[6-K] Petroleo Brasileiro S.A.-Petrobras Current Report (Foreign Issuer)
Petrobras reported material revenue declines driven by lower prices. Domestic market oil products revenues fell by US$2,222 million, reflecting a US$2,715 million drop in average domestic basic oil product prices partially offset by a US$493 million increase in sales volumes. Exported crude oil revenues decreased by US$1,812 million, of which US$502 million resulted from lower sales volumes and US$1,310 million from a decline in average export prices tied to weaker Brent crude. The excerpt also includes a labeled debt table placeholder and a signature by Fernando Sabbi Melgarejo.
Petrobras ha registrato cali significativi dei ricavi dovuti a prezzi più bassi. I ricavi per i prodotti petroliferi sul mercato interno sono diminuiti di US$2.222 milioni, conseguenza di una riduzione media dei prezzi interni dei prodotti petroliferi di base pari a US$2.715 milioni, parzialmente compensata da un aumento dei volumi venduti di US$493 milioni. I ricavi dalle esportazioni di greggio sono diminuiti di US$1.812 milioni, di cui US$502 milioni dovuti a minori volumi venduti e US$1.310 milioni imputabili al calo del prezzo medio di esportazione legato all’indebolimento del Brent. L’estratto include inoltre un segnaposto etichettato per la tabella del debito e la firma di Fernando Sabbi Melgarejo.
Petrobras registró caídas importantes en sus ingresos impulsadas por la baja de precios. Los ingresos por productos petrolíferos en el mercado doméstico cayeron US$2.222 millones, reflejando una disminución de US$2.715 millones en el precio medio interno de los productos petrolíferos básicos, parcialmente compensada por un aumento de las ventas por US$493 millones. Los ingresos por crudo exportado disminuyeron US$1.812 millones, de los cuales US$502 millones se debieron a menores volúmenes vendidos y US$1.310 millones a la caída del precio medio de exportación vinculada al debilitamiento del Brent. El extracto también incluye un marcador de posición etiquetado para la tabla de deuda y la firma de Fernando Sabbi Melgarejo.
페트로브라스는 낮은 유가로 인해 매출이 크게 감소했다고 보고했습니다. 국내 시장 석유제품 매출은 22억2,220만 달러(US$2,222 million) 감소했으며, 이는 국내 기본 석유제품 평균가격이 27억1,500만 달러(US$2,715 million) 하락한 영향이 컸고 일부는 판매량 증가로 인한 4억9,300만 달러(US$493 million)의 증가로 일부 상쇄되었습니다. 수출 원유 매출은 18억1,200만 달러(US$1,812 million) 감소했는데, 이 중 5억200만 달러(US$502 million)는 판매량 감소 때문이고 13억1,000만 달러(US$1,310 million)는 브렌트(BRENT) 약세에 따른 평균 수출가격 하락 때문입니다. 발췌문에는 표기로 된 부채 표 자리표시자와 Fernando Sabbi Melgarejo의 서명도 포함되어 있습니다.
Petrobras a déclaré des baisses importantes de ses revenus liées à la baisse des prix. Les revenus des produits pétroliers sur le marché domestique ont diminué de US$2 222 millions, reflétant une baisse de US$2 715 millions du prix moyen domestique des produits pétroliers de base, partiellement compensée par une augmentation des volumes vendus de US$493 millions. Les revenus du pétrole brut exporté ont diminué de US$1 812 millions, dont US$502 millions résultent de volumes de vente plus faibles et US$1 310 millions d’une baisse du prix moyen à l’export liée à l’affaiblissement du Brent. L’extrait inclut également un emplacement étiqueté pour un tableau de dette et la signature de Fernando Sabbi Melgarejo.
Petrobras meldete erhebliche Umsatzrückgänge, die durch niedrigere Preise verursacht wurden. Die Erlöse für Ölprodukte auf dem Inlandsmarkt fielen um US$2.222 Millionen. Dies spiegelt einen Rückgang der durchschnittlichen heimischen Basisölproduktpreise um US$2.715 Millionen wider, der teilweise durch ein Absatzvolumenplus von US$493 Millionen ausgeglichen wurde. Die Erlöse aus exportiertem Rohöl sanken um US$1.812 Millionen, wovon US$502 Millionen auf geringere Verkaufsvolumina und US$1.310 Millionen auf einen Rückgang der durchschnittlichen Exportpreise infolge eines schwächeren Brent zurückzuführen sind. Der Auszug enthält außerdem einen bezeichneten Platzhalter für eine Schulden-Tabelle sowie die Unterschrift von Fernando Sabbi Melgarejo.
- Domestic sales volumes increased, contributing a US$493 million positive offset to lower domestic prices
- Domestic market oil products revenues decreased by US$2,222 million, mainly due to a US$2,715 million decline in average domestic basic oil product prices
- Exported crude oil revenues decreased by US$1,812 million, including a US$1,310 million reduction from lower average export prices and a US$502 million reduction from lower sales volumes
Insights
TL;DR: Revenue declines are large and driven primarily by price moves rather than volumes, pressuring top-line performance.
The filing excerpt quantifies significant top-line deterioration: a US$2.22 billion reduction in domestic product revenues and a US$1.81 billion fall in crude export revenues. The split shows price effects dominate the change (US$2.715 billion domestic price impact; US$1.31 billion export price impact) with a modest volume offset domestically (US$493 million). These figures indicate commodity price exposure is the primary driver of near-term revenue volatility. No information on margins, costs, or net income is provided, so assessment of profitability impact is limited to revenue effects explicitly reported.
TL;DR: Falling international diesel/gasoline and Brent prices materially reduced Petrobras' revenue; domestic volumes partly mitigated the impact.
The disclosure isolates how reduced international diesel and gasoline prices lowered average domestic basic product prices by US$2.715 billion, causing most of the US$2.222 billion domestic revenue decline, while exported crude revenues fell mainly from Brent-linked price weakness (US$1.31 billion) plus a US$502 million volume decline. This breakdown is useful for understanding market-driven vs. operational effects. The excerpt lacks details on hedging, regional sales mix, or downstream/upstream margin differentials, so implications for cash flow and unit economics cannot be assessed from the provided text.
Petrobras ha registrato cali significativi dei ricavi dovuti a prezzi più bassi. I ricavi per i prodotti petroliferi sul mercato interno sono diminuiti di US$2.222 milioni, conseguenza di una riduzione media dei prezzi interni dei prodotti petroliferi di base pari a US$2.715 milioni, parzialmente compensata da un aumento dei volumi venduti di US$493 milioni. I ricavi dalle esportazioni di greggio sono diminuiti di US$1.812 milioni, di cui US$502 milioni dovuti a minori volumi venduti e US$1.310 milioni imputabili al calo del prezzo medio di esportazione legato all’indebolimento del Brent. L’estratto include inoltre un segnaposto etichettato per la tabella del debito e la firma di Fernando Sabbi Melgarejo.
Petrobras registró caídas importantes en sus ingresos impulsadas por la baja de precios. Los ingresos por productos petrolíferos en el mercado doméstico cayeron US$2.222 millones, reflejando una disminución de US$2.715 millones en el precio medio interno de los productos petrolíferos básicos, parcialmente compensada por un aumento de las ventas por US$493 millones. Los ingresos por crudo exportado disminuyeron US$1.812 millones, de los cuales US$502 millones se debieron a menores volúmenes vendidos y US$1.310 millones a la caída del precio medio de exportación vinculada al debilitamiento del Brent. El extracto también incluye un marcador de posición etiquetado para la tabla de deuda y la firma de Fernando Sabbi Melgarejo.
페트로브라스는 낮은 유가로 인해 매출이 크게 감소했다고 보고했습니다. 국내 시장 석유제품 매출은 22억2,220만 달러(US$2,222 million) 감소했으며, 이는 국내 기본 석유제품 평균가격이 27억1,500만 달러(US$2,715 million) 하락한 영향이 컸고 일부는 판매량 증가로 인한 4억9,300만 달러(US$493 million)의 증가로 일부 상쇄되었습니다. 수출 원유 매출은 18억1,200만 달러(US$1,812 million) 감소했는데, 이 중 5억200만 달러(US$502 million)는 판매량 감소 때문이고 13억1,000만 달러(US$1,310 million)는 브렌트(BRENT) 약세에 따른 평균 수출가격 하락 때문입니다. 발췌문에는 표기로 된 부채 표 자리표시자와 Fernando Sabbi Melgarejo의 서명도 포함되어 있습니다.
Petrobras a déclaré des baisses importantes de ses revenus liées à la baisse des prix. Les revenus des produits pétroliers sur le marché domestique ont diminué de US$2 222 millions, reflétant une baisse de US$2 715 millions du prix moyen domestique des produits pétroliers de base, partiellement compensée par une augmentation des volumes vendus de US$493 millions. Les revenus du pétrole brut exporté ont diminué de US$1 812 millions, dont US$502 millions résultent de volumes de vente plus faibles et US$1 310 millions d’une baisse du prix moyen à l’export liée à l’affaiblissement du Brent. L’extrait inclut également un emplacement étiqueté pour un tableau de dette et la signature de Fernando Sabbi Melgarejo.
Petrobras meldete erhebliche Umsatzrückgänge, die durch niedrigere Preise verursacht wurden. Die Erlöse für Ölprodukte auf dem Inlandsmarkt fielen um US$2.222 Millionen. Dies spiegelt einen Rückgang der durchschnittlichen heimischen Basisölproduktpreise um US$2.715 Millionen wider, der teilweise durch ein Absatzvolumenplus von US$493 Millionen ausgeglichen wurde. Die Erlöse aus exportiertem Rohöl sanken um US$1.812 Millionen, wovon US$502 Millionen auf geringere Verkaufsvolumina und US$1.310 Millionen auf einen Rückgang der durchschnittlichen Exportpreise infolge eines schwächeren Brent zurückzuführen sind. Der Auszug enthält außerdem einen bezeichneten Platzhalter für eine Schulden-Tabelle sowie die Unterschrift von Fernando Sabbi Melgarejo.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
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, 2025
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 – 9th floor
20231-030 – 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____
 |
|
Financial Information Jan-Jun/2025 —
|
| 1 |
|
B3: PETR3 (ON) | PETR4 (PN)
NYSE: PBR (ON) | PBRA (PN)
www.petrobras.com.br/ir
petroinvest@petrobras.com.br
+ 55 21 3224-1510
Disclaimer
This presentation contains some financial indicators that are not recognized by GAAP or the IFRS Accounting Standards. The indicators presented herein do not have standardized meanings and may not be comparable to indicators with a similar description used by others. We provide these indicators because we use them as measures of company performance and liquidity; they should not be considered in isolation or as a substitute for other financial metrics that have been disclosed in accordance with the IFRS Accounting Standards. See definitions of Adjusted EBITDA, LTM Adjusted EBITDA, Adjusted Cash and Cash Equivalents, Net Debt, Gross Debt, Free Cash Flow, and Leverage in the Glossary and their reconciliations in the sections Liquidity and Capital Resources, Reconciliation of LTM Adjusted EBITDA, Net Debt/LTM Adjusted EBITDA Metrics and Consolidated Debt.
| 2 |
|
TABLE OF CONTENTS
| CONSOLIDATED RESULTS | |
| Key Financial Information | 4 |
| Sales Revenues | 4 |
| Cost of Sales | 5 |
| Income (Expenses) | 5 |
| Net finance income (expense) | 6 |
| Income taxes | 6 |
| Net Income attributable to shareholders of Petrobras | 6 |
| CAPITAL EXPENDITURES (CAPEX) | 7 |
| LIQUIDITY AND CAPITAL RESOURCES | 8 |
| CONSOLIDATED DEBT | 9 |
|
RECONCILIATION OF ADJUSTED EBITDA, LTM ADJUSTED EBITDA AND NET DEBT/LTM ADJUSTED EBITDA METRICS |
|
| Adjusted EBITDA and Net cash provided by operating activities – OCF | 10 |
| LTM Adjusted EBITDA | 11 |
| Adjusted Cash and Cash Equivalents, Gross Debt, Net Debt, Net Cash provided by Operating Activities (LTM OCF), LTM Adjusted EBITDA, Gross Debt Net of Cash and Cash Equivalents/LTM OCF and Net Debt/LTM Adjusted EBITDA Metrics | 12 |
| RESULTS BY OPERATING BUSINESS SEGMENTS | |
| Exploration and Production (E&P) | 13 |
| Refining, Transportation and Marketing | 14 |
| Gas and Low Carbon Energies | 15 |
| GLOSSARY | 16 |
| 3 |
|
CONSOLIDATED RESULTS
The main functional currency of the Petrobras Group (the “Company”) is the Brazilian real, which is the functional currency of the parent company and its Brazilian subsidiaries. As the presentation currency of the Petrobras Group is the U.S. dollar, the results of operations in Brazilian reais are translated into U.S. dollars using the average exchange rates prevailing on a monthly basis.
Key Financial Information
| US$ million | Jan-Jun/2025 | Jan-Jun/2024 |
Change (%) |
||||
| Sales revenues | 42,110 | 47,235 | (10.9) | ||||
| Cost of Sales | (21,710) | (23,251) | (6.6) | ||||
| Gross profit | 20,400 | 23,984 | (14.9) | ||||
| Income (expenses) | (7,775) | (8,295) | (6.3) | ||||
| Net income attributable to the shareholders of Petrobras | 10,708 | 4,438 | 141.3 | ||||
| Net cash provided by operating activities | 16,029 | 18,473 | (13.2) | ||||
| Adjusted EBITDA | 19,688 | 21,754 | (9.5) | ||||
| Average Brent crude (US$/bbl) (1) | 71.74 | 84.09 | (14.7) | ||||
| Average Domestic basic oil products price (US$/bbl) | 84.75 | 93.70 | (9.6) | ||||
|
(1) Source: Refinitiv.
|
|||||||
| US$ million | 06.30.2025 | 12.31.2024 |
Change (%) |
||||
| Gross Debt | 68,064 | 60,311 | 12.9 | ||||
| Net Debt | 58,563 | 52,240 | 12.1 | ||||
| Net Debt/LTM Adjusted EBITDA ratio | 1.53 | 1.29 | 18.6 | ||||
Sales Revenues
| US$ million | Jan-Jun/2025 | Jan-Jun/2024 |
Change (%) |
||
| Diesel | 12,753 | 14,055 | (9.3) | ||
| Gasoline | 6,037 | 6,278 | (3.8) | ||
| Liquefied petroleum gas (LPG) | 1,617 | 1,551 | 4.3 | ||
| Jet fuel | 2,132 | 2,331 | (8.5) | ||
| Naphtha | 835 | 910 | (8.2) | ||
| Fuel oil (including bunker fuel) | 297 | 577 | (48.5) | ||
| Other oil products | 1,901 | 2,092 | (9.1) | ||
| Subtotal Oil Products | 25,572 | 27,794 | (8.0) | ||
| Natural gas | 1,858 | 2,458 | (24.4) | ||
| Crude oil | 2,478 | 2,278 | 8.8 | ||
| Renewables and nitrogen products | 94 | 74 | 27.0 | ||
| Breakage | 102 | 261 | (60.9) | ||
| Electricity | 287 | 232 | 23.7 | ||
| Services, agency and others | 348 | 449 | (22.5) | ||
| Total domestic market | 30,739 | 33,546 | (8.4) | ||
| Exports | 11,049 | 13,144 | (15.9) | ||
| Crude oil | 8,262 | 10,074 | (18.0) | ||
| Fuel oil (including bunker fuel) | 2,277 | 2,448 | (7.0) | ||
| Other oil products and other products | 510 | 622 | (18.0) | ||
| Sales abroad (1) | 322 | 545 | (40.9) | ||
| Total foreign market | 11,371 | 13,689 | (16.9) | ||
| Sales revenues | 42,110 | 47,235 | (10.9) | ||
|
(1) Sales revenues from operations outside of Brazil, including trading and excluding exports.
|
|||||
Sales revenues were US$ 42,110 million for the period Jan-Jun/2025, a 10.9% decrease (US$ 5,125 million) when compared to US$ 47,235 million for the period Jan-Jun/2024, mainly due to:
| 4 |
|
| (i) | a US$ 2,222 million decrease in domestic market oil products revenues, which derives from a US$ 2,715 million decrease in average domestic basic oil products prices following the reduction in average international prices for diesel and gasoline, which was partially offset by a US$ 493 million increase in sales volumes; and |
| (ii) | a US$ 1,812 million decrease in exported crude oil revenues, of which US$ 502 million relates to a decrease in sales volumes, and US$ 1,310 million relates to a decrease in the average price of crude oil exports following the depreciation of average Brent crude prices. |
Cost of Sales
| US$ million | Jan-Jun/2025 | Jan-Jun/2024 |
Change (%) |
||
| Raw material, products for resale, materials and third-party services(1) | (10,350) | (11,298) | (8.4) | ||
| Acquisitions | (7,131) | (8,171) | (12.7) | ||
| Crude oil imports | (3,882) | (4,749) | (18.3) | ||
| Oil products imports | (2,775) | (2,661) | 4.3 | ||
| Natural gas imports | (474) | (761) | (37.7) | ||
| Third-party services and others | (3,219) | (3,127) | 2.9 | ||
| Depreciation, depletion and amortization | (5,517) | (5,072) | 8.8 | ||
| Production taxes | (5,358) | (5,936) | (9.7) | ||
| Employee compensation | (830) | (1,042) | (20.3) | ||
| Inventory turnover | 345 | 97 | 255.7 | ||
| Total | (21,710) | (23,251) | (6.6) | ||
| (1) It Includes short-term leases. | |||||
Cost of sales was US$ 21,710 million for the period Jan-Jun/2025, a 6.6% decrease (US$ 1,541 million) when compared to US$ 23,251 million for the period Jan-Jun/2024, mainly due to a US$ 867 million decrease in crude oil imports, which derives from a US$ 965 million decrease in import volumes, which was partially offset by a US$ 98 million increase in average oil products import prices.
Income (Expenses)
| US$ million | Jan-Jun/2025 | Jan-Jun/2024 |
Change (%) |
| Selling expenses | (2,376) | (2,601) | (8.7) |
| General and administrative expenses | (908) | (996) | (8.8) |
| Exploration costs | (498) | (309) | 61.2 |
| Research and development expenses | (395) | (376) | 5.1 |
| Other taxes | (250) | (1,088) | (77.0) |
| Impairment (losses) reversals, net | (240) | 46 | - |
| Other income and expenses, net | (3,108) | (2,971) | 4.6 |
| Total | (7,775) | (8,295) | (6.3) |
Selling expenses were US$ 2,376 million for the period Jan-Jun/2025, an 8.7% decrease (US$ 225 million) compared to US$ 2,601 million for the period Jan-Jun/2024, mainly due to lower logistical expenses related to lower volumes of crude oil exports.
Exploration costs were US$ 498 million for the period Jan-Jun/2025, a 61.2% increase (US$ 189 million) compared to US$ 309 million for the period Jan-Jun/2024, mainly due to exploration expenditures written off related to blocks C-M-753 and C-M-789 in the Campos Basin, reflecting the assessment of the projects' lack of economic feasibility, which resulted in the decision not to proceed with their development.
Other taxes were US$ 250 million for the period Jan-Jun/2025, a 77.0% decrease (US$ 838 million) compared to US$ 1,088 million for the period Jan-Jun/2024, mainly due to enrollment to the tax settlement program in Jun/24, which allowed the settlement of significant legal disputes related to discussions on the incidence of taxes on remittances abroad involving chartering of vessels or platforms and their respective service contracts.
Net finance income (expense)
| 5 |
|
| US$ million | Jan-Jun/2025 | Jan-Jun/2024 |
Change (%) |
| Finance income | 642 | 1,029 | (37.6) |
| Income from investments and marketable securities (Government Bonds) | 448 | 812 | (44.8) |
| Other finance income | 194 | 217 | (10.6) |
| Finance expenses | (2,048) | (4,004) | (48.9) |
| Interest on finance debt | (983) | (1,073) | (8.4) |
| Unwinding of discount on lease liability | (1,275) | (1,104) | 15.5 |
| Capitalized borrowing costs | 916 | 759 | 20.7 |
| Unwinding of discount on the provision for decommissioning costs | (648) | (530) | 22.3 |
| Tax settlement programs - federal taxes | − | (1,930) | − |
| Other finance expenses | (58) | (126) | (54.0) |
| Foreign exchange gains (losses) and inflation indexation charges | 4,169 | (5,833) | − |
| Foreign exchange gains (losses) | 5,068 | (4,421) | − |
| Real x U.S. dollar | 5,218 | (4,449) | − |
| Other currencies | (150) | 28 | − |
| Reclassification of hedge accounting to the Statement of Income | (1,220) | (1,297) | (5.9) |
| Tax settlement programs - federal taxes | − | (220) | − |
|
Indexation to the Selic interest rate of anticipated dividends and dividends payable |
(151) | (388) | (61.1) |
| Recoverable taxes inflation indexation income | 159 | (96) | − |
| Other foreign exchange gains and indexation charges, net | 313 | 589 | (46.9) |
| Total | 2,763 | (8,808) | − |
Net finance income (expense) was an income of US$ 2,763 million for the period Jan-Jun/2025, an increase of US$ 11,571 million compared to an expense of US$ 8,808 million for the period Jan-Jun/2024, mainly due to a foreign exchange gain - Real x U.S. dollar of US$ 5,218 million in Jan-Jun/2025, as compared to a US$ 4,449 million loss in Jan-Jun/2024 reflecting a 11.8% appreciation of the real/US$ exchange rate in Jan-Jun/2025 (06/30/2025: R$ 5.46/US$, 12/31/2024: R$ 6.19/US$) compared to a 14.9% depreciation in Jan-Jun/2024 (06/30/2024: R$ 5.56/US$, 12/31/2023: R$ 4.84/US$).
Income taxes
Income tax was an expense of US$ 4,765 million in Jan-Jun/2025, compared to an expense of US$ 2,120 million in Jan-Jun/2024. The increase was mainly due to higher net income before income taxes (US$ 15,517 million of income in Jan-Jun/2025 compared to a US$ 6,600 million income in Jan-Jun/2024), resulting in nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) of US$ 5,275 million in Jan-Jun/2025 compared to a US$ 2,243 million in Jan-Jun/2024.
Net Income attributable to shareholders of Petrobras
Net income attributable to shareholders of Petrobras was US$ 10,708
million for the period Jan-Jun/2025, a US$ 6,270 million increase compared to a net income attributable to shareholders of Petrobras
of US$ 4,438 million for the period Jan-Jun/2024, as explained above, mainly due to higher net finance income (US$ 2,763 million
of income in Jan-Jun/2025 compared to US$ 8,808 million of expenses in Jan-Jun/2024) and lower expenses (US$ 7,775 million of
expenses in Jan-Jun/2025 compared to US$ 8,295 million of expenses in Jan-Jun/2024), partially offset by lower gross profit (US$ 20,400
million in Jan-Jun/2025 compared to US$ 23,984 million in Jan-Jun/2024) and higher income taxes expenses (US$ 4,765 million
of expenses in Jan-Jun/2025 compared to US$ 2,120 million of expenses in Jan-Jun/2024).
| 6 |
|
CAPITAL EXPENDITURES (CAPEX)
| CAPEX (US$ million) | Jan-Jun/2025 | Jan-Jun/2024 | Change (%) |
| Exploration and Production | 7,224 | 5,239 | 37.9 |
| Refining, Transportation and Marketing | 916 | 809 | 13.2 |
| Gas and Low Carbon Energies | 121 | 201 | (39.8) |
| Corporate and Other businesses | 235 | 187 | 25.7 |
| Total | 8,496 | 6,436 | 32.0 |
In line with our Business Plan, our Capital Expenditures were primarily directed toward investment projects which Management believes are most profitable, relating to oil and gas production.
In Jan-Jun/2025, Capital Expenditures in the E&P segment totaled US$ 7,224 million, representing 85.0% of the CAPEX of the Company, a 37.9% increase when compared to US$ 5,239 million in Jan-Jun/2024, mainly due to the development of large projects in the pre-salt layer of the Santos Basin, especially in the Búzios and Atapu Fields. CAPEX in Jan-Jun/2025 were mainly concentrated on: (i) the development of production in the pre-salt layer of the Santos Basin (US$ 3.7 billion); (ii) the development of production in the pre-salt and post-salt layers of the Campos Basin (US$ 1.5 billion); and (iii) exploratory investments (US$ 0.8 billion).
| 7 |
|
LIQUIDITY AND CAPITAL RESOURCES
| US$ million | Jan-Jun/2025 | Jan-Jun/2024 |
| Adjusted Cash and Cash Equivalents at the beginning of the period | 8,071 | 17,902 |
| Government bonds, bank deposit certificates and time deposits with maturities of more than three months at the beginning of the period | (4,800) | (5,175) |
| Cash and cash equivalents at the beginning of the period | 3,271 | 12,727 |
| Net cash provided by operating activities | 16,029 | 18,473 |
| Acquisition of PP&E and intangibles assets | (8,046) | (5,772) |
| Acquisition of equity interests | (2) | (6) |
| Proceeds from disposal of assets – (Divestments) | 479 | 766 |
| Financial compensation from co-participation agreement | 355 | 397 |
| Dividends received | 25 | 64 |
| Divestment (Investment) in marketable securities | 2,861 | (805) |
| Net cash used in investing activities | (4,328) | (5,356) |
| (=) Net cash provided by operating and investing activities | 11,701 | 13,117 |
| Proceeds from finance debt | 3,072 | 567 |
| Repayments of finance debt | (2,403) | (3,313) |
| Net change in finance debt | 669 | (2,746) |
| Repayment of lease liability | (4,368) | (3,883) |
| Dividends paid to shareholders of Petrobras | (4,588) | (10,578) |
| Dividends paid to non-controlling interest | (31) | (77) |
| Share repurchase program | − | (380) |
| Changes in non-controlling interest | 157 | 125 |
| Net cash used in financing activities | (8,161) | (17,539) |
| Effect of exchange rate changes on cash and cash equivalents | 185 | (421) |
| Cash and cash equivalents at the end of the period | 6,996 | 7,884 |
| Government bonds, bank deposit certificates and time deposits with maturities of more than three months at the end of the period | 2,505 | 5,586 |
| Adjusted Cash and Cash Equivalents at the end of the period | 9,501 | 13,470 |
| Reconciliation of Free Cash Flow | ||
| Net cash provided by operating activities | 16,029 | 18,473 |
| Acquisition of PP&E and intangible assets | (8,046) | (5,772) |
| Acquisition of equity interests | (2) | (6) |
| Free Cash Flow (1) | 7,981 | 12,695 |
(1) Free Cash Flow (FCF) is in accordance with the new Shareholder Remuneration Policy (“Policy”), approved in July 2023, which is the result of the equation: FCF = net cash provided by operating activities less the sum of acquisition of PP&E and intangible assets and acquisition of equity interests.
As of June 30, 2025, Cash and cash equivalents amounted to US$ 6,996 million and Adjusted Cash and Cash Equivalents totaled US$ 9,501 million.
In the six-month period ended June 30, 2025, we had net cash provided by operating activities of US$ 16,029 million and positive Free Cash Flow of US$ 7,981 million. This level of cash generation, together with proceeds from disposal of assets (divestments) of US$ 479 million, financial compensation from co-participation agreements of US$ 355 million, dividends received of US$ 25 million, divestment in marketable securities of US$ 2,861 million and proceeds from finance debt of US$ 3,072 million, were allocated to: (a) debt prepayments and payments of principal and interest due in the period of US$ 2,403 million; (b) repayment of lease liability of US$ 4,368 million; (c) dividends paid to shareholders of Petrobras of US$ 4,588 million; and (d) acquisition of PP&E and intangibles assets of US$ 8,046 million.
In the six-month period ended June 30, 2025, the Company repaid several finance debts, in the amount of US$ 2,403 million.
In the six-month period ended June 30, 2025, the Company raised US$ 3,072 million, notably from: (i) public offering of debentures, in the amount of USS$ 516 million, with maturities in 2035, 2040, and 2045; (ii) proceeds in the domestic banking market, in the amount of US$ 1,417 million; and (iii) proceeds in the international banking market, in the amount of US$ 1,122 million.
| 8 |
|
CONSOLIDATED DEBT
| Debt (US$ million) | 06.30.2025 | 12.31.2024 | Change (%) |
| Capital Markets | 15,461 | 14,490 | 6.7 |
| Banking Market | 8,299 | 6,519 | 27.3 |
| Development banks | 556 | 508 | 9.4 |
| Export Credit Agencies | 1,347 | 1,508 | (10.7) |
| Others | 128 | 137 | (6.6) |
| Finance debt | 25,791 | 23,162 | 11.4 |
| Lease liability | 42,273 | 37,149 | 13.8 |
| Gross Debt | 68,064 | 60,311 | 12.9 |
| Adjusted Cash and Cash Equivalents | 9,501 | 8,071 | 17.7 |
| Net Debt | 58,563 | 52,240 | 12.1 |
| Leverage: Net Debt / (Net Debt + Market Capitalization) | 43% | 39% | 10.3 |
| Average interest rate (% p.a.) | 6.8 | 6.8 | - |
| Weighted average maturity of outstanding debt (years) | 11.92 | 12.52 | (4.8) |
As of June 30, 2025, the Company has maintained its liability management strategy to improve the debt profile and to adapt to the maturity terms of the Company’s long-term investments.
Gross Debt increased 12.9% (US$ 7,753 million) to US$ 68,064 million as of June 30, 2025 from US$ 60,311 million as of December 31, 2024, due to: (i) higher lease liabilities in the period (a US$ 5,124 million increase), primarily driven by the start-up of the leased FPSO Alexandre de Gusmão (Mero 4), the start-up of the leased FPSO Almirante Tamandaré (Búzios 7) and the extension of the FPSO Cidade de Angra dos Reis agreement through 2030; and to (ii) higher finance debt (a US$ 2,629 million increase), mainly due to the proceeds in the domestic banking market, in the amount of US$ 1,417 million, and proceeds in the international banking market, in the amount of US$ 1,122 million. Gross Debt was maintained lower than the maximum level of US$ 75,000 million, with convergence to the level of US$ 65,000 million defined in the 2025-2029 Business Plan, mainly due to debt prepayments and scheduled repayments.
As of June 30, 2025, Net Debt increased by 12.1% (US$ 6,323 million), reaching US$ 58,563 million, compared to US$ 52,240 million as of December 31, 2024, mainly due to a US$ 5,124 million increase in lease liabilities in the period.
| 9 |
|
RECONCILIATION OF ADJUSTED EBITDA, LTM ADJUSTED EBITDA AND NET DEBT/LTM ADJUSTED EBITDA METRICS
LTM Adjusted EBITDA reflects the sum of the last twelve months of Adjusted EBITDA, which is computed by using the net income before net finance income (expense), income taxes, depreciation, depletion and amortization adjusted by items not considered part of the Company’s primary business, which include results in equity-accounted investments, results on disposal and write-offs of assets, impairment and results from co-participation agreements in bid areas.
LTM Adjusted EBITDA represents an alternative to the Company's operating cash generation. This measure is used to calculate the metric Net Debt/LTM Adjusted EBITDA, to support management’s assessment of liquidity and leverage.
Adjusted EBITDA and Net cash provided by operating activities – OCF
| US$ million | Jan-Jun/2025 | Jan-Jun/2024 | Change (%) |
| Net income | 10,752 | 4,480 | 140.0 |
| Net finance income (expense) | (2,763) | 8,808 | - |
| Income taxes | 4,765 | 2,120 | 124.8 |
| Depreciation, depletion and amortization | 6,944 | 6,500 | 6.8 |
| Results in equity-accounted investments | (129) | 281 | - |
| Impairment losses (reversals) | 240 | (46) | - |
| Results on disposal/write-offs of assets | (71) | (286) | (75.2) |
| Results from co-participation agreements in bid areas | (50) | (103) | (51.5) |
| Adjusted EBITDA | 19,688 | 21,754 | (9.5) |
| Allowance for credit loss on trade and other receivables | 37 | 48 | (22.9) |
| Trade and other receivables | 122 | 1,459 | (91.6) |
| Inventories | (853) | (355) | 140.3 |
| Trade payables | (82) | 218 | - |
| Taxes payable | (3,182) | (6,583) | (51.7) |
| Others | 299 |
1,932
|
(84.5) |
| Net cash provided by operating activities – OCF | 16,029 | 18,473 | (13.2) |
| 10 |
|
LTM Adjusted EBITDA and LTM Net cash provided by operating activities – OCF
| US$ million | ||||||
| Last twelve months (LTM) at | ||||||
| 06.30.2025 | 12.31.2024 | Apr-Jun/2025 | Jan-Mar/2025 | Oct-Dec/2024 | Jul-Sep/2024 | |
| Net income (loss) | 13,877 | 7,605 | 4,757 | 5,995 | (2,766) | 5,891 |
| Net finance income (expense) | 3,536 | 15,107 | (1,015) | (1,748) | 6,018 | 281 |
| Income taxes | 6,182 | 3,537 | 1,654 | 3,111 | (788) | 2,205 |
| Depreciation, depletion and amortization | 12,923 | 12,479 | 3,697 | 3,247 | 2,996 | 2,983 |
| Results in equity-accounted investments | 217 | 627 | (47) | (82) | 323 | 23 |
| Impairment losses | 1,817 | 1,531 | 190 | 50 | 1,577 | - |
| Results on disposal/write-offs of assets | (13) | (228) | (14) | (57) | (39) | 97 |
| Results from co-participation agreements in bid areas | (206) | (259) | 20 | (70) | (156) | - |
| Adjusted EBITDA | 38,333 | 40,399 | 9,242 | 10,446 | 7,165 | 11,480 |
| Allowance (reversals) for credit loss on trade and other receivables | 249 | 260 | 57 | (20) | 206 | 6 |
| Trade and other receivables | 485 | 1,822 | (50) | 172 | 200 | 163 |
| Inventories | (793) | (295) | (494) | (359) | 59 | 1 |
| Trade payables | 670 | 970 | 461 | (543) | 365 | 387 |
| Taxes payable | (6,494) | (9,895) | (1,716) | (1,466) | (2,132) | (1,180) |
| Others | 3,090 | 4,723 | 31 | 268 | 2,341 | 450 |
| Net cash provided by operating activities - OCF | 35,540 | 37,984 | 7,531 | 8,498 | 8,204 | 11,307 |
| 11 |
|
Adjusted Cash and Cash Equivalents, Gross Debt, Net Debt, Net Cash provided by Operating Activities (LTM OCF), LTM Adjusted EBITDA, Gross Debt Net of Cash and Cash Equivalents/LTM OCF and Net Debt/LTM Adjusted EBITDA Metrics
The Net Debt/LTM Adjusted EBITDA metric is an important metric that supports our management in assessing the liquidity and leverage of Petrobras Group. This ratio is an important measure for management to assess the Company’s ability to pay off its debt, mainly because our Business Plan 2025-2029 defines US$ 75 billion as the maximum level for our Gross Debt, with convergence to the level of US$ 65 billion.
The following table presents the reconciliation of these metrics to the most directly comparable measures derived from the IFRS Accounting Standards captions:
| US$ million | ||
| 06.30.2025 | 12.31.2024 | |
| Cash and cash equivalents | 6,996 | 3,271 |
| Government bonds, bank deposit certificates and time deposits (maturity of more than three months) | 2,505 | 4,800 |
| Adjusted Cash and Cash equivalents | 9,501 | 8,071 |
| Finance debt | 25,791 | 23,162 |
| Lease liability | 42,273 | 37,149 |
| Current and non-current debt - Gross Debt | 68,064 | 60,311 |
| Net Debt | 58,563 | 52,240 |
| Net cash provided by operating activities - LTM OCF | 35,540 | 37,984 |
| Allowance for credit loss on trade and other receivables | (249) | (260) |
| Trade and other receivables | (485) | (1,822) |
| Inventories | 793 | 295 |
| Trade payables | (670) | (970) |
| Taxes payable | 6,494 | 9,895 |
| Others | (3,090) | (4,723) |
| LTM Adjusted EBITDA | 38,333 | 40,399 |
| Gross Debt net of cash and cash equivalents/LTM OCF ratio | 1.72 | 1.50 |
| Net Debt/LTM Adjusted EBITDA ratio | 1.53 | 1.29 |
| 12 |
|
RESULTS BY OPERATING BUSINESS SEGMENTS
Exploration and Production (E&P)
Financial information
| US$ million | Jan-Jun/2025 | Jan-Jun/2024 | Change (%) |
| Sales revenues | 29,471 | 31,745 | (7.2) |
| Gross profit | 16,073 | 18,903 | (15.0) |
| Income (Expenses) | (2,584) | (2,181) | 18.5 |
| Operating income | 13,489 | 16,722 | (19.3) |
| Net income attributable to the shareholders of Petrobras | 8,961 | 11,083 | (19.1) |
| Average Brent crude (US$/bbl) | 71.74 | 84.09 | (14.7) |
| Production taxes – Brazil | 5,354 | 5,927 | (9.7) |
| Royalties | 3,479 | 3,709 | (6.2) |
| Special Participation | 1,858 | 2,200 | (15.5) |
| Retention of areas | 17 | 18 | (5.6) |
[1]
In the period Jan-Jun/2025, the gross profit for the E&P segment was US$ 16,073 million, a decrease of 15.0% compared to the period Jan-Jun/2024, mainly due to the reduction in sales revenues which reflect lower Brent prices, partially offset by increased crude oil and NGL production during the period.
Operating income was US$ 13,489 million in the Jan-Jun/2025 period, a decrease of 19.3% compared to the period Jan-Jun/2024, mainly driven by increased expenses resulting from the provision for the equalization of expenditures and volumes related to the approval of the Jubarte Production Individualization Agreement, higher exploration expenditures write-offs related to blocks C-M-753 and C-M-789 in the Campos Basin, in addition to higher impairment losses mainly due to the Uruguá CGU and Cherne Cluster, partially offset by lower tax expenses in comparison to the period Jan-Jun/2024.
In the period Jan-Jun/2025, the production taxes were US$ 5,354 million, a decrease of 9.7% compared to the period from Jan-Jun/2024 caused primarily by the lower prices.
Operational information
| Production in thousand barrels of oil equivalent per day (mboed) | Jan-Jun/2025 | Jan-Jun/2024 | Change (%) |
| Crude oil, NGL and natural gas – Brazil | 2,808 | 2,703 | 3.9 |
| Crude oil and NGL (mbbl/d) | 2,266 | 2,196 | 3.2 |
| Natural gas (mboed) | 542 | 507 | 6.9 |
| Crude oil, NGL and natural gas – Abroad | 31 | 34 | (8.8) |
| Total (mboed) | 2,839 | 2,737 | 3.7 |
Production of crude oil, NGL and natural gas was 2,839 mboed in the period Jan-Jun/2025, representing an increase of 3.7% compared to Jan-Jun/2024, mainly due to the ramp-up of: (i) the FPSO Almirante Tamandaré in the Búzios field, (ii) the FPSOs Sepetiba and Marechal Duque de Caxias, both in Mero field, (iii) the FPSO Maria Quitéria in the Jubarte field, (iv) and the FPSO Anita Garibaldi in Marlim and Voador fields; in addition to the start-up of production: (v) at the FPSO Alexandre de Gusmão in Mero field, and (vi) of new wells from complementary projects in the Campos and Santos Basins; (vii) lower volumes of losses due to maintenance shutdowns; and (viii) higher operational efficiency in Santos Basin. These factors were partially offset by declining potential in mature fields and lower operational efficiency in the Campos Basin.
| 13 |
|
Refining, Transportation and Marketing
Financial information
| US$ million | Jan-Jun/2025 | Jan-Jun/2024 | Change (%) |
| Sales revenues | 39,784 | 44,251 | (10.1) |
| Gross profit | 2,420 | 3,711 | (34.8) |
| Income (Expenses) | (1,605) | (1,537) | 4.4 |
| Operating income | 815 | 2,174 | (62.5) |
| Net income attributable to the shareholders of Petrobras | 584 | 1,054 | (44.6) |
| Average refining cost (US$ / barrel) – Brazil | 2.79 | 2.63 | 6.1 |
| Average domestic basic oil products price (US$/bbl) | 84.75 | 93.70 | (9.5) |
In the period Jan-Jun/2025, Refining, Transportation and Marketing gross profit was US$ 1,291 million lower than in the period Jan-Jun/2024 mainly due to a decrease in international margins, especially diesel, gasoline and jet fuel.
The decrease in operating income for the period Jan-Jun/2025 reflects the reduction in gross profit and higher expenses in maintenance stoppages in Jan-Jun/2025 when compared with Jan-Jun/24.
The average refining cost in the period Jan-Jun/2025 was US$ 2.79/bbl, 6.1% higher than in the period Jan-Jun/2024, mainly due to an increase in maintenance costs and revitalization activities in our refineries, partially offset by a relatively devalued local currency in 2025 reducing the costs in U.S. dollar terms.
Operational information
| Thousand barrels per day (mbbl/d) | Jan-Jun/2025 | Jan-Jun/2024 | Change (%) |
| Total production volume | 1,718 | 1,748 | (1.7) |
| Domestic sales volume | 1,705 | 1,674 | 1.9 |
| Crude distillation capacity | 1,813 | 1,813 | - |
| Refining plants utilization factor (1) | 91% | 91% | - |
| Average crude oil throughput | 1,617 | 1,622 | (0.3) |
| Average NGL throughput | 46 | 48 | (4.2) |
| Domestic crude oil over average crude oil throughput (1) | 92% | 91% | 1.1 |
(1) Changes presented in percentage points.
Domestic sales in the period Jan-Jun/2025 were 1,705 mbbl/d, an increase of 1.9% compared to the period Jan-Jun/2024.
Gasoline sales volume increased 3.1% in Jan-Jun/2025 compared to Jan-Jun/2024 mainly due to the increase in total demand for Otto cycle fuels and a higher share of gasoline compared to ethanol. Diesel sales volume increased 3.3% between periods, mainly influenced by a decrease in imports by third parties.
Total oil products output for the period Jan-Jun/2025 was 1,718 mbbl/d, representing a 1.7% decrease compared to Jan-Jun/2024. In the first half of 2025 the utilization factor of our refineries remained aligned with the same period of the previous year, considering the resumption of operations at the Abreu e Lima Refinery, located in northeastern Brazil, following the completion of its scheduled turnaround in the first quarter of 2025.
| 14 |
|
Gas and Low Carbon Energies
Financial information
| US$ million | Jan-Jun/2025 | Jan-Jun/2024 | Change (%) |
| Sales revenues | 4,036 | 4,620 | (12.6) |
| Gross profit | 1,767 | 2,347 | (24.7) |
| Income (expenses) | (1,693) | (1,756) | (3.6) |
| Operating income | 74 | 591 | (87.5) |
| Net income attributable to the shareholders of Petrobras | 60 | 421 | (85.7) |
| Average natural gas sales price – Brazil (US$/bbl) | 57.73 | 65.88 | (12.4) |
In Jan-Jun/2025, the sales revenues reduction in relation to Jan-Jun/2024 was due to the lower average natural gas sales price due to the drop in the Brent price, the lower volume of natural gas sold to non-thermoelectric segment, the entry of new agents in this market and the expiration of thermal availability contracts.
The lower operating income in Jan-Jun/2025 compared to Jan-Jun/2024 is mainly due to the lower gross profit despite lower expenses.
Operational information
| Jan-Jun/2025 | Jan-Jun/2024 | Change (%) | |
| Sale of Thermal Availability at Auction (ACR)- Average MW | 714 | 1,186 | (39.8) |
| Sale of electricity - average MW | 689 | 430 | 60.2 |
| National gas delivered - million m³/day | 32 | 30 | 6.7 |
| Regasification of liquefied natural gas - million m³/day | 1 | 3 | (66.7) |
| Import of natural gas from Bolivia - million m³/day | 10 | 14 | (28.6) |
In Jan-Jun/2025, Petrobras thermal availability sales decreased by 39.8% compared to Jan-Jun/2024, due to the expiration of contracts. In the same period, energy sales increased by 60.2% due to a less favorable hydrological scenario and through the capture of opportunities with spot prices.
On the natural gas supply side, domestic gas production in Jan-Jun/2025 grew 6.7% due to availability of gas from the Rota 3 gas pipeline and the operation of the Itaborai gas processing unit. As a result of lower demand, there was a decrease in natural gas imports.
| 15 |
|
GLOSSARY
ACL - Ambiente de Contratação Livre (Free contracting market) in the electricity system.
ACR - Ambiente de Contratação Regulada (Regulated contracting market) in the electricity system.
Adjusted Cash and Cash Equivalents - Sum of cash and cash equivalents, government bonds, bank deposit certificates and time deposits with maturities of more than 3 months from the date of acquisition, considering the expected realization of those financial investments in the short-term. This measure is not defined under the IFRS Accounting Standards and should not be considered in isolation or as a substitute for cash and cash equivalents computed in accordance with the IFRS Accounting Standards. It may not be comparable to adjusted cash and cash equivalents of other companies. However, management believes that it is an appropriate supplemental measure to assess our liquidity and supports leverage management and uses this measure in the calculation of Net Debt.
Adjusted EBITDA Net income plus net finance income (expense); income taxes; depreciation, depletion and amortization; results in equity-accounted investments; impairment; results on disposal/write-offs of assets; and results from co-participation agreements in bid areas. Adjusted EBITDA is not a measure defined by the IFRS Accounting Standards and it is possible that it may not be comparable to similar measures reported by other companies. However, management believes that it is an appropriate supplemental measure to assess our liquidity and supports leverage management.
ANP - Brazilian National Petroleum, Natural Gas and Biofuels Agency.
Average Domestic basic oil products price (US$/bbl) - represents Petrobras' domestic sales revenues per unit of basic oil products, which are: diesel, gasoline, LPG, jet fuel, naphtha and fuel oil.
Capital Expenditures – Capital expenditures based on the cost assumptions and financial methodology adopted in our Business Plan, which include acquisition of PP&E and intangible assets, acquisition of equity interests, as well as other items that do not necessarily qualify as cash flows used in investing activities, comprising geological and geophysical expenses, research and development expenses, pre-operating charges, purchase of property, plant and equipment on credit and borrowing costs directly attributable to works in progress.
CTA – Cumulative translation adjustment – The cumulative amount of exchange variation arising on translation of foreign operations that is recognized in Shareholders’ Equity and will be transferred to profit or loss on the disposal of the investment.
Effect of average cost in the Cost of Sales – In view of the average inventory term of 60 days, the crude oil and oil products international prices movement, as well as foreign exchange effect over imports, production taxes and other factors that impact costs, do not entirely influence the cost of sales in the current period, having their total effects only in the following period.
Free Cash Flow - Net cash provided by operating activities less the sum of acquisition of PP&E and intangibles assets and acquisition of equity interests. Free cash flow is not defined under the IFRS Accounting Standards and should not be considered in isolation or as a substitute for cash and cash equivalents calculated in accordance with IFRS Accounting Standards. It may not be comparable to free cash flow of other companies. However, management believes that it is an appropriate supplemental measure to assess our liquidity and supports leverage management.
Gross Debt – Sum of current and non-current finance debt and lease liability, this measure is not defined under the IFRS Accounting Standards.
Leverage – Ratio between the Net Debt and the sum of Net Debt and Market Capitalization. Leverage is not a measure defined in the IFRS Accounting Standards and it is possible that it may not be comparable to similar measures reported by other companies, however management believes that it is an appropriate supplemental measure to assess our liquidity.
Lifting Cost - Crude oil and natural gas lifting cost indicator, which considers expenditures occurred in the period.
LTM Adjusted EBITDA – Adjusted EBITDA for the last twelve months.
OCF - Net Cash provided by (used in) operating activities (operating cash flow)
Operating income (loss) - Net income (loss) before finance (expense) income, results in equity-accounted investments and income taxes.
Net Debt – Gross Debt less Adjusted Cash and Cash Equivalents. Net Debt is not a measure defined in the IFRS Accounting Standards and should not be considered in isolation or as a substitute for total long-term debt calculated in accordance with the IFRS Accounting Standards. Our calculation of Net Debt may not be comparable to the calculation of Net Debt by other companies. Management believes that Net Debt is an appropriate supplemental measure that helps investors assess our liquidity and supports leverage management.
Results by Business Segment – The information by the company's business segment is prepared based on available financial information that is directly attributable to the segment or that can be allocated on a reasonable basis, being presented by business activities used by the Executive Board to make resource allocation decisions and performance evaluation.
When calculating segmented results, transactions with third parties, including jointly controlled and associated companies, and transfers between business segments are considered. Transactions between business segments are valued at internal transfer prices calculated based on methodologies that take into account market parameters, and these transactions are eliminated, outside the business segments, for the purpose of reconciling the segmented information with the consolidated financial statements of the company.
| 16 |
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 22, 2025
PETRÓLEO BRASILEIRO S.A–PETROBRAS
By: /s/ Fernando Sabbi Melgarejo
______________________________
Fernando Sabbi Melgarejo
Chief Financial Officer and Investor Relations Officer
FAQ
What caused Petrobras (PBR) domestic revenue to fall?
How much did exported crude revenues change for Petrobras?
Does the excerpt indicate reasons for the price declines?
Are there details on Petrobras' debt in the provided content?
Who signed the filing excerpt?
