XML 216 R80.htm IDEA: XBRL DOCUMENT v3.25.1
Employee benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Employee Benefits  
Schedule of employee benefits
   
  12.31.2024 12.31.2023
Liabilities    
Short-term employee benefits 1,517 1,986
Termination benefits 72 143
Post-employment benefits 11,398 16,382
Total 12,987 18,511
Current 2,315 2,932
Non-current 10,672 15,579
Schedule of short term employee benefits
   
  12.31.2024 12.31.2023
Profit sharing 384 605
Performance award program 349 464
Accrued vacation 519 574
Salaries and related charges and other provisions 265 343
Total 1,517 1,986
Current 1,486 1,944
Non-current (1) 31 42
(1) Remaining balance relating to the four-year deferral of the PPP portion of executive officers and the upper management.
Schedule of recognized the statement of income
     
Expenses recognized in the statement of income 2024 2023 2022
Salaries, accrued vacations and related charges (3,652) (3,478) (3,006)
Management fees and charges (14) (14) (14)
Variable compensation programs (1) (932) (1,011) (678)
Performance award program (2) (468) (416) (547)
Profit sharing (2) (464) (595) (131)
Total (4,598) (4,503) (3,698)
(1) It includes adjustments to provisions related to previous years.  
(2) Amount recognized as other income and expenses - see note 11.  
Schedule of post employment benefits
   
  12.31.2024 12.31.2023
Liabilities    
Health Care Plan - Saúde Petrobras 7,499 9,662
Petros Pension Plan - Renegotiated (PPSP-R) 2,289 4,221
Petros Pension Plan - Non-renegotiated (PPSP-NR) 779 1,338
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pre 70) 395 519
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pre 70) 379 461
Petros 2 Pension Plan (PP-2) 57 181
Total 11,398 16,382
Current 808 907
Non-current 10,590 15,475
Schedule of other characteristics
           
  PPSP-R PPSP-R PPSP-NR PPSP-NR PP-2 PP-3
Pre-70 Pre-70
Modality Defined Benefit Defined Benefit Defined Benefit Defined Benefit Variable Contribution (defined benefit and defined contribution portions) Defined Contribution
Participants of the plan Generally covers employees and former employees who joined the company after 1970 that agreed with changes proposed by the Company in its original pension plan (P0) and amendments.

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

 

 

 Generally covers employees and former employees who joined the company after 1970 that did not agree with changes proposed by the Company in its original pension plan (P0) and amendments Generally covers employees and former employees hired prior to July 1, 1970, who enrolled in the P0 until January 1, 1996 and remained continuously linked to the original sponsor obtaining the condition of assisted and did not agreed with changes in in its original pension plan (P0) and amendments. This Plan was established in 2007, covering employees and former employees coming from new contests that moved from other existing plans. This plan was implemented in 2021, exclusive option for voluntary migration of employees and retirees from the PPSP-R and PPSP-NR plans.
New enrollments Closed Closed Closed Closed Open Closed
Retirement payments Lifetime monthly payments supplementing the benefit granted by the Brazilian National Institute of Social Security. Lifetime defined benefit monthly payments or non- defined benefit monthly payments in accordance with the participant's election. Undefined benefit with monthly payments, in accordance with the participant election.
Other general benefits Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion. Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion.
Indexation of Retirement payments by the plan Based on the Nationwide Consumer Price Index. Based on the current index levels applicable to active employees’ salaries and the indexes set out by the Brazilian National Institute of Social Security. Lifetime defined benefit monthly payments: based on the Nationwide Consumer Price Index.


 Undefined benefit monthly payments: based on the variation of individual account quota.
Undefined benefit monthly payments: based on the variation of the individual account quota. Undefined benefit monthly payments: based on the variation of individual account quota.
Parity contributions made by participants and the Company to the plans It is comprised of: It is comprised of: It is comprised of: It is comprised of: It is comprised of: Regular parity contributions during the employment relationship, saving for the undefined benefit, accumulated in individual accounts
i) normal contributions that cover expected cost of the plans in the long term; and normal contributions that cover expected cost of the plans in the long term. i) normal contributions that cover expected cost of the plans in the long term; and normal contributions that cover expected cost of the plans in the long term. i) normal contributions that cover expected cost of the plans in the long term; and
ii) extraordinary contributions that cover additional costs that are generally derived from actuarial deficits. Participants are exempt from paying any extraordinary contributions in case of deficit until the settlement of the TFC. ii) extraordinary contributions that cover additional costs that are generally derived from actuarial deficits. Participants are exempt from paying any extraordinary contributions in case of deficit until the settlement of the TFC. ii) extraordinary contributions that cover additional costs derived from actuarial deficits (as provided for in the plan rules for the defined benefit portion of the plan.
Deficit Settlement Plan (PED) (1) Petros' Foundation Deliberative Council approved a plan to settle the deficit registered by the PPSP-R in 2021. On April 1, 2023, this plan was implemented, following a favorable decision held on March 17, 2023 by the SEST. N/A Petros' Foundation Deliberative Council approved a plan to settle the deficit registered by the PPSP-NR in 2022. On April 1, 2024, this plan was implemented, following a favorable decision held on April, 09, 2024 by the SEST. N/A N/A N/A
Debt Assumption Instrument relating to Deficit Settlement Plan 2015 (PED 2015) - referring these contributions were not previously made due to court injunctions. Amounts to be paid to Petros Foundation (1). Financial obligations with a principal amounting to US$89 at 12/31/2024. N/A Financial obligations with a principal amounting to US$32 at 12/31/2024. N/A N/A N/A
Terms of Financial Commitment - TFC (debt agreements) assumed by the Company to settle the deficits. Amounts to be paid to Petros Foundation (1) Financial obligations amounting to US$93 at 12/31/2024. Financial obligations amounting to US$475 at 12/31/2024. Financial obligations settled early in 2021. Financial obligations amounting to US$410 at 12/31/2024. N/A N/A
Annually remeasured in accordance with actuarial assumptions, with semi-annual payment of interest based on the updated balance and maturing in 2028.
(1) This obligation is recorded in these financial statements, within actuarial liabilities.
Schedule of changes in the actuarial liabilities
         
          2024
  Pension Plans Health Care Plan Total
  PPSP-R (1) PPSP-NR (1) Petros 2 Saúde Petrobras-AMS  
Amounts recognized in the Statement of Financial Position          
Present value of obligations 9,992 3,233 874 7,498 21,597
(-) Fair value of plan assets (7,308) (2,075) (816) − (10,199)
Net actuarial liability as of December 31, 2024 2,684 1,158 58 7,498 11,398
Changes in the net actuarial liability          
Balance as of January 1, 2024 4,740 1,799 181 9,662 16,382
Recognized in the Statement of Income 399 153 13 2,369 2,934
Past service cost (2) − − − 1,291 1,291
Current service cost 10 2 − 198 210
Net interest 389 151 13 880 1,433
Recognized in Equity - other comprehensive income (1,053) (281) (84) (1,861) (3,279)
(Gains)/losses arising from the remeasurement (2) (1,053) (281) (84) (1,861) (3,279)
Cash effects (382) (121) (13) (485) (1,001)
Contributions paid (355) (108) (13) (485) (961)
Payments related to Term of financial commitment (TFC) (27) (13) − − (40)
Other changes (1,020) (392) (39) (2,187) (3,638)
Translation Adjustment (1,020) (392) (39) (2,187) (3,638)
Balance at December 31, 2024 2,684 1,158 58 7,498 11,398
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) It includes 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

  
Amounts recognized in the Statement of Financial Position          
Present value of obligations 14,941 4,806 1,357 9,662 30,766
(-) Fair value of plan assets (10,201) (3,007) (1,176) − (14,384)
Net actuarial liability as of December 31, 2023 4,740 1,799 181 9,662 16,382
Changes in the net actuarial liability          
Balance as of January 1, 2023 3,890 1,380 163 5,813 11,246
Recognized in the Statement of Income 490 169 30 853 1,542
Current service cost 11 2 10 144 167
Net interest 479 167 20 709 1,375
Recognized in Equity - other comprehensive income 433 253 (14) 2,902 3,574
(Gains)/losses arising from the remeasurement (2) 433 253 (14) 2,902 3,574
Cash effects (385) (115) (12) (415) (927)
Contributions paid (357) (103) (12) (415) (887)
Payments related to Term of financial commitment (TFC) (28) (12) − − (40)
Other changes 312 112 14 509 947
Others − − − 1 1
Translation Adjustment 312 112 14 508 946
Balance at December 31, 2023 4,740 1,799 181 9,662 16,382
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) It includes a complement of US$ 109 related to 2022.
Schedule of changes in present value of the obligation
         
          2024
  Pension Plans Health Care Plan Total
  PPSP-R (1) PPSP-NR (1) Petros 2 Saúde Petrobras-AMS  
Present value of obligations at the beginning of the year 14,941 4,806 1,357 9,662 30,766
Recognized in the Statement of Income 1,241 397 112 2,369 4,119
Interest expense 1,231 395 112 880 2,618
Service cost 10 2 − 1,489 1,501
Recognized in Equity - other comprehensive income (1,949) (577) (233) (1,861) (4,620)
Remeasurement: Experience (gains) / losses (8) 15 190 (464) (267)
Remeasurement: (gains) / losses - demographic assumptions − − 7 1 8
Remeasurement: (gains) / losses - financial assumptions (1,941) (592) (430) (1,398) (4,361)
Others (4,241) (1,393) (362) (2,672) (8,668)
Benefits paid, net of assisted contributions (999) (354) (79) (488) (1,920)
Contributions paid by participants 24 5 16 − 45
Translation Adjustment (3,266) (1,044) (299) (2,184) (6,793)
Present value of obligations at the end of the year 9,992 3,233 874 7,498 21,597
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
 
           
          2023
  Pension Plans

Health

Care Plan

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

Saúde

Petrobras-AMS

  
Present value of obligations at the beginning of the year 12,771 4,119 1,102 5,813 23,805
Recognized in the Statement of Income 1,559 496 141 853 3,049
Interest expense 1,548 494 131 709 2,882
Service cost 11 2 10 144 167
Recognized in Equity - other comprehensive income 737 274 73 2,902 3,986
Remeasurement: Experience (gains) / losses (2) (318) (107) (94) 54 (465)
Remeasurement: (gains) / losses - demographic assumptions 929 80 (1) 127 1,135
Remeasurement: (gains) / losses - financial assumptions (2) 126 301 168 2,721 3,316
Others (126) (83) 41 94 (74)
Benefits paid, net of assisted contributions (1,165) (413) (61) (413) (2,052)
Contributions paid by participants 25 6 9 − 40
Translation Adjustment 1,014 324 93 507 1,938
Present value of obligations at the end of the year 14,941 4,806 1,357 9,662 30,766
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) It includes a complement of US$ 109 related to 2022.
Schedule of changes in the fair value of plan assets
         
          2024
  Pension Plans Health Care Plan Total
  PPSP-R (1) PPSP-NR (1) Petros 2 Saúde Petrobras-AMS  
Fair value of plan assets at the beginning of the year 10,201 3,007 1,176 − 14,384
Recognized in the Statement of Income 842 244 99 − 1,185
Interest income 842 244 99 − 1,185
Recognized in Equity - other comprehensive income (896) (296) (149) − (1,341)
Cash effects 382 121 13 485 1,001
Contributions paid by the sponsor (Company) 355 108 13 485 961
Term of financial commitment (TFC) paid by the Company 27 13 − − 40
Other Changes (3,221) (1,001) (323) (485) (5,030)
Contributions paid by participants 24 5 16 − 45
Benefits paid, net of assisted contributions (999) (354) (79) (488) (1,920)
Translation Adjustment (2,246) (652) (260) 3 (3,155)
Fair value of plan assets at the end of the year 7,308 2,075 816 − 10,199
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.

 

 

           
          2023
  Pension Plans

Health

Care Plan

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

Saúde

Petrobras-AMS

  
Fair value of plan assets at the beginning of the year 8,881 2,739 939 − 12,559
Recognized in the Statement of Income 1,069 327 111 − 1,507
Interest income 1,069 327 111 − 1,507
Recognized in Equity - other comprehensive income 304 21 87 − 412
Remeasurement: Higher/(lower) return on plan assets compared to discount rate 304 21 87 − 412
Cash effects 385 115 12 415 927
Contributions paid by the sponsor (Company) 357 103 12 415 887
Term of financial commitment (TFC) paid by the Company 28 12 − − 40
Other Changes (438) (195) 27 (415) (1,021)
Contributions paid by participants 25 6 9 − 40
Benefits paid, net of assisted contributions (1,165) (413) (61) (413) (2,052)
Translation Adjustment 702 212 79 (2) 991
Fair value of plan assets at the end of the year 10,201 3,007 1,176 − 14,384
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
Schedule of pension plan assets by type of asset
           
        2024   2023
Type of asset Quoted prices in active markets Unquoted prices

Total fair

value

 

  %

Total fair
value

 

  %
Receivables − 954 954 9% 1,466 10%
Fixed income 1,780 6,150 7,930 78% 10,910 75%
Government bonds 5 6,148 6,153 − 9,450 −
Fixed income funds 1,162 − 1,162 − 786 −
Other investments 613 2 615 − 674 −
Variable income 324 155 479 3% 945 5%
Common and preferred shares 324 − 324 − 735 −
Other investments − 155 155 − 210 −
Structured investments 151 22 173 4% 216 4%
Real estate properties − 418 418 4% 541 4%
  2,255 7,699 9,954 98% 14,078 98%
Loans to participants − 245 245 2% 306 2%
Fair value of plan assets at the end of the year 2,255 7,944 10,199 100% 14,384 100%
Schedule of net expenses relating to benefit plans
         
    Pension Plans Health Care Plan Total
  PPSP-R (1) PPSP-NR (1) Petros 2 Saúde Petrobras-AMS
Related to active employees (cost of sales and expenses) (34) (10) (2) (692) (738)
Related to retirees (other income and expenses) (365) (143) (11) (1,677) (2,196)
Net expenses for 2024 (399) (153) (13) (2,369) (2,934)
Net expenses for 2023 (490) (169) (30) (853) (1,542)
Net expenses for 2022 (457) (129) (33) (609) (1,228)
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
Schedule of expected future cash flows
           
  2024 2023
  Pension Plan Health Care Plan Total Total
  PPSP-R (1) PPSP-NR (1) Petros 2

Saúde

Petrobras-AMS

    
Up to 1 Year 911 313 71 381 1,676 1,084
1 to 5 Years 3,820 1,221 286 1,909 7,236 8,955
6 to 10 Years 2,511 769 192 1,713 5,185 6,970
11 To 15 Years 1,593 458 126 1,293 3,470 5,112
Over 15 Years 1,157 472 199 2,202 4,030 8,645
Total 9,992 3,233 874 7,498 21,597 30,766
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
Schedule of defined benefit obligation
       
  PPSP-R

PPSP-R

Pré-70

 PPSP-NR

PPSP-NR

Pré-70

Number of years during which benefits must be paid to participants of defined benefit plans 9.71 6.52 9.51 6.45
Schedule of actuarial assumptions
           
            2024
          Pension Plans Health Care Plan
Assumptions PPSP-R PPSP-NR

PPSP-R

Pré-70

PPSP-NR

Pré-70

 PP2

Saúde

Petrobras-AMS

Nominal discount rate (including inflation)(1) 12.95% 12.95% 13.07% 13.07% 12.95% 12.93%
Real discount rate 7.48% 7.48% 7.59% 7.59% 7.48% 7.46%
Nominal expected salary growth (including inflation)(2) 6.16% 6.15% n/a 6.15% 8.72% n/a
Expected changes in medical and hospital costs(3) n/a n/a n/a n/a n/a 13.69% a 3.25% p.a.
Mortality table Petros Experience 2016 Petros Experiences 2025 Petros Experiences 2020 Petros Experiences 2023 AT-2012 IAM basic fem 10% smoothed

Employees: according to pension plan Assisted: Petros 2016

Disability table American group American group n/a n/a Disability Experience PP-2 2022 Disability Experience PP-2 2022
Mortality table for disabled participants AT-49 male AT-83 Basic by gender  MI 2006, by gender, 20% smoothed Petros Experience 2014 MI-85, male, 10% smoothed AT-49 male
Age of retirement Male, 56,36 years Female, 55,42 years Male, 57,71 years Female, 55,88 years Male, 56,36 years Female, 55,42 years Male, 57,71 years Female, 55,88 years 1st eligibility according to RGPS Male, 65 years / Female, 60 years Male, 56,86 years Female, 55,75 years
             
(1) Inflation reflects market projections: 5.09% for 2025 and converging to 3.25% in 2029 onwards.
(2) Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan.
(3) Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate.

 

            2023
          Pension Plans Health Care Plan
Assumptions PPSP-R PPSP-NR PPSP-R Pre-70 PPSP-NR Pre-70 PP2

Saúde

Petrobras-AMS

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

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

Disability table American group American group n/a n/a Disability Experience PP-2 2022 Assets: PP-2: Disability Experience PP-2 2022  Assisted: n/a
Mortality table for disabled participants AT-49 male AT-83 Basic by gender  MI 2006, by gender, 20% smoothed Petros Experience 2014 IAPB-57 strong, 30% smoothed PPSP-R: AT-49 male
Age of retirement Male, 56 years / Female, 55 years Male, 58 years / Female, 56 years Male, 56 years / Female, 55 years Male, 58 years / Female, 56 years 1st eligibility according to RGPS Male, 65 years / Female, 60 years Male, 56 years / Female, 55 years
             
(1) Inflation reflects market projections: 3.90% for 2024 and converging to 3.75% in 2031 onwards.
(2) Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan.
(3) Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate.
Schedule of change in the discount rate
           
    Discount Rate Expected changes in medical and hospital costs
  Pension Benefits Medical Benefits Medical Benefits
  +100 bps -100 bps +100 bps -100 bps +100 bps -100 bps
Pension Obligation (1,045) 1,169 (722) 868 911 (762)
Current Service cost and interest cost (12) 6 (51) 61 150 (63)