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Employee benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Employee Benefits  
Schedule of benefits include salaries, post-employment benefits, termination benefits
   
  12.31.2022 12.31.2021
Liabilities    
Short-term employee benefits 1,452 1,289
Termination benefits 192 349
Post-employment benefits 11,246 9,880
Total 12,890 11,518
Current 2,215 2,144
Non-current 10,675 9,374
Schedule of employee benefits
   
  12.31.2022 12.31.2021
Variable compensation program - PPP 489 461
Accrued vacation 505 440
Salaries and related charges and other provisions 327 270
Profit sharing 131 118
Total 1,452 1,289
Current 1,421 1,286
Non-current (*) 31 3

 

(*) Remaining balance relating to the four-year deferral of 40% of the PPP portion of executive officers and the upper management 
Schedule of recognized the statement of income
     
  2022 2021 2020
Salaries, accrued vacations and related charges (3,006) (2,665) (3,064)
Variable compensation program - PPP (*) (547) (469) (439)
Profit sharing (*) (131) (125) (7)
Management fees and charges (14) (15) (14)
Total (3,698) (3,274) (3,524)

 

(*) It includes reversals of provisions related to previous year.
Schedule of pension plan assets
   
  2022 2021
Opening Balance 349 900
Effects in the statement of income 16 (11)
Enrollments 18 30
Revision of provisions (2) (41)
Effects in cash and cash equivalents (199) (497)
Terminations in the period (199) (497)
Translation adjustment 26 (43)
Closing Balance 192 349
Current 75 207
Non-current 117 142
Summary of Employee Benefits
   
  12.31.2022 12.31.2021
Liabilities    
Health Care Plan - Saúde Petrobras 5,813 4,485
Petros Pension Plan - Renegotiated (PPSP-R) 3,606 3,233
Petros Pension Plan - Non-renegotiated (PPSP-NR) 1,041 658
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pre 70) 284 817
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pre 70) 339 511
Petros 2 Pension Plan (PP-2) 163 165
Other plans − 11
Total 11,246 9,880
Current 719 651
Non-current 10,527 9,229
Summary of table below provides other characteristics of these plans
           
  PPSP-R PPSP-R PPSP-NR PPSP-NR PP-2 PP-3
Pre-70 Pre-70
Modality Defined Benefit Defined Benefit Defined Benefit Defined Benefit Variable Contribution (defined benefit and defined contribution portions) Defined Contribution
Participants of the plan Generally covers employees and former employees who joined the company after 1970 that agreed with changes proposed by the Company in its original pension plan (P0) and amendments.

Generally covers employees and former employees hired prior to July 1, 1970, who enrolled in the P0 until January 1, 1996 and remained continuously linked to the original sponsor obtaining the condition of assisted.

 

 

 Generally covers employees and former employees who joined the company after 1970 that did not agree with changes proposed by the Company in its original pension plan (P0) and amendments Generally covers employees and former employees hired prior to July 1, 1970, who enrolled in the P0 until January 1, 1996 and remained continuously linked to the original sponsor obtaining the condition of assisted and did not agreed with changes in in its original pension plan (P0) and amendments. This Plan was established in 2007, also covering employees and former employees that moved from other existing plans. This plan was implemented in 2021, exclusive option for voluntary migration of employees and retirees from the PPSP-R and PPSP-NR plans.
New enrollments Closed Closed Closed Closed Open Closed
Retirement payments Lifetime monthly payments supplementing the benefit granted by the Brazilian National Institute of Social Security. Lifetime defined benefit monthly payments or non- defined benefit monthly payments in accordance with the participant's election. Undefined benefit with monthly payments, in accordance with the participant election.
Other general benefits Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion. Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion.
Indexation of Retirement payments by the plan Based on the Nationwide Consumer Price Index. Based on the current index levels applicable to active employees’ salaries and the indexes set out by the Brazilian National Institute of Social Security. Lifetime monthly payments: based on the Nationwide Consumer Price Index Undefined benefit monthly payments: based on the variation of individual account quota.
  Undefined benefit monthly payments: based on the variation of individual account quota.
Parity contributions made by participants and the Company to the plans It is comprised of: It is comprised of: It is comprised of: It is comprised of: It is comprised of: Regular contributions during the employment relationship, saving for the undefined benefit, accumulated in individual accounts
i) normal contributions that covers expected cost of the plans in the long term; and normal contributions that covers expected cost of the plans in the long term. i) normal contributions that covers expected cost of the plans in the long term; and normal contributions that covers expected cost of the plans in the long term. i) normal contributions that covers expected cost of the plans in the long term; and
ii) extraordinary contributions that covers additional costs that are generally derived from actuarial deficits. Participants are exempt from paying any extraordinary contributions in case of deficit until the settlement of the TFC. ii) extraordinary contributions that covers additional costs that are generally derived from actuarial deficits. Participants are exempt from paying any extraordinary contributions in case of deficit until the settlement of the TFC. ii) extraordinary contributions that covers additional costs that are generally derived from actuarial deficits (these contributions are not currently being made but may occur in the future).
Terms of Financial Commitment - TFC (debt agreements) assumed by the Company to settle the deficits. Amounts to be paid to Petros Foundation (*). Financial obligations with a principal amounting to US$132 at 12/31/2022. Financial obligations with a principal amounting to US$304 at 12/31/2022. Financial obligations settled early in 2021. Financial obligations with a principal amounting to US$202 at 12/31/2022. N/A N/A
Annually remeasured in accordance with actuarial assumptions, with semi-annual payment of interest based on the updated balance and maturing in 2028.
Summary of changes in the actuarial liabilities recognized in the statement of financial position
           
            2022
  Pension Plans Health Care Plan Other plans Total
  PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras    
Amounts recognized in the Statement of Financial Position            
Present value of obligations 12,771 4,119 1,102 5,813 − 23,805
( -) Fair value of plan assets (8,881) (2,739) (939) − − (12,559)
Net actuarial liability as of December 31, 2022 3,890 1,380 163 5,813 − 11,246
Changes in the net actuarial liability            
Balance as of January 1, 2022 (**) 4,050 1,169 165 4,485 11 9,880
Recognized in the Statement of Income 457 129 33 609 − 1,228
Current service cost 10 1 13 105 − 129
Net interest 447 128 20 504 − 1,099
Recognized in Equity - other comprehensive income 420 417 (45) 791 − 1,583
Remeasurement effects recognized in other comprehensive income 420 417 (45) 791 − 1,583
Cash effects (1,325) (421) − (384) − (2,130)
Contributions paid (304) (94) − (384) − (782)
Payments related to Term of financial commitment (TFC) (1,021) (327) − − − (1,348)
Other changes 288 86 10 312 (11) 685
Others − − − 1 (10) (9)
Translation Adjustment 288 86 10 311 (1) 694
Balance at December 31, 2022 3,890 1,380 163 5,813 − 11,246

(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(**) It includes the payment of US$ 1,324 of a portion of the TFC made on February 25, 2022.

 

            2021
  Pension Plans Health Care Plan

Other

plans

 Total
  PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras    
Amounts recognized in the Statement of Financial Position            
Present value of obligations 11,481 3,485 987 4,485 9 20,447
( -) Fair value of plan assets (7,431) (2,316) (822) − 2 (10,567)
Net actuarial liability as of December 31, 2021 4,050 1,169 165 4,485 11 9,880
Changes in the net actuarial liability            
Balance as of January 1, 2021 (**) 7,524 2,696 477 5,356 16 16,069
Recognized in the Statement of Income 469 178 72 1,388 (9) 2,098
Past service cost (1) − − 845 − 844
Present value of obligation (730) (33) − 845 − 82
Plan assets transferred to PP-3 496 22 − − − 518
Sponsor contribution for PP-3 233 11 − − − 244
Current service cost 13 1 37 158 (10) 199
Net interest 438 172 35 385 1 1,031
Recognized in Equity - other comprehensive income (2,223) (989) (362) (1,601) 6 (5,169)
Remeasurement effects recognized in other comprehensive income (2,223) (989) (362) (1,601) 6 (5,169)
Cash effects (1,339) (591) − (309) − (2,239)
Contributions paid (***) (475) (86) − (309) − (870)
Payments of obligations with contribution for the revision of the lump sum death benefit (340) (101) − − − (441)
Payments related to Term of financial commitment (TFC) (524) (404) − − − (928)
Other changes (381) (125) (22) (349) (2) (879)
Translation Adjustment (381) (125) (22) (349) (2) (879)
Balance of actuarial liability as of December 31, 2021 4,050 1,169 165 4,485 11 9,880

 

(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.

 

(**) It includes obligations with contribution for the revision of the lump sum death benefit.

 

(***) It includes the contribution for the migration to PP-3 (US$ 241).

 
Summary of Changes in the present value of the obligation
           
            2022
  Pension Plans Health Care Plan

Other

plans

 Total
  PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras    
Present value of obligations at the beginning of the year 11,481 3,485 987 4,485 9 20,447
Recognized in the Statement of Income 1,277 382 129 609 − 2,397
Interest expense 1,267 381 116 504 − 2,268
Service cost 10 1 13 105 − 129
Recognized in Equity - other comprehensive income 281 380 (6) 791 − 1,446
Remeasurement: Experience (gains) / losses 1,367 687 95 (277) − 1,872
Remeasurement: (gains) / losses - demographic assumptions − 4 6 (25) − (15)
Remeasurement: (gains) / losses - financial assumptions (1,086) (311) (107) 1,093 − (411)
Others (268) (128) (8) (72) (9) (485)
Benefits paid, net of assisted contributions (1,088) (379) (72) (384) − (1,923)
Contributions paid by participants 23 6 − − − 29
Others − − 1 − (9) (8)
Translation Adjustment 797 245 63 312 − 1,417
Present value of obligations at the end of the year 12,771 4,119 1,102 5,813 − 23,805

 

(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
Summary of changes in the fair value of plan assets
           
            2022
  Pension Plans Health Care Plan

Other

plans

 Total
  PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras    
Fair value of plan assets at the beginning of the year 7,431 2,316 822 − (2) 10,567
Recognized in the Statement of Income 820 253 96 − − 1,169
Interest income 820 253 96 − − 1,169
Recognized in Equity - other comprehensive income (139) (37) 39 − − (137)
Remeasurement: Higher/(lower) return on plan assets compared to discount rate (139) (37) 39 − − (137)
Cash effects 1,325 421 − 384 − 2,130
Contributions paid by the sponsor (Company) 304 94 − 384 − 782
Term of financial commitment (TFC) paid by the Company 1,021 327 − − − 1,348
Other Changes (556) (214) (18) (384) 2 (1,170)
Contributions paid by participants 23 6 − − − 29
Benefits paid, net of assisted contributions (1,088) (379) (72) (384) − (1,923)
Others − − − − 2 2
Translation Adjustment 509 159 54 − − 722
Fair value of plan assets at the end of the year 8,881 2,739 939 − − 12,559

 

 

(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.

 

            2021
  Pension Plans Health Care Plan

Other

plans

 Total
  PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras    
Fair value of plan assets at the beginning of the year 8,650 2,213 700 − 12 11,575
Recognized in the Statement of Income 728 182 50 − 1 961
Interest income 728 182 50 − 1 961
Recognized in Equity - other comprehensive income (746) (52) 194 − (13) (617)
Remeasurement: Higher/(lower) return on plan assets compared to discount rate (746) (52) 194 − (13) (617)
Cash effects 999 490 − 309 − 1,798
Contributions paid by the sponsor (Company) 475 86 − 309 − 870
Term of financial commitment (TFC) paid by the Company 524 404 − − − 928
Other Changes (2,200) (517) (122) (309) (2) (3,150)
Contributions paid by participants 26 7 − − − 33
Benefits paid, net of assisted contributions (952) (319) (65) (309) − (1,645)
Transfer and contribution for PP-3 (680) (31) − − − (711)
Translation Adjustment (594) (174) (57) − (2) (827)
Fair value of plan assets at the end of the year 7,431 2,316 822 − (2) 10,567

 

 

(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.

 
Summary of pension plan assets by type of asset
           
        2022   2021
Type of asset Quoted prices in active markets Unquoted prices

Total fair

value

 

  %

Total fair value

 

  %
Receivables − 1,353 1,353 11% 846 8%
Fixed income 3,548 5,297 8,845 70% 6,864 67%
Government bonds 3,503 3,947 7,450 − 4,522 −
Fixed income funds − 864 864 − 860 −
Other investments 45 486 531 − 1,482 −
Variable income 1,184 243 1,427 9% 1,918 16%
Common and preferred shares 1,184 − 1,184 − 1,686 −
Other investments − 243 243 − 232 −
Structured investments 33 126 159 4% 184 2%
Real estate properties − 490 490 4% 475 4%
  4,765 7,509 12,274 98% 10,287 97%
Loans to participants − 285 285 2% 280 3%
Fair value of plan assets at the end of the year 4,765 7,794 12,559 100% 10,567 100%
Summary of net expenses relating to benefit plans
           
    Pension Plans Health Care Plan    
  PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Other Plans Total
Related to active employees (cost of sales and expenses) (33) (5) (20) (222) − (280)
Related to retirees (other income and expenses) (424) (124) (13) (387) − (948)
Net expenses for - 2022 (457) (129) (33) (609) − (1,228)
Net expenses for - 2021 (469) (178) (72) (1,388) 9 (2,098)
Net expenses for - 2020 (399) (139) (131) 1,672 (2) 1,001

 

(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.

 
Schedule of expected future cash flows
             
  2022 2021
  Pension Plan Health Care Plan Other Plans Total Total
  PPSP-R (*) PPSP-NR (*) Petros 2        
Up to 1 Year 999 354 74 301 − 1,728 1,520
1 to 5 Years 4,122 1,437 313 1,149 − 7,021 6,150
6 to 10 Years 2,888 973 231 1,275 − 5,367 4,615
11 To 15 Years 1,962 622 166 1,012 − 3,762 3,193
Over 15 Years 2,800 733 318 2,076 − 5,927 4,969
Total 12,771 4,119 1,102 5,813 − 23,805 20,447

 

(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.

 
Schedule of defined benefit obligation
       
  PPSP-R

PPSP-R

Pré-70

 PPSP-NR

PPSP-NR

Pré-70

Number of years during which benefits must be paid to participants of defined benefit plans. 11.06 6.59 10.37 7.14
Summary of actuarial assumptions
           
          Pension Plans

2022

Health

Care Plan

Assumptions PPSP-R PPSP-NR

PPSP-R

Pré-70

PPSP-NR

Pré-70

 PP2  
Nominal discount rate (including inflation)(1) 11.95% 11.95% 11.93% 11.93% 11.97% 11.97%
Real discount rate 6.16% 6.16% 6.15% 6.15% 6.18% 6.18%
Nominal expected salary growth (including inflation) (2) 6.27% 6.16% 6.27% 6.16% 7.74% n/a
Expected changes in medical and hospital costs (3) n/a n/a n/a n/a n/a 9.87% a 3.25% p.a.
Mortality table Petros Experience  (Bidecrem 2013) Petros Experiences (Bidecrem 2020) Petros Experiences (Bidecrem 2016) Petros Experiences (Bidecrem 2020) AT-2012 IAM basic fem 10% smoothed   Employees: according to pension plan Assisted: Ex Petros (Bidecr 2013)
Disability table American group American group n/a n/a Disability Experience PP-2 2022 Assets: PP-2: Disability Experience PP-22022 Assisted: n/a
Mortality table for disabled participants AT-49 male AT-83 Basic by gender  MI 2006, by gender, 20% smoothed Petros Experience 2014 IAPB-57 strong, 30% smoothed AT-49 male
Age of retirement Male, 56 years / Female, 55 years Male, 58 years / Female, 56 years n/a n/a 1st eligibility Male, 56 years / Female, 55 years
             

 

 (1) Inflation reflects market projections: 5.45% for 2023 and converging to 3.25% in 2027 onwards.

 

(2) Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan.

 

(3) Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate.

 

 

          Pension Plans

2021

Health

Care Plan

Assumptions PPSP-R PPSP-NR PPSP-R Pre-70 PPSP-NR Pre-70 PP2  
Nominal discount rate (including inflation)(1) 10.64% 10.62% 10.55% 10.54% 10.73% 10.68%
Real discount rate 5.40% 5.38% 5.32% 5.31% 5.49% 5.44%
Nominal expected salary growth (including inflation) (2) 5.83% 5.63% 5.83% 5.63% 7.20% n/a
Expected changes in medical and hospital costs (3) n/a n/a n/a n/a n/a 5.24% a 3.25% p.a.
Mortality table Petros Experience (Bidecrem 2013) Petros Experiences (Bidecrem 2020) Petros Experiences (Bidecrem 2016) Petros Experiences (Bidecrem 2020) AT-2012 IAM basic fem 10% smoothed Employees: according to pension plan Assisted: Ex Petros (Bidecr 2013)
Disability table American group American group n/a n/a Álvaro Vindas 50% smoothed Álvaro Vindas 50% smoothed
Mortality table for disabled participants AT-49 male AT-49 male  MI 2006, by gender, 20% smoothed Petros Experience 2014 IAPB-57 strong, 10% smoothed AT-49 male
Age of retirement Male, 56 years / Female, 55 years Male, 58 years / Female, 56 years Male, 56 years / Female, 55 years Male, 58 years / Female, 56 years 1st eligibility Male, 56 years / Female, 55 years

 

 (1) Inflation reflects market projections: 4.97% for 2022 and converging to 3.25% in 2026 onwards.

 

(2) Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan.

 

(3) Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate.

 
Summary of changes in the discount rate
               
  Discount Rate  

Expected changes in medical

and hospital costs 

  Pension Benefits Medical Benefits   Medical Benefits
  +100 bps -100 bps +100 bps -100 bps   +100 bps -100 bps
Pension Obligation (1,474) 1,882 (602) 735   772 (176)
Current Service cost and interest cost (24) 47 (46) 56   128 (26)