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Risk management (Tables) | 12 Months Ended
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Dec. 31, 2022
Risk Management |
Schedule of statement of financial position |
Schedule of statement of financial position |  |
|  | Statement of Financial Position
|  |  |  | Fair value |
| Notional value | Asset Position (Liability) | Maturity
| 12.31.2022 | 12.31.2021 | 12.31.2022 | 12.31.2021 |
Derivatives not designated for hedge accounting |  |  |  |  |
Future contracts - total (*) | 683 | (1,308) | (40) | (1) |
Long position/Crude oil and oil products | 9,058 | 1,380 | - | - | 2023
Short position/Crude oil and oil products | (8,375) | (2,688) | - | - | 2023
Swap (**) |  |  |  |  | −
Long put/ Soybean oil (**) | (3) | (11) | − | - | 2023
Forward contracts |  |  |  |  |
Short position/Foreign currency forwards (BRL/USD) (***) | - | US$ 15 | - | - | -
Swap |  |  |  |  |
Foreign currency / Cross-currency Swap (***) | - | GBP 583 | - | 23 | -
Foreign currency / Cross-currency Swap (***) | - | GBP 442 | - | (50) | -
Swap - CDI X IPCA | R$ 3,008 | R$ 3,008 | (16) | (1) | 2029/2034
Foreign currency / Cross-currency Swap (***) | US$ 729 | US$ 729 | (64) | (221) | 2024/2029
Total recognized in the Statement of Financial Position |  |  | (120) | (250) |
(*) Notional value in thousands of bbl. |  |  |  |  |
(**) Notional value in thousands of tons.
(***) Amounts in US$, GBP and R$ are presented in million.
Schedule of gains/ (losses) recognized in the statement of income and comprehensive income |
Schedule of gains/ (losses) recognized in the statement of income and comprehensive income |
| Gains/ (losses) recognized in the statement of income
| 2022 | 2021 | 2020
Commodity derivatives |  |  |
Crude oil - Note 34.2 (a) | − | − | (502)
Other commodity derivative transactions - Note 34.2 (b) | (256) | (79) | 194
Recognized in Other Income and Expenses | (256) | (79) | (308)
Currency derivatives |  |  |
Swap Pounds Sterling x Dollar - Note 34.3 (b) | (297) | (85) | 11
NDF – Euro x Dollar | − | − | (23)
NDF – Pounds Sterling x Dollar | − | 9 | 20
Swap CDI x Dollar - Note 34.3 (b) | 211 | (3) | (284)
Others | 5 | 1 | (2)
| (81) | (78) | (278)
Interest rate derivatives |  |  |
Swap - CDI X IPCA - Note 34.3 (b) | (50) | (41) | (36)
| (50) | (41) | (36)
Cash flow hedge on exports - Note 34.3 (a) | (4,871) | (4,585) | (4,720)
Recognized in Net finance income (expense) | (5,002) | (4,704) | (5,034)
Total | (5,258) | (4,783) | (5,342)
| Gains/ (losses) recognized in other comprehensive income
| 2022 | 2021 | 2020
Cash flow hedge on exports - Note 34.3 (a) | 10,094 | 636 | (16,740)
Schedule of guarantees given as collateral |
Schedule of guarantees given as collateral |  |
|  | Guarantees given as collateral
|  | 12.31.2022 | 12.31.2021
Commodity derivatives |  | 96 | 15
Currency derivatives |  | − | 27
Total |  | 96 | 42
Schedule of derivative financial instruments different types of market risks |
Schedule of derivative financial instruments different types of market risks |  |  |  |
Financial Instruments | Risk | Probable Scenario | Reasonably possible scenario | Remote Scenario
Derivatives not designated for hedge accounting |  |  |  |
Future and forward contracts | Crude oil and oil products - price changes | - | (135) | (269)
|  | − | (135) | (269)
Schedule of present value of hedging instrument notional value |
Schedule of present value of hedging instrument notional value |  |  |  |  |
|  | Present value of hedging instrument notional value at 12.31.2022
Hedging Instrument | Hedged Transactions | Nature of the Risk | Maturity Date | US$ million | R$ million
Foreign exchange gains and losses on proportion of non-derivative financial instruments cash flows | Foreign exchange gains and losses of highly probable future monthly exports revenues | Foreign Currency – Real vs U.S. Dollar Spot Rate | January 2023 to December 2032 | 62,119 | 324,121
Schedule of hedging instrument notional value |
Schedule of hedging instrument notional value |  |
Changes in the present value of hedging instrument notional value | US$ million | R$ million
Amounts designated as of December 31, 2021 | 72,640 | 405,370
Additional hedging relationships designated, designations revoked and hedging instruments re-designated | 14,589 | 76,263
Exports affecting the statement of income | (12,037) | (62,172)
Principal repayments / amortization | (13,073) | (67,270)
Foreign exchange variation | - | (28,070)
Amounts designated as of December 31, 2022 | 62,119 | 324,121
Nominal value of hedging instrument (finance debt and lease liability) at December 31, 2022 | 72,393 | 377,723
Schedule of cumulative foreign exchange losses recognized |
Schedule of cumulative foreign exchange losses recognized |  |  |
| Exchange rate variation | Tax effect | Total
Balance at December 31, 2021 | (36,621) | 12,452 | (24,169)
Recognized in Other comprehensive income | 5,223 | (1,776) | 3,447
Reclassified to the statement of income - occurred exports | 4,871 | (1,656) | 3,215
Balance at December 31, 2022 | (26,527) | 9,020 | (17,507)
| Exchange rate variation | Tax effect | Total
Balance at December 31, 2020 | (37,257) | 12,667 | (24,590)
Recognized in Other comprehensive income | (3,949) | 1,344 | (2,605)
Reclassified to the statement of income - occurred exports | 4,585 | (1,559) | 3,026
Balance at December 31, 2021 | (36,621) | 12,452 | (24,169)
Schedule of reclassification of cumulative foreign exchange losses recognized |
Schedule of reclassification of cumulative foreign exchange losses recognized |  |  |  |  |  |  |  |
| 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 to 2032 | Total
Expected realization | (7,613) | (5,692) | (3,558) | (3,019) | (3,258) | (2,251) | (1,136) | (26,527)
Schedule of sensitivity analysis, keeping all other variables remaining constant |
Schedule of sensitivity analysis, keeping all other variables remaining constant |  |
| Possible Result | Remote Result
SWAP cambial (IPCA x USD) | (13) | (15)
Schedule of sensitivity analysis for foreign exchange risk on financial instruments |
Schedule of sensitivity analysis for foreign exchange risk on financial instruments |  |  |  |  |
Risk | Financial Instruments | Exposure at 12.31.2022 | Probable Scenario (*) | Reasonably possible scenario | Remote Scenario
Dollar/Real | Assets | 7,448 | 75 | 1,490 | 2,979
| Liabilities | (96,873) | (971) | (19,374) | (38,749)
| Exchange rate - Cross currency swap | (576) | (6 ) | (115) | (231)
| Cash flow hedge on exports | 62,120 | 623 | 12,424 | 24,848
| Total | (27,881) | (279) | (5,575) | (11,153)
Euro/Dollar | Assets | 1,018 | 32 | 204 | 407
| Liabilities | (2,173) | (68) | (435) | (869)
| Total | (1,155) | (36) | (231) | (462)
Pound/Dollar | Assets | 1,445 | 33 | 289 | 578
| Liabilities | (2,879) | (66) | (576) | (1,152)
| Total | (1,434) | (33) | (287) | (574)
Pound/Real | Assets | 2 | − | − | 1
| Liabilities | (26) | (1) | (5) | (10)
| Total | (24) | (1) | (5) | (9)
Euro/Real | Assets | 4 | − | 1 | 2
| Liabilities | (63) | (3) | (12) | (25)
| Total | (59) | (3) | (11) | (23)
Total at December 31, 2022 | (30,553) | (352) | (6,109) | (12,221)
(*) At , the probable scenario was computed based on the following risks: R$ x U.S. Dollar - a 1% depreciation of the Real; Euro x Dollar: a 3.1 appreciation of the Euro; Pound Sterling x U.S. Dollar: a 2.26% appreciation of the Pound Sterling; Real x Euro: a 4.2% depreciation of the Real; and Real x Pound Sterling - a 3.3% depreciation of the Real. Source: Focus and Thomson Reuters.
Schedule of interest rate risk management |
Schedule of interest rate risk management |  |  |  |
Risk |  | Probable Scenario (*) | Reasonably possible scenario | Remote Scenario
LIBOR 3M |  | 12 | 16 | 19
LIBOR 6M |  | 655 | 917 | 1,179
SOFR 3M |  | 84 | 109 | 135
SOFR 6M |  | 17 | 23 | 30
CDI |  | 181 | 253 | 325
TJLP |  | 70 | 98 | 126
IPCA |  | 96 | 134 | 173
|  | 1,115 | 1,550 | 1,987
(*) The probable scenario was calculated considering the quotations of currencies and floating rates to which the debts are indexed.
Schedule of credit quality of cash and cash equivalents |
Schedule of credit quality of cash and cash equivalents |  |
| Cash and cash equivalents | Marketable securities
| 12.31.2022 | 12.31.2021 | 12.31.2022 | 12.31.2021
AA | − | 1,152 | − | −
A | 3,806 | 1,145 | 820 | −
BBB | 212 | 2,308 | − | −
BB | 917 | 3,672 | 205 | −
AAA.br | 3,034 | 530 | 3,311 | 694
AA.br | 1 | 1,639 | 1 | −
Other ratings | 26 | 21 | − | −
| 7,996 | 10,467 | 4,337 | 694
Schedule of fair value of financial assets and liabilities |
Schedule of fair value of financial assets and liabilities |  |  |  |
| Level I | Level II | Level III | Total fair value recorded
Assets |  |  |  |
Balance at December 31, 2022 | - | - | - | −
Balance at December 31, 2021 | − | 23 | − | 23
Liabilities |  |  |  |
Foreign currency derivatives | - | (64) | - | (64)
Commodity derivatives | (40) | − | - | (40)
Interest rate derivatives | − | (17) | - | (17)
Balance at December 31, 2022 | (40) | (81) | - | (121)
Balance at December 31, 2021 | (1) | (272) | − | (273)

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