Petrobras : Financial Statements in US$ 3Q

Unaudited Condensed

Consolidated Interim

Financial Statements

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

As of September 30, 2024, with the independent registered public accounting firm report

INDEX

Petróleo Brasileiro S.A. - Petrobras

Unaudited Condensed Consolidated Statements of Financial Position	3
Unaudited Condensed Consolidated Statements of Income	4
Unaudited Condensed Consolidated Statements of Comprehensive Income	5
Unaudited Condensed Consolidated Statements of Cash Flows	6
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity	7
1.	Basis of preparation	8
2.	Material 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, net	11
7.	Net finance income (expense)	11
8.	Information by operating segment	12
9.	Trade and other receivables	16
10.	Inventories	17
11.	Trade payables	18
12.	Taxes	18
13.	Employee benefits	22
14.	Provisions for legal proceedings, judicial deposits and contingent liabilities	27
15.	Provision for decommissioning costs	32
16.	Other assets and liabilities	33
17.	Property, plant and equipment	34
18.	Intangible assets	36
19.	Impairment	37
20.	Exploration and evaluation of oil and gas reserves	37
21.	Collateral for crude oil exploration concession agreements	38
22.	Investments	39
23.	Disposal of assets and other transactions	39
24.	Finance debt	40
25.	Lease liability	43
26.	Equity	44
27.	Financial risk management	47
28.	Related party transactions	53
29.	Supplemental information on statement of cash flows	55
30.	Subsequent events	56
Report of Independent Registered Public Accounting Firm	57

2

Unaudited Condensed Consolidated Statements of Financial Position

PETROBRAS

As of September 30, 2024 and December 31, 2023 (Expressed in millions of US Dollars, unless otherwise indicated)

	Assets	Note	09.30.2024	12.31.2023
	Cash and cash equivalents	3	8,694	12,727
	Marketable securities	3	5,593	2,819
	Trade and other receivables	9	4,377	6,135
	Inventories	10	7,442	7,681
	Recoverable income taxes	12	589	218
	Other recoverable taxes	12	1,849	960
	Others	16	1,757	1,570
			30,301	32,110
	Assets classified as held for sale	23	420	335
	Current assets		30,721	32,445
	Trade and other receivables	9	1,012	1,847
	Marketable securities	3	643	2,409
	Judicial deposits	14	12,998	14,746
	Deferred income taxes	12	980	965
	Other recoverable taxes	12	4,103	4,516
	Others	16	2,771	2,315
	Long-term receivables		22,507	26,798
	Investments	22	974	1,358
	Property, plant and equipment - PP&E	17	141,079	153,424
	Intangible assets	18	2,558	3,042
	Non-current assets		167,118	184,622
	Total assets		197,839	217,067
	Liabilities	Note	09.30.2024	12.31.2023
	Trade payables	11	5,299	4,813
	Finance debt	24	3,957	4,322
	Lease liability	25	7,749	7,200
	Income taxes payable	12	1,159	1,300
	Other taxes payable	12	4,494	4,166
	Dividends payable	26	2,402	3,539
	Provision for decommissioning costs	15	1,701	2,032
	Employee benefits	13	2,883	2,932
	Others	16	2,428	3,015
			32,072	33,319
	Liabilities related to assets classified as held for sale	23	771	541
	Current liabilities		32,843	33,860
	Finance debt	24	21,799	24,479
	Lease liability	25	25,627	26,599
	Income taxes payable	12	238	299
	Deferred income taxes	12	7,264	10,910
	Employee benefits	13	14,229	15,579
	Provisions for legal proceedings	14	3,261	3,305
	Provision for decommissioning costs	15	18,347	21,171
	Others	16	1,719	1,890
	Non-current liabilities		92,484	104,232
	Current and non-current liabilities		125,327	138,092
	Share capital (net of share issuance costs)	26	107,101	107,101
	Capital reserve and capital transactions		29	410
	Profit reserves	26	64,326	72,641
	Retained earnings (losses)		6,424	−
	Accumulated other comprehensive deficit		(105,625)	(101,569)
	Attributable to the shareholders of Petrobras		72,255	78,583
	Non-controlling interests		257	392
	Equity		72,512	78,975
	Total liabilities and equity		197,839	217,067

The notes form an integral part of these unaudited condensed consolidated interim financial statements.

3

Unaudited Condensed Consolidated Statements of Income

PETROBRAS

Three and nine-month periods ended September 30, 2024 and 2023 (Expressed in millions of US Dollars, unless otherwise indicated)

				Jan-	Jan-	Jul-	Jul-
		Note		Sep/2024	Sep/2023	Sep/2024	Sep/2023
Sales revenues	4	70,601	75,302	23,366	25,552
Cost of sales	5	(34,612)	(35,982)	(11,361)	(11,982)
Gross profit			35,989	39,320	12,005	13,570
Income (expenses)
Selling expenses	5		(3,794)	(3,709)	(1,193)	(1,288)
General and administrative expenses	5		(1,405)	(1,140)	(409)	(395)
Exploration costs	20		(715)	(828)	(406)	(480)
Research and development expenses				(571)	(512)	(195)	(186)
Other taxes				(1,143)	(643)	(55)	(114)
Impairment (losses) reversals, net		19	46	(482)	−	(78)
Other income and expenses, net	6	(4,318)	(1,995)	(1,347)	(1,049)
			(11,900)	(9,309)	(3,605)	(3,590)
Income before net finance expense, results of equity-accounted investments and
income taxes			24,089	30,011	8,400	9,980
Finance income			1,520	1,581	491	600
Finance expenses			(4,885)	(2,875)	(881)	(1,163)
Foreign exchange gains (losses) and inflation indexation charges			(5,724)	(1,334)	109	(1,422)
Net finance expense	7	(9,089)	(2,628)	(281)	(1,985)
Results of equity-accounted investments	22		(304)	(235)	(23)	(248)
Net income before income taxes			14,696	27,148	8,096	7,747
Income taxes	12	(4,325)	(8,435)	(2,205)	(2,263)
Net income for the period				10,371	18,713	5,891	5,484
Net income attributable to shareholders of Petrobras			10,308	18,625	5,870	5,456
Net income attributable to non-controlling interests			63	88	21	28
Basic and diluted earnings per common and preferred share - in U.S. dollars	26	0.80	1.43	0.45	0.42

The notes form an integral part of these unaudited condensed consolidated interim financial statements.

4

Unaudited Condensed Consolidated Statements of Comprehensive Income

PETROBRAS

Three and nine-month periods ended September 30, 2024 and 2023 (Expressed in millions of US Dollars, unless otherwise indicated)

		Jan-	Jan-	Jul-	Jul-
	Note	Sep/2024	Sep/2023	Sep/2024	Sep/2023
Net income for the period		10,371	18,713	5,892	5,484
Items that will not be reclassified to the statement of income:
Actuarial gains (losses) on post-employment defined benefit plans	13
Recognized in equity		1,265	(109)	−	−
Deferred income tax		−	37	−	−
		1,265	(72)	−	−
Items that may be reclassified subsequently to the statement of income:
Unrealized gains (losses) on cash flow hedge - highly probable future exports	27
Recognized in equity		(7,397)	2,438	1,252	(2,434)
Reclassified to the statement of income		2,118	2,990	821	758
Deferred income tax		1,795	(1,848)	(704)	569
		(3,484)	3,580	1,369	(1,107)
Translation adjustments (1)
Recognized in equity		(1,769)	446	213	(839)
Share of other comprehensive income (loss) in equity-accounted investments	22
Recognized in equity		(123)	166	36	(40)
Other comprehensive income (loss)		(4,111)	4,120	1,618	(1,986)
Total comprehensive income		6,260	22,833	7,510	3,498
Comprehensive income attributable to shareholders of Petrobras		6,252	22,734	7,484	3,481
Comprehensive income attributable to non-controlling interests		8	99	25	17

(1) It includes translation adjustments from associates and joint ventures.

The notes form an integral part of these unaudited condensed consolidated interim financial statements.

5

Unaudited Condensed Consolidated Statements of Cash Flows

PETROBRAS

Nine-month periods ended September 30, 2024 and 2023 (Expressed in millions of US Dollars, unless otherwise indicated)

			Jan-	Jan-
		Note	Sep/2024	Sep/2023
	Cash flows from operating activities
	Net income for the period		10,371	18,713
	Adjustments for:
	Pension and medical benefits	13	2,544	1,153
	Results of equity-accounted investments	22	304	235
	Depreciation, depletion and amortization	29	9,483	9,648
	Impairment of assets (reversals), net	19	(46)	482
	Inventory write down (write-back) to net realizable value	10	(42)	(4)
	Allowance for credit loss on trade and other receivables, net		54	49
	Exploratory expenditure write-offs	20	414	410
	Gain on disposal/write-offs of assets	6	(189)	(1,150)
	Foreign exchange, indexation and finance charges		9,143	2,814
	Income taxes	12	4,325	8,435
	Revision and unwinding of discount on the provision for decommissioning costs		781	662
	Results from co-participation agreements in bid areas	6	(103)	(47)
	Early termination and cash outflows revision of lease agreements	6	(234)	(361)
	Losses with legal, administrative and arbitration proceedings, net	6	808	672
	Decrease (Increase) in assets
	Trade and other receivables		1,622	587
	Inventories		(354)	1,132
	Judicial deposits		414	(1,100)
	Other assets		(109)	169
	Increase (Decrease) in liabilities
	Trade payables		634	(1,017)
	Other taxes payable		(2,321)	(421)
	Pension and medical benefits		(758)	(683)
	Provisions for legal proceedings		(296)	(366)
	Other employee benefits		129	163
	Provision for decommissioning costs		(745)	(597)
	Other liabilities		(607)	(371)
	Income taxes paid		(5,442)	(7,664)
	Net cash provided by operating activities		29,780	31,543
	Cash flows from investing activities
	Acquisition of PP&E and intangible assets		(10,215)	(8,520)
	Acquisition of equity interests		(13)	(22)
	Proceeds from disposal of assets - Divestment		791	3,564
	Financial compensation from co-participation agreements		397	391
	Investment in marketable securities		(1,179)	(215)
	Dividends received		121	75
	Net cash used in investing activities		(10,098)	(4,727)
	Cash flows from financing activities
	Changes in non-controlling interest		(107)	(102)
	Proceeds from finance debt	24	1,553	1,300
	Repayment of principal - finance debt	24	(4,227)	(2,482)
	Repayment of interest - finance debt	24	(1,529)	(1,572)
	Repayment of lease liability	25	(5,796)	(4,494)
	Dividends paid to Shareholders of Petrobras	26	(12,871)	(15,234)
	Share repurchase program	26	(380)	(197)
	Dividends paid to non-controlling interests		(77)	(48)
	Net cash used in financing activities		(23,434)	(22,829)
	Effect of exchange rate changes on cash and cash equivalents		(281)	127
	Net change in cash and cash equivalents		(4,033)	4,114
	Cash and cash equivalents at the beginning of the period		12,727	7,996
	Cash and cash equivalents at the end of the period		8,694	12,110

The notes form an integral part of these unaudited condensed consolidated interim financial statements.

6

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity

PETROBRAS

Nine-month periods ended September 30, 2024 and 2023 (Expressed in millions of US Dollars, unless otherwise indicated)

Share capital (net of share issuance costs)

Accumulated other comprehensive income (deficit) and deemed		Profit
cost		Reserves

Share Capital

	Capital reserve,
Share issuance	Capital
costs	Transactions and
	Treasury shares

	Cumulative		Cash flow hedge		Actuarial gains		Other
			(losses) on		comprehensive
	translation		- highly probable
			defined benefit		income (loss)
	adjustments		future exports
			pension plans		and deemed cost

Profit Reserves

Retained earnings (losses)

Equity attributable to shareholders ofPetrobras

Non-controlling interests

Total consolidated equity

	Balance at December 31, 2022		107,380	(279)	1,144	(74,171)	(17,507)	(12,576)	(933)	66,434	−	69,492	344	69,836
				107,101	1,144				(105,187)	66,434	−	69,492	344	69,836
	Treasury shares		−	−	(197)	−	−	−	−	−	−	(197)	−	(197)
	Capital transactions		−	−	1	−	−	−	−	−	−	1	(101)	(100)
	Net income		−	−	−	−	−	−	−	−	18,625	18,625	88	18,713
	Other comprehensive income (loss)		−	−	−	435	3,580	(72)	166	−	−	4,109	11	4,120
	Expired unclaimed dividends		−	−	−	−	−	−	−	−	7	7	−	7
	Appropriations:
	Additional dividends proposed		−	−	−	−	−	−	−	(6,864)	−	(6,864)	−	(6,864)
	Dividends		−	−	−	−	−	−	−	−	(8,089)	(8,089)	(45)	(8,134)
	Balance at September 30, 2023		107,380	(279)	948	(73,736)	(13,927)	(12,648)	(767)	59,570	10,543	77,084	297	77,381
				107,101	948				(101,078)	59,570	10,543	77,084	297	77,381
	Balance at December 31, 2023		107,380	(279)	410	(73,004)	(12,020)	(15,879)	(666)	72,641	−	78,583	392	78,975
				107,101	410				(101,569)	72,641	−	78,583	392	78,975
	Treasury shares		−	−	(381)	−	−	−	−	−	−	(381)	−	(381)
	Capital transactions		−	−	−	−	−	−	−	−	−	−	(105)	(105)
	Net income		−	−	−	−	−	−	−	−	10,308	10,308	63	10,371
	Other comprehensive income (loss)		−	−	−	(1,714)	(3,484)	1,265	(123)	−	−	(4,056)	(55)	(4,111)
	Expired unclaimed dividends		−	−	−	−	−	−	−	−	25	25	−	25
	Appropriations:
	Additional dividends proposed		−	−	−	−	−	−	−	(7,178)	-	(7,178)	−	(7,178)
	Dividends		−	−	−	−	−	−	−	(1,137)	(3,909)	(5,046)	(38)	(5,084)
	Balance at September 30, 2024		107,380	(279)	29	(74,718)	(15,504)	(14,614)	(789)	64,326	6,424	72,255	257	72,512
				107,101	29				(105,625)	64,326	6,424	72,255	257	72,512

The notes form an integral part of these unaudited condensed consolidated interim financial statements.

7

NOTES TO THE UNAUDITED CONDENSED 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 condensed consolidated interim financial statements

These unaudited condensed 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, 2023, which include the full set of notes.

These unaudited condensed consolidated interim financial statements were approved and authorized for issue by the Company's Board of Directors in a meeting held on November 7, 2024.

1.2. New standards and interpretations

On January 1, 2024, amendments to standards issued by the IASB came into force and were adopted by the Company, as disclosed in note 6 of the financial statements of December 31, 2023. According to the assessment carried out by Management, there were no material impacts on the initial application of these amendments in these unaudited condensed consolidated interim financial statements.

2. Material accounting policies

The accounting policies and methods of computation followed in these unaudited condensed 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, 2023.

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 equivalents.

		09.30.2024	12.31.2023
	Cash at bank and in hand	582	103
	Short-term financial investments
	- In Brazil
	Brazilian interbank deposit rate investment funds and other short-term deposits	1,741	1,742
	Other investment funds	147	279
		1,888	2,021
	- Abroad
	Time deposits	5,034	7,737
	Automatic investing accounts and interest checking accounts	1,167	2,852
	Other financial investments	23	14
		6,224	10,603
	Total short-term financial investments	8,112	12,624
	Total cash and cash equivalents	8,694	12,727

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 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PETROBRAS

(Expressed in millions of US Dollars, unless otherwise indicated)

3.2. Marketable securities

		09.30.2024	12.31.2023
	Fair value through profit or loss	604	926
	Amortized cost - Bank Deposit Certificates and time deposits	5,583	4,249
	Amortized cost - Others	49	53
	Total	6,236	5,228
	Current	5,593	2,819
	Non-current	643	2,409

Marketable securities classified as fair value through profit or loss refer mainly to investments in Brazilian Federal Government Bonds (amounts determined by level 1 of the fair value hierarchy). These financial investments have maturities of more than three months.

Securities classified as amortized cost refer to investments in Brazil in floating rate Bank Deposit Certificates with daily liquidity, with initial maturities between one and two years, and to investments abroad in time deposits with maturities of more than three months from the contracting date.

4.	Sales revenues
			Jan-	Jan-	Jul-	Jul-
			Sep/2024	Sep/2023	Sep/2024	Sep/2023
		Diesel	21,086	23,575	7,031	8,188
		Gasoline	9,418	10,881	3,140	3,412
		Liquefied petroleum gas	2,400	2,722	849	842
		Jet fuel	3,477	3,677	1,146	1,169
		Naphtha	1,390	1,357	480	449
		Fuel oil (including bunker fuel)	786	834	209	287
		Other oil products	3,304	3,364	1,212	1,152
		Subtotal oil products	41,861	46,410	14,067	15,499
		Natural gas	3,610	4,307	1,152	1,352
		Crude oil	3,421	3,997	1,143	1,282
		Renewables and nitrogen products	147	62	73	16
		Breakage	362	645	101	207
		Electricity	509	423	277	160
		Services, agency and others	641	797	192	272
	Domestic market	50,551	56,641	17,005	18,788
		Exports	19,358	17,752	6,214	6,581
		Crude oil	14,701	13,245	4,627	4,789
		Fuel oil (including bunker fuel)	3,726	3,734	1,278	1,371
		Other oil products and other products	931	773	309	421
		Sales abroad (1)	692	909	147	183
	Foreign market	20,050	18,661	6,361	6,764
	Sales revenues	70,601	75,302	23,366	25,552

(1) Sales revenues from operations outside of Brazil, including trading and excluding exports.

9

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PETROBRAS

(Expressed in millions of US Dollars, unless otherwise indicated)

				Jan-		Jan-		Jul-		Jul-
				Sep/2024		Sep/2023
						Sep/2024		Sep/2023
	Domestic market		50,551	56,641	17,005	18,788
	China	6,737		5,118	2,349	1,643
	Americas (except United States)	2,860		4,028	856	1,374
	Europe	4,219		3,738	1,517	1,692
	Asia (except China and Singapore)	1,245		1,028	339	336
	United States	2,816		2,391	679	1,086
	Singapore	2,158		2,352	617	629
	Others		15	6	4	4
	Foreign market	20,050	18,661	6,361	6,764
	Sales revenues		70,601		75,302		23,366		25,552

In the nine-month period ended September 30, 2024, sales to two clients of the refining, transportation and marketing segment represented individually 15% and 10% of the Company's sales revenues; in the same period of 2023, sales to two clients of the same segment represented individually 16% and 11% of the Company's sales revenues.

5. Costs and expenses by nature

5.1.	Cost of sales
				Jan-	Jan-	Jul-	Jul-
				Sep/2024	Sep/2023	Sep/2024	Sep/2023
	Raw material, products for resale, materials and third-party services (1)	(16,929)	(18,164)	(5,728)	(5,382)
	Depreciation, depletion and amortization	(7,434)	(7,740)	(2,362)	(2,788)
	Production taxes	(8,772)	(8,853)	(2,836)	(3,376)
	Employee compensation	(1,477)	(1,225)	(435)	(436)
	Total			(34,612)	(35,982)	(11,361)	(11,982)

(1) It Includes short-term leases and inventory turnover.

5.2. Selling expenses

		Jan-	Jan-	Jul-	Jul-
		Sep/2024	Sep/2023	Sep/2024	Sep/2023
Materials, third-party services, freight, rent and other related costs	(3,191)	(3,150)	(1,002)	(1,102)
Depreciation, depletion and amortization	(498)	(466)	(159)	(162)
Allowance for expected credit losses	(8)	(14)	−	3
Employee compensation	(97)	(79)	(32)	(27)
Total		(3,794)	(3,709)	(1,193)	(1,288)

5.3. General and administrative expenses

		Jan-	Jan-	Jul-	Jul-
		Sep/2024	Sep/2023	Sep/2024	Sep/2023
Employee compensation (1)	(935)	(747)	(278)	(274)
Materials, third-party services, rent and other related costs	(362)	(306)	(96)	(92)
Depreciation, depletion and amortization	(108)	(87)	(35)	(29)
Total		(1,405)	(1,140)	(409)	(395)

1. In the nine-month period ended September 30, 2024, it mainly refers to the actuarial revision of Saúde Petrobras - AMS health care plan, in the second quarter of 2024, reflecting the change in the benefit, in the amount of US$ 78. For more information, see note 13.

10