Petrobras : Financial Statements in R$ 3Q

Interim Financial

Information

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

At September 30, 2024 and report on review of interim financial 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 - 01/01/2024 to 09/30/2024 7
Parent Company Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2023 to 09/30/2023 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 - 01/01/2024 to 09/30/2024 ...	15
Consolidated Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2023 to 09/30/2023 ...	16
Consolidated Interim Accounting Information / Statement of Cash Flows - Indirect Method	17
Consolidated Interim Accounting Information / Statement of Added Value	18
1.	Basis of preparation	19
2.	Material accounting policies	19
3.	Cash and cash equivalents and marketable securities	19
4.	Sales revenues	21
5.	Costs and expenses by nature	22
6.	Other income and expenses, net	22
7.	Net finance income (expense)	22
8.	Information by operating segment	23
9.	Trade and other receivables	26
10.	Inventories	27
11.	Trade payables	27
12.	Taxes	28
13.	Employee benefits	31
14.	Provisions for legal proceedings, judicial deposits and contingent liabilities	35
15.	Provision for decommissioning costs	40
16.	Other assets and liabilities	41
17.	Property, plant and equipment	41
18.	Intangible assets	44
19.	Impairment	45
20.	Exploration and evaluation of oil and gas reserves	45
21.	Collateral for crude oil exploration concession agreements	47
22.	Investments	47
23.	Disposal of assets and other transactions	48
24.	Finance debt	49
25.	Lease liability	52
26.	Equity	53
27.	Financial risk management	56
28.	Related party transactions	62
29.	Supplemental information on statement of cash flows	66
30.	Subsequent events	66
31.	Correlation between the explanatory notes of December 31, 2023 and the ones of September 30, 2024	67
Statement of Directors on Interim Accounting Information and Report on the Review of Quarterly Information	68
Independent Auditors' Report…...…...……………………………………………………………………………………...….. 72

2

Petróleo Brasileiro S.A. - Petrobras

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

(R$ Thousand)

Account Code	Account Description	09.30.2024	12.31.2023
1	Total Assets	1,450,289,000	1,309,830,000
1.01	Current Assets	216,958,000	143,004,000
1.01.01	Cash and Cash Equivalents	22,626,000	2,562,000
1.01.02	Marketable Securities	19,693,000	13,644,000
1.01.03	Trade and Other Receivables	110,338,000	77,757,000
1.01.04	Inventories	36,760,000	31,612,000
1.01.06	Recoverable Taxes	12,720,000	5,123,000
1.01.06.01	Current Recoverable Taxes	12,720,000	5,123,000
1.01.06.01.01	Recoverable Income Taxes	2,917,000	731,000
1.01.06.01.02	Other Recoverable Taxes	9,803,000	4,392,000
1.01.08	Other Current Assets	14,821,000	12,306,000
1.01.08.01	Non-Current Assets Held for Sale	2,728,000	2,053,000
1.01.08.03	Others	12,093,000	10,253,000
1.01.08.03.03	Others	12,093,000	10,253,000
1.02	Non-Current Assets	1,233,331,000	1,166,826,000
1.02.01	Long-Term Receivables	116,358,000	124,474,000
1.02.01.03	Marketable Securities Measured at Amortized Cost	3,502,000	11,661,000
1.02.01.04	Trade and Other Receivables	4,827,000	8,099,000
1.02.01.07	Deferred Taxes	21,814,000	21,516,000
1.02.01.07.02	Deferred Taxes and Contributions	21,814,000	21,516,000
1.02.01.10	Other Non-Current Assets	86,215,000	83,198,000
1.02.01.10.04	Judicial Deposits	70,136,000	70,968,000
1.02.01.10.05	Other Assets	16,079,000	12,230,000
1.02.02	Investments	318,685,000	268,220,000
1.02.03	Property, Plant and Equipment	784,527,000	759,569,000
1.02.04	Intangible Assets	13,761,000	14,563,000

3

Petróleo Brasileiro S.A. - Petrobras

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

(R$ Thousand)

Account Code	Account Description	09.30.2024	12.31.2023
2	Total Liabilities	1,450,289,000	1,309,830,000
2.01	Current Liabilities	259,081,000	188,618,000
2.01.01	Payroll, Profit Sharing and Related Charges	9,687,000	8,882,000
2.01.02	Trade Payables	33,430,000	26,649,000
2.01.03	Taxes Obligations	3,184,000	4,445,000
2.01.03.01	Federal Taxes Obligations	3,184,000	4,445,000
2.01.03.01.01	Income Tax and Social Contribution Payable	3,184,000	4,445,000
2.01.04	Current Debt and Finance Lease Obligations	145,395,000	83,100,000
2.01.04.01	Current Debt	101,182,000	46,736,000
2.01.04.03	Lease Obligations	44,213,000	36,364,000
2.01.05	Other Liabilities	49,012,000	48,868,000
2.01.05.02	Others	49,012,000	48,868,000
2.01.05.02.01	Dividends and Interest on Capital Payable	13,088,000	16,947,000
2.01.05.02.04	Other Taxes Payable	24,207,000	19,669,000
2.01.05.02.06	Other liabilities	11,717,000	12,252,000
2.01.06	Provisions	14,175,000	14,053,000
2.01.06.02	Other Provisions	14,175,000	14,053,000
2.01.06.02.04	Pension and Medical Benefits	4,979,000	4,392,000
2.01.06.02.05	Provision for Decommissioning Costs	9,196,000	9,661,000
2.01.07	Liabilities Associated with Non-Current Assets Held for Sale and Discontinued	4,198,000	2,621,000
2.01.07.01	Liabilities Associated with Non-Current Assets Held for Sale	4,198,000	2,621,000
2.02	Non-Current Liabilities	797,553,000	740,771,000
2.02.01	Non-Current Debt and Finance Lease Obligations	549,560,000	479,659,000
2.02.01.01	Non-Current Debt	404,358,000	346,419,000
2.02.01.03	Lease Obligations	145,202,000	133,240,000
2.02.02	Other Liabilities	1,266,000	1,409,000
2.02.02.02	Others	1,266,000	1,409,000
2.02.02.02.03	Income Taxes Payable	1,266,000	1,409,000
2.02.03	Deferred Taxes	45,005,000	59,000,000
2.02.03.01	Deferred Income Taxes	45,005,000	59,000,000
2.02.04	Provisions	201,722,000	200,703,000
2.02.04.01	Provisions for Tax Social Security, Labor and Civil Lawsuits	16,446,000	14,855,000
2.02.04.02	Other Provisions	185,276,000	185,848,000
2.02.04.02.04	Pension and Medical Benefits	75,577,000	73,517,000
2.02.04.02.05	Provision for Decommissioning Costs	99,502,000	102,167,000
2.02.04.02.06	Employee Benefits	472,000	492,000
2.02.04.02.07	Other liabilities	9,725,000	9,672,000
2.03	Shareholders' Equity	393,655,000	380,441,000
2.03.01	Share Capital	205,432,000	205,432,000
2.03.02	Capital Reserves	(2,241,000)	(322,000)
2.03.04	Profit Reserves	116,432,000	158,955,000
2.03.05	Retained Earnings/Losses	33,055,000	−
2.03.08	Other Comprehensive Income	40,977,000	16,376,000

4

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Income

(R$ thousand)

		Accumulated of	Accumulated of	Accumulated of	Accumulated of
		the Current Period	the Current Year	the Previous	the Previous Year
		07/01/2024 to	01/01/2024 to	Period 07/01/2023	01/01/2023 to
Account Code	Account Description	09/30/2024	09/30/2024	to 09/30/2023	09/30/2023
3.01	Sales Revenues	121,790,000	353,887,000	125,814,000	364,503,000
3.02	Cost of Sales	(60,409,000)	(175,171,000)	(60,521,000)	(178,772,000)
3.03	Gross Profit	61,381,000	178,716,000	65,293,000	185,731,000
3.04	Operating Expenses / Income	(12,549,000)	(44,809,000)	(13,787,000)	(31,097,000)
3.04.01	Selling Expenses	(6,857,000)	(20,112,000)	(6,269,000)	(18,587,000)
3.04.02	General and Administrative Expenses	(1,908,000)	(6,334,000)	(1,631,000)	(4,796,000)
3.04.05	Other Operating Expenses	(10,493,000)	(34,231,000)	(8,195,000)	(20,313,000)
3.04.05.01	Other Taxes	122,000	(4,973,000)	(284,000)	(2,473,000)
3.04.05.02	Research and Development Expenses	(1,084,000)	(3,000,000)	(908,000)	(2,558,000)
3.04.05.03	Exploration Costs	(2,237,000)	(3,782,000)	(2,362,000)	(4,122,000)
3.04.05.05	Other Operating Expenses, Net	(7,294,000)	(22,542,000)	(4,257,000)	(8,985,000)
3.04.05.07	Impairment (losses) reversals, net	−	66,000	(384,000)	(2,175,000)
	Share of Profit / Gains on Interest in Equity-Accounted
3.04.06	Investments	6,709,000	15,868,000	2,308,000	12,599,000
3.05	Net Income Before Financial Results and Income Taxes	48,832,000	133,907,000	51,506,000	154,634,000
3.06	Finance Income (Expenses), Net	(5,711,000)	(60,715,000)	(13,504,000)	(22,844,000)
3.06.01	Finance Income	3,468,000	8,530,000	2,611,000	8,203,000
3.06.01.01	Finance Income	3,468,000	8,530,000	2,611,000	8,203,000
3.06.02	Finance Expenses	(9,179,000)	(69,245,000)	(16,115,000)	(31,047,000)
3.06.02.01	Finance Expenses	(10,505,000)	(39,464,000)	(8,800,000)	(25,167,000)
3.06.02.02	Foreign Exchange and Inflation Indexation Charges, Net	1,326,000	(29,781,000)	(7,315,000)	(5,880,000)
3.07	Net Income Before Income Taxes	43,121,000	73,192,000	38,002,000	131,790,000
3.08	Income Tax and Social Contribution	(10,566,000)	(19,542,000)	(11,377,000)	(38,227,000)
3.08.01	Current	(8,782,000)	(24,403,000)	(11,554,000)	(32,475,000)
3.08.02	Deferred	(1,784,000)	4,861,000	177,000	(5,752,000)
3.09	Net Income	32,555,000	53,650,000	26,625,000	93,563,000
3.11	Income / (Loss) for the Period	32,555,000	53,650,000	26,625,000	93,563,000
3.99.01	Income per Share
3.99.01.01	Ordinary Shares	2.53	4.16	2.04	7.17
3.99.01.02	Preferred Shares	2.53	4.16	2.04	7.17
3.99.02	Diluted Income per Share
3.99.02.01	Ordinary Shares	2.53	4.16	2.04	7.17
3.99.02.02	Preferred Shares	2.53	4.16	2.04	7.17

5

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Comprehensive Income

(R$ thousand)

			Accumulated of	Accumulated of	Accumulated of	Accumulated of
			the Current Period	the Current Year	the Previous	the Previous Year
			07/01/2024 to	01/01/2024 to	Period 07/01/2023	01/01/2023 to
Account Code	Account Description		09/30/2024	09/30/2024	to 09/30/2023	09/30/2023
4.01	Net Income for the Period		32,555,000	53,650,000	26,625,000	93,563,000
4.02	Other Comprehensive Income		1,202,000	24,601,000	4,890,000	6,524,000
4.02.01	Actuarial Gains / (Losses) on Defined Benefits Plans	−	6,528,000	−	(570,000)
4.02.02	Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans	−	−	−	194,000
4.02.03	Translation Adjustments in investees		(6,585,000)	36,130,000	10,629,000	(11,844,000)
4.02.07	Unrealized Gains / (Losses) on Cash Flow Hedge	- Recognized in Shareholders' Equity	6,941,000	(37,958,000)	(12,078,000)	12,147,000
4.02.08	Unrealized Gains / (Losses) on Cash Flow Hedge	- Reclassified to Profit and Loss	4,553,000	11,100,000	3,377,000	14,560,000
4.02.09	Deferred Income Tax and Social Contribution on Cash Flow Hedge	(3,907,000)	9,133,000	2,959,000	(9,081,000)
4.02.10	Share of Other Comprehensive Income of Equity-Accounted Investments	200,000	(332,000)	3,000	1,118,000
4.03	Total Comprehensive Income for the Period		33,757,000	78,251,000	31,515,000	100,087,000

6

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2024 to 09/30/2024

(R$ thousand)

			Capital Reserves,
			Granted Options and		Retained Earnings /	Other Comprehensive
Account Code	Account Description	Share Capital	Treasury Shares	Profit Reserves	Accumulated Losses	Income	Shareholders' Equity
5.01	Balance at the Beginning of the Period	205,432,000	(322,000)	158,955,000	−	16,376,000	380,441,000
5.03	Adjusted Opening Balance	205,432,000	(322,000)	158,955,000	−	16,376,000	380,441,000
5.04	Capital Transactions with Owners	−	(1,919,000)	(42,523,000)	(20,595,000)	−	(65,037,000)
5.04.04	Treasury Shares Acquired	−	(1,919,000)	−	−	−	(1,919,000)
5.04.06	Dividends	−	−	(42,523,000)	(20,735,000)	−	(63,258,000)
5.04.11	Expired dividends	−	−	−	140,000	−	140,000
5.05	Total of Comprehensive Income	−	−	−	53,650,000	24,601,000	78,251,000
5.05.01	Net Income for the Period	−	−	−	53,650,000	−	53,650,000
5.05.02	Other Comprehensive Income	−	−	−	−	24,601,000	24,601,000
5.07	Balance at the End of the Period	205,432,000	(2,241,000)	116,432,000	33,055,000	40,977,000	393,655,000

7

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2023 to 09/30/2023

(R$ thousand)

			Capital Reserves,
			Granted Options and		Retained Earnings /	Other Comprehensive
Account Code	Account Description	Share Capital	Treasury Shares	Profit Reserves	Accumulated Losses	Income	Shareholders' Equity
5.01	Balance at the Beginning of the Period	205,432,000	3,318,000	128,346,000	−	25,498,000	362,594,000
5.03	Adjusted Opening Balance	205,432,000	3,318,000	128,346,000	−	25,498,000	362,594,000
5.04	Capital Transactions with Owners	−	(971,000)	(35,815,000)	(39,888,000)	−	(76,674,000)
5.04.04	Treasury Shares Acquired	−	(975,000)	−	−	−	(975,000)
5.04.06	Dividends	−	−	(35,815,000)	(39,920,000)	−	(75,735,000)
5.04.08	Change in Interest in Subsidiaries	−	4,000	−	−	−	4,000
5.04.11	Expired dividends	−	−	−	32,000	−	32,000
5.05	Total of Comprehensive Income	−	−	−	93,563,000	6,524,000	100,087,000
5.05.01	Net Income for the Period	−	−	−	93,563,000	−	93,563,000
5.05.02	Other Comprehensive Income	−	−	−	−	6,524,000	6,524,000
5.07	Balance at the End of the Period	205,432,000	2,347,000	92,531,000	53,675,000	32,022,000	386,007,000

b

8

Petróleo Brasileiro S.A. - Petrobras

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

(R$ Thousand)

		Accumulated of the
		Current	Accumulated of the
		Period	Previous Period
Account Code	Account Description	01/01/2024 to	01/01/2023 to
09/30/2024	09/30/2023
6.01	Net cash provided by operating activities	144,936,000	95,519,000
6.01.01	Cash provided by operating activities	188,156,000	199,983,000
6.01.01.01	Net Income for the period	53,650,000	93,563,000
6.01.01.02	Pension and medical benefits (actuarial expense)	13,142,000	5,620,000
6.01.01.03	Results in equity-accounted investments	(15,868,000)	(12,599,000)
6.01.01.04	Depreciation, depletion and amortization	51,379,000	50,803,000
6.01.01.05	Impairment of assets (reversal), net	(66,000)	2,175,000
6.01.01.06	Exploratory expenditures write-offs	2,253,000	2,031,000
6.01.01.07	Losses on legal, administrative and arbitration proceedings	4,054,000	2,860,000
6.01.01.08	Foreign exchange, indexation and finance charges	58,069,000	20,963,000
6.01.01.10	Allowance for credit loss on trade and other receivables, net	246,000	172,000
6.01.01.13	Revision and unwinding of discount on the provision for decommissioning costs	4,041,000	3,294,000
6.01.01.15	Income Taxes	19,542,000	38,227,000
6.01.01.16	Results from co-participation agreements in bid areas	(533,000)	(237,000)
6.01.01.17	Gain on disposal/write-offs of assets	(561,000)	(5,073,000)
6.01.01.19	Early termination and cash outflows revision of lease agreements	(1,192,000)	(1,816,000)
6.01.02	Decrease / (increase) in assets / increase/ (decrease) in liabilities	(16,422,000)	(66,552,000)
6.01.02.01	Trade and other receivables, net	4,831,000	(51,460,000)
6.01.02.02	Inventories	(5,224,000)	4,176,000
6.01.02.03	Judicial deposits	2,604,000	(5,475,000)
6.01.02.05	Other assets	(117,000)	2,170,000
6.01.02.06	Trade payables	4,905,000	(5,809,000)
6.01.02.07	Other taxes	(12,777,000)	(840,000)
6.01.02.08	Pension and medical benefits	(3,967,000)	(3,391,000)
6.01.02.09	Provisions for legal proceedings	(1,509,000)	(1,771,000)
6.01.02.10	Other Employee Benefits	784,000	576,000
6.01.02.12	Provision for Decommissioning Costs	(3,837,000)	(2,955,000)
6.01.02.14	Other liabilities	(2,115,000)	(1,773,000)
6.01.03	Others	(26,798,000)	(37,912,000)
6.01.03.01	Income Taxes Paid	(26,798,000)	(37,912,000)
6.02	Net cash used in investing activities	(75,803,000)	(6,558,000)
6.02.01	Acquisition of PP&E and intangibles assets	(53,187,000)	(42,312,000)
6.02.02	Decrease (increase) in investments in investees	104,000	(58,000)
6.02.03	Proceeds from disposal of assets - Divestment	3,942,000	18,013,000
6.02.04	Divestment (investment) in marketable securities	(30,029,000)	14,875,000
6.02.05	Dividends received	1,416,000	892,000
6.02.08	Financial compensation for Co-participation Agreement	1,951,000	2,032,000
6.03	Net cash used in financing activities	(49,069,000)	(90,344,000)
6.03.02	Proceeds from financing	160,146,000	80,299,000
6.03.03	Repayment of principal - finance debt	(90,240,000)	(53,140,000)
6.03.04	Repayment of interest - finance debt	(18,448,000)	(17,069,000)
6.03.05	Dividends paid to shareholders of Petrobras	(67,354,000)	(76,201,000)
6.03.08	Settlement of lease liabilities	(31,254,000)	(23,258,000)
6.03.10	Share repurchase program	(1,919,000)	(975,000)
6.05	Net increase/ (decrease) in cash and cash equivalents	20,064,000	(1,383,000)
6.05.01	Cash and cash equivalents at the beginning of the year	2,562,000	3,627,000
6.05.02	Cash and cash equivalents at the end of the period	22,626,000	2,244,000

9

Petróleo Brasileiro S.A. - Petrobras

Parent Company Interim Accounting Information / Statement of Added Value

(R$ Thousand)

		Accumulated of	Accumulated of
		the Current Period	the Previous
		01/01/2024 to	Period 01/01/2023
Account Code	Account Description	09/30/2024	to 09/30/2023
7.01	Sales Revenues	512,572,000	486,763,000
7.01.01	Sales of Goods and Services	456,117,000	433,985,000
7.01.02	Other Revenues	8,035,000	16,196,000
7.01.03	Revenues Related to the Construction of Assets to be Used in Own Operations	48,666,000	36,754,000
7.01.04	Allowance for expected credit losses	(246,000)	(172,000)
7.02	Inputs Acquired from Third Parties	(177,965,000)	(175,735,000)
7.02.01	Cost of Sales	(65,796,000)	(65,245,000)
7.02.02	Materials, Power, Third-Party Services and Other Operating Expenses	(81,662,000)	(79,843,000)
7.02.03	Impairment Charges / Reversals of Assets	66,000	(2,175,000)
7.02.04	Others	(30,573,000)	(28,472,000)
7.02.04.01	Tax Credits on Inputs Acquired from Third Parties	(30,573,000)	(28,472,000)
7.03	Gross Added Value	334,607,000	311,028,000
7.04	Retentions	(51,379,000)	(50,803,000)
7.04.01	Depreciation, Amortization and Depletion	(51,379,000)	(50,803,000)
7.05	Net Added Value Produced	283,228,000	260,225,000
7.06	Transferred Added Value	28,690,000	25,085,000
7.06.01	Share of Profit of Equity-Accounted Investments	15,868,000	12,599,000
7.06.02	Finance Income	8,530,000	8,203,000
7.06.03	Others	4,292,000	4,283,000
7.06.03.01	Rentals, royalties and others	4,292,000	4,283,000
7.07	Total Added Value to be Distributed	311,918,000	285,310,000
7.08	Distribution of Added Value	311,918,000	285,310,000
7.08.01	Employee Compensation	32,923,000	21,766,000
7.08.01.01	Salaries	17,187,000	13,889,000
7.08.01.02	Fringe Benefits	14,872,000	7,125,000
7.08.01.03	Unemployment Benefits (FGTS)	864,000	752,000
7.08.02	Taxes and Contributions	145,573,000	129,027,000
7.08.02.01	Federal	98,921,000	95,801,000
7.08.02.02	State	46,485,000	33,079,000
7.08.02.03	Municipal	167,000	147,000
7.08.03	Return on Third-Party Capital	79,772,000	40,954,000
7.08.03.01	Interest	75,295,000	35,680,000
7.08.03.02	Rental Expenses	4,477,000	5,274,000
7.08.04	Return on Shareholders' Equity	53,650,000	93,563,000
7.08.04.01	Interest on Capital	13,074,000	13,617,000
7.08.04.02	Dividends	7,661,000	26,303,000
7.08.04.03	Retained Earnings / (Losses) for the Period	32,915,000	53,643,000

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