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 November, 2022
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
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____
Interim Financial Information
PETRÓLEO BRASILEIRO S.A. - PETROBRAS
At September 30, 2022 and report on review of interim financial information
(A free translation of the original in Portuguese)
INDEX
PETROBRAS
2 |
Petróleo Brasileiro S.A. - Petrobras Parent Company Interim Accounting Information / Statement of Financial Position - Assets (R$ Thousand) | |
Account Code | Account Description | 09.30.2022 | 12.31.2021 |
1 | Total Assets | 1,255,036,000 | 1,248,196,000 |
1.01 | Current Assets | 182,919,000 | 170,555,000 |
1.01.01 | Cash and Cash Equivalents | 3,867,000 | 2,930,000 |
1.01.02 | Marketable Securities | 7,553,000 | 3,630,000 |
1.01.03 | Trade and Other Receivables | 77,735,000 | 100,110,000 |
1.01.04 | Inventories | 44,522,000 | 33,906,000 |
1.01.06 | Recoverable Taxes | 7,000,000 | 6,368,000 |
1.01.06.01 | Current Recoverable Taxes | 7,000,000 | 6,368,000 |
1.01.06.01.01 | Recoverable Income Taxes | 678,000 | 526,000 |
1.01.06.01.02 | Other Recoverable Taxes | 6,322,000 | 5,842,000 |
1.01.08 | Other Current Assets | 42,242,000 | 23,611,000 |
1.01.08.01 | Non-Current Assets Held for Sale | 28,700,000 | 13,142,000 |
1.01.08.03 | Others | 13,542,000 | 10,469,000 |
1.01.08.03.03 | Others | 13,542,000 | 10,469,000 |
1.02 | Non-Current Assets | 1,072,117,000 | 1,077,641,000 |
1.02.01 | Long-Term Receivables | 86,612,000 | 73,779,000 |
1.02.01.03 | Marketable Securities Measured at Amortized Cost | 264,000 | 247,000 |
1.02.01.04 | Trade and Other Receivables | 8,624,000 | 8,450,000 |
1.02.01.07 | Deferred Taxes | 19,431,000 | 17,845,000 |
1.02.01.07.02 | Deferred Taxes and Contributions | 19,431,000 | 17,845,000 |
1.02.01.10 | Other Non-Current Assets | 58,293,000 | 47,237,000 |
1.02.01.10.04 | Judicial Deposits | 53,881,000 | 44,543,000 |
1.02.01.10.05 | Other Assets | 4,412,000 | 2,694,000 |
1.02.02 | Investments | 277,120,000 | 269,825,000 |
1.02.03 | Property, Plant and Equipment | 693,121,000 | 717,355,000 |
1.02.04 | Intangible Assets | 15,264,000 | 16,682,000 |
3 |
Petróleo Brasileiro S.A. - Petrobras Parent Company Interim Accounting Information / Statement of Financial Position - Liabilities (R$ Thousand) | |
Account Code | Account Description | 09.30.2022 | 12.31.2021 |
2 | Total Liabilities | 1,255,036,000 | 1,248,196,000 |
2.01 | Current Liabilities | 270,733,000 | 269,989,000 |
2.01.01 | Payroll, Profit Sharing and Related Charges | 7,479,000 | 7,655,000 |
2.01.02 | Trade Payables | 38,585,000 | 32,734,000 |
2.01.03 | Taxes Obligations | 6,114,000 | 3,599,000 |
2.01.03.01 | Federal Taxes Obligations | 6,114,000 | 3,599,000 |
2.01.03.01.01 | Income Tax and Social Contribution Payable | 6,114,000 | 3,599,000 |
2.01.04 | Current Debt and Finance Lease Obligations | 176,367,000 | 187,005,000 |
2.01.04.01 | Current Debt | 146,411,000 | 155,461,000 |
2.01.04.03 | Lease Obligations | 29,956,000 | 31,544,000 |
2.01.05 | Other Liabilities | 29,491,000 | 30,767,000 |
2.01.05.02 | Others | 29,491,000 | 30,767,000 |
2.01.05.02.04 | Other Taxes Payable | 15,209,000 | 22,022,000 |
2.01.05.02.06 | Other liabilities | 14,282,000 | 8,745,000 |
2.01.06 | Provisions | 3,734,000 | 3,578,000 |
2.01.06.02 | Other Provisions | 3,734,000 | 3,578,000 |
2.01.06.02.04 | Pension and Medical Benefits | 3,734,000 | 3,578,000 |
2.01.07 | Liabilities Associated with Non-Current Assets Held for Sale and Discontinued | 8,963,000 | 4,651,000 |
2.01.07.01 | Liabilities Associated with Non-Current Assets Held for Sale | 8,963,000 | 4,651,000 |
2.02 | Non-Current Liabilities | 611,805,000 | 590,878,000 |
2.02.01 | Non-Current Debt and Finance Lease Obligations | 417,808,000 | 413,637,000 |
2.02.01.01 | Non-Current Debt | 312,828,000 | 306,944,000 |
2.02.01.03 | Lease Obligations | 104,980,000 | 106,693,000 |
2.02.02 | Other Liabilities | 1,563,000 | 1,637,000 |
2.02.02.02 | Others | 1,563,000 | 1,637,000 |
2.02.02.02.03 | Income Tax and Social Contribution | 1,563,000 | 1,637,000 |
2.02.03 | Deferred Taxes | 43,153,000 | 14,807,000 |
2.02.03.01 | Deferred Taxes | 43,153,000 | 14,807,000 |
2.02.04 | Provisions | 149,281,000 | 160,797,000 |
2.02.04.01 | Provisions for Tax Social Security, Labor and Civil Lawsuits | 12,561,000 | 10,382,000 |
2.02.04.02 | Other Provisions | 136,720,000 | 150,415,000 |
2.02.04.02.04 | Pension and Medical Benefits | 45,667,000 | 50,773,000 |
2.02.04.02.05 | Provision for Decommissioning Costs | 79,995,000 | 86,713,000 |
2.02.04.02.06 | Employee Benefits | 759,000 | 803,000 |
2.02.04.02.07 | Other liabilities | 10,299,000 | 12,126,000 |
2.03 | Shareholders' Equity | 372,498,000 | 387,329,000 |
2.03.01 | Share Capital | 205,432,000 | 205,432,000 |
2.03.02 | Capital Reserves | 3,318,000 | 3,313,000 |
2.03.04 | Profit Reserves | 133,236,000 | 164,028,000 |
2.03.08 | Other Comprehensive Income | 30,512,000 | 14,556,000 |
4 |
Petróleo Brasileiro S.A. - Petrobras Parent Company Interim Accounting Information / Statement of Income (R$ Thousand) | |
Account Code | Account Description | Accumulated of the Current Quarter 07/01/2022 to 09/30/2022 | Accumulated of the Current Year 01/01/2022 to 09/30/2022 | Accumulated of the Previous Quarter 07/01/2021 to 09/30/2021 | Accumulated of the Previous Year 01/01/2021 to 09/30/2021 |
3.01 | Sales Revenues | 163,747,000 | 460,933,000 | 117,786,000 | 312,646,000 |
3.02 | Cost of Sales | (81,228,000) | (218,134,000) | (63,838,000) | (164,038,000) |
3.03 | Gross Profit | 82,519,000 | 242,799,000 | 53,948,000 | 148,608,000 |
3.04 | Operating Expenses / Income | (6,194,000) | (3,615,000) | 12,941,000 | 1,231,000 |
3.04.01 | Selling Expenses | (6,574,000) | (20,212,000) | (6,048,000) | (17,579,000) |
3.04.02 | General and Administrative Expenses | (1,444,000) | (3,963,000) | (1,418,000) | (3,686,000) |
3.04.05 | Other Operating Expenses | (4,225,000) | 2,053,000 | 13,144,000 | 6,011,000 |
3.04.05.01 | Other Taxes | (398,000) | (1,065,000) | (1,098,000) | (1,760,000) |
3.04.05.02 | Research and Development Expenses | (986,000) | (3,147,000) | (791,000) | (2,205,000) |
3.04.05.03 | Exploration Costs | (550,000) | (883,000) | (697,000) | (2,889,000) |
3.04.05.05 | Other Operating Expenses, Net | (954,000) | 9,282,000 | (1,102,000) | (2,781,000) |
3.04.05.07 | Impairment of Assets Reversals (Charges) | (1,337,000) | (2,134,000) | 16,832,000 | 15,646,000 |
3.04.06 | Share of Profit / Gains on Interest in Equity-Accounted Investments | 6,049,000 | 18,507,000 | 7,263,000 | 16,485,000 |
3.05 | Net Income Before Financial Results and Income Taxes | 76,325,000 | 239,184,000 | 66,889,000 | 149,839,000 |
3.06 | Finance Income (Expenses), Net | (11,248,000) | (28,067,000) | (27,065,000) | (45,614,000) |
3.06.01 | Finance Income | 2,725,000 | 7,479,000 | 1,249,000 | 2,438,000 |
3.06.01.01 | Finance Income | 2,725,000 | 7,479,000 | 1,249,000 | 2,438,000 |
3.06.02 | Finance Expenses | (13,973,000) | (35,546,000) | (28,314,000) | (48,052,000) |
3.06.02.01 | Finance Expenses | (7,277,000) | (20,712,000) | (7,596,000) | (22,786,000) |
3.06.02.02 | Foreign Exchange and Inflation Indexation Charges, Net | (6,696,000) | (14,834,000) | (20,718,000) | (25,266,000) |
3.07 | Net Income Before Income Taxes | 65,077,000 | 211,117,000 | 39,824,000 | 104,225,000 |
3.08 | Income Tax and Social Contribution | (18,981,000) | (66,130,000) | (8,682,000) | (29,061,000) |
3.08.01 | Current | (18,300,000) | (55,453,000) | (8,578,000) | (8,578,000) |
3.08.02 | Deferred | (681,000) | (10,677,000) | (104,000) | (20,483,000) |
3.09 | Net Income from Continuing Operations | 46,096,000 | 144,987,000 | 31,142,000 | 75,164,000 |
3.11 | Income / (Loss) for the Period | 46,096,000 | 144,987,000 | 31,142,000 | 75,164,000 |
3.99.01 | Income per Share | ||||
3.99.01.01 | Ordinary Shares | 3.54 | 11.12 | 2.39 | 5.76 |
3.99.01.02 | Preferred Shares | 3.54 | 11.12 | 2.39 | 5.76 |
3.99.02 | Diluted Income per Share | ||||
3.99.02.01 | Ordinary Shares | 3.54 | 11.12 | 2.39 | 5.76 |
3.99.02.02 | Preferred Shares | 3.54 | 11.12 | 2.39 | 5.76 |
5 |
Petróleo Brasileiro S.A. - Petrobras Parent Company Interim Accounting Information / Statement of Comprehensive Income (R$ Thousand) | |
Account Code | Account Description | Accumulated of the Current Quarter 07/01/2022 to 09/30/2022 | Accumulated of the Current Year 01/01/2022 to 09/30/2022 | Accumulated of the Previous Quarter 07/01/2021 to 09/30/2021 | Accumulated of the Previous Year 01/01/2021 to 09/30/2021 |
4.01 | Net Income for the Period | 46,096,000 | 144,987,000 | 31,142,000 | 75,164,000 |
4.02 | Other Comprehensive Income | 5,756,000 | 15,956,000 | 13,575,000 | 26,772,000 |
4.02.01 | Actuarial Gains / (Losses) on Defined Benefits Plans | − | − | 5,779,000 | 14,433,000 |
4.02.02 | Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans | − | − | − | (2,942,000) |
4.02.03 | Translation Adjustments in investees | 8,938,000 | (8,136,000) | 21,533,000 | 12,045,000 |
4.02.07 | Unrealized Gains / (Losses) on Cash Flow Hedge - Recognized in Shareholders' Equity | (10,442,000) | 17,059,000 | (25,729,000) | (13,536,000) |
4.02.08 | Unrealized Gains / (Losses) on Cash Flow Hedge - Reclassified to Profit and Loss | 5,808,000 | 18,184,000 | 5,196,000 | 17,430,000 |
4.02.09 | Deferred Income Tax and Social Contribution on Cash Flow Hedge | 1,576,000 | (11,982,000) | 6,981,000 | (1,324,000) |
4.02.10 | Share of Other Comprehensive Income of Equity-Accounted Investments | (124,000) | 831,000 | (185,000) | 666,000 |
4.03 | Total Comprehensive Income for the Period | 51,852,000 | 160,943,000 | 44,717,000 | 101,936,000 |
6 |
Petróleo Brasileiro S.A. - Petrobras Parent Company Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2022 to 09/30/2022 (R$ Thousand) | |
Account Code | Account Description | Share Capital | Capital Reserves, Granted Options and Treasury Shares | Profit Reserves | Retained Earnings / Accumulated Losses | Other Comprehensive Income | Shareholders' Equity |
5.01 | Balance at the Beginning of the Period | 205,432,000 | 3,313,000 | 164,028,000 | − | 14,556,000 | 387,329,000 |
5.03 | Adjusted Opening Balance | 205,432,000 | 3,313,000 | 164,028,000 | − | 14,556,000 | 387,329,000 |
5.04 | Capital Transactions with Owners | − | 5,000 | (81,663,000) | (94,116,000) | − | (175,774,000) |
5.04.06 | Dividends | − | − | (81,663,000) | (94,116,000) | − | (175,779,000) |
5.04.08 | Change in Interest in Subsidiaries | − | 5,000 | − | − | − | 5,000 |
5.05 | Total of Comprehensive Income | − | − | − | 144,987,000 | 15,956,000 | 160,943,000 |
5.05.01 | Net Income for the Period | − | − | − | 144,987,000 | − | 144,987,000 |
5.05.02 | Other Comprehensive Income | − | − | − | − | 15,956,000 | 15,956,000 |
5.07 | Balance at the End of the Period | 205,432,000 | 3,318,000 | 82,365,000 | 50,871,000 | 30,512,000 | 372,498,000 |
7 |
Petróleo Brasileiro S.A. - Petrobras Parent Company Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2021 to 09/30/2021 (R$ Thousand) | |
Account Code | Account Description | Share Capital | Capital Reserves, Granted Options and Treasury Shares | Profit Reserves | Retained Earnings / Accumulated Losses | Other Comprehensive Income | Shareholders' Equity |
5.01 | Balance at the Beginning of the Period | 205,432,000 | 2,665,000 | 127,296,000 | − | (26,983,000) | 308,410,000 |
5.03 | Adjusted Opening Balance | 205,432,000 | 2,665,000 | 127,296,000 | − | (26,983,000) | 308,410,000 |
5.04 | Capital Transactions with Owners | − | (3,703,000) | (5,861,000) | (31,705,000) | − | (41,269,000) |
5.04.06 | Dividends | − | − | (5,861,000) | (31,705,000) | − | (37,566,000) |
5.04.08 | Change in Interest in Subsidiaries | − | (3,703,000) | − | − | − | (3,703,000) |
5.05 | Total of Comprehensive Income | − | − | − | 75,164,000 | 26,772,000 | 101,936,000 |
5.05.01 | Net Income for the Period | − | − | − | 75,164,000 | − | 75,164,000 |
5.05.02 | Other Comprehensive Income | − | − | − | − | 26,772,000 | 26,772,000 |
5.07 | Balance at the End of the Period | 205,432,000 | (1,038,000) | 121,435,000 | 43,459,000 | (211,000) | 369,077,000 |
b
8 |
Petróleo Brasileiro S.A. - Petrobras Parent Company Interim Accounting Information / Statement of Cash Flows - Indirect Method (R$ Thousand) | |
Account Code | Account Description | Accumulated of the Current Year 01/01/2022 to 09/30/2022 | Accumulated of the Previous Year 01/01/2021 to 09/30/2021 |
6.01 | Net cash provided by operating activities | 119,147,000 | 93,640,000 |
6.01.01 | Cash provided by operating activities | 210,136,000 | 161,697,000 |
6.01.01.01 | Net Income for the period | 144,987,000 | 75,164,000 |
6.01.01.02 | Pension and medical benefits (actuarial expense) | 4,705,000 | 9,273,000 |
6.01.01.03 | Results in equity-accounted investments | (18,507,000) | (16,485,000) |
6.01.01.04 | Depreciation, depletion and amortization | 53,128,000 | 50,439,000 |
6.01.01.05 | Impairment of assets (reversal) | 2,134,000 | (15,646,000) |
6.01.01.06 | Exploratory expenditures write-offs | 348,000 | 1,178,000 |
6.01.01.07 | Gains and losses on legal, administrative and arbitration proceedings | 3,879,000 | 2,357,000 |
6.01.01.08 | Foreign exchange, indexation and finance charges | 28,996,000 | 44,000,000 |
6.01.01.09 | Deferred income taxes, net | 10,677,000 | 20,483,000 |
6.01.01.10 | Allowance (reversals) for expected credit losses | 418,000 | (23,000) |
6.01.01.13 | Revision and unwinding of discount on the provision for decommissioning costs | 2,157,000 | 3,112,000 |
6.01.01.16 | Results from co-participation agreements in bid areas | (14,193,000) | (3,519,000) |
6.01.01.17 | Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA | (5,744,000) | (1,605,000) |
6.01.01.18 | PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation | − | (4,594,000) |
6.01.01.19 | Early termination and cash outflows revision of lease agreements | (2,849,000) | (1,917,000) |
6.01.01.20 | Assumption of interest in concessions | − | (520,000) |
6.01.02 | Decrease / (increase) in assets / increase/ (decrease) in liabilities | (90,989,000) | (68,057,000) |
6.01.02.01 | Trade and other receivables, net | (54,862,000) | (48,123,000) |
6.01.02.02 | Inventories | (10,988,000) | (8,678,000) |
6.01.02.03 | Judicial deposits | (6,601,000) | (4,390,000) |
6.01.02.05 | Other assets | (3,423,000) | (2,217,000) |
6.01.02.06 | Trade payables | (136,000) | (7,787,000) |
6.01.02.07 | Other taxes | 42,965,000 | 21,763,000 |
6.01.02.08 | Pension and medical benefits | (9,653,000) | (10,817,000) |
6.01.02.09 | Provisions for legal proceedings | (1,231,000) | (1,194,000) |
6.01.02.10 | Short-term benefits | (221,000) | (761,000) |
6.01.02.11 | Income tax and social contribution paid | (44,103,000) | (4,088,000) |
6.01.02.12 | Provision for Decommissioning Costs | (2,285,000) | (2,786,000) |
6.01.02.14 | Other liabilities | (451,000) | 1,021,000 |
6.02 | Net cash used in investing activities | 38,758,000 | (68,196,000) |
6.02.01 | Acquisition of PP&E and intangibles assets | (29,980,000) | (56,191,000) |
6.02.02 | Decrease (increase) in investments in investees | (89,000) | 1,733,000 |
6.02.03 | Proceeds from disposal of assets - Divestment | 19,948,000 | 15,279,000 |
6.02.04 | Divestment (investment) in marketable securities | 21,721,000 | (47,883,000) |
6.02.05 | Dividends received | 1,677,000 | 3,356,000 |
6.02.08 | Financial compensation for Co-participation Agreement | 25,481,000 | 15,510,000 |
6.03 | Net cash used in financing activities | (156,968,000) | (25,771,000) |
6.03.02 | Proceeds from financing | 113,725,000 | 126,028,000 |
6.03.03 | Repayment of principal - finance debt | (62,522,000) | (76,384,000) |
6.03.04 | Repayment of interest - finance debt | (13,829,000) | (19,823,000) |
6.03.05 | Dividends paid to shareholders of Petrobras | (173,075,000) | (31,177,000) |
6.03.08 | Settlement of lease liabilities | (21,267,000) | (24,415,000) |
6.05 | Net increase/ (decrease) in cash and cash equivalents | 937,000 | (327,000) |
6.05.01 | Cash and cash equivalents at the beginning of the year | 2,930,000 | 5,180,000 |
6.05.02 | Cash and cash equivalents at the end of the period | 3,867,000 | 4,853,000 |
9 |
Petróleo Brasileiro S.A. - Petrobras Parent Company Interim Accounting Information / Statement of Added Value (R$ Thousand) | |
Account Code | Account Description | Accumulated of the Current Year 01/01/2022 to 09/30/2022 | Accumulated of the Previous Year 01/01/2021 to 09/30/2021 |
7.01 | Sales Revenues | 594,119,000 | 435,563,000 |
7.01.01 | Sales of Goods and Services | 542,992,000 | 392,886,000 |
7.01.02 | Other Revenues | 24,512,000 | 14,840,000 |
7.01.03 | Revenues Related to the Construction of Assets to be Used in Own Operations | 27,033,000 | 27,814,000 |
7.01.04 | Allowance for expected credit losses | (418,000) | 23,000 |
7.02 | Inputs Acquired from Third Parties | (180,291,000) | (123,771,000) |
7.02.01 | Cost of Sales | (101,963,000) | (67,777,000) |
7.02.02 | Materials, Power, Third-Party Services and Other Operating Expenses | (40,501,000) | (42,967,000) |
7.02.03 | Impairment Charges / Reversals of Assets | (2,134,000) | 15,646,000 |
7.02.04 | Others | (35,693,000) | (28,673,000) |
7.02.04.01 | Tax Credits on Inputs Acquired from Third Parties | (35,693,000) | (28,673,000) |
7.03 | Gross Added Value | 413,828,000 | 311,792,000 |
7.04 | Retentions | (58,042,000) | (54,671,000) |
7.04.01 | Depreciation, Amortization and Depletion | (58,042,000) | (54,671,000) |
7.05 | Net Added Value Produced | 355,786,000 | 257,121,000 |
7.06 | Transferred Added Value | 30,448,000 | 25,225,000 |
7.06.01 | Share of Profit of Equity-Accounted Investments | 18,507,000 | 16,485,000 |
7.06.02 | Finance Income | 7,479,000 | 2,438,000 |
7.06.03 | Others | 4,462,000 | 6,302,000 |
7.06.03.01 | Rentals, royalties and others | 4,462,000 | 1,713,000 |
7.06.03.03 | PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation | − | 4,589,000 |
7.07 | Total Added Value to be Distributed | 386,234,000 | 282,346,000 |
7.08 | Distribution of Added Value | 386,234,000 | 282,346,000 |
7.08.01 | Employee Compensation | 19,939,000 | 22,969,000 |
7.08.01.01 | Salaries | 12,733,000 | 11,777,000 |
7.08.01.02 | Fringe Benefits | 6,530,000 | 10,567,000 |
7.08.01.03 | Unemployment Benefits (FGTS) | 676,000 | 625,000 |
7.08.02 | Taxes and Contributions | 176,543,000 | 126,017,000 |
7.08.02.01 | Federal | 143,112,000 | 97,948,000 |
7.08.02.02 | State | 33,293,000 | 28,019,000 |
7.08.02.03 | Municipal | 138,000 | 50,000 |
7.08.03 | Return on Third-Party Capital | 44,765,000 | 58,196,000 |
7.08.03.01 | Interest | 39,535,000 | 54,273,000 |
7.08.03.02 | Rental Expenses | 5,230,000 | 3,923,000 |
7.08.04 | Return on Shareholders' Equity | 144,987,000 | 75,164,000 |
7.08.04.01 | Interest on Capital | 11,451,000 | − |
7.08.04.02 | Dividends | 82,664,000 | 31,705,000 |
7.08.04.03 | Retained Earnings / (Losses) for the Period | 50,872,000 | 43,459,000 |
10 |
Petróleo Brasileiro S.A. - Petrobras Consolidated Interim Accounting Information / Statement of Financial Position - Assets (R$ Thousand) | |
Account Code | Account Description | 09.30.2022 | 12.31.2021 |
1 | Total Assets | 947,574,000 | 972,951,000 |
1.01 | Current Assets | 159,327,000 | 168,247,000 |
1.01.01 | Cash and Cash Equivalents | 23,650,000 | 58,410,000 |
1.01.02 | Marketable Securities | 13,038,000 | 3,630,000 |
1.01.03 | Trade and Other Receivables | 22,026,000 | 35,538,000 |
1.01.04 | Inventories | 52,825,000 | 40,486,000 |
1.01.06 | Recoverable Taxes | 7,763,000 | 7,511,000 |
1.01.06.01 | Current Recoverable Taxes | 7,763,000 | 7,511,000 |
1.01.06.01.01 | Recoverable Income Taxes | 960,000 | 911,000 |
1.01.06.01.02 | Other Recoverable Taxes | 6,803,000 | 6,600,000 |
1.01.08 | Other Current Assets | 40,025,000 | 22,672,000 |
1.01.08.01 | Non-Current Assets Held for Sale | 28,684,000 | 13,895,000 |
1.01.08.03 | Others | 11,341,000 | 8,777,000 |
1.01.08.03.03 | Others | 11,341,000 | 8,777,000 |
1.02 | Non-Current Assets | 788,247,000 | 804,704,000 |
1.02.01 | Long-Term Receivables | 92,717,000 | 79,992,000 |
1.02.01.03 | Marketable Securities measured at amortized cost | 264,000 | 247,000 |
1.02.01.04 | Trade and Other Receivables | 10,516,000 | 10,603,000 |
1.02.01.07 | Deferred Taxes | 22,544,000 | 21,568,000 |
1.02.01.07.01 | Deferred Income Tax and Social Contribution | 2,673,000 | 3,371,000 |
1.02.01.07.02 | Deferred Taxes and Contributions | 19,871,000 | 18,197,000 |
1.02.01.10 | Other Non-Current Assets | 59,393,000 | 47,574,000 |
1.02.01.10.04 | Judicial Deposits | 54,317,000 | 44,858,000 |
1.02.01.10.05 | Other Assets | 5,076,000 | 2,716,000 |
1.02.02 | Investments | 9,041,000 | 8,427,000 |
1.02.03 | Property, Plant and Equipment | 671,067,000 | 699,406,000 |
1.02.04 | Intangible Assets | 15,422,000 | 16,879,000 |
11 |
Petróleo Brasileiro S.A. - Petrobras Consolidated Interim Accounting Information / Statement of Financial Position - Liabilities (R$ Thousand) b | |
Account Code | Account Description | 09.30.2022 | 12.31.2021 |
2 | Total Liabilities | 947,574,000 | 972,951,000 |
2.01 | Current Liabilities | 135,807,000 | 134,913,000 |
2.01.01 | Payroll, Profit Sharing and Related Charges | 8,190,000 | 8,335,000 |
2.01.02 | Trade Payables | 28,164,000 | 30,597,000 |
2.01.03 | Taxes Obligations | 8,568,000 | 4,089,000 |
2.01.03.01 | Federal Taxes Obligations | 8,568,000 | 4,089,000 |
2.01.03.01.01 | Income Tax and Social Contribution Payable | 8,568,000 | 4,089,000 |
2.01.04 | Current Debt and Lease Obligations | 46,728,000 | 50,631,000 |
2.01.04.01 | Current Debt | 17,873,000 | 20,316,000 |
2.01.04.03 | Lease Obligations | 28,855,000 | 30,315,000 |
2.01.05 | Other Liabilities | 31,460,000 | 32,789,000 |
2.01.05.02 | Others | 31,460,000 | 32,789,000 |
2.01.05.02.04 | Other Taxes Payable | 15,495,000 | 22,325,000 |
2.01.05.02.06 | Other liabilities | 15,965,000 | 10,464,000 |
2.01.06 | Provisions | 3,734,000 | 3,632,000 |
2.01.06.02 | Other Provisions | 3,734,000 | 3,632,000 |
2.01.06.02.04 | Pension and Medical Benefits | 3,734,000 | 3,632,000 |
2.01.07 | Liabilities Associated with Non-Current Assets Held for Sale and Discontinued | 8,963,000 | 4,840,000 |
2.01.07.01 | Liabilities Associated with Non-Current Assets Held for Sale | 8,963,000 | 4,840,000 |
2.02 | Non-Current Liabilities | 437,662,000 | 448,457,000 |
2.02.01 | Non-Current Debt and Finance Lease Obligations | 246,675,000 | 277,187,000 |
2.02.01.01 | Non-Current Debt | 148,945,000 | 178,908,000 |
2.02.01.03 | Lease Obligations | 97,730,000 | 98,279,000 |
2.02.02 | Other Liabilities | 1,604,000 | 1,676,000 |
2.02.02.02 | Others | 1,604,000 | 1,676,000 |
2.02.02.02.03 | Income Tax and Social Contribution | 1,604,000 | 1,676,000 |
2.02.03 | Deferred Taxes | 35,472,000 | 6,857,000 |
2.02.03.01 | Deferred Taxes | 35,472,000 | 6,857,000 |
2.02.04 | Provisions | 153,911,000 | 162,737,000 |
2.02.04.01 | Provisions for Tax Social Security, Labor and Civil Lawsuits | 13,621,000 | 11,263,000 |
2.02.04.02 | Other Provisions | 140,290,000 | 151,474,000 |
2.02.04.02.04 | Pension and Medical Benefits | 46,491,000 | 51,498,000 |
2.02.04.02.05 | Provision for Decommissioning Costs | 80,502,000 | 87,160,000 |
2.02.04.02.06 | Employee Benefits | 769,000 | 812,000 |
2.02.04.02.07 | Other liabilities | 12,528,000 | 12,004,000 |
2.03 | Shareholders' Equity | 374,105,000 | 389,581,000 |
2.03.01 | Share Capital | 205,432,000 | 205,432,000 |
2.03.02 | Capital Reserves | 3,102,000 | 3,097,000 |
2.03.04 | Profit Reserves | 133,452,000 | 164,244,000 |
2.03.08 | Other Comprehensive Income | 30,512,000 | 14,556,000 |
2.03.09 | Non-controlling interests | 1,607,000 | 2,252,000 |
12 |
Petróleo Brasileiro S.A. - Petrobras Consolidated Interim Accounting Information / Statement of Income (R$ Thousand) | |
Account Code | Account Description | Accumulated of the Current Quarter 07/01/2022 to 09/30/2022 | Accumulated of the Current Year 01/01/2022 to 09/30/2022 | Accumulated of the Previous Quarter 07/01/2021 to 09/30/2021 | Accumulated of the Previous Year 01/01/2021 to 09/30/2021 |
3.01 | Sales Revenues | 170,076,000 | 482,677,000 | 121,594,000 | 318,478,000 |
3.02 | Cost of Sales | (83,240,000) | (225,214,000) | (62,042,000) | (157,888,000) |
3.03 | Gross Profit | 86,836,000 | 257,463,000 | 59,552,000 | 160,590,000 |
3.04 | Operating Expenses / Income | (12,224,000) | (21,019,000) | 6,905,000 | (8,048,000) |
3.04.01 | Selling Expenses | (6,358,000) | (18,653,000) | (5,766,000) | (16,706,000) |
3.04.02 | General and Administrative Expenses | (1,752,000) | (4,900,000) | (1,763,000) | (4,630,000) |
3.04.05 | Other Operating Expenses | (4,285,000) | 601,000 | 12,914,000 | 5,444,000 |
3.04.05.01 | Other Taxes | (489,000) | (1,255,000) | (1,141,000) | (1,983,000) |
3.04.05.02 | Research and Development Expenses | (984,000) | (3,145,000) | (792,000) | (2,206,000) |
3.04.05.03 | Exploration Costs | (565,000) | (1,169,000) | (696,000) | (2,897,000) |
3.04.05.05 | Other Operating Expenses, Net | (911,000) | 8,349,000 | (815,000) | (2,823,000) |
3.04.05.07 | Impairment of Assets Reversals (Charges) | (1,336,000) | (2,179,000) | 16,358,000 | 15,353,000 |
3.04.06 | Share of Profit / Gains on Interest in Equity-Accounted Investments | 171,000 | 1,933,000 | 1,520,000 | 7,844,000 |
3.05 | Net Income Before Financial Results and Income Taxes | 74,612,000 | 236,444,000 | 66,457,000 | 152,542,000 |
3.06 | Finance Income (Expenses), Net | (7,973,000) | (20,747,000) | (25,480,000) | (45,452,000) |
3.06.01 | Finance Income | 2,713,000 | 7,127,000 | 1,188,000 | 2,973,000 |
3.06.01.01 | Finance Income | 2,713,000 | 7,127,000 | 1,188,000 | 2,973,000 |
3.06.02 | Finance Expenses | (10,686,000) | (27,874,000) | (26,668,000) | (48,425,000) |
3.06.02.01 | Finance Expenses | (4,157,000) | (12,817,000) | (6,237,000) | (22,721,000) |
3.06.02.02 | Foreign Exchange and Inflation Indexation Charges, Net | (6,529,000) | (15,057,000) | (20,431,000) | (25,704,000) |
3.07 | Net Income Before Income Taxes | 66,639,000 | 215,697,000 | 40,977,000 | 107,090,000 |
3.08 | Income Tax and Social Contribution | (20,403,000) | (70,194,000) | (9,753,000) | (31,549,000) |
3.08.01 | Current | (19,181,000) | (58,701,000) | (9,133,000) | (10,302,000) |
3.08.02 | Deferred | (1,222,000) | (11,493,000) | (620,000) | (21,247,000) |
3.09 | Net Income from Continuing Operations | 46,236,000 | 145,503,000 | 31,224,000 | 75,541,000 |
3.11 | Income / (Loss) for the Period | 46,236,000 | 145,503,000 | 31,224,000 | 75,541,000 |
3.11.01 | Attributable to Shareholders of Petrobras | 46,096,000 | 144,987,000 | 31,142,000 | 75,164,000 |
3.11.02 | Attributable to Non-Controlling Interests | 140,000 | 516,000 | 82,000 | 377,000 |
3.99.01 | Income per Share | ||||
3.99.01.01 | Ordinary Shares | 3.54 | 11.12 | 2.39 | 5.76 |
3.99.01.02 | Preferred Shares | 3.54 | 11.12 | 2.39 | 5.76 |
3.99.02 | Diluted Income per Share | ||||
3.99.02.01 | Ordinary Shares | 3.54 | 11.12 | 2.39 | 5.76 |
3.99.02.02 | Preferred Shares | 3.54 | 11.12 | 2.39 | 5.76 |
13 |
Petróleo Brasileiro S.A. - Petrobras Consolidated Interim Accounting Information / Statement of Comprehensive Income (R$ Thousand) | |
Account Code | Account Description | Accumulated of the Current Quarter 07/01/2022 to 09/30/2022 | Accumulated of the Current Year 01/01/2022 to 09/30/2022 | Accumulated of the Previous Quarter 07/01/2021 to 09/30/2021 | Accumulated of the Previous Year 01/01/2021 to 09/30/2021 |
4.01 | Net Income for the Period | 46,236,000 | 145,503,000 | 31,224,000 | 75,541,000 |
4.02 | Other Comprehensive Income | 5,757,000 | 15,955,000 | 13,918,000 | 26,962,000 |
4.02.01 | Actuarial Gains (Losses) on Post-employment Defined Benefits Plans | − | − | 6,034,000 | 14,680,000 |
4.02.02 | Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans | − | − | − | (2,942,000) |
4.02.03 | Translation Adjustments in investees | 8,939,000 | (8,137,000) | 21,876,000 | 12,235,000 |
4.02.07 | Unrealized Gains / (Losses) on Cash Flow Hedge - Recognized in Shareholders' Equity | (10,442,000) | 17,059,000 | (25,729,000) | (13,536,000) |
4.02.08 | Unrealized Gains / (Losses) on Cash Flow Hedge - Reclassified to Profit and Loss | 5,813,000 | 18,476,000 | 5,396,000 | 17,823,000 |
4.02.09 | Deferred Income Tax and Social Contribution on Cash Flow Hedge | 1,574,000 | (12,082,000) | 6,913,000 | (1,458,000) |
4.02.10 | Share of Other Comprehensive Income of Equity-Accounted Investments | (127,000) | 639,000 | (572,000) | 160,000 |
4.03 | Total Comprehensive Income for the Period | 51,993,000 | 161,458,000 | 45,142,000 | 102,503,000 |
4.03.01 | Attributable to Shareholders of Petrobras | 51,852,000 | 160,943,000 | 44,717,000 | 101,936,000 |
4.03.02 | Attributable to Non-controlling Interests | 141,000 | 515,000 | 425,000 | 567,000 |
14 |
Petróleo Brasileiro S.A. - Petrobras Consolidated Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2022 to 09/30/2022 (R$ Thousand) | |
Account Code | Account Description | Share Capital | Capital Reserves, Granted Options and Treasury Shares | Profit Reserves | Retained Earnings / Accumulated Losses | Other Comprehensive Income | Shareholders' Equity | Non-controlling interest | Shareholders' Equity Consolidated |
5.01 | Balance at the Beginning of the Period | 205,432,000 | 3,313,000 | 164,028,000 | − | 14,556,000 | 387,329,000 | 2,252,000 | 389,581,000 |
5.03 | Adjusted Opening Balance | 205,432,000 | 3,313,000 | 164,028,000 | − | 14,556,000 | 387,329,000 | 2,252,000 | 389,581,000 |
5.04 | Capital Transactions with Owners | − | 5,000 | (81,663,000) | (94,116,000) | − | (175,774,000) | (1,160,000) | (176,934,000) |
5.04.06 | Dividends | − | − | (81,663,000) | (94,116,000) | − | (175,779,000) | (278,000) | (176,057,000) |
5.04.08 | Capital Transactions | − | 5,000 | − | − | − | 5,000 | (882,000) | (877,000) |
5.05 | Capital Transactions | − | − | − | 144,987,000 | 15,956,000 | 160,943,000 | 515,000 | 161,458,000 |
5.05.01 | Net Income for the Period | − | − | − | 144,987,000 | − | 144,987,000 | 516,000 | 145,503,000 |
5.05.02 | Other Comprehensive Income | − | − | − | − | 15,956,000 | 15,956,000 | (1,000) | 15,955,000 |
5.07 | Balance at the End of the Period | 205,432,000 | 3,318,000 | 82,365,000 | 50,871,000 | 30,512,000 | 372,498,000 | 1,607,000 | 374,105,000 |
15 |
Petróleo Brasileiro S.A. - Petrobras Consolidated Interim Accounting Information / Statement of Changes in Shareholders' Equity - 01/01/2021 to 09/30/2021 (R$ Thousand) | |
Account Code | Account Description | Share Capital | Capital Reserves, Granted Options and Treasury Shares | Profit Reserves | Retained Earnings / Accumulated Losses | Other Comprehensive Income | Shareholders' Equity | Non-controlling interest | Shareholders' Equity Consolidated |
5.01 | Balance at the Beginning of the Period | 205,432,000 | 2,665,000 | 127,296,000 | − | (26,983,000) | 308,410,000 | 2,740,000 | 311,150,000 |
5.03 | Adjusted Opening Balance | 205,432,000 | 2,665,000 | 127,296,000 | − | (26,983,000) | 308,410,000 | 2,740,000 | 311,150,000 |
5.04 | Capital Transactions with Owners | − | (3,703,000) | (5,861,000) | (31,705,000) | − | (41,269,000) | 3,305,000 | (37,964,000) |
5.04.01 | Capital Increases | − | − | − | − | − | − | 11,000 | 11,000 |
5.04.06 | Dividends | − | − | (5,861,000) | (31,705,000) | − | (37,566,000) | (371,000) | (37,937,000) |
5.04.08 | Capital Transactions | − | (3,703,000) | − | − | − | (3,703,000) | 3,665,000 | (38,000) |
5.05 | Total of Comprehensive Income | − | − | − | 75,164,000 | 26,772,000 | 101,936,000 | 567,000 | 102,503,000 |
5.05.01 | Net Income for the Period | − | − | − | 75,164,000 | − | 75,164,000 | 377,000 | 75,541,000 |
5.05.02 | Other Comprehensive Income | − | − | − | − | 26,772,000 | 26,772,000 | 190,000 | 26,962,000 |
5.07 | Balance at the End of the Period | 205,432,000 | (1,038,000) | 121,435,000 | 43,459,000 | (211,000) | 369,077,000 | 6,612,000 | 375,689,000 |
16 |
Petróleo Brasileiro S.A. - Petrobras Consolidated Interim Accounting Information / Statement of Cash Flows - Indirect Method (R$ Thousand) | |
Account Code | Account Description | Accumulated of the Current Year 01/01/2022 to 09/30/2022 | Accumulated of the Previous Year 01/01/2021 to 09/30/2021 |
6.01 | Net cash provided by operating activities | 187,835,000 | 151,734,000 |
6.01.01 | Cash provided by operating activities | 221,005,000 | 169,286,000 |
6.01.01.01 | Net Income for the period | 145,503,000 | 75,541,000 |
6.01.01.02 | Pension and medical benefits (actuarial expense) | 4,815,000 | 9,586,000 |
6.01.01.03 | Results of equity-accounted investments | (1,933,000) | (7,844,000) |
6.01.01.04 | Depreciation, depletion and amortization | 50,743,000 | 46,820,000 |
6.01.01.05 | Impairment of assets (reversal) | 2,179,000 | (15,353,000) |
6.01.01.06 | Exploratory expenditures write-offs | 632,000 | 1,178,000 |
6.01.01.07 | Gains/losses on legal, administrative and arbitration proceedings | 4,169,000 | 2,797,000 |
6.01.01.08 | Foreign exchange, indexation and finance charges | 23,876,000 | 44,143,000 |
6.01.01.09 | Deferred income taxes, net | 11,493,000 | 21,247,000 |
6.01.01.10 | Allowance (Reversals) for expected credit losses | 213,000 | (100,000) |
6.01.01.11 | Inventory write-down (write-back) to net realizable value | 34,000 | (5,000) |
6.01.01.13 | Revision and unwinding of discount on the provision for decommissioning costs | 2,172,000 | 3,131,000 |
6.01.01.16 | Results from co-participation agreements in bid areas | (14,193,000) | (3,519,000) |
6.01.01.17 | Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA | (5,850,000) | (1,015,000) |
6.01.01.18 | PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation | − | (4,955,000) |
6.01.01.19 | Early termination and cash outflows revision of lease agreements | (2,848,000) | (1,846,000) |
6.01.01.20 | Assumption of interest in concessions | − | (520,000) |
6.01.02 | Decrease / (increase) in assets / increase/ (decrease) in liabilities | (33,170,000) | (17,552,000) |
6.01.02.01 | Trade and other receivables, net | 3,823,000 | (7,504,000) |
6.01.02.02 | Inventories | (13,259,000) | (11,764,000) |
6.01.02.03 | Judicial deposits | (6,760,000) | (4,454,000) |
6.01.02.05 | Other assets | (3,483,000) | (836,000) |
6.01.02.06 | Trade payables | (2,140,000) | 4,459,000 |
6.01.02.07 | Other taxes | 46,022,000 | 23,128,000 |
6.01.02.08 | Pension and medical benefits | (9,666,000) | (10,821,000) |
6.01.02.09 | Provisions for legal proceedings | (1,292,000) | (1,923,000) |
6.01.02.10 | Short-term benefits | (184,000) | (795,000) |
6.01.02.11 | Income tax and social contribution paid | (44,861,000) | (4,998,000) |
6.01.02.12 | Provision for Decommissioning Costs | (2,285,000) | (2,798,000) |
6.01.02.14 | Other liabilities | 915,000 | 754,000 |
6.02 | Net cash used in investing activities | 7,921,000 | 7,965,000 |
6.02.01 | Acquisition of PP&E and intangibles assets | (30,946,000) | (24,728,000) |
6.02.02 | Decrease (increase) in investments in assets | (101,000) | (80,000) |
6.02.03 | Proceeds from disposal of assets - Divestment | 19,927,000 | 15,053,000 |
6.02.04 | Divestment (investment) in marketable securities | (8,055,000) | 629,000 |
6.02.05 | Dividends received | 1,615,000 | 1,581,000 |
6.02.08 | Financial compensation for Co-participation Agreement | 25,481,000 | 15,510,000 |
6.03 | Net cash used in financing activities | (227,173,000) | (164,565,000) |
6.03.01 | Changes in non-controlling interest | 241,000 | (49,000) |
6.03.02 | Proceeds from financing | 13,322,000 | 8,921,000 |
6.03.03 | Repayment of principal - finance debt | (39,255,000) | (108,399,000) |
6.03.04 | Repayment of interest - finance debt | (7,499,000) | (10,142,000) |
6.03.05 | Dividends paid to shareholders of Petrobras | (173,075,000) | (31,177,000) |
6.03.06 | Dividends paid to non-controlling interests | (340,000) | (396,000) |
6.03.08 | Settlement of lease liabilities | (20,567,000) | (23,323,000) |
6.04 | Effect of exchange rate changes on cash and cash equivalents | (3,415,000) | 3,362,000 |
6.05 | Net increase/ (decrease) in cash and cash equivalents | (34,832,000) | (1,504,000) |
6.05.01 | Cash and cash equivalents at the beginning of the year | 58,482,000 | 60,930,000 |
6.05.02 | Cash and cash equivalents at the end of the period | 23,650,000 | 59,426,000 |
17 |
Petróleo Brasileiro S.A. - Petrobras Consolidated Interim Accounting Information / Statement of Added Value (R$ Thousand) | |
Account Code | Account Description | Accumulated of the Current Year 01/01/2022 to 09/30/2022 | Accumulated of the Previous Year 01/01/2021 to 09/30/2021 |
7.01 | Sales Revenues | 618,833,000 | 447,296,000 |
7.01.01 | Sales of Goods and Services | 565,117,000 | 399,087,000 |
7.01.02 | Other Revenues | 26,078,000 | 17,811,000 |
7.01.03 | Revenues Related to the Construction of Assets to be Used in Own Operations | 27,851,000 | 30,298,000 |
7.01.04 | Allowance for expected credit losses | (213,000) | 100,000 |
7.02 | Inputs Acquired from Third Parties | (187,371,000) | (122,759,000) |
7.02.01 | Cost of Sales | (112,116,000) | (66,887,000) |
7.02.02 | Materials, Power, Third-Party Services and Other Operating Expenses | (39,018,000) | (44,241,000) |
7.02.03 | Impairment Charges / Reversals of Assets | (2,179,000) | 15,353,000 |
7.02.04 | Others | (34,058,000) | (26,984,000) |
7.02.04.01 | Tax Credits on Inputs Acquired from Third Parties | (34,024,000) | (26,989,000) |
7.02.04.02 | Inventory Write-Down to Net Realizable Value | (34,000) | 5,000 |
7.03 | Gross Added Value | 431,462,000 | 324,537,000 |
7.04 | Retentions | (55,658,000) | (51,052,000) |
7.04.01 | Depreciation, Amortization and Depletion | (55,658,000) | (51,052,000) |
7.05 | Net Added Value Produced | 375,804,000 | 273,485,000 |
7.06 | Transferred Added Value | 11,650,000 | 16,728,000 |
7.06.01 | Share of Profit of Equity-Accounted Investments | 1,933,000 | 7,844,000 |
7.06.02 | Finance Income | 7,127,000 | 2,973,000 |
7.06.03 | Others | 2,590,000 | 5,911,000 |
7.06.03.01 | Rentals, royalties and others | 2,590,000 | 960,000 |
7.06.03.03 | PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation | − | 4,951,000 |
7.07 | Total Added Value to be Distributed | 387,454,000 | 290,213,000 |
7.08 | Distribution of Added Value | 387,454,000 | 290,213,000 |
7.08.01 | Employee Compensation | 21,856,000 | 25,151,000 |
7.08.01.01 | Salaries | 14,215,000 | 13,313,000 |
7.08.01.02 | Fringe Benefits | 6,896,000 | 11,139,000 |
7.08.01.03 | Unemployment Benefits (FGTS) | 745,000 | 699,000 |
7.08.02 | Taxes and Contributions | 183,211,000 | 131,100,000 |
7.08.02.01 | Federal | 148,842,000 | 102,179,000 |
7.08.02.02 | State | 33,838,000 | 28,495,000 |
7.08.02.03 | Municipal | 531,000 | 426,000 |
7.08.03 | Return on Third-Party Capital | 36,884,000 | 58,421,000 |
7.08.03.01 | Interest | 31,906,000 | 54,800,000 |
7.08.03.02 | Rental Expenses | 4,978,000 | 3,621,000 |
7.08.04 | Return on Shareholders' Equity | 145,503,000 | 75,541,000 |
7.08.04.01 | Interest on Capital | 11,451,000 | − |
7.08.04.02 | Dividends | 82,664,000 | 31,705,000 |
7.08.04.03 | Retained Earnings / (Losses) for the Period | 50,872,000 | 43,459,000 |
7.08.04.04 | Non-controlling Interests on Retained Earnings / (Losses) | 516,000 | 377,000 |
18 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
1. | Basis of preparation |
These interim financial statements present the significant changes in the period, avoiding repetition of certain notes to the financial statements previously reported, and present the consolidated information, considering Management's understanding that it provides a comprehensive view of the Company's financial position and operational performance, complemented by certain information of the Parent Company. Hence, this interim financial information should be read together with the Company's audited annual financial statements for the year ended December 31, 2021, which include the full set of notes.
The consolidated and individual interim financial information of the company was prepared and is presented in accordance with the Technical Pronouncement - CPC 21 (R1) - Interim Financial Statements, issued by the Accounting Pronouncements Committee (CPC) and approved by the Securities and Exchange Commission (CVM), and related to IAS 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB). All relevant information pertaining to the financial statements, and only these, are being evidenced, and correspond to those used in the management of the company's Management.
These interim financial statements were approved and authorized for issue by the Company's Board of Directors in a meeting held on November 3, 2022.
2. | Summary of significant accounting policies |
The same accounting policies and methods of computation were followed in these consolidated interim financial statements as those followed in the preparation of the annual financial statements of the Company for the year ended December 31, 2021.
The accounting standards that came into effect on January 1st, 2022 did not have a material effect on these individual and consolidated quarterly information.
Regarding the reform of the reference interest rates (IBOR Reform), the Company continues to monitor the pronouncements of the regulatory authorities, as well as the measures that have been adopted, aimed at adapting the various financial instruments to the new benchmarks. Petrobras and its subsidiaries have debts indexed to Libor (London Interbank Offered Rate), the amount of which corresponds to approximately 33.5% of their financings.
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 and cash equivalents.
Consolidated | ||
09.30.2022 | 12.31.2021 | |
Cash at bank and in hand | 862 | 1,666 |
Short-term financial investments | ||
- In Brazil | ||
Brazilian interbank deposit rate investment funds and other short-term deposits | 3,628 | 10,885 |
Other investment funds | 1,120 | 911 |
4,748 | 11,796 | |
- Abroad | ||
Time deposits | 8,855 | 24,050 |
Automatic investing accounts and interest checking accounts | 9,032 | 20,826 |
Other financial investments | 153 | 72 |
18,040 | 44,948 | |
Total short-term financial investments | 22,788 | 56,744 |
Total cash and cash equivalents | 23,650 | 58,410 |
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.
19 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
3.2. | Marketable securities |
Consolidated | ||
09.30.2022 | 12.31.2021 | |
Fair value through profit or loss | 3,543 | 3,630 |
Amortized cost | 9,759 | 247 |
Total | 13,302 | 3,877 |
Current | 13,038 | 3,630 |
Non-current | 264 | 247 |
Marketable securities classified as fair value through profit or loss refer mainly to investments in Brazilian Federal Government Bonds. These financial investments have maturities of more than three months and are generally classified as current assets due to their maturity or the expectation of their realization in the short term. Securities classified as amortized cost refer to investments abroad in time deposits with maturities exceeding three months from the contracting date and investments in floating-rate Bank Deposit Certificates with daily liquidity, with maturity of one year.
20 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
4. | Sales revenues |
Consolidated | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Gross sales | 191,345 | 565,117 | 154,062 | 399,087 |
Sales taxes (*) | (21,269) | (82,440) | (32,468) | (80,609) |
Sales revenues | 170,076 | 482,677 | 121,594 | 318,478 |
Diesel | 61,343 | 152,821 | 35,722 | 92,983 |
Gasoline | 21,575 | 62,166 | 17,690 | 43,197 |
Liquefied petroleum gas | 7,108 | 20,354 | 6,747 | 17,673 |
Jet fuel | 8,058 | 20,133 | 3,292 | 7,727 |
Naphtha | 3,305 | 10,042 | 2,749 | 6,450 |
Fuel oil (including bunker fuel) | 2,003 | 5,648 | 2,852 | 6,708 |
Other oil products | 7,780 | 22,379 | 6,265 | 16,399 |
Subtotal oil products | 111,172 | 293,543 | 75,317 | 191,137 |
Natural gas | 10,522 | 29,199 | 8,974 | 21,659 |
Crude oil | 10,379 | 32,777 | 137 | 427 |
Nitrogen products and renewables | 364 | 1,173 | 63 | 184 |
Breakage | 988 | 2,361 | 204 | 1,069 |
Electricity | 740 | 2,827 | 5,433 | 11,495 |
Services, agency and others | 1,333 | 4,080 | 1,243 | 3,019 |
Domestic market | 135,498 | 365,960 | 91,371 | 228,990 |
Exports | 29,859 | 105,370 | 29,308 | 85,675 |
Crude oil | 19,031 | 71,663 | 21,582 | 61,803 |
Fuel oil (including bunker fuel) | 9,182 | 30,271 | 6,115 | 19,396 |
Other oil products and other products | 1,646 | 3,436 | 1,611 | 4,476 |
Sales abroad (**) | 4,719 | 11,347 | 915 | 3,813 |
Foreign Market | 34,578 | 116,717 | 30,223 | 89,488 |
Sales revenues | 170,076 | 482,677 | 121,594 | 318,478 |
(*) Includes, mainly, CIDE, PIS, COFINS and ICMS (VAT). | ||||
(**) Sales revenues from operations outside of Brazil, including trading and excluding exports. |
In the period from January to September 2022, the revenues of two clients in the Refining, Transportation and Marketing (RTM) segment individually represent 15% and 11% of the company's revenues. In the same period of 2021, only one customer in the RTM segment represented 15% of the company's total revenue.
5. | Costs and expenses by nature |
5.1. | Cost of sales |
Consolidated | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Raw material, products for resale, materials and third-party services (*) | (47,657) | (117,439) | (30,823) | (71,554) |
Depreciation, depletion and amortization | (13,908) | (41,001) | (12,380) | (36,087) |
Production taxes | (19,435) | (60,409) | (15,574) | (42,397) |
Employee compensation | (2,240) | (6,365) | (3,265) | (7,850) |
Total | (83,240) | (225,214) | (62,042) | (157,888) |
(*) It Includes short-term leases and inventory turnover. |
5.2. | Selling expenses |
Consolidated | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Materials, third-party services, freight, rent and other related costs | (5,102) | (14,991) | (4,831) | (14,020) |
Depreciation, depletion and amortization | (1,020) | (3,124) | (831) | (2,384) |
Allowance for expected credit losses | (107) | (177) | 37 | 71 |
Employee compensation | (129) | (361) | (141) | (373) |
Total | (6,358) | (18,653) | (5,766) | (16,706) |
5.3. | General and administrative expenses |
Consolidated | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Employee compensation | (1,171) | (3,267) | (1,364) | (3,390) |
Materials, third-party services, rent and other related costs | (446) | (1,260) | (294) | (894) |
Depreciation, depletion and amortization | (135) | (373) | (105) | (346) |
Total | (1,752) | (4,900) | (1,763) | (4,630) |
21 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
6. | Other income and expenses |
Consolidated | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Unscheduled stoppages and pre-operating expenses | (2,390) | (6,862) | (1,792) | (5,281) |
Gains / (losses) related to legal, administrative and arbitration proceedings | (1,377) | (4,169) | (1,416) | (2,797) |
Pension and medical benefits - retirees (****) | (1,596) | (4,083) | (4,300) | (6,663) |
Variable compensation program | (805) | (2,061) | (795) | (1,857) |
Gains/(losses) with Commodities Derivatives | 464 | (627) | (70) | (294) |
Operating expenses with thermoelectric power plants | (196) | (555) | (85) | (334) |
Profit Sharing | (201) | (530) | (182) | (496) |
Transfer of rights on concession agreements | − | − | 1,518 | 1,579 |
Amounts recovered from Lava Jato investigation (**) | 115 | 175 | 132 | 1,197 |
Tax recovery (*) | 63 | 270 | 189 | 2,853 |
Fines imposed on suppliers | 310 | 904 | 249 | 664 |
Government grants | 650 | 1,687 | 139 | 158 |
Expenses/Reimbursements from E&P partnership operations | 1,538 | 2,314 | 705 | 2,254 |
Early termination and cash outflows revision of lease agreements | 826 | 2,848 | 632 | 1,846 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control | 1,550 | 5,850 | 613 | 1,235 |
Results from co-participation agreements in bid areas (***) | (50) | 14,193 | 3,519 | 3,519 |
Others | 188 | (1,005) | 129 | (406) |
Total | (911) | 8,349 | (815) | (2,823) |
(*) In the nine-month period ended September 30, 2021, it includes the effects of the exclusion of ICMS (VAT tax) from the basis of calculation of sales taxes PIS and COFINS, except for the effects of inflation indexation. | ||||
(**) The total amount recovered from Lava Jato Investigation through December 31, 2021 was R$ 6,220, recognized through collaboration and leniency agreements entered into with individuals and legal entities. | ||||
(***) It mainly refers to the gain related to the Co-participation Agreement of Atapu and Sépia (see note 16.2). | ||||
(****) In 2022, includes the amount of R$ 352 referring to the payment of the contribution provided for in the Term of Financial Commitment Pre-70 for the administrative cost of the PPSP-R pre-70 and PPSP-NE pre-70 plans. | ||||
7. | Net finance income (expense) |
Consolidated | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Finance income | 2,713 | 7,127 | 1,188 | 2,973 |
Income from investments and marketable securities (Government Bonds) | 1,783 | 4,448 | 519 | 921 |
Others | 930 | 2,679 | 669 | 2,052 |
Finance expenses | (4,157) | (12,817) | (6,237) | (22,721) |
Interest on finance debt | (2,963) | (9,143) | (3,499) | (12,415) |
Unwinding of discount on lease liabilities | (1,773) | (4,943) | (1,579) | (4,768) |
Discount and premium on repurchase of debt securities | (54) | (592) | (1,309) | (5,813) |
Capitalized borrowing costs | 1,364 | 4,072 | 1,406 | 3,970 |
Unwinding of discount on the provision for decommissioning costs | (668) | (2,025) | (1,017) | (3,071) |
Other finance expenses and income, net | (63) | (186) | (239) | (624) |
Foreign exchange gains (losses) and indexation charges | (6,529) | (15,057) | (20,431) | (25,704) |
Foreign Exchange (*) | (4,073) | 278 | (15,507) | (10,659) |
Reclassification of hedge accounting to the Statement of Income (*) | (5,813) | (18,476) | (5,396) | (17,823) |
Monetary restatement of anticipated dividends and dividends payable (***) | 2,085 | 749 | 104 | 32 |
Recoverable taxes inflation indexation income (**) | 155 | 382 | 79 | 2,587 |
Others | 1,117 | 2,010 | 289 | 159 |
Total | (7,973) | (20,747) | (25,480) | (45,452) |
(*) For more information, see notes 27.3a and 27.3c. | ||||
(**) In 2021, includes PIS and Cofins inflation indexation income - exclusion of ICMS (VAT tax) from the basis of calculation. | ||||
(***) In 2022, it refers to the income on the monetary restatement of paid anticipated dividends, in the amount of R$ 2,180 (R$ 105, in 2021), and to the expense on the indexation charges on dividends payable, in the amount of R$ 1,431 (R$ 73 in 2021). |
22 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
8. | Net income by operating segment |
Consolidated Statement of Income by operating segment - Jul-Sep/2022
Exploration and Production | Refining, Transportation & Marketing | Gas & Power | Corporate and other business | Eliminations | Total | |
Sales revenues | 101,391 | 154,035 | 21,747 | 657 | (107,754) | 170,076 |
Intersegments | 99,712 | 2,773 | 5,262 | 7 | (107,754) | − |
Third parties | 1,679 | 151,262 | 16,485 | 650 | − | 170,076 |
Cost of sales | (39,049) | (139,607) | (13,849) | (711) | 109,976 | (83,240) |
Gross profit | 62,342 | 14,428 | 7,898 | (54) | 2,222 | 86,836 |
Expenses | (2,316) | (3,519) | (3,078) | (3,463) | (19) | (12,395) |
Selling | (36) | (2,297) | (3,989) | (17) | (19) | (6,358) |
General and administrative | (34) | (253) | (78) | (1,387) | − | (1,752) |
Exploration costs | (565) | − | − | − | − | (565) |
Research and development | (828) | (8) | (7) | (141) | − | (984) |
Other taxes | (47) | 53 | (83) | (412) | − | (489) |
Impairment | (24) | (1,313) | 1 | − | − | (1,336) |
Other income and expenses | (782) | 299 | 1,078 | (1,506) | − | (911) |
Net income (loss) before financial results and income taxes | 60,026 | 10,909 | 4,820 | (3,517) | 2,203 | 74,441 |
Net finance income (expenses) | − | − | − | (7,973) | − | (7,973) |
Results in equity-accounted investments | 237 | (118) | 62 | (10) | − | 171 |
Net Income (loss) before income taxes | 60,263 | 10,791 | 4,882 | (11,500) | 2,203 | 66,639 |
Income taxes | (20,409) | (3,709) | (1,639) | 6,103 | (749) | (20,403) |
Net income (loss) of the period | 39,854 | 7,082 | 3,243 | (5,397) | 1,454 | 46,236 |
Attributable to: | ||||||
Shareholders of Petrobras | 39,860 | 7,082 | 3,148 | (5,448) | 1,454 | 46,096 |
Non-controlling interests | (6) | − | 95 | 51 | − | 140 |
39,854 | 7,082 | 3,243 | (5,397) | 1,454 | 46,236 |
Consolidated Statement of Income by operating segment - Jul-Sep/2021
Exploration and Production | Refining, Transportation & Marketing | Gas & Power | Corporate and other business | Eliminations | Total | |
Sales revenues | 76,472 | 107,188 | 18,014 | 476 | (80,556) | 121,594 |
Intersegments | 74,710 | 2,290 | 3,384 | 172 | (80,556) | − |
Third parties | 1,762 | 104,898 | 14,630 | 304 | − | 121,594 |
Cost of sales | (32,983) | (95,546) | (13,938) | (474) | 80,899 | (62,042) |
Gross profit | 43,489 | 11,642 | 4,076 | 2 | 343 | 59,552 |
Expenses | 19,572 | (5,396) | (4,043) | (4,719) | (29) | 5,385 |
Selling | 23 | (2,172) | (3,572) | (16) | (29) | (5,766) |
General and administrative | (269) | (190) | (99) | (1,205) | − | (1,763) |
Exploration costs | (696) | − | − | − | − | (696) |
Research and development | (596) | (8) | (12) | (176) | − | (792) |
Other taxes | (406) | (196) | (273) | (266) | − | (1,141) |
Impairment | 16,901 | (69) | (474) | − | − | 16,358 |
Other income and expenses | 4,615 | (2,761) | 387 | (3,056) | − | (815) |
Net income (loss) before financial results and income taxes | 63,061 | 6,246 | 33 | (4,717) | 314 | 64,937 |
Net finance income (expenses) | − | − | − | (25,480) | − | (25,480) |
Results in equity-accounted investments | 151 | 1,343 | 60 | (34) | − | 1,520 |
Net Income (loss) before income taxes | 63,212 | 7,589 | 93 | (30,231) | 314 | 40,977 |
Income taxes | (21,440) | (2,124) | (11) | 13,929 | (107) | (9,753) |
Net income (loss) of the period | 41,772 | 5,465 | 82 | (16,302) | 207 | 31,224 |
Attributable to: | ||||||
Shareholders of Petrobras | 41,778 | 5,465 | 20 | (16,328) | 207 | 31,142 |
Non-controlling interests | (6) | − | 62 | 26 | − | 82 |
41,772 | 5,465 | 82 | (16,302) | 207 | 31,224 |
23 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Consolidated Statement of Income by operating segment - Jan-Sep/2022
Exploration and Production | Refining, Transportation & Marketing | Gas & Power | Corporate and other business | Eliminations | Total | |
Sales revenues | 311,999 | 439,940 | 57,792 | 2,058 | (329,112) | 482,677 |
Intersegments | 306,890 | 7,480 | 14,723 | 19 | (329,112) | − |
Third parties | 5,109 | 432,460 | 43,069 | 2,039 | − | 482,677 |
Cost of sales | (119,389) | (383,669) | (40,798) | (2,089) | 320,731 | (225,214) |
Gross profit | 192,610 | 56,271 | 16,994 | (31) | (8,381) | 257,463 |
Expenses | 9,983 | (10,463) | (11,702) | (10,710) | (60) | (22,952) |
Selling | (65) | (6,703) | (11,778) | (47) | (60) | (18,653) |
General and administrative | (163) | (657) | (247) | (3,833) | − | (4,900) |
Exploration costs | (1,169) | − | − | − | − | (1,169) |
Research and development | (2,676) | (31) | (24) | (414) | − | (3,145) |
Other taxes | (240) | (76) | (177) | (762) | − | (1,255) |
Impairment | (642) | (1,535) | 4 | (6) | − | (2,179) |
Other income and expenses | 14,938 | (1,461) | 520 | (5,648) | − | 8,349 |
Net income (loss) before financial results and income taxes | 202,593 | 45,808 | 5,292 | (10,741) | (8,441) | 234,511 |
Net finance income (expenses) | − | − | − | (20,747) | − | (20,747) |
Results in equity-accounted investments | 776 | 823 | 354 | (20) | − | 1,933 |
Net Income (loss) before income taxes | 203,369 | 46,631 | 5,646 | (31,508) | (8,441) | 215,697 |
Income taxes | (68,882) | (15,575) | (1,799) | 13,192 | 2,870 | (70,194) |
Net income (loss) of the period | 134,487 | 31,056 | 3,847 | (18,316) | (5,571) | 145,503 |
Attributable to: | ||||||
Shareholders of Petrobras | 134,504 | 31,056 | 3,483 | (18,485) | (5,571) | 144,987 |
Non-controlling interests | (17) | − | 364 | 169 | − | 516 |
134,487 | 31,056 | 3,847 | (18,316) | (5,571) | 145,503 |
Consolidated Statement of Income by operating segment - Jan-Sep/2021
Exploration and Production | Refining, Transportation & Marketing | Gas & Power | Corporate and other business | Eliminations | Total | |
Sales revenues | 211,864 | 284,257 | 44,061 | 1,929 | (223,633) | 318,478 |
Intersegments | 207,677 | 5,349 | 9,755 | 852 | (223,633) | − |
Third parties | 4,187 | 278,908 | 34,306 | 1,077 | − | 318,478 |
Cost of sales | (91,286) | (248,767) | (29,957) | (1,906) | 214,028 | (157,888) |
Gross profit | 120,578 | 35,490 | 14,104 | 23 | (9,605) | 160,590 |
Expenses | 14,276 | (10,334) | (11,645) | (8,103) | (86) | (15,892) |
Selling | (4) | (6,146) | (10,410) | (60) | (86) | (16,706) |
General and administrative | (597) | (574) | (275) | (3,184) | − | (4,630) |
Exploration costs | (2,897) | − | − | − | − | (2,897) |
Research and development | (1,631) | (28) | (101) | (446) | − | (2,206) |
Other taxes | (616) | (543) | (530) | (294) | − | (1,983) |
Impairment | 16,329 | (69) | (914) | 7 | − | 15,353 |
Other income and expenses | 3,692 | (2,974) | 585 | (4,126) | − | (2,823) |
Net income (loss) before financial results and income taxes | 134,854 | 25,156 | 2,459 | (8,080) | (9,691) | 144,698 |
Net finance income (expenses) | − | − | − | (45,452) | − | (45,452) |
Results in equity-accounted investments | 451 | 4,695 | 450 | 2,248 | − | 7,844 |
Net Income (loss) before income taxes | 135,305 | 29,851 | 2,909 | (51,284) | (9,691) | 107,090 |
Income taxes | (45,850) | (8,553) | (836) | 20,395 | 3,295 | (31,549) |
Net income (loss) of the period | 89,455 | 21,298 | 2,073 | (30,889) | (6,396) | 75,541 |
Attributable to: | ||||||
Shareholders of Petrobras | 89,473 | 21,298 | 1,752 | (30,963) | (6,396) | 75,164 |
Non-controlling interests | (18) | − | 321 | 74 | − | 377 |
89,455 | 21,298 | 2,073 | (30,889) | (6,396) | 75,541 |
The balance of depreciation, depletion and amortization by business segment is shown below:
24 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Exploration and Production | Refining, Transportation & Marketing | Gas & Power | Corporate and other business | Total | |
Jul-Sep/2022 | 13,435 | 3,029 | 667 | 12 | 17,143 |
Jul-Sep/2021 | 12,466 | 2,970 | 590 | 236 | 16,262 |
Exploration and Production | Refining, Transportation & Marketing | Gas & Power | Corporate and other business | Total | |
Jan-Sep/2022 | 40,077 | 8,682 | 1,710 | 274 | 50,743 |
Jan-Sep/2021 | 35,639 | 8,737 | 1,743 | 701 | 46,820 |
9. | Trade and other receivables |
9.1. | Trade and other receivables, net |
Consolidated | ||
09.30.2022 | 12.31.2021 | |
Receivables from contracts with customers | ||
Third parties | 25,736 | 27,005 |
Related parties | ||
Investees (note 28.5) | 479 | 2,152 |
Subtotal | 26,215 | 29,157 |
Other trade receivables | ||
Third parties | ||
Receivables from divestments (*) | 5,114 | 14,951 |
Lease receivables | 2,182 | 2,428 |
Other receivables | 3,963 | 4,866 |
Related parties | ||
Petroleum and alcohol accounts - receivables from Brazilian Government | 3,094 | 2,822 |
Subtotal | 14,353 | 25,067 |
Total trade receivables | 40,568 | 54,224 |
Expected credit losses (ECL) - Third parties | (7,986) | (7,971) |
Expected credit losses (ECL) - Related parties | (40) | (112) |
Total trade receivables, net | 32,542 | 46,141 |
Current | 22,026 | 35,538 |
Non-current | 10,516 | 10,603 |
(*) On September 30, 2022, refers mainly to the amount receivable for the divestment of Rio Ventura, Roncador, Baúna, Miranga, Maromba, Pampo and Enchova, Breitener and Cricaré. |
Accounts receivable are classified in the amortized cost category, except for certain receivables with final price formation after the transfer of control of products that depend on the variation in the value of the commodity, classified in the category fair value through profit or loss, whose value on September 30, 2022 totaled R$2,348 (R$ 6,445 as of December 31, 2021).
The balance of receivables from divestments decreased mainly due to the receipt of US$ 950 million (R$ 5,066), from the sale of interest in the exploration block BM-S-8 and the receipt of US$ 1 billion (R$ 5,549) from Nova Transportadora do Sudeste (NTS), referring to the last installment of the sale of 90% of Petrobras shares.
9.2. | Aging of trade and other receivables - third parties |
Consolidated | ||||
09.30.2022 | 12.31.2021 | |||
Trade receivables | Expected credit losses (ECL) | Trade receivables | Expected credit losses (ECL) | |
Current | 27,701 | (212) | 39,392 | (428) |
Overdue: | ||||
Until 3 months | 687 | (196) | 1,214 | (144) |
3 - 6 months | 224 | (148) | 221 | (36) |
6 - 12 months | 208 | (199) | 286 | (164) |
More than 12 months | 8,175 | (7,231) | 8,137 | (7,199) |
Total | 36,995 | (7,986) | 49,250 | (7,971) |
9.3. | Changes in provision for expected credit losses |
Consolidated | ||
2022 Jan-Sep | 2021 Jan-Sep | |
Opening balance | 8,083 | 8,293 |
Additions | 505 | 266 |
Reversals | (334) | (342) |
Write-offs | (103) | (213) |
Transfers from assets held for sale | − | (42) |
Cumulative translation adjustment | (125) | 178 |
Closing balance | 8,026 | 8,140 |
Current | 1,164 | 842 |
Non-current | 6,862 | 7,298 |
25 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
10. | Inventories |
Consolidated | ||
09.30.2022 | 12.31.2021 | |
Crude oil | 20,599 | 17,012 |
Oil products | 20,071 | 13,922 |
Intermediate products | 3,489 | 2,967 |
Natural gas and LNG (*) | 3,190 | 1,946 |
Biofuels | 145 | 106 |
Fertilizers | 8 | 43 |
Total products | 47,502 | 35,996 |
Materials, supplies and others | 5,323 | 4,490 |
Total | 52,825 | 40,486 |
(*) Liquefied Natural Gas |
Consolidated inventories are presented net of losses for adjustment to their net realizable value, these adjustments being mainly due to fluctuations in international oil prices and their oil products and, they are recognized in the statement of income for the period as cost of sales. In the period from January to September 2022, there was a provision of R$34 (reversal of R$5 in the period from January to September 2021).
As of September 30, 2022, the company has a volume of oil and/or oil product inventories given as guarantee of the Term of Financial Commitments (TFC) related to the PPSP-R, PPSP R pre 70 and PPSP NR pre 70 Pension plans, signed in 2008 with Fundação Petrobras de Seguridade Social - Petros, in the estimated amount of R$5,573, already deducted from the equivalent volumes of the partial early settlement, carried out in February 2022, in compliance with the contractual condition of debt coverage with the TFCs.
11.Taxes 11.1.Income tax and social contribution Current taxes Income tax and social contribution | Consolidated | |||||
Current assets | Current liabilities | Non-current liabilities | ||||
09.30.2022 | 12.31.2021 | 09.30.2022 | 12.31.2021 | 09.30.2022 | 12.31.2021 | |
Taxes in Brazil | ||||||
Income taxes | 939 | 745 | 6,385 | 3,803 | − | − |
Income taxes - Tax settlement programs | − | − | 253 | 241 | 1,604 | 1,676 |
939 | 745 | 6,638 | 4,044 | 1,604 | 1,676 | |
Taxes abroad | 21 | 166 | 1,930 | 45 | − | − |
Total | 960 | 911 | 8,568 | 4,089 | 1,604 | 1,676 |
Reconciliation between statutory tax rate and effective tax expense rate
The reconciliation of taxes calculated according to nominal rates and the amount of registered taxes are shown below:
Consolidated | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Net income before income taxes | 66,639 | 215,697 | 40,977 | 107,090 |
Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) | (22,657) | (73,337) | (13,933) | (36,411) |
Adjustments to arrive at the effective tax rate: | ||||
Interest on capital | 1,894 | 3,789 | − | - |
Different jurisdictional tax rates for companies abroad | 1,053 | 3,096 | 659 | 305 |
Brazilian income taxes on income of companies incorporated outside Brazil (*) | (511) | (3,666) | (785) | (1,928) |
Tax loss carryforwards (unrecognized tax losses) | (46) | (82) | 542 | 424 |
Non-taxable income (non-deductible expenses), net (**) | 128 | 447 | 100 | 1,391 |
Post-retirement benefit | (399) | (1,339) | (1,779) | (2,263) |
Results of equity-accounted investments in Brazil and abroad | 52 | 673 | 534 | 2,024 |
Non-incidence of income taxes on indexation (SELIC interest rate) of undue paid taxes | 50 | 127 | 4,767 | 4,767 |
Others | 33 | 98 | 142 | 142 |
Income tax expenses | (20,403) | (70,194) | (9,753) | (31,549) |
Deferred income taxes | (1,222) | (11,493) | (620) | (21,247) |
Current income taxes | (19,181) | (58,701) | (9,133) | (10,302) |
Effective tax rate of income taxes | 30.6% | 32.5% | 23.8% | 29.5% |
(*) Income tax and social contribution in Brazil referring to income earned in the years by investees abroad, according to provisions provided for in Law No. 12,973 / 2014. | ||||
(**) It includes provisions for legal proceedings and payment of an administrative contribution over the TFC Pre-70 for the administrative funding of the PPSP-R pre-70 and PPSP-NE pre-70 plans. |
26 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Deferred income taxes - non-current
The table below shows the composition and basis for realization of deferred tax assets and liabilities:
Nature | Basis for realization | 09.30.2022 | 12.31.2021 | |||||
Property, plant and equipment - Cost of prospecting and dismantling areas | Depreciation, Amortization and Write-off of Assets | (3,160) | (7,601) | |||||
Property, plant and equipment - Impairment | Amortization, Write-off of Assets and Impairment Reversal | 24,620 | 24,455 | |||||
Property, plant and equipment - Depreciation, accelerated and linear x unit produced and capitalized charges | Depreciation, Amortization and Write-off of Assets | (85,023) | (72,123) | |||||
Loans, accounts receivable / payable and financing | Payments, Receipts and Consideration | 10,322 | 19,475 | |||||
Leases | Appropriation of consideration | 3,771 | 6,942 | |||||
Provision for lawsuits | Payment and reversal of the provision | 3,914 | 3,378 | |||||
Tax losses | Compensation of 30% of taxable income | 3,499 | 10,193 | |||||
Inventories | Sale, Write-Off and Loss | 1,444 | 1,271 | |||||
Employee benefits, mainly pension plan | Payment and reversal of the provision | 6,885 | 6,976 | |||||
Others | 929 | 3,548 | ||||||
Total | (32.799) | (3.486) | ||||||
Deferred income taxes - assets | 2,673 | 3,371 | ||||||
Deferred income taxes - liabilities (*) | (35,472) | (6,857) | ||||||
(*) The balance of deferred tax liabilities increased in the period, mainly due to the offsetting of tax losses and negative basis of social contribution, use of the benefit of accelerated tax depreciation and the appreciation of the real against the dollar. | ||||||||
The table below shows the movement in the periods:
Consolidated | ||
2022 | 2021 | |
Jan-Sep | Jan-Sep | |
Opening balance | (3,486) | 32,509 |
Recognized in income of the period | (11,493) | (21,247) |
Recognized in shareholders' equity | (12,082) | (4,400) |
Cummulative Translation Adjustment | (33) | 11 |
Use of tax credits | (5,722) | (2,821) |
Others | 17 | (45) |
Final balance | (32,799) | 4,007 |
11.2. | Taxes |
Consolidated
Other taxes | Current assets | Non-current assets | Current liabilities | Non-current liabilities (*) | ||||
09.30.2022 | 12.31.2021 | 09.30.2022 | 12.31.2021 | 09.30.2022 | 12.31.2021 | 09.30.2022 | 12.31.2021 | |
Taxes in Brazil: | ||||||||
Current / Deferred VAT Rate (VAT) | 5,003 | 3,712 | 2,174 | 2,114 | 2,297 | 5,554 | − | − |
Current / Deferred PIS and COFINS (**) | 1,270 | 2,330 | 12,815 | 11,329 | 204 | 2,786 | 410 | 251 |
PIS and COFINS - Law 9,718/98 | − | − | 3,398 | 3,313 | − | − | − | − |
CIDE | 5 | 31 | − | − | 13 | 235 | − | − |
Production taxes/Royalties | − | − | − | 11,794 | 11,984 | 368 | 117 | |
Withholding income taxes | − | − | − | − | 330 | 481 | − | − |
Tax settlement programs | − | − | − | − | 129 | 374 | 36 | 36 |
Others | 201 | 272 | 1,422 | 1,393 | 615 | 781 | 421 | 392 |
Total in Brazil | 6,479 | 6,345 | 19,809 | 18,149 | 15,382 | 22,195 | 1,235 | 796 |
Taxes abroad | 324 | 255 | 62 | 48 | 113 | 130 | − | − |
Total | 6,803 | 6,600 | 19,871 | 18,197 | 15,495 | 22,325 | 1,235 | 796 |
(*) Other non-current liabilities are classified as other liabilities. | ||||||||
(**) As of September 30, 2022, includes R$289 (R$576 as of December 31, 2021) in current assets, referring to the exclusion of VAT tax in the PIS and COFINS calculation basis. |
PIS and COFINS Law 9,718/98
The company filed common actions against the Federal Government referring to the recovery of amounts paid as PIS/COFINS on financial income and active exchange variations, considering the unconstitutionality of §1 of art. 3 of Law 9,718/98, in the periods between February 1999 and January 2004.
All actions were upheld with a final and unappealable decision. Currently, two actions are in the precatory stage, with values as claimed by the company. Regarding the two remaining cases, both have favorable reports, and in one of them, the Union has already expressed its agreement.
As of September 30, 2022, the amount monetarily restated is R$3,398 (R$3,313 as of December 31, 2021).
27 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
12. | 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 other managers. Such benefits include salaries, post-employment benefits, termination benefits and other benefits.
Consolidated | ||
09.30.2022 | 12.31.2021 | |
Liabilities | ||
Short-term employee benefits | 7,895 | 7,197 |
Termination benefits | 1,064 | 1,950 |
Post-retirement benefits | 50,225 | 55,130 |
Total | 59,184 | 64,277 |
Current | 11,924 | 11,967 |
Non-current | 47,260 | 52,310 |
12.1.Short-term benefits
Short-term benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the reporting period in which the employees render the related service.
Consolidated | ||||
09.30.2022 | 12.31.2021 | |||
Variable compensation program - PPP | 2,225 | 2,574 | ||
Accrued vacation and Christmas bonus | 3,801 | 2,453 | ||
Salaries and related charges and other provisions | 1,331 | 1,505 | ||
Profit sharing | 538 | 665 | ||
Total | 7,895 | 7,197 | ||
Current | 7,749 | 7,178 | ||
Non-current (*) | 146 | 19 |
(*) Refers to the balance of the deferral for 4 years of 40% of the PPP portion of the administrators and executive managers.
In the period from January to September, in relation to short-term benefits, the company recognized the following amounts in the income statement:
Consolidated | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Costs/Expenses in the statement of income | ||||
Salaries, vacation, christmas bonus, charges over provisions and others | (4,194) | (11,558) | (3,851) | (10,912) |
Variable compensation program (*) | (805) | (2,061) | (791) | (1,853) |
Profit sharing (*) | (201) | (530) | (182) | (496) |
Manager compensations and charges | (28) | (54) | (18) | (51) |
Total | (5,228) | (14,203) | (4,842) | (13,312) |
(*) In 2022, includes amounts for reversal of the provision referring to 2021 programs. |
12.1.1 Variable compensation program
Performance award program (PPP)
On September 17, 2021, the Board of Directors (CA) approved an adjustment to the criteria for granting the 2021 variable compensation program to employees. The PPP 2021 model presents to start the program, in addition to the net income for the year, the declaration and payment of remuneration to shareholders for the year in reference approved by the Board of Directors.
On December 15, 2021, the Board of Directors approved the PPP 2022 for employees. The criteria of the PPP 2021 model for activating the program were maintained to start the program.
From January to September 2022, the company:
i. paid R$2,442 (R$2,286 in the parent company) referring to the PPP 2021, considering compliance with the company's performance metrics and the individual performance of all employees; and
ii. provisioned R$2,088 (R$ 1,936 in the parent company) referring to the PPP 2022, recorded in other operating expenses.
28 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Profit Sharing (PLR)
On December 29, 2020, the 17 labor unions representing employees of onshore bases signed the agreement for PLR 2021/2022, within the period determined by the Collective Bargaining Agreement (ACT). Among the maritime bases, three labor union entities signed the agreement within the deadline defined by the ACT.
The PLR 2021/2022 regulation, approved by the Secretariat for Coordination and Governance of State-owned Companies (Sest), of the Federal Government, covers employees who do not occupy remunerated functions and provides for individual limits according to the participants' remuneration. In order for the PLR to be activated in 2021 and 2022, in addition to the PLR agreement having been signed, the following triggers/requirements must be met: i) approval of the distribution of dividends by the Annual General Meeting (AGO); ii) calculation of net income in the reference year; and iii) achievement of the average percentage, weighted by weight, of the set of indicators' targets of at least 80%.
The maximum amount of PLR to be distributed is limited to 5% of Adjusted EBITDA, to 6.25% of net income and to 25% of dividends distributed to shareholders, in each year, whichever is lower.
From January to September 2022:
i. the company paid R$659 (R$593 in the parent company), referring to PLR 2021; and
ii. provisioned R$ 533 (R$ 483 in the parent company) referring to the 2022 PLR, recorded in other operating expenses.
12.2.Termination benefits
These are those provided by the termination of the employment contract as a result of: i) the entity's decision to terminate the employee's employment relationship before the normal retirement date; or ii) employee's decision to accept an offer of benefits in exchange for termination of employment.
The company has voluntary termination programs (PDV), incentive retirement (PAI), specific termination programs for the corporate segment and for employees assigned to units in the process of divestment, which basically provide for the same legal and indemnity benefits.
Transpetro launched a new voluntary termination program for seafarers. Enrollment took place between May 4, 2022 and July 14, 2022 and the maximum deadline for termination of employees who join the program is December 3, 2022.
Considering the set of programs, there are 11,565 adhesions accumulated until September 30, 2022 (11,418 adhesions until December 31, 2021).
The change in the provision as of September 30, 2022 is shown below:
Consolidated | ||
Jan-Sep 2022 | Jan-Sep 2021 | |
Opening Balance | 1,950 | 4,678 |
Effects in the statement of income | 33 | (52) |
Enrollments | 36 | 160 |
Revision of provisions | (3) | (212) |
Effect in cash and cash equivalents | (919) | (1,982) |
Use due to termination | (919) | (1,982) |
Saldo final | 1,064 | 2,644 |
Current | 441 | 1,706 |
Non Current | 623 | 938 |
The recognition of the provision for expenses with the retirement programs occurs as the employees join.
The company deferred the payment of indemnities in two installments, the first at the time of termination, together with the legal severance payments, and the second, when applicable, 12 months after the payment of the first installment.
29 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
As of September 30, 2022, of the total provisioned, the amount of R$163 corresponds to the second installment of 565 terminated employees and the amount of R$901 corresponds to 1,666 employees enrolled in the voluntary termination programs scheduled to leave by September 2025.
12.3.Post-employment benefits
The company maintains a health care plan for its employees in Brazil (active and retired) and their dependents and five other main post-retirement pension benefits (collectively referred to as "company pension plans").
The balances related to post-employment benefits granted to employees are shown below:
Consolidated | ||||
09.30.2022 | 12.31.2021 | |||
Liabilities | ||||
Health Care Plan AMS: Saúde Petrobras | 26,001 | 25,029 | ||
Petros Pension Plan - Renegotiated (PPSP-R) | 16,427 | 18,042 | ||
Petros Pension Plan - Non-renegotiated (PPSP-NR) | 3,702 | 3,672 | ||
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pré 70) | 1,677 | 4,557 | ||
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pré 70) | 1,371 | 2,851 | ||
Petros 2 Pension Plan (PP-2) | 1,047 | 918 | ||
Other plans | − | 61 | ||
Total | 50,225 | 55,130 | ||
Current | 3,734 | 3,632 | ||
Non-current | 46,491 | 51,498 | ||
Health Care Plan
The health care plan, named "Saúde Petrobras", is managed by the Petrobras Health Association (APS), a non-profit civil association and includes prevention and health care programs.
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 is established in the collective bargaining agreement (ACT), being 60% (sixty percent) by the company and 40% (forty percent) by the participants.
Pension plans
The Company's post-retirement plans are managed by Petros Foundation (Fundação Petrobras de Seguridade Social), which was established by Petrobras (Sponsor) as a nonprofit legal entity governed by private law with administrative and financial autonomy.
The net obligation with pension plans recorded by the company has a different recognition methodology than that applicable to pension funds, regulated by the Conselho Nacional de Previdência Complementar.
The main differences in accounting practices adopted in Brazil (CNPC and CVM) between the Pension Fund and the Sponsor for calculating the actuarial commitment on December 31, 2021 are shown below:
PPSP-R (*) | PPSP-NR (*) | |
Accumulated deficit according to CNPC - Petros Foundation | 7,746 | 776 |
Financial assumptions (interest rate and inflation) | (6,252) | (2,033) |
Ordinary and extraordinary sponsor contributions | 12,223 | 3,636 |
Changes in value of plan assets (**) | 8,074 | 3,029 |
Others (calculation methodology, etc.) | 808 | 1,115 |
Net actuarial liability according to CVM - Sponsor Company | 22,599 | 6,523 |
(*) Includes the balance of the PPSP-R Pre-70 and PPSP-NR Pre-70 plans.
(**) Includes balance of accounts receivable arising from the Term of Financial Commitment - TFC signed with Petrobras, which Petros recognizes as equity.
On March 28, 2022, the Petros Deliberative Council approved the financial statements of the pension plans for the year ended on December 31, 2021, sponsored by the company.
12.3.1 Amounts in the financial statements related to defined benefit plans
Represents the company's obligation, net of collateral assets when applicable, discounted to present value and calculated annually by an independent actuary, in accordance with the methodology established in IAS 19/CPC 33 (R1) - Employee Benefits.
The movement of obligations with pension and health plans with a defined benefit feature is shown below:
30 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Consolidated | ||||||
Pension plans | Health Care Plan | Other plans | ||||
PPSP-R (*) | PPSP-NR (*) | PP2 | AMS - Saúde Petrobras | Total | ||
Balance on December 31, 2021 | 22,599 | 6,523 | 918 | 25,029 | 61 | 55,130 |
Recognized in income - cost and expenses | 1,774 | 561 | 125 | 2,355 | − | 4,815 |
Current service cost | 37 | 5 | 51 | 405 | − | 498 |
Interest cost, net | 1,737 | 556 | 74 | 1,950 | − | 4,317 |
Cash effects | (6,269) | (2,011) | − | (1,385) | (1) | (9,666) |
Contributions paid | (1,032) | (337) | − | (1,385) | (1) | (2,755) |
Payments related to term of financial commitment (TFC) (**) | (5,237) | (1,674) | − | − | − | (6,911) |
Other changes | − | − | 4 | 2 | (60) | (54) |
Balance of actuarial liability as of September 30, 2022 | 18,104 | 5,073 | 1,047 | 26,001 | − | 50,225 |
(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. (**) Includes the payment of part of the TFC principal made on February 25, 2022. |
Pension plans | Health Care | Other plans | ||||
PPSP-R (*) | PPSP-NR (*) | PP2 | AMS - Saúde Petrobras | Total | ||
Balance on December 31, 2020 | 39,102 | 14,012 | 2,477 | 27,836 | 76 | 83,503 |
Recognized in income - cost and expenses | 1,919 | 711 | 295 | 6,656 | 5 | 9,586 |
Costs incurred in the period | (5) | (1) | − | 4,518 | − | 4,512 |
- Present value of the obligation | (3,672) | (168) | − | 4,518 | − | 678 |
- Value of guarantor asset - transfer to equity in PP3 | 2,494 | 114 | − | − | − | 2,608 |
- Sponsor's contribution to PP3 | 1,173 | 53 | − | − | − | 1,226 |
Current service cost | 52 | 3 | 157 | 670 | − | 882 |
Net interest cost | 1,774 | 680 | 138 | 1,468 | 5 | 4,065 |
Interest on the obligations with contribution for the revision of the lump sum death benefit | 98 | 29 | − | − | − | 127 |
Recognized in Equity - other comprehensive income | (6,885) | (1,769) | − | (6,034) | 8 | (14,680) |
Remeasurement: (Gains) / Actuarial losses | (6,885) | (1,769) | − | (6,034) | 8 | (14,680) |
Cash effects | (6,596) | (2,983) | − | (1,241) | (1) | (10,821) |
Contributions paid (***) | (2,219) | (359) | − | (1,241) | (1) | (3,820) |
Payments of obligations with contribution for the revision of the lump sum death benefit (**) | (1,797) | (536) | − | − | − | (2,333) |
Payments related to term of financial commitment (TFC) | (2,580) | (2,088) | − | − | − | (4,668) |
Other changes | − | − | − | − | (7) | (7) |
Balance on September 30,2021 | 27,540 | 9,971 | 2,772 | 27,217 | 81 | 67,581 |
(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. | ||||||
(**) On June 30, 2021, the Company prepaid the debt balance of R$2.25 billion. (***) On September 30, the company made the contribution to the PP3 plan related to the participants who migrated from the PPSP-R and PPSP-NR plans. |
The net expense with pension and health plans is presented below:
Pension plans | Health Care Plan | Other plans | ||||
PPSP-R (*) | PPSP-NR (*) | PP2 | AMS - Saúde Petrobras | Total | ||
Related to active employees (cost and expenses) | (135) | (22) | (71) | (856) | − | (1,084) |
Related to retired employees (other income and expenses) | (1,639) | (539) | (54) | (1,499) | − | (3,731) |
Expense in the statement of income - Jan-Sep/2022 | (1,774) | (561) | (125) | (2,355) | − | (4,815) |
Related to active employees (cost and expenses) | (218) | (37) | (238) | (2,425) | (5) | (2,923) |
Related to retired employees (other income and expenses) | (1,603) | (645) | (57) | (4,231) | − | (6,536) |
Obligations with contribution for the revision of the lump sum death benefit | (98) | (29) | − | − | − | (127) |
Expense in the statement of income - Jan-Sep/2021 | (1,919) | (711) | (295) | (6,656) | (5) | (9,586) |
(*) It includes amounts of PPSP-R pre-70 and PPSP-NR pre-70 |
31 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Pension plans | Health Care Plan | Other plans | ||||
PPSP-R (*) | PPSP-NR (*) | PP2 | AMS - Saúde Petrobras | Total | ||
Related to active employees (cost and expenses) | (44) | (7) | (24) | (286) | − | (361) |
Related to retired employees (other income and expenses) | (547) | (180) | (18) | (499) | − | (1,244) |
Expense in the statement of income - Jul-Sep/2022 | (591) | (187) | (42) | (785) | − | (1,605) |
Related to active employees (cost and expenses) | (71) | (14) | (79) | (1,683) | (5) | (1,852) |
Related to retired employees (other income and expenses) | (509) | (226) | (19) | (3,549) | 3 | (4,300) |
Expense in the statement of income - Jul-Sep/2021 | (580) | (240) | (98) | (5,232) | (2) | (6,152) |
(*) It includes amounts of PPSP-R pre-70 and PPSP-NR pre-70 |
12.3.2. Contributions
In the period from January to September 2022, the company contributed a total of R$9,666 to the defined benefit plans, which reduced the balance of obligations, as shown in Note 12.3.1. Of this amount, it includes the payment of the TFC, in the amount of R$ 6,911.
Additionally, there was a contribution of R$ 692 (R$ 618 for the period from January to September 2021) to the defined contribution portion of the PP2 plan and R$ 6bb of the PP3 plan, which were recognized in costs and income for the year.
The collection of contributions to the PP3 plan began in August 2021.
13. | Provisions for legal proceedings |
13.1 Provisions for legal proceedings, judicial deposits and contingent liabilities
The company sets up provisions in judicial, administrative and arbitration proceedings in an amount sufficient to cover losses considered probable and for which a reliable estimate can be made. The main actions refer to:
· | Labor lawsuits, highlighting: (i) various labor claims; (ii) individual actions to review the methodology for calculating the Minimum Remuneration by Level and Regime (RMNR); and (iii) third-party claims. |
· | Tax proceedings, including: (i) non-approval of federal tax offsets; (ii) fines for non-compliance with ancillary obligations; and (iii) non-payment of fuel CIDE on propane and butane imports. |
· | Civil proceedings, in particular: (i) claims involving contracts; (ii) collection of royalties and production taxes; and (iii) fines imposed by the ANP, especially those related to production measurement systems.. |
· | Environmental lawsuits, in particular: (i) fines related to the environmental accident that occurred in 2000 in the State of Paraná; (ii) fines related to the company's offshore operation; and (iii) public civil action for oil spill in 2004 in Serra do Mar/SP State Park. |
Provisions for legal proceedings are set out as follows:
Consolidated | ||
Non-current liabilities | 09.30.2022 | 12.31.2021 |
Labor claims | 4,024 | 3,995 |
Tax claims | 2,105 | 1,705 |
Civil claims | 6,136 | 4,581 |
Environmental claims | 1,356 | 982 |
Total | 13,621 | 11,263 |
Consolidated | ||
2022 Jan-Sep | 2021 Jan-Sep | |
Opening Balance | 11,263 | 11,427 |
Additions, net of reversals | 2,827 | 2,173 |
Use of provision | (1,822) | (2,041) |
Accruals and charges | 1,351 | 384 |
Others | 2 | 47 |
Closing balance | 13,621 | 11,990 |
In the preparation of the interim financial information for the period ended on September 30, 2022, 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.
In the period from January to September 2022, the increase in liabilities arises mainly from changes in the following cases: (i) R$1,924 in the provision for civil litigation involving contractual matters; (ii) R$397 in the provision for fines for non-compliance with ancillary obligations, offset by (iii) a reduction of R$478 as a result of an agreement reached in arbitration to collect royalties on shale extraction.
32 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
13.2 Judicial deposits
Judicial deposits made in connection with legal proceedings are set out in the table below according to the nature of the corresponding lawsuits:
Consolidated | ||
Non-current assets | 09.30.2022 | 12.31.2021 |
Tax | 38,699 | 32,310 |
Labor | 4,665 | 4,443 |
Civil | 9,987 | 7,113 |
Environmental | 575 | 566 |
Others | 391 | 426 |
Total | 54,317 | 44,858 |
Consolidated | ||
2022 Jan-Sep | 2021 Jan-Sep | |
Opening Balance | 44,858 | 37,838 |
Additions | 6,741 | 4,385 |
Use | (503) | (359) |
Accruals and charges | 3,257 | 811 |
Others | (36) | 16 |
Closing balance | 54,317 | 42,691 |
In the period from January to September 2022, the company made judicial deposits in the amount of R$6,741, highlighting: (i) R$2,196 referring to the unification of Campos (Cernambi, Tupi, Tartaruga Verde and Tartaruga Mestiça); (ii) R$ 1,009 referring to income tax and social contribution tax for not adding the income of subsidiaries and affiliates domiciled abroad to the parent company's income tax and social contribution tax calculation basis; (iii) R$1,123 referring to the levy of CIDE and PIS/COFINS related to the chartering of platforms; and (iv) R$ 523 referring to income tax and social contribution tax in the deduction of expenses with Petros.
13.3 Contingent liabilities
As of September 30, 2022, the contingent liabilities plus interest and monetary restatement, estimated for legal proceedings, whose probability of loss is considered possible, are presented in the following table:
Consolidated | ||
Nature | 09.30.2022 | 12.31.2021 |
Tax | 155,705 | 138,312 |
Labor | 41,735 | 40,022 |
Civil - General | 35,565 | 31,921 |
Civil - Environmental | 7,187 | 6,652 |
Total | 240,192 | 216,907 |
The main contingent liabilities are:
· | Tax matters comprising: i) withholding income tax (IRRF), Contribution of Intervention in the Economic Domain (CIDE), Social Integration Program (PIS) and Contribution to Social Security Financing (COFINS) on remittances for payments of vessel charters; (ii) income from foreign subsidiaries and associates located outside Brazil not included in the computation of taxable income (Corporate Income Tax and Social Contribution); (iii) requests to compensate federal taxes disallowed by the Brazilian Federal Tax Authority; (iv) collection and crediting of ICMS VAT tax by several states; (v) collection of social security contributions over payments of bonuses, and (vi) collection of custom duties and fines related to imports under the Repetro regime in the Frade consortium. |
· | Labor matters comprising collective 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; |
· | Civil lawsuits, highlighting: (i) administrative and legal proceedings that discuss differences in special participations and royalties in different fields; (ii) fines from regulatory agencies; and (iii) claims involving contracts; |
· | Environmental matters with emphasis on indemnities and reparations for environmental damages and fines related to the company's operation. |
In the period from January to September 2022, the increase in contingent liabilities arises mainly from: (i) R$ 12,113 referring to the tax assessment notice for the collection, by joint liability, of customs taxes and fines arising from the importation of goods under the regime of Repetro, for use in the Frade consortium; (ii) R$3,790 referring to administrative and judicial proceedings that discuss difference in special participation and royalties in different fields, including unification of fields; (iii) R$ 2,239 referring to the levy of CIDE and PIS/COFINS related to the chartering of platforms; (iv) R$1,670 referring to litigation for non-approval of federal tax offsets; (v) R$1,540 referring to lawsuits involving ICMS tax collection on imports in operations with liquefied petroleum gas derived from natural gas; (vi) R$1,376 referring to class actions that require a review of the methodology for calculating the Minimum Remuneration by Level and Regime (RMNR); and (vii) R$1,531 referring to civil litigation involving contractual matters. These effects were partially offset mainly by: (viii) R$5,978 for the transfer to remote loss related to the collection of ISS on services in maritime waters; and (ix) R$1,529 for the write-off due to the execution of an agreement and review of amounts in actions on the state monopoly of piped gas services.
33 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
13.4 RMNR - Minimum Remuneration by Level and Work Regime
There are several lawsuits related to the Minimum Remuneration by Level and Work Regime (RMNR), with the objective of revising its calculation criteria.
The RMNR consists of a guaranteed minimum remuneration for employees, based on salary level, working conditions and geographic location. This compensation policy was created and implemented by Petrobras in 2007 through collective bargaining with union representatives, and approved at employee meetings, being questioned only three years after its implementation.
In 2018, the Superior Labor Court (TST) ruled against the Company, which filed extraordinary appeals against its decision. However, the Federal Supreme Court (STF) suspended the effects of the decision rendered by the TST and determined the national suspension of the ongoing processes related to the RMNR.
On July 29, 2021, a monocratic decision was published in which the Reporting Justice granted the Extraordinary Appeal filed in one of the proceedings to reestablish the judgment that dismissed the copyright requests, accepting the Company's thesis and recognizing the validity of the collective bargaining agreement freely signed between Petrobras and the labor unions, reversing the decision of the TST.
In February 2022, the judgment of the grievances filed by the plaintiff and several amici curiae began. The judgment is currently underway in the First Panel of the Federal Supreme Court, with 3 votes in favor of the company, confirming that the prevailing understanding is in the sense of recognizing the validity of the collective bargaining agreement freely signed between Petrobras and the unions. Considering that the last minister to speak up requested a view, the trial was suspended pending the presentation of the vote by Minister Vistor.
As of September 30, 2022, there are several lawsuits related to the Minimum Remuneration by Level and Work Regime (RMNR) reflected in the company's interim financial information, R$812 of which classified as probable loss, recognized in liabilities as a provision for lawsuits and administrative expenses, and R$34,545 classified as possible loss. During the period from July to September 2022, due to specific formal aspects of the process in question, one of these lawsuits with possible loss was extinguished, as it became final in favor of Petrobras.
13.5 Class action and related proceedings
On May 26, 2021, the District Court of Rotterdam ruled that the class action 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 must proceed and that the arbitration clause in Petrobras' Bylaws does not prevent the company's shareholders from having access to the Dutch Judiciary and being represented by the Stichting Petrobras Compensation Foundation. However, investors who have already initiated 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 action. The collective action moved to the phase of discussion of the merits issues.
In the Argentine arbitration, in which Petrobras is held liable for an alleged loss of market value of Petrobras shares in Argentina, due to the unfolding of Operation Lava Jato, the appeal filed by Consumidores Financieros Asociación Civil para su Defensa (" Association") has not yet been tried by the Argentine Supreme Court.
As for the criminal action 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 decision court that had recognized Petrobras' immunity from jurisdiction and recommended that the lower court take some steps to certify whether the company could be considered criminally immune in Argentina for subsequent reassessment of the matter. Petrobras appealed against this decision, but the higher courts upheld the decision of the Court of Appeals, so the immunity must be reconsidered by the first instance. The Court of Appeal recognized that the Association could not act as a representative of financial consumers, due to the loss of its registration before the competent Argentine bodies, which was also the subject of an appeal upheld by the Court of Cassation on September 15, 2022, recognizing the Association the right to represent financial consumers. Petrobras presented other procedural defenses, which are still subject to consideration 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.
Regarding the other criminal action, for alleged non-compliance with the obligation to publish as a "material fact" in the Argentine market that there was a class action brought by Consumers Financieros Asociación Civil para su Defensa before the Commercial Court, there were no relevant events in the period from January to September 2022.
34 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
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 the losses related to its investment in Sete Brasil Participações S.A. On August 8, 2022, the judge upheld EIG's claim as to Petrobras' liability for the alleged losses, 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 trial hearing and the consideration of the defenses by the company. In the same decision, whose impacts are recognized in the company's financial statements, the judge denied the request to dismiss the case based on Petrobras' immunity from jurisdiction, which is why an appeal was filed with the Federal Court of Appeals for the District of Columbia.
13.6 Arbitrations in Brazil
In the period from January to September 2022, there were no events that changed the assessment and information about arbitrations in Brazil.
13.7 Legal proceedings - Compulsory Loan - Eletrobras
During the period from January to September 2022, there were no events that modified the evaluation of this process.
13.8 Lawsuits brought by Natural Gas Distributors and others
During the period from January to September 2022, Petrobras obtained, in the Superior Court of Justice, the suspension of the preliminary decision obtained by CEGÁS, which granted the extension of its gas supply agreement for 6 months. With the loss of effectiveness of the aforementioned preliminary decision due to the passage of time, the suspension previously granted became unnecessary, being extinguished. In another decision, the injunction that had been obtained by the State of Santa Catarina and that had extended, until April 2022, the price of the gas supply agreement that was terminated on December 31, 2021, was revoked in a sentence handed down on December 29, June 2022. Regarding the lawsuit filed by the State of Minas Gerais, a request was accepted to grant a suspensive effect to the appeal filed by Petrobras in view of the preliminary decision.
In October 2022, agreements were signed with CEGÁS and SCGÁS, with the objective of putting an end to existing disputes and pacifying controversial issues in relation to the price of natural gas supplied, based on the current economic conditions of the natural gas market.
The commercialization of gas by Petrobras, in the states of Espírito Santo, Rio de Janeiro and Sergipe, has been taking place under the terms of the injunctions granted.
14. | Provision for decommissioning costs |
The following table details the amount of the decommissioning provision by production area:
Consolidated | ||
09.30.2022 | 12.31.2021 | |
Onshore | 2,612 | 4,868 |
Shallow Waters | 19,944 | 20,825 |
Deep and ultra-deep post-salt | 43,715 | 46,989 |
Pre-salt | 14,231 | 14,478 |
Total | 80,502 | 87,160 |
Consolidated | ||
2022 Jan-Sep | 2021 Jan-Sep | |
Opening balance | 87,160 | 97,595 |
Adjustment to provision | 201 | 38 |
Transfers related to liabilities held for sale (*) | (5,473) | (2,866) |
Payments made | (3,231) | (2,798) |
Interest accrued | 1,853 | 2,940 |
Others | (8) | 19 |
Total | 80,502 | 94,928 |
(*) In the period from January to September 2022, refers to transfers related to: Golfinho and Camarupim poles (R$ 507), in Espírito Santo; Albacora Leste Field (R$ 1,841), in Rio de Janeiro; North Pole Capixaba (R$ 165), in Espírito Santo; and Polo Potiguar (R$ 2,960), in Rio Grande do Norte, as per explanatory note 22. In 2021, refer to the following transfers: Polo Alagoas (R$ 808); Papa-Terra Field (R$ 773); Peroá Complex (R$ 595); Polo Miranga (R$ 530); and Búzios field (R$ 160).
35 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
15. | Property, plant and equipment |
15.1 | By class of assets |
Consolidated | Parent | ||||||
Land, buildings and improvement | Equipment and other assets (*) | Assets under construction (**) | Exploration and development costs (oil and gas producing properties) (***) | Right-of-use assets | Total | Total | |
Balance at December 31, 2021 | 13,302 | 296,471 | 94,430 | 200,046 | 95,157 | 699,406 | 717,355 |
Accumulated cost | 22,770 | 547,365 | 144,831 | 345,470 | 147,222 | 1,207,658 | 1,154,481 |
Accumulated depreciation and impairment (****) | (9,468) | (250,894) | (50,401) | (145,424) | (52,065) | (508,252) | (437,126) |
Additions | − | 3,354 | 25,367 | 242 | 28,150 | 57,113 | 62,439 |
Additions to / review of estimates of decommissioning costs | − | − | − | 54 | − | 54 | − |
Capitalized borrowing costs | − | − | 4,037 | − | − | 4,037 | 3,995 |
Signing bonus transfer (*****) | − | − | − | 6,008 | − | 6,008 | 6,008 |
Write-offs | (13) | (3,772) | (4,947) | (3,010) | (7,279) | (19,021) | (18,727) |
Transfers (******) | 416 | 19,361 | (34,339) | 15,234 | − | 672 | 452 |
Transfers to assets held for sale | (70) | (9,900) | (1,740) | (7,155) | (135) | (19,000) | (18,435) |
Depreciation, amortization and depletion | (335) | (18,270) | − | (20,175) | (17,131) | (55,911) | (58,252) |
Impairment recognition (note 17) | − | (265) | (1,404) | (212) | − | (1,881) | (1,841) |
Impairment reversal (note 17) | − | 62 | 9 | 57 | − | 128 | 127 |
Cumulative translation adjustment | (4) | 1 | (496) | (36) | (3) | (538) | − |
Balance at September 30, 2022 | 13,296 | 287,042 | 80,917 | 191,053 | 98,759 | 671,067 | 693,121 |
Accumulated cost | 22,638 | 544,943 | 131,203 | 341,891 | 151,128 | 1,191,803 | 1,145,440 |
Accumulated depreciation and impairment (****) | (9,342) | (257,901) | (50,286) | (150,838) | (52,369) | (520,736) | (452,319) |
Consolidated | Parent | ||||||
Land, buildings and improvement | Equipment and other assets (*) | Assets under construction (**) | Exploration and development costs (oil and gas producing properties) (***) | Right-of-use assets | Total | Total | |
Balance at December 31, 2020 | 15,812 | 304,940 | 80,255 | 161,958 | 82,469 | 645,434 | 670,088 |
Accumulated cost | 28,322 | 557,080 | 143,142 | 316,486 | 123,578 | 1,168,608 | 1,120,987 |
Accumulated depreciation and impairment (****) | (12,510) | (252,140) | (62,887) | (154,528) | (41,109) | (523,174) | (450,899) |
Additions | 2 | 5,274 | 22,940 | 7 | 27,943 | 56,166 | 59,514 |
Additions to / review of estimates of decommissioning costs | 0 | 0 | 0 | 1 | 0 | 1 | 0 |
Capitalized borrowing costs | 0 | 0 | 3,954 | 0 | 0 | 3,954 | 3,908 |
Business combination | (1) | 0 | 0 | 0 | 0 | (1) | 0 |
Transfer from signature bonus (*****) | 0 | 0 | 0 | 61,375 | 0 | 61,375 | 61,375 |
Write-offs | (2) | (3,362) | (1,941) | (8,667) | (669) | (14,641) | (14,649) |
Transfers (******) | (50) | 2,755 | (16,036) | 13,623 | 11 | 303 | (386) |
Transfers to assets held for sale | (8) | (8,476) | (3,023) | (3,288) | 8 | (14,787) | (15,356) |
Depreciation, amortization and depletion | (413) | (16,670) | 0 | (16,733) | (16,825) | (50,641) | (54,451) |
Impairment recognition | 0 | (1,007) | (1) | (46) | 0 | (1,054) | (1,053) |
Impairment reversal | 0 | 7,240 | 537 | 9,415 | 169 | 17,361 | 17,209 |
Cumulative translation adjustment | (2) | 57 | 270 | 73 | 0 | 398 | 0 |
Balance at September 30, 2021 | 15,338 | 290,751 | 86,955 | 217,718 | 93,106 | 703,868 | 726,199 |
Accumulated cost | 23,358 | 542,618 | 147,029 | 370,916 | 142,750 | 1,226,671 | 1,177,110 |
Accumulated depreciation and impairment (****) | (8,020) | (251,867) | (60,074) | (153,198) | (49,644) | (522,803) | (450,911) |
(*) Comprised of production platforms, refineries, thermoelectric plants, gas treatment units, pipelines and other operating, storage and production facilities, including subsea equipment for the production and flow of oil and gas depreciated using the units of production method.
(**) The balances by business segment are presented in Note 21.
(***) Comprises exploration and production assets related to wells, abandonment of areas, signature bonuses associated with proved reserves and other expenses directly linked to exploration and production, except production platforms (oil and gas producing fields).
(****) In the case of land and assets under construction, it refers only to impairment losses.
(*****) Transfer from Intangible assets referring to the Atapu, Sépia and Itapu fields in 2022 (referrind to Buzios field in 2021).
(******) Mainly includes transfers between types of assets and transfers of advances to suppliers.
The useful lives of assets depreciated using the straight-line method are shown below:
Asset | Weighted average lifespan in years |
Buildings and improvements | 40 (25 to 50) |
Equipment and other assets | 20 (3 to 31) - except assets according to the units of production method |
Rights of Use | 8 (2 to 47) |
The rights-of-use comprise the following underlying assets:
36 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Consolidated | Parent Company | |||||
Platforms | Vessels | Buildings and others | Total | Total | ||
09.30.2022 | ||||||
Accumulated cost | 67,098 | 74,657 | 9,373 | 151,128 | 163,781 | |
Accumulated depreciation and impairment | (18,053) | (31,538) | (2,778) | (52,369) | (54,946) | |
Total | 49,045 | 43,119 | 6,595 | 98,759 | 108,835 | |
12.31.2021 | ||||||
Accumulated cost | 74,562 | 62,875 | 9,785 | 147,222 | 160,538 | |
Accumulated depreciation and impairment | (19,652) | (29,410) | (3,003) | (52,065) | (54,117) | |
Total | 54,910 | 33,465 | 6,782 | 95,157 | 106,421 | |
15.2 Production Individualization Agreements
Petrobras has Production Individualization Agreements (AIP) signed in Brazil with partner companies in E&P consortia, as well as contracts resulting from divestment operations and strategic partnerships linked to these consortia. These agreements will result in equalizations payable or receivable of expenses and production volumes related to the Atapu, Berbigão, Sururu, Albacora Leste, Tartaruga Verde and others.
The following table shows the movement of amounts payable related to AIPs submitted for approval by the ANP, classified in the trade payables account, reflecting the best available estimate of the assumptions used in the evaluation of the calculation basis and the sharing of relevant assets in areas to be equalized:
Consolidated | ||
2022 Jan-Sep | 2021 Jan-Sep | |
Initial balance | 2,033 | 1,925 |
Additions/(write-offs) in Property, Plant and Equipment | (132) | (419) |
Other operating (income) expenses | 48 | 190 |
Final balance | 1,949 | 1,696 |
15.3 Capitalization rate used to determine the amount of borrowing costs eligible for capitalization
The weighted average rate of financial charges used to determine the amount of borrowing costs without a specific destination, to be capitalized as an integral part of assets under construction, was 6.62% p.a. in the period from January to September 2022 (6.24% p.a. in the period from January to September 2021).
37 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
16 | Intangible assets |
16.1 | By class of assets |
Consolidated | Parent Company | ||||
Rights and Concessions (*) | Software | Goodwill | Total | Total | |
Balance at December 31, 2021 | 15,037 | 1,719 | 123 | 16,879 | 16,682 |
Accumulated Cost | 15,312 | 7,373 | 123 | 22,808 | 21,769 |
Accumulated amortization and impairment | (275) | (5,654) | − | (5,929) | (5,087) |
Addition | 4,265 | 664 | − | 4,929 | 4,889 |
Capitalized borrowing costs | − | 35 | − | 35 | 35 |
Write-offs | (56) | (5) | − | (61) | (5) |
Transfers | (48) | (3) | − | (51) | (58) |
Transfer from signature bônus (**) | (6,008) | − | − | (6,008) | (6,008) |
Amortization | (14) | (273) | − | (287) | (271) |
Impairment accrual | − | (6) | − | (6) | − |
Cumulative translation adjustment | (8) | − | − | (8) | − |
Balance at September 30, 2022 | 13,168 | 2,131 | 123 | 15,422 | 15,264 |
Accumulated Cost | 13,454 | 8,044 | 123 | 21,621 | 20,615 |
Accumulated amortization and impairment | (286) | (5,913) | − | (6,199) | (5,351) |
Estimated useful life in years | (***) | 5 | Indefinite |
Consolidated | Parent Company | ||||
Rights and Concessions (*) | Software | Goodwill | Total | Total | |
Balance at December 31, 2020 | 76,464 | 1,089 | 125 | 77,678 | 77,258 |
Accumulated Cost | 76,925 | 6,467 | 125 | 83,517 | 82,110 |
Accumulated amortization and impairment | (461) | (5,378) | − | (5,839) | (4,852) |
Addition | 19 | 514 | − | 533 | 485 |
Addition - signature bonus | 520 | − | − | 520 | 520 |
Capitalized borrowing costs | − | 16 | − | 16 | 16 |
Write-offs | (51) | (5) | − | (56) | (44) |
Transfers | (495) | 18 | − | (477) | (195) |
Transfer from signature bônus (**) | (61,375) | − | − | (61,375) | (61,375) |
Amortization | (24) | (217) | − | (241) | (220) |
Cumulative translation adjustment | 3 | − | − | 3 | − |
Balance at September 30, 2021 | 15,061 | 1,415 | 125 | 16,601 | 16,445 |
Accumulated Cost | 15,332 | 7,017 | 125 | 22,474 | 21,490 |
Accumulated amortization and impairment | (271) | (5,602) | − | (5,873) | (5,045) |
Weighted average useful life in years | (***) | 5 | Indefinite |
(*) Comprised mainly of signature bonuses, paid in concession contracts for oil or natural gas exploration and production sharing, in addition to public service concessions, trademarks and patents and others.
(**) Transfer to Property, Plant and Equipment referring to the Atapu, Sépia and Itapu fields in 2022 (referrind to Buzios field in 2021).
(***) Comprised mainly of assets with an indefinite useful life, whose valuation is reviewed annually to determine whether it remains justifiable.
16.2 | Surpluses from Transfer of Rights |
Búzios
The expenses incurred by Petrobras in the ordinary operations of the auctioned area for the benefit of the consortium, carried out prior to the start of the Buzios Coparticipation Agreement, and not included in the total amount of compensation, in the updated amount of R$ 319, were reimbursed to Petrobras by the partners CNODC Brasil Petróleo e Gás Ltda (CNODC) and CNOOC Petroleum Brasil Ltda (CPBL) in February 2022.
Additionally, on March 4, 2022, Petrobras signed an agreement with its partner CPBL for the transfer of 5% of its interest in the Production Sharing Agreement for the Excess Volume of the Assignment Agreement for the Búzios field, in the pre-salt layer of Santos basin. The agreement results from the share purchase option exercised by CPBL on September 29, 2021.
The amount to be received in cash by Petrobras at the closing of the transaction is US$ 2,120 million, referring to the compensation and reimbursement of the signature bonus for the additional participation of CPBL, subject to the usual adjustments in this type of contract between the base date and the closing date and compliance with conditions precedent, such as authorization by the Administrative Council for Economic Defense (CADE), recommendation for approval of the Assignment by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and approval by the Ministry of Mines and Energy ( MME).
38 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
After the completion of the transaction, Petrobras will hold an 85% interest in the Production Sharing Agreement for the Excess Volume of the Assignment Agreement for the Búzios field, CPBL will hold a 10% interest and CNODC, 5%. The total interest in this Búzios Co-participation Agreement, including the installments of the Assignment Agreement and the BS-500 Concession Agreement (100% of Petrobras) will be 88.99% of Petrobras, 7.34% of CPBL and 3,67% of CNODC.
As of September 30, 2022, the assets and liabilities related to the agreement to transfer 5% of the interest are classified as held for sale.
Atapu and Sepia
On April 27, 2022, Petrobras entered into the Production Sharing Agreement for the Surplus Volumes of the Assignment of Atapu in partnership with Shell Brasil Petróleo Ltda (Shell - 25%) and TotalEnergies EP Brasil Ltda. (TotalEnergies - 22.5%), and the Production Sharing Agreement for the Surplus Volumes of the Sepia Assignment, in consortium with the companies TotalEnergies (28%), Petronas Petróleo Brasil Ltda. (Petronas - 21%) and QP Brasil Ltda. (QP - 21%). These agreements are linked to the 2nd bidding round for the Surplus of the Transfer of Rights in the Production Sharing regime, which took place on December 17, 2021.
The Co-participation Agreements (Agreements) and the Addendums to the Agreement for the Individualization of Atapu and Sepia Production (AIPs), necessary to manage the coincident deposits contained in the area of the Assignment Agreement and in the area of the Production Sharing Agreement of the Surplus Transfer of Rights, were also concluded on April 27, 2022.
The compensations owed to Petrobras for Atapu and Sépia, which includes a preliminary estimate of the gross up of the taxes levied, under the terms of Ordinance No. 08 of April 19, 2021 from the MME, were paid by the partners on April 13, 26 and 27, 2022, amounting to R$9,960 in the Atapu compensation and R$14,552 in the Sépia compensation.
The Agreements came into force on May 2, 2022, after the attestation by Pré-Sal Petróleo S.A (PPSA) as to the contractors' compliance with the payment of compensation, as established in Ordinance No. 519 of May 21, 2021.
On the effective date of the Agreements, the property, plant and equipment and intangible assets associated with the Atapu and Sépia fields were partially written off, in exchange for financial compensation, resulting in a transaction similar to a sale.
The company calculated the amount of R$ 650, of which R$ 300 for Atapu and R$ 350 for Sépia, resulting from the difference between the preliminary estimate and the final calculation of the gross up of taxes levied on the net income generated by the transfer of ownership of the Petrobras assets for the Production Sharing regime, as provided for in Ordinance No. 08, mentioned above. This amount was received by Petrobras in July 2022 from Atapu and Sépia partners.
The consolidated result of the operation, presented in other operating income, was R$14,188, of which R$5,038 from Atapu and R$ 9,150 from Sepia.
The signature bonus corresponding to the company's participation in the Production Sharing Agreement (Surplus Volumes of the Transfer of Rights) in Sépia was R$ 2,141 and, in Atapu, in the amount of R$ 2,101.
Since it was a special auction, related to the surplus production of fields with technical and commercial feasibility already defined, the value of the signature bonus paid in the first quarter of 2022 (R$ 4,242) was recognized in property, plant and equipment after the start of the Agreement.
17 | Impairment |
Consolidated | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Recognition of (loss) / reversal | ||||
Property, plant and equipment | (1,337) | (1,753) | 16,900 | 16,306 |
Intangible | − | (6) | − | − |
Property, plant and equipment and Intangible | (1,337) | (1,759) | 16,900 | 16,306 |
Assets held for sale | 1 | (420) | (542) | (953) |
(1,336) | (2,179) | 16,358 | 15,353 | |
Investments | 12 | (45) | (45) | 1,903 |
Net effect in the statement of income | (1,324) | (2,224) | 16,313 | 17,256 |
Recognition of loss | (1,338) | (2,443) | (604) | (2,316) |
Loss reversal | 14 | 219 | 16,917 | 19,572 |
The company assesses the recoverability of assets annually or when there is an indication of devaluation. In the period from January to September 2022, net losses due to devaluation in Property, Plant and Equipment for Assets Held for Sale in the amount of R$ 2,179 were recognized in the statement of income, mainly due to the following reasons:
39 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
· | Postponement of the start of operations of the Natural Gas Processing Unit (UPGN) of the Gaslub Pole in Itaboraí due to the termination of the contract with the company responsible for the works, which impacted the projection of revenues of the CGU Utilidades Itaboraí, resulting in the recognition of devaluation losses in this CGU, in the amount of R$1,313, considering the discount rate in constant currency of 5.40% p.a.; |
· | Permanent stoppage of the P-35 platform in the Marlim field, which led to the exclusion of this asset from the CGU Polo Norte and classification as an isolated asset, with the recognition of losses due to devaluation in the amount of R$ 262; |
· | Approval of the sale of the Golfinho Complex, which comprises the fields of Golfinho, an oil producer, and Canapu, a producer of non-associated gas, and the exploratory block BM-ES-23. As a result of this operation, the company assessed the recoverability of the book value of the assets of the Complex, considering the fair value net of selling expenses, which resulted in the recognition of impairment losses in the amount of R$258; |
· | Approval of the sale of the Northeast Lubricants and Petroleum Derivatives Refinery (LUBNOR), in the state of Ceará, which led to its exclusion from RTM CGU and classification as an isolated asset. As a result of this operation, the company assessed the recoverability of the book value of the refinery, considering the fair value net of selling expenses, which resulted in the recognition of impairment losses in the amount of R$ 222. |
In the period from January to September 2021, net reversals due to devaluation in the amount of R$ 15,353 were recognized in income for the period, mainly due to:
· | Change in the short-term Brent assumption, with an assessment of the recoverability of the book value of production field assets, resulting in a reversal of losses due to devaluation in the amount of R$ 17,209, mainly in the Roncador CGUs (R$ 4,539); North Pole (R$3,772) and Berbigão-Sururu Pole (R$2,049); |
· | Relocation of equipment from platforms P-72 and P-73 to producing fields in the Santos Basin. As a result, considering the expectation of future cash generation, it recognized reversal of devaluation losses in the amount of R$151; |
· | Permanent stoppage of platforms P-33 and P-26 in the Marlim field, which led to the exclusion of these assets from the CGU Polo Norte and classification as isolated assets, with the recognition of losses due to devaluation in the amount of R$ 1,031; |
· | Approval of the sale of the company Breitener Energética S.A., in the state of Amazonas, resulting in the recognition of a loss in the amount of R$473; and |
· | Approval of the sale of the Arembepe, Muryci and Bahia 1 Thermoelectric Power Plants, located in Camaçari, in the state of Bahia. As a result of this transaction, the company assessed the recoverability of the book value of the Thermoelectric Power Plants, considering the fair value net of selling expenses, which resulted in the recognition of impairment losses in the amount of R$441. |
17.1 | Investment in an associate with shares traded on stock exchanges (Petrobras Distribuidora S.A. - BR) |
On August 26, 2020, the Board of Directors of Petrobras approved the process of divestment of its entire interest in Petrobras Distribuidora. On June 30, 2021, the Board of Directors approved the price per common share issued by Petrobras Distribuidora S.A., in the amount of R$ 26.00, within the scope of the public offering of secondary distribution of Shares held by Petrobras, resulting in an amount of sale of R$11,264, net of transaction costs.
The assessment of the recoverability of the investment based on the cash flow from the sale resulted in the recognition of reversals of net impairment losses, in the period from January to September 2021, in the amount of R$ 2,019. The operation was completed in July 2021.
18 | Exploration and evaluation of oil and gas reserves |
Changes in capitalized costs related to exploratory wells and the balances of amounts paid for obtaining rights and concessions for oil and natural gas exploration, both directly related to exploratory activities in unproved reserves, are presented in the following table:
40 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Consolidated | ||
Capitalized Exploratory Well Costs / Capitalized Acquisition Costs (*) | 2022 Jan-Sep | 2021 Jan-Sep |
Property plant and equipment | ||
Opening Balance | 11,127 | 15,716 |
Additions | 1,278 | 1,558 |
Write-offs | (70) | (860) |
Transfers | (437) | (792) |
Cumulative translation adjustment | 35 | 27 |
Closing Balance | 11,933 | 15,649 |
Intangible Assets | 12,556 | 14,399 |
Capitalized Exploratory Well Costs / Capitalized Acquisition Costs | 24,489 | 30,048 |
(*) 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 flows used related to oil and gas exploration and evaluation activities are set out in the following table:
Consolidated | ||||
2022 | 2021 | |||
Exploration costs recognized in the statement of income | Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep |
Geological and geophysical expenses | (553) | (1,234) | (525) | (1,354) |
Exploration expenditures written off (includes dry wells and signature bonuses) | (177) | (632) | (142) | (1,178) |
Contractual penalties | 168 | 704 | (28) | (261) |
Other exploration expenses | (3) | (7) | (1) | (104) |
(565) | (1,169) | (696) | (2,897) | |
Cash used in: | ||||
Operating activities | 556 | 1,241 | 526 | 1,458 |
Investment activities | 642 | 5,489 | 1,066 | 2,381 |
1,198 | 6,730 | 1,592 | 3,839 | |
Term of Conduct Adjustment with ANP
In the period from January to September 2022, Petrobras approved the execution, with the ANP, of a Term of Conduct Adjustment (TCA) to offset local content fines related to:
• 22 concessions in which Petrobras has a 100% interest, located in the Barreirinhas, Campos, Espírito Santo, Parecis, Potiguar, Recôncavo, Santos, Sergipe-Alagoas and Solimões basins;
• 5 concessions in which Petrobras operates in partnership with other concessionaires, located in the Espírito Santo, Mucuri, Pernambuco-Paraíba and Potiguar basins.
The TCA provides for the conversion of fines into investment commitments in Exploration and Production with local content. Under the terms of the agreement, Petrobras is committed to investing approximately R$1,011 in local content by December 31, 2026. As a result, all administrative proceedings related to the collection of fines arising from non-compliance with local content in these concessions will be closed. The administrative proceedings ended up to September 30, 2022 resulted in a reversion of the liability of R$682.
19 | Collateral for crude oil exploration concession agreements |
Petrobras has granted collateral to the National Agency of Petroleum, Natural Gas and Biofuels - ANP in the total amount of R$ 11,729 for the Minimum Exploratory Programs established in the concession agreements for petroleum exploration areas, which are in force and net of commitments undertaken. Of this amount, R$8,597 corresponds to the pledge of crude oil from previously identified fields that are already in the production phase and R$3,132 refers to bank guarantees.
41 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
20 | Investments |
20.1 | Changes in investment (Parent Company) |
Controlled companies | Joint operations | Jointly controlled companies | Associates (*) | Total | |
Balance at December 31, 2021 | 264,102 | 180 | 109 | 5,434 | 269,825 |
Investments | 9 | − | 80 | − | 89 |
Transfers to held for sale | (9) | − | − | (282) | (291) |
Restructuring, capital decrease and others | (1,251) | 2 | − | 5 | (1,244) |
Results in equity-accounted investments (**) | 17,498 | 66 | 114 | 767 | 18,445 |
Cumulative translation adjustments | (7,869) | − | − | (267) | (8,136) |
Other comprehensive income | 192 | − | 3 | 636 | 831 |
Dividends | (1,692) | (82) | (116) | (509) | (2,399) |
Balance at September 30, 2022 | 270,980 | 166 | 190 | 5,784 | 277,120 |
Controlled companies | Joint operations | Jointly controlled companies | Associates (*) | Total | |
Balance at December 31, 2020 | 228,777 | 164 | 237 | 12,697 | 241,875 |
Investments | 314 | − | 34 | − | 348 |
Transfers to held for sale | (2,081) | − | (90) | (11,318) | (13,489) |
Restructuring, capital decrease and others | 735 | − | − | (926) | (191) |
Results in equity-accounted investments (**) | 9,739 | 60 | 46 | 7,081 | 16,926 |
Cumulative translation adjustments | 11,603 | − | 14 | 393 | 12,010 |
Other comprehensive income | 506 | − | (6) | 166 | 666 |
Dividends | (1,326) | (31) | (105) | (812) | (2,274) |
Balance at September 30, 2021 | 248,267 | 193 | 130 | 7,281 | 255,871 |
(*) Includes Braskem and other investments | |||||
(**) In the income statement, it includes income from companies classified as held for sale in the amount of R$62, creditor effect, as of September 30, 2022 (R$441, creditor effect on September 30, 2021). |
20.2 | Changes in investment (Consolidated) |
Jointly controlled companies | Associates (*) | Total | |||
Balance at December 31, 2021 | 2,839 | 5,588 | 8,427 | ||
Investments | 80 | 40 | 120 | ||
Transfers to held for sale | − | (282) | (282) | ||
Restructuring, capital decrease and others | (6) | (69) | (75) | ||
Results in equity-accounted investments | 1,119 | 814 | 1,933 | ||
Cumulative translation adjustments | (59) | (270) | (329) | ||
Other comprehensive income | 3 | 636 | 639 | ||
Dividends | (887) | (505) | (1,392) | ||
Balance at September 30, 2022 | 3,089 | 5,952 | 9,041 |
Jointly controlled companies | Associates (*) | Total | |||
Balance at December 31, 2020 | 4,232 | 12,778 | 17,010 | ||
Investments | 35 | 44 | 79 | ||
Transfers to held for sale | (1,773) | (11,318) | (13,091) | ||
Restructuring, capital decrease and others | (1) | (919) | (920) | ||
Results in equity-accounted investments | 795 | 7,049 | 7,844 | ||
Cumulative translation adjustments | 131 | 398 | 529 | ||
Other comprehensive income | (6) | 166 | 160 | ||
Dividends | (549) | (815) | (1,364) | ||
Balance at September 30, 2021 | 2,864 | 7,383 | 10,247 | ||
(*) Includes Braskem and other investments. |
21 | Assets by operating segment |
The segmented information reflects the evaluation structure of senior management in relation to performance and the allocation of resources to the business.
42 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Consolidated assets by operating segment - 09.30.2022 | ||||||
Exploration and Production | Refining, Transportation & Marketing | Gas & Power | Corporate | Eliminations | Total | |
Current assets | 45,211 | 94,689 | 19,688 | 51,231 | (51,492) | 159,327 |
Non-current assets | 574,834 | 121,077 | 40,281 | 52,054 | 1 | 788,247 |
Long-term receivables | 33,526 | 15,124 | 3,240 | 40,826 | 1 | 92,717 |
Investments | 2,160 | 5,815 | 893 | 173 | − | 9,041 |
Property, plant and equipment | 526,147 | 99,567 | 35,763 | 9,590 | − | 671,067 |
Operating assets | 471,372 | 85,864 | 25,152 | 7,762 | − | 590,150 |
Under construction | 54,775 | 13,703 | 10,611 | 1,828 | − | 80,917 |
Intangible assets | 13,001 | 571 | 385 | 1,465 | − | 15,422 |
Total Assets | 620,045 | 215,766 | 59,969 | 103,285 | (51,491) | 947,574 |
Consolidated assets by operating segment - 12.31.2021 | ||||||
Exploration and Production | Refining, Transportation & Marketing | Gas & Power | Corporate | Eliminations | Total | |
Current assets | 33,672 | 70,822 | 21,418 | 73,995 | (31,660) | 168,247 |
Non-current assets | 597,740 | 121,076 | 37,669 | 48,220 | (1) | 804,704 |
Long-term receivables | 28,136 | 12,342 | 1,795 | 37,720 | (1) | 79,992 |
Investments | 2,194 | 5,412 | 662 | 159 | − | 8,427 |
Property, plant and equipment | 552,654 | 102,788 | 34,829 | 9,135 | − | 699,406 |
Operating assets | 486,676 | 89,770 | 20,868 | 7,662 | − | 604,976 |
Under construction | 65,978 | 13,018 | 13,961 | 1,473 | − | 94,430 |
Intangible assets | 14,756 | 534 | 383 | 1,206 | − | 16,879 |
Total Assets | 631,412 | 191,898 | 59,087 | 122,215 | (31,661) | 972,951 |
22 | Disposal of assets and other changes in organizational structure |
The Company has an active partnership and divestment portfolio, which takes into account opportunities for disposal of non-strategic assets in several areas in which it operates, whose development of transactions also depends on conditions beyond the control of the Company.
The divestment projects and strategic partnerships follow the procedures aligned with the guidelines of the Brazilian Federal Auditor's Office (Tribunal de Contas da União - TCU) and the current legislation.
The major classes of assets and related liabilities classified as held for sale are shown in the following table:
Consolidated | ||||||
09.30.2022 | 12.31.2021 | |||||
E&P | RT&M | Gas & Power | Corporate and other segments | Total | Total | |
Assets classified as held for sale | ||||||
Cash and Cash Equivalents | − | − | − | − | − | 72 |
Trade receivables | − | − | − | − | − | 175 |
Inventories | − | 620 | − | − | 620 | 408 |
Investments | 1 | 2 | − | − | 3 | 1,599 |
Property, plant and equipment | 27,198 | 829 | − | 21 | 28,048 | 11,023 |
Others | − | 13 | − | − | 13 | 618 |
Total | 27,199 | 1,464 | − | 21 | 28,684 | 13,895 |
Liabilities on assets classified as held for sale | ||||||
Trade Payables | − | − | − | − | − | 9 |
Finance debt | − | − | − | 723 | 723 | 5 |
Provision for decommissioning costs | 8,240 | − | − | − | 8,240 | 4,646 |
Others | − | − | − | − | − | 180 |
Total | 8,240 | − | − | 723 | 8,963 | 4,840 |
22.1Transactions pending closing at September 30, 2022
In operations carried out in previous periods, the main assets and liabilities classified as held for sale include: (i) total interest in the Papa-Terra production field; (ii) onshore fields in Sergipe; (iii) REMAN Refinery; (iv) Shale Industrialization Unit - SIX; and (v) additional interest of 5% related to Surpluses from Assignment of Rights - Búzios (explanatory note 16.2 - Intangible assets).
Regarding the divestment in the Isaac Sabbá Refinery (REMAN), on August 30, 2022, the Administrative Council for Economic Defense (CADE) approved the sale transaction to Ream Participações S.A., through the execution of the Concentration Control Agreement - CCA. The completion of the transaction is still subject to the other conditions precedent set out in the purchase and sale agreement signed in August 2021.
43 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
On October 1, 2022, the assets and associated logistics of the REMAN Refinery and the Shale Industrialization Unit - SIX were transferred to Refinaria de Manaus S.A. and Paraná Xisto S.A., respectively, starting the operational phase of the respective companies.
Additionally, in the period from January to September 2022, new contracts were signed and, together with the operations carried out in previous periods, comprise the assets and liabilities held for sale on September 30, 2022. The new contracts are shown below:
Transaction | Acquirer | Date of approval / signing | Transaction amount (*) | Further information |
Sale of the entire interest in a set of 22 concessions for onshore and shallow water production fields, together with their processing, refining, logistics, storage, transport and outflow of oil and natural gas, located in the Potiguar Basin, in the state of Rio Grande do Norte, jointly called Pole Potiguar. | 3R Potiguar SA, subsidiary of 3R Petroleum Óleo e Gás AS | January 2022 | US$ 1,385 million | a |
Sale of the total interest in a set of four concessions of onshore production fields, with integrated facilities, located in the state of Espírito Santo, jointly called Polo Norte Capixaba. | Seacrest Petróleo SPE Norte Capixaba Ltda., a wholly owned subsidiary of Seacrest Exploração e Produção de Petróleo Ltda. | February 2022 | US$ 478 million | b |
Sale of the entire interest in the Albacora Leste concession, located predominantly in deep waters in the Campos Basin. | Petro Rio Jaguar Petróleo Ltda. (PetroRio), subsidiary of Petro Rio S.A. | April 2022 | US$ 1,951 million | c |
Sale of the Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) refinery and associated logistics assets, located in the state of Ceará. | Grepar Participações Ltda. | May 2022 | US$ 34 million | d |
Sale of the entire interest in the sets of maritime concessions called Polo Golfinho and Polo Camarupim, in deep post-salt waters, located in the Espírito Santo Basin. | BW Energy Maromba do Brasil Ltda (BWE) | June 2022 | US$15 million | e |
(*) Transaction value that does not include contingent assets, when contractually provided.. |
It is important to mention that the transaction values do not consider the adjustments due until the closing of the transaction, which are subject to the fulfillment of certain conditions precedent, such as approvals by the ANP and CADE.
a) Sale of assets of the Potiguar Pole and Natural Gas Production Unit of Alagoas
The conditions and terms of receipt will be as follows: (a) US$ 110 million received on the date of execution of the purchase and sale agreement; (b) US$1.04 billion upon closing of the transaction and (c) US$235 million to be paid in 4 annual installments of US$58.75 million, beginning in March 2024.
b) Sale of assets in the Capixaba North Pole
The conditions and terms of receipt will be as follows: (a) US$ 35.85 million received on the date of execution of the agreement; (b) US$442.15 million at the closing of the transaction and (c) up to US$66 million in contingent payments provided for in contracts, depending on future Brent quotations.
c) Sale of Albacora Leste
Receipt conditions and terms: (a) US$ 292.7 million received on the date of execution of the agreement; (b) US$ 1.66 billion at the closing of the transaction; and (c) up to US$250 million in contingent payments, depending on future Brent prices.
d) Sale of LUBNOR
Receipt Terms and Conditions: (a) US$3.4 million received on signature date; (b) US$9.6 million to be paid upon closing of the transaction; and (c) US$21 million in deferred payments.
e) Sale of interest in Golfinho and Camarupim Poles
Receipt conditions and terms: (a) US$ 3 million received on the signature date, (b) US$ 12 million to be paid at the closing of the transaction; and (c) up to US$60 million in contingent payments, depending on future Brent prices and asset development.
22.2Completed operations
The main asset sales operations are presented below:
44 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Transaction | Acquirer | Signature date (S) Closing date (C) | Sale amount (*) (**) | Value of closure in other currencies (***) | Gain (loss) (****) | Further infor-mation |
Sale of the Company's entire interest in a set of seven onshore and shallow water fields called Alagoas group of fields, and of Alagoas Natural Gas Processing Unit, in the state of Alagoas. | Petromais Global Exploração e Produção S.A. (renamed Origem Energia S.A.) | July 2021 (S) February 2022 (C) | 1,567 | US$ 300 million | 1,741 | a |
Sale of the Company's entire interest in 14 onshore production fields (Recôncavo group of fields), in the state of Bahia | 3R Candeias S.A, wholly owned subsidiary of 3R Petroleum Óleo e Gás S.A. | December 2020 (S) May 2022 (C) | 1,298 | US$ 256 million | 1,066 | b |
Sale of the Company's entire interest (27.88%) in Deten Química S.A (Deten), a petrochemical plant located in the industrial hub of Camaçari, in the state of Bahia. | Cepsa Química S.A. | April 2022 (S) July 2022 (C) | 551 | 269 | c | |
Sale of the Company's entire interest (51%) in Petrobras Gas S.A (Gaspetro) | Compass Gas e Energia S.A. | July 2021 (S) July 2022 (C) | 2,098 | 930 | d | |
Sale of the Company's entire interest in Peroá group of fields, in the state of Espírito Santo | DBO Energia and OP Energia, currently 3R Offshore | January 2021 (S) August 2022 (C) | 68 | US$ 13 million | 125 | e |
Sale of the Company's entire interest in Fazenda Belém and Icapuí onshore fields , named Fazenda Belém group of fields, located in the Potiguar Basin, in the state of Ceará | SPE Fazenda Belém S.A., wholly owned company of 3R Petroleum e Participações S.A. | August 2020 (S) August 2022 (C) | 125 | US$ 23 million | 204 | f |
5,707 | 4,335 | |||||
(*) Amount agreed upon signing the transaction, plus closing price adjustment, when provided for in the contract. | ||||||
(**) The amount of "Receipts for the sale of assets (Divestments) in the Statement of Cash Flows" is mainly composed of amounts from the Divestment Program: partial receipt of operations this year, installments of operations from previous years and advances related to unfinished operations. | ||||||
(***) Contractual value and price adjustments of operations traded in a currency other than the Brazilian real. | ||||||
(****) Recognized in "Income from disposals, write-off of assets and result on remeasurement of equity interests" - explanatory note 6 - Other (expenses) net operating income. | ||||||
The operations were concluded after the fulfillment of conditions precedent.
a) Sale of Polo Alagoas assets
The transaction was concluded with the receipt of US$ 60 million on the date of execution of the purchase and sale agreement and US$ 240 million at the closing of the transaction.
b) Sale of Polo Recôncavo assets
The transaction was concluded with the receipt of US$ 10 million on the date the purchase and sale agreement was signed and US$ 246 million on the closing date of the transaction.
c) Sale of Deten
The transaction was concluded with the receipt of R$29 on the date of execution of the purchase and sale agreement and R$514 at the closing of the transaction, which reflects the purchase price adjusted as a result of monetary restatement, dividends received and deduction of the value of the deposit received upon execution of the share purchase and sale agreement. Additionally, R$ 8 was received in September 2022, referring to the receipt of earn outs (tax credits) negotiated in the agreement.
d) Sale of Gaspetro
The transaction was completed with full settlement on the closing date.
e) Sale of E&P assets in Espírito Santo (Peroá Pole)
The operation was concluded with the cash payment of US$ 8 million, already with the adjustments provided for in the agreement. The amount received is added to the amount of US$ 5 million received upon signing the purchase and sale agreement. In addition to these amounts, Petrobras expects to receive up to US$ 43 million in contingent payments, depending on future Brent prices and asset development.
f) Sale of onshore fields in Ceará (Polo Fazenda Belém)
The transaction was concluded with the cash receipt of US$ 5 million, already with the adjustments provided for in the agreement. The amount is added to the amount of US$ 9 million received on the date of execution of the purchase and sale agreement.
45 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
In addition to these amounts, the company will still receive the remaining balance in August 2023, which will be corrected based on contractual conditions.
22.3Price adjustments - Transactions completed in previous years
a) Sale of RLAM
On November 30, 2021, Petrobras finalized the sale of its entire interest in Refinaria de Mataripe S.A., the company that owns Refinaria Landulpho Alves (RLAM) to the company MC Brazil Downstream Participações S.A. As part of the negotiation, which provided for a final adjustment of the acquisition price, Petrobras recognized in January 2022 the amount of R$368 (US$68 million) in other operating income.
22.4Contingent assets on asset sales
Some asset sales provide for receipts subject to contractual clauses, especially related to the Brent variation in sales related to E&P assets.
The divestments that may generate gain recognition, recorded in other operating income, are presented below:
Sales | Divestment closing date | At closing of the agreement US$ million | Asset recognized in the period from January to September 2022 | Active recognized in previous periods US$ million | |
US$ million | R$ | ||||
Sales in previous years | |||||
Riacho da Forquilha Pole | Dec/2019 | 62 | 18 | 94 | − |
Pampo and Enchova Poles | Jul/2020 | 650 | 125 | 621 | 36 |
Baúna Field | Nov/2020 | 285 | 95 | 502 | 17 |
Frade Field | Feb/2021 | 20 | − | − | − |
Ventura Pole | Jul2021 | 43 | − | − | 43 |
Miranga Pole | Dec/2021 | 85 | 33 | 164 | 15 |
Cricaré Pole | Dec/2021 | 118 | 20 | 104 | − |
− | − | − | |||
Sale in the current fiscal year | |||||
Peroá Pole | Aug/2022 | 43 | − | − | − |
Total | 291 | 1,485 | 111 | ||
22.5Other Operations
On March 23, 2022, the process of closing the company Participações em Complexos Bioenergéticos S.A. was concluded. - PCBios, in which Petrobras held 50%. The dissolution and liquidation of PCBios were approved at the company's Extraordinary General Meeting. There were no effects on the statement of income.
On August 18, 2022, Petrobras completed the purchase of Edison S.p.A. (50%) in the company Ibiritermo S.A., for the amount of R$ 2.5, becoming 100% of the company's capital. The transaction was classified as a business combination, with recognition of a bargain purchase gain of R$9.
22.6Cash flows from the sale of interest with loss of control
The sales of equity interest that resulted in loss of control and the cash flows arising from these transactions are presented below:
Received amount | Cash and cash equivalents of controlled companies with loss of control | Net cash flow | |
Jan-Sep/2022 | |||
Gaspetro | 2,098 | (112) | 1,986 |
− | |||
Jan-Sep/2021 | |||
PUDSA | 334 | (81) | 253 |
46 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
23 | Finance debt |
23.1 | Balance by type of finance debt |
Consolidated | ||
09.30.2022 | 12.31.2021 | |
Banking Market | 6,587 | 6,904 |
Capital Market | 13,572 | 13,975 |
Development banks (*) | 3,900 | 4,291 |
Others | 25 | 39 |
Total in Brazil | 24,084 | 25,209 |
Banking Market | 51,337 | 47,573 |
Capital Market | 77,263 | 108,968 |
Export Credit Agency | 13,258 | 16,468 |
Others | 876 | 1,006 |
Total abroad | 142,734 | 174,015 |
Total finance debt | 166,818 | 199,224 |
Current | 17,873 | 20,316 |
Noncurrent | 148,945 | 178,908 |
(*) Includes BNDES, FINAME, and FINEP.
The amount classified in current liabilities is composed of:
Consolidated | ||
09.30.2022 | 12.31.2021 | |
Short-term debt | 649 | 602 |
Current portion of long-term debt | 14,862 | 17,093 |
Accrued interest on short and long-term debt | 2,362 | 2,621 |
Total | 17,873 | 20,316 |
The capital market balance is mainly composed of R$74,246 in global notes, issued abroad by PGF, R$9,618 in debentures and R$3,022 in book-entry commercial notes, issued in Brazil by Petrobras.
The global notes mature between 2024 and 2115 and do not require collateral. Such financing was carried out in dollars, euros and pounds, being 88%, 2% and 10%, of the total global notes, respectively.
The debentures and commercial notes, due between 2024 and 2034 do not require real guarantees and are not convertible into shares or equity interests.
As of September 30, 2022, there were no defaults, breaches of covenants (breaches) or adverse changes in clauses that resulted in changes in the payment terms of loan and financing agreements. There was no change in the guarantees required in relation to December 31, 2021.
23.2 | Changes |
Consolidated | |||
Brazil | Abroad | Total | |
Balance at December 31, 2021 | 25,209 | 174,015 | 199,224 |
Proceeds from financing | 3,000 | 10,322 | 13,322 |
Repayment of principal (*) | (4,771) | (32,933) | (37,704) |
Repayment of interest (*) | (1,347) | (5,890) | (7,237) |
Charges incurred in the period (**) | 1,514 | 7,152 | 8,666 |
Monetary and exchange variations | 479 | (3,135) | (2,656) |
Cumulative translation adjustment | − | (6,797) | (6,797) |
Balance at September 30, 2022 | 24,084 | 142,734 | 166,818 |
47 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Consolidated | |||
Brazil | Abroad | Total | |
Balance at December 31, 2020 | 46,009 | 234,029 | 280,038 |
Proceeds from financing | − | 8,921 | 8,921 |
Repayment of principal (*) | (22,004) | (79,083) | (101,087) |
Repayment of interest (*) | (1,299) | (8,553) | (9,852) |
Charges incurred in the period (**) | 1,288 | 10,518 | 11,806 |
Monetary and exchange variations | 930 | 499 | 1,429 |
Cumulative translation adjustment | − | 8,458 | 8,458 |
Balance at September 30, 2021 | 24,924 | 174,789 | 199,713 |
(*) Includes prepaymments. | |||
(**)Includes appropriations of goodwill, discounts and associated transaction costs. |
In the period from January to September 2022, the company settled several loans and financing, in the amount of R$46,754, highlighting the repurchase of R$24,767 of securities in the international capital market.
In the period from January to September 2022, the company raised R$13,322, mainly: (i) R$6,676 through a credit line with sustainability commitments (Sustainability-Linked Loan) in the international banking market, maturing in 2027, and (ii) R$3,000 through the issuance of commercial notes in the domestic capital market maturing in 2030 and 2032.
23.3 | Reconciliation with cash flows from financing activities |
2022 | 2021 | |||||
Jan-Sep | Jan-Sep | |||||
Proceeds from financing | Repayment of principal | Repayment of interest | Proceeds from financing | Repayment of principal | Repayment of interest | |
Changes in financing | 13,322 | (37,704) | (7,237) | 8,921 | (101,087) | (9,852) |
Debt reestructuring | − | (592) | − | − | (5,813) | − |
Related deposits (*) | − | (959) | (262) | − | (1,499) | (290) |
Cash flows from financing activities | 13,322 | (39,255) | (7,499) | 8,921 | (108,399) | (10,142) |
(*)Amounts deposited for payment of obligations related to financing obtained from the China Development Bank (CDB), with semi-annual settlements in June and December. |
23.4 | Summarized information on current and non-current finance debt |
Consolidated | |||||||||
Maturity in | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 onwards | Total (*) | Fair value | |
Financing in U.S. Dollars (US$)(*): | 7,188 | 14,266 | 17,492 | 13,888 | 8,271 | 69,886 | 130,991 | 127,835 | |
Floating rate debt (**) | 6,089 | 13,829 | 14,471 | 10,455 | 6,182 | 12,921 | 63,947 | ||
Fixed rate debt | 1,099 | 437 | 3,021 | 3,433 | 2,089 | 56,965 | 67,044 | ||
Average interest rate (p.a) | 4.5% | 6.6% | 6.5% | 6.2% | 6.4% | 6.6% | 6.4% | ||
Financing in Brazilian Reais (R$): | 808 | 2,524 | 3,514 | 1,170 | 2,288 | 13,780 | 24,084 | 23,306 | |
Floating rate debt(***) | 133 | 1,483 | 1,468 | 725 | 725 | 5,766 | 10,300 | ||
Fixed rate debt | 675 | 1,041 | 2,046 | 445 | 1,563 | 8,014 | 13,784 | ||
Average interest rate (p.a) | 5.5% | 6.9% | 6.8% | 6.4% | 6.2% | 6.6% | 6.4% | ||
Financing in Euro (€): | − | 128 | 63 | 1,433 | − | 2,873 | 4,497 | 4,270 | |
Fixed rate debt | − | 128 | 63 | 1,433 | − | 2,873 | 4,497 | ||
Average interest rate (p.a) | - | 4.7% | 4.7% | 4.7% | 0.0% | 4.7% | 4.7% | ||
Financing in Pound Sterling (£): | 140 | 117 | − | − | 2,770 | 4,219 | 7,246 | 6,317 | |
Fixed rate debt | 140 | 117 | − | − | 2,770 | 4,219 | 7,246 | ||
Average interest rate (p.a) | 6.0% | 6.2% | − | − | 6.2% | 6.4% | 6.3% | ||
Total on September 30, 2022 | 8,136 | 17,035 | 21,069 | 16,491 | 13,329 | 90,758 | 166,818 | 161,728 | |
Average interest rate (p.a) | 4.7% | 6.6% | 6.4% | 6.2% | 6.3% | 6.6% | 6.4% | − | |
Total on December 31, 2021 | 20,315 | 16,591 | 22,253 | 19,247 | 15,809 | 105,009 | 199,224 | 211,453 | |
Average interest rate (p.a) | 5.2% | 5.3% | 5.5% | 5.6% | 5.9% | 6.5% | 6.2% | − | |
(*)The average maturity of outstanding debt as of September 30, 2022 is 12.04 years (13.39 years as of December 31, 2021). (**) Operation | |||||||||
(**) Operations with variable index plus fixed spread.
(***) Operations with variable index plus fixed spread, as applicable.
As of September 30, 2022, the fair values of financing are mainly determined by using:
Level 1 - prices quoted in active markets, when applicable, in the amount of R$ 69,013 (R$ 115,906, on December 31, 2021); and
48 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Level 2 - cash flow method discounted by the spot rates interpolated from the indexes (or proxies) of the respective financing, observed to the pegged currencies, and by the credit risk of Petrobras, in the amount of R$ 92,715 (R$ 95,547, on December 31, 2021).
The sensitivity analysis for financial instruments subject to foreign exchange variation is set out in note 27.3.
The nominal (undiscounted) flow of principal and interest on financing, by maturity, is shown below:
Consolidated | ||||||||
Maturity | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 onwards | 09.30.2022 | 12.31.2021 |
Principal | 6,103 | 16,689 | 21,571 | 16,954 | 13,785 | 95,398 | 170,500 | 204,007 |
Interest | 2,491 | 10,028 | 8,980 | 7,465 | 6,679 | 101,319 | 136,962 | 170,524 |
Total (*) | 8,594 | 26,717 | 30,551 | 24,419 | 20,464 | 196,717 | 307,462 | 374,531 |
(*)The nominal flow of leases is found in note 24. . |
23.5 | Lines of credit |
09.30.2022 | |||||||||
Company | Financial institution | Date | Maturity | Available (Lines of Credit) | Used | Balance | |||
Abroad (in US$ million) | |||||||||
PGT BV | Syndicate of banks | 12/16/2021 | 11/16/2026 | 5,000 | − | 5,000 | |||
PGT BV (*) | Syndicate of banks | 03/27/2019 | 02/27/2024 | 3,250 | − | 3,250 | |||
Total | 8,250 | - | 8,250 | ||||||
In Brazil | |||||||||
Petrobras | Banco do Brasil | 03/23/2018 | 09/26/2026 | 2,000 | − | 2,000 | |||
Petrobras | Bradesco | 06/01/2018 | 05/31/2023 | 2,000 | − | 2,000 | |||
Petrobras | Banco do Brasil | 10/04/2018 | 09/05/2025 | 2,000 | − | 2,000 | |||
Transpetro | Caixa Econômica Federal | 11/23/2010 | Not defined | 329 | − | 329 | |||
Total | 6,329 | − | 6,329 | ||||||
(*) In April 2021, PGT extended part of the Revolving Credit Facility. As such, $2,050 million will be available for withdrawal from February 28, 2024 through February 27, 2026. | |||||||||
24 | Lease liabilities |
Changes in lease agreements recognized as liabilities are shown below:
Consolidated | |||
Brazil | Abroad | Total | |
Balance at December 31, 2021 | 25,695 | 102,899 | 128,594 |
Remeasurement/New agreements | 9,529 | 8,492 | 18,021 |
Payment of principal and interest | (6,207) | (14,370) | (20,577) |
Charges incurred in the period | 1,315 | 3,768 | 5,083 |
Monetary and Exchange variation | (346) | (3,385) | (3,731) |
Cumulative translation adjustments | − | (106) | (106) |
Transfers | − | (699) | (699) |
Balance at September 30, 2022 | 29,986 | 96,599 | 126,585 |
Current | 28,855 | ||
No Current | 97,730 |
Consolidated | |||
Brazil | Abroad | Total | |
Balance at December 31, 2020 | 22,556 | 89,954 | 112,510 |
Remeasurement /Novos contratos | 2,930 | 22,444 | 25,374 |
Payment of principal and interest | (6,182) | (17,141) | (23,323) |
Charges incurred in the period | 928 | 3,896 | 4,824 |
Monetary and Exchange variation | 539 | 4,350 | 4,889 |
Cumulative translation adjustments | − | 125 | 125 |
Transfers | 105 | (93) | 12 |
Balance at September 30, 2021 | 20,876 | 103,535 | 124,411 |
Current | 30,951 | ||
No Current | 93,460 |
As of September 30, 2022, the value of the lease liability of Petrobras Holding is R$134,936 (R$138,237 as of December 31, 2021), including leases and subleases with investee companies, mainly vessels with PNBV and Transpetro.
The nominal flow (not discounted) without considering the projected future inflation in the flows of the lease contracts, by maturity, is presented below:
49 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Consolidated | |||||||
Maturity in | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 onwards | Total |
Nominal value on September 30,, 2022 | 8,377 | 27,619 | 22,269 | 16,480 | 12,175 | 85,709 | 172,629 |
Nominal value on December 31, 2021 | 31,077 | 22,011 | 16,895 | 12,885 | 11,004 | 81,520 | 175,392 |
In certain contracts, during the lease term, there are payments that vary due to changes in facts or circumstances that occurred after the commencement date, in addition to the passage of time. Such payments are not included in the measurement of lease obligations. In the period from January to September 2022, these amounts were R$4,417 and represented 21% in relation to fixed payments (R$3,229 and represented 14% in relation to fixed payments in the period from January to September 2021).
In the period from January to September 2022, the company recognized leasing expenses in the amount of R$ 558 (R$ 392 in the period from January to September 2021), referring to contracts with a term of less than one year.
As of September 30, 2022, the nominal value of lease agreements that had not yet been initiated, due to the related assets being under construction or not having been made available for use, represent the amount of R$ 416,605 (R$ 443,967 in 31 December 2021). The reduction basically corresponds to the appreciation of the Real against the U.S Dollar.
The sensitivity analysis of financial instruments subject to exchange variation is presented in Note 27.3.
25 | Equity |
25.1 | Share capital |
As of September 30, 2022 and December 31, 2021, the subscribed and paid-in capital in the amount of R$205,432 is represented by 13,044,496,930 shares, of which 7,442,454,142 are common shares and 5,602,042,788 are preferred shares, all registered, book-entry shares with no par value.
Preferred shares have priority in the case of capital reimbursement, do not guarantee voting rights and are not convertible into common shares.
There are shares held by Petrobras that are held in treasury, represented by 295,669 shares, of which 222,760 are common shares and 72,909 are preferred shares.
25.2 | Remuneration to shareholders |
Dividends for the year 2021
On April 13, 2022, the Annual Shareholders' Meeting approved dividends for fiscal year 2021, in the amount of R$101,395, corresponding to R$7.773202 per outstanding preferred and common share. This amount includes the anticipation of shareholder remuneration, monetarily restated by the Selic rate variation from the date of payment to December 31, 2021, in the amount of R$64,075, and the complementary dividend of R$37,320 that, on December 31, 2021, was highlighted in shareholders' equity as a proposed additional dividend.
Complementary dividends of R$37,320 were reclassified from shareholders' equity to liabilities on the date of approval of the Annual Shareholders' Meeting and payment approved for May 16, 2022 in the amount of R$ 38,745, equivalent to R$2.9702487 per outstanding preferred and common share, with the adjustment by the Selic rate variation from December 31, 2021 until the payment date, in the amount of R$ 1,425.
Anticipation of dividends for the year 2022
The Board of Directors approved, from January to September 2022, advance payments to shareholders in the amount of R$136,279, equivalent to R$10.447493 per outstanding preferred and common share, using the retention reserve of profits (intermediate) and based on the result for the first half of 2022 (interim), as shown in the following table:
50 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Date of approval | Date of record | Amount per Share | Amount | |
1st intermediate dividends | 05.05.2022 | 05.23.2022 | 0.576736 | 7,523 |
2nd intermediate dividends | 07.28.2022 | 08.11.2022 | 2.822813 | 36,820 |
Total intermediate dividends by use of a portion of profit retention reserve | 3.399549 | 44,343 | ||
1st interim dividends | 05.05.2022 | 05.23.2022 | 2.708577 | 35,331 |
1st interim interest on capital | 05.05.2022 | 05.23.2022 | 0.430177 | 5,612 |
2nd interim dividends | 07.28.2022 | 08.11.2022 | 3.482049 | 45,421 |
2nd interim interest on capital | 07.28.2022 | 08.11.2022 | 0.427141 | 5,572 |
Total interim dividends based on the net income of Jan-Jun/2022 | 7.047944 | 91,936 | ||
Total approved anticipations of dividends as of September 30, 2022 | 10.447493 | 136,279 | ||
Monetary restatement on paid anticipations | 0.167109 | 2,180 | ||
Total anticipations of dividends monetarily restated | 10.614602 | 138,459 |
The anticipation of remuneration to shareholders in the amount of R$136,279 was paid as follows:
· | R$48,466, with the shareholding position on May 23, 2022, paid in June and July 2022, in two equal installments of R$24,233 (R$1.857745 per outstanding preferred and common shares); and |
· | R$ 87,813, with the shareholding position on August 11, 2022, paid in August and September 2022, in two installments of R$ 43,907 (first installment of R$ 3.366002 outstanding preferred and common shares and second installment of R$3.366001 per outstanding preferred and common shares). |
These advances were monetarily restated by Selic, from the payment date to September 30, 2022, in the amount of R$ 2,180, as provided for in the Bylaws, and will be deducted from the remuneration that will be distributed to shareholders at the end of the 2022 fiscal year. The total anticipated, including monetary restatement, reached R$138,459 (R$10.614602 per outstanding preferred and common share).
Interest on capital in advance for the year 2022 resulted in an income tax and social contribution tax credit of R$3,802. The withholding income tax of 15% was levied on interest, except for immune and exempt shareholders, as established in Law No. 9,249/95.
25.3 | Earnings per share |
Consolidated and Parent Company | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Basic and diluted denominator - Net income attributable to shareholders of Petrobras attributable equally between share classes | ||||
Net income of the period | ||||
Common | 26,300 | 82,721 | 17,768 | 42,884 |
Preferred | 19,796 | 62,266 | 13,374 | 32,280 |
46,096 | 144,987 | 31,142 | 75,164 | |
Basic and diluted denominator - Weighted average number of outstanding shares (number of shares) | ||||
Common | 7,442,231,382 | 7,442,231,382 | 7,442,231,382 | 7,442,231,382 |
Preferred | 5,601,969,879 | 5,601,969,879 | 5,601,969,879 | 5,601,969,879 |
13,044,201,261 | 13,044,201,261 | 13,044,201,261 | 13,044,201,261 | |
Basic and diluted earnings per share (R$ per share) | ||||
Common | 3.54 | 11.12 | 2.39 | 5.76 |
Preferred | 3.54 | 11.12 | 2.39 | 5.76 |
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 diluted share result is calculated by adjusting the income and the weighted average number of shares taking into account the conversion of all potential shares with a dilutive effect (equity instruments or contracts capable of resulting in the issuance of shares ).
The basic and diluted results show the same value per share as Petrobras does not have potential shares.
51 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
26 | Fair value of financial assets and liabilities |
Consolidated Fair value measured based on | ||||
Level I | Level II | Level III | Total fair value recorded | |
Assets | ||||
Marketable securities | 3,543 | − | − | 3,543 |
Commodity derivatives | 84 | 24 | − | 108 |
Foreign currency derivatives | − | 1 | − | 1 |
Interest rate derivatives | − | 49 | − | 49 |
Balance at September 30, 2022 | 3,627 | 74 | − | 3,701 |
Balance at December 31, 2021 | 3,630 | 128 | − | 3,758 |
Liabilities | ||||
Foreign currency derivatives | − | (2,594) | − | (2,594) |
Commodity derivatives | − | (15) | − | (15) |
Balance at September 30, 2022 | − | (2,609) | − | (2,609) |
Balance at December 31, 2021 | (6) | (1,519) | − | (1,525) |
The estimated fair value for the company's financing, calculated at current market rates, is set out in note 23.
Certain receivables are classified as fair value through profit or loss, as presented in note 9.
The fair values of cash and cash equivalents, short-term debt and other financial assets and liabilities are equivalent or do not differ significantly from their carrying amounts.
27 | Risk management |
27.1 | Derivative financial instruments |
The following tables present a summary of the positions held by the company as of September 30, 2022, recognized as other current assets and liabilities, in addition to the amounts recognized in income, other comprehensive income for the period and guarantees given as collateral by nature of the operations:
Statement of Financial Position | |||||
Fair value | |||||
Notional value | Asset Position (Liability) | Maturity | |||
09.30.2022 | 12.31.2021 | 09.30.2022 | 12.31.2021 | ||
Derivatives not designated for hedge accounting | |||||
Future contracts - total (*) | (2,395) | (1,308) | 84 | (6) | |
Long position/Crude oil and oil products | 6,781 | 1,380 | − | − | 2022 |
Short position/Crude oil and oil products | (9,176) | (2,688) | − | − | 2022 |
Swap (**) | |||||
Long put/ Soybean oil (**) | 3 | − | (3) | − | 2022 |
Long put/ Soybean oil (**) | (7) | (11) | 6 | (2) | 2022 |
Options | |||||
Long put/ Soybean oil (**) | 11 | − | 18 | − | 2022 |
Long put/ Soybean oil (**) | (21) | − | (12) | − | 2022 |
Forward contracts | |||||
Long position/Foreign currency forwards (BRL/USD) (***) | US$ 5 | − | 1 | − | 2022 |
Short position/Foreign currency forwards (BRL/USD) (***) | US$ 26 | US$ 15 | (8) | 1 | 2022 |
Swap | |||||
Foreign currency / Cross-currency Swap (***) | GBP 583 | GBP 583 | (756) | 127 | 2026 |
Foreign currency / Cross-currency Swap (***) | GBP 442 | GBP 442 | (1,281) | (277) | 2034 |
Swap - IPCA | 3,008 | 3,008 | 49 | (6) | 2029/2034 |
Foreign currency / Cross-currency Swap (***) | US$ 729 | US$ 729 | (549) | (1,234) | 2024/2029 |
Total recognized in the Statement of Financial Position | (2,451) | (1,397) | |||
(*) Notional value in thousands of bbl. | |||||
(**) Notional value in thousands of tons (PBIO operations). | |||||
(***) Amounts in US$ and GBP are presented in million. |
52 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Gains/ (losses) recognized in the statement of income | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Commodity derivatives | ||||
Other commodity derivative transactions - 27.2 (a) | 464 | (627) | (70) | (294) |
Recognized in Other Income and Expenses | 464 | (627) | (70) | (294) |
Currency derivatives | ||||
Swap Pounds Sterling x Dollar - 27.3 (b) | (1,214) | (1,994) | (481) | (482) |
NDF - Pounds Sterling x Dollar - 27.3 (b) | − | − | − | 45 |
Swap CDI x Dollar - 27.3 (b) | 125 | 891 | (293) | 4 |
Others | (2) | (4) | 1 | 3 |
(1,091) | (1,107) | (773) | (430) | |
Interest rate derivatives | ||||
Swap - CDI X IPCA | (48) | (145) | (143) | (201) |
(48) | (145) | (143) | (201) | |
Cash flow hedge on exports - 27.3 (a) | (5,813) | (18,476) | (5,396) | (17,823) |
Recognized in Net finance income (expense) | (6,952) | (19,728) | (6,312) | (18,454) |
Total | (6,488) | (20,355) | (6,382) | (18,748) |
Gains/ (losses) recognized in other comprehensive income in the period | ||||
Jul-Sep | 2022 Jan-Sep | Jul-Sep | 2021 Jan-Sep | |
Cash flow hedge on exports - 27.3 (a) | (4,629) | 35,535 | (20,332) | 4,288 |
Guarantees given (received) as collateral | ||
09.30.2022 | 12.31.2021 | |
Commodity derivatives | 443 | 86 |
Currency derivatives | 2,255 | 150 |
2,698 | 236 |
A sensitivity analysis of the derivative financial instruments for the different types of market risks as of September 30, 2022 is set out as follows:
Consolidated | |||||||
Financial Instruments | Risk | Probable Scenario | Possible Scenario (∆ of 25%) | Remote Scenario (∆ of 50%) | |||
Derivatives not designated for hedge accounting | |||||||
Future and Swap contracts | Crude oil and oil products - price changes | − | (787) | (1,575) | |||
Future and Swap contracts | Soy oil - price changes | 3 | 2 | 1 | |||
Options | Soy oil - price changes | 6 | 29 | 70 | |||
NDF | Exchange rate - Depreciation of the Real compared to USD | (7) | 9 | 11 | |||
2 | (747) | (1,493) |
53 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
The probable scenario uses references external to the Company, widely used in the pricing of cargo in the oil, oil products and natural gas market, which take into account the closing price of the asset on September 30, 2022, and therefore, it is considered that there is no variation in the result of open operations in this scenario. The possible and remote scenarios reflect the potential effect on the result of outstanding transactions, considering a variation in the closing price of 25% and 50%, respectively. To simulate the most unfavorable scenarios, the variation was applied to each product group according to the position of open operations: price drop for long positions and high for short positions.
27.2 | Risk management of crude oil and oil products prices |
Petrobras prefers exposure to the price cycle to the systematic performance of protection of operations of purchase or sale of goods, whose objective is to meet its operational needs, with the use of derivative financial instruments. However, subject to the analysis of the business environment and the prospects for carrying out the Strategic Plan, the execution of an occasional hedging strategy with derivatives may be applicable.
a) Other commodity derivative transactions
Petrobras, using its assets, positions and proprietary and market knowledge from its operations in Brazil and abroad, seeks to capture market opportunities through the purchase and sale of oil and oil products, which can occasionally be optimized with the use of commodity derivative instruments to manage price risk in a safe and controlled manner.
27.3 | Foreign exchange risk management |
a) Cash Flow Hedge involving the Company's future exports
The reference values, at present value, of the hedging instruments as of September 30, 2022, in addition to the expectation of reclassification to the statement of income of the balance of exchange variation accumulated in shareholders' equity in future periods, based on a rate of R$/US$ of 5.4066, are shown below:
Present value of hedging instrument at 09.30.2022 | ||||||||||||
Hedging Instrument | Hedged Transactions | Nature of the Risk | Maturity Date | US$ million | R$ | |||||||
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 | From Oct/2022 to Sep/2032 | 64,058 | 346,336 | |||||||
Changes in the present value of hedging instrument (principal and interest) | US$ million | R$ |
Amounts designated as of December 31, 2021 | 72,640 | 405,370 |
Additional hedging relationships designated, designations revoked and hedging instruments re-designated | 10,826 | 56,434 |
Exports affecting the statement of income | (8,598) | (43,848) |
Principal repayments / amortization | (10,810) | (55,364) |
Foreign exchange variation | − | (16,256) |
Amount on September 30, 2022 | 64,058 | 346,336 |
Nominal value of hedging instrument (finance debt and lease liability) on September 30, 2022 | 74,496 | 402,768 |
.
In the period from January to September 2022, an exchange loss of R$804 was recognized referring to the ineffectiveness in the exchange variation line (exchange gain of R$76 in the same period in 2021).
Future exports designated as hedged items in cash flow hedge relationships represent, on average, 64.91% of highly probable future exports.
The movement in the exchange variation accumulated in other comprehensive income as of September 30, 2022, to be realized by future exports, is shown below:
54 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Exchange rate variation | Tax effect | Total | |
Balance at December 31, 2021 | (123,622) | 42,034 | (81,588) |
Recognized in Shareholders' Equity | 17,059 | (5,800) | 11,259 |
Reclassified to the statement of income - occurred exports | 18,476 | (6,282) | 12,194 |
Balance at September 30, 2022 | (88,087) | 29,952 | (58,135) |
Exchange rate variation | Tax effect | Total | |
Balance at December 31, 2020 | (126,645) | 43,062 | (83,583) |
Recognized in Shareholders' Equity | (13,536) | 4,602 | (8,934) |
Reclassified to the statement of income - occurred exports | 17,823 | (6,060) | 11,763 |
Balance at September 30, 2021 | (122,358) | 41,604 | (80,754) |
Changes in expectations of realization of export prices and volumes in future reviews of business plans may determine the need for additional reclassifications of accumulated exchange variation in shareholders' equity to the statement of income. A sensitivity analysis with an average Brent oil price lower in US$ 10/barrel than considered in the last revision of the Strategic Plan 2022-2026, would not indicate the need to reclassify the exchange variation from the shareholders' equity to the statement of income.
The annual expectation of realization of the exchange variation balance accumulated in shareholders' equity as of September 30, 2022 is shown below:
Consolidated | |||||||||
2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 to 2031 | Total | ||
Expected realization | (6,922) | (21,486) | (16,440) | (10,903) | (9,371) | (9,814) | (13,151) | (88,087) | |
b) Information on ongoing contracts
As of September 30, 2022, the company has swap contracts - IPCA x CDI and CDI x Dollar, in addition to swap - Pound Sterling x Dollar outstanding.
Swap contracts - IPCA x CDI and CDI x Dollar
Changes in future interest rate curves (CDI) may impact the company's results, depending on the market value of these swap contracts. The value of the shock on the curve was defined as a function of the average maturity term of the swaps, and is approximately 25% of the average term future rate. A sensitivity analysis of the future interest rate curves (CDI), by means of a parallel shock, keeping all other variables constant, would result in the impacts shown in the following table:
Sensitivity analysis | Result |
Constant increase of 300 basis points | (40) |
Constant decrease of 300 basis points | 83 |
c) Sensitivity analysis for foreign exchange risk on financial instruments
The scenario considered probable is referenced by an external source, Focus and Thomson Reuters, based on the exchange rate forecast for the close of the next quarter. The possible and remote scenarios have the same references and consider the appreciation of the exchange rate at the end of the quarter (risk) at 25% and 50%, respectively, with the exception of the balances of assets and liabilities in foreign currency of subsidiaries abroad, when carried out in currency equivalent to their respective functional currencies. These analyzes cover only the exchange rate variation and keep all other variables constant.
55 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Financial Instruments | Exposure at 09.30.2022 | Risk | Probable Scenario (*) | Reasonably possible scenario (∆ of 25%) | Remote Scenario (∆ of 50%) |
Assets | 33,511 | Dollar / Real | (1,281) | 8,378 | 16,756 |
Liabilities | (526,410) | 20,115 | (131,603) | (263,205) | |
Exchange rate - Cross currency swap | (3,008) | 115 | (752) | (1,504) | |
Cash flow hedge on exports | 346,336 | (13,234) | 86,584 | 173,168 | |
(149,571) | 5,715 | (37,393) | (74,785) | ||
Assets | 4,548 | Euro / Dollar | (36) | 1,137 | 2,274 |
Liabilities | (9,219) | 73 | (2,305) | (4,610) | |
(4,671) | 37 | (1,168) | (2,336) | ||
Assets | 7,263 | Pound Sterling / Dollar | (176) | 1,816 | 3,632 |
Liabilities | (14,503) | 351 | (3,626) | (7,252) | |
Derivative - cross currency swap | 6,166 | (149) | 1,542 | 3,083 | |
(1,074) | 26 | (268) | (537) | ||
Assets | 10 | Pound Sterling / Real | (1) | 3 | 5 |
Liabilities | (100) | 6 | (25) | (50) | |
(90) | 5 | (22) | (45) | ||
Assets | 21 | Euro / Real | (1) | 5 | 11 |
Liabilities | (87) | 4 | (22) | (44) | |
(66) | 3 | (17) | (33) | ||
Total | (155,472) | 5,786 | (38,868) | (77,736) | |
(*) The probable scenarios were calculated considering the following variations for the risks: Real x Dollar - Real appreciation by 3.82% / Euro x Dollar - Euro devaluation by 0.8% / Pound x Dollar - devaluation of the pound by 2.51% / Real x Euro - appreciation of the real by 4.6% / Real x Pound - appreciation of the real by 6.2%. Source: Focus and Thomson Reuters.. | |||||
27.4 | Interest rate risk management |
The company preferentially does not use derivative financial instruments to manage exposure to interest rate fluctuations, as they do not cause material impacts, except in specific situations presented by Petrobras subsidiaries.
The interest rate risk sensitivity analysis is performed for a 12-month horizon. The values referring to the possible and remote scenarios mean the total floating interest expense in the event of a variation of 25% and 50% in these interest rates, respectively, keeping all other variables constant.
The following table informs, in the probable scenario, the amount to be disbursed by Petrobras with the payment of interest related to debts with floating interest rate on September 30, 2022.
Consolidated | |||
Risk | Probable Scenario (*) | Reasonably possible scenario (∆ of 25%) | Remote Scenario (∆ of 50%) |
LIBOR 3M | 62 | 73 | 85 |
LIBOR 6M | 3,186 | 3,634 | 4,081 |
CDI | 919 | 1,148 | 1,378 |
TJLP | 357 | 447 | 536 |
IPCA | 433 | 541 | 649 |
4,957 | 5,843 | 6,729 | |
(*) The probable scenario was calculated considering the quotations of currencies and floating rates to which the debts are indexed. |
27.5 | Liquidity risk |
The possibility of insufficient cash or other financial assets to settle obligations on the scheduled dates is managed by the company. In Petrobras' individual interim financial information for the period ended September 30, 2022, net working capital was negative, mainly due to transactions with subsidiaries, as per explanatory note 28. In the same period, considering the integrated cash view, the net working capital was positive in the consolidated interim financial information.
The company regularly assesses market conditions and may carry out repurchase transactions of its securities or those of its subsidiaries in the international capital markets, by various means, including repurchase offers, securities redemptions and/or open market operations, provided that they are in line with the company's liability management strategy, which aims to improve the amortization profile and the cost of debt.
56 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
28 | Related-party transactions |
The company has a policy on Transactions with Related Parties that is reviewed and approved annually by the Board of Directors, as provided for in Petrobras' Bylaws.
The policy also aims to ensure adequate and diligent decision-making by the company's management.
28.1 | Commercial transactions per operation with investees (Parent Company) |
09.30.2022 | 12.31.2021 | |||||
Current | Non-current | Total | Current | Non-current | Total | |
Assets | ||||||
Trade and other receivables | ||||||
Trade and other receivables, mainly from sales | 21,713 | − | 21,713 | 13,451 | − | 13,451 |
Dividends receivable | 946 | − | 946 | 175 | − | 175 |
Amounts related to construction of gas pipeline | − | 865 | 865 | − | 727 | 727 |
Other operations | 717 | 224 | 941 | 736 | 332 | 1,068 |
Advances to suppliers | 589 | 2,296 | 2,885 | 594 | 1,163 | 1,757 |
Total | 23,965 | 3,385 | 27,350 | 14,956 | 2,222 | 17,178 |
Liabilities | ||||||
Lease liabilities (*) | (2,368) | (4,807) | (7,175) | (2,689) | (5,860) | (8,549) |
Mutual operations | (261) | (50,930) | (51,191) | − | − | − |
Prepayment of exports | (91,167) | (228,517) | (319,684) | (87,387) | (272,855) | (360,242) |
Accounts payable to suppliers | (18,647) | − | (18,647) | (8,707) | − | (8,707) |
Purchases of crude oil, oil products and others | (15,822) | − | (15,822) | (4,800) | − | (4,800) |
Affreightment of platforms | (429) | − | (429) | (854) | − | (854) |
Advances from clients | (2,384) | − | (2,384) | (3,035) | − | (3,035) |
Other operations | (12) | − | (12) | (18) | − | (18) |
Total | (112,443) | (284,254) | (396,697) | (98,783) | (278,715) | (377,498) |
(*) Includes amounts referring to lease and sub-lease transactions between investees required by IFRS 16 / CPC 06 (R2) - Leases.
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Result | ||||
Revenues, mainly sales revenues | 31,872 | 114,392 | 61,926 | 174,004 |
Foreign exchange and inflation indexation charges, net(**) | (10,141) | (16,582) | (12,631) | (20,663) |
Finance income (expenses), net (**) | (5,667) | (16,302) | (5,697) | (16,881) |
Total | 16,064 | 81,508 | 43,598 | 136,460 |
(**) Includes the amounts of R$104 of active exchange variation and R$449 of financial expenses referring to leases and subleases required by IFRS 16 / CPC 06 (R2) (R$132 of passive exchange variation and R$ 391 of financial expense for the period from January to September 2021). |
28.2 | Annual interest rates for loan operations |
Parent Company | ||
Liability | ||
09.30.2022 | 12.31.2021 | |
From 7.01 to 8% | (51,191) | − |
Total | (51,191) | − |
28.3 | Non-standardized credit rights investment fund (FIDC-NP) |
The parent company maintains funds invested in the FIDC-NP that are mainly used for the acquisition of performing and / or non-performing credit rights for operations carried out by affiliates. The amounts invested are recorded in accounts receivable.
Assignments of credit rights, performed and not performed, are recorded as financing in current liabilities.
Parent Company | ||
09.30.2022 | 12.31.2021 | |
Accounts receivable, net | 39,669 | 59,651 |
Credit rights assignments | (48,413) | (58,545) |
57 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Financial Income FIDC-NP | 1,766 | 5,097 | 656 | 1,039 |
Financial Expenses FIDC-NP | (1,191) | (3,206) | (414) | (734) |
Net finance income (expense) | 575 | 1,891 | 242 | 305 |
28.4 | Guarantees |
Petrobras has the procedure of granting guarantees to its equity interests for certain financial operations carried out in Brazil and abroad. As a result of the strategy of early settlement of debts during the year, the financial operations carried out by these equity interests and guaranteed by Petrobras present a balance of R$ 122,958 to be settled on September 30, 2022 (R$ 153,611 on December 31, 2021).
The guarantees offered by Petrobras, mainly personal, non-remunerated, are based on contractual clauses that support financial transactions between subsidiaries/controlled companies and third parties, guaranteeing the assumption of compliance with a third party's obligation, if the original debtor fails to do so.
28.5 | Transactions with joint ventures, associates, government entities and pension plans |
The company does, and expects to continue to do, business in the normal course of various transactions with its joint ventures, affiliates, pension funds, as well as with its controlling shareholder, the Brazilian federal government, which includes transactions with banks and other entities under its control, such as financing and banking services, asset management and others.
Significant transactions resulted in the following balances:
Consolidated | ||||
09.30.2022 | 12.31.2021 | |||
Asset | Liability | Asset | Liability | |
Joint ventures and associates | ||||
State-controlled gas distributors (joint ventures) | - | − | 1,422 | 237 |
Petrochemical companies (associates) | 85 | 8 | 144 | 67 |
Other associates and joint ventures | 394 | 144 | 586 | 66 |
Subtotal | 479 | 152 | 2,152 | 370 |
Brazilian government | ||||
Government bonds | 9,281 | − | 8,069 | − |
Banks controlled by the Brazilian Government | 55,438 | 6,410 | 46,970 | 7,073 |
Petroleum and alcohol account - receivables from the Brazilian Government | 3,094 | − | 2,822 | − |
Pré-Sal Petróleo S.A. - PPSA | − | 904 | − | 2 |
Others | 276 | 498 | 161 | 303 |
Subtotal | 68,089 | 7,812 | 58,022 | 7,378 |
Pension plans | 281 | 177 | 282 | 338 |
Total | 68,849 | 8,141 | 60,456 | 8,086 |
Current assets | 13,541 | 2,738 | 11,777 | 1,760 |
Non-current assets | 55,308 | 5,403 | 48,679 | 6,326 |
The effect on the result of significant transactions is presented below:
58 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Consolidated | ||||
2022 | 2021 | |||
Jul-Sep | Jan-Sep | Jul-Sep | Jan-Sep | |
Joint ventures and associates | ||||
Petrobras Distribuidora (BR), currently Vibra Energia | − | − | 26,861 | 67,753 |
Natural Gas Transportation Companies | − | − | (301) | (1,957) |
State-controlled gas distributors | − | 6,064 | 3,579 | 9,136 |
Petrochemical companies | 6,161 | 18,604 | 5,394 | 13,954 |
Other associates and joint ventures | 14 | 468 | 798 | 1,439 |
Subtotal | 6,175 | 25,136 | 36,331 | 90,325 |
Brazilian government | ||||
Government bonds | 304 | 773 | 94 | 198 |
Banks controlled by the Brazilian Government | 285 | 143 | (244) | (752) |
Receivables from the Electricity sector | − | − | 78 | 674 |
Petroleum and alcohol account - receivables from the Brazilian Government | 38 | 267 | 78 | 200 |
Brazilian Government (dividends) | 598 | 217 | 20 | − |
Pré-Sal Petróleo S.A. - PPSA | (1,399) | (2,253) | (73) | (435) |
Others | 37 | 18 | (157) | (331) |
Subtotal | (137) | (835) | (204) | (446) |
Total | 6,038 | 24,301 | 36,127 | 89,879 |
Revenues, mainly sales revenues | 6,206 | 25,458 | 36,824 | 93,842 |
Purchases and services | (29) | − | (317) | (2,961) |
Operating income and expense | (1,384) | (2,615) | (214) | (1,002) |
Foreign exchange and inflation indexation charges, net | 209 | 60 | (148) | (396) |
Finance income (expenses), net | 1,036 | 1,398 | (18) | 396 |
Total | 6,038 | 24,301 | 36,127 | 89,879 |
Liabilities with pension plans of the company's employees and managed by Fundação Petros, which include debt instruments, are presented in note 12.
28.6 | Compensation of key management personnel |
The total remuneration of the members of the Board of Directors and Executive Board of Petrobras Holding are based on the guidelines established by the Secretariat for Coordination and Governance of State Companies - SEST, of the Ministry of Economy, and by the Ministry of Mines and Energy and are presented as follows:
Parent Company
Jan-Sep/2022 | Jan-Sep/2021 | |||||
Officers | Board Members | Total | Officers | Board Members | Total | |
Wages and short-term benefits | 10.4 | 0.3 | 10.7 | 10.4 | 0.5 | 10.9 |
Social security and other employee-related taxes | 2.9 | 0.1 | 3.0 | 2.6 | 0.1 | 2.7 |
Post-employment benefits (pension plan) | 0.9 | − | 0.9 | 0.8 | − | 0.8 |
Variable compensation | 10.5 | − | 10.5 | − | − | − |
Benefits due to termination of tenure | 0.9 | − | 0.9 | 2.9 | − | 2.9 |
Total compensation recognized in the statement of income | 25.6 | 0.4 | 26.0 | 16.7 | 0.6 | 17.3 |
Total compensation paid (*) | 25.6 | 0.4 | 26.0 | 29.4 | 0.6 | 30.0 |
Monthly average number of members in the period | 9.00 | 11.00 | 20.00 | 9.00 | 10.44 | 19.44 |
Monthly average number of paid members in the period | 9.00 | 3.33 | 12.33 | 9.00 | 4.89 | 13.89 |
(*) Includes the PPP for Administrators in the Executive Board. | ||||||
In the period from January to September 2022, the consolidated expense with the total compensation of the company's officers and board members totaled R$53.81 (R$50.69 in the period from January to September 2021).
On April 13, 2022, the Annual Shareholders' Meeting set the compensation of managers (Executive Board and Board of Directors) at up to R$39.59 as the global limit of compensation to be paid in the period between April 2022 and March 2023.
The remuneration of the members of the Advisory Committees to the Board of Directors must be considered apart from the global limit of the remuneration established for the administrators, that is, the amounts received are not classified as remuneration of the administrators.
The members of the Board of Directors who participate in the Statutory Audit Committees waive the remuneration of the Board of Directors, as established in art. 38, § 8 of Decree No. 8,945, of December 27, 2016, and were entitled to a total remuneration of R$ 2,399 thousand in the period from January to September 2022 (R$ 2,879 thousand, considering social charges). In the period from January to September 2021, the remuneration accrued in the period was R$ 2,079 thousand (R$ 2,446 thousand, considering social charges).
59 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
29 | Supplemental information on statement of cash flows |
Consolidated | ||
2022 | 2021 | |
Jan-Sep | Jan-Sep | |
Amounts paid/received during the period | ||
Withholding income tax paid on behalf of third-parties | 5,798 | 2,925 |
Transactions that does not involve cash | ||
Acquisition of property, plant and equipment on term | 95 | − |
Lease | 27,821 | 27,799 |
Provision/(reversals) for decommissioning costs | 54 | 1 |
Use of tax credits and judicial deposits to pay the contingency | 6,225 | 2,826 |
Assets received due to assumption of participation in concessions | − | 520 |
Remeasurement of property, plant and equipment acquired in previous periods | 128 | − |
The final balance of cash and cash equivalents, in the statement of cash flows, includes amounts related to assets held for sale, as shown in the reconciliation below:
Consolidated | ||
2022 | 2021 | |
Jan-Sep | Jan-Sep | |
Balance reconciliation at the beginning of the period | ||
Balance of cash and cash equivalents on the statement of financial position | 58,410 | 60,856 |
Cash and cash equivalents classified as assets held for sale(*) | 72 | 74 |
Cash and cash equivalents in the Statement of Cash Flow - Opening balance | 58,482 | 60,930 |
Balance reconciliation at the end of the period | ||
Balance of cash and cash equivalents on the statement of financial position | 23,650 | 59,394 |
Cash and cash equivalents classified as assets held for sale(*) | − | 32 |
Cash and cash equivalents in the Statement of Cash Flow - Closing Balance | 23,650 | 59,426 |
(*) For more information, see note 22.
30 | Subsequent events |
Petros Plan - Private Debt Confession Instrument (PED 2015)
On October 18, 2022, Petrobras signed a Debt Confession Instrument formalizing its commitment to pay extraordinary contributions related to the Deficit Settlement Plan - 2015 (PED 2015), implemented in 2017, for the Renegotiated and Non Renegotiated Petros Plans (PPSP-R and PPSP-NR). Payments of extraordinary contributions were not previously made because of court injunctions.
The amount owed by Petrobras is R$ 1,114 and refers to the amounts not charged from July 2020 to December 2021. The amount of R$229 was paid in October 28, 2022, and the remaining amount, of R$ 885, referring to the installments falling due, will be paid according to the payroll in return for the collection of the installment of the participants and beneficiaries.
The effects of this settlement plan have already been recognized in the Company's financial statements in the years in which they were implemented.
Public Offering of Real Estate Receivables Certificates
On October 31, 2022, a public offering for the distribution of certificates of real estate receivables was announced to the market, in the amount of up to R$1,800, with a minimum lot of R$1,500. The certificates of real estate receivables are backed by book-entry commercial notes of the second issue of Petrobras, without real or personal guarantee, in up to three series (Commercial Notes), for private placement.
Leniency Agreements
In October 2022, as a result of leniency and collaboration agreements, the company received a reimbursement of R$324.
The leniency agreements were signed with the Federal Public Ministry (Ministério Público Federal), as well as with the Federal Comptroller General (Controladoria Geral da União) and the Federal Attorney General's Office (Advocacia Geral da União).
Remuneration to Shareholders
On November 3, 2022, the Board of Directors approved the distribution of remuneration to shareholders in the total amount of R$ 43,684 (R$ 3.348900 per preferred share and common share outstanding), based on the interim result of the period from July to September 2022 and to the interim profit retention reserve, as shown in the following table:
60 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
Remuneration to shareholders | |||
Date of shareholder position | Amount per share (preferred and common) (R$) | Amount | |
Interim dividends (*) | 11.21.2022 | 2.626170 | 34,256 |
Interim interest on capital | 11.21.2022 | 0.518627 | 6,765 |
Total prepayments based on the income statement from July to September 2022 | 3.144797 | 41,021 | |
Interim dividends using a portion of the profit retention reserve | 11.21.2022 | 0.204103 | 2,663 |
Total of remuneration to shareholders | 3.348900 | 43,684 | |
(*) The form of distribution of interim dividends will be defined by the Executive Board at a future date (dividends or interest on capital). |
These dividends and interest on capital will be paid in two equal installments of R$ 21,842, on December 20, 2022 and January 19, 2023, being included in the remuneration proposal that will be distributed to shareholders at the end of of the year 2022. The amount referring to the first installment paid will be monetarily updated, according to the variation of the Selic rate, from the date of the effective payment until the end of said fiscal year, and that of the second installment will be updated by the variation of the Selic rate from December 31, 2022 until the payment date in January 2023.
61 |
NOTES TO THE FINANCIAL STATEMENTS PETROBRAS This interim financial information should be read together with the Company's audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |
31. | Correlation between the explanatory notes of December 31, 2021 and the ones of September 30, 2022 |
Number of notes | ||
Notes to the Financial Statements | Annual for 2021 | Quarterly information for 3Q-22 |
Basis of preparation and presentation of financial statements | 2 | 1 |
Summary of significant accounting policies | 3 | 2 |
Cash and cash equivalents and Marketable securities | 7 | 3 |
Sales revenues | 8 | 4 |
Costs and Expenses by nature | 9 | 5 |
Other income and expenses | 10 | 6 |
Net finance income (expense) | 11 | 7 |
Segment information - Statement of Income | 12 | 8 |
Trade and other receivables | 13 | 9 |
Inventories | 14 | 10 |
Taxes | 16 | 11 |
Employee benefits (Post-Employment) | 17 | 12 |
Provisions for legal proceedings | 18 | 13 |
Provision for decommissioning costs | 19 | 14 |
Property, plant and equipment | 23 | 15 |
Intangible assets | 24 | 16 |
Impairment | 25 | 17 |
Exploration and evaluation of oil and gas reserves | 26 | 18 |
Collateral for crude oil exploration concession agreements | 27 | 19 |
Investments | 29 | 20 |
Segment information - Asset | 30 | 21 |
Disposal of Assets and other changes in organizational structure | 31 | 22 |
Finance debt | 32 | 23 |
Leases | 33 | 24 |
Equity | 34 | 25 |
Fair value of financial assets and liabilities | 35 | 26 |
Risk management | 36 | 27 |
Related-party transactions | 37 | 28 |
Supplemental information on statement of cash flows | 38 | 29 |
Subsequent events | 39 | 30 |
The notes to the annual report 2021, which were suppressed in the interim financial statements of September 30, 2022 because they do not have significant changes and / or may not be applicable to interim financial information, are:
Notes to the Financial Statements | Number of notes |
The Company and its operations | 1 |
Accounting estimates | 4 |
New standards and interpretations | 5 |
Capital management | 6 |
Trade payables | 15 |
Other assets and liabilities | 20 |
"Lava Jato Operation" and the reflects on the Company | 21 |
Commitment to purchase natural gas | 22 |
Partnerships in exploration and production activities | 28 |
62 |
STATEMENT OF DIRECTORS ON INTERIM ACCOUNTING INFORMATION AND REPORT ON THE REVIEW OF QUARTERLY INFORMATION
PETROBRAS
In compliance with the provisions of items V and VI of article 27 of CVM Resolution 80, of March 29, 2022, the chief executive officer and directors of Petróleo Brasileiro S.A. - Petrobras, a publicly-held corporation, headquartered at Avenida República do Chile, 65, Rio de Janeiro, RJ, registered with the CNPJ under nº 33.000.167 / 0001-01, declare that the financial statements were prepared in accordance with the law or the bylaws and that:
(i)reviewed, discussed and agreed with the Interim Financial Statements of Petrobras for the period ended on September 30, 2022;
(ii) reviewed, discussed and agreed with the conclusions expressed in the report of KPMG Auditores Independentes Ltda., regarding the Interim Financial Statements of Petrobras for the period ended on September 30, 2022.
Rio de Janeiro, November 3, 2022.
Caio Mário Paes de Andrade | Rafael Chaves Santos | |
Chief Executive Officer | Chief Institutional Relations and Sustainability Executive Officer | |
Cláudio Rogério Linassi Mastella | Rodrigo Araujo Alves | |
Chief Commercialization and Logistics Executive Officer | Chief Financial and Investor Relations Executive Officer | |
Fernando Assumpção Borges | Rodrigo Costa Lima e Silva | |
Chief Exploration and Production Executive Officer | Chief Refining and Natural Gas Executive Officer | |
João Henrique Rittershaussen | Salvador Dahan | |
Chief Production Development Executive Officer | Chief Governance and Compliance Executive Officer | |
Paulo Palaia | ||
Chief Digital Transformation and Innovation Executive Officer |
63 |
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, Fax +55 (21) 2207-9000
www.kpmg.com.br
Report on the review of quarterly information - ITR
(A free translation of the original report in Portuguese, as filed with the Brazilian Securities Commission - CVM, prepared in accordance with the Technical Pronouncement CPC 21 (R1) - Interim Financial Reporting and the international standard IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board - IASB)
To the Board of Directors and Shareholders of
Petróleo Brasileiro S.A. - Petrobras
Rio de Janeiro - RJ
Introduction
We have reviewed the individual and consolidated interim financial information of Petróleo Brasileiro S.A. - Petrobras ("the Company"), identified as Parent Company and Consolidated, respectively, included in the quarterly information form - ITR for the quarter ended September 30, 2022, which comprises the statement of financial position as of September 30, 2022 and the respective statements of income and comprehensive income for the three and nine-months periods then ended, and statements of changes in shareholders' equity and of cash flows for the nine-months period then ended, including the explanatory notes.
Management is responsible for the preparation of the individual and consolidated interim financial information in accordance with the CPC 21 (R1) - Interim Financial Reporting and the IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, such as for the presentation of these information in accordance with the standards issued by the Brazilian Securities Commission - CVM, applicable to the preparation of quarterly information - ITR. Our responsibility is to express our conclusion on this interim financial information based on our review.
KPMG Auditores Independentes Ltda., uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ("KPMG International"), uma entidade suíça. | KPMG Auditores Independentes Ltda., a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. |
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Scope of the review
We conducted our review in accordance with Brazilian and international standards on reviews of interim financial information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the auditing standards and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion on the individual and consolidated interim financial information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34, issued by the IASB, applicable to the preparation of quarterly information - ITR, and presented in accordance with the standards issued by the Brazilian Securities Commission.
Other matters - Statements of added value
The individual and consolidated interim financial information referred to above includes the individual and consolidated statements of added value (DVA) for the nine-month period ended at September 30, 2022, prepared under responsibility of Company's management, and presented as supplementary information for IAS 34 purposes. These statements were submitted to review procedures carried out together with the review of the Company's interim financial information to conclude that they are reconciled with interim financial information and accounting records, as applicable, and its form and content are in accordance with the criteria defined in CPC 09 - Statement of Added Value. Based on our review, nothing has come to our attention that causes us to believe that those statements were not prepared, in all material respects, in accordance with the criteria set forth in this Standard with respect to the individual and consolidated interim financial information taken as a whole.
Rio de Janeiro, November 03, 2022
KPMG Auditores Independentes Ltda.
CRC SP-014428/O-6 F-RJ
(Original report in Portuguese signed by)
Ulysses M. Duarte Magalhães
Accountant CRC RJ-092095/O-8
KPMG Auditores Independentes Ltda., uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ("KPMG International"), uma entidade suíça. | KPMG Auditores Independentes Ltda., a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. |
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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: November 3, 2022
PETRÓLEO BRASILEIRO S.A-PETROBRAS
By: /s/ Rodrigo Araujo Alves
______________________________
Rodrigo Araujo Alves
Chief Financial Officer and Investor Relations Officer
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