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Employee benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Employee Benefits  
Schedule of employee benefits
   
  12.31.2023 12.31.2022
Liabilities    
Short-term employee benefits 1,986 1,452
Termination benefits 143 192
Post-employment benefits 16,382 11,246
Total 18,511 12,890
Current 2,932 2,215
Non-current 15,579 10,675
Schedule of short term employee benefits
   
  12.31.2023 12.31.2022
Variable compensation programs 464 489
Accrued vacation 574 505
Salaries and related charges and other provisions 343 327
Profit sharing 605 131
Total 1,986 1,452
Current 1,944 1,421
Non-current (1) 42 31
(1) 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
     
Expenses recognized in the statement of income 2023 2022 2021
Salaries, accrued vacations and related charges (3,478) (3,006) (2,665)
Variable compensation programs (1) (416) (547) (469)
Profit sharing (1) (595) (131) (125)
Management fees and charges (14) (14) (15)
Total (4,503) (3,698) (3,274)
(1) It includes adjustments to provisions related to previous years.  
Schedule of provisions for termination benefits
   
  2023 2022
Opening Balance 192 349
Effects in the statement of income (10) 16
Enrollments 6 18
Revision of provisions (16) (2)
Effects in cash and cash equivalents (53) (199)
Settlements in the period (53) (199)
Translation adjustment 14 26
Closing Balance 143 192
Current 81 75
Non-current 62 117
Schedule of post employment benefits
   
  12.31.2023 12.31.2022
Liabilities    
Health Care Plan - Saúde Petrobras - AMS 9,662 5,813
Petros Pension Plan - Renegotiated (PPSP-R) 4,221 3,606
Petros Pension Plan - Non-renegotiated (PPSP-NR) 1,338 1,041
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pre 70) 519 284
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pre 70) 461 339
Petros 2 Pension Plan (PP-2) 181 163
Total 16,382 11,246
Current 907 719
Non-current 15,475 10,527
Schedule of reconciliation of deficit
   
  PPSP-R (1) PPSP-NR (1)
Deficit registered by Petros 330 341
Ordinary and extraordinary future contributions - sponsor 4,212 1,079
Contributions related to the TFC - sponsor 691 391
Financial assumptions (interest rate and inflation), changes in fair value of plan assets and actuarial valuation method (1,343) (431)
Net actuarial liability recorded by the Company 3,890 1,380
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
Schedule of other characteristics
           
  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.
 
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 (1). Financial obligations with a principal amounting to US$131 at 12/31/2023. Financial obligations with a principal amounting to US$390 at 12/31/2023. Financial obligations settled early in 2021. Financial obligations with a principal amounting to US$267 at 12/31/2023. 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.
(1) This obligation is recorded in these financial statements, within actuarial liabilities.
Schedule of changes in the actuarial liabilities
         
          2023
  Pension Plans Health Care Plan Total
  PPSP-R (1) PPSP-NR (1) Petros 2 Saúde Petrobras-AMS  
Amounts recognized in the Statement of Financial Position          
Present value of obligations 14,941 4,806 1,357 9,662 30,766
(-) Fair value of plan assets (10,201) (3,007) (1,176) − (14,384)
Net actuarial liability as of December 31, 2023 4,740 1,799 181 9,662 16,382
Changes in the net actuarial liability          
Balance as of January 1, 2023 3,890 1,380 163 5,813 11,246
Recognized in the Statement of Income 490 169 30 853 1,542
Current service cost 11 2 10 144 167
Net interest 479 167 20 709 1,375
Recognized in Equity - other comprehensive income 433 253 (14) 2,902 3,574
Remeasurement effects (2) 433 253 (14) 2,902 3,574
Cash effects (385) (115) (12) (415) (927)
Contributions paid (357) (103) (12) (415) (887)
Payments related to Term of financial commitment (TFC) (28) (12) − − (40)
Other changes 312 112 14 509 947
Others − − − 1 1
Translation Adjustment 312 112 14 508 946
Balance at December 31, 2023 4,740 1,799 181 9,662 16,382
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) It includes a complement of US$ 109 related to 2022.

 

 

 

             
            2022
  Pension Plans

Health

Care Plan

Other

plans

 Total
  PPSP-R (1) PPSP-NR (1) Petros 2

Saúde

Petrobras-AMS

    
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 (2) 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
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) It includes the payment of US$ 1,324 of a portion of the TFC made on February 25, 2022.
 
Schedule of changes in present value of the obligation
         
          2023
  Pension Plans Health Care Plan Total
  PPSP-R (1) PPSP-NR (1) Petros 2 Saúde Petrobras-AMS  
Present value of obligations at the beginning of the year 12,771 4,119 1,102 5,813 23,805
Recognized in the Statement of Income 1,559 496 141 853 3,049
Interest expense 1,548 494 131 709 2,882
Service cost 11 2 10 144 167
Recognized in Equity - other comprehensive income 737 274 73 2,902 3,986
Remeasurement: Experience (gains) / losses (2) (318) (107) (94) 54 (465)
Remeasurement: (gains) / losses - demographic assumptions 929 80 (1) 127 1,135
Remeasurement: (gains) / losses - financial assumptions (2) 126 301 168 2,721 3,316
Others (126) (83) 41 94 (74)
Benefits paid, net of assisted contributions (1,165) (413) (61) (413) (2,052)
Contributions paid by participants 25 6 9 − 40
Translation Adjustment 1,014 324 93 507 1,938
Present value of obligations at the end of the year 14,941 4,806 1,357 9,662 30,766
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) It includes a complement of US$ 109 related to 2022.

 

             
            2022
  Pension Plans

Health

Care Plan

Other

plans

 Total
  PPSP-R (*) PPSP-NR (*) Petros 2

Saúde

Petrobras-AMS

    
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.
 
Schedule of changes in the fair value of plan assets
         
          2023
  Pension Plans Health Care Plan Total
  PPSP-R (1) PPSP-NR (1) Petros 2 Saúde Petrobras-AMS  
Fair value of plan assets at the beginning of the year 8,881 2,739 939 − 12,559
Recognized in the Statement of Income 1,069 327 111 − 1,507
Interest income 1,069 327 111 − 1,507
Recognized in Equity - other comprehensive income 304 21 87 − 412
Remeasurement: Higher/(lower) return on plan assets compared to discount rate 304 21 87 − 412
Cash effects 385 115 12 415 927
Contributions paid by the sponsor (Company) 357 103 12 415 887
Term of financial commitment (TFC) paid by the Company 28 12 − − 40
Other Changes (438) (195) 27 (415) (1,021)
Contributions paid by participants 25 6 9 − 40
Benefits paid, net of assisted contributions (1,165) (413) (61) (413) (2,052)
Translation Adjustment 702 212 79 (2) 991
Fair value of plan assets at the end of the year 10,201 3,007 1,176 − 14,384
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.

 

 

 

             
            2022
  Pension Plans

Health

Care Plan

Other

plans

 Total
  PPSP-R (1) PPSP-NR (1) Petros 2

Saúde

Petrobras-AMS

    
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)
Transfer and contribution for PP-3 − − − − 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.
Schedule of pension plan assets by type of asset
           
        2023   2022
Type of asset Quoted prices in active markets Unquoted prices

Total fair

value

 

  %

Total fair value

 

  %
Receivables − 1,466 1,466 10% 1,353 11%
Fixed income 3,212 7,698 10,910 75% 8,845 70%
Government bonds 1,756 7,694 9,450 − 7,450 −
Fixed income funds 786 − 786 − 864 −
Other investments 670 4 674 − 531 −
Variable income 735 210 945 5% 1,427 9%
Common and preferred shares 735 − 735 − 1,184 −
Other investments − 210 210 − 243 −
Structured investments 185 31 216 4% 159 4%
Real estate properties − 541 541 4% 490 4%
  4,132 9,946 14,078 98% 12,274 98%
Loans to participants − 306 306 2% 285 2%
Fair value of plan assets at the end of the year 4,132 10,252 14,384 100% 12,559 100%
Schedule of net expenses relating to benefit plans
           
    Pension Plans Health Care Plan Other                           Plans Total
  PPSP-R (1) PPSP-NR (1) Petros 2 Saúde Petrobras-AMS
Related to active employees (cost of sales and expenses) (48) (9) (14) (299) − (370)
Related to retirees (other income and expenses) (442) (160) (16) (554) − (1,172)
Net expenses for 2023 (490) (169) (30) (853) − (1,542)
Net expenses for 2022 (457) (129) (33) (609) − (1,228)
Net expenses for 2021 (469) (178) (72) (1,388) 9 (2,098)
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
Schedule of expected future cash flows
           
  2023 2022
  Pension Plan Health Care Plan Total Total
  PPSP-R (1) PPSP-NR (1) Petros 2

Saúde

Petrobras-AMS

    
Up to 1 Year 225 387 84 388 1,084 1,728
1 to 5 Years 4,915 1,602 361 2,077 8,955 7,021
6 to 10 Years 3,579 1,125 276 1,990 6,970 5,367
11 To 15 Years 2,514 747 205 1,646 5,112 3,762
Over 15 Years 3,708 945 431 3,561 8,645 5,927
Total 14,941 4,806 1,357 9,662 30,766 23,805
(1) 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. 11.18 7.29 10.92 7.22

 

 
Schedule of actuarial assumptions
           
          Pension Plans

2023

 Health

Care Plan

Assumptions PPSP-R PPSP-NR

PPSP-R

Pré-70

PPSP-NR

Pré-70

 PP2

Saúde

Petrobras-AMS

Nominal discount rate (including inflation)(1) 9.53% 9.52% 9.46% 9.46% 9.56% 9.56%
Real discount rate 5.42% 5.41% 5.35% 5.35% 5.45% 5.45%
Nominal expected salary growth (including inflation) (2) 4.89% 4.63% 4.89% 4.63% 7.07% n/a
Expected changes in medical and hospital costs (3) n/a n/a n/a n/a n/a 13.11% a 3.75% p.a.
Mortality table Petros Experience 2016 Petros Experiences 2025 Petros Experiences 2020 Petros Experiences 2023 AT-2012 IAM basic fem 10% smoothed  

Employees: according to pension plan Assisted: PPSP-R: Ex Petros 2016

Disability table American group American group n/a n/a Disability Experience PP-2 2022 Assets: PP-2: Disability Experience PP-2 2022  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 PPSP-R: 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 according to RGPS Male, 65 years / Female, 60 years Male, 56 years / Female, 55 years
             
(1) Inflation reflects market projections: 3.90% for 2024 and converging to 3.75% in 2031 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 2022                   Health                     Care Plan
Assumptions PPSP-R PPSP-NR PPSP-R Pre-70 PPSP-NR Pre-70 PP2

Saúde

Petrobras-AMS

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 2013 Petros Experiences 2020 Petros Experiences 2016 Petros Experiences 2020 AT-2012 IAM basic fem 10% smoothed  

Employees: according to pension plan Assisted: Ex Petros 2013

Disability table American group American group n/a n/a Disability Experience PP-2 2022 Assets: PP-2: Disability Experience PP-2 2022 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.
Schedule of change 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 (1,804) 2,357 (1,102) 1,364 1,388 (1,133)
Current Service cost and interest cost (31) 73 (67) 82 198 (157)