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2024-06-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure pbr:Exchange pbr:Number utr:bbl iso4217:BRL iso4217:BRL xbrli:shares iso4217:EUR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K/A

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of August, 2024

Commission File Number 1-15106

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

Avenida Henrique Valadares, 28 – 19th floor
20241-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

EXPLANATORY NOTE

Petrobras is amending its report on Form 6-K furnished to the Securities and Exchange Commission on August 9, 2024 (File/Film Number: 001-15106 / 241190833) (the “Original 6-K”) solely for the purpose of adding Exhibit 101, which contains Interactive Data File disclosure in accordance with Rule 405 of Regulation S-T. Except as described above, this amendment does not amend any information set forth in the Original 6-K.

Unaudited Condensed

Consolidated Interim

Financial Statements

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

As of June 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 | 21
14. Provisions for legal proceedings, judicial deposits and contingent liabilities | 26
15. Provision for decommissioning costs | 30
16. Other assets and liabilities | 31
17. Property, plant and equipment | 32
18. Intangible assets | 34
19. Impairment | 34
20. Exploration and evaluation of oil and gas reserves | 35
21. Collateral for crude oil exploration concession agreements | 36
22. Investments | 36
23. Disposal of assets and other transactions | 36
24. Finance debt | 37
25. Lease liability | 40
26. Equity | 41
27. Financial risk management | 44
28. Related party transactions | 49
29. Supplemental information on statement of cash flows | 51
30. Subsequent events | 52
Report of Independent Registered Public Accounting Firm | 53

2

Unaudited Condensed Consolidated Statements of Financial Position

PETROBRAS

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

Assets | Note | 06.30.2024 | 12.31.2023
Cash and cash equivalents | 3 | 7,884 | 12,727
Marketable securities | 3 | 4,290 | 2,819
Trade and other receivables | 9 | 4,405 | 6,135
Inventories | 10 | 7,339 | 7,681
Recoverable income taxes | 12 | 1,088 | 218
Other recoverable taxes | 12 | 1,712 | 960
Others | 16 | 1,518 | 1,570
Current assets other than assets classified as held for sale |  | 28,236 | 32,110
Assets classified as held for sale | 23 | 422 | 335
Current assets |  | 28,658 | 32,445
Trade and other receivables | 9 | 1,175 | 1,847
Marketable securities | 3 | 1,344 | 2,409
Judicial deposits | 14 | 12,479 | 14,746
Deferred income taxes | 12 | 1,097 | 965
Other recoverable taxes | 12 | 3,970 | 4,516
Others | 16 | 2,101 | 2,315
Long-term receivables |  | 22,166 | 26,798
Investments | 22 | 986 | 1,358
Property, plant and equipment - PP&E | 17 | 135,951 | 153,424
Intangible assets | 18 | 2,688 | 3,042
Non-current assets |  | 161,791 | 184,622
Total assets |  | 190,449 | 217,067

Liabilities | Note | 06.30.2024 | 12.31.2023
Trade payables | 11 | 4,812 | 4,813
Finance debt | 24 | 4,617 | 4,322
Lease liability | 25 | 7,437 | 7,200
Income taxes payable | 12 | 373 | 1,300
Other taxes payable | 12 | 5,220 | 4,166
Dividends payable | 26 | 2,295 | 3,539
Provision for decommissioning costs | 15 | 1,659 | 2,032
Employee benefits | 13 | 2,299 | 2,932
Others | 16 | 2,519 | 3,015
Current liabilities other than Liabilities on assets classified as held for sale |  | 31,231 | 33,319
Liabilities related to assets classified as held for sale | 23 | 785 | 541
Current liabilities |  | 32,016 | 33,860
Finance debt | 24 | 21,704 | 24,479
Lease liability | 25 | 25,872 | 26,599
Income taxes payable | 12 | 242 | 299
Deferred income taxes | 12 | 6,076 | 10,910
Employee benefits | 13 | 13,841 | 15,579
Provisions for legal proceedings | 14 | 3,125 | 3,305
Provision for decommissioning costs | 15 | 18,155 | 21,171
Others | 16 | 1,770 | 1,890
Non-current liabilities |  | 90,785 | 104,232
Current and non-current liabilities |  | 122,801 | 138,092
Share capital (net of share issuance costs) | 26 | 107,101 | 107,101
Capital reserve and capital transactions |  | 29 | 410
Profit reserves | 26 | 65,463 | 72,641
Retained earnings (losses) |  | 1,831 | −
Accumulated other comprehensive deficit |  | (107,239) | (101,569)
Attributable to the shareholders of Petrobras |  | 67,185 | 78,583
Non-controlling interests |  | 463 | 392
Equity |  | 67,648 | 78,975
Total liabilities and equity |  | 190,449 | 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 Six-month periods ended June 30, 2024 and 2023 (Expressed in millions of US Dollars, unless otherwise indicated)

| Note | Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Sales revenues | 4 | 47,235 | 49,750 | 23,467 | 22,979
Cost of sales | 5 | (23,251) | (24,000) | (11,740) | (11,342)
Gross profit |  | 23,984 | 25,750 | 11,727 | 11,637
Income (expenses) |  |  |  |  |
Selling expenses | 5 | (2,601) | (2,421) | (1,268) | (1,200)
General and administrative expenses | 5 | (996) | (745) | (549) | (388)
Exploration costs | 20 | (309) | (348) | (174) | (191)
Research and development expenses |  | (376) | (326) | (193) | (172)
Other taxes |  | (1,088) | (529) | (948) | (329)
Impairment (losses) reversals, net | 19 | 46 | (404) | 37 | (401)
Other income and expenses, net | 6 | (2,971) | (946) | (1,927) | (478)
Total Income (expenses) |  | (8,295) | (5,719) | (5,022) | (3,159)
Income before net finance expense, results of equity-accounted investments and income taxes |  | 15,689 | 20,031 | 6,705 | 8,478
Finance income |  | 1,029 | 981 | 477 | 516
Finance expenses |  | (4,004) | (1,712) | (2,932) | (868)
Foreign exchange gains (losses) and inflation indexation charges |  | (5,833) | 88 | (4,414) | 331
Net finance expense | 7 | (8,808) | (643) | (6,869) | (21)
Results of equity-accounted investments | 22 | (281) | 13 | (188) | (22)
Net income (loss) before income taxes |  | 6,600 | 19,401 | (352) | 8,435
Income taxes | 12 | (2,120) | (6,172) | 27 | (2,576)
Net income (loss) for the period |  | 4,480 | 13,229 | (325) | 5,859
Net income (loss) attributable to shareholders of Petrobras |  | 4,438 | 13,169 | (344) | 5,828
Net income attributable to non-controlling interests |  | 42 | 60 | 19 | 31
Basic and diluted earnings (losses) per common and preferred share - in U.S. dollars | 26 | 0.34 | 1.01 | (0.03) | 0.45

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

| Note | Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Net income (loss) for the period |  | 4,480 | 13,229 | (325) | 5,859
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) | 1,265 | −
Deferred income tax |  | − | 37 | − | −
Actuarial gains (losses) on defined benefit pension plans, net |  | 1,265 | (72) | 1,265 | −
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 |  | (8,649) | 4,872 | (6,627) | 3,404
Reclassified to the statement of income |  | 1,297 | 2,232 | 600 | 1,078
Deferred income tax |  | 2,499 | (2,417) | 2,048 | (1,525)
Unrealized gains / (losses) on cash flow hedge-highly probable future exports, net |  | (4,853) | 4,687 | (3,979) | 2,957
Translation adjustments (1) |  |  |  |  |
Recognized in equity |  | (1,982) | 1,285 | (1,310) | 716
Share of other comprehensive income (loss) in equity-accounted investments | 22 |  |  |  |
Recognized in equity |  | (159) | 206 | (150) | 117
Other comprehensive income (loss) |  | (5,729) | 6,106 | (4,174) | 3,790
Total comprehensive income (loss) |  | (1,249) | 19,335 | (4,499) | 9,649
Comprehensive income (loss) attributable to shareholders of Petrobras |  | (1,232) | 19,253 | (4,471) | 9,601
Comprehensive income (loss) attributable to non-controlling interests |  | (17) | 82 | (28) | 48

(1) | It includes cumulative translation adjustments in 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

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

| Note | Jan-Jun/2024 | Jan-Jun/2023
Cash flows from operating activities |  |  |
Net income for the period |  | 4,480 | 13,229
Adjustments for: |  |  |
Pension and medical benefits | 13 | 2,135 | 759
Results of equity-accounted investments | 22 | 281 | (13)
Depreciation, depletion and amortization | 29 | 6,500 | 6,173
Impairment of assets (reversals), net | 19 | (46) | 404
Inventory write down (write-back) to net realizable value | 10 | (44) | 6
Allowance for credit loss on trade and other receivables, net |  | 48 | 34
Exploratory expenditure write-offs | 20 | 105 | 38
Gain on disposal/write-offs of assets | 6 | (286) | (1,187)
Foreign exchange, indexation and finance charges |  | 8,975 | 847
Income taxes | 12 | 2,120 | 6,172
Revision and unwinding of discount on the provision for decommissioning costs |  | 539 | 443
Results from co-participation agreements in bid areas | 6 | (103) | (28)
Early termination and cash outflows revision of lease agreements | 6 | (146) | (258)
Losses with legal, administrative and arbitration proceedings, net | 6 | 521 | 531
Decrease (Increase) in assets |  |  |
Trade and other receivables |  | 1,459 | 1,175
Inventories |  | (355) | 1,080
Judicial deposits |  | 574 | (782)
Other assets |  | (71) | 275
Increase (Decrease) in liabilities |  |  |
Trade payables |  | 242 | (291)
Other taxes payable |  | (1,862) | (964)
Pension and medical benefits |  | (482) | (451)
Provisions for legal proceedings |  | (200) | (219)
Other employee benefits |  | (370) | (216)
Provision for decommissioning costs |  | (463) | (338)
Other liabilities |  | (357) | (128)
Income taxes paid |  | (4,721) | (6,302)
Net cash provided by operating activities |  | 18,473 | 19,989
Cash flows from investing activities |  |  |
Acquisition of PP&E and intangible assets |  | (5,772) | (5,335)
Acquisition of equity interests |  | (6) | (17)
Proceeds from disposal of assets - Divestment |  | 766 | 3,461
Financial compensation from co-participation agreements |  | 397 | 391
Investment in marketable securities |  | (805) | (468)
Dividends received |  | 64 | 69
Net cash used in investing activities |  | (5,356) | (1,899)
Cash flows from financing activities |  |  |
Changes in non-controlling interest |  | 125 | (50)
Proceeds from finance debt | 24 | 567 | 62
Repayment of principal - finance debt | 24 | (2,318) | (1,482)
Repayment of interest - finance debt | 24 | (995) | (1,004)
Repayment of lease liability | 25 | (3,883) | (2,862)
Dividends paid to Shareholders of Petrobras | 26 | (10,578) | (10,397)
Share repurchase program | 26 | (380) | −
Dividends paid to non-controlling interests |  | (77) | (48)
Net cash used in financing activities |  | (17,539) | (15,781)
Effect of exchange rate changes on cash and cash equivalents |  | (421) | 46
Net change in cash and cash equivalents |  | (4,843) | 2,355
Cash and cash equivalents at the beginning of the period |  | 12,727 | 7,996
Cash and cash equivalents at the end of the period |  | 7,884 | 10,351

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

Six-month periods ended June 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 cost | Profit Reserves |  |  |  |
| Share Capital | Share issuance costs | Capital reserve, Capital Transactions and Treasury shares | Cumulative translation adjustments | Cash flow hedge - highly probable future exports | Actuarial gains (losses) on defined benefit pension plans | Other comprehensive income (loss) and deemed cost | Profit Reserves | Retained earnings (losses) | Equity attributable to shareholders of Petrobras | 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
Capital transactions | − | − | − | − | − | − | − | − | − | − | (49) | (49)
Net income | − | − | − | − | − | − | − | − | 13,169 | 13,169 | 60 | 13,229
Other comprehensive income (loss) | − | − | − | 1,263 | 4,687 | (72) | 206 | − | − | 6,084 | 22 | 6,106
Appropriations: |  |  |  |  |  |  |  |  |  |  |  |
Dividends | − | − | − | − | − | − | − | (6,864) | (4,970) | (11,834) | (45) | (11,879)
Balance at June 30, 2023 | 107,380 | (279) | 1,144 | (72,908) | (12,820) | (12,648) | (727) | 59,570 | 8,206 | 76,918 | 332 | 77,250
|  | 107,101 | 1,144 |  |  |  | (99,103) | 59,570 | 8,206 | 76,918 | 332 | 77,250
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) |  | − | 78,583 | 392 | 78,975
Treasury shares | − | − | (381) | − | − | − | − | − | − | (381) | − | (381)
Capital transactions | − | − | − | − | − | − | − | − | − | − | 126 | 126
Net income | − | − | − | − | − | − | − | − | 4,438 | 4,438 | 42 | 4,480
Other comprehensive income (loss) | − | − | − | (1,923) | (4,853) | 1,265 | (159) | − | − | (5,670) | (59) | (5,729)
Expired unclaimed dividends | − | − | − | − | − | − | − | − | 8 | 8 | − | 8
Appropriations: |  |  |  |  |  |  |  |  |  |  |  |
Dividends | − | − | − | − | − | − | − | (7,178) | (2,615) | (9,793) | (38) | (9,831)
Balance at June 30, 2024 | 107,380 | (279) | 29 | (74,927) | (16,873) | (14,614) | (825) | 65,463 | 1,831 | 67,185 | 463 | 67,648
|  | 107,101 | 29 |  |  |  | (107,239) | 65,463 | 1,831 | 67,185 | 463 | 67,648

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.

In the preparation of these unaudited condensed consolidated interim financial statements for in the the six-month period ended June 30, 2024, the Company assessed the impacts of extreme weather events that occurred in the state of Rio Grande do Sul in the second quarter of 2024 on its operations and concluded that they did not materially affect the Company’s assets and results in the the six-month period ended June 30, 2024.

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 August 8, 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.

Schedule of cash and cash equivalents |  |
| 06.30.2024 | 12.31.2023
Cash at bank and in hand | 511 | 103
Short-term financial investments |  |
- In Brazil |  |
Brazilian interbank deposit rate investment funds and other short-term deposits | 437 | 1,742
Other investment funds | 110 | 279
| 547 | 2,021
- Abroad |  |
Time deposits | 4,652 | 7,737
Automatic investing accounts and interest checking accounts | 2,140 | 2,852
Other financial investments | 34 | 14
| 6,826 | 10,603
Total short-term financial investments | 7,373 | 12,624
Total cash and cash equivalents | 7,884 | 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

Schedule of marketable securities |  |
| 06.30.2024 | 12.31.2023
Fair value through profit or loss | 623 | 926
Amortized cost - Bank Deposit Certificates and time deposits | 4,963 | 4,249
Amortized cost - Others | 48 | 53
Total | 5,634 | 5,228
Current | 4,290 | 2,819
Non-current | 1,344 | 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

Schedule of sales revenues |  |  |  |
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Diesel | 14,055 | 15,387 | 6,979 | 7,082
Gasoline | 6,278 | 7,469 | 3,073 | 3,775
Liquefied petroleum gas | 1,551 | 1,880 | 793 | 951
Jet fuel | 2,331 | 2,508 | 1,147 | 1,102
Naphtha | 910 | 908 | 483 | 430
Fuel oil (including bunker fuel) | 577 | 547 | 233 | 261
Other oil products | 2,092 | 2,212 | 1,073 | 1,128
Subtotal oil products | 27,794 | 30,911 | 13,781 | 14,729
Natural gas | 2,458 | 2,955 | 1,136 | 1,429
Crude oil | 2,278 | 2,715 | 1,049 | 1,365
Renewables and nitrogen products | 74 | 46 | 43 | 25
Breakage | 261 | 438 | 121 | 218
Electricity | 232 | 263 | 104 | 153
Services, agency and others | 449 | 525 | 202 | 281
Domestic market | 33,546 | 37,853 | 16,436 | 18,200
Exports | 13,144 | 11,172 | 6,746 | 4,431
Crude oil | 10,074 | 8,456 | 5,163 | 2,909
Fuel oil (including bunker fuel) | 2,448 | 2,363 | 1,126 | 1,329
Other oil products and other products | 622 | 353 | 457 | 193
Sales abroad (1) | 545 | 725 | 285 | 348
Foreign market | 13,689 | 11,897 | 7,031 | 4,779
Sales revenues | 47,235 | 49,750 | 23,467 | 22,979

(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-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Domestic market | 33,546 | 37,853 | 16,436 | 18,200
China | 4,388 | 3,475 | 2,907 | 982
Americas (except United States) | 2,004 | 2,654 | 953 | 1,231
Europe | 2,702 | 2,046 | 1,489 | 698
Asia (except China and Singapore) | 906 | 693 | 423 | 218
United States | 2,137 | 1,305 | 662 | 742
Singapore | 1,541 | 1,723 | 591 | 908
Others | 11 | 2 | 6 | 1
Foreign market | 13,689 | 11,897 | 7,031 | 4,779
Sales revenues | 47,235 | 49,750 | 23,467 | 22,979

In the six-month period ended June 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

Schedule of cost of sales |  |  |  |
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Raw material, products for resale, materials and third-party services (1) | (11,201) | (12,782) | (5,810) | (5,687)
Depreciation, depletion and amortization | (5,072) | (4,952) | (2,423) | (2,556)
Production taxes | (5,936) | (5,477) | (2,906) | (2,694)
Employee compensation | (1,042) | (789) | (601) | (405)
Total | (23,251) | (24,000) | (11,740) | (11,342)

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

| 5.2. | Selling expenses

Schedule of selling expenses |  |  |  |
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Materials, third-party services, freight, rent and other related costs | (2,189) | (2,048) | (1,069) | (1,022)
Depreciation, depletion and amortization | (339) | (304) | (166) | (154)
Allowance for expected credit losses | (8) | (17) | 2 | 4
Employee compensation | (65) | (52) | (35) | (28)
Total | (2,601) | (2,421) | (1,268) | (1,200)

| 5.3. | General and administrative expenses

Schedule of general and administrative expenses |  |  |  |
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Employee compensation (1) | (657) | (473) | (365) | (244)
Materials, third-party services, rent and other related costs | (266) | (214) | (146) | (112)
Depreciation, depletion and amortization | (73) | (58) | (38) | (32)
Total | (996) | (745) | (549) | (388)

(1) | In the three and six-month periods ended June 30, 2024, it mainly refers to the actuarial revision of the Saúde Petrobras - AMS health care plan, reflecting the change in the benefit, in the amount of US$ 78. For more information, see note 13.

10

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| 6. | Other income and expenses, net

Schedule of other income and expenses |  |  |  |
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Pension and medical benefits - retirees (1) | (1,602) | (577) | (1,293) | (296)
Stoppages for asset maintenance and pre-operating expenses | (1,352) | (1,099) | (700) | (600)
Losses with legal, administrative and arbitration proceedings | (521) | (531) | (240) | (277)
Profit sharing | (311) | (67) | (135) | (32)
Variable compensation programs | (179) | (271) | (100) | (131)
Operating expenses with thermoelectric power plants | (119) | (85) | (53) | (44)
Institutional relations and cultural projects | (71) | (47) | (44) | (25)
Expenses with contractual fines received | (35) | (120) | (18) | (58)
Amounts recovered from Lava Jato investigation (2) | 7 | 93 | 2 | 4
Gains (losses) with commodities derivatives | 24 | 69 | 19 | (10)
Ship/take or pay agreements and fines imposed to suppliers | 88 | 70 | 41 | 37
Government grants | 95 | 176 | 17 | 72
Results from co-participation agreements in bid areas | 103 | 28 | 55 | -
Results of non-core activities | 122 | 80 | 83 | 46
Fines imposed on suppliers | 125 | 109 | 69 | 66
Early termination and changes to cash flow estimates of leases | 146 | 258 | 77 | 91
Reimbursements from E&P partnership operations | 269 | 280 | 113 | 119
Results on disposal/write-offs of assets | 286 | 1,187 | 124 | 691
Others (3) | (46) | (499) | 56 | (131)
Total | (2,971) | (946) | (1,927) | (478)

(1) | In the second quarter of 2024, it mainly refers to the actuarial revision of the Saúde Petrobras - AMS health care plan, reflecting the change in the benefit, in the amount of US$ 1,000. For more information, see note 13.
(2) | The total amount recovered from the Lava Jato Investigation through December 31, 2023 was US$ 1,727, recognized through collaboration and leniency agreements entered into with individuals and legal entities.
(3) | It includes, in the six-month period ended June 30, 2023, expenses with compensation for the termination of a vessel charter agreement in the amount of US$ 317.

| 7. | Net finance income (expense)

Schedule of net finance income (expense) |  |  |  |
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Finance income | 1,029 | 981 | 477 | 516
Income from investments and marketable securities (Government Bonds) | 812 | 757 | 380 | 424
Other finance income | 217 | 224 | 97 | 92
Finance expenses | (4,004) | (1,712) | (2,932) | (868)
Interest on finance debt | (1,073) | (1,053) | (519) | (512)
Unwinding of discount on lease liability | (1,104) | (758) | (557) | (400)
Capitalized borrowing costs | 759 | 589 | 383 | 318
Unwinding of discount on the provision for decommissioning costs | (530) | (431) | (258) | (219)
Other finance expenses (1) | (2,056) | (59) | (1,981) | (55)
Foreign exchange gains (losses) and indexation charges | (5,833) | 88 | (4,414) | 331
Foreign exchange gains (losses) (2) | (4,421) | 2,320 | (3,540) | 1,523
Reclassification of hedge accounting to the Statement of Income (2) | (1,297) | (2,232) | (600) | (1,078)
Indexation to the Selic interest rate of anticipated dividends and dividends payable | (388) | (429) | (318) | (397)
Recoverable taxes inflation indexation income | (96) | 95 | (145) | 31
Other foreign exchange gains and indexation charges, net (1) | 369 | 334 | 189 | 252
Total | (8,808) | (643) | (6,869) | (21)

(1) | It includes, in the three and six-month periods ended June 30, 2024, finance expense of US$ 1,930 and indexation charges of US$ 220 related to the tax settlement program - federal taxes. For more information, see note 12.3.
(2) | For more information, see notes 27.2.2 a and 27.2.2 c.

11

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| 8. | Information by operating segment

| 8.1. | Net income by operating segment

Schedule of consolidated statement of Income by operating segment |  |  |  |  |  |
Consolidated statement of income by operating segment
Jan-Jun/2024
| Exploration and Production (E&P) | Refining, Transportation & Marketing (RT&M) | Gas and Low Carbon Energies (G&LCE) | Corporate and other businesses | Eliminations | Total
Sales revenues | 31,745 | 44,251 | 4,620 | 158 | (33,539) | 47,235
Intersegments | 31,565 | 551 | 1,419 | 4 | (33,539) | −
Third parties | 180 | 43,700 | 3,201 | 154 | - | 47,235
Cost of sales | (12,842) | (40,540) | (2,273) | (148) | 32,552 | (23,251)
Gross profit (loss) | 18,903 | 3,711 | 2,347 | 10 | (987) | 23,984
Income (expenses) | (2,181) | (1,537) | (1,756) | (2,821) | − | (8,295)
Selling expenses | (1) | (1,089) | (1,497) | (14) | - | (2,601)
General and administrative expenses | (42) | (176) | (63) | (715) | - | (996)
Exploration costs | (309) | - | - | - | - | (309)
Research and development expenses | (288) | (2) | - | (86) | - | (376)
Other taxes | (829) | (28) | (9) | (222) | - | (1,088)
Impairment (losses) reversals, net | (4) | 37 | - | 13 | - | 46
Other income and expenses, net | (708) | (279) | (187) | (1,797) | - | (2,971)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes | 16,722 | 2,174 | 591 | (2,811) | (987) | 15,689
Net finance income (expense) | - | - | - | (8,808) | - | (8,808)
Results of equity-accounted investments | 47 | (381) | 57 | (4) | - | (281)
Net income / (loss) before income taxes | 16,769 | 1,793 | 648 | (11,623) | (987) | 6,600
Income taxes | (5,687) | (739) | (200) | 4,169 | 337 | (2,120)
Net income (loss) for the period | 11,082 | 1,054 | 448 | (7,454) | (650) | 4,480
Attributable to: |  |  |  |  |  |
Shareholders of Petrobras | 11,083 | 1,054 | 421 | (7,470) | (650) | 4,438
Non-controlling interests | (1) | - | 27 | 16 | - | 42

12

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Jan-Jun/2023
| Exploration and Production (E&P) | Refining, Transportation & Marketing (RT&M) | Gas and Low Carbon Energies (G&LCE) | Corporate and other businesses | Eliminations | Total
Sales revenues | 30,452 | 45,899 | 5,621 | 163 | (32,385) | 49,750
Intersegments | 29,940 | 840 | 1,601 | 4 | (32,385) | −
Third parties | 512 | 45,059 | 4,020 | 159 | - | 49,750
Cost of sales | (12,491) | (41,196) | (3,093) | (164) | 32,944 | (24,000)
Gross profit (loss) | 17,961 | 4,703 | 2,528 | (1) | 559 | 25,750
Income (expenses) | (677) | (2,329) | (1,544) | (1,161) | (8) | (5,719)
Selling expenses | (12) | (1,044) | (1,335) | (22) | (8) | (2,421)
General and administrative expenses | (34) | (162) | (32) | (517) | - | (745)
Exploration costs | (348) | - | - | - | - | (348)
Research and development expenses | (251) | (14) | (1) | (60) | - | (326)
Other taxes | (354) | (1) | (19) | (155) | - | (529)
Impairment (losses) reversals, net | (18) | (416) | - | 30 | - | (404)
Other income and expenses, net | 340 | (692) | (157) | (437) | - | (946)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes | 17,284 | 2,374 | 984 | (1,162) | 551 | 20,031
Net finance expense | - | - | - | (643) | - | (643)
Results of equity-accounted investments | 35 | (55) | 21 | 12 | - | 13
Net income / (loss) before income taxes | 17,319 | 2,319 | 1,005 | (1,793) | 551 | 19,401
Income taxes | (5,878) | (808) | (333) | 1,034 | (187) | (6,172)
Net income (loss) for the period | 11,441 | 1,511 | 672 | (759) | 364 | 13,229
Attributable to: |  |  |  |  |  |
Shareholders of Petrobras | 11,443 | 1,511 | 635 | (784) | 364 | 13,169
Non-controlling interests | (2) | - | 37 | 25 | - | 60

13

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Consolidated statement of income by operating segment
Apr-Jun/2024
| Exploration and Production (E&P) | Refining, Transportation & Marketing (RT&M) | Gas and Low Carbon Energies (G&LCE) | Corporate and other businesses | Eliminations | Total
Sales revenues | 15,668 | 22,061 | 2,198 | 80 | (16,540) | 23,467
Intersegments | 15,591 | 248 | 699 | 2 | (16,540) | −
Third parties | 77 | 21,813 | 1,499 | 78 | - | 23,467
Cost of sales | (6,228) | (20,557) | (1,096) | (74) | 16,215 | (11,740)
Gross profit (loss) | 9,440 | 1,504 | 1,102 | 6 | (325) | 11,727
Income (expenses) | (1,551) | (701) | (867) | (1,903) | − | (5,022)
Selling expenses | - | (538) | (729) | (1) | - | (1,268)
General and administrative expenses | (22) | (92) | (35) | (400) | - | (549)
Exploration costs | (174) | - | - | - | - | (174)
Research and development expenses | (149) | - | - | (44) | - | (193)
Other taxes | (809) | (21) | (4) | (114) | - | (948)
Impairment (losses) reversals, net | - | 37 | - | - | - | 37
Other income and expenses, net | (397) | (87) | (99) | (1,344) | - | (1,927)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes | 7,889 | 803 | 235 | (1,897) | (325) | 6,705
Net finance income (expense) | - | - | - | (6,869) | - | (6,869)
Results of equity-accounted investments | 30 | (251) | 36 | (3) | - | (188)
Net income / (loss) before income taxes | 7,919 | 552 | 271 | (8,769) | (325) | (352)
Income taxes | (2,682) | (273) | (80) | 2,951 | 111 | 27
Net income (loss) for the period | 5,237 | 279 | 191 | (5,818) | (214) | (325)
Attributable to: |  |  |  |  |  |
Shareholders of Petrobras | 5,237 | 279 | 179 | (5,825) | (214) | (344)
Non-controlling interests | − | − | 12 | 7 | − | 19

14

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Consolidated statement of income by operating segment
Apr-Jun/2023
| Exploration and Production (E&P) | Refining, Transportation & Marketing (RT&M) | Gas and Low Carbon Energies (G&LCE) | Corporate and other businesses | Eliminations | Total
Sales revenues | 14,722 | 21,057 | 2,767 | 87 | (15,654) | 22,979
Intersegments | 14,490 | 366 | 796 | 2 | (15,654) | −
Third parties | 232 | 20,691 | 1,971 | 85 | - | 22,979
Cost of sales | (6,112) | (19,328) | (1,626) | (87) | 15,811 | (11,342)
Gross profit (loss) | 8,610 | 1,729 | 1,141 | − | 157 | 11,637
Income (expenses) | (554) | (1,151) | (765) | (686) | (3) | (3,159)
Selling expenses | (5) | (511) | (683) | 2 | (3) | (1,200)
General and administrative expenses | (18) | (84) | (17) | (269) | - | (388)
Exploration costs | (191) | - | - | - | - | (191)
Research and development expenses | (127) | (12) | - | (33) | - | (172)
Other taxes | (336) | 105 | (10) | (88) | - | (329)
Impairment (losses) reversals, net | (31) | (400) | - | 30 | - | (401)
Other income and expenses, net | 154 | (249) | (55) | (328) | - | (478)
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes | 8,056 | 578 | 376 | (686) | 154 | 8,478
Net finance income (expense) | - | - | - | (21) | - | (21)
Results of equity-accounted investments | 18 | (69) | 17 | 12 | - | (22)
Net income / (loss) before income taxes | 8,074 | 509 | 393 | (695) | 154 | 8,435
Income taxes | (2,740) | (197) | (127) | 540 | (52) | (2,576)
Net income (loss) for the period | 5,334 | 312 | 266 | (155) | 102 | 5,859
Attributable to: |  |  |  |  |  |
Shareholders of Petrobras | 5,335 | 312 | 247 | (168) | 102 | 5,828
Non-controlling interests | (1) | - | 19 | 13 | - | 31

The amount of depreciation, depletion and amortization by segment is set forth as follows:

Schedule of amount of depreciation, depletion and amortization by segment |  |  |  |  |
| Exploration and Production (E&P) | Refining, Transportation & Marketing (RT&M) | Gas and Low Carbon Energies (G&LCE) | Corporate and other businesses | Total
Jan-Jun/2024 | 4,856 | 1,285 | 294 | 65 | 6,500
Jan-Jun/2023 | 4,704 | 1,159 | 254 | 56 | 6,173
| Exploration and Production (E&P) | Refining, Transportation & Marketing (RT&M) | Gas and Low Carbon Energies (G&LCE) | Corporate and other businesses | Total
Apr-Jun/2024 | 2,326 | 637 | 141 | 34 | 3,138
Apr-Jun/2023 | 2,489 | 601 | 130 | 29 | 3,249

15

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| 8.2. | Assets by operating segment

Schedule of assets by operating segment |  |  |  |  |  |
| Exploration and Production (E&P) | Refining, Transportation & Marketing (RT&M) | Gas and Low Carbon Energies (G&LCE) | Corporate and other businesses | Elimina-tions | Total
Consolidated assets by operating segment - 06.30.2024
Current assets | 2,534 | 10,634 | 399 | 20,312 | (5,221) | 28,658
Non-current assets | 119,593 | 20,858 | 6,127 | 15,213 | − | 161,791
Long-term receivables | 7,140 | 2,165 | 91 | 12,770 | − | 22,166
Investments | 329 | 432 | 168 | 57 | − | 986
Property, plant and equipment | 109,979 | 18,136 | 5,798 | 2,038 | − | 135,951
Operating assets | 92,904 | 15,456 | 3,430 | 1,539 | − | 113,329
Under construction | 17,075 | 2,680 | 2,368 | 499 | − | 22,622
Intangible assets | 2,145 | 125 | 70 | 348 | − | 2,688
Total Assets | 122,127 | 31,492 | 6,526 | 35,525 | (5,221) | 190,449

Consolidated assets by operating segment - 12.31.2023
Current assets | 2,804 | 11,002 | 370 | 23,547 | (5,278) | 32,445
Non-current assets | 136,064 | 23,800 | 6,406 | 18,352 | − | 184,622
Long-term receivables | 9,028 | 2,068 | 83 | 15,619 | − | 26,798
Investments | 344 | 811 | 145 | 58 | − | 1,358
Property, plant and equipment | 124,254 | 20,786 | 6,101 | 2,283 | − | 153,424
Operating assets | 108,405 | 18,128 | 3,605 | 1,770 | − | 131,908
Under construction | 15,849 | 2,658 | 2,496 | 513 | − | 21,516
Intangible assets | 2,438 | 135 | 77 | 392 | − | 3,042
Total Assets | 138,868 | 34,802 | 6,776 | 41,899 | (5,278) | 217,067

| 9. | Trade and other receivables

| 9.1. | Trade and other receivables

Schedule of trade and other receivables, net |  |
| 06.30.2024 | 12.31.2023
Receivables from contracts with customers |  |
Third parties | 4,327 | 6,038
Related parties |  |
Investees (note 28.1) | 193 | 140
Subtotal | 4,520 | 6,178
Other trade receivables |  |
Third parties |  |
Receivables from divestments and Transfer of Rights Agreement | 1,464 | 2,162
Lease receivables | 331 | 352
Other receivables | 790 | 627
Related parties |  |
Petroleum and alcohol accounts - receivables from Brazilian Federal Government | − | 278
Subtotal | 2,585 | 3,419
Total trade and other receivables, before ECL | 7,105 | 9,597
Expected credit losses (ECL) - Third parties | (1,523) | (1,613)
Expected credit losses (ECL) - Related parties | (2) | (2)
Total trade and other receivables | 5,580 | 7,982
Current | 4,405 | 6,135
Non-current | 1,175 | 1,847

Trade and other receivables are generally classified as measured at amortized cost, except for receivables with final prices linked to changes in commodity price after their transfer of control, which are classified as measured at fair value through profit or loss, amounting to US$ 535 as of June 30, 2024 (US$ 503 as of December 31, 2023).

16

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

The balance of receivables from divestment and Transfer of Rights Agreement is mainly related to the Earn Out of the Atapu and Sépia fields, totaling US$ 348 (US$ 611 as of December 31, 2023), from the sale of the Roncador field, totaling US$ 361 (US$ 360 as of December 31, 2023), and the Potiguar group of fields, totaling US$ 208 (US$ 265 as of December 31, 2023).

On June 26, 2024, the amount of US$ 250, net of withholding income tax, related to the second and final installment of the judicialized debts with the Brazilian Federal Government (precatórios), arising from of Petroleum and Alcohol Account, was released to the Company and became part of the guarantee in a tax lawsuit.

| 9.2. | Aging of trade and other receivables – third parties

Schedule of aging of trade and other receivables |  |  |  |
| 06.30.2024 | 12.31.2023
| Trade and other receivables | Expected credit losses | Trade and other receivables | Expected credit losses
Current | 4,972 | (34) | 6,948 | (34)
Overdue: |  |  |  |
1-90 days (1) | 198 | (32) | 472 | (43)
91-180 days | 97 | (19) | 19 | (10)
181-365 days | 29 | (25) | 63 | (57)
More than 365 days | 1,616 | (1,413) | 1,677 | (1,469)
Total | 6,912 | (1,523) | 9,179 | (1,613)

(1) | On January 10, 2024, Petrobras received US$ 298 from Carmo Energy as the last installment relating to the sale of the Carmópolis cluster, which was due on December 20, 2023.

| 9.3. | Changes in provision for expected credit losses – third parties and related parties

Schedule of changes in credit losses provision |  |
| 2024 Jan-Jun | 2023 Jan-Jun
Opening balance | 1,615 | 1,536
Additions | 90 | 94
Write-offs | (9) | (33)
Reversals | (44) | (48)
Translation adjustment | (127) | 75
Closing balance | 1,525 | 1,624
Current | 293 | 283
Non-current | 1,232 | 1,341

| 10. | Inventories

Schedule of inventories |  |
| 06.30.2024 | 12.31.2023
Crude oil | 3,033 | 3,375
Oil products | 2,250 | 2,196
Intermediate products | 483 | 635
Natural gas and Liquefied Natural Gas (LNG) | 109 | 78
Biofuels | 13 | 13
Fertilizers | 1 | 1
Total products | 5,889 | 6,298
Materials, supplies and others | 1,450 | 1,383
Total | 7,339 | 7,681

In the six-month period ended June 30, 2024, the Company recognized a US$ 44 reversal of cost of sales, adjusting inventories to net realizable value (a US$ 6 loss within cost of sales in the six-month period ended June 30, 2023), primarily due to changes in international prices of crude oil and oil products.

At June 30, 2024, the Company had pledged crude oil and oil products volumes as collateral for the Term of Financial Commitment (TFC) related to Pension Plans PPSP-R, PPSP-R Pre-70 and PPSP-NR Pre-70 signed by Petrobras and Fundação Petrobras de Seguridade Social – Petros Foundation in 2008, in the estimated amount of US$ 832.

17

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| 11. | Trade payables

Schedule of trade payables |  |
| 06.30.2024 | 12.31.2023
Third parties in Brazil | 3,235 | 3,624
Third parties abroad | 1,538 | 1,176
Related parties (note 28.1) | 39 | 13
Total | 4,812 | 4,813

Forfaiting

The Company has a program to encourage the development of the oil and gas production chain called “Mais Valor” (More Value), operated by a partner company on a 100% digital platform.

By using this platform, the suppliers who want to anticipate their receivables may launch a reverse auction, in which the winner is the financial institution which offers the lowest discount rate. The financial institution becomes the creditor of invoices advanced by the supplier, and Petrobras pays the invoices on the same date and under the conditions originally agreed with the supplier.

Invoices are advanced in the “Mais Valor” program exclusively at the discretion of the suppliers and do not change the terms, prices and commercial conditions contracted by Petrobras with such suppliers, as well as it does not add financial charges to the Company, therefore, the classification is maintained as Trade payables in Statements of Cash Flows (Cash flows from operating activities).

As of June 30, 2024, the balance advanced by suppliers, within the scope of the program, is US$ 139 (US$ 110 as of December 31, 2023) and has a payment term from 6 to 92 days and a weighted average term of 53 days (payment term from 7 to 92 days and a weighted average term of 57 days in 2023), after the contracted commercial conditions have been met.

| 12. | Taxes

| 12.1. | Income taxes

Schedule of of income taxes |  |  |  |  |  |
| Current assets | Current liabilities | Non-current liabilities
| 06.30.2024 | 12.31.2023 | 06.30.2024 | 12.31.2023 | 06.30.2024 | 12.31.2023
Taxes in Brazil |  |  |  |  |  |
Income taxes | 933 | 199 | 41 | 989 | − | −
Income taxes - Tax settlement programs | − | − | 53 | 58 | 242 | 299
| 933 | 199 | 94 | 1,047 | 242 | 299
Taxes abroad | 155 | 19 | 279 | 253 | − | −
Total | 1,088 | 218 | 373 | 1,300 | 242 | 299

Reconciliation between statutory income tax rate and effective income tax rate

The following table provides the reconciliation of Brazilian statutory tax rate to the Company’s effective rate on income before income taxes:

18

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of effective rate of income before income taxes |  |  |  |
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Net income (loss) before income taxes | 6,600 | 19,401 | (352) | 8,435
Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) | (2,243) | (6,597) | 120 | (2,868)
Adjustments to arrive at the effective tax rate: |  |  |  |
Tax benefits from the deduction of interest on capital distributions | 508 | 611 | 508 | 611
Different jurisdictional tax rates for companies abroad | 527 | 101 | 240 | (145)
Brazilian income taxes on income of companies incorporated outside Brazil (1) | (142) | (196) | (92) | (95)
Tax incentives | 9 | 77 | (22) | 34
Tax loss carryforwards (unrecognized tax losses) (2) | 83 | (17) | 27 | (12)
Non-taxable income (non-deductible expenses), net | 28 | 4 | 3 | (2)
Enrollment to the tax settlement program (3) | (155) | - | (155) | -
Post-employment benefits | (652) | (178) | (531) | (101)
Results of equity-accounted investments in Brazil and abroad | (132) | 11 | (97) | -
Non-incidence of income taxes on indexation (SELIC interest rate) of undue paid taxes | 48 | 5 | 27 | -
Others | 1 | 7 | (1) | 2
Income taxes | (2,120) | (6,172) | 27 | (2,576)
Deferred income taxes | 1,405 | (1,485) | 1,070 | (813)
Current income taxes | (3,525) | (4,687) | (1,043) | (1,763)
Effective tax rate of income taxes | 32.1% | 31.8% | 7.7% | 30.5%

(1) | It relates to Brazilian income taxes on earnings of offshore investees, as established by Law No. 12,973/2014.
(2) | Petrobras recognized a tax loss and a negative basis of the CSLL of a subsidiary in the amount of US$ 53, within the scope of the incentivized self-regulation program for taxes administered by the Federal Revenue of Brazil (Law No. 14.740/23 and RFB Normative Instruction No. 2.168/23), to settle a debt amounting to US$ 112, with a US$ 59 down payment.
(3) | For the more information, see note 12.3.

Deferred income taxes - non-current

The changes in the deferred income taxes are presented as follows:

Schedule of changes in the deferred income taxes |  |
| Jan-Jun/2024 | Jan-Jun/2023
Opening balance | (9,945) | (5,918)
Recognized in the statement of income for the period | 1,405 | (1,485)
Recognized in shareholders’ equity | 2,499 | (2,380)
Translation adjustment | 1,066 | (671)
Use of tax loss carryforwards | (1) | -
Others | (3) | 25
Closing balance | (4,979) | (10,429)

The composition of deferred tax assets and liabilities is set out in the following table:

Schedule of composition of deferred tax assets and liabilities |  |  |
Nature | Realization basis | 06.30.2024 | 12.31.2023
PP&E - Exploration and decommissioning costs | Depreciation, amortization and write-offs of assets | (5,136) | (6,296)
PP&E - Impairment | Amortization, impairment reversals and write-offs of assets | 3,561 | 4,203
PP&E - Right-of-use assets | Depreciation, amortization and write-offs of assets | (8,210) | (9,369)
PP&E - depreciation methods and capitalized borrowing costs | Depreciation, amortization and write-offs of assets | (17,131) | (18,784)
Loans, trade and other receivables / payables and financing | Payments, receipts and considerations | 729 | (2,479)
Leasings | Appropriation of the considerations | 9,336 | 9,240
Provision for decommissioning costs | Payments and use of provisions | 6,944 | 8,010
Provision for legal proceedings | Payments and use of provisions | 913 | 954
Tax loss carryforwards | Taxable income compensation | 1,085 | 1,140
Inventories | Sales, write-downs and losses | 528 | 411
Employee Benefits | Payments and use of provisions | 1,634 | 2,036
Others |  | 768 | 989
Total |  | (4,979) | (9,945)
Deferred tax assets |  | 1,097 | 965
Deferred tax liabilities |  | (6,076) | (10,910)

19

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Uncertain treatments on Corporate Income Tax (CIT)

In 2023 and 2024, the Company received additional charges from the Dutch tax authority, due to a final assessment on the calculation of the Corporate Income Tax (CIT) of subsidiaries in the Netherlands from 2018 to 2020, arising from the valuation for tax purposes of platforms and equipment nationalized under the Repetro tax regime, in the amount of US$ 607, updated through June 30, 2024 by applicable interest rates.

Tax treatments of certain subsidiaries from 2020 to 2022 have not yet been assessed by this tax authority. Any charges by the Dutch tax authority for those years, on a similar basis to the periods already assessed, could reach the amount of US$ 181. Thus, the total amount of these uncertain tax treatments is US$ 788, updated through June 30, 2024 by applicable interest rates.

The Company continues to defend its position but understands that it is not probable that the tax authority will fully accept this tax treatment. Thus, a liability was recognized with a corresponding effect in income taxes within the statement of income in 2023, by means of the expected value method, constituted by the sum of amounts weighted by the probability of loss.

| 12.2. | Other taxes

Schedule of other taxes |  |  |  |  |  |  |  |
| Current assets | Non-current assets | Current liabilities | Non-current liabilities (1)
| 06.30.2024 | 12.31.2023 | 06.30.2024 | 12.31.2023 | 06.30.2024 | 12.31.2023 | 06.30.2024 | 12.31.2023
Taxes in Brazil |  |  |  |  |  |  |  |
Current / Non-current ICMS (VAT) | 566 | 592 | 525 | 607 | 1,012 | 1,032 | − | −
Current / Non-current PIS and COFINS | 1,090 | 304 | 2,459 | 2,876 | 536 | 265 | 130 | 141
Claim to recover PIS and COFINS | − | − | 647 | 733 | − | − | − | −
Production taxes | − | − | − | − | 1,688 | 2,094 | 118 | 145
Withholding income taxes | − | − | − | − | 110 | 272 | − | −
Enrollment to the tax settlement program (2) | − | − | − | − | 1,499 | − | − | −
Others | 49 | 58 | 328 | 290 | 365 | 443 | 81 | 90
Total in Brazil | 1,705 | 954 | 3,959 | 4,506 | 5,210 | 4,106 | 329 | 376
Taxes abroad | 7 | 6 | 11 | 10 | 10 | 60 | − | −
Total | 1,712 | 960 | 3,970 | 4,516 | 5,220 | 4,166 | 329 | 376

(1) | Other non-current taxes are classified within other non-current liabilities in the statement of financial position.
(2) | For more information, see note 12.3.

| 12.3. | Enrollment to the tax settlement program

In June 2024, Petrobras enrolled to a Transaction Notice published in the same month by the Attorney General's Office of the Brazilian National Treasury (PGFN) and the Brazilian Federal Revenue (RFB), for the settlement of relevant litigation related to the taxation of remittances abroad, arising from the bipartition of the legal transaction agreed in a chartering contract for vessels and platforms, and in another contract for services.

The Transaction Notice provided for the settlement of debts under dispute relating to the taxation of CIDE, PIS and COFINS, from 2008 to 2013, whose updated amount on June 28, 2024, date of the enrollment, was US$ 8,087. The balance of the contingent liability related to the taxation of remittances abroad, which includes the debts relating to the taxation of CIDE, PIS and COFINS, was disclosed in the financial statements as of December 31, 2023, note 19.3.

The enrollment to this program brings economic benefits, as continuing the discussions would require further financial effort to provide and maintain judicial guarantees related to the Negotiated Legal Proceeding (NJP) agreed with the PGFN, in addition to other procedural costs and expenses.

The Transaction Notice provided for a 65% discount on the agreed amount in Brazilian reais, after the conversion of related judicial deposits into definitive payment. Therefore, on the enrollment date, the Company recognized a US$ 3,571 liability in the statement of financial position, within other taxes payable, relating to CIDE, PIS, and COFINS. The settlement of this tax liability is defined as follows:

| · | use, in June 2024, of nominal amounts of judicial deposits related to the debts to be settled through this program, in the amount of US$ 1,197;

| · | use, in June 2024, of tax loss carryforwards of subsidiaries, in the amount of US$ 233;

20

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| · | down payment of US$ 642 upon enrollment in June 2024 and the remaining balance to be paid in 6 monthly installments until December 2024, updated by the Selic interest rate.

The calculation of the liability related to this transaction is presented as follows:

Schedule of liability related to transaction |
| 06.30.2024
Enrollment to the program | 3,571
Use of judicial deposits | (1,197)
Use of tax credits | (233)
Down payment | (642)
Balance at June 30, 2024 | 1,499

As part of this tax transaction is related to projects in which the Company operates in partnership in E&P consortia, Petrobras started negotiations with its partners for the reimbursement of the corresponding amounts to their respective interests, in the expected amount of US$ ,465 of which:

| · | US$ 202 receivable was recognized in June 2024 relating to reimbursements approved by partners until June 30, 2024; and

| · | US$ 263 are considered contingent assets on June 30, 2024, of which: (i) US$ 230 receivable recognized in July and August 2024 relating to reimbursements approved from July 1, 2024 to the date of the release of this report; and (ii) US$ 33 currently under negotiation with partners.

Effects or the tax transaction in the statement of income

Schedule of effects or the tax transaction in the statement of income |
| Jan-Jun/2024
Principal and fines | 1,640
Indexation to the SELIC interest rate | 2,043
Total debt enrolled in the tax settlement program | 3,683
PIS and COFINS tax credits after enrolling the program (1) | (538)
Use of tax loss carryforwards | (240)
Indexation to the Selic interest rate of Judicial deposits and taxes over tax credits | 242
Income taxes (2) | (916)
Effect in the statement of income before reimbursement of partners in joint ventures | 2,231
Reimbursements approved by partners in joint ventures until June 30, 2024 | (208)
Income taxes (2) | 62
Total effect in the statement of income | 2,085
Other taxes | 790
Net finance income (expense) | 2,149
Income taxes | (854)
Total effect in the statement of income | 2,085

(1) | It arises from the debts included in the tax transaction, after discount applied, as provided for in the transaction notice, recognized as an asset in the statement of financial position, within other recoverable taxes.
(2) | Tax effects resulting from the tax transaction.

| 13. | Employee benefits

Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment. It also includes expenses with directors and management. Such benefits include salaries, post-employment benefits, termination benefits and other benefits.

21

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of employee benefits |  |
| 06.30.2024 | 12.31.2023
Liabilities |  |
Short-term employee benefits | 1,418 | 1,986
Termination benefits | 102 | 143
Post-employment benefits | 14,620 | 16,382
Total | 16,140 | 18,511
Current | 2,299 | 2,932
Non-current | 13,841 | 15,579

| 13.1. | Short-term employee benefits

Schedule of short term employee benefits |  |
| 06.30.2024 | 12.31.2023
Variable compensation programs | 193 | 464
Accrued vacation and 13th salary | 683 | 574
Salaries and related charges and other provisions | 248 | 343
Profit sharing | 294 | 605
Total | 1,418 | 1,986
Current | 1,379 | 1,944
Non-current (1) | 39 | 42

(1) | Remaining balance relating to the four-year deferral of 40% of the PPP portion of executive officers and the upper management.

The Company recognized the following amounts in the statement of income:

Schedule of recognized the statement of income |  |  |  |
Expenses recognized in the statement of income | Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Salaries, accrued vacations and related charges | (1,867) | (1,604) | (943) | (857)
Variable compensation programs (1) | (179) | (271) | (100) | (131)
Profit sharing (1) | (311) | (67) | (135) | (32)
Management fees and charges | (7) | (5) | (4) | (3)
Total | (2,364) | (1,947) | (1,182) | (1,023)

(1) | It includes adjustments to provisions related to previous years.

| 13.1.1. | Variable compensation programs

Performance award programs (Programa de Prêmio por Desempenho - PRD and Programa de Prêmio por Performance - PPP)

In the six-month period ended June 30, 2024, the Company:

· |  | paid US$ 413 relating these programs, since the metrics relating to the Company’s and individual performance were achieved in 2023; and

· |  | provisioned US$ 180 relating to these programs for the six-month period ended June 30, 2024 (US$ 270 for the same period of 2023), recorded in other income and expenses, including variable compensation programs from consolidated companies.

Profit Sharing (Participações nos lucros ou resultados - PLR)

In the six-month period ended June 30, 2024, the Company:

22

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| · | paid US$ 571, considering the current agreement for this program, which provides individual limits according to employee remuneration; and

| · | provisioned US$ 311 relating to this program for the six-month period ended June 30, 2024 (US$ 67 for the same period of 2023), recorded in other income and expenses.

| 13.2. | Termination benefits

Termination benefits are employee benefits provided in exchange for the termination of labor contract as a result of either: i) the Company’s decision to terminate the labor contract before the employee’s normal retirement date; or ii) an employee’s decision to accept an offer of benefits in exchange for the termination of their employment.

Voluntary severance programs

The Company has voluntary severance programs (PDV), specific for employees of the corporate segment and of divestment assets, which provide for the same legal and indemnity advantages. These programs are currently closed for enrollment.

Recognition of the liability and the expense for termination benefits occur as employees enroll to the programs.

The Company disburses the severance payments in two installments, one at the time of termination and the remainder one year after the termination.

As of June 30, 2024, from the balance of US$ 102, US$ 7 refers to the second installment of 146 retired employees and US$ 95 refers to 944 employees enrolled in voluntary severance programs with expected termination by 2027.

| 13.3. | Employee benefits (post-employment)

The Company maintains a health care plan for its employees in Brazil (active and retiree) and their dependents (“Saúde Petrobras”), and five major post-employment pension plans (collectively referred to as “pension plans”).

The following table presents the balance of post-employment benefits:

Schedule of post employment benefits |  |
| 06.30.2024 | 12.31.2023
Liabilities |  |
Health Care Plan - Saúde Petrobras | 8,758 | 9,662
Petros Pension Plan - Renegotiated (PPSP-R) | 3,665 | 4,221
Petros Pension Plan - Non-renegotiated (PPSP-NR) | 1,170 | 1,338
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pre 70) | 459 | 519
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pre 70) | 410 | 461
Petros 2 Pension Plan (PP-2) | 158 | 181
Total | 14,620 | 16,382
Current | 885 | 907
Non-current | 13,735 | 15,475

Health Care Plan

The health care plan Saúde Petrobras – AMS is managed and run by Petrobras Health Association (Associação Petrobras de Saúde – APS), a nonprofit civil association, and includes prevention and health care programs. The plan offers assistance to all employees, retirees, pensioners and eligible family members, according to the rules of the plan and the Collective Bargaining Agreement (ACT), and is open to new employees.

Benefits are paid by the Company based on the costs incurred by the participants. The financial participation of the Company and the beneficiaries on the expenses are provided for in the plan rules and in the ACT, being 60% by the Company and 40% by the participants until March 31, 2024.

As provided in clause 37 paragraph 2 of the ACT, if the resolutions No. 42/2022 and No. 49/2023 of the Commission on Corporate Governance and the Administration of Corporate Holdings of the Brazilian Federal Government (Comissão de Governança Corporativa e de Administração de Participações Societárias da União – CGPAR) were revoked or amended, allowing adjustments in the cost-sharing of health care plans, the Company and the labor unions would discuss a new cost-sharing arrangement, in order to minimize the impact on the income of its beneficiaries.

23

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

On April 26, 2024, the aforementioned resolutions were revoked and, for this reason, the Company and the unions entered into an agreement, in June 2024, via amendment to the current collective bargaining agreement, to resume the costing relationship previously practiced, with 70% covered by Petrobras and 30% by the beneficiaries, effective since April 2024. Due to this change, the Company carried out an intermediate remeasurement of the actuarial liabilities of this plan.

Intermediate remeasurement

The intermediate remeasurement of this post-employment plan made in the June 2024 resulted in a US$ 23 increase in actuarial liabilities, as follows: (i) a US$ 1,291 expense within other income and expenses, due to the change in the benefit costing; (ii) a US$ 1,265 gain within other comprehensive income due to the revision of actuarial assumptions, mainly the increase in the discount rate applied to actuarial liabilities, from 5.45% as of December 31, 2023 to 6.48% as of June 30, 2024, and to the reduction in the estimated change in medical and hospital medical costs, from 13.11% as of December 31, 2023 to 12.70% as of June 30, 2024; and (iii) a US$3 gain within translation adjustments.

The other actuarial assumptions used to carry out the intermediate remeasurement had no change.

| 13.3.1. | Sensitivity analysis of the defined benefit plans

The effect of a 100 basis points (bps) change in the discount rate and in the estimated future medical costs is set out below:

Schedule of change in the discount rate |  |  |  |  |  |
| Discount Rate | Expected changes in medical and hospital costs
|  | Medical Benefits | Medical Benefits
|  |  | +100 bps | -100 bps | +100 bps | -100 bps
Pension Obligation |  |  | (896) | 1,092 | 1,215 | (1,003)
Current Service cost and interest cost |  |  | (25) | 30 | 87 | (71)

Pension plans

The Company’s post-retirement plans are managed by Petros Foundation (Fundação Petrobras de Seguridade Social), a nonprofit legal entity governed by private law with administrative and financial autonomy.

The net obligation with pension plans recorded by the Company is measured in accordance with the requirements of IFRS which has a different measurement methodology to that applicable to pension funds, regulated by the Post-Retirement Benefit Federal Council (Conselho Nacional de Previdência Complementar – CNPC).

On March 28, 2024, the Deliberative Council of Petros Foundation approved the financial statements of the pension plans for the year ended December 31, 2023, sponsored by the Company.

The following table below presents the reconciliation of the deficit of Petros Plan registered by Petros Foundation as of December 31, 2023 with the net actuarial liability registered by the Company at the same date:

Schedule of reconciliation of deficit |  |
| PPSP-R (1) | PPSP-NR (1)
Deficit registered by Petros | 353 | 101
Ordinary and extraordinary future contributions - sponsor | 4,735 | 1,392
Contributions related to the TFC - sponsor | 791 | 477
Financial assumptions (interest rate and inflation), changes in fair value of plan assets and actuarial valuation method | (1,139) | (171)
Net actuarial liability recorded by the Company | 4,740 | 1,799

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

• Sponsor Contributions – in the calculation of the obligation, Petros considers the future cash flow of ordinary and extraordinary sponsor and participants contributions, discounted to present value, according to the CNPC criteria, while the Company only considers them as they are made.

24

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

• Financial Assumptions - the main difference is the definition of the real interest rate established by Petros, which is according to the expected profitability of the current investment portfolios and the parameters published by the CNPC, considering a moving average of recent years in setting safety limits. On the other hand, the Company determines the real interest rates through an equivalent rate that combines the maturity profile of pension and health care obligations with the future yield curve of long-term Brazilian Federal Government securities (“Tesouro IPCA”, formerly known as NTN).

• Changes in the fair value of plan assets – Petros measures government securities based on its curve, with a portfolio immunization strategy, while in the Company measures at market value.

| 13.3.2. | Changes in the actuarial liabilities recognized in the statement of financial position

Net actuarial liabilities represent the obligations of the Company, net of the fair value of plan assets (when applicable), at present value.

Changes in the actuarial liabilities related to pension and health care plans with defined benefit characteristics is presented as follows:

Schedule of changes in the actuarial liabilities |  |  |  |  |
|  |  |  |  | 2024
| Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras-AMS |
Balance at December 31, 2023 | 4,740 | 1,799 | 181 | 9,662 | 16,382
Recognized in the Statement of Income | 210 | 80 | 7 | 1,838 | 2,135
Past service cost | − | − | − | 1,291 | 1,291
Current service cost | 4 | 1 | − | 115 | 120
Net interest | 206 | 79 | 7 | 432 | 724
Recognized in Equity - other comprehensive income | − | − | − | (1,265) | (1,265)
Remeasurement effects (2) | − | − | − | (1,265) | (1,265)
Cash effects | (215) | (66) | (6) | (195) | (482)
Contributions paid | (201) | (59) | (6) | (195) | (461)
Payments related to Term of financial commitment (TFC) | (14) | (7) | − | − | (21)
Other changes | (611) | (233) | (24) | (1,282) | (2,150)
Translation Adjustment | (611) | (233) | (24) | (1,282) | (2,150)
Balance at June 30, 2024 | 4,124 | 1,580 | 158 | 8,758 | 14,620

(1) | It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) | Effects of the intermediate remeasurement on the health care plan, which changed the benefit costing.

|  |  |  |  | 2023
| Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras-AMS |
Balance at December 31, 2022 | 3,890 | 1,380 | 163 | 5,813 | 11,246
Recognized in the Statement of Income | 242 | 82 | 15 | 420 | 759
Current service cost | 5 | 1 | 5 | 71 | 82
Net interest | 237 | 81 | 10 | 349 | 677
Recognized in Equity - other comprehensive income | 109 | − | − | − | 109
Remeasurement effects (2) | 109 | − | − | − | 109
Cash effects | (198) | (60) | (3) | (190) | (451)
Contributions paid | (184) | (54) | (3) | (190) | (431)
Payments related to Term of financial commitment (TFC) | (14) | (6) | − | − | (20)
Other changes | 334 | 116 | 14 | 493 | 957
Others | − | − | − | 1 | 1
Translation Adjustment | 334 | 116 | 14 | 492 | 956
Balance at June 30, 2023 | 4,377 | 1,518 | 189 | 6,536 | 12,620

(1) | It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) | It relates to a complement of 2022.

The net expense with pension and health care plans is presented below:

25

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of net expenses relating to benefit plans |  |  |  |  |
|  | Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras
Related to active employees (cost of sales and expenses) (2) | (19) | (5) | (1) | (508) | (533)
Related to retirees (other income and expenses) (3) | (191) | (75) | (6) | (1,330) | (1,602)
Net costs for Jan-Jun/2024 | (210) | (80) | (7) | (1,838) | (2,135)
Related to active employees (cost of sales and expenses) | (24) | (4) | (7) | (147) | (182)
Related to retirees (other income and expenses) | (218) | (78) | (8) | (273) | (577)
Net costs for Jan-Jun/2023 | (242) | (82) | (15) | (420) | (759)

(1) | It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) | It includes the effects of the intermediate remeasurement on the health care plan, which changed the benefit costing by US$ 291.
(3) | It includes the effects of the intermediate remeasurement on the health care plan, which changed the benefit costing by US$ 1,000.

|  | Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras
Related to active employees (cost of sales and expenses) (2) | (11) | (3) | − | (395) | (409)
Related to retirees (other income and expenses) (3) | (92) | (36) | (3) | (1,162) | (1,293)
Net costs for Apr-Jun/2024 | (103) | (39) | (3) | (1,557) | (1,702)
Related to active employees (cost of sales and expenses) | (12) | (2) | (4) | (75) | (93)
Related to retirees (other income and expenses) | (112) | (40) | (4) | (140) | (296)
Net costs for Apr-Jun/2023 | (124) | (42) | (8) | (215) | (389)

(1) | It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) | It includes the effects of the intermediate remeasurement on the health care plan, which changed the benefit costing by US$ 291.
(3) | It includes the effects of the intermediate remeasurement on the health care plan, which changed the benefit costing by US$ 1,000.

| 13.3.3. | Contributions

In the six-month period ended June 30, 2024, the Company contributed with US$ 482 (US$ 451 in the same period of 2023), to the defined benefit plans (reducing the balance of obligations of these plans, as presented in note 13.3.2), and with US$ 115 and US$ 1, respectively, to the defined contribution portions of PP-2 and PP-3 plans (US$ 102 for PP-2 and US$ 1 for PP-3 in the same period of 2023), which were recognized in the statement of income.

| 14. | Provisions for legal proceedings, judicial deposits and contingent liabilities

| 14.1. | Provisions for legal proceedings

The Company recognizes provisions for legal, administrative and arbitral proceedings, based on the best estimate of the costs, for which it is probable that an outflow of resources embodying economic benefits will be required and that can be reliably estimated. These proceedings mainly include:

| · | Labor claims, in particular: (i) several individual and collective labor claims; (ii) opt-out claims related to a review of the methodology by which the minimum compensation based on an employee's position and work schedule (Remuneração Mínima por Nível e Regime - RMNR) is calculated; and (iii) actions of outsourced employees.

| · | Tax claims including: (i) tax notices for alleged non-compliance with ancillary obligations; (ii) claims relating to benefits previously taken for Brazilian federal tax credits applied that were subsequently alleged to be disallowable, including disallowance of PIS and COFINS tax credits; (iii) claims for alleged non-payment of CIDE on imports of propane and butane; and (iv) claims for alleged non-payment of social security contributions on allowances and bonuses.

| · | Civil claims, in particular: (i) lawsuits related to contracts; (ii) legal and administrative proceedings involving fines applied by the ANP - Brazilian Agency of Petroleum, Natural Gas and Biofuels (Agência Nacional de Petróleo, Gás Natural e Biocombustíveis), mainly relating to production measurement systems; and (iii) collective and individual claims that discuss topics related to pension plans managed by Petros.

| · | Environmental claims, specially: (i) fines relating to an environmental accident in the State of Paraná in 2000; (ii) fines relating to the Company’s offshore operation; and (iii) public civil action for oil spill in 2004 in Serra do Mar-São Paulo State Park.

26

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Provisions for legal proceedings are set out as follows:

Schedule of provisions for legal proceedings |  |
Non-current liabilities | 06.30.2024 | 12.31.2023
Labor claims | 731 | 806
Tax claims | 460 | 544
Civil claims | 1,628 | 1,614
Environmental claims | 306 | 341
Total | 3,125 | 3,305

Schedule of reconciliation of provisions for legal proceedings |  |
| Jan-Jun/2024 | Jan-Jun/2023
Opening Balance | 3,305 | 3,010
Additions, net of reversals | 257 | 335
Use of provision | (263) | (262)
Revaluation of existing proceedings and interest charges | 270 | 188
Others | 8 | (5)
Translation adjustment | (452) | 263
Closing Balance | 3,125 | 3,529

In preparing its unaudited condensed consolidated interim financial statements for the six-month period ended June 30, 2024, the Company considered all available information concerning legal proceedings in which the Company is a defendant, in order to estimate the amounts of obligations and probability that outflows of resources will be required.

| 14.2. | Judicial deposits

The Company makes deposits in judicial phases, mainly to suspend the chargeability of the tax debt and to maintain its tax compliance. Judicial deposits are set out in the table below according to the nature of the corresponding lawsuits:

Schedule of non-current assets |  |
Non-current assets | 06.30.2024 | 12.31.2023
Tax | 8,665 | 10,607
Labor | 859 | 979
Civil | 2,750 | 2,977
Environmental | 137 | 115
Others | 68 | 68
Total | 12,479 | 14,746

Schedule of reconciliation of judicial deposits with legal proceedings |  |
| Jan-Jun/2024 | Jan-Jun/2023
Opening Balance | 14,746 | 11,053
Additions | 670 | 783
Use (1) | (1,338) | (48)
Accruals and charges | 298 | 571
Others | 9 | (6)
Translation adjustment | (1,906) | 982
Closing Balance | 12,479 | 13,335

(1) | It includes, in the six-month period ended June 30, 2024, US$ 1,276 referring to the nominal values ​​of deposits used when enrolling to the tax settlement program on the incidence of CIDE, PIS and Cofins on remittances abroad under a vessel and platform charter agreement as detailed in note 12.

The Company maintains a Negotiated Legal Proceeding (NJP) agreement with the Brazilian National Treasury Attorney General's Office (PGFN), aiming to postpone judicial deposits related to federal tax lawsuits with values exceeding US$ 36 (R$ 200 million), which allows judicial discussion without the immediate disbursement.

To achieve this, the Company makes production capacity available as a guarantee from the Tupi, Sapinhoá, and Roncador fields. As the judicial deposits are made, the mentioned capacity is released for other processes that may be included in the NJP.

The Company’s management understands that the mentioned NJP provides greater cash predictability and ensures the maintenance of federal tax regularity. As of June 30, 2024, the balance of production capacity held in guarantee in the NJP is US$ 2,507 (US$ 7,997 as of December 31, 2023), whose reduction is due to the Company's enrollment to the tax settlement program in June 2024.

27

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| 14.3. | Contingent liabilities

The estimates of contingent liabilities are indexed to inflation and updated by applicable interest rates. As of June 30, 2024, estimated contingent liabilities for which the possibility of loss is classified as possible are set out in the following table:

Schedule of estimated contingent liabilities for which the possibility of loss is classified as possible |  |
Nature | 06.30.2024 | 12.31.2023
Tax | 24,861 | 37,189
Labor | 8,156 | 10,150
Civil | 10,662 | 11,455
Environmental | 1,388 | 1,427
Total | 45,067 | 60,221

The main contingent liabilities are:

| · | Tax matters comprising: (i) income from foreign subsidiaries and associates not included in the computation of taxable income (IRPJ and CSLL); (ii) collection of customs taxes and fines related to imports under the Repetro regime in the Frade consortium; (iii) disapproval of PIS and COFINS tax compensation due to credit disallowance; (iv) withholding income tax (IRRF) on remittances for payments of vessel charters; (v) collection of IRPJ and CSLL on transfer price; (vi) collection of PIS and COFINS, resulting from the payment of taxes negotiated with the Brazilian Federal Government, excluding the payment of fines; (vii) collection of ICMS involving several states; and (viii) incidence of social security contributions on the payment of bonuses.

| · | Labor matters, comprising: (i) mainly actions requiring a review of the methodology by which the minimum compensation based on an employee's position and work schedule (Remuneração Mínima por Nível e Regime - RMNR) is calculated; and (ii) several labor claims.

| · | Civil matters comprising mainly: (i) lawsuits related to contracts; (ii) administrative and legal proceedings challenging an ANP order requiring Petrobras to pay additional special participation fees and royalties (production taxes) with respect to several fields, including unitization; (iii) regulation agencies fines, mainly ANP; (iv) collective and individual claims that discuss topics related to pension plans managed by Petros; and (v) judicial and arbitration proceedings that discuss disposal of assets carried out by Petrobras.

| · | Environmental matters comprising indemnities for damages and fines related to the Company operations.

| 14.3.1. | Minimum Compensation Based on Employee's Position and Work Schedule (Remuneração Mínima por Nível e Regime - RMNR)

There are lawsuits related to the Minimum Compensation Based on Employee's Position and Work Schedule (RMNR), with the objective of reviewing its calculation criteria.

The RMNR consists of a minimum remuneration guaranteed to employees, based on salary level, work schedule and geographic location. This policy was created through collective bargaining with union entities and was approved at employee meetings, being finally put into practice by Petrobras in 2007, but started being the subject of lawsuits three years after its implementation.

In 2018, the Brazilian Superior Labor Court (TST) ruled against the Company, which filed extraordinary appeals to the Brazilian Supreme Federal Court (STF), suspending the effects of the decision issued by the TST and determined the national suspension of the ongoing proceedings related to the RMNR.

In July 2021, a monocratic decision was published in which the STF’s Judge-Rapporteur granted an extraordinary appeal filed, accepting the Company's thesis and recognizing the validity of the collective bargaining agreement freely signed between Petrobras and the unions, reversing the decision of the TST.

In November 2023, the First Panel of the Supreme Federal Court decided in favor of the Company (with 3 votes against 1), confirming that there is an understanding of recognizing the merit of the collective bargaining agreement signed between the companies and the unions. In January 2024, the ruling was published by the STF. Against this ruling, the complainant and union entities filed an appeal for clarification, which were not recognized by unanimous decision of the first Panel of the Supreme Court, maintaining the decision in favor of Petrobras. This decision was published in March 2024, becoming final and unappealable. The Company monitors the application of the Supreme Federal Court decision in the lower courts.

The Company has been adjusting the expectation of loss, according to the decisions in which the understanding of the STF applies, and monitors the evolution of the subject in the TST for possible future changes in the amounts ​​and expectations of this litigation.

28

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

As of June 30, 2024, the balance of provisions for legal proceedings regarding RMNR amounts to US$ 114, while the contingent liabilities amount to US$ 6,552.

| 14.4. | Class action and related proceedings

| 14.4.1. | Class action in the Netherlands

On January 23, 2017, Stichting Petrobras Compensation Foundation ("Foundation") filed a class action in the Netherlands, at the District Court of Rotterdam, against Petróleo Brasileiro S.A. – Petrobras, Petrobras International Braspetro B.V. (PIB BV), Petrobras Global Finance B.V. (PGF), Petrobras Oil & Gas B.V. (PO&G) and some former Petrobras managers. The Foundation alleges that it represents the interests of an unidentified group of investors and asserts that, based on the facts revealed by the Lava-Jato Operation, the defendants acted illegally before the investors. On May 26, 2021, the District Court of Rotterdam decided that the class action should proceed and that the arbitration clause of Petrobras' bylaws does not prevent the Company's shareholders from having access to the Dutch Judiciary and have their interests represented by the “Foundation”. However, the interests of investors who have already started arbitration against Petrobras or who are parties to legal proceedings in which the applicability of the arbitration clause has been definitively recognized are excluded from the scope of the action. The collective action moved to the discussion phase of merit issues.

On July 26, 2023, the Court issued an intermediary decision on the merits, ordering the production of evidence, in relation to which the parties should express their views until August 27, 2024 for the issuance of the decision on the merits, which is appealable. In addition, the Court expressed in advance some understanding, which must be included in the decision on the merits, among which: (i) the requests made against PIB BV, PO&G and certain former members of the Company’s management were rejected; (ii) the Court declared that Petrobras and the PGF acted illegally in relation to their investors, although the Court expressed it does not consider itself sufficiently informed about relevant aspects of Brazilian, Argentine and Luxembourger laws to definitively decide on the merits of the action; and iii) the alleged rights under Spanish legislation are prescribed.

The Foundation cannot claim compensation under the class action, which will depend not only on a final result favorable to the interests of the investors in the class action, but also on the filing of subsequent actions by or on behalf of the investors by the Foundation itself, an opportunity in which Petrobras will be able to offer all the defenses already presented in the class action and others that it deems appropriate, including in relation to the occurrence and quantification of any damages that must be proven by the potential beneficiaries of the decision or by the Foundation. Any compensation for the alleged damages will only be determined by court decisions in subsequent actions mentioned above.

This class action involves complex issues and the outcome is subject to substantial uncertainties, which depend on factors such as: the scope of the arbitration clause of the Petrobras Bylaws, the jurisdiction of the Dutch courts, the scope of the agreement that ended the Class Action in the United States, the Foundation's legitimacy to represent the interests of investors, the several laws applicable to the case, the information obtained from the production phase of evidence, the expert analyses, the timetable to be defined by the Court and the judicial decisions on key issues of the process, possible appeals, including before the Dutch Supreme Court, as well as the fact that the Foundation seeks only a declaratory decision in this class action.

The Company, based on the assessments of its advisors, considers that there are not enough indicative elements to qualify the universe of potential beneficiaries of a possible final decision unfavorable to Petrobras' interests, nor to quantify the supposedly compensable damages.

Thus, it is currently not possible to predict whether the Company will be liable for the effective payment of damages in any future individual claims, as this analysis will depend on the outcome of these complex procedures. In addition, it is not possible to know which investors will be able to bring subsequent individual actions related to this matter against Petrobras.

Furthermore, the claims formulated are broad, cover a multi-year period and involve a wide variety of activities and, in the current scenario, the impacts of such claims are highly uncertain. The uncertainties inherent in all of these issues affect the value and duration of final resolution of this action. As a result, Petrobras is unable to estimate an eventual loss resulting from this action. However, Petrobras reiterates its condition as a victim of the corruption scheme revealed by the Lava-Jato operation and intends to present and prove this condition before the Dutch court.

Petrobras and its subsidiaries deny the allegations made by the Foundation and will continue to defend themselves vigorously.

| 14.4.2. | Arbitration and other legal proceedings in Argentina

In relation to the arbitration in Argentina, the Argentine Supreme Court denied the appeal, but the Consumidores Damnificados Asociación Civil para su Defensa (formerly Consumidores Financieros Asociación Civil, "Association") filed a new appeal to the Argentine Supreme Court, which was also denied, thus the arbitration was sent to the Arbitration Court. This arbitration discusses Petrobras' liability for an alleged loss of market value of Petrobras' shares in Argentina, as a result of the Lava Jato Operation. The Company is unable to provide a reliable estimate of the potential loss in this arbitration.

29

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

In parallel to such arbitration, the Association also initiated a collective action before the Civil and Commercial Court of Buenos Aires, in Argentina, with Petrobras appearing spontaneously on April 10, 2023, within the scope of which it alleges Petrobras' responsibility for an alleged loss of the market value of Petrobras' securities in Argentina, as a result of allegations made within the scope of Lava Jato Operation and their impact on the company's financial statements prior to 2015. Petrobras presented its defense on August 30, 2023. Petrobras denies the allegations presented by the Association and will defend itself against the accusations made by the author of the class action. The Company is unable to provide a reliable estimate of the potential loss in this arbitration.

Regarding criminal proceeding in Argentina related to an alleged fraudulent offer of securities, aggravated by the fact that Petrobras allegedly declared false data in its financial statements prior to 2015, the Court of Appeals revoked, on October 21, 2021, the lower court decision that had recognized Petrobras' immunity from jurisdiction and recommended that the lower court judge take steps to certify whether the Company could be considered criminally immune in Argentina for further reassessment of the issue. After carrying out the steps determined by the Court of Appeals, on May 30, 2023, the lower court denied the recognition of immunity from jurisdiction to Petrobras. Petrobras filed an appeal against this decision, which was recognized by the Court of Appeals on April 18, 2024. However, the Association filed a new appeal. The Court of Appeals had already recognized that the Association could not act as a representative of financial consumers, due to the loss of its registration with the competent Argentine bodies, which was also the subject of an appeal upheld by the Court of Appeals on September 15, 2022, recognizing the Association the right to represent financial consumers. The Company presented its defense, as well as other procedural defenses, still subject to assessment by the Argentine Court of Appeals. This criminal action is being processed before the Economic Criminal Court No. 2 of the City of Buenos Aires.

As for the other criminal action for alleged non-compliance with the obligation to publish a “press release” in the Argentine market about the existence of a class action filed by Consumidores Damnificados Asociación Civil para su Defensa before the Commercial Court, there are no developments in the six-month period ended June 30, 2024.

| 14.4.3. | Lawsuit in United States regarding Sete Brasil Participações S.A (“Sete”)

The EIG Energy Fund XIV, L.P. and affiliates (“EIG”) filed a lawsuit against Petrobras, before the District Court of Columbia, United States, to recover alleged losses related to its investment in Sete Brasil Participações S.A. On August 8, 2022, the judge upheld EIG's claim as to Petrobras' responsibility for the alleged losses (which was recorded in 2022 as provisions for legal proceedings) but denied the motion for summary judgment with respect to damages, whereby the award of compensation will be subject to the proof of damages by EIG at a hearing and to the consideration of the defenses by the Company. In the same decision, whose effects were recognized in the Company's financial statements in 2022, the judge denied the request to dismiss the case based on Petrobras' immunity from jurisdiction, when an appeal was filed with the Federal Court of Appeals for the District of Columbia, which was denied in June 2024. Petrobras then submitted a request to review the issue, which was rejected on July 24, 2024. As a result, the process, which had been suspended by the lower court judge on October 26, 2022 due to the filing of the appeal by Petrobras, will resume its course.

On August 26, 2022, on another procedural front initiated by the EIG, the District Court of Amsterdam granted a precautionary measure to block certain Petrobras assets in the Netherlands. This granting was based on the decision of the District Court of Columbia, on August 8, 2022, and was intended to ensure the satisfaction of EIG's claims contained in the aforementioned US lawsuit. For the purpose of this injunction, the District Court of Amsterdam limited EIG's claims to a total of US$ 297, although the US Court ruled that any award of damages would depend on evidence of damages by EIG at a trial hearing. There are some discussions about the scope of the assets blocked by EIG, but there is no related lawsuit pending in the Netherlands. This precautionary block does not prevent Petrobras and its subsidiaries from complying with their obligations to third parties.

| 14.4.4. | Arbitrations proposed by non-controlling shareholders in Brazil

In the six-month period ended June 30, 2024, there were no events that changed the assessment and information of arbitrations proposed by non-controlling shareholders in Brazil. For more information, see explanatory note 19.5 to the financial statements for the year ended December 31, 2023.

| 15. | Provision for decommissioning costs

The following table details the amount of the provision for decommissioning costs by producing area:

30

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of provision for decommissioning costs by producing area |  |
| 06.30.2024 | 12.31.2023
Onshore | 402 | 447
Shallow waters | 5,141 | 6,253
Deep and ultra-deep post-salt | 9,283 | 10,873
Pre-salt | 4,988 | 5,630
Total | 19,814 | 23,203
Current | 1,659 | 2,032
Non-current | 18,155 | 21,171

Changes in the provision for decommissioning costs are presented as follows:

Schedule of changes in the provision for decommissioning costs are presented |  |
Non-current liabilities | 2024 Jan-Jun | 2023 Jan-Jun
Opening balance | 23,202 | 18,600
Adjustment to provision | 74 | 19
Transfers related to liabilities held for sale (1) | (332) | −
Use of provisions | (694) | (458)
Interest accrued | 516 | 414
Others | 15 | (8)
Translation adjustment | (2,967) | 1,536
Closing balance | 19,814 | 20,103

(1) | It refers to the transfer of US$ 332 related to the Cherne cluster, in Rio de Janeiro state.

| 16. | Other assets and liabilities

Schedule of other assets and liabilities |  |  |
Assets |  | 06.30.2024 | 12.31.2023
Escrow account and/ or collateral |  | 903 | 1,009
Advances to suppliers |  | 1,677 | 1,814
Prepaid expenses |  | 459 | 453
Derivatives transactions |  | 76 | 92
Assets related to E&P partnerships |  | 244 | 255
Others |  | 260 | 262
|  | 3,619 | 3,885
Current |  | 1,518 | 1,570
Non-Current |  | 2,101 | 2,315
Liabilities |  | 06.30.2024 | 12.31.2023
Obligations arising from divestments |  | 1,017 | 1,200
Contractual retentions |  | 729 | 716
Advances from customers |  | 414 | 692
Provisions for environmental expenses, research and development and fines |  | 601 | 708
Other taxes |  | 330 | 376
Unclaimed dividends |  | 325 | 337
Derivatives transactions |  | 149 | 62
Obligations arising from acquisition of equity interests |  | 141 | 156
Various creditors |  | 93 | 138
Others |  | 490 | 520
|  | 4,289 | 4,905
Current |  | 2,519 | 3,015
Non-Current |  | 1,770 | 1,890

31

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| 17. | Property, plant and equipment

| 17.1. | By class of assets

Schedule of property, plant and equipment by class of assets |  |  |  |  |  |
| Land, buildings and improvement | Equipment and other assets (1) | Assets under construction (2) | Exploration and development costs (3) | Right-of-use assets | Total
Balance at December 31, 2023 | 2,687 | 58,409 | 21,516 | 40,432 | 30,380 | 153,424
Cost | 4,634 | 118,173 | 31,467 | 74,809 | 44,829 | 273,912
Accumulated depreciation and impairment (4) | (1,947) | (59,764) | (9,951) | (34,377) | (14,449) | (120,488)
Additions | − | 188 | 6,096 | 32 | 3,059 | 9,375
Decommissioning costs - Additions to / review of estimates | − | − | − | 66 | − | 66
Capitalized borrowing costs | − | − | 755 | − | − | 755
Write-offs | (3) | (14) | (128) | (5) | (25) | (175)
Transfers (5) | (40) | 1,668 | (2,459) | 1,054 | (17) | 206
Transfers to assets held for sale | − | (21) | (5) | (109) | − | (135)
Depreciation, amortization and depletion | (38) | (2,554) | − | (1,979) | (3,068) | (7,639)
Impairment reversal (note 19) | 3 | 32 | 2 | − | 13 | 50
Translation adjustment | (339) | (7,463) | (3,155) | (5,099) | (3,920) | (19,976)
Balance at June 30, 2024 | 2,270 | 50,245 | 22,622 | 34,392 | 26,422 | 135,951
Cost | 3,927 | 103,923 | 31,292 | 66,123 | 40,499 | 245,764
Accumulated depreciation and impairment (4) | (1,657) | (53,678) | (8,670) | (31,731) | (14,077) | (109,813)

Balance at December 31, 2022 | 2,538 | 55,147 | 14,838 | 38,434 | 19,212 | 130,169
Cost | 4,343 | 105,429 | 23,938 | 67,581 | 29,670 | 230,961
Accumulated depreciation and impairment (4) | (1,805) | (50,282) | (9,100) | (29,147) | (10,458) | (100,792)
Additions | − | 229 | 4,653 | 2 | 7,304 | 12,188
Decommissioning costs - Additions to / review of estimates | − | − | − | 6 | − | 6
Capitalized borrowing costs | − | − | 583 | − | − | 583
Signature Bonuses Transfers (6) | − | − | − | 6 | − | 6
Write-offs | − | (181) | (17) | (35) | (151) | (384)
Transfers (5) | 44 | 1,232 | (1,344) | 848 | 1 | 781
Transfers to assets held for sale | (16) | (52) | (7) | (25) | − | (100)
Depreciation, amortization and depletion | (42) | (2,372) | − | (2,207) | (2,524) | (7,145)
Impairment recognition (note 19) | − | (180) | (266) | (1) | − | (447)
Impairment reversal (note 19) | 1 | 14 | − | − | 28 | 43
Translation adjustment | 210 | 4,474 | 1,453 | 3,068 | 1,727 | 10,932
Balance at June 30, 2023 | 2,735 | 58,311 | 19,893 | 40,096 | 25,597 | 146,632
Cost | 4,696 | 115,136 | 29,432 | 73,661 | 38,756 | 261,681
Accumulated depreciation and impairment (4) | (1,961) | (56,825) | (9,539) | (33,565) | (13,159) | (115,049)

(1) | It is composed of production platforms, refineries, thermoelectric power plants, natural gas processing plants, pipelines, and other operating, storage and production plants, including subsea equipment for the production and flow of oil and gas, depreciated based on the units of production method.
(2) | See note 8 for assets under construction by operating segment.
(3) | It is composed of exploration and production assets related to wells, abandonment and dismantling of areas, signature bonuses associated with proved reserves and other costs directly associated with the exploration and production of oil and gas, except for assets under "Equipment and other assets".
(4) | In the case of land and assets under construction, it refers only to impairment losses.
(5) | It mainly includes transfers between classes of assets and transfers from advances to suppliers.
(6) | Transfer from Intangible Assets. In 2023, it refers to the declaration of commerciality of the Manjuba field.

Additions to assets under construction are mainly due to investments in the production development of the Búzios field and other fields in the Espírito Santo, Santos, and Campos basins. As for additions to right-of-use assets, they are related to the chartering of drilling rigs for E&P operations, vessels and to the chartering of the Regasification Vessel Sequoia, operating at the LNG Terminal in Bahia.

| 17.2. | Estimated useful life

The useful life of assets depreciated are shown below:

32

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of useful life of assets |
Asset | Weighted average useful life in years
Buildings and improvement | 40 (between 25 and 50)
Equipment and other assets | 20 (between 3 to 31) - except assets by the units of production method
Exploration and development costs | Units of production method
Right-of-use | 8 (between 2 and 47)

| 17.3. | Right-of-use assets

The right-of-use assets comprise the following underlying assets:

Schedule of accumulated depreciation and impairment |  |  |  |
| Platforms | Vessels | Properties | Total
Balance at June 30, 2024 | 16,422 | 8,042 | 1,958 | 26,422
Cost | 21,226 | 16,556 | 2,717 | 40,499
Accumulated depreciation and impairment | (4,804) | (8,514) | (759) | (14,077)
Balance at December 31, 2023 | 19,056 | 9,204 | 2,120 | 30,380
Cost | 23,859 | 18,000 | 2,970 | 44,829
Accumulated depreciation and impairment | (4,803) | (8,796) | (850) | (14,449)

| 17.4. | Unitization agreements

Petrobras has Production Individualization Agreements (AIP) signed in Brazil with partner companies in E&P consortia. These agreements result in reimbursements payable to (or receivable from) partners regarding expenses and production volumes mainly related to Agulhinha, Albacora Leste, Berbigão, Budião Noroeste, Budião Sudeste, Caratinga and Sururu.

Provision for equalizations (1)

The table below presents changes in the reimbursements payable relating to the execution of the AIP submitted to the approval of the ANP:

Schedule of reimbursements payable relating to the execution |  |  |  |  |  |
|  |  |  |  | Jan-Jun/2024 | Jan-Jun/2023
Opening balance |  |  |  |  | 462 | 407
Additions on PP&E |  |  |  |  | 118 | 5
Payments made |  |  |  |  | (1) | −
Other income and expenses |  |  |  |  | 25 | 23
Translation adjustments |  |  |  |  | (70) | 35
Closing balance (1) |  |  |  |  | 534 | 470

(1) | Notably Berbigão, Sururu and Agulhinha.

Closed agreements

In May 2024, the Agreement on Expenditure and Volume Equalization, provided for in the Brava AIP, was signed. The amount paid by Petrobras to Pré-sal Petróleo S.A. (PPSA) on June 24, 2024 was US$ 1.

| 17.5. | Capitalization rate used to determine the amount of borrowing costs eligible for capitalization

The capitalization rate used to determine the amount of borrowing costs eligible for capitalization was the weighted average of the borrowing costs applicable to the borrowings that were outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. For the six-month period ended June 30, 2024, the capitalization rate was 7.14% p.a. (6.89% p.a. for the six-month period ended June 30, 2023).

33

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| 18. | Intangible assets

| 18.1. | By class of assets

Schedule of intangible assets by class of assets |  |  |  |
| Rights and Concessions (1) | Software | Goodwill | Total
Balance at December 31, 2023 | 2,425 | 592 | 25 | 3,042
Cost | 2,489 | 1,891 | 25 | 4,405
Accumulated amortization and impairment | (64) | (1,299) | − | (1,363)
Addition | 1 | 101 | − | 102
Capitalized borrowing costs | − | 4 | − | 4
Transfers | − | 4 | − | 4
Amortization | (2) | (65) | − | (67)
Translation adjustment | (312) | (82) | (3) | (397)
Balance at June 30, 2024 | 2,112 | 554 | 22 | 2,688
Cost | 2,169 | 1,736 | 22 | 3,927
Accumulated amortization and impairment | (57) | (1,182) | − | (1,239)
Estimated useful life in years | (2) | 5 | Indefinite |
Balance at December 31, 2022 | 2,523 | 439 | 24 | 2,986
Cost | 2,578 | 1,560 | 24 | 4,162
Accumulated amortization and impairment | (55) | (1,121) | − | (1,176)
Addition | 148 | 84 | − | 232
Capitalized borrowing costs | − | 6 | − | 6
Write-offs | (35) | − | − | (35)
Transfers | − | 1 | − | 1
Signature Bonuses Transfers (3) | (6) | − | − | (6)
Amortization | (2) | (46) | − | (48)
Translation adjustment | 210 | 39 | 2 | 251
Balance at June 30, 2023 | 2,838 | 523 | 26 | 3,387
Cost | 2,900 | 1,779 | 26 | 4,705
Accumulated amortization and impairment | (62) | (1,256) | − | (1,318)
Estimated useful life in years | (2) | 5 | Indefinite |

(1) | It comprises mainly signature bonuses (amounts paid in concession and production sharing contracts for oil or natural gas exploration), in addition to public service concessions, trademarks and patents and others.
(2) | Mainly composed of assets with indefinite useful lives, which are reviewed annually to determine whether events and circumstances continue to support an indefinite useful life assessment.
(3) | Transfer to PP&E Assets. In 2023, it refers to the declaration of commerciality of the Manjuba field.

| 19. | Impairment

Schedule of statement of income |  |  |  |
Statement of income | Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Impairment (losses) reversals | 46 | (404) | 37 | (401)
Impairment of equity-accounted investments | 18 | 1 | 1 | −
Net effect within the statement of income | 64 | (403) | 38 | (401)
Losses | (6) | (453) | (1) | (428)
Reversals | 70 | 50 | 39 | 27

Schedule of statement of financial position |  |  |  |
Statement of financial position | Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Property, plant and equipment | 50 | (404) | 37 | (401)
Assets classified as held for sale | 8 | − | − | −
Investments | 6 | 1 | 1 | −
Net effect within the statement of financial position | 64 | (403) | 38 | (401)

34

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

The Company tests annually its assets for impairment or when there is an indication that their carrying amount may not be recoverable. In the six-month period ended June 30, 2024, net impairment reversals were recognized in the amount of US$ 64, mainly due to:

| · | a US$ 37 impairment reversal of property, plant and equipment after management approval of the return of the operational activities of the fertilizer plant Araucária Nitrogenados S.A. (ANSA). The projected cash flow to determine the value in use of ANSA considered the resumption of operations for the second half of 2025 and a post-tax discount rate in constant currency of 7.70% p.a.;

| · | a US$ 13 impairment reversal of property, plant and equipment following the increase of the occupied area of building Torre Pituba,

| · | a US$ 12 impairment reversal of equity-accounted investments, following the approval for the sale of the Company’s 18.8% interest in the share capital of UEG Araucária S.A., resulting in the reclassification of this equity-accounted investment to assets classified as held for sale and its registration at fair value less costs to sell.

In the six-month period ended June 30, 2023, the Company recognized net impairment losses amounting to US$ 403, mainly arising from the assessment of the second refining unit of RNEST, which resulted in the recognition of a US$ 383 loss, mainly due to: (i) review of the scope for the implementation of logistics infrastructure, with an increase in necessary investments; (ii) increase in the discount rate to 7.4% p.a.; and (iii) appreciation of the real against the dollar on estimated future cash flows.

| 20. | Exploration and evaluation of oil and gas reserves

Changes in the balances of capitalized costs directly associated with exploratory wells pending determination of proved reserves and the balance of amounts paid for obtaining rights and concessions for exploration of oil and natural gas (capitalized acquisition costs) are set out in the following table:

Schedule of changes in capitalized costs |  |
Capitalized Exploratory Well Costs / Capitalized Acquisition Costs (1) | Jan-Jun/2024 | Jan-Jun/2023
Property plant and equipment |  |
Opening Balance | 1,512 | 1,876
Additions | 184 | 158
Write-offs | (25) | (1)
Transfers | - | (44)
Translation adjustment | (198) | 155
Closing Balance | 1,473 | 2,144
Intangible assets |  |
Opening Balance | 2,313 | 2,406
Additions | − | 147
Write-offs | − | (36)
Transfers | − | (31)
Translation adjustment | (299) | 227
Closing Balance | 2,014 | 2,713
Capitalized Exploratory Well Costs / Capitalized Acquisition Costs | 3,487 | 4,857

(1) | Amounts capitalized and subsequently expensed in the same period have been excluded from this table.

Exploration costs recognized in the statement of income and cash used in oil and gas exploration and evaluation activities are set out in the following table:

Schedule of exploration costs |  |  |  |
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Exploration costs recognized in the statement of income |  |  |  |
Geological and geophysical expenses | (193) | (317) | (111) | (192)
Exploration expenditures written off (includes dry wells and signature bonuses) | (105) | (38) | (55) | (6)
Contractual penalties on local content requirements | (4) | 7 | (2) | 7
Other exploration expenses | (7) | - | (5) | -
Total expenses | (309) | (348) | (173) | (191)
Cash used in: |  |  |  |
Operating activities | 200 | 317 | 116 | 192
Investment activities | 271 | 306 | 144 | 241
Total cash used | 471 | 623 | 260 | 433

35

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| 21. | Collateral for crude oil exploration concession agreements

The Company has granted collateral to ANP in connection with the performance of the Minimum Exploration Programs established in the concession agreements for petroleum exploration areas in the total amount of US$ 1,542 (US$ 1,770 as of December 31, 2023), which is still in force as of June 30, 2024, net of commitments undertaken. As of June 30, 2024, the collateral comprises future crude oil production capacity from Marlim and Buzios producing fields, already in production, pledged as collateral, in the amount of US$ 1,529 (US$ 1,756 as of December 31, 2023) and bank guarantees of US$ 13 (US$ 14 as of December 31, 2023).

| 22. | Investments

| 22.1. | Investments in associates and joint ventures

Schedule of investments in associates and joint ventures |  |  |
0 | Joint Ventures | Associates (1) | Total
Balance at December 31, 2023 | 481 | 877 | 1,358
Investments | 4 | 2 | 6
Transfer to assets held for sale | − | (11) | (11)
Restructuring, capital decrease and others | − | (2) | (2)
Results of equity-accounted investments | 82 | (363) | (281)
Translation adjustment | (1) | 153 | 152
Other comprehensive income | − | (159) | (159)
Dividends | (76) | (1) | (77)
Balance at June 30, 2024 | 490 | 496 | 986

(1) | It includes other investments.

| Joint Ventures | Associates (1) | Total
Balance at December 31, 2022 | 546 | 1,020 | 1,566
Investments | 10 | 7 | 17
Restructuring, capital decrease and others | − | 1 | 1
Results of equity-accounted investments | 54 | (41) | 13
Translation adjustment | 3 | (104) | (101)
Other comprehensive income | − | 206 | 206
Dividends | (57) | (1) | (58)
Balance at June 30, 2023 | 556 | 1,088 | 1,644

(1) | It includes other investments.

| 23. | Disposal of assets and other transactions

The major classes of assets and related liabilities classified as held for sale are shown in the following table:

Schedule of the major classes of assets and related liabilities classified as held for sale |  |  |  |  |
|  |  |  | 06.30.2024 | 12.31.2023
| E&P | G&LCE | Corporate and other businesses | Total | Total
Assets classified as held for sale |  |  |  |  |
Investments | − | 10 | − | 10 | −
Property, plant and equipment | 412 | − | − | 412 | 335
Total | 412 | 10 | − | 422 | 335
Liabilities on assets classified as held for sale |  |  |  |  |
Finance debt | − | - | 78 | 78 | 99
Provision for decommissioning costs | 707 | - | − | 707 | 442
Total | 707 | − | 78 | 785 | 541

36

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| 23.1. | Sales pending closing at June 30, 2024

Cherne and Bagre fields

On April 25, 2024, the Company signed an agreement with Perenco Pétroleo e Gás Ltda (“Perenco”) for the sale of its entire interest in the Cherne and Bagre fields, located in shallow waters of the Santos Basin.

The amount to be received is US$ 10, of which US$ 1 was received at the transaction signing and the remainder will be received on the closing date.

| 23.2. | Contingent assets from disposed investments and other transactions

Some disposed assets and other agreements provide for receipts subject to contractual clauses, especially related to the Brent variation in transactions related to E&P assets.

The transactions that may generate revenue recognition, accounted for within other income and expenses, are presented below:

Schedule of contingent asset from disposal investments |  |  |  |  |  |
Transaction | Closing date | Contingent assets at the closing date | Assets recognized in 2024 | Assets recognized in previous periods | Balance of contingent assets as of June 30, 2024 |
Sales in previous years |  |  |  |  |  |
Riacho da Forquilha cluster | December 2019 | 62 | − | 58 | 4 |
Pampo and Enchova cluster | July 2020 | 650 | 21 | 246 | 383 |
Baúna field | November 2020 | 285 | 48 | 196 | 41 |
Miranga cluster | December 2021 | 85 | 15 | 70 | − |
Cricare cluster | December 2021 | 118 | − | 76 | 42 |
Peroá cluster | August 2022 | 43 | − | 10 | 33 |
Papa-Terra field | December 2022 | 90 | 16 | 16 | 58 |
Albacora Leste field | January 2023 | 250 | 167 | 58 | 25 |
Norte Capixaba cluster | April 2023 | 66 | − | 22 | 44 |
Golfinho and Camarupim clusters | August 2023 | 60 | − | 20 | 40 |
Surplus volume of the Transfer of Rights Agreement |  |  |  |  |  |
Sepia and Atapu | April 2022 | 5,244 | 101 | 948 | 4,195 |
Total |  | 6,953 | 368 | 1,720 | 4,865 |

| 24. | Finance debt

| 24.1. | Balance by type of finance debt

Schedule of balance by type finance debt |  |
In Brazil | 06.30.2024 | 12.31.2023
Banking market | 2,456 | 2,262
Capital market | 2,792 | 3,130
Development banks (1) | 585 | 698
Others | 2 | 1
Total | 5,835 | 6,091
Abroad |  |
Banking market | 4,871 | 6,303
Capital market | 13,762 | 14,384
Export credit agency | 1,702 | 1,870
Others | 151 | 153
Total | 20,486 | 22,710
Total finance debt | 26,321 | 28,801
Current | 4,617 | 4,322
Non-current | 21,704 | 24,479

(1) | It includes BNDES, FINAME and FINEP.

Current finance debt is composed of:

37

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of current finance debt |  |
| 06.30.2024 | 12.31.2023
Short-term debt | 12 | 4
Current portion of long-term debt | 4,124 | 3,776
Accrued interest on short and long-term debt | 481 | 542
Total | 4,617 | 4,322

The capital market balance is mainly composed of US$ 13,164 in global notes issued abroad by the wholly owned subsidiary PGF, as well as US$ 1,823 in debentures and US$ 857 in commercial notes issued by Petrobras in reais in Brazil.

The balance in global notes has maturities between 2025 to 2115 and does not require collateral. Such financing was carried out in dollars, euros and pounds, 86%, 2% and 12%, of the total global notes, respectively.

The debentures and the commercial notes, with maturities between 2024 and 2037, do not require collateral and are not convertible into shares or equity interests.

On June 30, 2024, there were no default, breach of covenants or adverse changes in clauses that would result in changes to the payment terms of loan and financing agreements. There was no change in the guarantees required in relation to December 31, 2023. Petrobras fully, unconditionally and irrevocably guarantees its global notes issued in the capital markets by its wholly-owned subsidiary PGF and the loan agreements of its wholly-owned subsidiary PGT.

| 24.2. | Changes in finance debt

Schedule of changes in finance debt |  |  |
| In Brazil | Abroad | Total
Balance at December 31, 2023 | 6,090 | 22,711 | 28,801
Proceeds from finance debt | 557 | 10 | 567
Repayment of principal (1) | (158) | (2,177) | (2,335)
Repayment of interest (1) | (203) | (795) | (998)
Accrued interest (2) | 240 | 774 | 1,014
Foreign exchange/ inflation indexation charges | 110 | 300 | 410
Translation adjustment | (800) | (338) | (1,138)
Balance at June 30, 2024 | 5,836 | 20,485 | 26,321

| In Brazil | Abroad | Total
Balance at December 31, 2022 | 4,907 | 25,047 | 29,954
Proceeds from finance debt | 12 | 50 | 62
Repayment of principal (1) | (208) | (1,237) | (1,445)
Repayment of interest (1) | (144) | (846) | (990)
Accrued interest (2) | 212 | 877 | 1,089
Foreign exchange/ inflation indexation charges | 82 | (173) | (91)
Translation adjustment | 398 | 268 | 666
Modification of contractual cash flows | (17) | - | (17)
Balance at June 30, 2023 | 5,242 | 23,986 | 29,228

(1) | It includes pre-payments.
(2) | It includes premium and discount over notional amounts, as well as gains and losses by modifications in contractual cash flows.

| 24.3. | Reconciliation with cash flows from financing activities

Schedule of cash flows reconciliation |  |  |  |  |  |
|  |  | Jan-Jun/2024 |  |  | Jan-Jun/2023
| Proceeds from finance debt | Repayment of principal | Repayment of interest | Proceeds from finance debt | Repayment of principal | Repayment of interest
Changes in finance debt | 567 | (2,335) | (998) | 62 | (1,445) | (990)
Deposits linked to finance debt (1) |  | 17 | 3 |  | (37) | (14)
Net cash used in financing activities | 567 | (2,318) | (995) | 62 | (1,482) | (1,004)

(1) | Deposits linked to finance debt with China Development Bank, with semiannual settlements in June and December.

In the six-month period ended, the Company repaid several finance debts, in the amount of US$ 3,313, notably the pre-payment of US$ 250 of loan in the international banking market.

38

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| 24.4. | Summarized information on current and non-current finance debt

Schedule of summarized information on current and non-current finance debt |  |  |  |  |  |  |  |
Maturity in | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 onwards | Total (1) | Fair Value
Financing in U.S.Dollars (US$): | 1,661 | 2,512 | 1,460 | 2,148 | 1,536 | 9,046 | 18,363 | 18,036
Floating rate debt (2) | 1,416 | 1,916 | 1,119 | 1,468 | 523 | 428 | 6,870 |
Fixed rate debt | 245 | 596 | 341 | 680 | 1,013 | 8,618 | 11,493 |
Average interest rate p.a. | 6.7% | 6.2% | 6.5% | 5.9% | 5.4% | 6.6% | 6.5% |
Financing in Brazilian Reais (R$): | 447 | 270 | 440 | 128 | 130 | 4,121 | 5,536 | 5,225
Floating rate debt (3) | 77 | 129 | 125 | 34 | 34 | 2,773 | 3,172 |
Fixed rate debt | 370 | 141 | 315 | 94 | 96 | 1,348 | 2,364 |
Average interest rate p.a. | 6.5% | 8.0% | 8.3% | 8.7% | 8.8% | 7.5% | 7.8% |
Financing in Euro (€): | − | 306 | − | − | 132 | 458 | 896 | 890
Fixed rate debt | − | 306 | − | − | 132 | 458 | 896 |
Average interest rate p.a. | 0.0% | 4.6% | 0.0% | 0.0% | 4.6% | 4.7% | 4.6% |
Financing in Pound Sterling (£): | 35 | 16 | 585 | − | − | 890 | 1,526 | 1,491
Fixed rate debt | 35 | 16 | 585 | − | − | 890 | 1,526 |
Average interest rate p.a. | 6.2% | 6.2% | 6.2% | 0.0% | 0.0% | 6.5% | 6.3% |
Total as of June 30, 2024 | 2,143 | 3,104 | 2,485 | 2,276 | 1,798 | 14,515 | 26,321 | 25,642
Average interest rate | 6.6% | 6.5% | 6.9% | 6.5% | 6.3% | 6.6% | 6.6% |
Total as of December 31, 2023 | 4,322 | 3,066 | 2,551 | 2,547 | 1,816 | 14,499 | 28,801 | 29,329
Average interest rate | 5.8% | 5.8% | 6.3% | 6.1% | 5.9% | 6.5% | 6.4% |

(1) | The average maturity of outstanding debt as of June 30, 2024 is 11.76 years (11.38 years as of December 31, 2023).
(2) | Operations with variable index + fixed spread.
(3) | Operations with variable index + fixed spread, if applicable.

• |  | The fair value of the Company's finance debt is mainly determined and categorized into a fair value hierarchy as follows:

• |  | Level 1- quoted prices in active markets for identical liabilities, when applicable, amounting to US$ 12,703 of June 30, 2024 (US$ 13,971 of December 31, 2023); and

Level 2 – discounted cash flows based on discount rate determined by interpolating spot rates considering financing debts indexes proxies, taking into account their currencies and also Petrobras’ credit risk, amounting to US$ 12,939 as of June 30, 2024 (US$ 15,358 as of December 31, 2023).

Regarding the Interest Rate Benchmark Reform (IBOR Reform), there was a necessity to amend the Company's contracts referenced in these indexes, considering the end of the publication of LIBOR (London Interbank Offered Rate) in dollars (US$), of one, three and six months.

As of June 30, 2024, 21% of the Company's finance debt has been indexed to SOFR (Secured Overnight Financing Rate) and has the CSA (Credit Spread Adjustment) negotiated with the creditors serving as a parameter, while 0.2% will still undergo contractual changes to switch to this new index.

The renegotiations performed so far have been solely for the replacement of the LIBOR benchmark and are necessary as a direct consequence of the reform of the reference interest rate. In these renegotiated cash flows, the change of the index is economically equivalent to the previous basis. Thus, the changes were prospective with the recognition of interest at the new index in the applicable periods.

Therefore, the Company does not expect material effects for the contracts that will still undergo contractual changes for the new index, considering that they will occur under market conditions.

The sensitivity analysis for financial instruments subject to foreign exchange variation is set out in note 27.2.2.

A maturity schedule of the Company’s finance debt (undiscounted), including face value and interest payments is set out as follows:

39

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of finance debt (undiscounted), including face value and interest payments |  |  |  |  |  |  |  |
Maturity | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and thereafter | 06.30.2024 | 12.31.2023
Principal | 1,702 | 3,100 | 2,536 | 2,324 | 1,920 | 15,064 | 26,646 | 29,181
Interest | 901 | 1,601 | 1,470 | 1,224 | 1,021 | 15,236 | 21,453 | 22,541
Total (1) | 2,603 | 4,701 | 4,006 | 3,548 | 2,941 | 30,300 | 48,099 | 51,722

(1) | A maturity schedule of the lease arrangements (nominal amounts) is set out in note 25.

| 24.5. | Lines of credit

Schedule of lines of credit |  |  |  |  |  |
|  |  |  |  |  | 06.30.2024
Company | Financial institution | Date | Maturity | Available (Lines of Credit) | Used | Balance
Abroad |  |  |  |  |  |
PGT BV (1) | Syndicate of banks | 12/16/2021 | 11/16/2026 | 5,000 | − | 5,000
PGT BV | Syndicate of banks | 3/27/2019 | 2/27/2026 | 2,050 | − | 2,050
Total |  |  |  | 7,050 | − | 7,050
In Brazil |  |  |  |  |  |
Petrobras | Banco do Brasil | 3/23/2018 | 9/26/2026 | 360 | − | 360
Petrobras (1) | Banco do Brasil | 10/4/2018 | 10/4/2029 | 720 | − | 720
Transpetro | Caixa Econômica Federal | 11/23/2010 | Not defined | 59 | − | 59
Total |  |  |  | 1,139 | − | 1,139

(1) | On April 08, 2024, Petrobras reduced part of the Revolving Credit Facility to US$ 4,110 compared to the US$ 5,000 contracted in 2021. Thus, US$ 5,000 will be available for withdrawal until November 16, 2026 and US$ 4,110 from November 16, 2026, to November 16, 2028. On June 18, 2024, Petrobras renewed the RCF with Banco do Brasil, extending its maturity to October 4, 2029, and increasing its amount from US$ 360 (R$ 2 billion) to US$ 720 (R$ 4 billion).

| 25. | Lease liability

Changes in the balance of lease liabilities are presented below:

Schedule of changes in lease liabilities |  |  |
| Lessors in Brazil | Lessors abroad | Total
Balance at December 31, 2023 | 6,792 | 27,007 | 33,799
Remeasurement / new contracts | 814 | 1,923 | 2,737
Payment of principal and interest (1) | (1,361) | (2,492) | (3,853)
Interest expenses | 276 | 842 | 1,118
Foreign exchange losses | 394 | 3,733 | 4,127
Translation adjustment | (881) | (3,738) | (4,619)
Balance at June 30, 2024 | 6,034 | 27,275 | 33,309
Current |  |  | 7,437
Non-current |  |  | 25,872

(1) | The Statement of Cash Flows comprises US$ 30 relating to changes on liabilities held for sale.

| Lessors in Brazil | Lessors abroad | Total
Balance at December 31, 2022 | 6,020 | 17,825 | 23,845
Remeasurement / new contracts | 738 | 6,067 | 6,805
Payment of principal and interest | (1,040) | (1,822) | (2,862)
Interest expenses | 237 | 531 | 768
Foreign exchange losses | (234) | (1,620) | (1,854)
Translation adjustment | 486 | 1,555 | 2,041
Balance at June 30, 2023 | 6,207 | 22,536 | 28,743
Current |  |  | 6,209
Non-current |  |  | 22,534

A maturity schedule of the lease arrangements (nominal amounts) is set out as follows:

Schedule of maturity lease arrangements |  |  |  |  |  |  |
Nominal Future Payments | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 onwards | Total
Balance at June 30, 2024 | 4,085 | 6,799 | 5,136 | 3,742 | 2,870 | 26,357 | 48,989
Balance at December 31, 2023 | 7,442 | 6,137 | 4,547 | 3,367 | 2,708 | 25,939 | 50,140

In certain contracts, there are variable payments and terms of less than 1 year recognized as expenses:

40

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of variable payments and terms of less than 1 year recognized as expenses |  |  |
|  | 06.30.2024 | 06.30.2023
Variable payments |  | 528 | 588
Up to 1 year maturity |  | 54 | 51
Variable payments x fixed payments |  | 14% | 21%

At June 30, 2024, the nominal amounts of lease agreements for which the lease term has not commenced, as they relate to assets under construction or not yet available for use, is US$ 66,999 (US$ 65,358 at December 31, 2023).

The sensitivity analysis of financial instruments subject to exchange variation is presented in note 27.2.

| 26. | Equity

| 26.1. | Share capital (net of share issuance costs)

As of June 30, 2024 and December 31, 2023, subscribed and fully paid share capital, net of issuance costs, was US$ 107,101, represented by 7,442,454,142 common shares and 5,602,042,788 preferred shares, all of which are registered, book-entry shares with no par value.

Preferred shares have priority on returns of capital, do not grant any voting rights and are non-convertible into common shares.

As of June 30, 2024, the Company held 155,764,169 treasury shares, amounting to US$ 1,118 (US$ 737 as of December 31, 2023), of which 222,760 are common shares and 155,541,409 are preferred shares.

| 26.2. | Profit Reserves

The following table presents the final balance of profit reserves as disclosed in the Statements of changes in shareholders’ equity:

Schedule of changes in the profit reserves |  |
| 06.30.2024 | 12.31.2023
Legal | 12,846 | 12,846
Statutory - R&D | 3,397 | 3,397
Statutory – Capital remuneration | 4,184 | 8,428
Tax incentives | 1,998 | 1,998
Profit retention | 43,038 | 43,038
Additional dividends proposed | − | 2,934
Total | 65,463 | 72,641

| 26.3. | Distributions to shareholders

Share repurchase program

On August 3, 2023, the Board of Directors approved a Share Repurchase Program, for the acquisition of up to 157.8 million preferred shares issued by the Company, on the Brazilian Stock Exchange (B3), to be held in treasury with subsequent cancellation, without reduction of share capital. This program is carried in the scope of the revised Shareholder Remuneration Policy, approved on July 28, 2023, within a maximum period of 12 months.

On August 4, 2024, the Program was closed, resulting in the repurchase of 155,468,500 preferred shares in the amount of US$ 1,116, including transaction costs (US$ 407 thousand), of which:

i. |  | 104,064,000 preferred shares from August to December 2023 in the amount of US$ 735 (transaction costs of US$ 293 thousand); and

ii. |  | 51,404,500 preferred shares January to June 2024 in the amount of US$ 381 (transaction costs of US$ 114 thousand).

The cancellation of the treasury shares will occur in the future by decision of the Company’s Board of Directors.

41

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Dividends relating to 2023

On April 25, 2024, shareholders approved, at the Annual General Shareholders Meeting, the appropriation of the results for 2023 with a change to the management's original proposal made on March 7, 2024, of dividends referring to the application of the Shareholder Remuneration Policy formula (US$ 14,754), adjusting it to include the distribution of 50% of the remaining net income that had been appropriated to the capital remuneration reserve as an extraordinary dividend (US$ 4,244). Therefore, the total dividends for 2023 approved at the Annual General Shareholders Meeting is US$ 18,998 (equivalent to US$ 1.4634 per outstanding preferred and common share), as per the table below:

Schedule of anticipation dividend |  |
|  |  | Amount per Share | Amount
Anticipated dividends approved throughout 2023, including indexation to the SELIC interest rate, and paid until March 2024 | 0.9076 | 11,820
Dividends approved on March 7, 2024 (1) (2) | 0.2270 | 2,934
Total dividends referring to the application of the Shareholder Remuneration Policy formula | 1.1346 | 14,754
Extraordinary dividends (2) | 0.3288 | 4,244
Total dividends relating to 2023 | 1.4634 | 18,998

(1) | The amount per share of dividends was updated in relation to that disclosed in the financial statements for 2023 due to the current share repurchase program.
(2) | The dates of the shareholding position of the dividends referring to the application of the Policy formula and extraordinary dividends are April 25 and May 2, 2024, respectively.

Following the Annual General Shareholders Meeting, the amount of complementary dividends is US$ 7,178, equivalent to US$ 0.5558 per outstanding preferred and common share, considering the dividends referring to the application of the Policy formula (US$ 2,934) and extraordinary dividends (US$ 4,244). This amount will be paid in two equal installments in May and June 2024, updated by the Selic rate from December 31, 2023 until the date of actual payments.

Dividends and interest on capital relating to the first quarter of 2024

On May 13, 2024, Petrobras’s Board of Directors approved the distribution of remuneration to shareholders in the amount of US$ 2,615, or R$ 13,446 million (US$ 0.2026 per outstanding preferred and common shares, or R$ 1.0416), based on the net income for the three-month period ended March 31, 2024, considering the application of the Shareholder Remuneration Policy formula (US$ 2,847) and the deduction of the shares repurchased by the Company during the period (US$ 232), excluding transaction costs, as presented in the following table:

Schedule of dividends |  |  |  |
| Date of approval | Date of record | Amount per common and preferred share | Amount
Interim dividends (1) | 05.13.2024 | 06.11.2024 | 0.08702 | 1,123
Interim interest on capital (1) | 05.13.2024 | 06.11.2024 | 0.11558 | 1,492
Total anticipated dividends |  |  | 0.20260 | 2,615

(1) | The amount of dividends and interest on capital per share was updated due to the share repurchase program, which reduced the number of outstanding shares.

These dividends and interest on capital will be paid in two equal installments, in August and September 2024. The amounts will be adjusted by the SELIC rate from the date of payment of each installment until the end of the year and will be deducted from the remuneration that will be distributed to shareholders relating to 2024.

This anticipation of interest on capital resulted in a deductible expense which reduced the income tax expense by US$ 508. This amount was subject to withholding income tax (IRRF) of 15%, except for immune and exempt shareholders, as established in applicable law.

Dividends payable

Changes in the balance of dividends payable are set out as follows:

42

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of dividend payable |  |
| Jan-Jun/2024 | Jan-Jun/2023
Consolidated opening balance of dividends payable | 3,539 | 4,171
Opening balance of dividends payable to non-controlling shareholders | 38 | 2
Opening balance of dividends payable to shareholders of Petrobras | 3,501 | 4,169
Additions relating to complementary dividends | 7,178 | 6,864
Additions relating to anticipated dividends | 2,615 | 4,970
Payments made | (10,578) | (10,397)
Monetary restatement | 385 | 427
Transfers to unclaimed dividends | (40) | (45)
Withholding income taxes over interest on capital and monetary restatement | (166) | (200)
Translation adjustment | (601) | 608
Closing balance of dividends payable to shareholders of Petrobras | 2,294 | 6,396
Closing balance of dividends payable to non-controlling shareholders | 1 | −
Consolidated closing balance of dividends payable | 2,295 | 6,396

Unclaimed dividends

As of June 30, 2024, the balance of dividends not claimed by shareholders of Petrobras is US$ 325 recorded as other current liabilities, as described in note 16 (US$ 241 as of December 31, 2023). The payment of these dividends was not carried out due to the lack of registration data for which the shareholders are responsible with the custodian bank for the Company's shares.

Schedule of unclaimed dividends |  |
| Jan-Jun/2024 | Jan-Jun/2023
Changes in unclaimed dividends |  |
Opening balance | 337 | 241
Prescription | (10) | 45
Transfers from dividends payable | 40 | (7)
Translation adjustment | (42) | 21
Closing Balance | 325 | 300

| 26.4. | Earnings per share

Schedule of earning per share |  |  |  |  |  |
|  | Jan-Jun/2024 |  | Jan-Jun/2023
| Common | Preferred | Total | Common | Preferred | Total
Net income attributable to shareholders of Petrobras | 2,559 | 1,879 | 4,438 | 7,513 | 5,656 | 13,169
Weighted average number of outstanding shares | 7,442,231,382 | 5,466,560,112 | 12,908,791,494 | 7,442,231,382 | 5,601,969,879 | 13,044,201,261
Basic and diluted earnings per share - in U.S. dollars | 0.34 | 0.34 | 0.34 | 1.01 | 1.01 | 1.01
Basic and diluted earnings (losses) per ADS equivalent - in U.S. dollars (1) | 0.68 | 0.68 | 0.68 | 2.02 | 2.02 | 2.02
|  | Apr-Jun/2024 |  | Apr-Jun/2023
| Common | Preferred | Total | Common | Preferred | Total
Net income attributable to shareholders of Petrobras | (198) | (146) | (344) | 3,325 | 2,503 | 5,828
Weighted average number of outstanding shares | 7,442,231,382 | 5,455,611,812 | 12,897,843,194 | 7,442,231,382 | 5,601,969,879 | 13,044,201,261
Basic and diluted earnings (losses) per share - in U.S. dollars | (0.03) | (0.03) | (0.03) | 0.45 | 0.45 | 0.45
Basic and diluted earnings (losses) per ADS equivalent - in U.S. dollars (1) | (0.06) | (0.06) | (0.06) | 0.90 | 0.90 | 0.90

(1) | Petrobras' ADSs are equivalent to two shares.

Basic earnings per share are calculated by dividing the net income attributable to shareholders of Petrobras by the weighted average number of outstanding shares during the period. The change in the weighted average number of outstanding shares is due to the Share repurchase program (preferred shares) which is ongoing at the Company.

43

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Diluted earnings per share are calculated by adjusting the net income attributable to shareholders of Petrobras and the weighted average number of outstanding shares during the period taking into account the effects of all dilutive potential shares (equity instrument or contractual arrangements that are convertible into shares).

Basic and diluted earnings are identical as the Company has no potentially dilutive shares.

| 27. | Financial risk management

The Company is exposed to a variety of risks arising from its operations, including price risk (related to crude oil and oil products prices), foreign exchange rates risk, interest rates risk, credit risk and liquidity risk. To manage market and financial risks, the Company prefers structuring measures through adequate capital and leverage management.

The Company presents a sensitivity analysis of factors relating to its corporate risk management process. The reasonably possible and remote scenarios are related to events with low and very low probability of occurrence, respectively. The period of application of the sensitivity analysis is one year, except for operations with commodity derivatives, for which a three-month period is applied, due to the short-term nature of these transactions.

| 27.1. | Derivative financial instruments

Assets and liabilities

Schedule of assets and liabilities |  |
| 06.30.2024 | 12.31.2023
Fair value Asset Position (Liability) |  |
Open derivatives transactions | (79) | 20
Closed derivatives transactions awaiting financial settlement | 6 | 10
Recognized in Statements of Financial Position | (73) | 30
Other assets (note 16) | 76 | 92
Other liabilities (note 16) | (149) | (62)

The following table presents the details of the open derivative financial instruments held by the Company as of June 30, 2024, and represents its risk exposure:

Schedule of statement financial position |  |  |  |  |
|  | Statement of Financial Position
|  |  |  | Fair value |
| Notional value | Asset Position (Liability) | Maturity
| 06.30.2024 | 12.31.2023 | 06.30.2024 | 12.31.2023 |
Derivatives not designated for hedge accounting |  |  |  |  |
Future contracts - total (1) | 5,121 | (1,053) | 3 | 1 |
Long position/Crude oil and oil products | 14,423 | 2,527 | − | - | 2024
Short position/Crude oil and oil products | (9,302) | (3,580) | − | - | 2024
Swap (2) |  |  |  |  | −
Long position/ Soybean oil | 4 | − | - | − | 2024
Short position/ Soybean oil | - | (1) | - | − | 2024
Forward contracts (3) |  |  |  |  |
Short position/Foreign currency forwards (BRL/USD) | (15) | (1) | − | - | 2024
Swap (3) |  |  |  | − |
Swap - CDI X IPCA | R$ 3,008 | R$ 3,008 | 42 | 68 | 2029/2034
Foreign currency / Cross-currency Swap (3) | US$ 729 | US$ 729 | (124) | (49) | 2024/2029
Total open derivative transactions |  |  | (79) | 20 |

(1) | Notional value in thousands of bbl.
(2) | Notional value in thousands of tons.
(3) | Amounts in US$ and R$ are presented in million.

44

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Profit or loss

Schedule of statement profit loss |  |  |  |
Gains/ (losses) recognized in the statement of income
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Commodity derivatives |  |  |  |
Other commodity derivative transactions - Note 27.2.1 (a) | 24 | 69 | 19 | (10)
Recognized in Other Income and Expenses | 24 | 69 | 19 | (10)
Currency derivatives |  |  |  |
Swap CDI x Dollar - Note 27.2.2 (b) | (62) | 78 | (61) | 62
Others | − | − | − | 1
| (62) | 78 | (61) | 63
Interest rate derivatives |  |  |  |
Swap - CDI X IPCA | (41) | 47 | (21) | 40
| (41) | 47 | (21) | 40
Cash flow hedge on exports -Note 27.2.2 (a) | (1,297) | (2,232) | (600) | (1,078)
Recognized in Net finance income (expense) | (1,400) | (2,107) | (682) | (975)
Total open derivative transactions | (1,376) | (2,038) | (663) | (985)

Comprehensive income

Schedule of statement comprehensive income |  |  |  |
Gains/ (losses) recognized in other comprehensive income
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Cash flow hedge on exports - Note 27.2.2 (a) | (7,352) | 7,104 | (6,027) | 4,482

Collateral

Schedule of guarantees collateral |  |  |  |
Guarantees given as collateral
|  |  | 06.30.2024 | 12.31.2023
Commodity derivatives |  |  | 55 | 18

| 27.2. | Market risks

| 27.2.1. | Risk management of products prices

The Company is exposed to commodity price cycles, and it may use derivative instruments to hedge exposures related to prices of products purchased and sold to fulfill operational needs and in specific circumstances depending on business environment analysis and assessment of whether the targets of the Strategic Plan are being met.

| a) | Other commodity derivative transactions

Petrobras, by use of its assets, positions and market knowledge from its operations in Brazil and abroad, may seek to optimize some of its commercial operations in the international market, with the use of commodity derivatives to manage price risk.

| b) | Sensitivity analysis of commodity derivatives

The probable scenario uses market references, used in pricing models for oil, oil products and natural gas markets, and considers the closing price of the asset on June 30, 2024. Therefore, no variation is considered arising from outstanding operations in this scenario. The reasonably possible and remote scenarios reflect the potential effects on the statement of income from outstanding transactions, considering a variation in the closing price of 20% and 40%, respectively. To simulate the most unfavorable scenarios, the variation was applied to each asset according to open transactions: price decrease for long positions and increase for short positions.

45

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

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 | - | (61) | (122)
Future and forward contracts | Soybean oil - price changes | - | (1) | (2)
Option | Soybean oil | - | - | -
Forward contracts | Foreign currency - depreciation BRL x USD | - | (3) | (4)
|  | − | (65) | (128)

| 27.2.2. | Foreign exchange risk management

| a) | Cash Flow Hedge involving the Company’s future exports

The carrying amounts, the fair value as of June 30, 2024, and a schedule of expected reclassifications to the statement of income of cumulative losses recognized in other comprehensive income (shareholders’ equity) based on a US$ 1.00 / R$ 5.5589 exchange rate are set out below:

Schedule of present value of hedging instrument notional value |  |  |  |  |
|  | Present value of hedging instrument notional value at 06.30.2024
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 | July 2024 to June 2034 | 62,660 | 348,322

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, 2023 | 65,138 | 315,350
Additional hedging relationships designated, designations revoked and hedging instruments re-designated | 7,159 | 36,488
Exports affecting the statement of income | (5,362) | (27,001)
Principal repayments / amortization | (4,275) | (21,881)
Foreign exchange variation | - | 45,366
Amounts designated as of June 30, 2024 | 62,660 | 348,322
Nominal value of hedging instrument (finance debt and lease liability) at June 30, 2024 | 80,571 | 447,888

In the six-month period ended June 30, 2024, the Company recognized a US$ 90 loss within foreign exchange gains (losses) due to ineffectiveness (a US$ 228 gain in the same period of 2023).

The average ratio of future exports for which cash flow hedge accounting was designated to the highly probable future exports is 55.12%.

A roll-forward schedule of cumulative foreign exchange losses recognized in other comprehensive income as of June 30, 2024 is set out below:

Schedule of cumulative foreign exchange losses recognized |  |  |
| Exchange rate variation | Tax effect | Total
Balance at December 31, 2023 | (18,210) | 6,190 | (12,020)
Recognized in Other comprehensive income | (8,649) | 2,941 | (5,708)
Reclassified to the statement of income - occurred exports | 1,297 | (442) | 855
Balance at June 30, 2024 | (25,562) | 8,689 | (16,873)
| Exchange rate variation | Tax effect | Total
Balance at December 31, 2022 | (26,527) | 9,020 | (17,507)
Recognized in Other comprehensive income | 4,872 | (1,657) | 3,215
Reclassified to the statement of income - occurred exports | 2,232 | (760) | 1,472
Balance at June 30, 2023 | (19,423) | 6,603 | (12,820)

46

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Additional hedging relationships may be revoked or additional reclassification adjustments from equity to the statement of income may occur as a result of changes in forecasted export prices and export volumes following a revision of the Company’s strategic plan. Based on a sensitivity analysis considering a US$ 10/barrel decrease in Brent prices stress scenario, when compared to the Brent price projections in the Strategic Plan 2024-2028, would not indicate a reclassification from equity to the statement of income.

A schedule of expected reclassification of cumulative foreign exchange losses recognized in other comprehensive income to the statement of income as of June 30, 2024, before tax effect, is set out below:

Schedule of reclassification of cumulative foreign exchange losses recognized |  |  |  |  |  |  |
| 2024 | 2025 | 2026 | 2027 | 2028 | 2029 onwards | Total
Expected realization | (3,459) | (4,743) | (4,392) | (4,634) | (3,360) | (4,974) | (25,562)

| b) | Information on ongoing contracts

As of June 30, 2024, the Company has outstanding swap contracts - IPCA x CDI and CDI x Dollar.

Swap contracts – IPCA x CDI and CDI x Dollar

In September 2019, Petrobras contracted a cross currency swap aiming to protect against exposure arising from the 7th issuance of debentures, for IPCA x CDI operations, maturing in September 2029 and September 2034, and US$ 240 for CDI x U.S. Dollar operations, maturing in September 2024 and September 2029.

In July 2023, the 1st repurchase plan for these debentures was closed. During the term of this plan, which started in July 2022, only an immaterial amount of this debt had been effectively repurchased. Thus, the position in this swap remains unchanged.

Changes in interest rate forward curves (CDI interest rate) may affect the Company's results, due to the market value of these swap contracts. In preparing a sensitivity analysis for these curves, a parallel shock on this curve was estimated based on the average maturity of these swap contracts, in the scope of the Company’s Risk Management Policy. For reasonably possible and remote scenarios, parallel shocks of 40% and 80% were applied to the interest rate forward curves, which resulted in effects of 496 b.p. and 992 b.p., respectively, on the estimated interest rates. The effects of this sensitivity analysis, keeping all other variables remaining constant, are shown in the following table:

Schedule of sensitivity analysis, keeping all other variables remaining constant |  |
| Reasonably possible scenario | Remote scenario
SWAP Exchange rate (IPCA x USD) | (10) | (20)

The methodology used to calculate the fair value of this swap operation consists of calculating the future value of the operations, using rates agreed in each contract and the projections of the interest rate curves, IPCA coupon and foreign exchange coupon, discounting to present value using the risk-free rate. Curves are obtained from Bloomberg based on forward contracts traded in stock exchanges.

The mark-to-market is adjusted to the credit risk of the counterparts, which effect is immaterial.

| c) | Sensitivity analysis for foreign exchange risk on financial instruments

The sensitivity analysis of foreign exchange risk presented in the table below is carried out for a twelve-month term. The probable scenario is computed based on external data, while the reasonably possible and remote scenarios considers 20% and 40% changes in the foreign exchange rates prevailing on June 30, 2024, respectively, except for assets and liabilities of foreign subsidiaries, when transacted in a currency equivalent to their respective functional currencies. This analysis only covers the exchange rate variation and maintains all other variables constant.

47

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of sensitivity analysis for foreign exchange risk on financial instruments |  |  |  |  |
Risk | Financial Instruments | Exposure at 06.30.2024 | Probable Scenario (1) | Reasonably possible scenario | Remote Scenario
Dollar/Real | Assets | 11,548 | (829) | 2,310 | 4,619
| Liabilities | (107,587) | 7,720 | (21,517) | (43,034)
| Exchange rate - Cross currency swap | (541) | 39 | (108) | (216)
| Cash flow hedge on exports | 62,660 | (4,496) | 12,532 | 25,064
| Total | (33,920) | 2,434 | (6,783) | (13,567)
Euro/Dollar | Assets | 1,489 | 37 | 298 | 595
| Liabilities | (2,063) | (52) | (412) | (825)
| Total | (574) | (15) | (114) | (230)
Pound/Dollar | Assets | 1,555 | 30 | 311 | 622
| Liabilities | (3,060) | (59) | (612) | (1,224)
| Total | (1,505) | (29) | (301) | (602)
Pound/Real | Assets | 1 | − | − | −
| Liabilities | (36) | 2 | (7) | (14)
| Total | (35) | 2 | (7) | (14)
Euro/Real | Assets | 4 | − | 1 | 2
| Liabilities | (17) | 1 | (3) | (7)
| Total | (13) | 1 | (2) | (5)
Peso/Dollar | Assets | 15 | (5) | (2) | (4)
| Total | 15 | (5) | (2) | (4)
Total at June 30, 2024 | (36,032) | 2,388 | (7,209) | (14,422)

(1) | At June 30, 2024, the probable scenario was computed based on the following risks: R$ x U.S. dollar - a 7.18% appreciation of the real; peso x U.S. dollar - a 60.7% depreciation of the peso; euro x dollar: a 2.7% appreciation of the euro; pound sterling x U.S. dollar - a 2.07% appreciation of the pound sterling; real x euro: a 4.7% depreciation of the real; real x pound sterling - a 5.3% depreciation of the real;. Source: Focus and Thomson Reuters.

| 27.2.3. | Interest rate risk management

The Company considers that interest rate risk does not create a significant exposure and therefore, preferably does not use derivative financial instruments to manage interest rate risk, except for specific situations faced by certain subsidiaries of Petrobras.

The sensitivity analysis of interest rate risk presented in the table below is carried out for a twelve-month term. Amounts referring to reasonably possible and remote scenarios mean the total floating interest expense if there is a variation of 40% and 80% in these interest rates, respectively, maintaining all other variables constant.

The following table presents the amounts to be disbursed by Petrobras with the payment of interest related to debts with floating interest rates at June 30, 2024:

Schedule of interest rate risk management |  |  |  |
Risk |  | Probable Scenario (1) | Reasonably possible scenario | Remote Scenario
LIBOR 6M |  | 4 | 5 | 5
SOFR 3M (2) |  | 109 | 141 | 173
SOFR 6M (2) |  | 106 | 126 | 146
SOFR O/N (2) |  | 251 | 351 | 452
CDI |  | 208 | 291 | 374
TR |  | 5 | 7 | 9
TJLP |  | 55 | 77 | 99
IPCA |  | 94 | 132 | 170
|  | 832 | 1,130 | 1,428

(1) | The probable scenario was calculated considering the quotations of currencies and floating rates to which the debts are indexed.
(2) | It represents the Secured Overnight Financing Rate.

| 27.3. | Liquidity risk management

The possibility of a shortage of cash to settle the Company’s obligations on the agreed dates is managed by the Company. The Company mitigates its liquidity risk by defining reference parameters for treasury management and by periodically analyzing the risks associated to the projected cash flow, quantifying its main risks through Monte Carlo simulations. These risks include oil prices, exchange rates, gasoline and diesel international prices, among others. In this way, the Company is able to predict cash needs for its operational continuity and for the execution of its strategic plan.

48

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

In this context, even these unaudited condensed consolidated interim financial statements presenting a negative net working capital, management believes it does not compromise its liquidity.

Additionally, the Company maintains revolving credit facilities contracted as a liquidity reserve to be used in adverse scenarios (see note 24.5). The Company regularly assesses market conditions and may enter into transactions to repurchase its own securities or those of its subsidiaries, through a variety of means, including tender offers, make whole exercises and open market repurchases, since they are in line with the Company's liability management strategy, in order to improve its debt repayment profile and cost of debt.

The maturity schedules for the Company’s undiscounted finance debt and lease liability are presented in note 24.4 and 25, respectively.

| 27.4. | 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 |  |  |  |
Commodity derivatives | 3 | - | - | 3
Interest rate derivatives | - | 42 | - | 42
Balance at June 30, 2024 | 3 | 42 | - | 45
Balance at December 31, 2023 | 1 | 68 | − | 69
Liabilities |  |  |  |
Foreign currency derivatives | - | (124) | - | (124)
Balance at June 30, 2024 | − | (124) | - | (124)
Balance at December 31, 2023 | − | (49) | − | (49)

The fair value of other financial assets and liabilities is presented in the respective notes: 3 – Marketable securities; 9 – Trade and other receivables; and 24 – Finance debt (estimated amount).

The fair values of cash and cash equivalents, current debt and other financial assets and liabilities are equivalent or do not differ significantly from their carrying amounts.

| 28. | Related party transactions

The Company has a policy for related party transactions, which is annually revised and approved by the Board of Directors in accordance with the Company’s by-laws.

The related-party transactions policy also aims to ensure an adequate and diligent decision-making process for the Company’s key management.

| 28.1. | Transactions with joint ventures, associates, government entities and pension plans

The Company has engaged, and expects to continue to engage, in the ordinary course of business in numerous transactions with joint ventures, associates, pension plans, as well as with the Company’s controlling shareholder, the Brazilian Federal Government, which include transactions with banks and other entities under its control, such as financing and banking, asset management and other transactions.

The balances of significant transactions are set out in the following table:

49

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of balances of significant transactions |  |  |  |
|  | 06.30.2024 |  | 12.31.2023
| Assets | Liabilities | Assets | Liabilities
Joint ventures and associates |  |  |  |
Petrochemical companies (associates) | 106 | 24 | 45 | 4
Other associates and joint ventures | 87 | 16 | 95 | 10
Subtotal | 193 | 40 | 140 | 14
Brazilian government – Parent and its controlled entities |  |  |  |
Government bonds | 1,223 | − | 1,819 | −
Banks controlled by the Brazilian Government | 13,089 | 2,304 | 15,526 | 2,119
Petroleum and alcohol account - receivables from the Brazilian Government (note 9.1) | − | − | 278 | −
Brazilian Federal Government (1) | 2 | 981 | − | 1,378
Pré-Sal Petróleo S.A. – PPSA | − | 1 | − | 28
Others | 132 | 106 | 138 | 80
Subtotal | 14,446 | 3,392 | 17,761 | 3,605
Petros | 49 | 251 | 64 | 305
Total | 14,688 | 3,683 | 17,965 | 3,924
Current | 1,978 | 1,216 | 2,684 | 1,676
Non-Current | 12,710 | 2,467 | 15,281 | 2,248

(1) | It includes amounts related to lease liability.

The income/expenses of significant transactions are set out in the following table:

| 2024 | 2023 | 2024 | 2023
| Jan-Jun | Jan-Jun | Apr-Jun | Apr-Jun
Joint ventures and associates |  |  |  |
Petrochemical companies (associates) | 1,720 | 1,704 | 893 | 815
Other associates and joint ventures | 29 | 20 | 9 | 11
Subtotal | 1,749 | 1,724 | 902 | 826
Brazilian government – Parent and its controlled entities |  |  |  |
Government bonds | 84 | 107 | 38 | 54
Banks controlled by the Brazilian Government | 11 | (18) | (5) | (24)
Petroleum and alcohol account - receivables from the Brazilian Government | 7 | 28 | 3 | 17
Brazilian Federal Government | (127) | (142) | (99) | (125)
Pré-Sal Petróleo S.A. – PPSA | (98) | (133) | (107) | (23)
Others | (93) | (109) | (83) | (70)
Subtotal | (216) | (267) | (253) | (171)
Petros | (10) | (9) | (5) | (5)
Total | 1,523 | 1,448 | 644 | 650
Revenues, mainly sales revenues | 1,740 | 1,714 | 899 | 820
Purchases and services | 6 | 4 | 3 | 2
Income (expenses) | (201) | (242) | (196) | (94)
Foreign exchange and inflation indexation charges, net | (140) | (214) | (113) | (171)
Finance income (expenses), net | 118 | 186 | 51 | 93
Total | 1,523 | 1,448 | 644 | 650

The liability related to pension plans of the Company's employees and managed by the Petros Foundation, including debt instruments, is presented in note 13.

| 28.2. | Compensation of key management personnel

The criteria for compensation of members of the Board of Directors and the Board Executive Officers is based on the guidelines established by the Secretariat of Management and Governance of the State-owned Companies (SEST) of the Ministry of Management and Innovation in Public Services, and by the MME. The total compensation is set out as follows:

50

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

Schedule of total compensation |  |  |  |  | Parent Company
|  | Jan-Jun/2024 |  | Jan-Jun/2023
| Executive Officers | Board of Directors | Total | Executive Officers | Board of Directors | Total
Wages and short-term benefits | 1.5 | 0.2 | 1.7 | 1.4 | − | 1.4
Social security and other employee-related taxes | 0.4 | − | 0.4 | 0.4 | − | 0.4
Post-employment benefits (pension plan) | 0.2 | − | 0.2 | 0.1 | − | 0.1
Variable compensation | 1.3 | − | 1.3 | − | − | −
Benefits due to termination of tenure | 0.1 | − | 0.1 | 0.5 | − | 0.5
Total compensation recognized in the statement of income | 3.5 | 0.2 | 3.7 | 2.4 | − | 2.4
Total compensation paid (1) | 3.8 | − | 3.8 | 5.2 | − | 5.2
Monthly average number of members | 9.00 | 11.00 | 20.00 | 9.00 | 11.00 | 20.00
Monthly average number of paid members | 9.00 | 7.33 | 16.33 | 9.00 | 5.67 | 14.67

(1) | It includes Variable Compensation Program (PPP) for Executive Officers.

In the six-month period ended June 30, 2024, expenses related to compensation of the board members and executive officers of Petrobras amounted to US$ 7.2 (US$ 5.7 for the same period of 2023).

The compensation of the Advisory Committees to the Board of Directors is separate from the fixed compensation set for the Board Members and, therefore, has not been classified under compensation of Petrobras’ key management personnel.

In accordance with Brazilian regulations applicable to companies controlled by the Brazilian Federal Government, Board members who are also members of the Statutory Audit Committees are only compensated with respect to their Audit Committee duties. The total compensation concerning these members was US$ 163 thousand for the six-month period ended June 30, 2024 (US$ 194 thousand with tax and social security costs). For the same period of 2023, the total compensation concerning these members was US$ 221 thousand (US$ 266 thousand with tax and social security costs).

On April 25, 2024, the Company’s Annual Shareholders’ Meeting set the threshold for the overall compensation for executive officers and board members at US$ 8.6, R$ 43.21 million, from April 2024 to March 2025 (US$ 8.9, R$ 44.99 million, from April 2023 to March 2024, approved on April 27, 2023).

| 29. | Supplemental information on statement of cash flows

Schedule of supplemental information on statement of cash flows |  |
| Jan-Jun/2024 | Jan-Jun/2023
Amounts paid/received during the period: |  |
Withholding income tax paid on behalf of third-parties | 905 | 679
Transactions not involving cash |  |
Purchase of property, plant and equipment on credit | 154 | −
Lease | 2,981 | 7,249
Provision for decommissioning costs | 66 | 6
Use of tax credits and judicial deposit for the payment of contingency | 63 | 51
Remeasurement of property, plant and equipment acquired in previous periods | − | 12
Earn Out related to Atapu and Sépia fields | 105 | −

| 29.1. | Reconciliation of Depreciation, depletion and amortization with Statements of Cash Flows

Schedule of reconciliation of depreciation depletion and amortization with Statements of Cash Flows |  |
| Jan-Jun/2024 | Jan-Jun/2023
Depreciation of Property, plant and equipment | 7,639 | 7,145
Amortization of Intangible assets | 67 | 48
Capitalized depreciation | (1,119) | (940)
Depreciation of right of use - recovery of PIS/COFINS | (87) | (80)
Depreciation, depletion and amortization in the Statements of Cash Flows | 6,500 | 6,173

51

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated)

| 30. | Subsequent events

Redemption of global notes

On July 29, 2024, the Company’s wholly-owned subsidiary PGF concluded the early redemption of the 4.75% Global Notes due 2025. The total amount paid to investors was €273 million, considering the prices offered by Petrobras and excluding capitalized interest up to the date of redemption.

Distribution of remuneration to shareholders

On August 08, 2024, Petrobras’s Board of Directors approved the distribution of remuneration to shareholders in the amount of US$ 2,417, or R$ 13,574 million (US$ 0.1875 per outstanding preferred and common shares, or R$ 1.0532), based on the three-month period ended June 30, 2024, considering the application of the Shareholder Remuneration Policy formula (US$ 2,566) and the deduction of the shares repurchased by the Company during the period (US$ 149), excluding transaction costs, as presented in the following table:

Schedule of distribution remuneration to shareholders |  |  |  |
| Date of approval | Date of record | Amount per common and preferred share | Amount
Interim dividends | 08.08.2024 | 08.21.2024 | 0.0258 | 333
Interim interest on capital | 08.08.2024 | 08.21.2024 | 0.0735 | 947
Total anticipated dividends |  |  | 0.0993 | 1,280
Intermediate dividends by use of a portion of profit retention reserve | 08.08.2024 | 08.21.2024 | 0.0882 | 1,137
Total distribution to shareholders |  |  | 0.1875 | 2,417

These dividends and interest on capital will be paid in two equal installments, on November 21, 2024, and December 20, 2024. The amounts will be adjusted by the SELIC rate from the date of payment of each installment until the end of the year and will be deducted from the remuneration that will be distributed to shareholders relating to 2024.

52

Report of Independent Registered Public Accounting Firm

KPMG Auditores Independentes Ltda.

Rua do Passeio, 38 - Setor 2 - 17º andar - Centro

20021-290 - Rio de Janeiro/RJ - Brasil

Caixa Postal 2888 - CEP 20001-970 - Rio de Janeiro/RJ - Brasil

Telefone +55 (21) 2207-9400

kpmg.com.br

Report of Independent Registered Public Accounting Firm

To Shareholders and Board of Directors of

Petróleo Brasileiro S.A. – Petrobras

Rio de Janeiro - RJ

Results of Review of Condensed Consolidated Interim Financial Statements

We have reviewed the condensed consolidated statement of financial position of Petróleo Brasileiro S.A. - Petrobras and subsidiaries (the “Company”) as of June 30, 2024, the related condensed consolidated statements of income and comprehensive income for the three and six-month periods ended June 30, 2024 and 2023, the related condensed consolidated statements of changes in shareholders’ equity and cash flows for the six-month periods ended June 30, 2024 and 2023, and the related notes (collectively, the condensed consolidated interim financial statements). Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in accordance with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB).

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2023, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated April 11, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of financial position as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived.

Basis for Review Results

These condensed consolidated interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of condensed consolidated interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ KPMG Auditores Independentes Ltda.

Rio de Janeiro - RJ

August 8, 2024

KPMG Auditores Independentes Ltda., uma sociedade simples brasileira, de responsabilidade limitada e firma-membro da organização global KPMG de firmas-membro independentes licenciadas da KPMG International Limited, uma empresa inglesa privada de responsabilidade limitada. | KPMG Auditores Independentes Ltda., a Brazilian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

53

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 8, 2024

PETRÓLEO BRASILEIRO S.A–PETROBRAS
By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer