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Risk management (Tables)
 12 Months Ended
Dec. 31, 2022
Risk Management  
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
 
  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
   
    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
       
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
   
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
     

 		 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
               
  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
   
  Possible Result Remote Result
SWAP cambial (IPCA x USD) (13) (15)
     
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
       
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
   
  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
       
  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)