) in liabilities
Trade payables		(141)	340
Other taxes payable		6,905	2,463
Pension and medical benefits		(1,689)	(1,663)
Provisions for legal proceedings		336	(35)
Short-term benefits		(366)	(228)
Provision for decommissioning costs		(278)	(325)
Other liabilities		627	92
Income taxes paid		(5,102)	(119)
Net cash provided by operating activities		24, 804	18,067
Cash flows from investing activities
Acquisition of PP&E and intangible assets		(4,073)	(3,135)
Investments in investees		(19)	(11)
Proceeds from disposal of assets - Divestment		3,378	502
Financial compensation from co-participation agreements	16	5,213	−
Divestment (Investment) in marketable securities		(2,108)	91
Dividends received		242	200
Net cash provided by (used in) investing activities		2,633	(2,353)
Cash flows from financing activities
Changes in non-controlling interest		(17)	(14)
Proceeds from financing	23.3	330	1,668
Repayment of principal - finance debt	23.3	(5,477)	(13,558)
Repayment of interest - finance debt	23.3	(916)	(1,227)
Repayment of lease liability	24	(2,682)	(2,899)
Dividends paid to Shareholders of Petrobras		(12,429)	(1,848)
Dividends paid to non-controlling interests		(58)	(39)
Net cash used in financing activities		(21,249)	(17,917)
Effect of exchange rate changes on cash and cash equivalents		(374)	300
Net change in cash and cash equivalents		5,814	(1,903)
Cash and cash equivalents at the beginning of the period		10,480	11,725
Cash and cash equivalents at the end of the period		16,294	9,822
The notes form an integral part of these unaudited consolidated interim financial statements.

6

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

PETROBRAS

Six-month periods ended June 30, 2022 and 2021 (Expressed in millions of US Dollars, unless otherwise indicated)

	Share capital (net of share issuance costs)		Accumulated other comprehensive income (deficit) and deemed cost	Profit Reserves
	Share Capital	Share issuance costs	Capital reserve, Capital Transactions and Treasury shares	Cumulative translation adjustments	Cash flow hedge - highly probable future exports	Actuarial gains (losses) on defined benefit pension plans	Other comprehensive income (loss) and deemed cost	Legal	Statutory	Tax incentives	Profit retention	Additional dividends proposed	Retained earnings (losses)	Equity attributable to shareholders of Petrobras	Non-controlling interests	Total consolidated equity
Balance at December 31, 2020	107,380	(279)	1,064	(73,936)	(24,590)	(15,034)	(1,174)	8,813	2,900	1,102	51,974	1,128	−	59,348	528	59,876
		107,101	1,064				(114,734)					65,917	−	59,348	528	59,876
Capital increase with reserves	−	−	−	−	−	−	−	−	−	−	−	−	−	−	2	2
Capital transactions	−	−	(691)	−	−	−	−	−	−	−	−	−	−	(691)	750	59
Net income	−	−	−	−	−	−	−	−	−	−	−	−	8,301	8,301	55	8,356
Other comprehensive income (loss)	−	−	−	934	3,141	1,134	141	−	−	−	−	−	−	5,350	(31)	5,319
Appropriations:
Dividends	−	−	−	−	−	−	−	−	−	−	−	(1,128)	−	(1,128)	(37)	(1,165)
Balance at June 30, 2021	107,380	(279)	373	(73,002)	(21,449)	(13,900)	(1,033)	8,813	2,900	1,102	51,974	−	8,301	71,180	1,267	72,447
		107,101	373				(109,384)					64,789	8,301	71,180	1,267	72,447
Balance at December 31, 2021	107,380	(279)	1,143	(75,122)	(24,169)	(11,205)	(1,152)	9,769	3,084	1,220	52,050	6,688	−	69,407	405	69,812
		107,101	1,143				(111,648)					72,811	−	69,407	405	69,812
Capital transactions	−	−	1	−	−	−	−	−	−	−	−	−	−	1	(18)	(17)
Net income	−	−	−	−	−	−	−	−	−	−	−	−	19,615	19,615	74	19,689
Other comprehensive income	−	−	−	591	4,990	−	145	−	−	−	−	−	−	5,726	23	5,749
Appropriations:
Dividends	−	−	−	−	−	−	−	−	−	−	(1,503)	(6,688)	(8,180)	(16,371)	(45)	(16,416)
Balance at June 30, 2022	107,380	(279)	1,144	(74,531)	(19,179)	(11,205)	(1,007)	9,769	3,084	1,220	50,547	−	11,435	78,378	439	78,817
		107,101	1,144				(105,922)					64,620	11,435	78,378	439	78,817
The notes form an integral part of these unaudited consolidated interim financial statements.

7

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

1.	Basis of preparation

1.1.	Statement of compliance and authorization of unaudited consolidated interim financial statements

These unaudited consolidated interim financial statements of Petróleo Brasileiro S.A. ("Petrobras" or "Company") have been prepared and presented in accordance with IAS 34 - "Interim Financial Reporting" as issued by the International Accounting Standards Board (IASB). They present the significant changes in the period, avoiding repetition of certain notes to the annual consolidated financial statements previously reported. Hence, they should be read together with the Company's audited annual consolidated financial statements for the year ended December 31, 2021, which include the full set of notes (2021 Financial Statements).

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

The IFRS standards that became effective on January 1, 2022 resulted in no material effects on these unaudited consolidated interim financial statements.

Regarding the Interest Rate Benchmark Reform (IBOR Reform), in order to prepare for the transition to alternative reference rates, the Company continues to monitor the pronouncements of regulatory authorities, aimed at adapting its financial instruments to the new benchmark. The Company has debts indexed to Libor (London Interbank Offered Rate), corresponding to 33.7% of total finance debt (see 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.

	06.30.2022	12.31.2021
Cash at bank and in hand	231	299
Short-term financial investments
- In Brazil
Brazilian interbank deposit rate investment funds and other short-term deposits	6,072	1,951
Other investment funds	205	163
	6,277	2,114
- Abroad
Time deposits	6,195	4,310
Automatic investing accounts and interest checking accounts	3,555	3,732
Other financial investments	29	12
	9,779	8,054
Total short-term financial investments	16,056	10,168
Total cash and cash equivalents	16,287	10,467

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.

8

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

3.2.	Marketable securities

	06.30.2022	12.31.2021
Fair value through profit or loss	622	650
Amortized cost	2,282	44
Total	2,904	694
Current	2,855	650
Non-current	49	44

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.

4.	Sales revenues

	Jan-Jun/2022	Jan-Jun/2021	Apr-Jun/2022	Apr-Jun/2021
Diesel	18,164	10,647	10,681	6,069
Gasoline	8,034	4,765	4,309	2,743
Liquefied petroleum gas	2,623	2,036	1,437	1,120
Jet fuel	2,391	827	1,400	401
Naphtha	1,335	693	724	362
Fuel oil (including bunker fuel)	718	723	352	388
Other oil products	2,890	1,883	1,615	1,005
Subtotal oil products	36,155	21,574	20,518	12,088
Natural gas	3,684	2,370	1,961	1,333
Oil	4,443	53	2,682	−
Renewables and nitrogen products	161	22	95	9
Breakage	274	161	170	94
Electricity	402	1,134	109	591
Services, agency and others	545	331	307	170
Domestic market	45,664	25,645	25,842	14,285
Exports	14,924	10,496	8,189	6,359
Oil	10,404	7,512	5,593	4,711
Fuel oil (including bunker fuel)	4,161	2,455	2,276	1,254
Other oil products	358	529	320	394
Sales abroad (*)	1,305	539	672	338
Foreign market	16,228	11,035	8,861	6,697
Sales revenues (**)	61,892	36,680	34,703	20,982
(*) Sales revenues from operations outside of Brazil, including trading and excluding exports.
(**) Sales revenues by business segment are set out in note 8.

In the six-month periods ended June 30, 2022 and 2021, sales to Vibra Energia (formerly BR Distribuidora) represented more than 10% of the Company's sales revenues, mainly associated with the refining, transportation and marketing segment.

5.	Costs and expenses by nature

5.1.	Cost of sales

	Jan-Jun/2022	Jan-Jun/2021	Apr-Jun/2022	Apr-Jun/2021
Raw material, products for resale, materials and third-party services (*)	(13,769)	(7,610)	(8,008)	(4,950)
Depreciation, depletion and amortization	(5,344)	(4,404)	(2,782)	(2,165)
Production taxes	(8,093)	(4,984)	(4,029)	(2,630)
Employee compensation	(813)	(851)	(421)	(413)
Total	(28,019)	(17,849)	(15,240)	(10,158)
(*) It Includes short-term leases and inventory turnover.

9

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

5.2.	Selling expenses

	Jan-Jun/2022	Jan-Jun/2021	Apr-Jun/2022	Apr-Jun/2021
Materials, third-party services, freight, rent and other related costs	(1,948)	(1,709)	(1,000)	(925)
Depreciation, depletion and amortization	(417)	(289)	(217)	(140)
Allowance for expected credit losses	(14)	6	(6)	1
Employee compensation	(46)	(42)	(24)	(22)
Total	(2,425)	(2,034)	(1,247)	(1,086)

5.3.	General and administrative expenses

	Jan-Jun/2022	Jan-Jun/2021	Apr-Jun/2022	Apr-Jun/2021
Employee compensation	(414)	(376)	(216)	(191)
Materials, third-party services, rent and other related costs	(161)	(112)	(83)	(48)
Depreciation, depletion and amortization	(47)	(45)	(24)	(21)
Total	(622)	(533)	(323)	(260)

6.	Other income and expenses

	Jan-Jun/2022	Jan-Jun/2021	Apr-Jun/2022	Apr-Jun/2021
Unscheduled stoppages and pre-operating expenses	(889)	(651)	(513)	(351)
Gains (losses) with legal, administrative and arbitration proceedings	(557)	(275)	(298)	(326)
Pension and medical benefits - retirees	(491)	(439)	(253)	(221)
Performance award program	(247)	(195)	(129)	(101)
Losses with commodities derivatives	(222)	(42)	(169)	(19)
Profit sharing	(65)	(58)	(34)	(30)
Losses on decommissioning of returned/abandoned areas	(27)	(7)	(3)	(1)
Equalization of expenses - Production Individualization Agreements	(9)	(52)	(37)	(9)
Amounts recovered from Lava Jato investigation (**)	12	196	-	55
Recovery of taxes (*)	41	506	24	485
Fines imposed on suppliers	116	77	48	48
Reimbursements from E&P partnership operations	154	291	127	191
Early termination and changes to cash flow estimates of leases	401	226	176	157
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control	846	104	370	56
Results from co-participation agreements in bid areas (***)	2,872	-	2,872	-
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments	-	(33)	-	-
Others	(68)	(41)	8	(43)
Total	1,867	(393)	2,189	(109)

(*)	In the three and six-month periods 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 US$ 1,522, 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).

10

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

7.	Net finance income (expense)

	Jan-Jun/2022	Jan-Jun/2021	Apr-Jun/2022	Apr-Jun/2021
Finance income	881	328	619	206
Income from investments and marketable securities (Government Bonds)	532	74	369	45
Other income, net	349	254	250	161
Finance expenses	(1,716)	(3,079)	(959)	(1,871)
Interest on finance debt	(1,223)	(1,656)	(693)	(904)
Unwinding of discount on lease liabilities	(624)	(592)	(334)	(297)
Discount and premium on repurchase of debt securities	(110)	(849)	(84)	(666)
Capitalized borrowing costs	535	478	297	266
Unwinding of discount on the provision for decommissioning costs	(267)	(384)	(137)	(195)
Other finance expenses , net	(27)	(76)	(8)	(75)
Foreign exchange gains (losses) and indexation charges	(1,767)	(869)	(2,858)	3,684
Foreign exchange gains (losses) (*)	781	1,001	(1,640)	4,443
Reclassification of hedge accounting to the Statement of Income (*)	(2,488)	(2,307)	(1,108)	(1,194)
Recoverable taxes inflation indexation income (**)	45	474	24	461
Other foreign exchange gains (losses) and indexation charges, net	(105)	(37)	(134)	(26)
Total	(2,602)	(3,620)	(3,198)	2,019

(*)	For more information, see notes 27.3a and 27.3c.
(**)	In 2021, includes PIS and Cofins inflation indexation income related to the exclusion of ICMS (VAT tax) from the basis of calculation.

8.	Net income by operating segment

Consolidated Statement of Income by operating segment

Apr-Jun/2022
	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas & Power (G&P)	Corporate and other business	Eliminations	Total
Sales revenues	21,940	31,956	3,734	150	(23,077)	34,703
Intersegments	21,572	498	1,009	(2)	(23,077)	−
Third parties	368	31,458	2,725	152	-	34,703
Cost of sales	(8,176)	(26,787)	(2,366)	(147)	22,236	(15,240)
Gross profit (loss)	13,764	5,169	1,368	3	(841)	19,463
Income (expenses)	2,519	(843)	(816)	(763)	(3)	94
Selling	(3)	(461)	(776)	(4)	(3)	(1,247)
General and administrative	(12)	(42)	(18)	(251)	-	(323)
Exploration costs	(44)	-	-	-	-	(44)
Research and development	(192)	(3)	-	(25)	-	(220)
Other taxes	(24)	(18)	(9)	(42)	-	(93)
Impairment of assets	(124)	(44)	-	-	-	(168)
Other income and expenses	2,918	(275)	(13)	(441)	-	2,189
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes	16,283	4,326	552	(760)	(844)	19,557
Net finance income (expense)	-	-	-	(3,198)	-	(3,198)
Results in equity-accounted investments	57	(95)	30	(1)	-	(9)
Net income / (loss) before income taxes	16,340	4,231	582	(3,959)	(844)	16,350
Income taxes	(5,538)	(1,470)	(188)	1,599	288	(5,309)
Net income (loss) for the period	10,802	2,761	394	(2,360)	(556)	11,041
Attributable to:
Shareholders of Petrobras	10,803	2,761	368	(2,366)	(556)	11,010
Non-controlling interests	(1)	−	26	6	−	31

11

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Consolidated Statement of Income by operating segment

Jan-Jun/2022
	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas & Power (G&P)	Corporate and other business	Eliminations	Total
Sales revenues	41,624	56,641	7,099	276	(43,748)	61,892
Intersegments	40,946	931	1,870	1	(43,748)	−
Third parties	678	55,710	5,229	275	-	61,892
Cost of sales	(15,852)	(48,334)	(5,251)	(272)	41,690	(28,019)
Gross profit (loss)	25,772	8,307	1,848	4	(2,058)	33,873
Income (expenses)	2,486	(1,380)	(1,705)	(1,442)	(7)	(2,048)
Selling	(5)	(869)	(1,537)	(7)	(7)	(2,425)
General and administrative	(24)	(79)	(34)	(485)	-	(622)
Exploration costs	(123)	-	-	-	-	(123)
Research and development	(365)	(6)	(3)	(52)	-	(426)
Other taxes	(39)	(25)	(19)	(69)	-	(152)
Impairment of assets	(123)	(44)	1	(1)	-	(167)
Other income and expenses	3,165	(357)	(113)	(828)	-	1,867
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes	28,258	6,927	143	(1,438)	(2,065)	31,825
Net finance income (expense)	-	-	-	(2,602)	-	(2,602)
Results in equity-accounted investments	108	176	59	(2)	-	341
Net income / (loss) before income taxes	28,366	7,103	202	(4,042)	(2,065)	29,564
Income taxes	(9,610)	(2,355)	(49)	1,435	704	(9,875)
Net income (loss) for the period	18,756	4,748	153	(2,607)	(1,361)	19,689
Attributable to:
Shareholders of Petrobras	18,758	4,748	101	(2,631)	(1,361)	19,615
Non-controlling interests	(2)	-	52	24	-	74

12

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Consolidated Statement of Income by operating segment

Apr-Jun/2021
	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas & Power (G&P)	Corporate and other business	Eliminations	Total
Sales revenues	13,509	19,007	2,654	116	(14,304)	20,982
Intersegments	13,271	338	633	62	(14,304)	−
Third parties	238	18,669	2,021	54	-	20,982
Cost of sales	(5,606)	(16,737)	(1,660)	(114)	13,959	(10,158)
Gross profit (loss)	7,903	2,270	994	2	(345)	10,824
Income (expenses)	(457)	(523)	(665)	(278)	(6)	(1,929)
Selling	(5)	(403)	(669)	(3)	(6)	(1,086)
General and administrative	(28)	(39)	(16)	(177)	-	(260)
Exploration costs	(191)	-	-	-	-	(191)
Research and development	(106)	(3)	(12)	(26)	-	(147)
Other taxes	(23)	(24)	(24)	25	-	(46)
Impairment of assets	(7)	-	(79)	(4)	-	(90)
Other income and expenses	(97)	(54)	135	(93)	-	(109)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes	7,446	1,747	329	(276)	(351)	8,895
Net finance income (expense)	-	-	-	2,019	-	2,019
Results in equity-accounted investments	33	520	33	440	-	1,026
Net income / (loss) before income taxes	7,479	2,267	362	2,183	(351)	11,940
Income taxes	(2,531)	(595)	(111)	(666)	119	(3,784)
Net income (loss) for the period	4,948	1,672	251	1,517	(232)	8,156
Attributable to:
Shareholders of Petrobras	4,949	1,672	226	1,506	(232)	8,121
Non-controlling interests	(1)	-	25	11	-	35

13

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Jan-Jun/2021
	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas & Power (G&P)	Corporate and other business	Eliminations	Total
Sales revenues	25,175	32,980	4,862	271	(26,608)	36,680
Intersegments	24,724	573	1,185	126	(26,608)	−
Third parties	451	32,407	3,677	145	-	36,680
Cost of sales	(10,840)	(28,574)	(2,992)	(264)	24,821	(17,849)
Gross profit (loss)	14,335	4,406	1,870	7	(1,787)	18,831
Income (expenses)	(979)	(921)	(1,411)	(638)	(12)	(3,961)
Selling	(5)	(738)	(1,272)	(7)	(12)	(2,034)
General and administrative	(60)	(71)	(33)	(369)	-	(533)
Exploration costs	(405)	-	-	-	-	(405)
Research and development	(191)	(6)	(17)	(50)	-	(264)
Other taxes	(41)	(63)	(47)	(1)	-	(152)
Impairment of assets	(102)	-	(79)	1	-	(180)
Other income and expenses	(175)	(43)	37	(212)	-	(393)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes	13,356	3,485	459	(631)	(1,799)	14,870
Net finance income (expense)	-	-	-	(3,620)	-	(3,620)
Results in equity-accounted investments	56	628	73	452	-	1,209
Net income / (loss) before income taxes	13,412	4,113	532	(3,799)	(1,799)	12,459
Income taxes	(4,541)	(1,185)	(156)	1,167	612	(4,103)
Net income (loss) for the period	8,871	2,928	376	(2,632)	(1,187)	8,356
Attributable to:
Shareholders of Petrobras	8,873	2,928	330	(2,643)	(1,187)	8,301
Non-controlling interests	(2)	-	46	11	-	55

14

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

The amount of depreciation, depletion and amortization by segment is set forth as follows:

	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas & Power (G&P)	Corporate and other business	Total
Jan-Jun/2022	5,258	1,114	207	51	6,630
Jan-Jun/2021	4,307	1,072	213	86	5,678
	Exploration and Production (E&P)	Refining, Transportation & Marketing (RT&M)	Gas & Power (G&P)	Corporate and other business	Total
Apr-Jun/2022	2,788	542	99	31	3,460
Apr-Jun/2021	2,137	532	107	46	2,822

9.	Trade and other receivables

9.1.	Trade and other receivables

	06.30.2022	12.31.2021
Receivables from contracts with customers
Third parties	5,425	4,839
Related parties
Investees (note 28.1)	303	385
Subtotal	5,728	5,224
Other trade receivables
Third parties
Receivables from divestments (*)	1,075	2,679
Lease receivables	417	435
Other receivables	739	872
Related parties
Petroleum and alcohol accounts - receivables from Brazilian Federal Government	582	506
Subtotal	2,813	4,492
Total trade and other receivables, before ECL	8,541	9,716
Expected credit losses (ECL) - Third parties	(1,503)	(1,428)
Expected credit losses (ECL) - Related parties	(9)	(20)
Total trade and other receivables	7,029	8,268
Current	5,048	6,368
Non-current	1,981	1,900
(*) At June 30, 2022, it mainly refers to the receivables from the divestments of Rio Ventura, Roncador, Baúna, Miranga, Maromba, Pampo and Enchova, Sépia and Atapu fields.

Trade and other receivables are generally classified as measured at amortized cost, except for receivables with final prices linked to changes in commodity price after their transfer of control, which are classified as measured at fair value through profit or loss, amounting to US$ 775as of June 30, 2022 (US$ 1,155as of December 31, 2021).

The change in Receivable from divestments was mainly due to the receipt of US$ 950 related to the final installment for the sale of block BM-S-8, and to the receipt of US$ 1,000, related to the final installment for the sale of the Company's 90% interest in Nova Transportadora do Sudeste (NTS), partially offset by other receivables from divestments recorded in the period, such as from the Atapu and Sépia Co-participation Agreement (US$ 129) and from Pampo and Enchova fields (US$ 124).

15

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

9.2.	Aging of trade and other receivables - third parties

	06.30.2022	12.31.2021
	Trade and other receivables	Expected credit losses	Trade and other receivables	Expected credit losses
Current	5,895	(78)	7,059	(77)
Overdue:
1-90 days	186	(34)	218	(26)
91-180 days	24	(23)	40	(6)
181-365 days	22	(18)	51	(29)
More than 365 days	1,529	(1,350)	1,457	(1,290)
Total	7,656	(1,503)	8,825	(1,428)

9.3.	Changes in provision for expected credit losses

	2022 Jan-Jun	2021 Jan-Jun
Opening balance	1,448	1,596
Additions	72	42
Write-offs	(21)	-
Reversals	(38)	(75)
Cumulative translation adjustment	51	30
Closing balance	1,512	1,593
Current	190	199
Non-current	1,322	1,394

10.	Inventories

	06.30.2022	12.31.2021
Crude oil	3,985	3,048
Oil products	3,252	2,495
Intermediate products	634	532
Natural gas and Liquefied Natural Gas (LNG)	617	349
Biofuels	23	19
Fertilizers	2	8
Total products	8,513	6,451
Materials, supplies and others (*)	999	804
Total	9,512	7,255
(*) It mainly comprises production supplies and operating materials used in the operations of the Company, stated at the average purchase cost, not exceeding replacement cost.

In the six-month period ended June 30, 2022, the Company recognized a US$ 3loss within cost of sales, adjusting inventories to net realizable value (a US$ 3reversal of cost of sales in the six-month period ended June 30, 2021) primarily due to changes in international prices of crude oil and oil products.

At June 30, 2022, the Company had pledged crude oil and oil products volumes as collateral for the Term of Financial Commitment (TFC) signed by Petrobras and Petros in 2008, amounting to US$ 3,213. This pledged amount is under assessment, due to the partial early settlement of the TFC relating to the Pension Difference and TFC Pre-70, made in February 2022. The Company expects the balance of the collateral to reach the balance of the financial commitment, which at June 30, 2022 is US$ 1,103, in compliance with what is provided for in the agreement for the TFC.

16

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

11.

Taxes

11.1.

Income taxes

	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	140	133	1,583	682	-	-
Income taxes - Tax settlement programs	-	-	47	43	310	300
	140	133	1,630	725	310	300
Taxes abroad	2	30	292	8	-	-
Total	142	163	1,922	733	310	300

Reconciliation between statutory income tax rate and effective income tax rate

The following table provides the reconciliation of Brazilian statutory tax rate to the Company's effective rate on income before income taxes:

	Jan-Jun/2022	Jan-Jun/2021	Apr-Jun/2022	Apr-Jun/2021
Net income before income taxes	29,564	12,459	16,350	11,940
Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%)	(10,051)	(4,236)	(5,559)	(4,060)
Adjustments to arrive at the effective tax rate:
Tax benefits from the deduction of interest on capital distribution	383	-	383	-
Different jurisdictional tax rates for companies abroad	394	(70)	203	(93)
Brazilian income taxes on income of companies incorporated outside Brazil (*)	(628)	(199)	(329)	6
Tax loss carryforwards (unrecognized tax losses)	(1)	(21)	(10)	9
Non-taxable income (non-deductible expenses), net (**)	68	234	44	195
Post-employment benefits	(186)	(90)	(44)	(46)
Results of equity-accounted investments in Brazil and abroad	120	279	(3)	205
Others	26	-	6	-
Income taxes	(9,875)	(4,103)	(5,309)	(3,784)
Deferred income taxes	(1,989)	(3,883)	(28)	(3,683)
Current income taxes	(7,886)	(220)	(5,281)	(101)
Effective tax rate of income taxes	33.4%	32.9%	32.5%	31.7%
(*) It relates to Brazilian income taxes on earnings of offshore investees, as established by Law No. 12,973/2014.
(**) It includes provisions for legal proceedings.

Deferred income taxes - non-current

The composition of deferred tax assets and liabilities is set out in the following table:

17

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Nature	Realization basis	06.30.2022	12.31.2021
PP&E - Exploration and decommissioning costs	Depreciation, amortization and write-offs of assets	(781)	(1,362)
PP&E - Impairment	Amortization, impairment reversals and write-offs of assets	4,643	4,382
PP&E - depreciation methods and capitalized borrowing costs	Depreciation, amortization and write-offs of assets	(15,461)	(12,924)
Loans, trade and other receivables / payables and financing	Payments, receipts and considerations	1,418	3,490
Lease liabilities	Appropriation of the considerations	589	1,244
Provision for legal proceedings	Payments and use of provisions	757	605
Tax loss carryforwards	30% of taxable income compensation	643	1,827
Inventories	Sales, write-downs and losses	340	228
Employee Benefits	Payments and use of provisions	1,216	1,250
Others		289	635
Total		(6,347)	(625)
Deferred tax assets		548	604
Deferred tax liabilities (*)		(6,895)	(1,229)
(*) Changes in deferred tax liabilities are mainly due to the offsetting of the tax losses carryforwards and negative basis of CSLL, and to the use of the benefit of accelerated tax depreciation.

The changes in the deferred income taxes are presented as follows:

	Jan-Jun/2022	Jan-Jun/2021
Opening Balance	(625)	6,256
Recognized in the statement of income for the period	(1,989)	(3,883)
Recognized in shareholders' equity	(2,571)	(2,202)
Cumulative translation adjustment	(29)	(58)
Use of tax loss carryforwards	(1,137)	-
Others	4	2
Closing balance	(6,347)	115

11.2.

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 / Non-current ICMS (VAT)	714	665	388	379	752	995	-	-
Current / Non-current PIS and COFINS (**)	322	418	2,339	2,030	295	499	66	45
Claim to recover PIS and COFINS	-	-	643	594	-	-	-	-
CIDE	1	6	-	-	26	42	-	-
Production taxes	-	-	-	-	2,462	2,147	22	21
Withholding income taxes	-	-	-	-	56	86	-	-
Tax Settlement Program	-	-	-	-	50	67	7	6
Others	41	48	269	249	111	142	80	70
Total in Brazil	1,078	1,137	3,639	3,252	3,752	3,978	175	142
Taxes abroad	54	46	9	9	32	23	-	-
Total	1,132	1,183	3,648	3,261	3,784	4,001	175	142
(*) Other non-current taxes are classified as other non-current liabilities.
(**) It includes US$ 75 (US$ 104 as of December 31, 2021) related to exclusion of ICMS (VAT tax) in the basis of calculation of sales taxes PIS and COFINS (contributions for the social security).

Claim to recover PIS and COFINS

The Company filed four civil lawsuits, in the Regional Federal Court of the Second Region, against the Brazilian Federal Government, claiming to recover PIS and COFINS paid over finance income and foreign exchange variation gains, from February 1999 to January 2004.

The court granted to the Company, in all the lawsuits, the definitive right to recover those taxes. Two lawsuits have resulted in judicialized debts (precatórios) in the amounts claimed by the Company.

18

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Regarding the two remaining cases, both had rulings by the court favorable to the Company and, in one of them, the Brazilian Federal Government has already expressed its agreement.

As of June 30, 2022, the Company had non-current receivables of US$ 643(US$ 594as of December 31, 2021) related to PIS and COFINS, which are indexed to inflation.

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 management. Such benefits include salaries, post-employment benefits, termination benefits and other benefits.

	06.30.2022	12.31.2021
Liabilities
Short-term employee benefits	1,180	1,289
Termination benefits	224	349
Post-employment benefits	9,464	9,880
Total	10,868	11,518
Current	2,007	2,144
Non-current	8,861	9,374

12.1.

Short-term employee benefits

Short-term benefits are expected to be settled wholly before twelve months after the end of the period in which the employees render the related service.

	06.30.2022	12.31.2021
Variable compensation program - PPP	272	461
Accrued vacation and 13th salary	600	440
Salaries and related charges and other provisions	244	270
Profit sharing	64	118
Total	1,180	1,289
Current	1,177	1,286
Non-current (*)	3	3
(*)Remaining balance relating to the four-year deferral of 40% of the PPP portion of executive managers.

In the three and six-month periods ended June 30, 2022 and 2021, the Company recognized the following amounts in the statement of income:

	Jan-Jun/2022	Jan-Jun/2021	Apr-Jun/2022	Apr-Jun/2021
Salaries, accrued vacations and related charges	(1,458)	(1,310)	(780)	(657)
Variable compensation program - PPP	(247)	(195)	(129)	(101)
Profit sharing	(65)	(58)	(34)	(30)
Management fees and charges	(5)	(6)	(2)	(3)
Total	(1,775)	(1,569)	(945)	(791)

12.1.1.

Variable compensation programs

Performance award program (PPP)

On September 17, 2021, the Company's Board of Directors approved the pay-out criteria for granting PPP 2021 to employees.

The PPP 2021 model establishes that, in order to trigger this payment, it is necessary to have net income for the year and a declaration and payment of distribution to shareholders.

19

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

On December 15, 2021, the Company's Board of Directors approved the pay-out criteria for the program for 2022, maintaining the criteria of the PPP 2021.

In the six-month period ended June 30, 2022, the main changes related to the PPP were:

·	payment of US$ 504relating to the PPP provisioned in 2021;

·	provision of US$ 247for the PPP related to 2022, accounted for within other income and expenses.

Profit Sharing (PLR)

At December 29, 2020, the 17 unions representing onshore employees of Petrobras had signed the agreement for the PLR for 2021 and 2022, before the deadline determined by the Collective Labor Agreement (ACT). Among the offshore employees, only one union had signed the agreement within the period defined by the ACT.

The current agreement for the PLR provides that only employees without managerial functions will be entitled to receive profit sharing with individual limits according to their remuneration. In order for the PLR to be paid for 2021 and 2022, the following requirements must be met: (i) dividend distribution to shareholders approved at the Annual General Shareholders Meeting, (ii) net income for the year, and iii) achievement of the weighted average percentage of at least 80% of a set of indicators.

The maximum amount of PLR to be distributed is limited to 5% of Adjusted EBITDA (a non-GAAP measure defined as net income plus net finance income (expense), income taxes, depreciation, depletion and amortization, results in equity-accounted investments, impairment, cumulative foreign exchange adjustments reclassified to the income statement, results from disposal and write-offs of assets, foreign exchange gains and losses resulting from provisions for legal proceedings denominated in foreign currencies and results from the compensation of investments in bid areas), to 6.25% of net income and to 25% of dividends distributed to shareholders, in each year, whichever is lower.

In the six-month period ended June 30, 2022, the main changes related to the PLR were:

·	payment of US$ 129relating to the PLR provisioned in 2021;

·	provision of US$ 65for the PLR related to 2022, accounted for within other income and expenses.

12.2.

Termination benefits

Termination benefits are employee benefits provided in exchange for the termination of labor contract as a result of either: i) the Company's decision to terminate the labor contract before the employee's normal retirement date; or ii) an employee's decision to accept an offer of benefits in exchange for the termination of their employment.

The Company has voluntary severance programs (PDV), specific for employees of the corporate segment and of divestment assets, which provide for the same legal and indemnity advantages.

During the second quarter of 2022, the wholly-owned subsidiary Transpetro launched a new voluntary severance program for its offshore employees, whose enrollment occurred between May 4, 2022 and July 14, 2022, and the deadline for the termination of employees will be December 3, 2022.

Thus, for the current programs, there are 11,539adhesions accumulated through June 30, 2022 (11,418through December 31, 2021).

Changes in the provision for expenses relating to voluntary severance programs are set out as follows:

20

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

	Jan-Jun/2022	Jan-Jun/2021
Opening Balance	349	900
Effects in the statement of income	4	(8)
Enrollments	4	26
Revision of provisions	−	(34)
Effects in cash and cash equivalents	(155)	(123)
Terminations in the period	(155)	(123)
Cumulative translation adjustment	26	25
Closing Balance	224	794
Current	123	685
Non-current	101	109

Recognition of the provision for expenses occur as employees enroll to the programs.

The Company disburse the severance payments in two installments, one at the time of termination and the remainder one year after the termination.

As of June 30, 2022, from the balance of US$ 224, US$ 48 refers to the second installment of 852 retired employees and US$ 176 refers to 1,807 employees enrolled in voluntary severance programs with expected termination 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 (Saúde Petrobras), and five other major types of post-employment pension benefits (collectively referred to as "pension plans").

The following table presents the balance of post-employment benefits:

	06.30.2022	12.31.2021
Liabilities
Health Care Plan	4,919	4,485
Petros Pension Plan - Renegotiated (PPSP-R)	3,101	3,233
Petros Pension Plan - Non-renegotiated (PPSP-NR)	702	658
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pré 70)	300	817
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pré 70)	249	511
Petros 2 Pension Plan (PP-2)	192	165
Other plans	1	11
Total	9,464	9,880
Current	706	651
Non-current	8,758	9,229

Health Care Plan

The health care plan is managed by Petrobras Health Association (Associação Petrobras de Saúde - APS), a nonprofit civil association, and includes prevention and health care programs. The plan covers all employees and retirees, and is open to future employees.

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 are provided for in the Collective Bargaining Agreement (ACT), being 60% by the Company and 40% by the participants.

Pension plans

The management of the Company's supplementary pension plans is under the responsibility of Fundação Petrobras de Seguridade Social - Petros, which was established by Petrobras as a non-profit, private legal entity with administrative and financial autonomy.

The net obligation with pension plans recorded by the Company is measured in accordance with the requirements of IFRS which has a different measurement methodology to that applicable to pension funds, regulated by the Post-Retirement Benefit Federal Council (Conselho Nacional de Previdência Complementar- CNPC).

The table below presents the reconciliation of the surplus of Petros Plan registered by Petros Foundation as of December 31, 2021 with the net actuarial liability registered by the Company:

21

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

	PPSP-R (*)	PPSP-NR (*)
Surplus registered by Petros	1,388	139
Financial assumptions	(1,120)	(364)
Ordinary and extraordinary sponsor contributions	2,190	652
Changes in fair value of plan assets (**)	1,447	543
Others (including Actuarial valuation method)	145	200
Net actuarial liability recorded by the Company	4,050	1,169
(*)It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(**)It includes balance of accounts receivable arising from the Term of Financial Commitment - TFC signed with Petrobras, which Petros recognizes as equity.

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

12.3.1.

Amounts related to net actuarial liabilities (defined benefit plans)

Net actuarial liabilities represent the obligations of the Company related to defined benefit plans, net of the fair value of plan assets (when applicable), at present value, based on actuarial calculations which are revised annually by an independent qualified actuary.

Changes in the actuarial liabilities is presented as follows:

22

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

	Pension Plans	Health Care Plan	Other plans	Total
	PPSP-R (*)	PPSP-NR (*)	Petros 2
Balance at December 31, 2021	4,050	1,169	165	4,485	11	9,880
Recognized in the Statement of Income	233	74	17	309	−	633
Current service cost	5	1	7	53	−	66
Net interest	228	73	10	256	−	567
Cash effects	(1,156)	(371)	−	(162)	−	(1,689)
Contributions paid	(141)	(47)	−	(162)	−	(350)
Payments related to Term of financial commitment (TFC)	(1,015)	(324)	−	−	−	(1,339)
Other changes	274	79	10	287	(10)	640
Others	−	−	1	1	(11)	(9)
Cumulative Translation Adjustment	274	79	9	286	1	649
Balance at June 30, 2022	3,401	951	192	4,919	1	9,464
(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.

	Pension Plans	Health Care Plan	Other plans	Total
	PPSP-R (*)	PPSP-NR (*)	Petros 2
Balance at December 31, 2020	7,524	2,696	477	5,356	16	16,069
Recognized in the Statement of Income	248	87	37	265	1	638
Past service cost	(1)	−	−	−	−	(1)
Present value of obligation	(730)	(33)	−	−	−	(763)
Plan assets transferred to PP-3	496	22	−	−	−	518
Sponsor contribution for PP-3	233	11	−	−	−	244
Current service cost	5	−	20	83	−	108
Net interest	226	82	17	182	1	508
Interest on the obligations with contribution for the revision of the lump sum death benefit	18	5	−	−	−	23
Recognized in Equity - other comprehensive income	(1,369)	(352)	−	−	2	(1,719)
Remeasurement effects recognized in other comprehensive income	(1,369)	(352)	−	−	2	(1,719)
Cash effects	(965)	(539)	−	(159)	−	(1,663)
Contributions paid	(134)	(41)	−	(159)	−	(334)
Payments of obligations with contribution for the revision of the lump sum death benefit (**)	(341)	(102)	−	−	−	(443)
Payments related to Term of financial commitment (TFC)	(490)	(396)	−	−	−	(886)
Other changes	255	82	21	220	(4)	574
Others	−	−	−	−	(1)	(1)
Cumulative Translation Adjustment	255	82	21	220	(3)	575
Balance at June 30, 2021	5,693	1,974	535	5,682	15	13,899
(*)It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(**)On June 30, 2021, the Company prepaid the remaining balance of US$ 447.

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

23

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

		Pension Plans	Health Care Plan	Other Plans	Total
	PPSP-R (*)	PPSP-NR (*)	Petros 2
Related to active employees (cost of sales and expenses)	17	3	10	112	−	142
Related to retirees (other income and expenses)	216	71	7	197	−	491
Net costs for Jan-Jun/2022	233	74	17	309	−	633
Related to active employees (cost of sales and expenses)	27	4	30	138	−	199
Related to retirees (other income and expenses)	203	78	7	127	1	416
Obligations with contribution for the revision of the lump sum death benefit	18	5	−	−	−	23
Net costs for Jan-Jun/2021	248	87	37	265	1	638
(*)It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
		Pension Plans	Health Care Plan	Other Plans	Total
	PPSP-R (*)	PPSP-NR (*)	Petros 2
Related to active employees (cost of sales and expenses)	9	2	5	57	−	73
Related to retirees (other income and expenses)	111	36	4	102	−	253
Net costs for Apr-Jun/2022	120	38	9	159	−	326
Related to active employees (cost of sales and expenses)	14	2	15	71	−	102
Related to retirees (other income and expenses)	102	39	4	64	1	210
Obligations with contribution for the revision of the lump sum death benefit	8	3	−	−	−	11
Net costs for Apr-Jun/2021	124	44	19	135	1	323
(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.

12.3.2.

Contributions

In the six-month period ended June 30, 2022, the Company contributed with US$ 1,689 to the defined benefit plans (reducing the balance of obligations of these plans, as presented in note 12.13.1), which includes the partial prepayment of the Term of Financial Commitment, in the amount of US$ 1,339 which occurred on February 25, 2022.

In addition, the Company contributed with US$ 90 and US$ 1, respectively, to the defined contribution portions of PP-2 and PP-3 plans (US$ 77 for PP-2 in 2021), whose amounts were expensed in the six-month period ended June 30, 2022.

The collection of contributions for PP-3 started August 31, 2021.

13.	Provisions for legal proceedings

13.1.

Provisions for legal proceedings, judicial deposits and contingent liabilities

The Company recognizes provisions for legal, administrative and arbitral proceedings based on the best estimate of the costs for which it is probable that an outflow of resources embodying economic benefits will be required and that can be reliably estimated. These proceedings mainly include:

·	Labor claims, in particular: (i) opt-out claims related to 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; and (ii) actions of outsourced employees;

·

Tax claims including: (i) claims relating to benefits previously taken for Brazilian federal tax credits applied that were subsequently alleged to be disallowable; (ii) tax notices for alleged non-compliance with ancillary obligations; and (iii) claims for alleged non-payment of CIDE on imports of propane and butane.

·	Civil claims, in particular: (i) lawsuits related to contracts; (ii) royalties and special participation charges, including royalties over shale extraction; and (iii) penalties applied by ANP relating to measurement systems.

·	Environmental claims, specially: (i) fines relating to an environmental accident in the State of Paraná in 2000; (ii) fines relating to the Company's offshore operation; and (iii) public civil action for oil spill in 2004 in Serra do Mar-São Paulo State Park.

Provisions for legal proceedings are set out as follows:

24

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Non-current liabilities	06.30.2022	12.31.2021
Labor claims	771	716
Tax claims	385	306
Civil claims	1,084	820
Environmental claims	228	176
Total	2,468	2,018

	Jan-Jun/2022	Jan-Jun/2021
Opening Balance	2,018	2,199
Additions, net of reversals	396	190
Use of provision	(225)	(261)
Revaluation of existing proceedings and interest charges	161	19
Others	(5)	6
Cumulative translation adjustment	123	75
Closing Balance	2,468	2,228

In preparing its unaudited consolidated interim financial statements for the six-month period ended 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 six-month period ended June 30, 2022, the increase in liabilities arises mainly from changes in the following cases: (i) US$ 203 in the provision for civil claims involving contractual matters; and (ii) US$ 39 in the provision for tax claims for alleged non-compliance with ancillary obligations.

13.2.

Judicial deposits

Non-current assets	06.30.2022	12.31.2021
Tax	6,960	5,790
Labor	869	796
Civil	1,705	1,275
Environmental	110	101
Others	72	76
Total	9,716	8,038

	Jan-Jun/2022	Jan-Jun/2021
Opening Balance	8,038	7,281
Additions	861	488
Use	(45)	(43)
Accruals and charges	386	76
Others	(9)	(15)
Cumulative translation adjustment	485	320
Closing Balance	9,716	8,107

In the six-month period ended June 30, 2022, the Company made judicial deposits in the amount of US$ 860, including: (i) US$ 283 relating to the unification of Fields (Cernambi, Tupi, Tartaruga Verde and Tartaruga Mestiça); (ii) US$ 133 referring to IRPJ and CSLL for not adding profits of subsidiaries and affiliates domiciled abroad to the IRPJ and CSLL calculation basis; (iii) US$ 137 related to CIDE and PIS/COFINS on the chartering of platforms; and (iv) US$ 68 referring to IRPJ and CSLL in the deduction of expenses with Petros.

13.3.

Contingent liabilities

The estimates of contingent liabilities for legal proceedings are indexed to inflation and updated by applicable interest rates. Estimated contingent liabilities for which the possibility of loss is classified as possible are set out in the following table:

Nature	06.30.2022	12.31.2021
Tax	28,376	24,785
Labor	8,066	7,172
Civil - General	6,710	5,720
Civil - Environmental	1,353	1,192
Total	44,505	38,869

The main contingent liabilities are:

25

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

·

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 (IRPJ and CSLL); (iii) requests to compensate federal taxes disallowed by the Brazilian Federal Tax Authority; (iv) collection and crediting of ICMS by several states; (v) collection of social security contributions over payments of bonuses; and (vi) collection of customs taxes and fines related to imports under the Repetro regime in the Frade consortium.

·	Labor matters comprising mainly 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 matters comprising mainly: (i) administrative and legal proceedings challenging an ANP order requiring Petrobras to pay additional special participation fees and royalties (production taxes) with respect to several fields; (ii) regulation agencies fines; and (iii) lawsuits related to contracts.

·	Environmental matters comprising indemnities for damages and fines related to the Company operation.

In the six-month period ended June 30, 2022, the increase in the balance of contingent liabilities is mainly due to: (i) US$ 2,224relating to the notice of infraction for the collection, by joint liability, of customs taxes and fines arising from imports under the Repetro regime, for use in the Frade consortium; (ii) US$ 534in lawsuits in administrative and judicial stages discussing the difference in special interest and royalties in different fields, including unitization; (iii) US$ 403 lawsuits requesting 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; (iv) US$ 261 referring to CIDE and PIS/COFINS on the chartering of platforms; and (v) US$ 205referring to lawsuits involving ICMS collection on imports in operations with liquified petroleum gas derived from natural gas. These effects were partially offset by: (i) US$ 1,206 transferred to remote loss relating to tax on services provided offshore; (ii) US$ 295 for the write-off due to the conclusion of an agreement and review of amounts in lawsuits in which the state monopoly of piped gas services was discussed; and (iii) US$ 201 for the review of values and write-off, due to favorable decisions, in proceedings related to tax deductions taken that were subsequently challenged.

13.4.

Minimum Compensation Based on Employee's Position and Work Schedule (Remuneração Mínima por Nível e Regime - RMNR)

As of June 30, 2022, there are lawsuits related to the Minimum Compensation Based on Employee's Position and Work Schedule (RMNR), with the objective of reviewing its calculation criteria.

The RMNR consists of a minimum remuneration guaranteed to employees, based on salary level, work schedule and geographic location. This policy was created and implemented by Petrobras in 2007 through collective bargaining with union representatives, and was approved at employee meetings, and started being the subject of lawsuits three years after its implementation.

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

On July 29, 2021, a monocratic decision was published in which the STF's Judge-Rapporteur granted an extraordinary appeal filed, accepting the Company's thesis and recognizing the validity of the collective bargaining agreement freely signed between Petrobras and the unions, reversing the decision of the TST.

In February 2022, the judgment of the appeals filed by the plaintiff and several amicus curiae was started. The judgment is currently underway in the First Panel of the Supreme Federal Court, with 3 votes in favor of the Company, confirming that there is an understanding of recognizing the merit of the collective bargaining agreement signed between Petrobras and the unions. Considering that the last minister to vote requested additional time for analysis, the trial was suspended, and is pending the presentation of the vote by this last minister.

As of June 30, 2022, the balance of provisioned proceedings regarding RMNR amounts to US$ 150, while the contingent liabilities amount to US$ 6,686.

13.5.

Class action and related proceedings

On May 26, 2021, the District Court of Rotterdam decided 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 of 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 ("Foundation"). However, investors who have already started 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 class action is in the merit discussion stage.

26

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

In relation to the arbitration in Argentina, the Argentine Supreme Court has not yet judged the appeal filed by the Consumidores Financieros Asociación Civil para su Defensa ("Association"). This arbitration discusses Petrobras' liability for an alleged loss of market value of Petrobras' shares in Argentina, as a result of the Lava Jato Operation.

Regarding criminal proceeding 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 revoked on October 21, 2021, the lower court decision that had recognized Petrobras' immunity from jurisdiction and recommended that the lower court judge take steps to certify whether the Company could be considered criminally immune in Argentina for further reassessment of the issue. Petrobras appealed against this decision, but on April 30, 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 with the competent Argentine bodies, which was also appealed, still pending judgment. Petrobras presented other procedural defenses, still subject to appeals before the Argentine Court of Appeals. This criminal action is being processed before the Economic Criminal Court No. 2 of the City of Buenos Aires.

As for the other criminal action for alleged non-compliance with the obligation to publish "press release" in the Argentine market about the existence of a class action filed by Consumidores Financieros Asociación Civil para su Defensa before the Commercial Court, there are no developments during the six-month period ended June 30, 2022.

13.6.

Arbitrations in Brazil

In the six-month period ended June 30, 2022, there were no events that changed the assessment and information on arbitrations in Brazil.

13.7.

Legal proceedings - Compulsory Loan - Eletrobrás

In the six-month period ended June 30, 2022, there were no events that changed the assessment on this proceeding.

13.8.

Lawsuits brought by natural gas distributors and others

In the six-month period ended June 30, 2022, the Company obtained a favorable decision from the Superior Court of Justice (Superior Tribunal de Justiça - STJ) suspending the interim decision in favor of CEGÁS, which granted the extension of its gas supply contract for 6 months. The injunction that had been obtained by SC GÁS 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 lower court judgement handed down on June 29, 2022.

14.	Provision for decommissioning costs

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

	06.30.2022	12.31.2021
Onshore	500	873
Shallow waters	3,834	3,732
Deep and ultra-deep post-salt	8,410	8,420
Pre-salt	2,730	2,594
15,474	15,619