Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-15106 |
Entity Registrant Name | PETROBRAS - PETROLEO BRASILEIRO SA |
Entity Central Index Key | 0001119639 |
Entity Incorporation, State or Country Code | D5 |
Entity Address, Address Line One | Avenida República do Chile, 65 |
Entity Address, City or Town | Rio de Janeiro |
Entity Address, Country | BR |
Entity Address, Postal Zip Code | 20031-912 |
City Area Code | 55 |
Local Phone Number | 3224 |
Title of 12(b) Security | Petrobras American Depositary Shares, or ADSs |
Trading Symbol | PBR |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 7,442,231,382 |
Contact Personnel Email Address | dfinri@petrobras.com.br |
ICFR Auditor Attestation Flag | true |
Auditor Firm ID | 1124 |
Auditor Name | KPMG Auditores Independentes Ltda. |
Auditor Location | Rio de Janeiro |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Avenida República do Chile, 65 |
Entity Address, City or Town | Rio de Janeiro |
Entity Address, Country | BR |
Entity Address, Postal Zip Code | 20031 |
Contact Personnel Name | Rodrigo Araujo Alves |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of financial position [abstract] | ||
Cash and cash equivalents | $ 7,996 | $ 10,467 |
Marketable securities | 2,773 | 650 |
Trade and other receivables | 5,010 | 6,368 |
Inventories | 8,779 | 7,255 |
Recoverable income taxes | 165 | 163 |
Other recoverable taxes | 1,142 | 1,183 |
Others | 1,777 | 1,573 |
Current assets other than assets classified as held for sale | 27,642 | 27,659 |
Assets classified as held for sale | 3,608 | 2,490 |
Current assets | 31,250 | 30,149 |
Trade and other receivables | 2,440 | 1,900 |
Marketable securities | 1,564 | 44 |
Judicial deposits | 11,053 | 8,038 |
Deferred income taxes | 832 | 604 |
Other recoverable taxes | 3,778 | 3,261 |
Others | 1,553 | 487 |
Long-term receivables | 21,220 | 14,334 |
Investments | 1,566 | 1,510 |
Property, plant and equipment | 130,169 | 125,330 |
Intangible assets | 2,986 | 3,025 |
Non-current assets | 155,941 | 144,199 |
Total assets | 187,191 | 174,348 |
Trade payables | 5,464 | 5,483 |
Finance debt | 3,576 | 3,641 |
Lease liability | 5,557 | 5,432 |
Income taxes payable | 2,883 | 733 |
Other taxes payable | 3,048 | 4,001 |
Dividends payable | 4,171 | |
Employee benefits | 2,215 | 2,144 |
Others | 3,001 | 1,875 |
Current liabilities other than Liabilities on assets classified as held for sale | 29,915 | 23,309 |
Liabilities related to assets classified as held for sale | 1,465 | 867 |
Current liabilities | 31,380 | 24,176 |
Finance debt | 26,378 | 32,059 |
Lease liability | 18,288 | 17,611 |
Income taxes payable | 302 | 300 |
Deferred income taxes | 6,750 | 1,229 |
Employee benefits | 10,675 | 9,374 |
Provisions for legal proceedings | 3,010 | 2,018 |
Provision for decommissioning costs | 18,600 | 15,619 |
Others | 1,972 | 2,150 |
Non-current liabilities | 85,975 | 80,360 |
Current and non-current liabilities | 117,355 | 104,536 |
Share capital (net of share issuance costs) | 107,101 | 107,101 |
Capital reserve and capital transactions | 1,144 | 1,143 |
Profit reserves | 66,434 | 72,811 |
Accumulated other comprehensive (deficit) | (105,187) | (111,648) |
Attributable to the shareholders of Petrobras | 69,492 | 69,407 |
Non-controlling interests | 344 | 405 |
Equity | 69,836 | 69,812 |
Total liabilities and equity | $ 187,191 | $ 174,348 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Sales revenues | $ 124,474 | $ 83,966 | $ 53,683 |
Cost of sales | (59,486) | (43,164) | (29,195) |
Gross profit | 64,988 | 40,802 | 24,488 |
Income (expenses) | |||
Selling expenses | (4,931) | (4,229) | (4,884) |
General and administrative expenses | (1,332) | (1,176) | (1,090) |
Exploration costs | (887) | (687) | (803) |
Research and development expenses | (792) | (563) | (355) |
Other taxes | (439) | (406) | (952) |
Impairment (losses) reversals | (1,315) | 3,190 | (7,339) |
Other income and expenses, net | 1,822 | 653 | 998 |
Total Income (expenses) | (7,874) | (3,218) | (14,425) |
Income before net finance expense, results of equity-accounted investments and income taxes | 57,114 | 37,584 | 10,063 |
Finance income | 1,832 | 821 | 551 |
Finance expenses | (3,500) | (5,150) | (6,004) |
Foreign exchange gains (losses) and inflation indexation charges | (2,172) | (6,637) | (4,177) |
Net finance expense | (3,840) | (10,966) | (9,630) |
Results of equity-accounted investments | 251 | 1,607 | (659) |
Net income (loss) before income taxes | 53,525 | 28,225 | (226) |
Income taxes | (16,770) | (8,239) | 1,174 |
Net income for the year | 36,755 | 19,986 | 948 |
Net income attributable to shareholders of Petrobras | 36,623 | 19,875 | 1,141 |
Net income (loss) attributable to non-controlling interests | $ 132 | $ 111 | $ (193) |
Basic and diluted earnings per common and preferred share - in U.S. dollars | $ 2.81 | $ 1.52 | $ 0.09 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Net income for the year | $ 36,755 | $ 19,986 | $ 948 |
Actuarial gains (losses) on post-employment defined benefit plans | |||
Recognized in equity | (1,583) | 5,169 | 2,415 |
Deferred income tax | 212 | (1,340) | (127) |
Actuarial gains (losses) on defined benefit pension plans, net | (1,371) | 3,829 | 2,288 |
Unrealized gains (losses) on cash flow hedge - highly probable future exports | |||
Recognized in equity | (2) | ||
Deferred income tax | 1 | ||
Unrealized gains / (losses) on equity instruments measured at fair value through other comprehensive income, net | (1) | ||
Share of other comprehensive income in equity-accounted investments | 46 | ||
Items that may be reclassified subsequently to the statement of income: | |||
Recognized in equity | 5,223 | (3,949) | (21,460) |
Reclassified to the statement of income | 4,871 | 4,585 | 4,720 |
Deferred income tax | (3,432) | (215) | 5,690 |
Unrealized gains / (losses) on cash flow hedge-highly probable future exports, net | 6,662 | 421 | (11,050) |
Translation adjustments (*) | |||
Recognized in equity | 975 | (1,314) | (5,211) |
Reclassified to the statement of income | 41 | ||
Translation adjustments | 975 | (1,273) | (5,211) |
Share of other comprehensive income (loss) in equity-accounted investments | |||
Recognized in equity | 219 | 22 | (378) |
Reclassified to the statement of income | 43 | ||
Share of other comprehensive income in equity-accounted investments | 219 | 22 | (335) |
Other comprehensive income (loss) | 6,485 | 2,999 | (14,263) |
Total comprehensive income (loss) | 43,240 | 22,985 | (13,315) |
Comprehensive income (loss) attributable to shareholders of Petrobras | 43,084 | 22,961 | (13,126) |
Comprehensive income (loss) attributable to non-controlling interests | $ 156 | $ 24 | $ (189) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income for the year | $ 36,755 | $ 19,986 | $ 948 |
Adjustments for: | |||
Pension and medical benefits - actuarial gains (expense) | 1,228 | 2,098 | (1,001) |
Results of equity-accounted investments | (251) | (1,607) | 659 |
Depreciation, depletion and amortization | 13,218 | 11,695 | 11,445 |
Impairment of assets (reversals) | 1,315 | (3,190) | 7,339 |
Inventory write-down (write-back) to net realizable value | 11 | (1) | 375 |
Allowance (reversals) for credit loss on trade and other receivables | 65 | (30) | 144 |
Exploratory expenditure write-offs | 691 | 248 | 456 |
Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA | (1,144) | (1,900) | (456) |
Foreign exchange, indexation and finance charges | 4,557 | 10,795 | 11,094 |
Income taxes | 16,770 | 8,239 | (1,174) |
Revision and unwinding of discount on the provision for decommissioning costs | 745 | 661 | 981 |
PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation | (1) | (986) | (3,173) |
Results from co-participation agreements in bid areas | (4,286) | (631) | |
Assumption of interest in concessions | 164 | ||
Early termination and cash outflows revision of lease agreements | (629) | (545) | (276) |
(Gains) losses with legal, administrative and arbitration proceedings, net | 1,362 | 740 | 493 |
Decrease (Increase) in assets | |||
Trade and other receivables | 355 | (2,075) | 1 |
Inventories | (1,217) | (2,334) | 724 |
Judicial deposits | (1,709) | (1,141) | (945) |
Other assets | (413) | (289) | 159 |
Increase (Decrease) in liabilities | |||
Trade payables | (359) | 1,073 | 216 |
Other taxes payable | (2,441) | 2,835 | 2,677 |
Pension and medical benefits | (2,130) | (2,239) | (1,048) |
Provisions for legal proceedings | (380) | (643) | (668) |
Short-term benefits | (182) | (312) | 781 |
Provision for decommissioning costs | (602) | (730) | (482) |
Other liabilities | (95) | 376 | (47) |
Income taxes paid | (11,516) | (2,138) | (332) |
Net cash provided by operating activities | 49,717 | 37,791 | 28,890 |
Cash flows from investing activities | |||
Acquisition of PP&E and intangible assets | (9,581) | (6,325) | (5,874) |
Investments in investees | (27) | (24) | (942) |
Proceeds from disposal of assets - Divestment | 4,846 | 4,783 | 1,997 |
Financial compensation from co-participation agreements | 7,284 | 2,938 | |
Divestment (Investment) in marketable securities | (3,328) | 4 | 66 |
Dividends received | 374 | 781 | 243 |
Net cash provided by (used in) investing activities | (432) | 2,157 | (4,510) |
Cash flows from financing activities | |||
Changes in non-controlling interest | 63 | (24) | (67) |
Proceeds from finance debt | 2,880 | 1,885 | 17,023 |
Repayment of principal - finance debt | (9,334) | (21,413) | (25,727) |
Repayment of interest - finance debt | (1,850) | (2,229) | (3,157) |
Repayment of lease liability | (5,430) | (5,827) | (5,880) |
Dividends paid to Shareholders of Petrobras | (37,701) | (13,078) | (1,367) |
Dividends paid to non-controlling interests | (81) | (105) | (84) |
Net cash used in financing activities | (51,453) | (40,791) | (19,259) |
Effect of exchange rate changes on cash and cash equivalents | (316) | (402) | (773) |
Net change in cash and cash equivalents | (2,484) | (1,245) | 4,348 |
Cash and cash equivalents at the beginning of the period | 10,480 | 11,725 | 7,377 |
Cash and cash equivalents at the end of the period | $ 7,996 | $ 10,480 | $ 11,725 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Millions | Issued Capital Gross [Member] | Issuance Cost [Member] | Capital Reserve Capital Transactions And Treasury Shares [Member] | Cumulative Translation Adjustment [Member] | Cash Flow Hedge Highly Probable Future Exports [Member] | Actuarial Gains Losses On Defined Benefit Pension Plans [Member] | Other Comprehensive Income Loss And Deemed Cost [Member] | Legal [Member] | Statutory [Member] | Tax Incentives [Member] | Profit Retention [Member] | Additional Dividends Proposed [Member] | Retained earnings [member] | Equity Attributable To Shareholders Of Petrobras [Member] | Non-controlling interests [member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 107,380 | $ (279) | $ 1,064 | $ (68,721) | $ (13,540) | $ (17,322) | $ (886) | $ 8,745 | $ 2,702 | $ 1,102 | $ 53,078 | $ 73,323 | $ 892 | $ 74,215 | ||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Capital increase with reserves | (13) | (13) | ||||||||||||||
Realization of deemed cost | 2 | (2) | ||||||||||||||
Capital transactions | (81) | (81) | ||||||||||||||
Net income | 1,141 | 1,141 | (193) | 948 | ||||||||||||
Other comprehensive income (loss) | (5,215) | (11,050) | 2,288 | (290) | (14,267) | 4 | (14,263) | |||||||||
Appropriations: | ||||||||||||||||
Transfer to reserves | 68 | 198 | (226) | (40) | ||||||||||||
Dividends | (878) | 1,128 | (1,099) | (849) | (81) | (930) | ||||||||||
Ending balance, value at Dec. 31, 2020 | 107,380 | (279) | 1,064 | (73,936) | (24,590) | (15,034) | (1,174) | 8,813 | 2,900 | 1,102 | 51,974 | 1,128 | 59,348 | 528 | 59,876 | |
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Capital increase with reserves | 2 | 2 | ||||||||||||||
Capital transactions | 79 | 79 | (40) | 39 | ||||||||||||
Net income | 19,875 | 19,875 | 111 | 19,986 | ||||||||||||
Other comprehensive income (loss) | (1,186) | 421 | 3,829 | 22 | 3,086 | (87) | 2,999 | |||||||||
Appropriations: | ||||||||||||||||
Additional dividends proposed last year approved this year | (1,128) | (1,128) | (1,128) | |||||||||||||
Transfer to reserves | 956 | 184 | 118 | 388 | (1,646) | |||||||||||
Dividends | (312) | 6,688 | (18,229) | (11,853) | (109) | (11,962) | ||||||||||
Ending balance, value at Dec. 31, 2021 | 107,380 | (279) | 1,143 | (75,122) | (24,169) | (11,205) | (1,152) | 9,769 | 3,084 | 1,220 | 52,050 | 6,688 | 69,407 | 405 | 69,812 | |
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Capital transactions | 1 | 1 | (146) | (145) | ||||||||||||
Net income | 36,623 | 36,623 | 132 | 36,755 | ||||||||||||
Other comprehensive income (loss) | 951 | 6,662 | (1,371) | 219 | 6,461 | 24 | 6,485 | |||||||||
Expired unclaimed dividends | 11 | 11 | 11 | |||||||||||||
Appropriations: | ||||||||||||||||
Additional dividends proposed last year approved this year | 6,688 | 6,688 | 6,688 | |||||||||||||
Transfer to reserves | 1,805 | 197 | 457 | 71 | (2,530) | |||||||||||
Dividends | (9,083) | 6,864 | (34,104) | (36,323) | (71) | (36,394) | ||||||||||
Ending balance, value at Dec. 31, 2022 | $ 107,380 | $ (279) | $ 1,144 | $ (74,171) | $ (17,507) | $ (12,576) | $ (933) | $ 11,574 | $ 3,281 | $ 1,677 | $ 43,038 | $ 6,864 | $ 69,492 | $ 344 | $ 69,836 |
The Company and its operations
The Company and its operations | 12 Months Ended |
Dec. 31, 2022 | |
Company And Its Operations | |
The Company and its operations | 1. The Company and its operations Petróleo Brasileiro S.A. (Petrobras), hereinafter referred to as “Petrobras” or “Company,” is a partially state-owned enterprise, controlled by the Brazilian Federal Government, of indefinite duration, governed by the terms and conditions under the Brazilian Corporate Law (Law 6,404 of December 15, 1976), Law 13,303 of June 30, 2016 and its Bylaws. Petrobras’ shares are listed on the Brazilian stock exchange (B3) in the Level 2 of Corporate Governance special listing segment and, therefore, the Company, its shareholders, its managers and fiscal council members are subject to provisions under its regulation (Level 2 Regulation - Regulamento de Listagem do Nível 2 de Governança Corporativa da Brasil Bolsa Balcão The Company is dedicated to prospecting, drilling, refining, processing, trading and transporting crude oil from producing onshore and offshore oil fields and from shale or other rocks, as well as oil products, natural gas and other liquid hydrocarbons. In addition, Petrobras carries out energy related activities, such as research, development, production, transport, distribution and trading of all forms of energy, as well as other related or similar activities. Petrobras may perform any of the activities related to its corporate purpose, directly, through its wholly-owned subsidiaries, controlled companies, alone or through joint ventures with third parties, in Brazil or abroad. The economic activities linked to its business purpose shall be undertaken by the Company in free competition with other companies according to market conditions, in compliance with the other principles and guidelines of Laws no. 9,478/97 and 14,134/21 (oil and gas regulations, respectively). However, Petrobras may have its activities, provided they are in compliance with its corporate purpose, guided by the Brazilian Federal Government to contribute to the public interest that justified its creation, aiming to meet national energy policy objectives when: I – established by law or regulation, as well as under agreements provisions with a public entity that is competent to establish such obligation, abiding with the broad publicly stated of such instruments; and II – the cost and revenues thereof have been broken down and disseminated in a transparent manner. In this case, the Company’s Investment Committee and Minority Shareholders Committee, exercising their advisory role to the Board of Directors, shall assess and measure the difference between such market conditions and the operating result or economic return of the transaction, based on technical and economic criteria for investment valuation and specific operating costs and results under the Company's operations. In case a difference is identified, for every financial year, the Brazilian Federal Government shall compensate the Company. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2022 | |
Basis Of Preparation | |
Basis of preparation | 2. Basis of preparation 2.1. Statement of compliance and authorization of consolidated financial statements These consolidated financial statements have been prepared and are being presented in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared under the historical cost convention, except when otherwise indicated. The significant accounting policies used in the preparation of these financial statements are set out in their respective explanatory notes. The preparation of the financial statements requires the use of estimates based on assumptions and judgements, which may affect the application of accounting policies and reported amounts of assets, liabilities, revenues and expenses. Although our management periodically reviews these assumptions and judgments, the actual results could differ from these estimates. For further information on accounting estimates, see note 4. These consolidated financial statements were approved and authorized for issue by the Company’s Board of Directors in a meeting held on March 29, 2023. 2.2. Functional and presentation currency The functional currency of Petrobras and all of its Brazilian subsidiaries is the Brazilian Real. The functional currency of the Petrobras direct subsidiaries that operate outside Brazil is the U.S. dollar. Petrobras has selected the U.S. dollar as its presentation currency to facilitate a more direct comparison to other oil and gas companies. The financial statements have been translated from the functional currency (Brazilian real) into the presentation currency (U.S. dollar). All assets and liabilities are translated into U.S. dollars at the closing exchange rate at the date of the financial statements; income and expenses, as well as cash flows are translated into U.S. dollars using the average exchange rates prevailing during the period. All exchange differences arising from the translation of the consolidated financial statements from the functional currency into the presentation currency are recognized as cumulative translation adjustments (CTA) within accumulated other comprehensive income in the consolidated statements of changes in shareholders’ equity. Summary of Effect of Change in Foreign Exchange Rate Brazilian Real x U.S. Dollar Dec/22 Sep/22 Mar/22 Jun/22 Mar/22 Dec/21 Sep/21 Jun/21 Mar/21 Dec/20 Sep/20 Jun/20 Mar/20 Quarterly average exchange rate 5.26 5.25 5.23 4.93 5.23 5.59 5.23 5.29 5.48 5.39 5.38 5.39 4.47 Period-end exchange rate 5.22 5.41 4.74 5.24 4.74 5.58 5.44 5.00 5.70 5.20 5.64 5.48 5.20 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies | |
Significant accounting policies | 3. Significant accounting policies To aid cohesion and comprehension, the significant accounting policies are set out at the end of each explanatory note to which they relate. |
Critical accounting policies_ k
Critical accounting policies: key estimates and judgments | 12 Months Ended |
Dec. 31, 2022 | |
Critical Accounting Policies Key Estimates And Judgments | |
Critical accounting policies: key estimates and judgments | 4. Critical accounting policies: key estimates and judgments The preparation of the consolidated financial information requires the use of estimates and judgments for certain transactions and their impacts on assets, liabilities, income and expenses. The assumptions are based on past transactions and other relevant information and are periodically reviewed by management, although the actual results could differ from these estimates. Information about areas that require significant judgment or involve a higher degree of complexity in the application of the accounting policies and that could materially affect the Company’s financial condition and results of operations is set out as follows. 4.1. Oil and gas reserves Oil and gas reserves are estimated based on economic, geological and engineering information, such as well logs, pressure data and fluid sample data. The reserves are used as the basis for calculating unit-of-production depreciation, depletion and amortization rates, impairment testing and decommissioning costs estimates, and for projections of highly probable future exports subject to the cash flow hedge. Reserves estimates are revised at least annually, based on updated geological and production data of reservoirs, as well as on changes in prices and costs used in these estimates. Revisions may also result from significant changes in the Company’s strategy for development projects or in the production capacity. The Company determines its oil and gas reserves both pursuant to the U.S. Securities and Exchange Commission - SEC and the ANP/SPE (Brazilian Agency of Petroleum, Natural Gas and Biofuels / Society of Petroleum Engineers) criteria. The differences between the reserves estimated by ANP/SPE definitions and those estimated using SEC regulation are mainly due to different economic assumptions and the possibility of considering as reserves the volumes expected to be produced beyond the concession contract expiration date in fields in Brazil according to ANP reserves regulation. According to the definitions prescribed by the SEC, proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically feasible from a given date, from known reservoirs and under existing economic conditions, operating methods and government regulation. Proved reserves are subdivided into developed and undeveloped reserves. Proved developed oil and gas reserves are those that can be expected to be recovered through: (i) existing wells with existing equipment and operating methods, or when the cost of the required equipment is relatively minor compared to the cost of a new well; (ii) installed extraction equipment and infrastructure operational at the time of the reserves estimate, if the extraction is by means not involving wells. Although the Company is reasonably certain that proved reserves will be produced, the timing and amount recovered can be affected by a sort of factors including completion of development projects, reservoir performance, regulatory aspects and significant changes in long-term oil and gas price levels. Detailed information on reserves is presented as unaudited supplementary information. a) Impacts of oil and gas reserves on depreciation, depletion and amortization Estimates of proved reserves volumes used in the calculation of depreciation, depletion and amortization rates, under the unit-of-production method, are prepared by the Company’s technicians according to the SEC definitions. Revisions to the Company’s proved developed and undeveloped reserves impact prospectively the amounts of depreciation, depletion and amortization recognized in the statement of income and the carrying amounts of oil and gas properties assets. Therefore, considering all other variables being constant, a decrease in estimated proved reserves would increase, prospectively, depreciation, depletion and amortization expense, while an increase in reserves would reduce depreciation, depletion and amortization. Note 23 provides more detailed information on depreciation, amortization and depletion. b) Impacts of oil and gas reserves on impairment testing The measurement of the value in use of oil and gas exploration and development assets is based on proved and probable reserves pursuant to the ANP/SPE definitions. Note 25 provides further information on impairment testing. c) Impacts of oil and gas reserves on decommissioning costs estimates The timing of abandonment and dismantling areas is based on the length of reserves depletion, in accordance with ANP/SPE definitions. Therefore, the review of the timing of reserves depletion may impact the provision for decommissioning cost estimates. Note 4.5 provides further information on other assumptions used in estimating the provision for decommissioning costs. d) Impacts of oil and gas reserves on highly probable future exports subject to cash flow hedge accounting The Company estimates highly probable future exports in accordance with future exports forecasted in the current Strategic Plan projections and based on short-term estimates on a monthly basis. Changes in the expected oil and gas production may affect future exports forecasts and, consequently, hedge relationship designations may also be impacted. 4.2. Impairment testing 4.2.1. Main assumptions for impairment testing Impairment testing involves uncertainties mainly related to its key assumptions: average Brent prices and Brazilian Real/U.S. dollar average exchange rate. These assumptions are relevant to virtually all of the Company’s operating segments and a significant number of interdependent variables are derived from these key assumptions and there is a high degree of complexity in their application in determining value in use for impairment tests. The markets for crude oil and natural gas have a history of significant price volatility and although prices can drop or increase precipitously, industry prices over the long term tends to continue being driven by market supply and demand fundamentals. Projections relating to the key assumptions are derived from the Strategic Plan and are consistent with market evidence, such as independent macro-economic forecasts, industry analysts and experts. Back testing analysis and feedback process in order to continually improve forecast techniques are also performed. The Company’s oil price forecast model is based on a nonlinear relationship between variables reflecting market supply and demand fundamentals. This model also takes into account other relevant factors, such as the effects of the Organization of the Petroleum Exporting Countries (OPEC) decisions on the oil market, industry costs, idle capacity, the oil and gas production forecasted by specialized firms, and the relationship between the oil price and the U.S. dollar exchange rate. The Real/U.S. dollar exchange rate projections are based on econometric models that consider long-term assumptions involving observable inputs, such as country risk, commodity prices, interest rates and the value of the U.S. Dollar relative to a basket of foreign currencies (U.S. Dollar Index – USDX). Changes in the economic environment may result in changing assumptions and, consequently, the recognition of impairment losses or reversals on certain assets or cash generating units - CGUs. For example, the Company’s sales revenues and refining margins are directly impacted by Brent price variations, as well as Brazilian Real/U.S. dollar exchange rate variations, which also impacts our capital and operating expenditures. Changes in the economic and political environment may also result in higher country risk projections that would increase discount rates for impairment testing. Reductions in future oil and natural gas price scenarios resulting from structural changes, adverse effects arising from significant changes in reserve volumes, production curve expectations, lifting costs or discount rates, as well as capital expenditure decisions that result in the postponement or termination of projects, could trigger the need for impairment assessment. The recoverable amount of certain assets may not substantially exceed their carrying amounts and, therefore, it is reasonably possible that outcomes in future periods that are different from the current assumptions may result in the recognition of additional impairment losses on these assets, as described in note 25. 4.2.2. Identifying cash-generating units for impairment testing Identifying cash-generating units (CGUs) requires management assumptions and judgment, based on the Company’s business and management model. Changes in CGUs resulting from the review of investment, strategic or operational factors, may result in changes in the interdependencies of assets and, consequently, alter the aggregation or breakdown of assets that were part of certain CGUs, which may influence their ability to generate cash and cause additional losses or reversals in the recovery of such assets. If the approval for the sale of a CGU’s component occurs between the reporting date and the date of the issuance of the consolidated financial statements, the Company reassesses whether the value in use of this component, estimated with the information existing at the reporting date, reasonably represents its fair value, net of disposal expenses. Such information must include evidence of the stage at which management was committed to the sale of the CGU’s component. The primary considerations in identifying the CGUs are set out below: a) Exploration and Production CGUs: i) Crude oil and natural gas producing properties CGUs: comprises exploration and development assets related to crude oil and natural gas fields and groups of fields in Brazil and abroad. At December 31, 2022, Exploration and Production CGUs in Brazil had 37 fields and 15 groups of fields. Changes in the aggregation of CGUs occurred in 2022 are presented as follows: · North group of fields: exclusion of platforms P-18, P-19, P-20, P-35 and P-47 from this CGU, due to management's decision to sell and definitively cease the operations of these platforms in the Marlim field. Each of these platforms is now assessed for impairment separately; and · Oil and gas fields and groups of fields: exclusion of Alto Rodrigues, Canto do Amaro, Barrinha, Benfica, CMR and Fazenda Alegra groups of fields, as well as several other fields, mainly in the states of Bahia, Rio Grande do Norte and Ceará (31 concessions in total), due to their divestment processes. Right after the signature of the agreements for the sale of these concessions, the corresponding assets were transferred to assets classified as held for sale (see note 30.1). ii) Equipment not related to oil and gas producing properties: drilling rigs which are not part of any CGU and are assessed for impairment separately, as well as platforms that stopped operating. In 2022, 14 drilling rigs were sold and the corresponding CGUs have been excluded. b) Refining, transportation and marketing CGUs: i) Downstream CGU: comprises refineries and associated assets, terminals and pipelines, as well as logistics assets operated by Transpetro, with a combined and centralized operation of such assets in Brazil. These assets are managed with a common goal of serving the market at the lowest overall cost, preserving the strategic value of the whole set of assets in the long term. The operational planning is made in a centralized manner and these assets are not managed, measured or evaluated by their individual results. Refineries do not have autonomy to choose the oil to be processed, the mix of oil products to produce, the markets in which these products will be traded, which amounts will be exported, which intermediaries will be received and to decide the sale prices of oil products. Operational decisions are analyzed through an integrated model of operational planning for market supply, considering all the options for production, imports, exports, logistics and inventories, seeking to maximize the Company’s global performance. The decision on new investments is not based on the profitability of the project where the asset will be installed, but on the additional result for the CGU as a whole. The model that supports the entire planning, used in technical and economic feasibility studies of new investments in refining and logistics, seeks to allocate a certain type of oil, or a mix of oil products, define market supply (area of influence), aiming at achieving the best integrated results. Pipelines and terminals are a complementary and interdependent portion of the refining assets, required to supply the market. In 2022, management approved the sale of LUBNOR and Potiguar Clara Camarão refineries from this CGU, whose assets were excluded from this CGU and its assets are classified as held for sale as of December 31, 2022 (see note 30.1). ii) CGU Itaboraí Utilities: composed of assets that will support the natural gas processing plant (UPGN) of the route 3 integrated project; iii) CGU GasLub: set of assets that remain in hibernation and are being evaluated for use in other projects. iv) CGU Second Refining Unit of RNEST: comprises assets of the second refining unit of Abreu e Lima refinery; v) Transportation CGU: comprises assets relating to Transpetro’s fleet of vessels; vi) Hidrovia CGU: comprises the fleet of vessels under construction of the Hidrovia project (transportation of ethanol along the Tietê River); and vii) Other operations abroad defined as the smallest group of assets that generates independent cash flows. c) Gas & Power CGUs: i) CGU Integrated Processing System: set of assets formed by natural gas processing plants in Itaboraí, Cabiúnas and Caraguatatuba, grouped together due to the contractual characteristics of the Integrated Processing System and the Integrated Transportation System; ii) CGUs of Natural Gas Processing Plants: each remaining natural gas processing plant represents a separate CGU. In 2022, management approved the sale of Guamaré natural gas processing plant, and its assets were transferred to assets classified as held for sale (note 30.1); iii) CGU nitrogen fertilizer plants: formed by hibernated nitrogen fertilizer plants; iv) CGU Power: comprises the thermoelectric power generation plants (UTEs). The operation and trade of energy of this CGU are carried out and coordinated in an integrated manner. The economic results of each of the plants in the integrated portfolio are highly dependent on each other, due to operational optimization aimed at maximizing the overall result. v) Other CGUs: operations abroad defined as the smallest group of assets that generates largely independent cash flows. In 2022, management approved the lease of the Termocamaçari thermoelectric power plant, hence it is no more a cash-generating unit due to the reclassification of this operation to accounts receivable. d) Biofuels business CGUs: i) Biodiesel CGU: an integrated unit of biodiesel plants defined based on the production planning and operation process, that takes into consideration domestic market conditions, the production capacity of each plant, as well as the results of biofuels auctions and raw materials supply. ii) Quixadá CGU: comprises the assets of Quixadá Biofuel Plant. Further information on impairment testing is set out in note 25. 4.3. Pension plan and other post-employment benefits The actuarial obligations and net expenses related to defined benefit pension and health care post-employment plans are computed based on several financial and demographic assumptions, of which the most significant are: · Discount rate: comprises the projected future inflation in addition to an equivalent discounted interest rate that matches the duration of the pension and health care obligations with the future yield curve of long-term Brazilian Government Bonds; and · Medical costs: comprise the projected growth rates based on per capita health care benefits paid over the last 5 30 These and other estimates are reviewed at least annually and may differ materially from actual results due to changing market and financial conditions, as well as actual results of actuarial assumptions. The sensitivity analysis of discount rates and changes in medical costs as well as additional information about actuarial assumptions are set out in note 17. 4.4. Estimates related to contingencies and legal proceedings The Company is defendant in arbitrations and in legal and administrative proceedings involving civil, tax, labor and environmental issues arising from the normal course of its business and makes use of estimates to recognize the amounts and the probability of outflow of resources, based on reports and technical assessments from legal advisors and on management’s assessment. These estimates are performed individually, or aggregated if there are cases with similar characteristics, primarily considering factors such as assessment of the plaintiff’s demands, consistency of the existing evidence, jurisprudence on similar cases and doctrine on the subject. Specifically for lawsuits by outsourced employees, the Company estimates the expected loss based on a statistical procedure, due to the number of actions with similar characteristics. Arbitral, legal and administrative decisions against the Company, new jurisprudence and changes of existing evidence can result in changes on the probability of outflow of resources and on the estimated amounts, according to the assessment of the legal basis. Note 18 provides further detailed information about contingencies and legal proceedings. 4.5. Decommissioning costs estimates The Company has legal and constructive obligations to remove equipment and restore onshore and offshore areas at the end of operations. Its most significant asset removal obligations relate to offshore areas. Estimates of costs for future environmental cleanup and remediation activities are based on current information about costs and expected plans for remediation. These obligations are recognized at present value, using a risk-free discount rate, adjusted to the Company's credit risk. Due to the long term until the abandonment, changes in the discount rate can cause significant variations in the recognized amount. These estimates require performing complex calculations that involve significant judgment since: i) the obligations are long-term; ii) the contracts and regulations contain subjective definitions of the removal and remediation practices and criteria involved when the events actually occur; and iii) asset removal technologies and costs are constantly changing, along with regulations, environmental, safety and public relations considerations. The Company conducts studies to incorporate technologies and procedures to optimize the process of abandonment, considering industry best practices. However, the timing and amounts of future cash flows are subject to significant uncertainty. Note 19 provides further detailed information about the decommissioning provisions. 4.6. Deferred income taxes The recognition of deferred taxes involves significant estimates and judgments by the Company. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which a deductible temporary difference can be utilized or it is probable that the entity will have sufficient taxable profit in future periods. In evaluating whether it will have sufficient taxable profit in future periods to support the recognition of deferred tax assets, the Company uses future projections and estimates based on its Strategic Plan, which is approved by the Board of Directors annually. Future taxable profits projections are mainly based on the following assumptions: i) Brent crude oil prices; ii) foreign exchange rates; and iii) the Company’s projected net finance expenses (income). Changes in deferred tax assets and liabilities are presented in note 16.1. 4.7. Cash flow hedge accounting involving the Company’s future exports The Company determines its future exports as “highly probable future exports” based on its current Strategic Plan and, based on short-term estimates on a monthly basis. The highly probable future exports are determined by a percentage of projected exports revenue, taking into account the Company’s operational and capital expenditure optimization model, limited to a threshold based on a historical percentage of the oil production that is usually sold abroad. For the long-term, future exports forecasts are reviewed whenever the Company reviews its Strategic Plan assumptions, while for the short-term it is reviewed monthly. The approach for determining exports as highly probable future exports is reviewed annually, at least. See note 34 for more detailed information about cash flow hedge accounting and a sensitivity analysis of the cash flow hedge involving future exports. 4.8. Write-off – overpayments incorrectly capitalized As described in note 21, in the third quarter of 2014, the Company developed an estimation methodology and wrote off US$ 2,527 The Company has continuously monitored the results of the Lava Jato investigation and the availability of other information related to the scheme of improper payments. In preparing the financial statements for the year ended December 31, 2022, the Company has not identified any additional information that would affect the adopted calculation methodology and consequently require additional write-offs. 4.9. Expected credit losses on financial assets Expected credit losses on financial assets are based on assumptions relating to risk of default, the determination of whether or not there has been a significant increase in credit risk and expectation of recovery, among others. The Company uses judgment for such assumptions in addition to information from credit rating agencies and inputs based on collection delays. 4.10. Leases The Company uses incremental borrowing rates to determine the present value of the lease payments, when the interest rate implicit in the lease cannot be readily determined. These incremental borrowing rates are determined mainly based on the Company’s cost of funding based on yields of bonds issued by the Company, adjusted by currency and duration of cash outflows of the lease arrangements, economic environment of the country where the lessee operates and similar collateral. 4.11. Uncertainty over Income Tax Treatments Uncertainties over income tax treatments represent the risks that the tax authority does not accept a certain tax treatment applied by the Company, mainly related to different interpretations of deductions and additions to the IRPJ and CSLL calculation basis. The Company evaluates each uncertain tax treatment separately or in a group where there is interdependence in relation to the expected result. The Company estimates the probability of acceptance of an uncertain tax treatment by the tax authority based on technical assessments by its legal advisors, considering precedent jurisprudence applicable to current tax legislation, which may be impacted mainly by changes in tax rules or court decisions which may affect the analysis of the fundamentals of uncertainty. The tax risks identified are evaluated following a pre-determined tax risk management methodology. If it is probable that the tax authorities will accept an uncertain tax treatment, the amounts recorded in the financial statements are consistent with the tax records and, therefore, no uncertainty is reflected in the measurement of current or deferred income taxes. If it is not probable that the tax authorities will accept an uncertain tax treatment, the uncertainty is reflected in the measurement of income taxes in the financial statements. Information on uncertainty over income tax treatments is disclosed in Note 16.1. |
New standards and interpretatio
New standards and interpretations | 12 Months Ended |
Dec. 31, 2022 | |
New Standards And Interpretations | |
New standards and interpretations | 5. New standards and interpretations 5.1. New International Financial Reporting Standards not yet adopted Schedule of new International Financial Reporting Standards not yet adopted Standard Description Effective on IFRS 17 – Insurance Contracts (and Amendments) IFRS 4 – Insurance Contracts will be superseded by IFRS 17, which establishes, among other things, the requirements to be applied, by issuers of insurance and reinsurance contracts within the scope of the standard, and for reinsurance contracts held, in the recognition, measurement, presentation and disclosure of insurance and reinsurance contracts. January 1, 2023 Disclosure of Accounting Policies – Amendments to IAS 1 and Practice Statement 2 In place of the requirement to disclose significant accounting policies, the amendments to IAS 1 - Presentation of Financial Statements establish that accounting policies must be disclosed when they are material. Among other things, the amendment provides guidance for determining such materiality. January 1, 2023 Definition of Accounting Estimates – Amendments to IAS 8 According to the amendments to IAS 8, the definition of “change in accounting estimate” no longer exists. Instead, a definition was established for the term “accounting estimates”: monetary values in the financial statements that are subject to measurement uncertainty. January 1, 2023 Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 The amendments have reduced the scope of the exemption from recognition of deferred tax assets and deferred tax liabilities described in paragraphs 15 and 24 of IAS 12 - Income Taxes, so that it no longer applies to transactions that, among other items, on initial recognition, give rise to equal taxable and deductible temporary differences. January 1, 2023 Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 The amendments add requirements that specify that the seller-lessee must subsequently measure the lease liability arising from the transfer of an asset - which meets the requirements of IFRS 15 to be accounted for as a sale - and sale and leaseback, so that no gain or loss is recognized related to the right of use retained in the transaction. January 1, 2024 Classification of Liabilities as Current or Non-current /Non-current Liabilities with Covenants- Amendments to IAS 1 The amendments establish that the liability should be classified as current when the entity does not have the right, at the end of the reporting period, to defer the settlement of the liability for at least twelve months after the reporting period. Among other guidelines, the amendments provide that the classification of a liability is not affected by the likelihood of exercising the right to defer the settlement of the liability. Additionally, according to the amendments, only covenants whose compliance is mandatory before or at the end of the reporting period should affect the classification of a liability as current or non-current. Additional disclosures are also required by the amendments, including information on non-current liabilities with restrictive clauses. January 1, 2024 Regarding the amendments effective as of January 1, 2023, according to the assessment made, the Company estimates that there will be no significant impact with the initial application on its consolidated financial statements. As for the amendments that will be effective as of January 1, 2024, the Company is assessing the impacts that they will have on the financial statements and is unable to make a reasonable estimation of these impacts at this stage. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2022 | |
Capital Management | |
Capital Management | 6. Capital Management The Company’s objective in its capital management is to maintain its capital structure in adequate level in order to continue as a going concern, maximizing value to shareholders and investors. Its main source of funding has been cash provided by its operating activities. The financial strategy of the 2023-2027 Strategic Plan is based on preserving financial strength, selecting projects with both financial and environmental resilience, focusing on value creation. As the Company's goal of reducing gross debt (composed of current and non-current finance debt and lease liability) to US$ 60 During 2022, through the Company’s liability management, the maturity of outstanding finance debt is concentrated from 2027 onwards, which represents 56% of the total. Such factors, combined with the policy for oil products in line with the international market, allowed, in accordance with the Shareholders Dividends Policy, the distribution of greater remuneration to shareholders, without compromising the Company's financial sustainability. As of December 31, 2022, gross debt decreased to US$ 53,799 58,743 |
Cash and cash equivalents and M
Cash and cash equivalents and Marketable securities | 12 Months Ended |
Dec. 31, 2022 | |
Cash And Cash Equivalents And Marketable Securities | |
Cash and cash equivalents and Marketable securities | 7. Cash and cash equivalents and Marketable securities 7.1. Cash and cash equivalents They include cash, available bank deposits and short-term financial investments with high liquidity, which meet the definition of cash equivalents. Cash and cash equivalents 12.31.2022 12.31.2021 Cash at bank and in hand 216 299 Short-term financial investments - In Brazil Brazilian interbank deposit rate investment funds and other short-term deposits 2,763 1,951 Other investment funds 244 163 3,007 2,114 - Abroad Time deposits 2,388 4,310 Automatic investing accounts and interest checking accounts 2,365 3,732 Other financial investments 20 12 4,773 8,054 Total short-term financial investments 7,780 10,168 Total cash and cash equivalents 7,996 10,467 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. The main use of these funds in the year ended December 31, 2022 were for payment of dividends of US$ 37,782 16,614 9,581 The main resources constituted were substantially provided by cash provided by operating activities of US$ 49,717 7,284 4,846 2,880 Accounting policy for cash and cash equivalents Cash and cash equivalents comprise cash on hand, term deposits with banks and short-term highly-liquid financial investments that are readily convertible to known amounts of cash, are subject to insignificant risk of changes in value and have a maturity of three months or less from the date of acquisition. 7.2. Marketable securities Marketable securities 12.31.2022 12.31.2021 In Brazil Abroad Total In Brazil Abroad Total Fair value through profit or loss 713 − 713 650 − 650 Amortized cost - Bank Deposit Certificates and time deposits 2,548 1,026 3,574 − − − Amortized cost - Others 50 − 50 44 − 44 Total 3,311 1,026 4,337 694 − 694 Current 1,747 1,026 2,773 650 − 650 Non-current 1,564 − 1,564 44 − 44 Marketable securities classified as fair value through profit or loss refer mainly to investments in Brazilian Federal Government Bonds (amounts determined by level 1 of the fair value hierarchy). These financial investments have maturities of more than three months. Securities classified as amortized cost refer to investments in Brazil in post-fixed Bank Deposit Certificates with daily liquidity, with maturities between one and two years, and to investments abroad in time deposits with maturities of more than three months from the contracting date. Accounting policy for marketable securities The amounts invested in operations with terms of more than three months, as from the date of the agreement, are initially measured at fair value and subsequently according to their respective classifications, which are based on the way in which these funds are managed and their features of contractual cash flows: · Amortized cost – financial assets that give rise, on specified dates, to cash flows represented exclusively by payments of principal and interest on the outstanding principal amount, the purpose of which is to receive its contractual cash flows. They are presented in current and in non-current asset according to their maturity term. Interest income from these investments is calculated using the effective interest rate method. · Fair value through profit or loss – financial assets whose purpose is to receive for sale. They are presented in current asset due to the expectation of realization. |
Sales revenues
Sales revenues | 12 Months Ended |
Dec. 31, 2022 | |
Sales Revenues | |
Sales revenues | 8. Sales revenues 8.1. Revenues from contracts with customers As an integrated energy company, revenues from contracts with customers derive from different products sold by the Company’s operating segments, taking into consideration specific characteristics of the markets where they operate. For additional information about the operating segments of the Company, its activities and its respective products sold, see note 12. The determination of transaction prices derives from methodologies and policies based on the parameters of these markets, reflecting operating risks, level of market share, changes in exchange rates and international commodity prices, including Brent oil prices, oil products such as diesel and gasoline, and the Henry Hub Index. 8.2. Net sales revenues Summary of Sales Revenues 2022 2021 2020 Diesel 40,149 24,236 13,924 Gasoline 16,175 11,910 6,313 Liquefied petroleum gas 5,121 4,491 3,383 Jet fuel 5,423 2,271 1,455 Naphtha 2,396 1,699 1,694 Fuel oil (including bunker fuel) 1,411 1,775 795 Other oil products 5,536 4,261 2,712 Subtotal oil products 76,211 50,643 30,276 Natural gas 7,673 5,884 3,649 Oil 7,719 671 48 Renewables and nitrogen products 283 40 59 Breakage 669 243 438 Electricity 694 2,902 1,109 Services, agency and others 1,043 808 755 Domestic market 94,292 61,191 36,334 Exports 27,497 21,491 15,945 Oil 19,332 14,942 11,720 Fuel oil (including bunker fuel) 7,399 5,480 3,525 Other oil products 766 1,069 700 Sales abroad (*) 2,685 1,284 1,404 Foreign market 30,182 22,775 17,349 Sales revenues 124,474 83,966 53,683 (*) Sales revenues from operations outside of Brazil, including trading and excluding exports. 2022 2021 2020 Domestic market 94,292 61,191 36,334 Americas (except United States) 7,166 4,702 3,419 China 6,389 7,053 7,703 Europe 5,932 3,110 1,853 United States 4,914 2,162 1,193 Singapore 4,271 3,913 2,415 Asia (except China and Singapore) 1,505 1,671 746 Others 5 164 20 Foreign market 30,182 22,775 17,349 Sales revenues 124,474 83,966 53,683 In the year ended December 31, 2022, sales to two clients of the refining, transportation and marketing segment represented individually 15 11 10 8.3. Remaining performance obligations The Company is party to sales contracts signed until December 31, 2022 with original expected duration of more than 1 The estimated remaining values of these contracts at the year ended December 31, 2022 presented below are based on the contractually agreed future sales volumes, as well as prices prevailing at December 31, 2022 or practiced in recent sales reflecting more directly observable information: Summary of Remaining Performance Obligations Expected recognition within 1 year Expected recognition after 1 year Total Domestic market Gasoline 10,495 - 10,495 Diesel 31,175 - 31,175 Natural gas 15,643 14,636 30,279 Services and others 7,867 4,573 12,440 Naphtha 1,946 4,211 6,157 Electricity 658 6,352 7,010 Other oil products 30 - 30 Jet fuel 5,868 - 5,868 Foreign market - Exports 2,961 8,761 11,722 Total 76,643 38,533 115,176 Revenues will be recognized once goods are transferred and services are provided to the customers and their measurement and timing of recognition will be subject to future demands, changes in commodities prices, exchange rates and other market factors. The table above does not include information on contracts with original expected duration of less than one year, such as spot-market contracts, variable considerations which are constrained, and information on contracts only establishing general terms and conditions (Master Agreements), for which volumes and prices will only be defined in subsequent contracts. In addition, electricity sales are mainly driven by demands to generate electricity from thermoelectric power plants, as and when requested by the Brazilian National Electric System Operator (ONS). These requests are substantially affected by Brazilian hydrological conditions. Thus, the table above presents mainly fixed amounts for the electricity to be available to customers in these operations. 8.4. Contract liabilities The balance of contract liabilities carried on the statement of financial position at the year ended December 31, 2022 amounted to US$ 48 19 Accounting policy for revenues The Company evaluates contracts with customers for the sale of oil and oil products, natural gas, electricity, services and other products, which will be subject to revenue recognition, and identifies the distinct goods and services promised in each of them. Sales revenues are recognized when control is transferred to the client, which usually occurs upon delivery of the product or when the service is provided. At this moment, the company satisfies the performance obligation. Performance obligations are considered to be promises to transfer to the client: (i) good or service (or group of goods or services) that is distinct; and (ii) a series of distinct goods or services that have the same characteristics or are substantially the same and that have the same pattern of transfer to the client. Revenue is measured based on the amount of consideration to which the Company expects to be entitled in exchange for transfers of promised goods or services to the customer, excluding amounts collected on behalf of third parties. Transaction prices are based on contractually stated prices, which reflect the Company's pricing methodologies and policies based on market parameters. Invoicing occurs in periods very close to deliveries and rendering of services, therefore, significant changes in transaction prices are not expected to be recognized in revenues for periods subsequent to satisfaction of the performance obligation, except for some exports in which final price formation occurs after the transfer of control of the products and are subject to the variation in the value of the commodity. Sales are carried out in short terms of receipt, thus there are no significant financing components. |
Costs and expenses by nature
Costs and expenses by nature | 12 Months Ended |
Dec. 31, 2022 | |
Costs And Expenses By Nature | |
Costs and expenses by nature | 9. Costs and expenses by nature 9.1. Cost of sales Schedule of Cost of sales 2022 2021 2020 Raw material, products for resale, materials and third-party services (*) (32,354) (20,869) (12,699) Depreciation, depletion and amortization (10,514) (9,277) (8,847) Production taxes (14,953) (11,136) (5,920) Employee compensation (1,665) (1,882) (1,729) Total (59,486) (43,164) (29,195) (*) It Includes short-term leases and inventory turnover. 9.2. Selling expenses Schedule of Selling expenses 2022 2021 2020 Materials, third-party services, freight, rent and other related costs (3,987) (3,542) (4,163) Depreciation, depletion and amortization (789) (610) (564) Allowance for expected credit losses (58) 12 2 Employee compensation (97) (89) (159) Total (4,931) (4,229) (4,884) 9.3. General and administrative expenses Schedule of General and administrative expenses 2022 2021 2020 Employee compensation (865) (834) (749) Materials, third-party services, rent and other related costs (362) (256) (252) Depreciation, depletion and amortization (105) (86) (89) Total (1,332) (1,176) (1,090) |
Other income and expenses
Other income and expenses | 12 Months Ended |
Dec. 31, 2022 | |
Other Income And Expenses | |
Other income and expenses | 10. Other income and expenses Schedule of other income and expenses 2022 2021 2020 Unscheduled stoppages and pre-operating expenses (1,834) (1,362) (1,441) Losses with legal, administrative and arbitration proceedings (1,362) (740) (493) Pension and medical benefits - retirees (*) (1,015) (1,467) 889 Performance award program (547) (469) (439) Losses with commodities derivatives (256) (79) (308) Gains (losses) on decommissioning of returned/abandoned areas (225) 99 (342) Operating expenses with thermoelectric power plants (150) (88) (133) Profit sharing (131) (125) (7) Institutional relations and cultural projects (103) (96) (83) Health, safety and environment (80) (79) (75) Transfer of rights on concession agreements - 363 84 Recovery of taxes (**) 68 561 1,580 Amounts recovered from Lava Jato investigation 96 235 155 Results of non-core activities 168 170 182 Fines imposed on suppliers 228 163 95 Government grants 471 154 10 Early termination and changes to cash flow estimates of leases 629 545 276 Reimbursements from E&P partnership operations 683 485 912 Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control 1,144 1,941 499 Results from co-participation agreements in bid areas (***) 4,286 631 - Others (248) (189) (363) Total 1,822 653 998 (*) In 2022, it includes US$ 67 referring to the payment of a contribution as provided for in the Pre-70 Term of Financial Commitment (TFC) for the administrative funding of the PPSP-R pre-70 and PPSP-NR pre-70 plans. (**) In 2021 and 2020, 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. (***) For 2022, it mainly refers to the gain related to the agreement of Atapu and Sépia fields (see note 24.3). For 2021, it refers to the agreement of Buzios field. |
Net finance income (expense)
Net finance income (expense) | 12 Months Ended |
Dec. 31, 2022 | |
Net Finance Income | |
Net finance income (expense) | 11. Net finance income (expense) Schedule of net finance income (expense) 2022 2021 2020 Finance income 1,832 821 551 Income from investments and marketable securities (Government Bonds) 1,159 315 202 Other income, net 673 506 349 Finance expenses (3,500) (5,150) (6,004) Interest on finance debt (2,363) (2,870) (3,595) Unwinding of discount on lease liabilities (1,340) (1,220) (1,322) Discount and premium on repurchase of debt securities (121) (1,102) (1,157) Capitalized borrowing costs 1,032 976 941 Unwinding of discount on the provision for decommissioning costs (519) (761) (638) Other finance expenses , net (189) (173) (233) Foreign exchange gains (losses) and indexation charges (2,172) (6,637) (4,177) Foreign exchange gains (losses) (*) 1,022 (2,737) (1,363) Reclassification of hedge accounting to the Statement of Income (*) (4,871) (4,585) (4,720) Monetary restatement of dividends and dividends payable (**) 994 108 (15) Recoverable taxes inflation indexation income (***) 86 518 1,807 Other foreign exchange gains (losses) and indexation charges, net 597 59 114 Total (3,840) (10,966) (9,630) (*) For more information, see notes 34.3a and 34.3c. (**) In 2022, it refers to the income on the monetary restatement of paid anticipated dividends, in the amount of US$ 1,293 (US$ 121 in 2021), and to the expense on the indexation charges on dividends payable, in the amount of US$ 299 (US$ 13 in 2021 and US$ 15 in 2020). (***) In 2021, it includes inflation indexation income related to the exclusion of ICMS (VAT tax) from the basis of calculation of PIS and COFINS. |
Information by operating segmen
Information by operating segment | 12 Months Ended |
Dec. 31, 2022 | |
Information By Operating Segment | |
Information by operating segment | 12. Information by operating segment During 2022, Petrobras implemented changes to its financial reporting system, according to the metric approved by the Executive Board. These changes did not change the allocation of Petrobras' reportable operating segments (E&P, RT&M and G&P). However, the measurement of certain components of the operating segments and of Corporate and other businesses was changed as following: · trade and other receivables, recoverable income taxes and other recoverable taxes, previously allocated to operating segments, are now presented in Corporate and other businesses. Expected credit losses are also now also presented in Corporate and other businesses; · losses with commodity derivatives (within other income and expenses, net), previously presented in Corporate and other businesses, are now presented in operating segments; · general and administrative expenses related to logistics and fuel sales, previously presented in Corporate and other businesses, are now disclosed in the RT&M segment. This information reflects the Company's current management model and is used by the Board of Executive Officers (Chief Operating Decision Maker - CODM) to make decisions regarding resource allocation and performance evaluation. In this context, the information by operating segment for 2021 and 2020 has been restated for comparison purposes, as follows: Schedule of income by operating segment Consolidated Statement of Income by operating segment - 2021 Reclassified Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Total Eliminations Net income (loss) for the year disclosed in 2021 23,350 5,746 (109) (7,291) (1,710) 19,986 Changes in the measurement (29) (121) (13) 163 − − Net income (loss) for the year reclassified - 2021 23,321 5,625 (122) (7,128) (1,710) 19,986 Consolidated Statement of Income by operating segment - 2020 Reclassified Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Total Eliminations Net income (loss) for the year disclosed in 2020 4,471 77 894 (4,898) 404 948 Changes in the measurement 40 64 2 (106) − − Net income (loss) for the year reclassified - 2020 4,511 141 896 (5,004) 404 948 Consolidated assets by operating segment - 2021 Reclassified Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Total Eliminations Consolidated assets disclosed - 12.31.2021 113,146 34,388 10,589 21,898 (5,673) 174,348 Changes in the measurement (3,671) (3,782) (2,809) 9,020 1,242 − Consolidated assets reclassified - 12.31.2021 109,475 30,606 7,780 30,918 (4,431) 174,348 12.1. Net income by operating segment Consolidated Statement of Income by operating segment Consolidated Statement of Income by operating segment 2022 Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Eliminations Total Sales revenues 77,890 113,531 15,068 511 (82,526) 124,474 Intersegments 76,579 1,950 3,991 6 (82,526) − Third parties 1,311 111,581 11,077 505 - 124,474 Cost of sales (30,465) (99,154) (10,518) (522) 81,173 (59,486) Gross profit (loss) 47,425 14,377 4,550 (11) (1,353) 64,988 Income (expenses) 907 (3,132) (2,965) (2,671) (13) (7,874) Selling expenses (22) (1,841) (2,979) (76) (13) (4,931) General and administrative expenses (46) (275) (62) (949) - (1,332) Exploration costs (887) - - - - (887) Research and development expenses (678) (6) (5) (103) - (792) Other taxes (79) (31) (44) (285) - (439) Impairment (losses) reversals (1,218) (97) 1 (1) - (1,315) Other income and expenses, net 3,837 (882) 124 (1,257) - 1,822 Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes 48,332 11,245 1,585 (2,682) (1,366) 57,114 Net finance expense - - - (3,840) - (3,840) Results of equity-accounted investments 170 3 83 (5) - 251 Net income / (loss) before income taxes 48,502 11,248 1,668 (6,527) (1,366) 53,525 Income taxes (16,433) (3,822) (540) 3,559 466 (16,770) Net income (loss) for the year 32,069 7,426 1,128 (2,968) (900) 36,755 Attributable to: Shareholders of Petrobras 32,073 7,426 1,038 (3,014) (900) 36,623 Non-controlling interests (4) - 90 46 - 132 2021 - Reclassified Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Eliminations Total Sales revenues 55,584 74,524 12,051 504 (58,697) 83,966 Intersegments 54,479 1,416 2,564 238 (58,697) − Third parties 1,105 73,108 9,487 266 - 83,966 Cost of sales (23,673) (65,620) (9,494) (503) 56,126 (43,164) Gross profit (loss) 31,911 8,904 2,557 1 (2,571) 40,802 Income (expenses) 3,240 (1,805) (2,890) (1,741) (22) (3,218) Selling expenses - (1,539) (2,668) - (22) (4,229) General and administrative expenses (152) (245) (73) (706) - (1,176) Exploration costs (687) - - - - (687) Research and development expenses (415) (11) (25) (112) - (563) Other taxes (192) (122) (38) (54) - (406) Impairment (losses) reversals 3,107 289 (208) 2 - 3,190 Other income and expenses, net 1,579 (177) 122 (871) - 653 Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes 35,151 7,099 (333) (1,740) (2,593) 37,584 Net finance expense - - - (10,966) - (10,966) Results of equity-accounted investments 119 941 98 449 - 1,607 Net income / (loss) before income taxes 35,270 8,040 (235) (12,257) (2,593) 28,225 Income taxes (11,949) (2,415) 113 5,129 883 (8,239) Net income (loss) for the year 23,321 5,625 (122) (7,128) (1,710) 19,986 Attributable to: Shareholders of Petrobras 23,324 5,625 (219) (7,145) (1,710) 19,875 Non-controlling interests (3) - 97 17 - 111 2020 - Reclassified Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Eliminations Total Sales revenues 34,395 47,782 7,725 876 (37,095) 53,683 Intersegments 33,524 865 2,455 251 (37,095) − Third parties 871 46,917 5,270 625 - 53,683 Cost of sales (18,098) (44,011) (3,985) (832) 37,731 (29,195) Gross profit (loss) 16,297 3,771 3,740 44 636 24,488 Income (expenses) (9,187) (2,895) (2,575) 256 (24) (14,425) Selling expenses - (2,522) (2,318) (20) (24) (4,884) General and administrative expenses (155) (271) (85) (579) - (1,090) Exploration costs (803) - - - - (803) Research and development expenses (232) (11) (10) (102) - (355) Other taxes (478) (137) (31) (306) - (952) Impairment (losses) reversals (7,364) 164 36 (175) - (7,339) Other income and expenses, net (155) (118) (167) 1,438 - 998 Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes 7,110 876 1,165 300 612 10,063 Net finance expense - - - (9,630) - (9,630) Results of equity-accounted investments (181) (437) 128 (169) - (659) Net income / (loss) before income taxes 6,929 439 1,293 (9,499) 612 (226) Income taxes (2,418) (298) (397) 4,495 (208) 1,174 Net income (loss) for the year 4,511 141 896 (5,004) 404 948 Attributable to: Shareholders of Petrobras 4,515 175 823 (4,776) 404 1,141 Non-controlling interests (4) (34) 73 (228) - (193) The amount of depreciation, depletion and amortization by segment is set forth as follows: Schedule of depreciation, depletion and amortization Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Total 2022 10,415 2,248 448 107 13,218 2021 9,005 2,167 430 93 11,695 2020 8,661 2,114 473 197 11,445 12.2. Assets by operating segment Schedule of assets by operating segment Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other business Elimina-tions Total Consolidated assets by operating segment - 12.31.2022 Current assets 5,224 12,035 391 18,864 (5,264) 31,250 Non-current assets 111,110 22,396 7,193 15,242 − 155,941 Long-term receivables 6,351 1,811 94 12,964 − 21,220 Investments 379 977 173 37 − 1,566 Property, plant and equipment 101,875 19,496 6,851 1,947 − 130,169 Operating assets 92,087 16,851 4,808 1,585 − 115,331 Under construction 9,788 2,645 2,043 362 − 14,838 Intangible assets 2,505 112 75 294 − 2,986 Total Assets 116,334 34,431 7,584 34,106 (5,264) 187,191 Consolidated assets by operating segment - 12.31.2021 - Reclassified Current assets 3,770 9,632 1,256 19,922 (4,431) 30,149 Non-current assets 105,705 20,974 6,524 10,996 − 144,199 Long-term receivables 3,635 1,489 95 9,115 − 14,334 Investments 393 970 119 28 − 1,510 Property, plant and equipment 99,033 18,419 6,241 1,637 − 125,330 Operating assets 87,210 16,086 3,739 1,373 − 108,408 Under construction 11,823 2,333 2,502 264 − 16,922 Intangible assets 2,644 96 69 216 − 3,025 Total Assets 109,475 30,606 7,780 30,918 (4,431) 174,348 Accounting policy for operating segments The information related to the Company’s operating segments is prepared based on available financial information directly attributable to each segment, or items that can be allocated to each segment on a reasonable basis. This information is presented by business activity, as used by the Company’s Board of Executive Officers (Chief Operating Decision Maker – CODM) in the decision-making process of resource allocation and performance evaluation. The measurement of segment results includes transactions carried out with third parties, including associates and joint ventures, as well as transactions between operating segments. Transfers between operating segments are recognized at internal transfer prices derived from methodologies that considers market parameters and are eliminated only to provide reconciliations to the consolidated financial statements. The Company's business segments disclosed separately are: Exploration and Production (E&P): As an energy Company with a focus on oil and gas, intersegment sales revenue refers mainly to oil transfers to the Refining, Transportation and Marketing segment, aiming to supply the Company's refineries and meet the domestic demand for oil products. These transactions are measured by internal transfer prices based on international oil prices and their respective exchange rate impacts, taking into account the specific characteristics of the transferred oil stream. In addition, the E&P segment revenues include transfers of natural gas to the natural gas processing plants within Gas and Power segment. These transactions are measured at internal transfer prices based on the international prices of this commodity. Revenue from sales to third parties mainly reflects services rendered relating to E&P activities, sales of the E&P’s natural gas processing plants, as well as the oil and natural gas operations carried out by subsidiaries abroad. Refining, Transportation and Marketing (RT&M): This segment carries out the acquisition of crude oil from the E&P segment, imports oil for refinery slate, and acquires oil products in international markets taking advantage of the existing price differentials between the cost of processing domestic oil and that of importing oil products. Intersegment revenues primarily reflect the sale of oil products to the distribution business at market prices and the operations for the Gas and Power and E&P segments at internal transfer price. Revenues from sales to third parties primarily reflect the trading of oil products in Brazil and the export and trade of oil and oil products by foreign subsidiaries. Gas and Power (G&P): Intersegment revenues primarily reflect the transfers of natural gas processed, liquefied petroleum gas (LPG) and NGL to the RT&M segment. These transactions are measured at internal transfer prices. This segment purchases national natural gas from the E&P segment, from partners and third parties, imports natural gas from Bolivia and LNG to meet national demand. Revenues from sales to third parties primarily reflect natural gas processed to distributors, as well as generation and trading of electricity. Corporate and other businesses: |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Trade and other receivables | 13. Trade and other receivables 13.1. Trade and other receivables Schedule of trade and other receivables, net 12.31.2022 12.31.2021 Receivables from contracts with customers Third parties 5,210 4,839 Related parties Investees (note 35.1) 93 385 Subtotal 5,303 5,224 Other trade receivables Third parties Receivables from divestments (*) 1,922 2,679 Lease receivables 394 435 Other receivables 765 872 Related parties Petroleum and alcohol accounts - receivables from Brazilian Federal Government 602 506 Subtotal 3,683 4,492 Total trade and other receivables, before ECL 8,986 9,716 Expected credit losses (ECL) - Third parties (1,533) (1,428) Expected credit losses (ECL) - Related parties (3) (20) Total trade and other receivables 7,450 8,268 Current 5,010 6,368 Non-current 2,440 1,900 (*) At December 31, 2022, it mainly refers to the receivables from the divestments of Atapu, Sépia, Carmópolis, Roncador, Maromba, Miranga, Baúna, Pampo e Enchova, Breitener, Rio Ventura e Cricaré. In 2021, it mainly refers to receivables (including interest, exchange rate variation and inflation indexation) from the divestment in Nova Transportadora do Sudeste (NTS), of Block BM-S-8 in the Bacalhau field (former Carcará group), in addition to the values referring to Rio Ventura, Roncador, Pampo Enchova, Baúna and Miranga fields. Trade and other receivables are generally classified as measured at amortized cost, except for receivables with final prices linked to changes in commodity price after their transfer of control, which are classified as measured at fair value through profit or loss, amounting to US$ 470 1,155 The Company expects to receive the amounts of Petroleum and Alcohol Accounts between 2023 and 2027, according to the constitutional amendments of December 2021, which established limits for disbursements by the Federal Government in each fiscal year. 13.2. Aging of trade and other receivables – third parties Schedule of aging of trade and other receivables 12.31.2022 12.31.2021 Trade and other receivables Expected credit losses Trade and other receivables Expected credit losses Current 6,474 (39) 7,059 (77) Overdue: 1-90 days 189 (48) 218 (26) 91-180 days 30 (27) 40 (6) 181-365 days 63 (51) 51 (29) More than 365 days 1,535 (1,368) 1,457 (1,290) Total 8,291 (1,533) 8,825 (1,428) 13.3. Changes in provision for expected credit losses Schedule of changes in credit losses provision 31.12.2022 31.12.2021 Opening balance 1,448 1,596 Additions 136 69 Write-offs (21) (40) Reversals (81) (112) Transfer of assets held for sale − (8) Translation adjustment 54 (57) Closing balance 1,536 1,448 Current 245 158 Non-current 1,291 1,290 Accounting policy for trade and other receivables Trade and other receivables are generally classified at amortized cost, except for certain receivables classified at fair value through profit or loss, whose cash flows are distinct from the receipt of principal and interest, including receivables with final prices linked to changes in commodity price after their transfer of control. When the Company is the lessor in a finance lease, a receivable is recognized at the amount of the net investment in the lease, consisting of the lease payments receivable and any unguaranteed residual value accruing to the Company, discounted at the interest rate implicit in the lease. The Company measures expected credit losses (ECL) for short-term trade receivables using a provision matrix which is based on historical observed default rates adjusted by current and forward-looking information when applicable and available without undue cost or effort. ECL is the weighted average of historical credit losses with the respective default risks, which may occur according to the weightings. The credit loss on a financial asset is measured by the difference between all contractual cash flows due to the Company and all cash flows the Company expects to receive, discounted at the original effective interest rate. The Company measures the allowance for ECL of other trade receivables based on their 12-month expected credit losses unless their credit risk increases significantly since their initial recognition, in which case the allowance is based on their lifetime ECL. When determining whether there has been a significant increase in credit risk, the Company compares the risk of default on initial recognition and at the reporting date. Regardless of the assessment of significant increase in credit risk, a delinquency period of 30 days past due triggers the definition of significant increase in credit risk on a financial asset, unless otherwise demonstrated by reasonable and supportable information. The Company assumes that the credit risk on the trade receivable has not increased significantly since initial recognition if the receivable is considered to have low credit risk at the reporting date. Low credit risk is determined based on external credit ratings or internal methodologies. In the absence of controversy or other issues that may result in the suspension of collection, the Company assumes that a default occurs whenever the counterparty does not comply with the legal obligation to pay its debts when due or, depending on the instrument, when it is at least 90 days past due. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories Abstract | |
Inventories | 14. Inventories Schedule of inventories 12.31.2022 12.31.2021 Crude oil 3,738 3,048 Oil products 3,278 2,495 Intermediate products 587 532 Natural gas and Liquefied Natural Gas (LNG) 135 349 Biofuels 14 19 Fertilizers 4 8 Total products 7,756 6,451 Materials, supplies and others 1,023 804 Total 8,779 7,255 Crude oil and LNG inventories can be traded or used for production of oil products. Intermediate products are those product streams that have been through at least one of the refining processes, but still need further treatment, processing or converting to be available for sale. Biofuels mainly include ethanol and biodiesel inventories. Materials, supplies and others mainly comprise production supplies and operating materials used in the operations of the Company, stated at the average purchase cost, not exceeding replacement cost. In the year ended December 31, 2022, the Company recognized a US$ 11 1 At December 31, 2022, the Company had pledged crude oil and oil products volumes as collateral for the Term of Financial Commitment (TFC) related to plans PPSP-R, PPSP-R Pre-70 and PPSP-NR Pre-70 signed by Petrobras and Petros Foundation in 2008, in the estimated amount of US$ 1,082 Accounting policy for inventories Inventories are determined by the weighted average cost method adjusted to the net realizable value when it is lower than its carrying amount. Net realizable value is the estimated selling price of inventory in the ordinary course of business, less estimated cost of completion and estimated expenses to complete its sale, considering the purpose for which the inventories are held. Inventories with identifiable sales contracts have a net realizable value based on the contracted price, as, for example, in offshore operations (without physical tanking, with loading onto the ship and direct unloading at the customer) or auctions. Other items in inventory have a net realizable value based on general selling prices, considering the most reliable evidence available at the time of the estimate. The net realizable value of inventories is determined by grouping similar items with the same characteristic or purpose. Changes in sales prices after the reporting date of the financial statements are considered in the calculation of the net realizable value if they confirm the conditions existing on that reporting date. |
Trade payables
Trade payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade Payables | |
Trade payables | 15. Trade payables Trade payables 12.31.2022 12.31.2021 Third parties in Brazil 3,497 3,556 Third parties abroad 1,935 1,861 Related parties 32 66 Total in current liabilities 5,464 5,483 Forfaiting The Company has a program to encourage the development of the oil and gas production chain called “ Mais Valor” By using this platform, the suppliers who want to anticipate their receivables may launch a reverse auction, in which the winner is the financial institution which offers the lowest discount rate. The financial institution becomes the creditor of invoices advanced by the supplier, and Petrobras pays the invoices on the same date and under the conditions originally agreed with the supplier. Invoices are advanced in the “ Mais Valor As of December 31, 2022, the amount due by the Company to the financial institutions relating to this program is US$ 130 178 |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Taxes | 16. Taxes 16.1. Income taxes Summary of Income Taxes Current assets Current liabilities Non-current liabilities 12.31.2022 12.31.2021 12.31.2022 12.31.2021 12.31.2022 12.31.2021 Taxes in Brazil Income taxes 160 133 2,505 682 − - Income taxes - Tax settlement programs − − 50 43 302 300 160 133 2,555 725 302 300 Taxes abroad 5 30 328 8 − - Total 165 163 2,883 733 302 300 Income taxes credits refer mainly to tax credits resulting from the monthly process for estimation and payment of income taxes, in addition to the negative balance of IRPJ and CSLL related to 2017, 2018, 2019 and 2021. Income taxes within current liabilities refer to the current portion of IRPJ and CSLL to be paid. Tax settlement programs amounts relate mainly to a notice of deficiency issued by the Brazilian Federal Revenue Service due to the treatment of expenses arising from the Terms of Financial Commitment (TFC) as deductible in determining taxable profit for the calculation of income taxes. The payment term is 145 monthly installments, indexed by the Selic interest rate, as of January 2018. Reconciliation between statutory income tax rate and effective income tax rate The following table provides the reconciliation of Brazilian statutory tax rate to the Company’s effective rate on income before income taxes: Summary of Outstanding Amount of Settlement Year 2022 2021 2020 Net income (loss) before income taxes 53,525 28,225 (226) Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) (18,197) (9,597) 77 Adjustments to arrive at the effective tax rate: Tax benefits from the deduction of interest on capital distribution 1,234 843 (16) Different jurisdictional tax rates for companies abroad 822 296 1,874 Brazilian income taxes on income of companies incorporated outside Brazil (*) (763) (546) (743) Tax incentives 187 50 (9) Tax loss carryforwards (unrecognized tax losses) 221 59 (428) Post-employment benefits (394) (802) 559 Results of equity-accounted investments in Brazil and abroad 87 318 49 Non-incidence of income taxes on indexation (SELIC interest rate) of undue paid taxes 33 903 - Others - 237 (189) Income taxes (16,770) (8,239) 1,174 Deferred income taxes (906) (4,058) 1,743 Current income taxes (15,864) (4,181) (569) Effective tax rate of income taxes 31.3% 29.2% (519.5)% (*) It relates to Brazilian income taxes on earnings of offshore investees, as established by Law No. 12,973/2014. Deferred income taxes - non-current The changes in the deferred income taxes are presented as follows: Summary of the Changes in the Deferred Income Taxes 2022 2021 Opening balance (625) 6,256 Recognized in the statement of income for the period (906) (4,058) Recognized in shareholders’ equity (3,220) (1,555) Translation adjustment (45) (133) Use of tax loss carryforwards (1,123) (1,172) Others 1 37 Closing balance (5,918) (625) The composition of deferred tax assets and liabilities is set out in the following table: Summary of composition of deferred tax assets and liabilities Nature Realization basis 12.31.2022 12.31.2021 PP&E - Exploration and decommissioning costs Depreciation, amortization and write-offs of assets 158 (1,362) PP&E - Impairment Amortization, impairment reversals and write-offs of assets 3,602 4,382 PP&E - depreciation methods and capitalized borrowing costs Depreciation, amortization and write-offs of assets (15,438) (12,924) Loans, trade and other receivables / payables and financing Payments, receipts and considerations 810 3,490 Lease liabilities Appropriation of the considerations 434 1,244 Provision for legal proceedings Payments and use of provisions 885 605 Tax loss carryforwards Taxable income compensation 914 1,827 Inventories Sales, write-downs and losses 333 228 Employee Benefits Payments and use of provisions 1,518 1,250 Others 866 635 Total (5,918) (625) Deferred tax assets 832 604 Deferred tax liabilities (6,750) (1,229) Non-incidence of income taxes on indexation (SELIC interest rate) of undue paid taxes On September 24, 2021, the Supreme Federal Court ( Supremo Tribunal Federal The Company has a writ of mandamus in which it claims the right to recover the amounts of IRPJ and CSLL charged on the income arising from the indexation of undue paid taxes and judicial deposits by the SELIC rate since March 2015, as well as the definitive removal of this income from the IRPJ and CSLL tax base. On October 20, 2021, a judicial decision was published in the writ of mandamus recognizing the right of the Company to the non-incidence of income taxes on indexation by the SELIC rate of undue paid taxes. Based on the STF's decision, as well as on the legal grounds presented, Petrobras reassessed the expectation for this matter, considering that it is probable that this tax treatment will be accepted. Thus, in 2021, a US$ 903 Timing of reversal of deferred income taxes Deferred tax assets were recognized based on projections of taxable profit in future periods supported by the assumptions within the Company’s 2023-2027 Strategic Plan, whose pillars are the preservation of financial strength, financial and environment resilience of projects, and focus on value creation. Management considers that the deferred tax assets will be realized to the extent the deferred tax liabilities are reversed and expected taxable events occur based on its 2023-2027 Strategic Plan. The estimated schedule of recovery/reversal of net deferred tax assets (liabilities) as of December 31, 2022 is set out in the following table: Summary of Estimated Schedule of Recovery/Reversal of Net Deferred Tax Assets (Liabilities) Recoverable (Payable) Assets Liabilities 2023 55 (93) 2024 22 304 2025 20 1,091 2026 20 1,033 2027 20 (171) 2028 and thereafter 695 4,586 Recognized deferred tax assets 832 6,750 In addition, the Company has tax loss carryforwards arising from offshore subsidiaries, for which no deferred taxes were recognized. Summary of Aging of the Unrecognized Tax Carryforwards Assets 12.31.2022 12.31.2021 Brazil − 1 Abroad 987 1,351 Unrecognized deferred tax assets 987 1,352 These unrecognized deferred tax assets arise mainly from oil and gas exploration and production and refining activities in the United States. In 2022, the Company accounted for part of these tax assets (US$ 249 An aging of the unrecognized deferred tax assets from companies abroad is set out below: Summary of Reconciliation between Statutory Tax Rate and Effective Tax Expense Rate 2030 - 2032 2033 - 2035 2036 -2038 Undefined expiration Total Unrecognized deferred tax assets 418 339 167 63 987 Uncertain tax treatments As of December 31, 2022, the Company had US$ 6,043 4,983 30,020 10,712 On February 8, 2023, the Brazilian Supreme Federal Court (STF), unanimously, considered that a final decision ( res judicata Accounting policy for income taxes The Company calculates income taxes in accordance with current legislation that are enacted or substantively enacted, based on the taxable income calculated in accordance with relevant legislation, applying rates in effect at the end of the reporting. Income tax expense for the period includes current and deferred taxes, recognized in the statement of income of the period, except when the tax arises from a transaction or event which is recognized directly in equity. Income taxes expenses on profits arising from subsidiaries abroad are accounted for in the statement of income using the same income tax rates as used in Brazil, adjusted by dividends and results of equity-accounted investments. a) Current income taxes Current income taxes are offset when they relate to income taxes levied on the same taxable entity and by the same tax authority, when there is a legal right and the entity has the intention to set off current tax assets and current tax liabilities, simultaneously. Uncertain tax treatments are periodically assessed, considering the probability of acceptance by the tax authority. b) Deferred income taxes Deferred income taxes are generally recognized on temporary differences between the tax base of an asset or liability and its carrying amount. They are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax assets are recognized for all deductible temporary differences and carryforward of unused tax losses or credits to the extent that it is probable that taxable profit will be available against which those deductible temporary differences can be utilized. When there are insufficient taxable temporary differences relating to the same taxation authority and the same taxable entity, a deferred tax is recognized to the extent that it is probable that the entity will have sufficient taxable profit in future periods, based on projections approved by management and supported by the Company’s Strategic Plan. Deferred tax assets and deferred tax liabilities are offset when they relate to income taxes levied on the same taxable entity, when a legally enforceable right to set off current tax assets and current tax liabilities exists and when the deferred tax assets and deferred tax liabilities relate to taxes levied by the same tax authority on the same taxable entity. 16.2. Other taxes Summary of Other Taxes Current assets Non-current assets Current liabilities Non-current liabilities (*) 12.31.2022 12.31.2021 12.31.2022 12.31.2021 12.31.2022 12.31.2021 12.31.2022 12.31.2021 Taxes in Brazil Current / Non-current ICMS (VAT) 716 665 473 379 699 995 - - Current / Non-current PIS and COFINS (**) 378 418 2,362 2,030 28 499 89 45 Claim to recover PIS and COFINS - - 657 594 - - - - CIDE 1 6 - - 5 42 - - Production taxes - - - - 1,996 2,147 114 21 Withholding income taxes - - - - 149 86 - - Tax Settlement Program - - - - 9 67 7 6 Others 40 48 273 249 143 142 83 70 Total in Brazil 1,135 1,137 3,765 3,252 3,029 3,978 293 142 Taxes abroad 7 46 13 9 19 23 - - Total 1,142 1,183 3,778 3,261 3,048 4,001 293 142 (*) Other non-current taxes are classified as other non-current liabilities. (**) As of December 31, 2022, it includes US$ 5 (US$ 104 as of December 31, 2021) related to exclusion of ICMS (VAT tax) in the basis of calculation of sales taxes PIS and COFINS (contributions for the social security). Current and non-current ICMS (VAT) credits arise from requests for extemporaneous and overpaid tax, offset in accordance with the legislation of each state. They also arise on the acquisition of assets for property, plant and equipment, which are offset in a straight line over 4 years Current and non-current PIS/COFINS credits mainly refer to the acquisition of goods and services for assets under construction, since their use is permitted only after these assets enter into production, as well as to extemporaneous tax credits. Production taxes are financial compensation due to the Brazilian Federal Government by companies that explore and produce oil and natural gas in Brazilian territory. They are composed of royalties, special participations, signature bonuses and payment for retention or occupation of area. Claim to recover PIS and COFINS The Company filed four civil lawsuits, in the Regional Federal Court of the Second Region, against the Brazilian Federal Government, claiming to recover PIS and COFINS paid over finance income and foreign exchange variation gains, from February 1999 to January 2004. The court granted to the Company, in all the lawsuits, the definitive right to recover those taxes. Two lawsuits have resulted in judicialized debts ( precatórios As of December 31, 2022, the Company had non-current receivables of US$ 657 594 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits | |
Employee benefits | 17. Employee benefits Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment. It also includes expenses with directors and management. Such benefits include salaries, post-employment benefits, termination benefits and other benefits. Schedule of benefits include salaries, post-employment benefits, termination benefits 12.31.2022 12.31.2021 Liabilities Short-term employee benefits 1,452 1,289 Termination benefits 192 349 Post-employment benefits 11,246 9,880 Total 12,890 11,518 Current 2,215 2,144 Non-current 10,675 9,374 17.1. Short-term employee benefits Schedule of employee benefits 12.31.2022 12.31.2021 Variable compensation program - PPP 489 461 Accrued vacation 505 440 Salaries and related charges and other provisions 327 270 Profit sharing 131 118 Total 1,452 1,289 Current 1,421 1,286 Non-current (*) 31 3 (*) Remaining balance relating to the four-year deferral of 40% of the PPP portion of executive officers and the upper management The Company recognized the following amounts in the statement of income: Schedule of recognized the statement of income 2022 2021 2020 Salaries, accrued vacations and related charges (3,006) (2,665) (3,064) Variable compensation program - PPP (*) (547) (469) (439) Profit sharing (*) (131) (125) (7) Management fees and charges (14) (15) (14) Total (3,698) (3,274) (3,524) (*) It includes reversals of provisions related to previous year. 17.1.1. Variable compensation programs Performance award program (PPP) On September 17, 2021, the Company’s Board of Directors approved the pay-out criteria for granting PPP 2021 to employees. The PPP 2021 model established that, in order to trigger this payment, it is necessary to have net income for the year and a declaration and payment of distribution to shareholders. On December 15, 2021, the Company’s Board of Directors approved the pay-out criteria for the program for 2022, maintaining the criteria of the PPP 2021. In 2022, the main changes related to the PPP were: · payment of US$ 507 · payment of US$ 85 · provision of US$ 553 Profit Sharing (PLR) On December 29, 2020, the 17 unions representing onshore employees of Petrobras had signed the agreement for the PLR for 2021 and 2022, before the deadline determined by the Collective Labor Agreement (ACT). Among the offshore employees, only one union had signed the agreement within the period defined by the ACT. The current agreement for the PLR provides that only employees without managerial functions will be entitled to receive profit sharing with individual limits according to their remuneration. In order for the PLR to be paid for 2021 and 2022, the following requirements must be met: (i) dividend distribution to shareholders approved at the Annual General Shareholders Meeting, (ii) net income for the year, and iii) achievement of the weighted average percentage of at least 80% of a set of indicators. The maximum amount of PLR to be distributed is limited to 5 6.25 25 In 2022, the main changes related to the PLR were: · payment of US$ 129 · provision of US$ 132 Accounting policy for variable compensation programs (PPP and PLR) The provisions for variable compensation programs are recognized on an accrual basis, during the periods in which the employees provided services. They represent the estimates of future disbursements arising from past events, based on the criteria and metrics of the PPP and PLR, provided that the requirements for activating these programs are met and that the obligation can be reliably estimated. 17.2. Termination benefits Termination benefits are employee benefits provided in exchange for the termination of labor contract as a result of either: i) the Company’s decision to terminate the labor contract before the employee’s normal retirement date; or ii) an employee’s decision to accept an offer of benefits in exchange for the termination of their employment. The Company has voluntary severance programs (PDV), specific for employees of the corporate segment and of divestment assets, which provide for the same legal and indemnity advantages. In 2022, the wholly-owned subsidiary Transpetro launched a new voluntary severance program for its offshore employees, whose enrollment occurred between May 4, 2022 and July 14, 2022, and the deadline for the termination of employees was December 3, 2022. For the current programs, there are 11,688 11,418 Changes on the provisions for termination benefits are presented as follows: Schedule of pension plan assets 2022 2021 Opening Balance 349 900 Effects in the statement of income 16 (11) Enrollments 18 30 Revision of provisions (2) (41) Effects in cash and cash equivalents (199) (497) Terminations in the period (199) (497) Translation adjustment 26 (43) Closing Balance 192 349 Current 75 207 Non-current 117 142 Recognition of the provision for expenses occur as employees enroll to the programs. The Company disburse the severance payments in two installments, one at the time of termination and the remainder one year after the termination. As of December 31, 2022, from the balance of US$ 192, US$ 22 refers to the second installment of 426 retired employees and US$ 170 refers to 1,651 employees enrolled in voluntary severance programs with expected termination by September 2025. 17.3. Post-employment benefits The Company maintains a health care plan for its employees in Brazil (active and retiree) and their dependents (Saúde Petrobras), and five other major plans of post-employment benefits (collectively referred to as “pension plans”). The following table presents the balance of post-employment benefits: Summary of Employee Benefits 12.31.2022 12.31.2021 Liabilities Health Care Plan - Saúde Petrobras 5,813 4,485 Petros Pension Plan - Renegotiated (PPSP-R) 3,606 3,233 Petros Pension Plan - Non-renegotiated (PPSP-NR) 1,041 658 Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pre 70) 284 817 Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pre 70) 339 511 Petros 2 Pension Plan (PP-2) 163 165 Other plans − 11 Total 11,246 9,880 Current 719 651 Non-current 10,527 9,229 17.3.1. Nature and risks associated with defined benefit plans Health Care Plan The health care plan Saúde Petrobras Associação Petrobras de Saúde Currently sponsored by Petrobras, Transpetro, PBIO, TBG and Termobahia, this plan is primarily exposed to the risk of increase in medical costs due to inflation, new technologies, new types of coverage and an increase in the utilization of medical benefits. The Company continuously improves the quality of its technical and administrative processes, as well as the health programs offered to beneficiaries in order to mitigate such risks. Employees and retirees make monthly fixed contributions to cover high-risk procedures and variable contributions for a portion of the cost of other procedures, both based on the contribution tables of the plan, which are determined based on certain parameters, such as salary and age levels. The plan also includes assistance towards the purchase of certain medicines through reimbursement, with co-participation of employees and retirees. Benefits are paid by the Company based on the costs incurred by the participants. The financial participation of the Company and the beneficiaries on the expenses are provided for in the Collective Bargaining Agreement (ACT), being 60% by the Company and 40% by the participants. Annual revision of the health care plan At December 31, 2022, this obligation was revised using the actuarial assumptions in force, which results are shown in note 17.3.2. Pension plans The Company’s post-retirement plans are managed by Petros Foundation ( Fundação Petrobras de Seguridade Social Pension plans in Brazil are regulated by the National Council for Supplementary Pension ( Conselho Nacional de Previdência Complementar Petros Foundation periodically carries out revisions of the plans and, when applicable, establishes measures aiming at maintaining the financial sustainability of the plans. The major post-retirement pension benefits sponsored by the Company are: . Petros Plan - Renegotiated (PPSP-R) . Petros Plan - Renegotiated - Pre-70 (PPSP-R Pre-70) . Petros Plan - Non-renegotiated (PPSP-NR) . Petros Plan - Non-renegotiated - Pre-70 (PPSP-NR Pre-70) . Petros 2 Plan (PP-2) . Petros 3 Plan (PP-3) Currently, PPSP-R, PPSP-NR, PPSP-R Pre-70, PPSP-NR Pre-70 and PP-3 are sponsored by Petrobras, and PP-2 by Petrobras, Transpetro, PBIO, TBG, Termobahia and Termomacaé. The PPSP-R and PPSP-NR were created in 2018 as a split of Petros Plan (PPSP) originally established by the Company in July 1970. On January 1, 2020, PPSP-R Pre-70 and PPSP-NR Pre-70 were created as a split of PPSP-R and PPSP-NR, respectively. Pension plans supplement the income of their participants during retirement, in addition to guaranteeing a pension for the beneficiaries in case of the death of a participant. The benefit consists of a monthly income supplementing the benefit granted by the Brazilian Social Security Institute. The table below provides other characteristics of these plans: Summary of table below provides other characteristics of these plans PPSP-R PPSP-R PPSP-NR PPSP-NR PP-2 PP-3 Pre-70 Pre-70 Modality Defined Benefit Defined Benefit Defined Benefit Defined Benefit Variable Contribution (defined benefit and defined contribution portions) Defined Contribution Participants of the plan Generally covers employees and former employees who joined the company after 1970 that agreed with changes proposed by the Company in its original pension plan (P0) and amendments. Generally covers employees and former employees hired prior to July 1, 1970, who enrolled in the P0 until January 1, 1996 and remained continuously linked to the original sponsor obtaining the condition of assisted. Generally covers employees and former employees who joined the company after 1970 that did not agree with changes proposed by the Company in its original pension plan (P0) and amendments Generally covers employees and former employees hired prior to July 1, 1970, who enrolled in the P0 until January 1, 1996 and remained continuously linked to the original sponsor obtaining the condition of assisted and did not agreed with changes in in its original pension plan (P0) and amendments. This Plan was established in 2007, also covering employees and former employees that moved from other existing plans. This plan was implemented in 2021, exclusive option for voluntary migration of employees and retirees from the PPSP-R and PPSP-NR plans. New enrollments Closed Closed Closed Closed Open Closed Retirement payments Lifetime monthly payments supplementing the benefit granted by the Brazilian National Institute of Social Security. Lifetime defined benefit monthly payments or non- defined benefit monthly payments in accordance with the participant's election. Undefined benefit with monthly payments, in accordance with the participant election. Other general benefits Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion. Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion. Indexation of Retirement payments by the plan Based on the Nationwide Consumer Price Index. Based on the current index levels applicable to active employees’ salaries and the indexes set out by the Brazilian National Institute of Social Security. Lifetime monthly payments: based on the Nationwide Consumer Price Index Undefined benefit monthly payments: based on the variation of individual account quota. Undefined benefit monthly payments: based on the variation of individual account quota. Parity contributions made by participants and the Company to the plans It is comprised of: It is comprised of: It is comprised of: It is comprised of: It is comprised of: Regular contributions during the employment relationship, saving for the undefined benefit, accumulated in individual accounts i) normal contributions that covers expected cost of the plans in the long term; and normal contributions that covers expected cost of the plans in the long term. i) normal contributions that covers expected cost of the plans in the long term; and normal contributions that covers expected cost of the plans in the long term. i) normal contributions that covers expected cost of the plans in the long term; and ii) extraordinary contributions that covers additional costs that are generally derived from actuarial deficits. Participants are exempt from paying any extraordinary contributions in case of deficit until the settlement of the TFC. ii) extraordinary contributions that covers additional costs that are generally derived from actuarial deficits. Participants are exempt from paying any extraordinary contributions in case of deficit until the settlement of the TFC. ii) extraordinary contributions that covers additional costs that are generally derived from actuarial deficits (these contributions are not currently being made but may occur in the future). Terms of Financial Commitment - TFC (debt agreements) assumed by the Company to settle the deficits. Amounts to be paid to Petros Foundation (*). Financial obligations with a principal amounting to US$132 at 12/31/2022. Financial obligations with a principal amounting to US$304 at 12/31/2022. Financial obligations settled early in 2021. Financial obligations with a principal amounting to US$202 at 12/31/2022. N/A N/A Annually remeasured in accordance with actuarial assumptions, with semi-annual payment of interest based on the updated balance and maturing in 2028. (*) This obligation is recorded in these financial statements, within actuarial liabilities. Debt Assumption Instrument relating to Deficit Settlement Plan 2015 (PED 2015) On October 18, 2022, the Company assumed its commitment for the payment of extraordinary sponsor’s contributions in the scope of PED 2015, implemented in 2017, together with the PPSP-R and the PPSP-NR. These contributions were not previously made due to court injunctions. The amount owed by Petrobras is US$ 214 (R$ 1,114 million) and refers to amounts not charged from July 2020 to December 2021. The Company paid US$ 44 on October 28, 2022, and the remaining balance will be paid according to the payroll in return for the collection of the portion of participants and assisted. The effects of this plan have already been recognized in the financial statements in the years in which they were implemented. On December 31, 2022, the balance of this instrument, recorded within actuarial liabilities, is US$ 168. Deficit Settlement Plan 2021 referring to the PPSP-R plan On November 10, 2022, Petros' Foundation Deliberative Council approved a plan to settle the deficit registered by the PPSP-R in 2021, being assessed by the Company's Board of Directors on November 30, 2022 and submitted to Secretariat of Management and Governance of the State-owned Companies (SEST). If there is a favorable decision from this council, this settlement should be implemented by Petros, with extraordinary contributions expected to begin in April 2023, in addition to the other existing contributions. The deficit of the plan for 2021 was due to the effects of the economic situation over the fixed income market, mainly due to government bonds marked to market, which experienced price fluctuations. According to relevant regulation, this deficit, amounting to US$ 1,485 as of December 31, 2021 (US$ 1,632 monetarily restated as of December 31, 2022) must be settled in a parity basis: 50% by sponsors (Petrobras, Vibra Energia e Petros) and 50% by participants, of which US$ 769 will be paid by Petrobras, during the lifetime of the plan. The disbursement by the sponsors will decrease over the life of the deficit settlement plan. For 2023, is estimated a US$ 57 disbursement for Petrobras. The actuarial liability of the PPSP-R plan and the effects of the implementation of these contributions are reflected in note 17.3.2. This settlement is a legal obligation as provided for in CNPC Resolution No. 30/2018, to ensure the financial sustainability of a pension plan. Annual revision of the pension plans At December 31, 2022, this obligation was revised using the actuarial assumptions in force, which results are shown in note 17.3.2. 17.3.2. Net actuarial liabilities and expenses, and fair value of plans assets a) Changes in the actuarial liabilities recognized in the statement of financial position Net actuarial liabilities represent the obligations of the Company, net of the fair value of plan assets (when applicable), at present value. For information on actuarial assumptions used to determine the defined benefit obligation, see the table in Note 17.3.6. Changes in the actuarial liabilities related to pension and healthcare plans with defined benefit characteristics is presented as follows: Summary of changes in the actuarial liabilities recognized in the statement of financial position 2022 Pension Plans Health Care Plan Other plans Total PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Amounts recognized in the Statement of Financial Position Present value of obligations 12,771 4,119 1,102 5,813 − 23,805 ( -) Fair value of plan assets (8,881) (2,739) (939) − − (12,559) Net actuarial liability as of December 31, 2022 3,890 1,380 163 5,813 − 11,246 Changes in the net actuarial liability Balance as of January 1, 2022 (**) 4,050 1,169 165 4,485 11 9,880 Recognized in the Statement of Income 457 129 33 609 − 1,228 Current service cost 10 1 13 105 − 129 Net interest 447 128 20 504 − 1,099 Recognized in Equity - other comprehensive income 420 417 (45) 791 − 1,583 Remeasurement effects recognized in other comprehensive income 420 417 (45) 791 − 1,583 Cash effects (1,325) (421) − (384) − (2,130) Contributions paid (304) (94) − (384) − (782) Payments related to Term of financial commitment (TFC) (1,021) (327) − − − (1,348) Other changes 288 86 10 312 (11) 685 Others − − − 1 (10) (9) Translation Adjustment 288 86 10 311 (1) 694 Balance at December 31, 2022 3,890 1,380 163 5,813 − 11,246 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. (**) It includes the payment of US$ 1,324 of a portion of the TFC made on February 25, 2022. 2021 Pension Plans Health Care Plan Other plans Total PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Amounts recognized in the Statement of Financial Position Present value of obligations 11,481 3,485 987 4,485 9 20,447 ( -) Fair value of plan assets (7,431) (2,316) (822) − 2 (10,567) Net actuarial liability as of December 31, 2021 4,050 1,169 165 4,485 11 9,880 Changes in the net actuarial liability Balance as of January 1, 2021 (**) 7,524 2,696 477 5,356 16 16,069 Recognized in the Statement of Income 469 178 72 1,388 (9) 2,098 Past service cost (1) − − 845 − 844 Present value of obligation (730) (33) − 845 − 82 Plan assets transferred to PP-3 496 22 − − − 518 Sponsor contribution for PP-3 233 11 − − − 244 Current service cost 13 1 37 158 (10) 199 Net interest 438 172 35 385 1 1,031 Recognized in Equity - other comprehensive income (2,223) (989) (362) (1,601) 6 (5,169) Remeasurement effects recognized in other comprehensive income (2,223) (989) (362) (1,601) 6 (5,169) Cash effects (1,339) (591) − (309) − (2,239) Contributions paid (***) (475) (86) − (309) − (870) Payments of obligations with contribution for the revision of the lump sum death benefit (340) (101) − − − (441) Payments related to Term of financial commitment (TFC) (524) (404) − − − (928) Other changes (381) (125) (22) (349) (2) (879) Translation Adjustment (381) (125) (22) (349) (2) (879) Balance of actuarial liability as of December 31, 2021 4,050 1,169 165 4,485 11 9,880 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. (**) It includes obligations with contribution for the revision of the lump sum death benefit. (***) It includes the contribution for the migration to PP-3 (US$ 241). b) Changes in present value of the obligation Summary of Changes in the present value of the obligation 2022 Pension Plans Health Care Plan Other plans Total PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Present value of obligations at the beginning of the year 11,481 3,485 987 4,485 9 20,447 Recognized in the Statement of Income 1,277 382 129 609 − 2,397 Interest expense 1,267 381 116 504 − 2,268 Service cost 10 1 13 105 − 129 Recognized in Equity - other comprehensive income 281 380 (6) 791 − 1,446 Remeasurement: Experience (gains) / losses 1,367 687 95 (277) − 1,872 Remeasurement: (gains) / losses - demographic assumptions − 4 6 (25) − (15) Remeasurement: (gains) / losses - financial assumptions (1,086) (311) (107) 1,093 − (411) Others (268) (128) (8) (72) (9) (485) Benefits paid, net of assisted contributions (1,088) (379) (72) (384) − (1,923) Contributions paid by participants 23 6 − − − 29 Others − − 1 − (9) (8) Translation Adjustment 797 245 63 312 − 1,417 Present value of obligations at the end of the year 12,771 4,119 1,102 5,813 − 23,805 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. 2021 Pension Plans Health Care Plan Other plans Total PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Present value of obligations at the beginning of the year 15,847 4,811 1,177 5,356 26 27,217 Recognized in the Statement of Income 1,178 355 122 1,388 (8) 3,035 Interest expense 1,166 354 85 385 2 1,992 Service cost 13 1 37 158 (10) 199 Past service cost (1) − − 845 − 844 Recognized in Equity - other comprehensive income (2,969) (1,041) (168) (1,601) (7) (5,786) Remeasurement: Experience (gains) / losses (313) (301) 315 (239) (8) (546) Remeasurement: (gains) / losses - demographic assumptions − − (5) 96 − 91 Remeasurement: (gains) / losses - financial assumptions (2,656) (740) (478) (1,458) 1 (5,331) Others (2,575) (640) (144) (658) (2) (4,019) Benefits paid, net of assisted contributions (952) (319) (65) (309) − (1,645) Contributions paid by participants 26 7 − − − 33 Transfer and contribution for PP-3 (680) (31) − − − (711) Translation Adjustment (969) (297) (79) (349) (2) (1,696) Present value of obligations at the end of the year 11,481 3,485 987 4,485 9 20,447 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. c) Changes in the fair value of plan assets Petrobras has four pension plans (PPSP-R, PPSP-NR, PPSP-R Pre-70) which are currently making use of plan assets, and one plan (PP-2) in which most of participants are in the phase of accumulating funds. Therefore, changes to the fair value of plan assets reflect these effects, including inflows of contributions, outflows of funds for payment of benefits, and the return of these assets. Summary of changes in the fair value of plan assets 2022 Pension Plans Health Care Plan Other plans Total PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Fair value of plan assets at the beginning of the year 7,431 2,316 822 − (2) 10,567 Recognized in the Statement of Income 820 253 96 − − 1,169 Interest income 820 253 96 − − 1,169 Recognized in Equity - other comprehensive income (139) (37) 39 − − (137) Remeasurement: Higher/(lower) return on plan assets compared to discount rate (139) (37) 39 − − (137) Cash effects 1,325 421 − 384 − 2,130 Contributions paid by the sponsor (Company) 304 94 − 384 − 782 Term of financial commitment (TFC) paid by the Company 1,021 327 − − − 1,348 Other Changes (556) (214) (18) (384) 2 (1,170) Contributions paid by participants 23 6 − − − 29 Benefits paid, net of assisted contributions (1,088) (379) (72) (384) − (1,923) Others − − − − 2 2 Translation Adjustment 509 159 54 − − 722 Fair value of plan assets at the end of the year 8,881 2,739 939 − − 12,559 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. 2021 Pension Plans Health Care Plan Other plans Total PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Fair value of plan assets at the beginning of the year 8,650 2,213 700 − 12 11,575 Recognized in the Statement of Income 728 182 50 − 1 961 Interest income 728 182 50 − 1 961 Recognized in Equity - other comprehensive income (746) (52) 194 − (13) (617) Remeasurement: Higher/(lower) return on plan assets compared to discount rate (746) (52) 194 − (13) (617) Cash effects 999 490 − 309 − 1,798 Contributions paid by the sponsor (Company) 475 86 − 309 − 870 Term of financial commitment (TFC) paid by the Company 524 404 − − − 928 Other Changes (2,200) (517) (122) (309) (2) (3,150) Contributions paid by participants 26 7 − − − 33 Benefits paid, net of assisted contributions (952) (319) (65) (309) − (1,645) Transfer and contribution for PP-3 (680) (31) − − − (711) Translation Adjustment (594) (174) (57) − (2) (827) Fair value of plan assets at the end of the year 7,431 2,316 822 − (2) 10,567 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. Pension Plan assets Petros Foundation annually prepares Investment Policies (PI) specific to each plan, following two models: (i) for Petros 2, the achievement of the actuarial goal with the lowest value at risk; and (ii) for defined benefit plans, the minimal mismatch in net cash flows, conditioned to the achievement of the actuarial target. Pension plans assets follow a long-term investment strategy based on the risks assessed for each different class of assets and provide for diversification, in order to lower portfolio risk. The portfolio profile must comply with the Brazilian National Monetary Council ( Conselho Monetário Nacional Petros Foundation establishes investment policies for 5-year periods, reviewed annually, using an asset liability management model (ALM) to address net cash flow mismatches of the benefit plans, based on liquidity and solvency parameters, simulating a 30-year period. Pension plan assets by type of asset are set out as follows: Summary of pension plan assets by type of asset 2022 2021 Type of asset Quoted prices in active markets Unquoted prices Total fair value % Total fair value % Receivables − 1,353 1,353 11% 846 8% Fixed income 3,548 5,297 8,845 70% 6,864 67% Government bonds 3,503 3,947 7,450 − 4,522 − Fixed income funds − 864 864 − 860 − Other investments 45 486 531 − 1,482 − Variable income 1,184 243 1,427 9% 1,918 16% Common and preferred shares 1,184 − 1,184 − 1,686 − Other investments − 243 243 − 232 − Structured investments 33 126 159 4% 184 2% Real estate properties − 490 490 4% 475 4% 4,765 7,509 12,274 98% 10,287 97% Loans to participants − 285 285 2% 280 3% Fair value of plan assets at the end of the year 4,765 7,794 12,559 100% 10,567 100% There is no plan asset for the health care plan. Loans to participants of pension plans are measured at amortized cost, which is considered an appropriate estimate of fair value. As of December 31, 2022, the investment portfolio included debentures of US$ 3 (US$ 6 in 2021), Company’s common shares in the amount of US$ 1 1 2 243 d) Net expenses relating to benefit plans Summary of net expenses relating to benefit plans Pension Plans Health Care Plan PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Other Plans Total Related to active employees (cost of sales and expenses) (33) (5) (20) (222) − (280) Related to retirees (other income and expenses) (424) (124) (13) (387) − (948) Net expenses for - 2022 (457) (129) (33) (609) − (1,228) Net expenses for - 2021 (469) (178) (72) (1,388) 9 (2,098) Net expenses for - 2020 (399) (139) (131) 1,672 (2) 1,001 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. 17.3.3. Contributions In 2022, the Company contributed with US$ 2,130 197 2 For 2023, the expected contributions for the PPSP-R, PPSP-NR, PPSP-R pre-70 and PPSP-NR pre-70 plans, amounts to US$ 423, and for PP-2 amounts to US$ 205, relating to the defined contribution portion. The contribution to the defined benefit portion of the PP-2 is suspended between July 1, 2012 and March 31, 2023, according to the decision of the Petros Foundation's Deliberative Council, based on the recommendation of actuarial specialists of the Petros Foundation, since there is sufficient reserve to cover the value at risk. Thus, all contributions made during this period are being allocated to the participant's individual account. 17.3.4. Expected future cash flows The estimate below reflects only the expected future cash flows to meet the defined benefit obligation recognized at the end of the reporting period. Schedule of expected future cash flows 2022 2021 Pension Plan Health Care Plan Other Plans Total Total PPSP-R (*) PPSP-NR (*) Petros 2 Up to 1 Year 999 354 74 301 − 1,728 1,520 1 to 5 Years 4,122 1,437 313 1,149 − 7,021 6,150 6 to 10 Years 2,888 973 231 1,275 − 5,367 4,615 11 To 15 Years 1,962 622 166 1,012 − 3,762 3,193 Over 15 Years 2,800 733 318 2,076 − 5,927 4,969 Total 12,771 4,119 1,102 5,813 − 23,805 20,447 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. 17.3.5. Future payments to participants of defined benefit plans that are closed to new members The following table provides the period during which the defined benefit obligation associated with these plans are expected to continue to affect the Company's financial statements. Schedule of defined benefit obligation PPSP-R PPSP-R Pré-70 PPSP-NR PPSP-NR Pré-70 Number of years during which benefits must be paid to participants of defined benefit plans. 11.06 6.59 10.37 7.14 17.3.6. Measurement uncertainties associated with the defined benefit obligation The significant financial and demographic actuarial assumptions used to determine the defined benefit obligation are presented in the following table: Summary of actuarial assumptions Pension Plans 2022 Health Care Plan Assumptions PPSP-R PPSP-NR PPSP-R Pré-70 PPSP-NR Pré-70 PP2 Nominal discount rate (including inflation)(1) 11.95 11.95 11.93 11.93 11.97 11.97 Real discount rate 6.16 6.16 6.15 6.15 6.18 6.18 Nominal expected salary growth (including inflation) (2) 6.27 6.16 6.27 6.16 7.74 n/a Expected changes in medical and hospital costs (3) n/a n/a n/a n/a n/a 9.87 3.25 Mortality table Petros Experience (Bidecrem 2013) Petros Experiences (Bidecrem 2020) Petros Experiences (Bidecrem 2016) Petros Experiences (Bidecrem 2020) AT-2012 IAM basic fem 10% smoothed Employees: according to pension plan Assisted: Ex Petros (Bidecr 2013) Disability table American group American group n/a n/a Disability Experience PP-2 2022 Assets: PP-2: Disability Experience PP-22022 Assisted: n/a Mortality table for disabled participants AT-49 male AT-83 Basic by gender MI 2006, by gender, 20% smoothed Petros Experience 2014 IAPB-57 strong, 30% smoothed AT-49 male Age of retirement Male, 56 years / Female, 55 years Male, 58 years / Female, 56 years n/a n/a 1st eligibility Male, 56 years / Female, 55 years (1) Inflation reflects market projections: 5.45% for 2023 and converging to 3.25% in 2027 onwards. (2) Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan. (3) Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate. Pension Plans 2021 Health Care Plan Assumptions PPSP-R PPSP-NR PPSP-R Pre-70 PPSP-NR Pre-70 PP2 Nominal discount rate (including inflation) (1) 10.64 10.62 10.55 10.54 10.73 10.68 Real discount rate 5.40 5.38 5.32 5.31 5.49 5.44 Nominal expected salary growth (including inflation) (2) 5.83 5.63 5.83 5.63 7.20 n/a Expected changes in medical and hospital costs (3) n/a n/a n/a n/a n/a 5.24 3.25 Mortality table Petros Experience (Bidecrem 2013) Petros Experiences (Bidecrem 2020) Petros Experiences (Bidecrem 2016) Petros Experiences (Bidecrem 2020) AT-2012 IAM basic fem 10% smoothed Employees: according to pension plan Assisted: Ex Petros (Bidecr 2013) Disability table American group American group n/a n/a Álvaro Vindas 50% smoothed Álvaro Vindas 50% smoothed Mortality table for disabled participants AT-49 male AT-49 male MI 2006, by gender, 20% smoothed Petros Experience 2014 IAPB-57 strong, 10% smoothed AT-49 male Age of retirement Male, 56 years / Female, 55 years Male, 58 years / Female, 56 years Male, 56 years / Female, 55 years Male, 58 years / Female, 56 years 1st eligibility Male, 56 years / Female, 55 years (1) Inflation reflects market projections: 4.97% for 2022 and converging to 3.25% in 2026 onwards. (2) Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan. (3) Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate. The most significant assumptions are described in Note 4.3. 17.3.7. Sensitivity analysis of the defined benefit plans The effect of a 100 basis points (bps) change in the discount rate |
Provisions for legal proceeding
Provisions for legal proceedings, judicial deposits and contingent liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Provisions For Legal Proceedings Judicial Deposits And Contingent Liabilities | |
Provisions for legal proceedings, judicial deposits and contingent liabilities | 18. Provisions for legal proceedings, judicial deposits and contingent liabilities 18.1. Provisions for legal, administrative and arbitral proceedings The Company recognizes provisions for legal, administrative and arbitral proceedings based on the best estimate of the costs for which it is probable that an outflow of resources embodying economic benefits will be required and that can be reliably estimated. These proceedings mainly include: · Labor claims, in particular: (i) several individual and collective labor claims; (ii) opt-out claims related to a review of the methodology by which the minimum compensation based on an employee's position and work schedule ( Remuneração Mínima por Nível e Regime · Tax claims including: (i) tax notices for alleged non-compliance with ancillary obligations; (ii) claims relating to benefits previously taken for Brazilian federal tax credits applied that were subsequently alleged to be disallowable; and (iii) claims for alleged non-payment of CIDE on imports of propane and butane. · Civil claims, in particular: (i) lawsuits related to contracts; (ii) penalties applied by ANP, mainly relating to production measurement systems; and (iii) litigation involving corporate conflicts. · Environmental claims, specially: (i) fines relating to the Company’s offshore operation; (ii) fines relating to an environmental accident in the State of Paraná in 2000; and (iii) public civil action for oil spill in 2004 in Serra do Mar State Park, in the state of São Paulo. Provisions for legal, administrative and arbitral proceedings are set out as follows: Summary of provisions for legal proceedings Non-current liabilities 12.31.2022 12.31.2021 Labor claims 737 716 Tax claims 466 306 Civil claims 1,504 820 Environmental claims 303 176 Total 3,010 2,018 Summary of reconciliation of provisions for legal proceedings 2022 2021 Opening Balance 2,018 2,199 Additions, net of reversals 1,072 540 Use of provision (487) (715) Revaluation of existing proceedings and interest charges 273 150 Others (2) 8 Translation adjustment 136 (164) Closing Balance 3,010 2,018 In preparing its consolidated financial statements for the year ended December 31, 2022, the Company considered all available information concerning legal, administrative and arbitral 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. 18.2. Judicial deposits The Company make deposits in judicial phases, mainly to suspend the chargeability of the tax debt and to maintain its tax compliance. Judicial deposits are set out in the table below according to the nature of the corresponding lawsuits: Summery of Non-current assets Non-current assets 12.31.2022 12.31.2021 Tax 7,876 5,790 Labor 907 796 Civil 2,089 1,275 Environmental 109 101 Others 72 76 Total 11,053 8,038 Summary of Reconciliation of Judicial Deposits with Legal Proceedings 2022 2021 Opening Balance 8,038 7,281 Additions 1,710 1,145 Use (115) (109) Accruals and charges 897 263 Others (9) 3 Translation adjustment 532 (545) Closing Balance 11,053 8,038 18.3. Contingent liabilities Contingent liabilities for which either the Company is unable to make a reliable estimate of the expected financial effect that might result from resolution of the proceeding, or a cash outflow is not probable, are not recognized as liabilities in the financial statements but are disclosed in the notes to the financial statements, unless the likelihood of any outflow of resources embodying economic benefits is considered remote. The estimates of contingent liabilities are indexed to inflation and updated by applicable interest rates. As of December 31, 2022, estimated contingent liabilities for which the possibility of loss is considered possible are set out in the following table: Summary of estimated contingent liabilities for which the possibility of loss is classified as possible Nature 12.31.2022 12.31.2021 Tax 32,094 24,785 Labor 8,272 7,172 Civil - General 7,548 5,720 Civil - Environmental 1,257 1,192 Total 49,171 38,869 The tables below detail the main causes of tax, civil, environmental and labor nature, whose expectations of losses are classified as possible: Summery of tax, civil, environmental and labor nature, whose expectations of losses are classified as possible Estimate Description of tax matters 12.31.2022 12.31.2021 Plaintiff: Secretariat of the Federal Revenue of Brazil 1) 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. Current status: The claim about the incidence of withholding income tax (Imposto de Renda Retido na Fonte- IRRF) on remittances for payments of vessel charters, occurred from 1999 to 2002, involves the legality of the normative rule issued by the Federal Revenue of Brazil, which ensured no taxation over those remittances. The Company considers the likelihood of loss as possible, since there are decisions from Superior Courts favorable to the Company, and will continue to defend its opinion. The other claims, concerning CIDE and PIS/COFINS, involve lawsuits in different administrative and judicial stages, for which the Company understands there is a possible likelihood of loss, since there are legal predictions in line with the position of the Company. 10,386 9,092 2) Income from foreign subsidiaries located outside Brazil not included in the computation of taxable income (IRPJ and CSLL). Current status: This claim involves lawsuits in different administrative and judicial stages. The Company considers the likelihood of loss as possible, since there are decisions from Superior Courts favorable to the understanding of the Company. 4,396 3,890 3) Requests to compensate federal taxes disallowed by the Brazilian Federal Tax Authority. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, the Company obtained favorable final decisions at CARF and new tax notices were issued. 705 827 4) Incidence of social security contributions over contingent bonuses paid to employees. Current status: Awaiting defense judgment and appeals at the administrative and judicial levels. 922 706 5) Collection of Contribution of Intervention in the Economic Domain (CIDE) on transactions with fuel retailers and service stations protected by judicial injunctions determining that fuel sales were made without gross-up of such tax. Current status: This claim involves lawsuits in different judicial stages. 485 428 6) Deduction from the basis of calculation of taxable income (income tax - IRPJ and social contribution - CSLL) of several expenses related to employee benefits. Current status: The claim involves lawsuits in different administrative and judicial stages. 646 570 7) Income taxes (IRPJ and CSLL) - Capital gains and Amortization of goodwill on the acquisition of equity interests. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, new tax notices were issued against the Company. 501 234 8) Deduction of the PIS and COFINS tax base, including in ship or pay contracts and charters of aircraft and vessels. Current status: The claims involve lawsuits in different administrative and judicial stages. In 2022, a new tax notice was issued against the Company. 986 330 9) Collection of IRPJ and CSLL - Transfer price - Charter contracts Current status: In one of the assessments, there was an unfavorable administrative decision. A voluntary appeal by Petrobras is pending judgment. In 2022, a new tax notice was issued against the Company. 498 287 10) Import tax, PIS/COFINS and customs fines - Import of vessels through Repetro's Special Customs Regime. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, a new tax notice was issued against the Company. 294 249 11) Collection of Import tax (II), PIS/COFINS and customs fines including Petrobras as jointly liable. Current status: In 2022, the Company received a new tax notice regarding the collection on joint liabilities of customs taxes and fines arising from the import of goods under the Repetro regime, for use in the Frade consortium. 2,414 − 12) Customs – Fines of 1% and 5% on the Customs Value. Fines imposed on the customs value of imported products due to information considered inaccurate in the import declarations. There is a court decision unfavorable to the Company. Current status: This claim involves lawsuits in different administrative and judicial stages. 240 209 13) Collection of PIS/COFINS – Incidences on Amnesties. Current status: In 2022, the company received a new tax notice related to the collection of social contributions PIS/COFINS, resulting from the tax transaction provided for in article 3 of the Federal Brazilian Law 13.586/2017. 870 − Plaintiff: States of SP, RJ, BA, PA, AL, MA, PB, PE, AM and SE Finance Departments 14) VAT (ICMS) and VAT credits on internal consumption of bunker fuel and marine diesel, destined to chartered vessels. Current status: This claim involves lawsuits in different administrative and judicial stages. 425 367 Plaintiff: States of RJ, AL, BA, PE, PA and RS Finance Departments 15) VAT (ICMS) on dispatch of liquid natural gas (LNG) and C5+ (tax document not accepted by the tax authority), as well as challenges on the rights to this VAT tax credit. Current status: This claim involves lawsuits in different administrative and judicial stages. 842 746 Plaintiff: States of PE, RJ and PA Finance Departments 16) Alleged failure to write-down VAT (ICMS) credits related to zero tax rated or non-taxable sales made by the Company and its customers. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, new tax notices were issued against the Company. 440 110 Plaintiff: States of RJ, AL, AM, PA, BA, GO, MA, SP and PE Finance Departments 17) Alleged failure to write-down VAT (ICMS) credits related to zero tax rated or non-taxable sales made by the Company and its customers. Current status: This claim involves lawsuits in different administrative and judicial stages. 916 788 Plaintiff: States of RJ, BA, PE, SE and AM Finance Departments 18) The plaintiff alleges that the transfers between branches, especially in RJ, without segregating VAT (ICMS), under the special regime, reduced the total credits of the central department. Current status: This claim involves lawsuits in different administrative and judicial stages. 929 800 Plaintiff: States of GO, RJ, PA, BA, SE, SP, PR, AM, CE, MT, RN and PE Finance Departments 19) Appropriation of ICMS credit on the acquisition of goods (products in general) that, in the understanding of the inspection, would fit into the concept of material for use and consumption, being the tax credit undue. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, new tax notices were issued against the Company. 687 569 Plaintiff: States of RJ, PR, AM, BA, PA, PE, SP and AL Finance Departments 20) Incidence of VAT (ICMS) over alleged differences in the control of physical and fiscal inventories. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, new tax notices were issued against the Company. 799 446 Plaintiff: State of SP Finance Department 21) Deferral of payment of VAT (ICMS) taxes on B100 Biodiesel sales and the charge of a 7% VAT rate on B100 on Biodiesel interstate sales, including states in the Midwest, North and Northeast regions of Brazil and the State of Espírito Santo. Current status: This claim involves lawsuits in different administrative and judicial stages. 263 232 Plaintiff: States of RJ, SP, BA, PE, PR, SE and CE Finance Departments 22) Misappropriation of VAT tax credit (ICMS) on the acquisitions of goods that, per the tax authorities, are not related to property, plant and equipment. Current status: This claim involves lawsuits in different administrative and judicial stages. 478 417 Plaintiff: States of RJ, SP, BA, AL, PE, CE and AM Finance Departments 23) Misappropriation of VAT tax credit (ICMS) on the acquisitions of drills and chemicals used in the formulation of drilling fluid, per the tax authorities. Current status: This claim involves lawsuits in different administrative and judicial stages. 486 422 Plaintiff: Municipal government of Angra dos Reis/RJ 24) Added value of ICMS on oil import operations. Current status: This claim involves lawsuits in several judicial stages. In 2022, judicial decisions favorable to the Company were handed down in two lawsuits, by the Court of Justice of Rio de Janeiro. There is a Special Appeal filed by the Municipality pending judgment. 347 289 Plaintiff: Several Municipalities 25) Alleged failure to withhold and pay tax on services (ISSQN). Current status: There are lawsuits in different administrative and judicial stages. 223 201 Plaintiff: Municipal governments of the cities of Anchieta, Aracruz, Guarapari, Itapemirim, Marataízes, Linhares, Vila Velha and Vitória 26) Alleged failure to withhold and pay tax on services provided offshore (ISSQN) in favor of some municipalities in the State of Espírito Santo, under the allegation that the service was performed in their "respective coastal waters". Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, the lawsuits were reclassified to remote loss due to a decision favorable to the Company's thesis in the Court of Justice of Espírito Santo. − 1,071 27) Other tax matters 1,916 1,505 Total for tax matters 32,094 24,785 Estimate Description of labor matters 12.31.2022 12.31.2021 Plaintiff: Employees and Sindipetro Union of ES, RJ, BA, MG, SP, PE, PB, RN, CE, PI, PR and SC. 1) 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. Current status: The dispute is in the Federal Supreme Court (STF). On 07/28/2021, Petrobras filed an appeal and the Minister Rapporteur decided favorably to the Company, reforming the decision of the Plenary of the Superior Labor Court (TST) which was contrary to Petrobras. Currently, the judgment of the appeals filed by the plaintiff and by several amici curiae is in progress, with 3 votes in favor of the Company, recognizing the merit of the collective bargaining agreement signed between Petrobras and the unions. Considering that the last minister to vote requested a view, the trial was suspended, and is juts pending the presentation of the vote by this last minister. 6,806 5,917 2) Other labor matters 1,466 1,255 Total for labor matters 8,272 7,172 Estimate Description of civil matters 12.31.2022 12.31.2021 Plaintiff: Agência Nacional de Petróleo, Gás Natural e Biocombustíveis - ANP and other agencies 1) Administrative and legal proceedings that discuss: a) Difference in special participation and royalties in different fields; b) Fines imposed by ANP due to alleged failure to comply with the minimum exploration activities program, as well as alleged irregularities relating to compliance with oil and gas industry regulation. It also includes fines imposed by other agencies. Current status: The claims involve lawsuits in different administrative and judicial stages. 1,980 1,197 Plaintiff: Agência Nacional de Petróleo, Gás Natural e Biocombustíveis - ANP 2) Proceedings challenging an ANP order requiring Petrobras to unite Tupi and Cernambi fields on the BM-S-11 joint venture; to unite Baúna and Piracicaba fields; and to unite Tartaruga Verde and Mestiça fields, which would cause changes in the payment of special participation charges. Current status: This list involves claims that are disputed in court and in arbitration proceedings, as follows. In 2022, there was an increase in the value, due to the judicial deposits that are made by Petrobras: a) Tupi and Cernanbi: initially, the Company made judicial deposits for the alleged differences resulting from the special participation. However, with the reversal of the favorable injunction, the payment of these alleged differences were made directly to ANP, and such judicial deposits were resumed in the 2nd Quarter of 2019. Arbitration remains suspended by court decision; b) Baúna and Piracicaba: the Federal Regional Court of the Second Region upheld the suspension of arbitration. Petrobras filed appeals with the Superior Courts. c) Tartaruga Verde and Mestiça: The Company has authorization to make the judicial deposits relating to these fields. The Regional Federal Court of the Second Region has the opinion that the Chamber of Arbitration has jurisdiction on this claim and the arbitration is ongoing up to item 6 of the joint schedule (pre-hearing meeting) formulated by the parties. 1,531 829 Plaintiff: Agência Estadual de Regulação de Serviços Públicos de Energia, Transportes e Comunicações da Bahia (AGERBA) and State Gas Companies 3) Public Civil Action (ACP) to discuss the alleged illegality of the gas supply made by the company to its Nitrogenated Fertilizer Production Unit (FAFEN / BA). Current status: The claims involve lawsuits in different administrative and judicial stages. In 2022, there was a decrease in value due to agreements entered into by Petrobras. 39 318 Plaintiff: Several service providers 4) Claims related to goods and services supply contracts, with emphasis on discussions about economic and financial imbalance, contractual breach, fines and early termination of contracts. Current status: The claims involve lawsuits in different administrative and judicial stages. In 2022, there was an increase in value due to new lawsuits and decisions unfavorable to Petrobras. 2,988 2,491 5) Several lawsuits of civil nature, with emphasis on those related to expropriation and easement of passage, civil liability and portfolio management. 1,010 885 Total for civil matters 7,548 5,720 Estimate Description of environmental matters 12.31.2022 12.31.2021 Plaintiff: Several authors, notably: Ministério Público Federal, Ministério Público Estadual do Paraná, AMAR - Associação de Defesa do Meio Ambiente de Araucária, IAP - Instituto Ambiental do Paraná and IBAMA - Instituto Brasileiro de Meio Ambiente e Recursos Naturais Renováveis. 1) Several lawsuits of an environmental nature, with emphasis on fines related to the company's operations and public civil action for alleged environmental damage due to the sinking of Platform P-36. 1,257 1,192 Total for environmental matters 1,257 1,192 18.4. Class action and related proceedings 18.4.1. Class action in the Netherlands On January 23, 2017, Stichting Petrobras Compensation Foundation ("Foundation") filed a class action in the Netherlands, at the District Court of Rotterdam, against Petróleo Brasileiro S.A. – Petrobras, Petrobras International Braspetro B.V. (PIB BV), Petrobras Global Finance B.V. (PGF), Petrobras Oil & Gas B.V. (PO&G) and some former Petrobras managers. The Foundation alleges that it represents the interests of an unidentified group of investors and asserts that, based on the facts revealed by the Lava-Jato Operation, the defendants acted illegally before the investors. Based on these allegations, the Foundation is seeking a series of court declarations from the Dutch court. On May 26, 2021, after previous intermediate decisions in which the Court decided that it has jurisdiction to judge the majority of the seven requests made by the Foundation, the District Court of Rotterdam decided that the class action must proceed and that the arbitration clause of Petrobras' bylaws does not prevent the Company's shareholders from having access to the Dutch Judiciary and being represented by the “Foundation”. However, investors who have already started arbitration against Petrobras or who are parties to legal proceedings in which the applicability of the arbitration clause has been definitively recognized are excluded from the action. In 2021 and 2022, the parties presented their arguments and defenses in writing regarding the merits of the claims and the Court scheduled hearings for oral arguments, which took place on January 17 and 24, 2023. At these hearings, the Court did not provide any indications as to the content of its decision on the merits of the case. The Court determined that Petrobras and the other defendants may present additional statements on February 22, 2023, after which the Court intends to issue a sentence on July 26, 2023. Such deadline is indicative and the decision may be postponed or anticipated. This class action concerns complex issues and the outcome is subject to substantial uncertainties, which depend on factors such as: the scope of the arbitration clause of the Petrobras Statute, the jurisdiction of the Dutch courts, the scope of the agreement that ended the Class Action in the United States, the Foundation's legitimacy to represent the interests of investors, the several laws applicable to the case, the information obtained from the production phase of evidence, the expert analyses, the timetable to be defined by the Court and the judicial decisions on key issues of the process, possible appeals, including before the Dutch Supreme Court, as well as the fact that the Foundation seeks only a declaratory decision in this class action. It is currently not possible to predict whether the Company will be liable for the effective payment of damages in any future individual claims, as this analysis will depend on the outcome of these complex procedures. In addition, it is not possible to know which investors will be able to bring subsequent individual actions related to this matter against Petrobras. Furthermore, the claims formulated are broad, cover a multi-year period and involve a wide variety of activities and, in the current scenario, the impacts of such claims are highly uncertain. The uncertainties inherent in all of these issues affect the value and duration of final resolution of this action. As a result, Petrobras is unable to estimate an eventual loss resulting from this action. However, Petrobras reiterates its condition as a victim of the corruption scheme revealed by the Lava-Jato operation and intends to present and prove this condition before the Dutch court. Considering the uncertainties, it is not possible to make any reliable assessment regarding possible risks related to this litigation. The eventual indemnification for the alleged damages will only be determined by judicial decisions in later actions to be brought by individual investors. The Foundation cannot claim compensation for damages within the scope of the class action, since the final decision will be merely declaratory. The Company deny the allegations made by the Foundation and intend to defend itself vigorously. 18.4.2. Arbitration in Argentina On September 11, 2018, Petrobras was served of an arbitral claim filed by Consumidores Financieros Asociación Civil para su Defensa ("Association") against the Company and other individuals and legal entities, before the “Tribunal de Arbitraje General de la Bolsa de Comercio de Buenos Aires”. Among other issues, the Association alleges Petrobras' liability for a supposed loss of market value of Petrobras' shares in Argentina, due to proceedings related to Lava Jato investigation. On June 14, 2019, the Chamber of Arbitration recognized the withdrawal of the arbitration due to the fact that the Association had not paid the arbitration fee within the established period. The Association appealed to the Argentine Judiciary against this decision, which was rejected on November 20, 2019. The Association filed a new appeal addressed to the Argentine Supreme Court, pending a final decision. The Company deny the allegations presented by the Association and intends to defend itself vigorously. 18.4.3. Other legal proceedings in Argentina Petrobras was included as a defendant in criminal actions in Argentina: · Criminal action for alleged non-compliance with the obligation to publish “press release” in Argentina about the existence of a class action filed by the Association before the Commercial Court, according to the provisions of the Argentine capital market law. Petrobras was never mentioned in the scope of the referred collective action. Petrobras presented procedural defenses in the criminal action but some of them have not yet been judged by the court. On March 4, 2021, the Court (Room A of the Economic Criminal Chamber) decided that the jurisdiction for the trial of this criminal action should be transferred from the Criminal Economic Court No. 3 of the city of Buenos Aires to the Criminal Economic Court No. 2 from that same city; · Criminal action related to an alleged fraudulent offer of securities, when Petrobras allegedly declared false data in its financial statements prior to 2015. Petrobras presented preliminary defense on the merits, which has not yet been considered by the judge, in addition to procedural defenses, which are currently subject of appeals in Argentine courts. On October 21, 2021, after an appeal by the Association, the Court of Appeals revoked the lower court decision 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 further reassessment of the issue. Petrobras appealed against this decision before the Court of Cassation, and the Company's appeal was denied. After the lower court denied Petrobras immunity from jurisdiction, the Company appealed to the Court. On December 27, 2022, the Court again considered the first instance decision premature, determining that a third one be issued, still pending. On another procedural front, on September 14, 2022, the decision that had recognized that the Association could not act as a representative of financial consumers was reformed by the Court of Cassation after an appeal by the Association. On November 2, 2022, Petrobras filed an appeal against this decision before the Argentine Supreme Court, which is still pending judgment. This criminal action is pending before the Criminal Economic Court No. 2 of the city of Buenos Aires. 18.4.4. Lawsuit in the United States related to Sete Brasil Participações S.A. ("Sete") In February 2016, EIG Management Company, LLC and certain affiliated funds (collectively referred to as “EIG”) filed a claim in the District Court for the District of Columbia in Washington, D.C. regarding the indirect purchase of equity interests in Sete Brasil, a company created to build platforms with high local content. In this process, EIG claims that Petrobras would have induced the plaintiffs to invest in Sete Brasil and that it was one of those responsible for the financial crisis of Sete, which filed for judicial recovery in Brazil. In 2017, the District Court denied the summary filing request submitted by Petrobras and decided that the process should proceed to the evidence production phase. There was the filing of appeals by Petrobras, and this appeal phase lasted until January 16, 2020, when the decision of the Court of the District of Columbia became final. During 2020, the parties engaged in extensive exchanges of documents and other documentary evidence. The parties also heard the testimonies of several witnesses to the events. In 2021, in addition to the continuity of such hearings, expert evidence was produced, as well as the parties submitted requests for the case to be judged summarily (motion for summary judgment). On August 8, 2022, the judge upheld EIG's claim as to Petrobras' responsibility for the alleged losses, which are recorded in the third quarter of 2022 as provisions for legal proceedings, but denied the motion for summary judgment with respect to damages, whereby the award of compensation will be subject to the proof of damages by EIG at a hearing and to the consideration of the defenses by the Company. In the same decision, 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. On August 26, 2022, a request was filed by Petrobras for the action to be suspended until the judgment of the appeal, and such suspension was granted by the judge on October 26, 2022. On August 26, 2022, the District Court of Amsterdam granted a precautionary measure to block certain Petrobras assets in the Netherlands, at the request of EIG.. The decision was based on that rendered precautionary measure by the District Court of the District of Columbia, on August 8, 2022, and was intended to ensure the satisfaction of EIG's claims contained in the aforementioned US lawsuit. For the purpose of this injunction alone, the District Court of Amsterdam limited EIG's claims to a total of US$ 297.2, although the US Court ruled that any award of damages would depend on evidence of damages by EIG at a trial hearing. There are some discussions about the scope of the assets blocked by EIG, but there is no related lawsuit pending in the Netherlands. This precautionary block does not prevent Petrobras and its subsidiaries from complying with their obligations to third parties. 18.5. Arbitrations in Brazil Petrobras is also currently a party to seven arbitrations proceedings before the Market Arbitration Chamber ( Câmara de Arbitragem do Mercado These claims involve complex issues that are subject to substantial uncertainties and depend on a number of factors such as the novelty of the legal theories, the timing of the Chamber of Arbitration decisions, the information produced in discovery and analysis by retained experts. Moreover, the claims asserted are broad and span a multi-year period. The uncertainties inherent in all such matters affect the amount and timing of their ultimate resolution. As a result, the Company is unable to make a reliable estimate of eventual loss arising from such arbitrations. Depending on the outcome of these complaints, the Company may have to pay substantial amounts, which may have a significant effect on its consolidated financial position, financial performance and cash flows in a certain period. However, Petrobras does not recognize responsibility for the losses alleged by investors in these arbitrations. Most of these arbitrations are still in the preliminary stages and a final decision is not expected in the near future. However, in relation to one of the arbitrations, proposed by two institutional investors, on May 26, 2020, a partial arbitral award was issued indicating the Company's responsibility, but not determining the payment of amounts by Petrobras, nor ending the procedure. This arbitration, as well as the other arbitrations in progress, are confidential and the partial arbitral award - which does not represent a CAM position, but only of the three arbitrators that make up this arbitration panel - does not extend to the other ongoing arbitrations. On July 20, 2020, Petrobras filed a lawsuit for the annulment of this partial arbitral award, as the Company understands that the award contains serious flaws and improprieties. On November 11, 2020, the 5th Business Court of Rio de Janeiro annulled the partial arbitration award, due to these serious flaws and improprieties pointed out by Petrobras. The appeals against this decision are still pending judgement. In compliance with CAM rules, the lawsuit is confidential and only available to those involved in the original arbitration proceeding. Petrobras will continue to defend itself in this and other arbitrations. In the year ended December 31, 2022, there were no events that changed the assessment and information on arbitrations in Brazil. 18.6. Tax recoveries under dispute - Compulsory Loan - Eletrobrás The Brazilian Federal Government, aiming to finance the expansion of the national electricity system, established the compulsory loan that lasted until 1993 in favor of Eletrobrás, which was the operator of this system. The loan was charged to consumers' electricity bills. In 2010, the Company filed a lawsuit to recognize its right to receive the differences in monetary correction and interest on a compulsory loan from Eletrobrás, in relation to the third conversion of Eletrobrás shares, in the period from 1987 to 1993. In December 2022, the court issued a final decision in favor of the Company in relation to the merits of the case. Currently, it is at the beginning of the execution ph |
Provision for decommissioning c
Provision for decommissioning costs | 12 Months Ended |
Dec. 31, 2022 | |
Provision For Decommissioning Costs | |
Provision for decommissioning costs | 19. Provision for decommissioning costs The following table details the amount of the provision for decommissioning costs by producing area: Summery of provision for decommissioning costs by producing area 12.31.2022 12.31.2021 Onshore 418 873 Shallow waters 4,399 3,732 Deep and ultra-deep post-salt 9,988 8,420 Pre-salt 3,795 2,594 18,600 15,619 Changes in the provision for decommissioning costs are presented as follows: Summery of changes in the provision for decommissioning costs are presented Non-current liabilities 2022 2021 Opening balance 15,619 18,780 Adjustment to provision 3,484 (1,186) Transfers related to liabilities held for sale (1,258) (704) Use of provisions (854) (730) Interest accrued 476 723 Others (5) 5 Translation adjustment 1,138 (1,269) Closing balance 18,600 15,619 The provision associated with divestment projects of E&P assets classified as held for sale was transferred to liabilities related to assets classified as held for sale. In 2022, it refers to: the Potiguar groups of fields, in Rio Grande do Norte state; the Albacora Leste Field, in Rio de Janeiro; Golfinho, Camarupim and Norte Capixaba groups of fields, in the state of Espírito Santo, as set out in note 30. In 2021, it included transfers to held for sale mainly related to: Alagoas groups of fields, Papa-Terra Field, Peroá Group, Miranga Group and Búzios fields. Accounting policy for decommissioning costs The initial recognition of legal obligations to remove equipment and restore land or sea areas at the end of operations occurs after the declaration of commercial feasibility of an oil and gas field. The calculations of the cost estimates for future environmental removals and recoveries are complex and involve significant judgments (as set out in note 4.5). The estimates of decommissioning costs are reviewed annually based on current information on expected costs and recovery plans. When the revision of the estimates results in an increase in the provision for decommissioning costs, there is a corresponding increase in assets. Otherwise, in the event that a decrease in the liability exceeds the carrying amount of the asset, the excess shall be recognized immediately in profit or loss, within other income and expenses. |
Other Assets and Liabilities
Other Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets And Liabilities | |
Other Assets and Liabilities | 20. Other Assets and Liabilities Schedule of other Assets and Liabilities Assets 12.31.2022 12.31.2021 Escrow account and/ or collateral (a) 1,087 961 Advances to suppliers (b) 1,561 308 Prepaid expenses (c) 363 297 Derivatives transactions (d) 54 31 Assets related to E&P partnerships (e) 71 262 Others 194 201 3,330 2,060 Current 1,777 1,573 Non-Current 1,553 487 Liabilities 12.31.2022 12.31.2021 Obligations arising from divestments (f) 1,355 1,106 Contractual retentions (g) 601 521 Advances from customers (h) 906 606 Provisions for environmental expenses, R&D and fines (i) 674 568 Other taxes (j) 293 143 Unclaimed dividends (k) 241 81 Derivatives transactions (d) 147 282 Various creditors 95 84 Others 661 634 4,973 4,025 Current 3,001 1,875 Non-Current 1,972 2,150 The following references detail the nature of the operations that make up the balances of other assets and liabilities: a) Amounts deposited for payment of obligations related to the finance agreement with China Development Bank, as well as margin in guarantee for futures and over-the-counter derivatives. In addition, there are amounts in investment funds from escrow accounts related to divestment of TAG and NTS. b) Amounts whose compensation must be made by supplying materials or providing services contracted with these suppliers. c) Spending on platform charters and equipment rentals when the start of operations has been postponed due to legal requirements or to the need for technical adjustments. d) Fair value of open positions and transactions closed but not yet settled. e) Cash and amounts receivable from partners in E&P consortia operated by Petrobras. f) Provisions for contractual indemnities and financial reimbursements assumed by Petrobras to be made to the acquirer, referring to abandonment costs of divested assets. The settlement of these provisions follows decommissioning schedules, with payments beginning between two and three months after the date expected for the execution of operations, according to the contractual terms for reimbursement of abandonment of the respective oil fields. g) Retained amounts from obligations with suppliers to guarantee the execution of the contract, accounted for when the obligations with suppliers are due. Contractual retentions will be paid to suppliers at the end of the contract, upon issuance of the contract termination term. h) Amounts related to the advances or cash receipt from third parties, related to the sale of products or services. i) Accrued amounts for environmental compensation assumed by the Company in the course of its operations and research projects. j) Non-current portion of other taxes (see note 16). k) Dividends made available to shareholders and not paid due to the existence of pending registration issues for which the shareholders are responsible with the custodian bank for the shares and with Petrobras, according to note 33. Accounting policy for other assets and liabilities The accounting recognition of obligations arising from divestment is at present value, using a risk-free discount rate, adjusted to the company's credit risk, being the best estimate of the disbursement required to settle the present obligation on the statement of financial position date. The obligations are subject to significant changes as activity execution schedules are updated and detailed by buyers. |
The _Lava Jato (Car Wash) Opera
The “Lava Jato (Car Wash) Operation” and its effects on the Company | 12 Months Ended |
Dec. 31, 2022 | |
Lava Jato Car Wash Operation And Its Effects On Company | |
The “Lava Jato (Car Wash) Operation” and its effects on the Company | 21. The “Lava Jato (Car Wash) Operation” and its effects on the Company The Company has monitored the progress of investigations under the “Lava Jato” Operation and, in the preparation of these annual consolidated financial statements for the the year ended December 31, 2022, did not identify any additional information that would affect the adopted calculation methodology to write off, in the third quarter of 2014, amounts overpaid for the acquisition of property, plant and equipment. The Company will continue to monitor these investigations for additional information in order to assess their potential impact on the adjustment made. In addition, the Company has fully cooperated with the Brazilian Federal Police ( Polícia Federal Ministério Público Federal Tribunal de Contas da União Controladoria Geral da União During 2022, new leniency and plea agreements entitled the Company to receive funds with respect to compensation for damages, in the amount of US$ 96 235 1,618 21.1. Investigations involving the Company 21.1.1. Order of civil inquiry - Brazilian Public Prosecutor’s Office On December 15, 2015, the State of São Paulo Public Prosecutor’s Office issued the Order of Civil Inquiry 01/2015, establishing a civil proceeding to investigate the existence of potential damages caused by Petrobras to investors in the Brazilian stock market. The Brazilian Attorney General’s Office ( Procuradoria Geral da República |
Commitment to purchase natural
Commitment to purchase natural gas | 12 Months Ended |
Dec. 31, 2022 | |
Commitment To Purchase Natural Gas | |
Commitment to purchase natural gas | 22. Commitment to purchase natural gas The Gas Supply Agreement (GSA) entered into with Petrobras and Yacimientos Petroliferos Fiscales Bolivianos - YPFB was initially effective until December 31, 2019. In addition, according to agreement provision, after December 31, 2019, the GSA was automatically extended until the entire volume contracted is delivered by YPFB and withdrawn by Petrobras. On March 6, 2020, by means of a contractual amendment, Petrobras and YPBF changed the daily contracted quantity (QDC) from 30.08 million m³ per day to 20 million m³ per day, which became effective as from March 11, 2020. Thus, as of December 31, 2022, the total amount of the GSA for 2023, corresponding to the delivery obligation of YPFB, is nearly 5.76 billion m³ of natural gas (equivalent to 15.77 million m³ per day), corresponding to a total estimated value of US$ 1.51 billion. Based on the aforementioned extension clause, the Company expects purchases to continue through January 2026, considering the withdrawal based on the Daily Quantity Guaranteed by YPFB, which means the maximum volume contracted every day, ranging from 8 million m³ per day to 20 million m³ per day (on a monthly basis), representing an estimated additional amount of US$ 3.81 January 2023 to January 2026 If the withdrawal occurs based on the Daily Quantity Guaranteed by Petrobras (take-or-pay), ranging from 5.6 million m³ per day to 14 million m³ per day (on a monthly basis) 3.47 January 2023 to May 2028. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | 23. Property, plant and equipment 23.1. By class of assets Schedule of property plant and equipment by class of assets Land, buildings and improvement Equipment and other assets (*) Assets under construction (**) Exploration and development costs (***) Right-of-use assets Total Balance at January 1, 2022 2,383 53,126 16,922 35,847 17,052 125,330 Cost 4,080 98,085 25,954 61,906 26,382 216,407 Accumulated depreciation and impairment (****) (1,697) (44,959) (9,032) (26,059) (9,330) (91,077) Additions − 841 7,525 48 7,126 15,540 Decommissioning costs - Additions to / review of estimates − − − 3,269 − 3,269 Capitalized borrowing costs − − 1,021 − − 1,021 Signature Bonuses Transfers (*****) − − − 1,177 − 1,177 Write-offs (20) (746) (2,152) (667) (1,469) (5,054) Transfers (******) 130 5,162 (8,611) 3,617 2 300 Transfers to assets held for sale (27) (1,874) (410) (1,976) (140) (4,427) Depreciation, amortization and depletion (88) (4,746) − (5,306) (4,478) (14,618) Impairment recognition (note 25) − (693) (605) (142) (13) (1,453) Impairment reversal (note 25) − 223 15 52 − 290 Translation adjustment 160 3,854 1,133 2,515 1,132 8,794 Balance at December 31, 2022 2,538 55,147 14,838 38,434 19,212 130,169 Cost 4,343 105,429 23,938 67,581 29,670 230,961 Accumulated depreciation and impairment (****) (1,805) (50,282) (9,100) (29,147) (10,458) (100,792) Balance at January 1, 2021 3,043 58,680 15,443 31,166 15,869 124,201 Cost 5,450 107,199 27,544 60,902 23,780 224,875 Accumulated depreciation and impairment (****) (2,407) (48,519) (12,101) (29,736) (7,911) (100,674) Additions − 1,650 5,761 5 6,954 14,370 Decommissioning costs - Additions to / review of estimates − − − (1,069) − (1,069) Capitalized borrowing costs − − 971 − − 971 Signature Bonuses Transfers (****) − − − 11,629 − 11,629 Write-offs (38) (588) (599) (1,645) (279) (3,149) Transfers (******) (295) 2,934 (3,160) 1,781 3 1,263 Transfers to assets held for sale (53) (2,776) (575) (822) (14) (4,240) Depreciation, amortization and depletion (97) (4,235) − (4,342) (4,281) (12,955) Impairment recognition − (377) (1) (27) (4) (409) Impairment reversal − 1,796 114 1,879 34 3,823 Translation adjustment (177) (3,958) (1,032) (2,708) (1,230) (9,105) Balance at December 31, 2021 2,383 53,126 16,922 35,847 17,052 125,330 Cost 4,080 98,085 25,954 61,906 26,382 216,407 Accumulated depreciation and impairment (****) (1,697) (44,959) (9,032) (26,059) (9,330) (91,077) (*) It is composed of production platforms, refineries, thermoelectric power plants, natural gas processing plants, pipelines, and other operating, storage and production plants, including subsea equipment for the production and flow of oil and gas, depreciated based on the units of production method. (**) See note 12 for assets under construction by operating segment. (***) It is composed of exploration and production assets related to wells, abandonment and dismantling of areas, signature bonuses associated with proved reserves and other costs directly associated with the exploration and production of oil and gas (oil and gas production properties). (****) In the case of land and assets under construction, it refers only to impairment losses. (*****) Transfer from intangible assets related to Atapu, Sepia and Itapu fields in 2022 (related to Búzios in 2021). (*****) It includes mainly transfers between classes of assets and transfers from advances to suppliers. The investments made by the company in 2022 were mainly for the development of oil and natural gas field production, primarily in the pre-salt (Búzios, Mero, Tupi, Itapu, among others), including the contracting of new leases. 23.2. Estimated useful life The useful life of assets depreciated by the linear method are shown below: Schedule of useful life of assets Asset Weighted average useful life in years Buildings and improvement 40 ( 25 50 Equipment and other assets 20 ( 3 31 Exploration and development costs Units of production method Right-of-use 8 ( 2 47 The estimated useful life of buildings and improvements, equipment and other assets is as follows: Schedule of estimated useful life of buildings and improvements, equipment and other assets Buildings and improvements, equipment and other assets Estimated useful life Cost Accumulated depreciation Balance at December 31, 2022 5 4,762 (3,894) 868 6 10 8,316 (6,288) 2,028 11 15 5,442 (1,767) 3,675 16 20 27,705 (16,590) 11,115 21 25 30,195 (7,709) 22,486 25 30 11,727 (3,480) 8,247 30 4,600 (1,855) 2,745 Units of production method 16,907 (10,498) 6,409 Total 109,654 (52,081) 57,573 Buildings and improvements 4,225 (1,799) 2,426 Equipment and other assets 105,429 (50,282) 55,147 23.3. Right-of-use assets The table below shows the split by type of asset and readjustment clauses with possible impacts on accumulated depreciation and impairment, as follows: Schedule of asset and readjustment on accumulated depreciation and impairment Platforms Vessels Properties Total Balance at December 31, 2022 9,211 8,254 1,747 19,212 Cost 12,604 14,788 2,278 29,670 Accumulated depreciation and impairment (3,393) (6,534) (531) (10,458) Without contractual readjustment clauses − (5,322) (64) (5,386) With contractual readjustment clauses - Brazil (3,393) (218) − (3,611) With contractual readjustment clauses – abroad − (994) (467) (1,461) Balance at December 31, 2021 9,840 5,997 1,215 17,052 Cost 13,362 11,267 1,753 26,382 Accumulated depreciation and impairment (3,522) (5,270) (538) (9,330) Without contractual readjustment clauses − (4,375) (97) (4,472) With contractual readjustment clauses - Brazil (3,522) (196) − (3,718) With contractual readjustment clauses – abroad − (699) (441) (1,140) Accounting policy for property, plant and equipment Property, plant and equipment are measured at the cost of acquisition or construction, including all costs necessary to bring the asset to working condition for its intended use and the estimated cost of dismantling and removing the asset and restoring the site, reduced by accumulated depreciation and impairment losses. A condition for continuing to operate certain items of property, plant and equipment, such as industrial plants, offshore plants and vessels is the performance of regular major inspections and maintenance. Those expenditures are capitalized if a maintenance campaign is expected to occur, at least, 12 months later. Otherwise, they are expensed when incurred. The capitalized costs are depreciated over the period through the next major maintenance date. Spare parts are capitalized when they are expected to be used during more than one period and can only be used in connection with an item of property, plant and equipment, and are depreciated over the useful life of the item of property, plant and equipment to which they relate. Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the costs of these assets. General borrowing costs are capitalized based on the Company’s weighted average cost of borrowings outstanding applied over the balance of assets under construction. In general, the Company suspends capitalization of borrowing to the extent investments in a qualifying asset hibernates during a period greater than one year or whenever the asset is prepared for its intended use. Assets directly associated to the production of oil and gas in a contracted area whose useful lives are not less than the life of the field (reserve exhaustion time), including rights and concessions such as signature bonus, are depleted by the unit-of-production method. The unit-of-production method of depreciation (amortization) is computed based on the monthly production volume over the proved developed oil and gas reserves, except for signature bonuses for which unit of production method takes into account the monthly production over the total proved oil and gas reserves on a field-by-field basis. Assets related to oil and gas production with useful lives shorter than the life of the field; floating platforms and other assets unrelated to oil and gas production are depreciated on a straight-line basis over their useful lives, which are reviewed annually. Note 23.2 provides further information on the estimated useful life by class of assets. Lands are not depreciated. Right-of-use assets are presented as property, plant and equipment and, according to the useful lives of their respective underlying assets and the characteristics of lease agreements (term, asset transfer or exercise of call option), are depreciated using the straight-line method based on contractual terms. 23.4. Oil and Gas fields operated by Petrobras returned to ANP In 2022, the following oil and gas fields were returned to ANP: Anequim, Congro, Corvina, Garoupa, Garoupinha, Malhado, Namorado, Parati and Viola. These fields were returned to ANP mainly due to their economic unfeasibility and, as a consequence, the Company wrote off the amount of US$ 619 In 2021, the following oil and gas fields were returned to ANP: Bijupirá, Lagosta, Merluza e Salema. These fields were returned to ANP mainly due to their economic unfeasibility and, as a consequence, the Company wrote off the amount of US$ 27 In 2020, the following oil and gas fields were returned to ANP: Agulha, Caioba, Camorim, Dourado, Guaricema, Piranema, Piranema Sul, Salgo e Tatuí. These fields were returned to ANP mainly due to their economic unfeasibility and, as a consequence, the Company wrote off the amount of US$ 12 23.5. Capitalization rate used to determine the amount of borrowing costs eligible for capitalization The capitalization rate used to determine the amount of borrowing costs eligible for capitalization was the weighted average of the borrowing costs applicable to the borrowings that were outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. For the year ended December 31,2022, the capitalization rate was 6.55 6.17 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets | |
Intangible assets | 24. Intangible assets 24.1. By class of assets Schedule of class of assets Rights and Concessions (*) Software Goodwill Total Balance at January 1, 2022 2,695 308 22 3,025 Cost 2,744 1,321 22 4,087 Accumulated amortization and impairment (49) (1,013) − (1,062) Addition 898 181 − 1,079 Capitalized borrowing costs − 11 − 11 Write-offs (12) (6) − (18) Transfers (11) (1) − (12) Signature Bonuses Transfers (**) (1,177) − − (1,177) Amortization (4) (73) − (77) Impairment recognition − (1) − (1) Translation adjustment 134 20 2 156 Balance at December 31, 2022 2,523 439 24 2,986 Cost 2,578 1,560 24 4,162 Accumulated amortization and impairment (55) (1,121) − (1,176) Estimated useful life in years (***) 5 Indefinite Balance at January 1, 2021 14,714 210 24 14,948 Cost 14,803 1,245 24 16,072 Accumulated amortization and impairment (89) (1,035) − (1,124) Addition 106 165 − 271 Capitalized borrowing costs − 5 − 5 Write-offs (12) (3) − (15) Transfers (94) 3 − (91) Signature Bonuses Transfers (**) (11,629) − − (11,629) Amortization (6) (54) − (60) Impairment reversal − 1 − 1 Translation adjustment (384) (19) (2) (405) Balance at December 31, 2021 2,695 308 22 3,025 Cost 2,744 1,321 22 4,087 Accumulated amortization and impairment (49) (1,013) − (1,062) Estimated useful life in years (***) 5 Indefinite (*) It comprises mainly signature bonuses (amounts 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 PP&E relating to Sépia, Atapu and Itapu in 2022 (Búzios in 2021). (***) Mainly composed of assets with indefinite useful lives, which are reviewed annually to determine whether events and circumstances continue to support an indefinite useful life assessment. 24.2. ANP Bidding Result Sudoeste de Sagitário, Água Marinha e Norte de Brava Blocks - 1st Cycle of Permanent Offer for Production Sharing On December 16, 2022, Petrobras acquired the right to explore and produce oil and natural gas in Sudoeste de Sagitário, Água Marinha and Norte de Brava blocks in the 1st Cycle of Permanent Offer for Production Sharing, carried out by the ANP. The total amount of signature bonuses to be paid by Petrobras is US$ 140 729 The Sudoeste de Sagitário block was acquired with Shell Brasil, which will have a 40 60 The Água Marinha block was acquired in partnership with TotalEnergies EP ( 30 20 20 30 The Norte de Brava block was entirely acquired by Petrobras. 24.3. Surplus volumes of Transfer of Rights Agreement Atapu and Sépia On April 27, 2022, Petrobras signed the Production Sharing Contract for the surplus volume of the Transfer of Rights Agreement related to the Atapu field, in partnership with Shell Brasil Petróleo Ltda (Shell, 25%) and TotalEnergies EP Brasil Ltda. (TotalEnergies, 22.5%), and related to the Sépia field in consortium with TotalEnergies (28%), Petronas Petróleo Brasil Ltda. (Petronas, 21%) and QP Brasil Ltda. (QP, 21%), according to the results of the Second Bidding Round for the Surplus Volume of the Transfer of Rights Agreement in the Production Sharing regime, which was held on December 17, 2021. Also on April 27, 2022, the Company signed the Co-participation Agreements and the Amendments to the Agreement for the Individualization of Atapu and Sépia Production (AIPs), which are necessary to manage the coexisting deposits of the Transfer of Rights Agreement and the Production Sharing Contract (related to the surplus volume) of these areas. The compensation to Petrobras for Atapu and Sépia, including an estimate of the gross-up of the taxes levied, pursuant to Ordinance No. 8 of April 19, 2021 of the MME, were paid by the partners in April 2022, totaling US$ 2,093 3,059 The agreements became effective on May 2, 2022, when Pré-Sal Petróleo S.A. (PPSA) confirmed there was no settlement pending for this transaction, in accordance with the provisions of Ordinance No. 519 of May 21, 2021 of the MME. On the same date, a partial write-off of the assets associated with these fields was carried out, in exchange for the financial compensation, resulting in a transaction similar to a sale. The signature bonus corresponding to the Company's participation in the Production Sharing Contract was US$ 416 for Atapu and US$ 424 for Sépia. Since these agreements relate to the surplus volume of fields with technical and commercial feasibility already identified, the signature bonuses paid by the Company in the first quarter of 2022, totaling US$ 840, were transferred from intangible assets to property, plant and equipment after the Co-participation Agreements came into effect. The Company accounted for an additional US$ 129 60 69 Additionally, as established in Ordinance No. 8 of April 19, 2021, between 2022 and 2032, whenever the price of Brent oil reaches an annual average ranging from US$ 40.00 70.00 5,244 In 2022, the Company recognized part of this contingent asset related to the Earn Out for the years 2022 and 2023, in the amount of US$ 693 384 309 Such earn outs are due as of the last business day of January of the subsequent year. The total gain in this operation, including the earn out for 2022, was US$ 3,552 (US$ 1,242 for Atapu and US$ 2,310 for Sépia), accounted for within other income and expenses. Búzios On November 6, 2019, the ANP held the Bidding Round for the Surplus Volume of the Transfer of Rights Agreement, when the Company acquired a 90% interest in the exploration and production rights of the surplus volume of Búzios field, in the pre-salt layer of Santos basin, in partnership with CNODC Brasil Petróleo e Gás Ltda. - CNODC (5%) and CNOOC Petroleum Brasil Ltda. - CNOOC (5%). Expenses incurred by Petrobras in the ordinary operations of the bidding area for the benefit of the consortium, made prior to the start of the Búzios Co-participation Agreement and not included in the total compensation amount, in the updated amount of US$ 58 319 In addition, on March 4, 2022, Petrobras signed an agreement with its partner CNOOC for the transfer of 5% of its interest in the Production Sharing Contract for the Surplus Volume of the Transfer of Rights Agreement of the Búzios field, in the pre-salt layer of the Santos basin, to this company. The agreement results from the call option exercised by CNOOC on September 29, 2021. On November 24, 2022, Petrobras received US$ 1,953 The total gain in this operation was US$ 735 After the transaction becomes effective, Petrobras hold an 85% interest in the Production Sharing Contract of the Surplus Volume of the Transfer of Rights Agreement of the Búzios field, CNOOC hold a 10% interest and CNODC a 5% interest. The total participation in this Búzios Co-participation Agreement, including the portions of the Transfer of Rights Agreement and of the BS-500 Concession Agreement (100% of Petrobras) is 88.99% of Petrobras, 7.34% of CNOOC and 3.67% of CNODC. 24.4. Exploration rights returned to the Brazilian Agency of Petroleum, Natural Gas and Biofuels - Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (ANP) In 2022, there were no basins returned to the ANP. In 2021, 3 exploration areas in Santos and Potiguar basins were returned to the ANP, totaling US$ 3 Accounting policy for intangible assets Intangible assets are measured at the acquisition cost, less accumulated amortization and impairment losses. Internally-generated intangible assets are not capitalized and are expensed as incurred, except for development costs that meet the recognition criteria related to the completion and use of assets, probable future economic benefits, and others. When the technical and commercial feasibility of oil and gas production is demonstrated for the first field in an area, the value of the signature bonus is reclassified to property, plant and equipment at their full value. While they are registered in intangible assets, they are not amortized. Other intangible assets with defined useful lives are amortized on a straight-line basis over their estimated useful lives. If, when defining the technical and commercial feasibility of the first field of a block, there are exploratory activities being carried out in different locations in the block, so that oil and gas volumes can be estimated for other possible reservoirs in the area, then the value of the signature bonus is partially reclassified to PP&E, based on the ratio between the volume of oil and gas expected (oil in place - VOIP) of a specific reservoir and the total volume of oil and gas expected for all possible reservoirs in the area. If exploratory activities in the remaining areas do not result in technical and commercial viability, the corresponding value of the signature bonus is not written off, but transferred to PP&E and added to the value of the signature bonus related to the location that was previously assessed as technically and commercially viable. Intangible assets with an indefinite useful life are not amortized but are tested annually for impairment. Their useful lives are reviewed annually. |
Impairment
Impairment | 12 Months Ended |
Dec. 31, 2022 | |
Impairment | |
Impairment | 25. Impairment Schedule of impairment losses reversals (Losses) / reversals 2022 2021 2020 Property, plant and equipment (1,163) 3,414 (7,342) Intangible assets (1) 1 (12) Assets classified as held for sale (151) (225) 15 Impairment losses (1,315) 3,190 (7,339) Investments (6) 383 (514) Net effect within the statement of income (1,321) 3,573 (7,853) Losses (1,640) (654) (15,692) Reversals 319 4,227 7,839 The Company annually tests its assets for impairment or when there is an indication that their carrying amount may not be recoverable, or that there may be a reversal of impairment losses recognized in previous years. On November 30, 2022, management concluded and approved its 2023-2027 Strategic Plan, considering a complete update of economic assumptions, as well as its project portfolio and estimates of reserve volumes. The oil and gas production estimated in the scope of this plan indicates a continuous growth focused on the development of projects that generate higher value, with an increase in the participation of assets in the pre-salt layer, which present lower lifting costs. During this period, 18 new production systems are expected to enter into operation, all of which to be allocated to deep and ultra-deep water projects. 25.1. Impairment of property, plant and equipment and intangible assets Schedule of Impairment Losses, Net of Reversals, Recognized Within Statement of Income Asset or CGU by nature (*) Carrying amount Recoverable amount (**) Impairment (losses) / reversals Business segment Comments 2022 Property, plant and equipment and intangible assets Producing properties relating to oil and gas activities in Brazil (several CGUs) 8,307 7,747 (628) E&P item (a1) Oil and gas production and drilling equipment in Brazil 486 7 (478) E&P item (b1) Itaboraí utilities 919 777 (142) Gas &Power item (c) Second refining unit in RNEST 792 882 89 RT&M item (d1) Others (5) Several (1,164) 2021 Property, plant and equipment and intangible assets Producing properties relating to oil and gas activities in Brazil (several CGUs) 23,734 36,396 3,373 E&P item (a2) Oil and gas production and drilling equipment in Brazil 250 - (250) E&P item (b2) Second refining unit in RNEST 404 767 359 RT&M item (d2) Others (67) Several 3,415 2020 Property, plant and equipment and intangible assets Producing properties relating to oil and gas activities in Brazil (several CGUs) 42,421 40,511 (7,316) E&P item (a3) Oil and gas production and drilling equipment in Brazil 120 − (119) E&P item (b3) Second refining unit in RNEST 410 388 (22) RT&M item (d3) Comperj 266 526 260 RT&M item (e) Corporate facilities 152 − (161) Corporate, others item (f) Others 2 Several (7,354) (*) It only includes carrying amounts and recoverable amounts of impaired assets or assets for which reversals were recognized. (**) The recoverable amounts of assets for impairment computation were their value in use, except for assets held for sale, for which is used fair value. In assessing the recoverable amount of property, plant and equipment and intangible assets, individually or grouped in CGUs, the Company bases its cash flow projections on: · the estimated useful life of the asset or assets grouped into the CGU, based on the expected use of those assets, considering the Company’s maintenance policy; · assumptions and financial forecasts approved by management for the period corresponding to the expected life cycle of each different business; and · discount rates derived from the Company’s post-tax weighted average cost of capital (WACC), adjusted by specific risk-premiums in case of projects postponed for an extended period, or by specific country-risks, in case of assets abroad. The use of post-tax discount rates in determining value in use does not result in different recoverable amounts if pre-tax discount rates had been used. 25.1.1. Planning assumptions used in impairment testing The cash flow projections used to measure the value in use of the CGUs, at December 31, 2022, were mainly based on the following updated assumptions for average Brent prices and Brazilian real/U.S. dollar average exchange rates: Schedule of assumptions for average Brent prices and Brazilian real/U.S. dollar average exchange rates 2023-2027 Strategic Plan 2023 2024 2025 2026 2027 Long term Average Average Brent (US$/barrel) 85 80 75 70 65 55 Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate 5.02 5.00 5.00 4.97 4.88 4.76 At December 31, 2021, average Brent prices and Brazilian real/U.S. dollar average exchange rates used were: 2022-2026 Strategic Plan (*) 2022 2023 2024 2025 2026 Long term Average Average Brent (US$/barrel) 72 65 60 55 55 55 Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate 5.40 5.33 5.19 5.15 5.14 5.08 At December 31, 2020, average Brent prices and Brazilian real/U.S. dollar average exchange rates used were: 2021-2025 Strategic Plan (*) 2021 2022 2023 2024 2025 Long term Average Average Brent (US$/barrel) 45 45 50 50 50 50 Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate 5.50 4.69 4.46 4.28 4.07 3.76 Post-tax discount rates, excluding inflation, applied in the tests which presented the main impairment losses and reversals for the period were: Schedule of Post-tax discount rates, excluding inflation Activity 12.31.2022 12.31.2021 Producing properties relating to oil and gas activities in Brazil 7.3 6.4 RT&M in Brazil – postponed projects 7.1 6.2 Gas utilities 5.7 5.1 Information on key assumptions for impairment testing and on CGU definitions is presented in note 4.2. 25.1.2. Information on the main impairment losses of property, plant and equipment and intangible assets a1) Producing properties in Brazil – 2022 Impairment losses on producing properties in Brazil amount to US$ 628, mainly in Roncador field (US$ 518), reflecting the revision of abandonment costs and of the recovery of areas, as well as changes in operational efficiency estimates, which had a negative effect over production curves of this field. a2) Producing properties in Brazil – 2021 Impairment reversals on producing properties in Brazil amount to US$ 3,918, most of it related to CGUs of producing properties, reflecting the revision on the key assumptions of the 2022-2026 Strategic Plan, mainly the increase in average Brent prices. a3) Producing properties in Brazil – 2020 Impairment losses on producing properties in Brazil amounted to US$ 7,316, most of it related to CGUs that provided service in E&P fields, also reflecting the hibernation of producing assets on the first quarter of 2020, as well as the revision on the key assumptions of the Strategic Plan, mainly expected Brent prices, depreciation of Brazilian real against U.S. dollar, economic slowdown and reduction on demand for oil and oil products. b1) Oil and gas production and drilling equipment in Brazil – 2022 Impairment losses of US$ 478 relates to equipment and structures in the E&P segment, mainly due to the decision to cease the use of platforms P-18, P-19, P-20, P-35 and P-47 in the Marlim field, leading to the recognition of losses in the amount of US$ 402. b2) Oil and gas production and drilling equipment in Brazil - 2021 Impairment losses of US$ 250 relates to equipment and structures in the E&P segment, mainly due to the decision to cease the use of platforms P-26 and P-33 in the Marlim field, leading to the recognition of losses in the amount of US$ 210. b3) Oil and gas production and drilling equipment in Brazil - 2020 Impairment losses of US$ 120 relates to equipment and structures in the E&P segment, mainly due to the decision to cease with the Estaleiro Inhaúma project, leading to the recognition of losses in the amount of US$ 69. c) Itaboraí utilities The postponement of the beginning of operations of the Natural Gas Processing Unit (UPGN) of the Gaslub plant in Itaboraí, in the state of Rio de Janeiro, due to the termination of the agreement with the contractor responsible for the works, impacted revenue estimate, resulting in the recognition of a US$ 142 impairment loss. d1) Second refining unit of RNEST – 2022 The cash flows to measure the value in use of the second refining unit of RNEST considers operational optimization and the margins for the refining segment estimated in the 2023-2027 Strategic Plan, triggering impairment reversals in the amount of US$ 89. d2) Second refining unit of RNEST – 2021 The cash flows to measure the value in use of the second refining unit of RNEST took into account the decision to resume the works, according to the 2022-2026 Strategic Plan, triggering impairment reversals in the amount of US$ 359. d3) Second refining unit of RNEST – 2020 The cash flows to measure the value in use of the second refining unit of RNEST took into account the postponing of the beginning of the operation, triggering impairment losses in the amount of US$ 22. e) Comperj – 2020 Impairment reversals amounted to US$ 260, mainly due to the reduction in the estimated investments for the completion of the project relating to the first refining unit facilities, resulting from the depreciation of the Brazilian Real in relation to the U.S. Dollar, as well as to optimization measures adopted. f) Corporate facilities – 2020 The Company decided to hibernate a corporate building, in the state of Bahia, due to its permanent vacancy, resulting in a US$ 161 impairment loss on the right of use asset. 25.1.3. Assets most sensitive to future impairment Whenever the recoverable amount of an asset or CGU falls below the carrying amount, an impairment loss is recognized to reduce the carrying amount to the recoverable amount. The following table presents the assets and CGUs most sensitive to future impairment losses, presenting recoverable amounts close to their current carrying amounts. The analysis presented below considers CGUs with estimated impairment losses or reversals if there was a 10% reduction or increase in their recoverable amounts, arising from changes in material assumptions: Summary of Assets and CGU Most Sensitive to Future Impairment Losses Potential impairment losses - 10% reduction in the recoverable amount Business segment Carrying amount Recoverable amount Sensitivity Asset with recoverable amount close to its carrying amount CGU Marlim Sul E&P 5,544 5,365 (179) Assets with impairment losses Producing properties relating to oil and gas activities in Brazil (CGU Roncador) E&P 7,313 6,581 (732) Second refining unit of RNEST RTC 882 794 (88) Itaboraí utilities G&E 777 699 (78) 14,516 13,439 (1,077) Potential impairment reversals - 10% increase in the recoverable amount Business segment Carrying amount Recoverable amount Sensitivity (*) Assets with impairment losses Producing properties relating to oil and gas activities in Brazil (CGU Roncador) E&P 7,313 8,044 731 Second refining unit of RNEST RTC 882 970 88 Itaboraí utilities G&E 777 855 78 8,972 9,869 897 (*) When calculating a 10% increase in the recoverable amount, the amount of impairment to be reversed is limited to the accumulated impairment of the CGU or to their recoverable amounts, whichever is lower. Accounting policy for impairment of property, plant and equipment and intangible assets Property, plant and equipment and intangible assets are assessed for impairment at the smallest identifiable group that generates largely independent cash inflows from other assets or groups of assets (CGU). Note 4.2 presents detailed information about the Company’s CGUs. Assets related to development and production of oil and gas assets (fields or group of fields) that have indefinite useful lives, such as goodwill, are tested for impairment at least annually, irrespective of whether there is any indication of impairment. Considering the existing synergies between the Company’s assets and businesses, as well as the expectation of the use of its assets for their remaining useful lives, value in use is generally used by the Company for impairment testing purposes. When specifically indicated, the Company assesses differences between its assumptions and assumptions that would be used by market participants in the determination of the fair value of an asset or CGU. Reversal of previously recognized impairment losses may occur for assets other than goodwill. 25.2. Assets classified as held for sale Schedule of Impairment Losses, Net of Reversals, Recognized Within Statement of Income Asset or CGU by nature (*) Carrying amount Recoverable amount (**) Impairment (losses) / reversals Business segment 2022 Producing properties relating to oil and gas activities 376 300 (116) E&P Refinery and associated logistics assets 77 34 (44) RT&M Others 9 Total (151) 2021 Thermoelectric power plants 91 12 (79) G&E Investments in associates and joint ventures 107 44 (67) G&E Oil and gas production and drilling equipment 47 - (46) E&P Refineries and associated logistics assets 255 218 (37) RT&M Others 4 Total (225) 2020 Producing properties relating to oil and gas activities − 279 67 E&P Cartola and Ataulfo Alves vessels 80 19 (62) RT&M Others 10 Total 15 (*) It only includes carrying amounts and recoverable amounts of impaired assets or assets for which reversals were recognized. (**) The recoverable amounts of assets for impairment computation were their fair value. In 2022, the Company recognized losses on assets held for sale, in the amount of US$ 150, arising from the assessment at the fair value of assets, net of disposal expenses, mainly: i. producing properties relating to oil and gas activities – a US$ 116 impairment loss, due to the revision of abandonment costs and of the recovery of areas of several concessions in groups of fields Golfinho (a US$ 72 impairment loss), Pescada (a US$ 29 impairment loss) and Camarupim (a US$ 15 impairment loss); and ii. refinery and associated logistics assets: approval for the disposal of LUBNOR refinery, in the state of Ceará, resulting in the recognition of a US$ 44 impairment loss. In 2021, the Company recognized losses on assets held for sale, in the amount of US$ 225, arising from the assessment at the fair value of assets, net of disposal expenses, mainly due to: i. Camaçari power plants – following the closing of the sale of thermoelectric power plants Arembepe, Muryci and Bahia 1, located in Camaçari, in the state of Bahia, these assets were measured at fair value net of selling expenses, and a US$ 79 impairment loss was accounted for in the second quarter of 2021. ii. Breitener Energética S.A – following the sale of this company, in the state of Amazonas, Petrobras recognized a US$ 67 loss; iii. Oil and gas production and drilling equipment in Brazil: approval for the disposal of P-32 platform, resulting in the recognition of US$ 46 losses; and iv. Refineries and associated logistics assets: following the approval for the sale of refinery Isaac Sabbá (REMAN), in the state of Amazonas, a US$ 12 impairment loss was recognized, and of the refinery Shale Industrialization Unit (SIX), in the state of Paraná, a US$ 25 impairment loss was recognized. In 2020, the Company recognized reversals in the amount of US$ 15 arising from the fair value of assets, net of disposal expenses, with the most significant relating to: v. the sale of Recôncavo group of fields (14 concessions located onshore and in shallow waters) in the amount of US$ 35; vi. the sale of Rio Ventura group of fields (8 concessions located onshore) in the amount of US$ 18; vii. the sale of Fazenda Belém group of fields, in the amount of US$ 14. These reversals were partially offset by a US$ 62 impairment loss relating to Cartola and Ataulfo Alves vessels. The accounting policy for assets and liabilities held for sale is set out in note 30. 25.3. Investments in associates and joint ventures (including goodwill) Value in use is generally used for impairment test of investments in associates and joint ventures (including goodwill). The basis for estimates of cash flow projections includes: projections covering a period of 5 to 12 years, zero-growth rate perpetuity, budgets, forecasts and assumptions approved by management and a post-tax discount rate derived from the WACC or the Capital Asset Pricing Model (CAPM) models, specific for each case. Accounting policy for impairment of associates and joint ventures Investments in associates and joint ventures are tested individually for impairment. When performing impairment testing of an equity-accounted investment, goodwill, if it exists, is also considered part of the carrying amount to be compared to the recoverable amount. Except when specifically indicated, value in use is generally used by the Company for impairment testing purposes in proportion to the Company’s interests in the present value of future cash flow projections via dividends and other distributions. 25.3.1. Investment in publicly traded associates a) Braskem S.A. Braskem’s shares are publicly traded on stock exchanges in Brazil and abroad. As of December 31, 2022, the quoted market value of the Company’s investment in Braskem was US$ 1,370 based on the quoted values of both Petrobras’ interest in Braskem’s common stock (47% of the outstanding shares), and preferred stock (22% of the outstanding shares). However, there is extremely limited trading of the common shares, since non-signatories of the shareholders’ agreement hold only approximately 3% of the common shares. Given the operational relationship between Petrobras and Braskem, the recoverable amount of the investment for impairment testing purposes was determined based on value in use, considering future cash flow projections and the manner in which the Company can derive value from this investment via dividends and other distributions to arrive at its value in use. As the recoverable amount was higher than the carrying amount, no impairment losses were recognized for this investment. Cash flow projections to determine the value in use of Braskem were based on estimated prices of feedstock and petrochemical products reflecting international trends on prices, petrochemical products sales volume estimates reflecting projected Brazilian and global G.D.P. growth, post-tax discount rate (excluding inflation) of 6.2% p.a., (WACC), and decreases in the EBITDA margin during the growth cycle of the petrochemical industry in the next years and increases in the long-term. Estimated exchange rates and Brent prices are the same as those set out in note 25.1.1. On December 16, 2021, Petrobras' Board of Directors approved the model for the sale of up to 100% of its preferred shares of Braskem, to be conducted through a secondary public offering (follow-on), according to an agreement entered into with Novonor (Braskem's parent company). On January 17, 2022, Petrobras filed a follow-on request with the CVM. However, on January 28, 2022, the offer was canceled due to unstable market conditions, which resulted in demand and price levels unfavorable for the transaction. b) Petrobras Distribuidora S.A. (renamed Vibra Energia S.A.) On August 26, 2020 the Company’s Board of Directors approved the disposal of the remaining interest in this associate and, on June 30, 2021, the Company’s Board of Directors approved the price per common share of BR Distribuidora in the amount of US$ 5.20 (R$ 26.00) for the secondary public offering (follow on) of these shares, totaling US$ 2,252 (R$ 11,264 million), net of transaction costs. Accordingly, considering the sale of the shares and the cash flows arising from this sale, a US$ 404 impairment reversal was accounted for within results of equity-accounted investments, in the second quarter of 2021. The transaction was closed on July 5, 2021. |
Exploration and evaluation of o
Exploration and evaluation of oil and gas reserves | 12 Months Ended |
Dec. 31, 2022 | |
Exploration And Evaluation Of Oil And Gas Reserves | |
Exploration and evaluation of oil and gas reserves | 26. Exploration and evaluation of oil and gas reserves The exploration and evaluation activities include the search for oil and gas reserves from the date of obtaining the legal rights to explore a specific area to the moment in which technical and commercial feasibility to produce oil and gas are demonstrated. Changes in the balances of capitalized costs directly associated with exploratory wells pending determination of proved reserves and the balance of amounts paid for obtaining rights and concessions for exploration of oil and natural gas (capitalized acquisition costs) are set out in the following table: Schedule of changes in balances of capitalized costs and capitalized acquisition costs Capitalized Exploratory Well Costs / Capitalized Acquisition Costs (*) 2022 2021 Property plant and equipment Opening Balance 1,994 3,024 Additions 379 459 Write-offs (545) (188) Transfers (83) (1,097) Translation adjustment 131 (204) Closing Balance 1,876 1,994 Intangible Assets 2,406 2,576 Capitalized Exploratory Well Costs / Capitalized Acquisition Costs 4,282 4,570 (*) Amounts capitalized and subsequently expensed in the same period have been excluded from this table. Exploration costs recognized in the statement of income and cash used in oil and gas exploration and evaluation activities are set out in the following table: Schedule of exploration costs recognized in the statement of income and cash used in oil and gas exploration and evaluation activities 2022 2021 2020 Exploration costs recognized in the statement of income Geological and geophysical expenses (342) (358) 296 Exploration expenditures written off (includes dry wells and signature bonuses) (691) (248) 456 Contractual penalties on local content requirements 165 (47) 38 Other exploration expenses (19) (34) 13 Total expenses (887) (687) 803 Cash used in: Operating activities 360 393 307 Investment activities 1,253 555 532 Total cash used 1,613 948 839 In 2022, exploration expenditures written off were mainly related to 8 exploratory wells in the Sergipe and Alagoas basin (US$ 453), and projects run by subsidiaries of PIBBV in Colombia (US$ 107) and Bolivia (US$ 56). Term of Conduct Adjustment with the ANP In 2022, Petrobras approved the execution, with the ANP, of a Term of Conduct Adjustment (TAC) 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; • 18 concessions in which Petrobras operates in partnership with other companies, located in the Almada, Espírito Santo, Mucuri, Parnaíba, Pelotas, Pernambuco-Paraíba, Potiguar, Recôncavo, Santos and Sergipe basins. The TAC provides for the conversion of fines into investment commitments in the Exploration and Production segment with local content. Under the terms of the agreement, Petrobras is committed to investing US$ 288 (R$ 1,501 million) in local content by December 31, 2026. As a result, all administrative proceedings related to the collection of fines arising from alleged non-compliance with local content in these concessions will be closed, resulting in a US$ 180 gain for the reversal of this liability as of December 31, 2022. Accounting policy for exploration and evaluation of oil and gas reserves The costs incurred in connection with the exploration, appraisal and development of crude oil and natural gas production are accounted for using the successful efforts method of accounting, as set out below: • geological and geophysical costs related to exploration and appraisal activities incurred until economic and technical feasibility are demonstrated are immediately recognized as an expense; • amounts paid for obtaining concessions for exploration of crude oil and natural gas (capitalized acquisition costs) are initially capitalized as intangible assets and are transferred to property, plant and equipment once the technical and commercial feasibility are demonstrated. More information on intangible assets accounting policy, see note 24; • costs directly attributable to exploratory wells, including their equipment, installations and other costs necessary to identify the technical and commercial feasibility, pending determination of proved reserves, are capitalized within property, plant and equipment. In some cases, exploratory wells have discovered oil and gas reserves, but at the moment the well drilling is completed they are not yet able to be classified as proved. In such cases, the expenses continue to be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well and progress on assessing the reserves and the technical and commercial feasibility of the project is under way (for more information see note 24); • an internal commission of technical executives of the Company monthly reviews these conditions for each well, by analysis of geoscience and engineering data, existing economic conditions, operating methods and government regulations (for more information see note 4.1); • costs related to exploratory wells drilled in areas of unproved reserves are charged to expense when determined to be dry or uneconomic by the aforementioned internal commission; and • costs related to the construction, installation and completion of infrastructure facilities, such as drilling of development wells, construction of platforms and natural gas processing units, construction of equipment and facilities for the extraction, handling, storing, processing or treating crude oil and natural gas, pipelines, storage facilities, waste disposal facilities and other related costs incurred in connection with the development of proved reserve areas (technically and commercially feasible) are capitalized within property, plant and equipment. 26.1. Aging of Capitalized Exploratory Well Costs The following tables set out the amounts of exploratory well costs that have been capitalized for a period of one year or more after the completion of drilling, the number of projects whose costs have been capitalized for a period greater than one year, and an aging of those amounts by year (including the number of wells relating to those costs): Schedule of capitalized exploratory well costs Aging of capitalized exploratory well costs (*) 2022 2021 Exploratory well costs capitalized for a period of one year 406 136 Exploratory well costs capitalized for a period greater than one year 1,470 1,858 Total capitalized exploratory well costs 1,876 1,994 Number of projects relating to exploratory well costs capitalized for a period greater than one year 15 22 Schedule of capitalized costs and number of wells Capitalized costs (2022) Number of wells 2021 74 2 2020 17 1 2017 and previous years 1,379 20 Exploratory well costs that have been capitalized for a period greater than one year 1,470 23 (*) Amounts paid for obtaining rights and concessions for exploration of oil and gas (capitalized acquisition costs) are not included. Exploratory well costs that have been capitalized for a period greater than one year since the completion of drilling relate to 15 projects comprising 23 wells, are composed of (i) US$ 1,413 of wells in areas in which there has been ongoing drilling or firmly planned drilling activities for the near term and for which an evaluation plan has been submitted for approval by the ANP; and (ii) US$ 57 relates to costs incurred to evaluate technical and commercial feasibility necessary for the decision on the production development and on definition of proved reserves. |
Collateral for crude oil explor
Collateral for crude oil exploration concession agreements | 12 Months Ended |
Dec. 31, 2022 | |
Collateral For Crude Oil Exploration Concession Agreements | |
Collateral for crude oil exploration concession agreements | 27. Collateral for crude oil exploration concession agreements The Company has granted collateral to ANP in connection with the performance of the Minimum Exploration Programs established in the concession agreements for petroleum exploration areas in the total amount of US$ 1,748 1,574 1,648 1,243 100 331 |
Partnerships in E&P activities
Partnerships in E&P activities | 12 Months Ended |
Dec. 31, 2022 | |
Partnerships In Ep Activities | |
Partnerships in E&P activities | 28. Partnerships in E&P activities In line with its strategic objectives, Petrobras operates in association with other companies in partnerships in Brazil as holder of oil and natural gas exploration and production rights in concessions and production sharing regimes. As of December 31, 2022, the Company holds interests in 78 partnerships with 36 companies, among which Petrobras is the operator in 50 (in 2021, 85 partnerships with 37 companies and operator in 55). The partnerships formed in 2022 are described below (there were no new partnerships formed in 2021): Schedule of The partnerships formed Consortium Location Petrobras % Partners % Operator Year Additional Information ANP Bonus Petrobras portion Atapu Santos basin 52.5 Shell - 25% TotalEnergies - 22,5% Petrobras 2022 Production sharing 402 Sépia Santos basin 30.0 TotalEnergies - 28% Petronas - 21% QP - 21% Petrobras 2022 Production sharing 409 Schedule of production referring to Petrobras's participation Field Location % Petrobras % Partners Petrobras production portion in 2022 (kboed) Regime Operador Tupi (BMS-11) Santos basin pre-salt 65 Shell – 25 Petrogal – 10 709 Concession Petrobras Búzios Santos basin pre-salt 85 CNODC – 10 CNOOC – 5 469 Production sharing Petrobras Roncador Campos basin 75 Equinor – 25 107 Concession Petrobras Sapinhoá (BMS-9) Santos basin pre-salt 45 Shell – 30 Repsol Sinopec – 25 106 Concession Petrobras Mero Santos basin pre-salt 40 Total – 20 Shell – 20 CNODC – 10 CNOOC – 10 40 Production sharing Petrobras Sururu Santos basin pre-salt 43 Shell – 25 Total – 22.5 Petrogal – 10 38 Concession Petrobras Tartaruga Verde Campos basin 50 Petronas – 50 37 Concession Petrobras Atapu Santos basin pre-salt 53 Shell – 25 Total – 22.5 31 Production sharing Petrobras Albacora Leste Campos basin 90 Repsol Sinopec - 10 29 Concession Petrobras Sépia Santos basin pre-salt 30 Total – 28 Petronas - 21 Qatar – 21 22 Production sharing Petrobras Total 1,588 (*) On January 26, 2023, Petrobras concluded the sale of its entire interest, as set out in note 37. Accounting policy for joint operations The E&P partnerships are classified as joint operations, where the assets, liabilities, revenues and expenses relating to these partnerships are accounted for in the financial statements individually, observing the applicable specific accounting policies and reflecting the portion of the contractual rights and obligations that the company has. 28.1. Unitization 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 related to these consortia. These agreements result in reimbursements payable to (or receivable from) partners regarding expenses and production volumes mainly related to Agulhinha, Albacora Leste, Berbigão, Budião Noroeste, Budião Sudeste, Caratinga, Sururu and Tartaruga. Berbigão, Sururu, Albacora Leste and others The table below presents changes in the reimbursements payable relating to the execution of the AIP submitted to the approval of the ANP: Schedule of reimbursements payable relating to the execution of the AIP submitted to the approval of the ANP 2022 2021 Opening balance 364 370 Additions/(Write-offs) on PP&E (7) (64) Other income and expenses 26 84 Translation adjustments 24 (26) Closing balance 407 364 In 2022, these agreements resulted in additions and write-offs in PP&E, in addition to other income and expenses, reflecting the best available estimate of the assumptions used in the calculation base and the sharing of assets in areas to be equalized. Accounting Policy for unitization agreements A unitization agreement occurs when a reservoir extends across two or more license or contract areas. In this case, partners pool their individual interests in return for an interest in the overall unit and determine their new stake in the single producing unit. Events that occurred prior to the unitization agreement may lead to the need for compensation between the partners. At the signing of the AIP, an amount to be reimbursed to the Company will be recognized as an asset only when there is a contractual right to reimbursement or when the reimbursement is practically certain. An amount to be reimbursed by the Company will be recognized as a liability when it derives from a contractual obligation or, when the outflow of funds is deemed probable and the amount can be reliable estimated. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments Abstract | |
Investments | 29. Investments 29.1. Information on direct subsidiaries, joint arrangements and associates Summary of information on direct subsidiaries, joint arrangements and associates Main business segment % Petrobras' ownership % Petrobras' voting rights Share-holders’ equity (deficit) Net income (loss)for the year Country Subsidiaries Petrobras International Braspetro - PIB BV Several 100.00 100.00 52,728 3,787 Netherlands Petrobras Transporte S.A. - Transpetro RT&M 100.00 100.00 932 90 Brazil Petrobras Logística de Exploração e Produção S.A. - PB-LOG E&P 100.00 100.00 87 225 Brazil Petrobras Biocombustível S.A. Corporate, others 100.00 100.00 193 (38) Brazil Araucária Nitrogenados S.A. Gas & Power 100.00 100.00 31 10 Brazil Termomacaé S.A. Gas & Power 100.00 100.00 61 14 Brazil Braspetro Oil Services Company - Brasoil Corporate, others 100.00 100.00 118 7 Cayman Islands Termobahia S.A. Gas & Power 98.85 98.85 67 11 Brazil Baixada Santista Energia S.A. Gas & Power 100.00 100.00 58 4 Brazil Fundo de Investimento Imobiliário RB Logística - FII E&P 99.15 99.15 16 8 Brazil Procurement Negócios Eletrônicos S.A. Corporate, others 72.00 49.00 7 2 Brazil Petrobras Comercializadora de Gás e Energia e Participações S.A. Corporate, others 100.00 100.00 11 − Brazil Transportadora Brasileira Gasoduto Bolívia - Brasil S.A. Gas & Power 51.00 51.00 119 181 Brazil Refinaria de Canoas S.A. (i) RT&M 100.00 100.00 − − Brazil Refinaria de Mucuripe S.A RT&M 100.00 100.00 − − Brazil Ibiritermo S.A. Gas & Power 100.00 100.00 2 5 Brazil Associação Petrobras de Saúde (ii) Corporate, others 93.47 93.47 116 21 Brazil Joint operations Fábrica Carioca de Catalizadores S.A. - FCC RT&M 50.00 50.00 50 17 Brazil Joint ventures Logum Logística S.A. RT&M 30.00 30.00 192 (33) Brazil Petrocoque S.A. Indústria e Comércio RT&M 50.00 50.00 16 80 Brazil Refinaria de Petróleo Riograndense S.A. RT&M 33.20 33.33 19 15 Brazil Brasympe Energia S.A. Gas & Power 20.00 20.00 14 1 Brazil Brentech Energia S.A. Gas & Power 30.00 30.00 16 28 Brazil Metanor S.A. - Metanol do Nordeste RT&M 34.54 50.00 19 5 Brazil Companhia de Coque Calcinado de Petróleo S.A. - Coquepar RT&M 45.00 45.00 − − Brazil Associates Braskem S.A. (iii) RT&M 36.15 47.03 1,309 206 Brazil UEG Araucária Ltda. Gas & Power 18.80 18.80 82 (26) Brazil Energética SUAPE II S.A. Gas & Power 20.00 20.00 88 31 Brazil Nitrocolor Produtos Químicos LTDA. RT&M 38.80 38.80 − − Brazil Bioenergética Britarumã S.A. Gas & Power 30.00 30.00 − − Brazil Transportadora Sulbrasileira de Gás - TSB Gas & Power 25.00 25.00 3 2 Brazil (i) Company legally established, with capital contribution of US$ 58 thousand. (ii) APS is a non-profit civil association, which carries out social or assistance activities (health care), and is consolidated in the Company’s financial statements. (iii) Equity and net income at September 30, 2022, most current public information. In 2022, the Company sold some equity interests, including the following significant divestments: · Deten Química S.A.– selling of its interest of 27.88%; · Gaspetro - selling of its interest of 51%; · Refinaria de Manaus S.A. (REMAN) - sale of 100% of the shares; · Paraná Xisto (SIX) - sale of 100% of the shares. For more information on the operations mentioned above and other corporate transactions, see note 30; The main investees of PIB BV are: • Petrobras Global Trading B.V. – PGT (100%, based in the Netherlands), dedicated to the trade of oil, oil products, biofuels and LNG (liquefied natural gas), as well as to the funding of its activities in light of Petrobras; • Petrobras Global Finance B.V. – PGF (100%, based in the Netherlands); the finance subsidiary of Petrobras, raising funds through bonds issued in the international capital market; • Petrobras America Inc. – PAI (100%, based in the United States), dedicated to trading and E&P activities (MP Gulf of Mexico, LLC); and • PNBV (100%, based in the Netherlands), operates through joint operations in Tupi BV (67.59%), Guará BV (45%), Agri Development BV (90%), Libra (40%), Papa Terra BV (62.5%), Roncador BV (75%), Iara BV (90.11%), Petrobras Frade Inversiones SA (100%) and BJOOS BV (20%), dedicated to the construction and lease of equipment and platforms for Brazilian E&P consortia. 29.2. Investments in associates and joint ventures Summary of investments in associates and joint ventures Balance at 12.31.2021 Investments Transfer to assets held for sale Restructuring, capital decrease and others Results in equity-accounted investments CTA OCI Dividends Balance at 12.31.2022 Joint Ventures 509 16 1 (2) 256 1 − (235) 546 MP Gulf of Mexico, LLC/PIB BV 387 − − − 170 1 − (184) 374 Compañia Mega S.A. - MEGA 98 − − − 55 1 − (5) 149 Other joint ventures 24 16 1 (2) 31 (1) − (46) 23 Associates 998 11 (58) (13) (5) (27) 219 (109) 1,016 Other investments 3 − − − − 1 − − 4 Total 1,510 27 (57) (15) 251 (25) 219 (344) 1,566 Balance at 12.31.2020 Investments Transfer to assets held for sale Restructuring, capital decrease and others Results in equity-accounted investments CTA OCI Dividends Balance at 12.31.2021 Joint Ventures 813 9 (325) − 202 1 (1) (190) 509 MP Gulf of Mexico, LLC/PIB BV 366 − − − 122 1 − (102) 387 State natural gas distributors (Gaspetro) 298 − (308) − 38 (2) − (26) − Compañia Mega S.A. - MEGA 82 − − − 31 2 − (17) 98 Other joint ventures 67 9 (17) − 11 − (1) (45) 24 Associates 2,455 15 (2,139) (172) 1,405 (32) 23 (557) 998 Other investments 5 − − − − (2) − − 3 Total 3,273 24 (2,464) (172) 1,607 (33) 22 (747) 1,510 29.3. Investments in non- consolidated listed companies Summary of investments in non- consolidated listed companies Thousand-share lot Quoted stock exchange prices (US$ per share) Fair value 12.31.2022 12.31.2021 Type 12.31.2022 12.31.2021 12.31.2022 12.31.2021 Associate Braskem S.A. 212,427 212,427 Common 4.83 10.17 1,025 2,160 Braskem S.A. 75,762 75,762 Preferred A 4.55 10.33 345 782 1,370 2,942 The fair value of these shares does not necessarily reflect the realizable value upon sale of a large block of shares. Information on the main estimates used in the cash flow projections to determine the value in use of Braskem is set out in Note 25. 29.4. Non-controlling interest The total amount of non-controlling interest at December 31, 2022 is US$ 344 405 277 165 58 29 199 Condensed financial information is set out as follows: Summary of condensed financial information FIDC TBG Gaspetro Consolidated Structured entities 2022 2021 2022 2021 2022 2021 2021 Current assets 9,194 3,951 200 134 − 462 − Property, plant and equipment − − 298 279 − − − Other non-current assets − − 3 2 − − − 9,194 3,951 501 415 − 462 − Current liabilities 7 1 145 109 − 58 − Non-current liabilities − − 237 246 − − − Shareholders' equity 9,187 3,950 119 60 − 404 − 9,194 3,951 501 415 − 462 − Sales revenues − − 350 327 100 132 − Net income (loss) 1,454 416 181 150 21 47 (133) Increase (decrease) in cash and cash equivalents 616 2 72 42 (14) 7 (333) Gaspetro, a Petrobras’ subsidiary, holds interests in several state distributors of natural gas in Brazil. In July 2022, the Company closed the sale of its entire interest in Gaspetro ( 51 The Credit Rights Investment Fund (FIDC) is a fund mainly intended to securitize “performed” and “non-performed” credits for operations carried out by the Company’s subsidiaries, aiming to optimize cash management. TBG is an indirect subsidiary which operates in natural gas transmission activities mainly through Bolivia-Brazil Gas Pipeline. The Company holds 51 29.5. Summarized information on joint ventures and associates The Company invests in joint ventures and associates in Brazil and abroad, whose activities are related to petrochemical, refining, production, trade and logistics of oil products, gas distribution, biofuels, thermoelectric power plants, and other activities. Condensed financial information is set out below: Summary of summarized information on joint ventures and associates 2022 2021 Joint ventures Associates Joint ventures Associates In Brazil MP Gulf of Mexico, LLC Other companies abroad In Brazil In Brazil MP Gulf of Mexico, LLC Other companies abroad In Brazil Current assets 295 481 410 6,642 832 425 253 7,308 Non-current assets 231 139 17 2,491 371 203 11 2,334 Property, plant and equipment 508 2,690 191 7,380 461 2,683 195 6,845 Other non-current assets 37 1 − 605 460 1 1 539 1,071 3,311 618 17,118 2,124 3,312 460 17,026 Current liabilities 294 344 145 4,473 728 324 126 4,632 Non-current liabilities 494 548 32 11,263 517 623 36 10,967 Shareholders' equity 277 2,045 291 1,587 874 1,979 196 1,688 Non-controlling interest 6 374 150 (205) 5 386 102 (261) 1,071 3,311 618 17,118 2,124 3,312 460 17,026 Sales revenues 1,159 1,408 32 18,709 2,947 1,138 − 20,625 Net Income (loss) for the year 72 887 162 (146) 156 635 91 2,821 Ownership interest - % 20 50 20 34 45 18.8 38.8 20 83 20 34 45 18.8 38.8 Accounting policy for investments Basis of consolidation The consolidated financial statements include the financial information of Petrobras and the entities it controls (subsidiaries), joint operations (at the level of interest the Company has in them) and consolidated structured entities. Intragroup balances and transactions, including unrealized profits arising from intragroup transactions, are eliminated in the consolidation of the financial statements. Investments in other companies Profit or loss, assets and liabilities related to joint ventures and associates are accounted for by the equity method. Business combination A business combination is a transaction in which the acquirer obtains control of another business, regardless it legal form. Acquisitions of businesses are accounted for using the acquisition method when control is obtained. Combinations of entities under common control are accounted for at cost. The acquisition method requires that the identifiable assets acquired and the liabilities assumed be measured at the acquisition-date fair value, with limited exceptions. |
Disposal of assets and other tr
Disposal of assets and other transactions | 12 Months Ended |
Dec. 31, 2022 | |
Disposal Of Assets And Other Transactions | |
Disposal of assets and other transactions | 30. Disposal of assets and other transactions The Company has an active partnership and divestment portfolio, which takes into account opportunities of partnerships and 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 follow the procedures aligned with the guidelines of the Brazilian Federal Auditor’s Office ( Tribunal de Contas da União The major classes of assets and related liabilities classified as held for sale are shown in the following table: Summary of the major classes of assets and related liabilities classified as held for sale 12.31.2022 12.31.2021 E&P RT&M Corporate and other businesses Total Total Assets classified as held for sale Cash and cash equivalents - − − - 13 Trade receivables - − − - 31 Inventories - 21 − 21 73 Investments - − − - 210 Property, plant and equipment 3,568 19 − 3,587 1,975 Others - − − - 188 Total 3,568 40 − 3,608 2,490 Liabilities on assets classified as held for sale Trade payables - - - - 2 Finance debt - - 133 133 1 Provision for decommissioning costs 1,332 - - 1,332 833 Others - - - - 31 Total 1,332 − 133 1,465 867 30.1. Sales pending closing The assets and liabilities corresponding to the transactions pending closing are classified as held for sale at December 31, 2022: Summary of the assets and liabilities corresponding to the transactions pending closing are classified as held for sale Transaction Acquirer Date of approval / signing Transaction amount (*) Further information Sale of the Company's entire interest (100%) in a set of 22 production onshore and shallow water field concessions, together with its associated infrastructure, located in the Potiguar Basin, in the state of Rio Grande do Norte, jointly called the Potiguar group of fields. 3R Potiguar SA, subsidiary of 3R Petroleum Óleo e Gás SA January 2022 1,385 a Sale of the Company's entire interest in a set of four onshore production fields, with integrated facilities, located in the state of Espírito Santo, jointly called Norte Capixaba group of fields. Seacrest Petróleo SPE Norte Capixaba Ltda., a wholly owned subsidiary of Seacrest Exploração e Produção de Petróleo Ltda. February 2022 478 b Sale of the Company's 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 1,951 c Sale of the Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) refinery and its associated logistics assets, located in the state of Ceará. Grepar Participações Ltda. May 2022 34 d Sale of the Company's entire interest in a set of maritime concessions called Golfinho and Camarupim groups of fields, in deep waters of the post-salt layer, located in the Espírito Santo Basin. BW Energy Maromba do Brasil Ltda (BWE) June 2022 15 e (*) Amounts considered at the signing of the transaction, not including contingent assets. Transactions signed in Brazilian reais are translated to U.S. dollars with the closing exchange rate of the period. These transactions may provide for price adjustments until the closing of the transaction and be also subject to the fulfillment of conditions precedent, such as approval by the Brazilian Agency of Petroleum, Natural Gas and Biofuels (ANP) and CADE. a) Sale of Potiguar group of fields The agreement provides for the receipt of US$ 110 on the transaction signing date, US$ 1,040 at the transaction closing, and US$ 235 to be paid to Petrobras in 4 annual installments of US$ 58.75, starting in March 2024. b) Sale of Norte Capixaba group of fields The agreement provides for the receipt of US$ 36 on the transaction signing date, and US$ 442 at the transaction closing and up to US$ 66 in contingent payments provided for in the contract, depending on future Brent prices. c) Sale of Albacora Leste concession The agreement provides for the receipt of US$ 293 on the transaction signing date, US$ 1,658 at the transaction closing, and up to US$ 250 in contingent payments provided for in the contract, depending on future Brent prices. d) Sale of LUBNOR refinery The agreement provides for the receipt of US$ 3 on the transaction signing date, US$ 10 at the transaction closing, and 3 annual installments of US$ 7 expected to occur from 2024 to 2026. e) Sale of interest in Golfinho and Camarupim concessions The agreement provides for the receipt of US$ 3 on the transaction signing date, and US$ 12 at the transaction closing and up to US$ 60 in contingent payments provided for in the contract, depending on future Brent prices and the development of these assets. 30.2. Closed sales Schedule of closed transactions Transaction Acquirer Signature date (S) Closing date (C) Sale amount (*) 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) 300 335 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, a wholly owned subsidiary of 3R Petroleum Óleo e Gás S.A. December 2020 (S) May 2022 (C) 256 215 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) 103 52 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) 391 173 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) 13 34 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 subsidiary of 3R Petroleum e Participações S.A. August 2020 (S) August 2022 (C) 23 39 f Sale of shares of the company that will hold the Isaac Sabbá Refinery (REMAN) and its associated logistics assets, in the state of Amazonas Ream Participações S.A. (a company controlled by the partners of Atem Distribuidora de Petróleo S.A.) August 2021 (S) November 2022 (C) 257 37 g Sale of shares of the company that will hold the Shale Industrialization Unit (SIX), in the state of Paraná. Forbes & Manhattan Resources Inc., a wholly owned subsidiary of Forbes & Manhattan Inc. November 2021 (S) November 2022 (C) 42 (2) h Sale of the Company's entire interest in 11 onshore production fields (Carmópolis group of fields), including integrated facilities, in the state of Sergipe Carmo Energy S.A. December 2021 (S) December 2022 (C) 1,098 619 i Sale of the Company’s 62,5% interest in Papa-Terra field, in the Campos basin 3R Petroleum Offshore S.A. July 2021 (S) December 2022 (C) 24 (39) j Total 2,507 1,463 (*) The amount of "Proceeds from disposal of assets" in the Statement of Cash Flows is composed of amounts received this period, including installments of operations from previous years, and advances referring to operations not completed. (**) Recognized in “Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control” within other income and expenses (note 10). The operations were concluded after the fulfillment of conditions precedent. a) Sale of Alagoas group of fields and of Alagoas Natural Gas Processing Unit The transaction was closed with the payment of US$ 240 b) Sale of Recôncavo group of onshore fields The transaction was closed with the payment of US$ 246 to Petrobras in May 2022, in addition to the US$ 10 paid to Petrobras on the transaction signing date. c) Sale of Deten petrochemical plant The transaction was closed with the payment of US$ 96 to Petrobras, including price adjustments such as the effects of inflation indexation and compensation of dividends received, in addition to the US$ 6 paid to Petrobras on the transaction d) Sale of Gaspetro The full amount was paid to Petrobras on the transaction closing date. e) Sale of Peroá group of fields The operation was closed with the payment of US$ 8, including price adjustments, in addition to the US$ 5 paid to Petrobras on the transaction signing date. In addition to these amounts, Petrobras expects to receive up to US$ 43 in contingent payments, depending on future Brent prices and the development of these assets. f) Sale of Fazenda Belém group of fields The operation was closed with the payment of US$ 5, including price adjustments, in addition to the US$ 9 paid to Petrobras on the transaction signing date. Petrobras expects to receive the remaining balance in August 2023, including price adjustments. g) Sale of REMAN refinery assets The transaction was closed in November 2022 after the payment of US$ 229 to Petrobras, including price adjustments, arising from changes in working capital, net debt and investments until the transaction closing, in addition to US$ 28 received upon the contract signing. The contract also provides for a final adjustment to the acquisition price, which is expected to occur in the first quarter of 2023. h) Sale of interest in SIX shale processing plant The transaction was closed with the payment of US$ 39, including price adjustments, in addition to US$ 3 received upon the contract signing. i) Sale of Carmópolis group of onshore fields The transaction was closed with the payment of US$ 548, including price adjustments, in addition to the US$ 275 paid to Petrobras on the transaction signing date. In addition, US$ 275 million will be received within 12 months. j) Sale of Papa-Terra field The transaction was closed with the payment of US$ 18, including price adjustments, in addition to the US$ 6 paid to Petrobras on the transaction signing date. In addition, there is US$ 80 in contingent receivables provided for in the contract (contingent asset), related to production volume of the asset and future oil prices. 30.3. Price adjustments – sales closed in previous periods a) Sale of RLAM refinery assets The transaction closed in November 2021 included price adjustments provided for in the contract, for which the Company recognized US$ 68 in January 2022 within other income and expenses. 30.4. Surplus volumes of Transfer of Rights Agreement Schedule of surplus volumes of transfer of rights agreement Transaction Closing date Financial compensation Results (*) Production Sharing Contract for the surplus volumes of the Transfer of Rights Agreement related to Atapu and Sepia fields, including the gross-up of the taxes levied April 2022 5,281 3,743 Exercise of the call option for additional 5% interest in the surplus volume of the Transfer of Rights Agreement of Búzios field November 2022 1,951 737 (*) Recognized in "Results from co-participation agreements in bid areas" within other income and expenses (note 10). For more information, see note 24. 30.5. Contingent assets from disposed investments and other transactions Some disposed assets and other agreements provide for receipts subject to contractual clauses, especially related to the Brent variation in transactions related to E&P assets. The transactions that may generate revenue recognition, accounted for within other income and expenses, are presented below: Schedule of contingent asset from disposal investments Transaction Closing date Amounts subject to recognition Assets recognized in 2022 Assets recognized in previous periods Sales in previous years Riacho da Forquilha group of fields December 2019 62 28 − Pampo and Enchova group of fields July 2020 650 144 36 Baúna field November 2020 285 115 17 Frade field February 2021 20 − − Ventura group of fields July 2021 43 − 43 Miranga group of fields December 2021 85 40 15 Cricare group of fields December 2021 118 22 − Sales in the period Peroá group of fields August 2022 43 10 − Papa-Terra field December 2022 90 15 − Surplus volume of the Transfer of Rights Agreement Sepia and Atapu (*) April 2022 5,244 693 − Total 1,067 111 (*) For more information, see note 24.3. 30.6. Other operation On March 23, 2022, the dissolution of Participações em Complexos Bioenergéticos S.A. – PCBios, in which Petrobras held 50%, was concluded, after approval at this company's Extraordinary General Meeting. There were no accounting effects arising from this transaction. On August 18, 2022, Petrobras concluded an agreement with Edison S.p.A for the purchase of an additional 50% interest in the company Ibiritermo S.A., for the amount of U$ 1 (R$ 2,5 million), which became a wholly owned subsidiary. This transaction was classified as a business combination, with recognition of gain on bargain purchase of US$ 2. On December 31, 2022, Petrobras Comercializadora de Gás e Energia e Participações S.A. (PBEN-P) and Petrobras Comercializadora de Energia S/A (PBEN), carried out a corporate restructuring in which PBEN-P incorporated PBEN. The two companies are wholly-owned subsidiaries of Petrobras. Therefore, there is no effect on these consolidated financial statements. 30.7. Cash flows from sales of interest with loss of control In 2022, 2021 and 2020, the Company disposed of its interest in certain subsidiaries over which control was lost. The following table summarizes cash flows arising from losing control in subsidiaries: Summary of cash flows from sales of interest with loss of control Cash received Cash in subsidiary before losing control Net Proceeds 2022 Gaspetro 391 (22) 369 REMAN 233 (22) 211 Total 624 (44) 580 2021 Mataripe refinery (former RLAM) 1,868 (119) 1,749 PUDSA 62 (15) 47 Total 1,930 (134) 1,796 2020 Petrobras Oil & Gas B.V.(PO&GBV) 276 − 276 Liquigas 784 (10) 774 Total 1,060 (10) 1,050 Accounting Policy for assets and liabilities held for sale Non-current assets, disposal groups and liabilities directly associated with those assets are classified as held for sale if their carrying amounts will, principally, be recovered through the sale transaction rather than through continuing use. The condition for classification as held for sale is met only when the sale is approved by the Company’s Board of Directors and the asset or disposal group is available for immediate sale in its present condition and there is the expectation that the sale will occur within 12 months after its classification as held for sale. However, an extended period required to complete a sale does not preclude an asset (or disposal group) from being classified as held for sale if the delay is caused by events or circumstances beyond the Company’s control and there is sufficient evidence that the Company remains committed to its plan to sell the assets (or disposal groups). Assets (or disposal groups) classified as held for sale and the associated liabilities are measured at the lower of their carrying amount and fair value less disposal expenses. Assets and liabilities are presented separately in the statement of financial position. In the classification of non-current assets as held for sale, provisions for decommissioning costs related to these assets are also disclosed. Any commitments with decommissioning assumed by the Company resulting from the sale process are recognized after the closing of the transaction, in accordance with the contractual terms. When a component of the Company is disposed of or classified as held for sale, and it represented a separate major line of business, the disposed interest is considered a discontinued operation. Thus, its net income, operating, investing and financing cash flows are presented in separate line items until the date of the closing of the operation. |
Finance debt
Finance debt | 12 Months Ended |
Dec. 31, 2022 | |
Finance Debt | |
Finance debt | 31. Finance debt 31.1. Balance by type of finance debt Summary of balance by type of finance debt In Brazil 12.31.2022 12.31.2021 Banking market 1,285 1,237 Capital market 2,896 2,504 Development banks (*) 723 769 Others 4 7 Total 4,908 4,517 Abroad Banking market 8,387 8,525 Capital market 14,061 19,527 Export credit agency 2,443 2,951 Others 155 180 Total 25,046 31,183 Total finance debt 29,954 35,700 Current 3,576 3,641 Non-current 26,378 32,059 (*) It includes BNDES, FINAME and FINEP Current finance debt is composed of: Schedule of current finance debt 12.31.2022 12.31.2021 Short-term debt − 108 Current portion of long-term debt 3,111 3,063 Accrued interest on short and long-term debt 465 470 Total 3,576 3,641 The capital market balance is mainly composed of US$ 13,442 in global notes issued abroad by the wholly owned subsidiary PGF, as well as US$ 1,874 in debentures and US$ 880 in commercial notes issued by Petrobras in reais in Brazil. The balance in global notes has maturities between 2024 to 2115 and does not require collateral. Such financing was carried out in dollars, euros and pounds, 87%, 2% and 11%, of the total global notes, respectively. The debentures and the commercial notes, with maturities between 2024 and 2037, do not require collateral and are not convertible into shares or equity interests. 31.2. Changes in finance debt Summary of changes in finance debt In Brazil Abroad Total Balance at December 31, 2021 4,517 31,183 35,700 Proceeds from finance debt 853 2,027 2,880 Repayment of principal (*) ( 1,013 (8,183) (9,196) Repayment of interest (*) ( 292 (1,554) (1,846) Accrued interest (**) 396 1,867 2,263 Foreign exchange/ inflation indexation charges 120 (580) (460) Translation adjustment 326 287 613 Balance at December 31, 2022 4,907 25,047 29,954 In Brazil Abroad Total Balance at December 31, 2020 8,854 45,035 53,889 Proceeds from finance debt - 1,754 1,754 Repayment of principal (*) ( 4,213 (14,894) (19,107) Repayment of interest (*) ( 245 (1,613) (1,858) Accrued interest (**) 241 1,970 2,211 Foreign exchange/ inflation indexation charges 173 82 255 Translation adjustment ( 228 (200) (428) Balance at December 31, 2021 4,582 32,134 36,716 (*) It includes pre-payments. (**) It includes premium and discount over notional amounts, as well as gains and losses by modifications in contractual cash flows. In 2022, the Company repaid several finance debts, in the amount of US$ 11,184 notably US$ 5,444 to repurchase global bonds previously issued by the Company in the international capital market. In the same period, the Company raised funds in the amount of US$ 2,880 (i) US$ 1,244 through a Sustainability-Linked Loan, in the international banking market, maturing in 2027; (ii) US$ 572 through the issuance of commercial notes in the Brazilian capital market due in 2030 and 2032; and (iii) US$ 280 through the issuance of private placement commercial notes that backed the issuance of certificates of real estate receivables, maturing in 2030, 2032 and 2037. The loan linked to sustainability commitments was signed with Bank of China, MUFG and The Bank of Nova Scotia, with a value of US$ 1,244 and maturity in July 2027. The contract includes incentive mechanisms for achieving sustainability commitments, based on the corporate performance indicators of E&P's greenhouse gas (GHG) intensity, refining GHG intensity and E&P methane intensity. 31.3. Reconciliation with cash flows from financing activities Schedule of cash flows reconciliation 2022 2021 Proceeds from finance debt Repayment of principal Repayment of interest Proceeds from finance debt Repayment of principal Repayment of interest Changes in finance debt 2,880 (9,196) (1,846) 1,754 (19,107) (1,858) Repurchase of debt securities − (121) − − − − Deposits linked to finance debt (*) − (17) (4) − − − Net cash used in financing activities 2,880 (9,334) (1,850) 1,754 (19,107) (1,858) (*) Deposits linked to finance debt with China Development Bank, with semiannual settlements in June and December. 31.4. Summarized information on current and non-current finance debt Schedule of summarized information on current and non-current finance debt Maturity in Up to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years 5 years onwards Total (*) Fair Value Financing in U.S.Dollars (US$): 2,879 3,240 2,569 1,528 2,465 10,006 22,687 22,721 Floating rate debt (**) 2,588 2,681 1,934 1,143 1,739 652 10,737 Fixed rate debt 291 559 635 385 726 9,354 11,950 Average interest rate p.a. 6.8 6.5 6.1 6.3 5.9 6.6 6.6 Financing in Brazilian Reais (R$): 622 690 221 440 427 2,507 4,907 4,907 Floating rate debt (***) 324 280 138 138 333 1,060 2,273 Fixed rate debt 298 410 83 302 94 1,447 2,634 Average interest rate p.a. 6.7 6.9 6.5 6.2 6.4 6.6 6.6 Financing in Euro (€): 37 13 289 − − 583 922 897 Fixed rate debt 37 13 289 − − 583 922 Average interest rate p.a. 4.7 4.7 4.7 - - 4.7 4.7 Financing in Pound Sterling (£): 38 − − 555 − 845 1,438 1,328 Fixed rate debt 38 − − 555 − 845 1,438 Average interest rate p.a. 6.2 0.0 0.0 6.2 0.0 6.5 6.3 Total as of December 31, 2022 3,576 3,943 3,079 2,523 2,892 13,941 29,954 29,853 Average interest rate 6.7 6.5 6.1 6.2 6.0 6.6 6.5 Total as of December 31, 2021 3,641 2,973 3,988 3,449 2,832 18,817 35,700 37,891 Average interest rate 5.2 5.3 5.5 5.6 5.9 6.5 6.2 (*)The average maturity of outstanding debt as of December 31, 2022 is 12.07 years (13.39 years as of December 31, 2021). (**) Operations with variable index + fixed spread. (***) Operations with variable index + fixed spread, if applicable. The fair value of the Company's finance debt is mainly determined and categorized into a fair value hierarchy as follows: Level 1- quoted prices in active markets for identical liabilities, when applicable, amounting to US$ 13,061 20,770 Level 2 – discounted cash flows based on discount rate determined by interpolating spot rates considering financing debts indexes proxies, taking into account their currencies and also Petrobras’ credit risk, amounting to US$ 16,792 17,121 Regarding the Interest Rate Benchmark Reform (IBOR Reform), in order to prepare for the transition to alternative reference rates, the Company continues to monitor the pronouncements of regulatory authorities, aimed at adapting its financial instruments to the new benchmark, and the Company expects that the replacement of the LIBOR reference in the current financing agreements will be carried out under market conditions and, therefore, expects that there will be no material impacts when this process is completed. The Company has debts indexed to Libor (London Interbank Offered Rate), corresponding to 30.8% of total finance debt. The sensitivity analysis for financial instruments subject to foreign exchange variation is set out in note 34.3. A maturity schedule of the Company’s finance debt (undiscounted), including face value and interest payments is set out as follows: Schedule of finance debt (undiscounted), including face value and interest payments Maturity 2023 2024 2025 2026 2027 2028 and thereafter 12.31.2022 12.31.2021 Principal 3,106 4,061 3,173 2,665 2,657 16,041 31,703 36,557 Interest 1,928 1,748 1,441 1,282 1,068 17,348 24,815 30,557 Total 5,034 5,809 4,614 3,947 3,725 33,389 56,518 67,114 A maturity schedule of the lease arrangements (nominal amounts) is set out in note 32. 31.5. Lines of credit Schedule of lines of credit 12.31.2022 Company Financial institution Date Maturity Available (Lines of Credit) Used Balance Abroad PGT BV Syndicate of banks 12/16/2021 11/16/2026 5,000 − 5,000 PGT BV (*) Syndicate of banks 3/27/2019 2/27/2024 3,250 − 3,250 Total 8,250 − 8,250 In Brazil Petrobras Banco do Brasil 3/23/2018 9/26/2026 383 − 383 Petrobras Banco do Brasil 10/4/2018 9/5/2025 383 − 383 Transpetro Caixa Econômica Federal 11/23/2010 Not defined 63 − 63 Total 829 − 829 (*) In April 2021, the subsidiary PGT BV extended part of the Revolving Credit Facility. As such, US$ 2,050 will be available for withdrawal from February 28, 2024 until February 27, 2026. 31.6. Covenants and Collateral 31.6.1. Covenants The Company has covenants that were not in default at December 31, 2022 in its loan agreements and notes issued in the capital markets requiring, among other obligations i) the presentation of interim financial statements within 90 days of the end of each quarter (not reviewed by Independent Registered Public Accounting Firm) and audited financial statements within 120 days of the end of each fiscal year, with a grace period ranging from 30 to 60 days, depending on the agreement; ii) Negative Pledge / Permitted Liens clause; and iii) covenants with respect to debt level in some of its loan agreements with the Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social - BNDES). Additionally, there are other non-financial obligations that the Company has to comply with: i) clauses of compliance with the laws, rules and regulations applicable to the conduct of its business including (but not limited to) environmental laws; (ii) clauses in financing agreements that require both the borrower and the guarantor to conduct their business in compliance with anti-corruption laws and anti-money laundering laws and to institute and maintain policies necessary for such compliance; and (iii) clauses in financing agreements that restrict relations with entities or even countries sanctioned primarily by the United States (including, but not limited to, the Office of Foreign Assets Control - OFAC, Department of State and Department of Commerce), the European Union and United Nations. 31.6.2. Collateral Most of the Company’s debt is unsecured, but certain specific funding instruments to promote economic development are collateralized. Such contracts represent 16% of the total financing, notably a Financing agreement with China Development Bank (CDB). The loans obtained by structured entities are collateralized based on the projects’ assets, as well as liens on receivables of the structured entities. Bonds issued by the Company in the capital market are unsecured. The global notes issued by the Company in the capital market through its wholly-owned subsidiary Petrobras Global Finance B.V. – PGF are unsecured. However, Petrobras fully, unconditionally and irrevocably guarantees these notes. Accounting policy for loans and finance debt Loans and finance debt are initially recognized at fair value less transaction costs that are directly attributable to its issue and subsequently measured at amortized cost using the effective interest method. When the contractual cash flows of a financial liability measured at amortized cost are renegotiated or modified and this change is not substantial, its gross carrying amount will reflect the discounted present value of its cash flows under new terms using the original effective interest rate. The difference between the book value immediately prior to such modification and the new gross carrying amount is recognized as gain or loss in the statement of income. When such modification is substantial, the original liability is extinguished and a new liability is recognized, impacting the statement of income for the period. |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Lease liabilities | 32. Lease liabilities The Company is the lessee in agreements primarily including oil and gas producing units, drilling rigs and other exploration and production equipment, vessels and support vessels, helicopters, lands and buildings. Changes in the balance of lease liabilities are presented below: Summary of changes in lease liabilities In Brazil Abroad Total Balance at December 31, 2021 4,604 18,439 23,043 Remeasurement / new contracts 2,730 2,219 4,949 Payment of principal and interest (*) (1,785) (3,638) (5,423) Interest expenses 365 991 1,356 Foreign exchange gains and losses (169) (1,221) (1,390) Translation adjustment 287 1,170 1,457 Transfers (12) (135) (147) Balance at December 31, 2022 6,020 17,825 23,845 Current 5,557 Non-current 18,288 (*) The Repayment of lease liability, disclosed in the Statements of Cash Flows, includes US$ 7 related to assets classified as held for sale. In Brazil Abroad Total Balance at December 31, 2020 4,340 17,310 21,650 Remeasurement / new contracts 1,655 4,474 6,129 Payment of principal and interest (1,560) (4,267) (5,827) Interest expenses 243 990 1,233 Foreign exchange gains and losses 151 1,288 1,439 Translation adjustment (272) (1,310) (1,582) Transfers 47 (46) 1 Balance at December 31, 2021 4,604 18,439 23,043 Current 5,432 Non-current 17,611 A maturity schedule of the lease arrangements (nominal amounts) is set out as follows: Summary of main information by class of underlying assets Nominal Future Payments up to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years 5 years onwards Total Recoverable taxes Without readjustment Vessels 2,813 2,000 1,141 491 340 1,695 8,480 255 Others 93 40 19 5 − − 157 14 With readjustment - abroad (*) Vessels 238 213 179 158 131 17 936 − Platforms 1,546 1,539 1,461 1,368 1,358 10,992 18,264 − With readjustment - Brazil Vessels 609 464 288 109 18 10 1,498 120 Properties 159 209 163 156 175 1,365 2,227 93 Others 252 156 129 107 100 419 1,163 73 Nominal amounts on December 31, 2022 5,710 4,621 3,380 2,394 2,122 14,498 32,725 555 Nominal amounts on December 31, 2021 5,567 3,944 3,027 2,309 1,972 14,608 31,427 346 (*) Contracts signed in the U.S. Dollars. The following table presents the main information on leases by class of underlying assets, where platforms and vessels represent 92% of the lease liability: Summary of maturity schedule of the lease arrangements Present Value of Future Payments Discount rate (%) Average Period Recoverable taxes Closing Balance Opening Balance Without readjustment Vessels 4,0518 5.8 255 7,421 6,201 Others 2,5774 2.6 14 149 202 With readjustment - abroad (*) Platforms 5,7393 13.9 − 12,340 13,059 Vessels 4,4127 4.2 − 838 1,431 With readjustment - Brazil Vessels 7,8958 2.8 120 1,298 850 Properties 8,0496 22.7 93 1,010 590 Others 9,8752 7.7 73 789 710 Total (**) 5,5127 11.4 555 23,845 23,043 (*) Incremental nominal rate on company debt calculated from the yield curve of bonds and credit risk of the Company, as well as terms . (**) Total amount, except for the average period column. In certain contracts, there are variable payments and amounts less than 1 year recognized as an expense: Schedule of variable payments and amounts less than 1 year recognized as an expense 31.12.2022 31.12.2021 Variable payments 1,060 898 Variable payments x fixed payments 20% 15% Up to 1 year maturity 118 110 At December 31, 2022, the nominal amounts of lease agreements for which the lease term has not commenced, as they relate to assets under construction or not yet available for use, is US$ 79,913 79,557 The sensitivity analysis of financial instruments subject to exchange variation is presented in note 34.3. Accounting policy for lease liabilities Lease liabilities, including those whose underlying assets are of low value, are measured at the present value of lease payments, which includes recoverable taxes, non-cancellable periods and options to extend a lease when they are reasonably certain. These payments are discounted at the Company's nominal incremental rate on loans, as the interest rates implicit in lease agreements with third parties usually cannot be readily determined. Lease remeasurements reflect changes arising from contractual rates or indexes, as well as lease terms due to new expectations of lease extensions or terminations. Unwinding of discount on the lease liability is classified as finance expense, while payments reduce their carrying amount. According to the Company’s foreign exchange risk management, foreign exchange variations on lease liabilities denominated in U.S. dollars are designated as instruments to protect cash flow hedge relationships from highly probable future exports (see note 34.3). In the E&P segment, some activities are conducted by joint operations with partner companies where the Company is the operator. In cases where all parties to the joint operation are primarily responsible for the lease payments, the Company recognizes the lease liability in proportion to its share. When using underlying assets arising from a specific contract in which the Company is solely responsible for the lease payments, the lease liabilities remain fully recognized and the partners are charged in proportion to their interests. Payments associated with short-term leases (term of 12 months or less) are recognized as an expense over the term of the lease. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [abstract] | |
Equity | 33. Equity 33.1. Share capital (net of share issuance costs) As of December 31, 2022 and December 31, 2021, subscribed and fully paid share capital, net of issuance costs, was US$ 107,101 7,442,454,142 5,602,042,788 Preferred shares have priority on returns of capital, do not grant any voting rights and are non-convertible into common shares. 33.2. Capital reserve Capital reserve comprises treasury shares owned by Petrobras, in the amount of US$ 2 33.3. Capital transactions 33.3.1. Incremental costs directly attributable to the issue of shares It includes any transaction costs directly attributable to the issue of new shares, net of taxes. 33.3.2. Change in interest in subsidiaries It includes any excess of amounts paid/received over the carrying value of the interest acquired/disposed. Changes in interests in subsidiaries that do not result in loss of control of the subsidiary are equity transactions. 33.3.3. Treasury shares Shares held in treasury in the amount of US$ 2, at December 31, 2022 and December 31, 2021, represented by 222,760 common shares and 72,909 preferred shares. 33.4. Profit reserves 33.4.1. Legal reserve It represents 5% of the net income for the year, calculated pursuant to article 193 of the Brazilian Corporation Law. 33.4.2. Statutory reserve Appropriated by applying 0.5% of the year-end share capital and is retained to fund technology research and development programs. The balance of this reserve may not exceed 5% of the share capital, pursuant to article 56 of the Company’s bylaws. 33.4.3. Tax incentives reserve Government grants are recognized in the statement of income and are appropriated from retained earnings to the tax incentive reserve pursuant to article 195-A of Brazilian Corporation Law. This reserve may only be used to offset losses or increase share capital. In 2022, the amount of US$ 457 was appropriated from retained earnings to the tax incentive reserve referring to a subsidy incentive for investments, granted by the Superintendencies for Development of the Northeast Region of Brazil (SUDENE) and of the Amazon (SUDAM). 33.4.4. Profit retention reserve It includes funds intended for capital expenditures, primarily in oil and gas exploration and development activities, as per the capital budget of the Company, pursuant to article 196 of the Brazilian Corporation Law. 33.5. Distributions to shareholders Pursuant to Brazilian Corporation Law, the Company’s shareholders are entitled to receive minimum mandatory dividends (and/or interest on capital) of 25% of the adjusted net income for the year in proportion to the number of common and preferred shares held by them. To the extent the Company proposes dividend distributions, preferred shares have priority in dividend distribution, which is based on the highest of 3% of the preferred shares’ net book value or 5% of the preferred share capital. Preferred shares participate under the same terms as common shares in capital increases resulting from the capitalization of profit reserves or retained earnings. However, this priority does not necessarily grant dividend distributions to the preferred shareholders in the event of loss for a year. The payment of dividends may be made only to preferred shareholders if the priority dividends absorb all the adjusted net income for the year or reach an amount equal to or greater than the mandatory minimum dividend of 25%. The Company’s policy on distributions to shareholders, approved by the Board of Directors in 2019 and updated in November 2021, defines the following: · minimum distribution of US$ 4,000 for fiscal years when the average Brent price exceeds US$ 40 per barrel, regardless its level of indebtedness. This distribution will be equal to both common and preferred shares, once it exceeds the minimum value for preferred shares provided for in the Company's bylaws; · in case of gross debt (comprising current and non-current finance debt and lease liability) equal to or less than US$ 65,000, in addition to the existence of net income attributable to shareholders of Petrobras, to be verified on a quarterly basis, the Company will distribute to shareholders 60% of the difference between net cash provided by operating activities and cash used in the acquisition of PP&E and intangibles assets, calculated in Brazilian reais, provided that the result of this calculation exceeds US$ 4,000 and does not compromise the financial sustainability of the Company; · regardless its level of indebtedness, the Company may, in exceptional cases, pay extraordinary dividends, exceeding the minimum mandatory dividend or the values established in the policy, provided that the Company's financial sustainability is preserved; · the distribution of remuneration to shareholders must be made on a quarterly basis; and · the Company may exceptionally distribute dividends even if there is no net income for the year, in accordance with the rules provided for the Brazilian Corporation Law and the criteria defined in this policy. Petrobras seeks, through its policy on distributions to shareholders, to ensure short, medium and long-term financial sustainability, providing predictability to the dividend payments to shareholders. 33.5.1. Accounting policy on distributions to shareholders Distributions to shareholders are made by means of dividends and interest on capital, determined in accordance with the limits defined in the Brazilian Corporation Law and in the Company’s bylaws. Interest on capital is a deductible expense, since it is part of the dividend for the year, as provided for in the Company’s bylaws, and accounted for in the statement of income, as required by tax legislation, resulting in a tax credit for income taxes recognized in the statement of income of the year. The dividends portion provided for in the bylaws or that represents the minimum mandatory dividends is recognized as a liability within the statement of financial position. Any excess must be maintained in shareholders' equity, as additional dividends proposed, until its approval on the Annual General Shareholders Meeting. Dividends not claimed by Petrobras’ shareholders are transferred from dividends payable to other current liabilities. After 3 years from the date these dividends are made available to shareholders, they are reclassified from other current liabilities to equity within retained earnings, in accordance with Petrobras' bylaws. 33.5.2. Proposed dividends for 2022 Distribution to shareholders for 2022, proposed by management for approval at the Annual General Shareholders Meeting, amounting to US$ 43,187 (US$ 3.3106 per outstanding share), includes the minimum mandatory dividend of 25% of the adjusted net income (US$ 8,458) and additional dividends proposed (US$ 34,729), arising from the remaining portion of retained earnings and the profit retention reserve. This amount includes US$ 36,323 of anticipations to shareholders, updated by SELIC interest rate, from the payment date to December 31, 2022, and US$ 6,864 of complementary dividends. Cash generation arising from higher sales margins, the maintenance of the indebtedness target, as well as the absence of investments held back by financial restrictions, allowed proposed dividends for 2022 to be higher than dividends calculated based on the Company’s policy on distribution to shareholders (US$ 23,660). Schedule of disclosure of dividends Date of approval Date of record Amount per common and preferred share Amount Dividends and interest on capital - paid in 2 installments - June and July 2022 05.05.2022 05.23.2022 0.7423 9,683 Dividends and interest on capital - paid in 2 installments - August and September 2022 07.28.2022 08.11.2022 1.2909 16,839 Dividends and interest on capital - paid in 2 installments - December 2022 and January 2023 11.03.2022 11.21.2022 0.6521 8,508 Total approved anticipations of dividends as of December 31, 2022 2.6853 35,030 Monetary restatement on paid anticipations 0.0991 1,293 Total anticipations of dividends monetarily restated 2.7844 36,323 Complementary dividends 0.5262 6,864 Total dividends proposed for 2022 3.3106 43,187 Total dividends for 2021 1.4215 18,541 According to the Company’s by-laws, these amounts are indexed to the Selic interest rate, from the date of the payment to the end of the fiscal year (US$ 1,293 The interest on capital anticipated for the year 2022 resulted in a deductible expense which reduced the income tax expense by US$ 1,234 33.5.3. Dividends for 2021 Distribution to shareholders for 2021, proposed by management and approved at the Annual General Shareholders Meeting held on April 13, 2022, amounted US$ 18,541 25 4,510 This amount included US$ 11,853 6,688 These complementary were reclassified from shareholders' equity to liabilities on the date of approval on the Annual General Shareholders Meeting and paid on May 16, 2022 in the amount of US$ 6,987 0.5356 299 33.5.4. Dividends payable As of December 31, 2022, dividends payable within current liabilities, amounting to US$ 4,171 Schedule of dividend payable 2022 2021 Opening balance of dividends payable to shareholders of Petrobras − 849 Additions relating to complementary dividends 6,688 1,128 Additions relating to anticipated dividends 35,030 11,732 Payments made (37,701) (13,078) Monetary restatement (298) (13) Transfers to unclaimed dividends (165) (67) Withholding income taxe over interest on capital and monetary restatement (366) (217) Translation adjustment 981 (334) Closing balance of dividends payable to shareholders of Petrobras 4,169 − Dividends payable to non-controlling shareholders 2 − Consolidated closing balance of dividends payable 4,171 − Complementary dividends amounting to US$ 6,932 0.5314 33.5.5. Unclaimed Dividends As of December 31, 2022, the balance of dividends not claimed by shareholders of Petrobras is US$ 241 81 Schedule of unclaimed dividends 2022 2021 Changes in unclaimed dividens Opening balance 81 18 Transfers from dividends payable 165 67 Prescription (11) − Translation adjustment 6 (4) Closing Balance 241 81 Prescribed dividends amounting to US$ 11 The following table presents the Company’s expectation of prescription of unclaimed dividends if missing registration data is uninformed by shareholders of Petrobras. Schedule of unclaimed dividends uninformed by shareholders of Petrobras 12.31.2022 Expectation of prescription of unclaimed dividends 2022 7 2023 63 2024 171 241 33.6. Earnings per share Schedule of earnings per share 2022 2021 2020 Common Preferred Total Common Preferred Total Common Preferred Total Net income attributable to shareholders of Petrobras 20,895 15,728 36,623 11,339 8,536 19,875 651 490 1,141 Weighted average number of outstanding shares 7,442,231,382 5,601,969,879 13,044,201,261 7,442,231,382 5,601,969,879 13,044,201,261 7,442,231,382 5,601,969,879 13,044,201,261 Basic and diluted earnings per share - in U.S. dollars 2.81 2.81 2.81 1.52 1.52 1.52 0.09 0.09 0.09 Basic and diluted earnings (losses) per ADS equivalent - in U.S. dollars (*) 5.62 5.62 5.62 3.04 3.04 3.04 0.18 0.18 0.18 (*) Petrobras' ADSs are equivalent to two shares. Basic earnings per share are calculated by dividing the net income (loss) attributable to shareholders of Petrobras by the weighted average number of outstanding shares during the period. Diluted earnings per share are calculated by adjusting the net income (loss) attributable to shareholders of Petrobras and the weighted average number of outstanding shares during the period taking into account the effects of all dilutive potential shares (equity instrument or contractual arrangements that are convertible into shares). Basic and diluted earnings are identical as the Company has no potentially dilutive shares. |
Risk management
Risk management | 12 Months Ended |
Dec. 31, 2022 | |
Risk Management | |
Risk management | 34. Risk management The Company is exposed to a variety of risks arising from its operations, including price risk (related to crude oil and oil products prices), foreign exchange rates risk, interest rates risk, credit risk and liquidity risk. Corporate risk management is part of the Company’s commitment to act ethically and comply with the legal and regulatory requirements of the countries where it operates. To manage market and financial risks the Company prefers structuring measures through adequate capital and leverage management. While managing risks, the Company considers its corporate governance and controls, technical departments and statutory committees monitoring, under the guidance of the Board of Executive Officers and the Board of Directors. The Company takes account of risks in its business decisions and manages any such risk in an integrated manner in order to enjoy the benefits of diversification. The Company presents a sensitivity analysis of factors relating to its corporate risk management process. The possible and remote scenarios are related to events with low and very low probability of occurrence, respectively. The period of application of the sensitivity analysis is one year, except for operations with commodity derivatives, for which a three-month period is applied, due to the short-term nature of these transactions. 34.1. Derivative financial instruments A summary of the positions of the derivative financial instruments held by the Company and recognized in other current assets and liabilities as of December 31, 2022 , as well as the amounts recognized in the statement of income and other comprehensive income and the guarantees given is set out as follows: Schedule of statement of financial position Statement of Financial Position Fair value Notional value Asset Position (Liability) Maturity 12.31.2022 12.31.2021 12.31.2022 12.31.2021 Derivatives not designated for hedge accounting Future contracts - total (*) 683 (1,308) (40) (1) Long position/Crude oil and oil products 9,058 1,380 - - 2023 Short position/Crude oil and oil products (8,375) (2,688) - - 2023 Swap (**) − Long put/ Soybean oil (**) (3) (11) − - 2023 Forward contracts Short position/Foreign currency forwards (BRL/USD) (***) - US$ 15 - - - Swap Foreign currency / Cross-currency Swap (***) - GBP 583 - 23 - Foreign currency / Cross-currency Swap (***) - GBP 442 - (50) - Swap - CDI X IPCA R$ 3,008 R$ 3,008 (16) (1) 2029/2034 Foreign currency / Cross-currency Swap (***) US$ 729 US$ 729 (64) (221) 2024/2029 Total recognized in the Statement of Financial Position (120) (250) (*) Notional value in thousands of bbl. (**) Notional value in thousands of tons. (***) Amounts in US$, GBP and R$ are presented in million. Schedule of g ains/ (losses) recognized in the statement of income and comprehensive income Gains/ (losses) recognized in the statement of income 2022 2021 2020 Commodity derivatives Crude oil - Note 34.2 (a) − − (502) Other commodity derivative transactions - Note 34.2 (b) (256) (79) 194 Recognized in Other Income and Expenses (256) (79) (308) Currency derivatives Swap Pounds Sterling x Dollar - Note 34.3 (b) (297) (85) 11 NDF – Euro x Dollar − − (23) NDF – Pounds Sterling x Dollar − 9 20 Swap CDI x Dollar - Note 34.3 (b) 211 (3) (284) Others 5 1 (2) (81) (78) (278) Interest rate derivatives Swap - CDI X IPCA - Note 34.3 (b) (50) (41) (36) (50) (41) (36) Cash flow hedge on exports - Note 34.3 (a) (4,871) (4,585) (4,720) Recognized in Net finance income (expense) (5,002) (4,704) (5,034) Total (5,258) (4,783) (5,342) Gains/ (losses) recognized in other comprehensive income 2022 2021 2020 Cash flow hedge on exports - Note 34.3 (a) 10,094 636 (16,740) Schedule of guarantees given as collateral Guarantees given as collateral 12.31.2022 12.31.2021 Commodity derivatives 96 15 Currency derivatives − 27 Total 96 42 A sensitivity analysis of the derivative financial instruments for the different types of market risks as of December 31, 2022 is set out as follows: Schedule of derivative financial instruments different types of market risks Financial Instruments Risk Probable Scenario Reasonably possible scenario Remote Scenario Derivatives not designated for hedge accounting Future and forward contracts Crude oil and oil products - price changes - (135) (269) − (135) (269) The probable scenario uses market references, used in pricing models for oil, oil products and natural gas markets, and takes into account the closing price of the asset on December 31, 2022. Therefore, no variation is considered arising from outstanding operations in this scenario. The reasonably possible and remote scenarios reflect the potential effects on the statement of income from outstanding transactions, considering a variation in the closing price of 20% and 40%, respectively. To simulate the most unfavorable scenarios, the variation was applied to each asset according to open transactions: price decrease for long positions and increase for short positions. 34.2. Risk management of products prices The Company is usually exposed to commodity price cycles, although it may use derivative instruments to hedge exposures related to prices of products purchased and sold to fulfill operational needs and in specific circumstances depending on business environment analysis and assessment of whether the targets of the Strategic Plan are being met. a) Crude Oil In March 2020, in order to preserve the Company's liquidity, Petrobras approved a hedge strategy for exported oil already shipped but not priced mainly due to the high volatility at that time, both due to the effects of the oil price drop and the effects of the COVID-19 pandemic on the global oil consumption. As a result of this strategy, from April 2020, transactions using forward (swap) and futures contracts were carried out. Forward transactions do not require initial disbursement, whereas future transactions require margin deposits, depending on the volume contracted. b) Other commodity derivative transactions Petrobras, by use of its assets, positions and market knowledge from its operations in Brazil and abroad, occasionally seeks to optimize some of its commercial operations in the international market, with the use of commodity derivatives to manage price risk. 34.3. Foreign exchange risk management The Company’s Risk Management Policy provides for, as an assumption, an integrated risk management that extends to the whole corporation, pursuing the benefit from the diversification of its businesses. By managing its foreign exchange risk, the Company takes into account the cash flows derived from its operations as a whole. This concept is especially applicable to the risk relating to the exposure of the Brazilian Real against the U.S. dollar, in which future cash flows in U.S. dollar, as well as cash flows in Brazilian Real affected by the fluctuation between both currencies, such as cash flows derived from diesel and gasoline sales in the domestic market, are assessed in an integrated manner. Accordingly, the financial risk management mainly involves structured actions encompassing the business of the Company. Changes in the Real/U.S. dollar spot rate, as well as foreign exchange variation of the Real against other foreign currencies, may affect net income and the statement of financial position due to the exposures in foreign currencies, such as high probable future transactions, monetary items and firm commitments. The Company seeks to mitigate the effect of potential variations in the Real/U.S. dollar spot rates mainly raising funds denominated in US dollars, aiming at reducing the net exposure between obligations and receipts in this currency, thus representing a form of structural protection that takes into account criteria of liquidity and cost competitiveness. Foreign exchange variation on future exports denominated in U.S. Dollar in a given period are efficiently hedged by the US dollar debt portfolio taking into account changes in such portfolio over time. The foreign exchange risk management strategy may involve the use of derivative financial instruments to hedge certain liabilities, mitigating foreign exchange rate risk exposure, especially when the Company is exposed to a foreign currency in which no cash inflows are expected. In the short-term, the foreign exchange risk is managed by applying resources in cash or cash equivalent denominated in Brazilian Real, U.S. Dollar or in another currency. a) Cash Flow Hedge involving the Company’s future exports The carrying amounts, the fair value as of December 31, 2022, and a schedule of expected reclassifications to the statement of income of cumulative losses recognized in other comprehensive income (shareholders’ equity) based on a US$ 1.00 / R$ 5,2177 exchange rate are set out below: Schedule of present value of hedging instrument notional value Present value of hedging instrument notional value at 12.31.2022 Hedging Instrument Hedged Transactions Nature of the Risk Maturity Date US$ million R$ million Foreign exchange gains and losses on proportion of non-derivative financial instruments cash flows Foreign exchange gains and losses of highly probable future monthly exports revenues Foreign Currency – Real vs U.S. Dollar Spot Rate January 2023 to December 2032 62,119 324,121 Schedule of hedging instrument notional value Changes in the present value of hedging instrument notional value US$ million R$ million Amounts designated as of December 31, 2021 72,640 405,370 Additional hedging relationships designated, designations revoked and hedging instruments re-designated 14,589 76,263 Exports affecting the statement of income (12,037) (62,172) Principal repayments / amortization (13,073) (67,270) Foreign exchange variation - (28,070) Amounts designated as of December 31, 2022 62,119 324,121 Nominal value of hedging instrument (finance debt and lease liability) at December 31, 2022 72,393 377,723 In the year ended December 31, 2022, the Company recognized a US$ 62 loss within foreign exchange gains (losses) due to ineffectiveness (a US$ 15 gain in the same period of 2021). The average ratio of future exports for which cash flow hedge accounting was designated to the highly probable future exports is 48.58%. A roll-forward schedule of cumulative foreign exchange losses recognized in other comprehensive income as of December 31, 2022 is set out below: Schedule of cumulative foreign exchange losses recognized Exchange rate variation Tax effect Total Balance at December 31, 2021 (36,621) 12,452 (24,169) Recognized in Other comprehensive income 5,223 (1,776) 3,447 Reclassified to the statement of income - occurred exports 4,871 (1,656) 3,215 Balance at December 31, 2022 (26,527) 9,020 (17,507) Exchange rate variation Tax effect Total Balance at December 31, 2020 (37,257) 12,667 (24,590) Recognized in Other comprehensive income (3,949) 1,344 (2,605) Reclassified to the statement of income - occurred exports 4,585 (1,559) 3,026 Balance at December 31, 2021 (36,621) 12,452 (24,169) Additional hedging relationships may be revoked or additional reclassification adjustments from equity to the statement of income may occur as a result of changes in forecasted export prices and export volumes following a revision of the Company’s strategic plan. Based on a sensitivity analysis considering a US$ 10/barrel decrease in Brent prices stress scenario, when compared to the Brent price projections in the Strategic Plan 2023-2027, would not indicate a reclassification from equity to the statement of income. A schedule of expected reclassification of cumulative foreign exchange losses recognized in other comprehensive income to the statement of income as of December 31, 2022 is set out below: Schedule of reclassification of cumulative foreign exchange losses recognized 2023 2024 2025 2026 2027 2028 2029 to 2032 Total Expected realization (7,613) (5,692) (3,558) (3,019) (3,258) (2,251) (1,136) (26,527) Accounting policy for hedge accounting At inception of the hedge relationship, the Company documents its objective and strategy, including identification of the hedging instrument, the hedged item, the nature of the hedged risk and evaluation of hedge effectiveness requirements. Considering the natural hedge and the risk management strategy, the Company designates hedging relationships to account for the effects of the existing hedge between a foreign exchange gain or loss from proportions of its long-term debt obligations (denominated in U.S. dollars) and foreign exchange gain or loss of its highly probable U.S. dollar denominated future exports revenues, so that gains or losses associated with the hedged transaction (the highly probable future exports) and the hedging instrument (debt obligations) are recognized in the statement of income in the same periods. Foreign exchange gains and losses on proportions of debt obligations and lease liability (non-derivative financial instruments) have been designated as hedging instruments. The highly probable future exports for each month are hedged by a proportion of the debt obligations with an equal US dollar nominal amount. Only a portion of the Company’s forecast exports are considered highly probable. The Company’s future exports are exposed to the risk of variation in the Brazilian Real/U.S. dollar spot rate, which is offset by the converse exposure to the same type of risk with respect to its debt denominated in US dollar. The hedge relationships are assessed on a monthly basis and they may cease and may be re-designated in order to achieve the risk management strategy. Foreign exchange gains and losses relating to the effective portion of such hedges are recognized in other comprehensive income and reclassified to the statement of income within finance income (expense) in the periods when the hedged item affects the statement of income. Whenever a portion of future exports for a certain period, for which their foreign exchange gains and losses hedging relationship has been designated is no longer highly probable, the Company revokes the designation and the cumulative foreign exchange gains or losses that have been recognized in other comprehensive income remain separately in equity until the forecast exports occur. If future exports for which foreign exchange gains and losses hedging relationship has been designated is no longer expected to occur, any related cumulative foreign exchange gains or losses that have been recognized in other comprehensive income from the date the hedging relationship was designated to the date the Company revoked the designation is immediately recycled from equity to the statement of income. In addition, when a financial instrument designated as a hedging instrument expires or settles, the Company may replace it with another financial instrument in a manner in which the hedge relationship continues to occur. Likewise, whenever a hedged transaction effectively occurs, its financial instrument previously designated as a hedging instrument may be designated for a new hedge relationship. Gains or losses relating to the ineffective portion are immediately recognized in finance income (expense). Ineffectiveness may occur as hedged items and hedge instruments have different maturity dates and due to discount rate used to determine their present value. b) Information on ongoing contracts Cross currency swap – Pounds Sterling x Dollar In 2017, the Company, through its wholly owned subsidiary Petrobras Global Trading B.V. (PGT), entered into cross currency swaps maturing in 2026 and 2034, with notional amounts of £ 700 million and £ 600 million, respectively, in order to hedge its Pound/U.S. Dollar exposure arising from bonds issued amounting to £ 1,300. Over the last few years, Petrobras repurchased part of these bonds, reducing its position in this derivative instrument. Between October and November 2022, after carrying out an integrated analysis of the main risk factors to which the Company is exposed, Petrobras terminated the position in this derivative instrument. Swap contracts – IPCA x CDI and CDI x Dollar In September 2019, Petrobras contracted a cross currency swap aiming to protect against exposure arising from the 7th issuance of debentures, settled on October 9, 2019, in the total notional amount of US$ 367 for IPCA x CDI operations, maturing in September 2029 and September 2034, and US$ 240 for CDI x U.S. Dollar operations, maturing in September 2024 and September 2029. In July 2022, the Company approved a repurchase plan for these debentures, to held them in treasury or resell them. At December 31, 2022, only an immaterial amount of this debt had been effectively repurchased. Thus, the position in this swap remains unchanged. Changes in interest rate forward curves (CDI interest rate) may affect the Company's results, due to the market value of these swap contracts. In preparing a sensitivity analysis for these curves, a parallel shock on this curve was estimated based on the average maturity of these swap contracts, in the scope of the Company’s Risk Management Policy. For possible and remote scenarios, the effects of 40% (500 b.p.) and 80% (1,000 b.p.) variations, respectively, on the interest rate forward curves were estimated. The effects of this sensitivity analysis, keeping all other variables remaining constant, are shown in the following table: Schedule of sensitivity analysis, keeping all other variables remaining constant Possible Result Remote Result SWAP cambial (IPCA x USD) (13) (15) The methodology used to calculate the fair value of this swap operation consists of calculating the future value of the operations, using rates agreed in each contract and the projections of the forward curves, IPCA coupon and foreign exchange coupon, discounting to present value using the risk-free rate. Curves are obtained from Bloomberg based on forward contracts traded in stock exchanges. Finally, the mark-to-market is adjusted to the credit risk of the financial institutions, which is not relevant in terms of financial volume, since the Company makes contracts with highly rated banks. c) Sensitivity analysis for foreign exchange risk on financial instruments A sensitivity analysis is set out below, showing the probable scenario for foreign exchange risk on financial instruments, computed based on external data along with reasonably possible and remote scenarios (20% and 40% changes in the foreign exchange rates prevailing on December 31, 2022, respectively), except for assets and liabilities of foreign subsidiaries, when transacted in a currency equivalent to their respective functional currencies. This analysis only covers the exchange rate variation and maintains all other variables constant. Schedule of sensitivity analysis for foreign exchange risk on financial instruments Risk Financial Instruments Exposure at 12.31.2022 Probable Scenario (*) Reasonably possible scenario Remote Scenario Dollar/Real Assets 7,448 75 1,490 2,979 Liabilities (96,873) (971) (19,374) (38,749) Exchange rate - Cross currency swap (576) (6 ) (115) (231) Cash flow hedge on exports 62,120 623 12,424 24,848 Total (27,881) (279) (5,575) (11,153) Euro/Dollar Assets 1,018 32 204 407 Liabilities (2,173) (68) (435) (869) Total (1,155) (36) (231) (462) Pound/Dollar Assets 1,445 33 289 578 Liabilities (2,879) (66) (576) (1,152) Total (1,434) (33) (287) (574) Pound/Real Assets 2 − − 1 Liabilities (26) (1) (5) (10) Total (24) (1) (5) (9) Euro/Real Assets 4 − 1 2 Liabilities (63) (3) (12) (25) Total (59) (3) (11) (23) Total at December 31, 2022 (30,553) (352) (6,109) (12,221) (*) At , the probable scenario was computed based on the following risks: R$ x U.S. Dollar - a 1% depreciation of the Real; Euro x Dollar: a 3.1 appreciation of the Euro; Pound Sterling x U.S. Dollar: a 2.26% appreciation of the Pound Sterling; Real x Euro: a 4.2% depreciation of the Real; and Real x Pound Sterling - a 3.3% depreciation of the Real. Source: Focus and Thomson Reuters. 34.4. Interest rate risk management The Company considers that interest rate risk does not create a significant exposure and therefore, preferably does not use derivative financial instruments to manage interest rate risk, except for specific situations faced by certain subsidiaries of Petrobras. The sensitivity analysis of interest rate risk presented in the table below is carried out for a twelve-month term. Amounts referring to reasonably possible and remote scenarios mean the total floating interest expense if there is a variation of 40% and 80% in these interest rates, respectively, maintaining all other variables constant. The following table presents the amounts to be disbursed by Petrobras with the payment of interest related to debts with floating interest rates at December 31, 2022: Schedule of interest rate risk management Risk Probable Scenario (*) Reasonably possible scenario Remote Scenario LIBOR 3M 12 16 19 LIBOR 6M 655 917 1,179 SOFR 3M 84 109 135 SOFR 6M 17 23 30 CDI 181 253 325 TJLP 70 98 126 IPCA 96 134 173 1,115 1,550 1,987 (*) The probable scenario was calculated considering the quotations of currencies and floating rates to which the debts are indexed. 34.5. Liquidity risk management The possibility of a shortage of cash or other financial assets in order to settle the Company’s obligations on the agreed dates is managed by the Company. In the Company’s consolidated financial statements for the year ended December 31, 2022, the net working capital was negative. To mitigate such position, the Company has investments in post-fixed Bank Deposit Certificates (CDB) classified as non-current assets (see note 7.2), with daily liquidity. Following its liability management strategy, the Company regularly evaluates market conditions and may enter into transactions to repurchase its own securities or those of its affiliates, through a variety of means, including tender offers, make whole exercises and open market repurchases, in order to improve its debt repayment profile and cost of debt. 34.6. Credit risk Credit risk management in Petrobras aims to mitigate risk of not collecting receivables, financial deposits or collateral from third parties or financial institutions through efficient credit analysis, granting and management based on quantitative and qualitative parameters that are appropriate for each market segment in which the Company operates. The commercial credit portfolio is broad and diversified and comprises clients from the domestic and foreign markets. Credit granted to financial institutions is related to collaterals received, cash surplus invested and derivative financial instruments. It is spread among “investment grade” international banks rated by international rating agencies and Brazilian banks with low credit risk. 34.6.1. Credit quality of financial assets a) Trade and other receivables Most of Petrobras's clients do not have a risk rating granted by rating agencies. Thus, for the definition and monitoring of credit limits, management evaluates the customer's field of activity, commercial relationship, financial relationship with Petrobras and its financial statements, among other aspects. b) Other financial assets Credit quality of cash and cash equivalents, as well as marketable securities, is based on external credit ratings provided by Standard & Poor’s, Moody’s and Fitch. The credit quality of those financial assets, that are neither past due nor considered to be credit impaired, are set out below: Schedule of credit quality of cash and cash equivalents Cash and cash equivalents Marketable securities 12.31.2022 12.31.2021 12.31.2022 12.31.2021 AA − 1,152 − − A 3,806 1,145 820 − BBB 212 2,308 − − BB 917 3,672 205 − AAA.br 3,034 530 3,311 694 AA.br 1 1,639 1 − Other ratings 26 21 − − 7,996 10,467 4,337 694 34.7. Fair value of financial assets and liabilities Schedule of fair value of financial assets and liabilities Level I Level II Level III Total fair value recorded Assets Balance at December 31, 2022 - - - − Balance at December 31, 2021 − 23 − 23 Liabilities Foreign currency derivatives - (64) - (64) Commodity derivatives (40) − - (40) Interest rate derivatives − (17) - (17) Balance at December 31, 2022 (40) (81) - (121) Balance at December 31, 2021 (1) (272) − (273) The fair value of other financial assets and liabilities is presented in the respective notes: 7 – Marketable securities; 13 – Trade and other receivables; and 31 – Finance debt (estimated amount). The fair values of cash and cash equivalents, current debt and other financial assets and liabilities are equivalent or do not differ significantly from their carrying amounts. |
Related-party transactions
Related-party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Related-party transactions | 35. Related-party transactions The Company has a related-party transactions policy, which is annually revised and approved by the Board of Directors in accordance with the Company’s by-laws. In order to ensure the goals of the Company are achieved and to align them with transparency of processes and corporate governance best practices, this policy guides Petrobras while entering into related-party transactions and dealing with potential conflicts of interest on these transactions, based on the following assumptions and provisions: • Competitiveness: prices and conditions of services compatible with those practiced in the market; • Compliance: adherence to the contractual terms and responsibilities practiced by the Company; • Transparency: adequate reporting of the agreed conditions, as well as their effects on the Company's financial statements; • Fairness: establishment of mechanisms that prevent discrimination or privileges and the adoption of practices that ensure the non-use of privileged information or business opportunities for the benefit of individuals or third parties; and • Commutability: arm’s length basis. The Audit Committee must approve in advance transactions between the Company and the Brazilian Federal Government, including its agencies or similar bodies; Petros Foundation; Petrobras Health Association; controlled and associated entities (including entities controlled by its associates); and entities controlled by key management personnel or by their close family members, taking into account the materiality established by this policy. The Audit Committee (CAE) reports monthly to the Board of Directors. Transactions with the Brazilian Federal Government, including its agencies or similar bodies and controlled entities (the latter when classified as out of the Company's normal course of business by the CAE), which are under the scope of Board of Directors approval, must be preceded by the CAE and Minority Shareholders Committee assessment and must have prior approval of, at least, 2/3 of the board members. The related-party transactions policy also aims to ensure an adequate and diligent decision-making process for the Company’s key management. 35.1. Transactions with joint ventures, associates, government entities and pension plans The Company has engaged, and expects to continue to engage, in the ordinary course of business in numerous transactions with joint ventures, associates, pension plans, as well as with the Company’s controlling shareholder, the Brazilian Federal Government, which include transactions with banks and other entities under its control, such as financing and banking, asset management and other transactions. The balances of significant transactions are set out in the following table: Summary of Balances of Significant Transactions 12.31.2022 12.31.2021 Assets Liabilities Assets Liabilities Joint ventures and associates State-controlled gas distributors (joint ventures) − − 255 42 Petrochemical companies (associates) 21 10 26 12 Other associates and joint ventures 72 21 104 13 Subtotal 93 31 385 67 Brazilian government – Parent and its controlled entities Government bonds 1,689 − 1,446 − Banks controlled by the Brazilian Government 11,811 1,567 8,417 1,267 Petroleum and alcohol account - receivables from the Brazilian Government 602 − 506 − Brazilian Federal Government (*) − 1,422 2 − Pré-Sal Petróleo S.A. – PPSA − 57 − − Others 58 71 26 54 Subtotal 14,160 3,117 10,397 1,321 Petros 56 301 51 61 Total 14,309 3,449 10,833 1,449 Current 2,603 2,119 2,110 315 Non-Current 11,706 1,330 8,723 1,134 (*) It includes amounts related to dividends and lease liabilities. The income/expenses of significant transactions are set out in the following table: The income/expenses of significant transactions are set out in the following table: 2022 2021 2020 Joint ventures and associates BR Distribuidora (now called Vibra Energia) − 7,936 11,038 Natural Gas Transportation Companies − (308) (1,478) State-controlled gas distributors (joint ventures) 1,196 2,410 1,723 Petrochemical companies (associates) 4,465 3,553 2,769 Other associates and joint ventures 96 418 265 Subtotal 5,757 14,009 14,317 Brazilian government – Parent and its controlled entities Government bonds 204 64 41 Banks controlled by the Brazilian Government 71 (157) (456) Receivables from the Electricity sector − 131 72 Petroleum and alcohol account - receivables from the Brazilian Government 62 58 235 Brazilian Federal Government 288 31 (4) Pré-Sal Petróleo S.A. – PPSA (657) (139) (135) Others (79) (34) (15) Subtotal (111) (46) (262) Petros (21) − (177) Total 5,625 13,963 13,878 Revenues, mainly sales revenues 5,821 14,672 16,202 Purchases and services (4) (494) (2,074) Income (expenses) (804) (315) (93) Foreign exchange and inflation indexation charges, net 299 (59) (102) Finance income (expenses), net 313 159 (55) Total 5,625 13,963 13,878 On December 23, 2022, Petrobras signed a contract with UEG Araucária S.A., in the amount of US$ 925 (R$ 4,850), with the purpose of selling 2,150,000 m³/day of gas, in the interruptible mode, to supply energy generation electricity by UTE Araucária. The contract is effective from January 1, 2023 to December 31, 2023. Information on the judicialized debts from the Brazilian Federal Government ( precatórios The liability related to pension plans of the Company's employees and managed by the Petros Foundation, including debt instruments, is presented in note 17. 35.2. Compensation of key management personnel The criteria for compensation of employees and officers are established based on the relevant labor legislation and the Company’s Positions, Salaries and Benefits Plan ( Plano de Cargos e Salários e de Benefícios e Vantagens The compensation of employees (including those occupying managerial positions) and officers in December 2022 and December 2021 were: The compensation of employees (including those occupying managerial positions) and officers in December 2022 and December 2021 were: Compensation of employees, excluding officers (amounts in U.S. dollars) 2022 2021 Lowest compensation 759 678 Average compensation 4,367 3,775 Highest compensation 20,790 19,220 Employees 2022 2021 Number of employees 38,682 38,703 Compensation of the Director of Petrobras (includes variable compensation) 2022 2021 Lowest compensation (*) 322,668 536,948 Average compensation (**) 586,324 697,110 Highest compensation (***) 437,916 544,862 (*) It corresponds to the lowest annual compensation, including former members, according to Circular Letter CVM/SEP no. 01/2021 of February 26, 2021. If the Company excluded from the calculation the amounts paid to former members, as termination of office and deferred variable compensation, and considered the amounts paid to members who held the position for less than 12 months, the lowest amount would be US$ 65,172 in 2022 and US$ 475,777 in 2021. (**) It corresponds to the total value of the annual compensation, including expenses with former members, divided by the number of remunerated positions (9), according to Circular Letter CVM/SEP no. 01/2021 of February 26, 2021. If the Company excluded from the average compensation the amounts paid to former members, as termination of office and deferred variable compensation, the average amount would be US$ 414,854 in 2022 and US$ 526,021 in 2021. (***) It corresponds to the annual compensation of the officer with the highest individual compensation and who held the position for 12 months of the fiscal year, according to Circular Letter CVM/SEP no. 01/2021 of February 26, 2021. The criteria for compensation of members of the Board of Directors and the Board Executive Officers is based on the guidelines established by the Secretariat of Management and Governance of the State-owned Companies (SEST) of the Ministry of Economy, and by the MME. The total compensation is set out as follows: Summary of Total Compensation of Executive Officers and Board Members of Petrobras Parent Company 2022 2021 Executive Officers Board of Directors Total Executive Officers Board of Directors Total Wages and short-term benefits 2.7 0.1 2.8 2.6 0.1 2.7 Social security and other employee-related taxes 0.8 − 0.8 0.7 − 0.7 Post-employment benefits (pension plan) 0.4 − 0.4 0.3 − 0.3 Variable compensation 2.8 - 2.8 2.5 - 2.5 Benefits due to termination of tenure 0.3 - 0.3 0.6 - 0.6 Total compensation recognized in the statement of income 7.0 0.1 7.1 6.7 0.1 6.8 Total compensation paid 6.3 − 6.3 6.0 0.1 6.1 Monthly average number of members in the period 9.00 11.00 20.00 9.00 10.58 19.58 Monthly average number of paid members in the period 9.00 3.83 12.83 9.00 4.50 13.50 In 2022, expenses related to compensation of the board members and executive officers of Petrobras amounted to US$ 13.7 (US$ 14.7 for the same period of 2021). On April 13, 2022, the Company’s Annual Shareholders’ Meeting set the threshold for the overall compensation for executive officers and board members at US$ 8 (R$ 39.59 million) from April 2022 to March 2023. The compensation of the Advisory Committees to the Board of Directors is separate from the fixed compensation set for the Board Members and, therefore, has not been classified under compensation of Petrobras’ key management personnel. In accordance with Brazilian regulations applicable to companies controlled by the Brazilian Federal Government, Board members who are also members of the Statutory Audit Committees are only compensated with respect to their Audit Committee duties. The total compensation concerning these members was US$ 613 thousand for 2022 December 31, 2022 (US$ 728 thousand with tax and social security costs). For the same period of 2021, the total compensation concerning these members was US$ 544 thousand (US$ 642 thousand with tax and social security costs). The average annual remuneration of the members of Petrobras' Fiscal Council, in fiscal year 2022, was US$ 28 (US$ 33, considering social security costs). The Variable Compensation Program for Executive Officers is subject to compliance with prerequisites and performance indicators. The variable remuneration to be paid changes according to the percentage of goals achievement and its payment is deferred in 5 years. In 2022, the Company provisioned US$ 3 referring to the Performance Award Program – PPP 2022 for Executive Directors. Exemption from damage (indemnity) The Company's Bylaws establish since 2002 the obligation to indemnify and keep its managers, members with statutory functions and other employees and agents who legally act by delegation of the Company's managers, in order to cover certain expenses due to complaints, inquiries, administrative, arbitration or judicial investigations and proceedings, in Brazil or in any other jurisdiction, which aim to impute any responsibility for regular management acts practiced exclusively in the exercise of its activities since the date of its investiture or the beginning of the contractual relationship with the Company. The first Indemnity Commitment was approved by the Board of Directors on December 18, 2018, starting from its signature until the Ordinary General Meeting of 2020. The maximum exposure established by the Company (global limit for all eventual damages) was US$ 500. The second Indemnity Commitment was approved by the Board of Directors on March 25, 2020, starting from its signature until the Ordinary General Meeting of 2022. The maximum exposure established by the Company (global limit for all possible damages) was US$ 300. The third Indemnity Commitment was approved by the Board of Directors on March 30, 2022, starting from its signature, until the Ordinary General Meeting of 2024. The maximum exposure established by the Company (global limit for all possible damages) was US$ 200. In addition, the term of coverage provided for in the Commitment begins from the date of signature until the occurrence of the following events, whichever comes last: (i) the end of the fifth (5th) year following the date on which the beneficiary leave, for any reason, to exercise the mandate or function/position; (ii) the course of the time required in transit of any Process in which the Beneficiary is partly due to the practice of Regular Management Act; or (iii) the course of the limitation period according to law to events that can generate the obligations of indemnification by the Company, including, but not limited to, the criminal statute applicable deadline, even if such period is applied by administrative authorities or at any time when there is an indemnifiable event based on an imprescriptible fact. Indemnity agreements shall not cover: (i) acts covered under Directors and Officers (D&O) insurance policy purchased by the Company, as formally recognized and implemented by the insurance Company; (ii) acts outside the regular exercise of the duties or powers of the Beneficiaries; (iii) acts in bad faith act, malicious acts, fraud or serious fault on the part of the Beneficiaries; (iv) self-interested acts or in favor of third parties that damage the Company’s social interest; (v) obligation to pay damages arising from social action according to article 159 of Law 6,404/76 or reimbursement of the damages according to art. 11, § 5°, II of Law 6,385/76; (vi) other cases where a manifest conflict of interest with the Company is established. Petrobras will have no obligation to indemnify the Beneficiaries for loss of profits, loss of business opportunity, interruption of professional activity, moral damages or indirect damages. eventually claimed by the Beneficiaries, with compensation or reimbursement limited to the cases provided for in the Indemnity Commitment. In the case of conviction for an intentional act or committed with gross error, final and unappealable in criminal, public civil, impropriety, popular action, action proposed by a third party, or by shareholders in favor of the Company, or, still, of an unappealable administrative decision in which if it concludes by the practice of a malicious act or committed with gross error and that has not been subject to judicial suspension, the beneficiary undertakes, regardless of any manifestation of the independent third party, to reimburse the Company for all amounts spent by the Company within the scope of this Commitment, including all expenses and costs related to the process, refunding them within a period of up to 30 (thirty) days from the competent notification. In order to avoid the configuration of conflicts of interest, notably as provided for in art. 156 of Law 6,404/76, the Company will hire external professionals, who may act individually or jointly, with an unblemished, impartial and independent reputation (“Independent Third Party”), and with robust experience to analyze any claim by the Beneficiaries on the characterization of Regular Management Act or on the hypothesis of exclusions. In addition, Beneficiaries who are claiming said amounts are prohibited from participating in meetings or discussions that deal with the approval of the payment of expenses, in compliance with the provisions of art. 156, head provision of Law 6,404/76, Brazilian Corporate Law. |
Supplemental information on sta
Supplemental information on statement of cash flows | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Information On Statement Of Cash Flows | |
Supplemental information on statement of cash flows | 36. Supplemental information on statement of cash flows Schedule of supplemental information on statement of cash flows 2022 2021 2020 Amounts paid/received during the year: Withholding income tax paid on behalf of third-parties 1,413 904 770 Transactions not involving cash Purchase of property, plant and equipment on credit 19 − 310 Lease 6,923 6,945 4,255 Provision/(reversals) for decommissioning costs 3,260 (1,082) 5,174 Use of tax credits and judicial deposit for the payment of contingency 1,236 1,173 2 Assets received due to the increase of interest in concessions without disbursement − 165 − Remeasurement of property, plant and equipment acquired in previous periods 24 − − Earn Out related to Atapu and Sépia groups 694 54 − The balance of Cash and cash equivalents in the Statements of Cash Flows includes amounts related to assets classified as held for sale, as shown in the reconciliation below: Schedule of cash and cash equivalents in the statement of cash flows 2022 2021 Reconciliation of the balance at the beginning of the period Cash and cash equivalents in statements of financial position 10,467 11,711 Cash and cash equivalents classified as assets held for sale (note 30) 13 14 Cash and cash equivalents according to Statements of Cash Flows (opening balance) 10,480 11,725 Reconciliation of the balance at the end of the period Cash and cash equivalents in statements of financial position 7,996 10,467 Cash and cash equivalents classified as assets held for sale (note 30) − 13 Cash and cash equivalents according to Statements of Cash Flows (closing balance) 7,996 10,480 36.1. Reconciliation of Depreciation, depletion and amortization with Statements of Cash Flows Schedule of Reconciliation of Depreciation, depletion and amortization with Statements of Cash Flows 2022 2021 2020 Depreciation of Property, plant and equipment 14,618 12,955 12,326 Amortization of Intangible assets 77 60 66 Capitalized depreciation (1,343) (1,240) (973) Depreciation of right of use - recovery of PIS/COFINS (134) (80) 26 Depreciation, depletion and amortization in the Statements of Cash Flows 13,218 11,695 11,445 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events | |
Subsequent events | 37. Subsequent events Leniency Agreement On January 16, 2023, Petrobras received the amount of US$ 87 (R$ 456 million), recovered through a leniency agreement of the company UOP LLC – a subsidiary of Honeywell International Inc. – entered into with General Federal Inspector’s Office (CGU - Controladoria Geral da União Advocacia Geral da União Receipt of the earn out relating to Atapu and Sépia fields In January 2023, Petrobras received the entire amount of US$ 384 (R$ 2,007 million), of the earn out related to 2022, from the partners in Atapu and Sépia fields, including gross up of taxes, as follows: · US$ 258 (R$1,347 million) relating to the interest held by TotalEnergies (28%), Petronas Petróleo Brasil Ltda (21%) and QatarEnergy Brasil Ltda (21%), in the Sépia field; · US$ 126 (R$ 660 million) relating to the interest held by TotalEnergies (22.5%) and the interest of Shell (25%), in the Atapu field. For more information, see note 24. Sale of the Albacora Leste field On January 26, 2023, after fulfilling all the conditions precedent, Petrobras concluded the sale of its entire interest in Albacora Leste producing field, located in the Campos Basin, to the company Petro Rio Jaguar Petróleo LTDA (PetroRio), a subsidiary of Petro Rio S.A. The transaction was closed with the receipt, in cash, of US$ 1,635, including price adjustments provided for in the contract. With this closing, PetroRio becomes the operator of this field, with a 90% interest, in partnership with Repsol Sinopec Brasil, which holds the remaining 10%. For more information, see note 30. Receipt of the earn out relating to Baúna field On January 30, 2023, Petrobras received US$ 84, including price adjustments provided for in the contract, from Karoon Petróleo & Gás Ltda (Karoon), a subsidiary of Karoon Energy Ltd, as a contingent payment related to Brent prices of 2022. This receipt is in accordance with the terms of the agreement signed by the companies in 2020, relating to the sale of Petrobras' entire interest in Baúna field (concession area BM-S-40). The other contingent payments may be received by Petrobras until 2026, depending on Brent prices in future years. Results on judgments of the Administrative Board of Tax Appeals ( Conselho Administrativo de Recursos Fiscais i. On February 1, 2023, the First Panel of the Superior Chamber of Tax Appeals (CSRF), a member of the CARF, dismissed the appeals filed by the Company and decided that Petrobras owed income taxes (IRPJ and CSLL) on subsidiary abroad relating to 2011 and 2012. This decision was taken by exercising the casting vote of the President of the Class, based on Provisional Measure no. 1160/2023, after a tie between the judges. With this decision, tax debts amounting to US$ 1,092 (R$ 5,700) became final at administrative level. Accordingly, after the end of the administrative process, the Company will adopt the appropriate measures. ii. On March 14, 2023, the Third Panel of the CSRF, by majority, dismissed the special appeals filed by the Company, understanding that CIDE and PIS/COFINS over Imports, related to vessel charter payments to legal entities abroad in 2010 (PIS/COFINS), 2011 (CIDE) and 2013 (CIDE, PIS/COFINS). With this decision, tax debts of US$ 3.5 billion (R$ 18 billion) became final at administrative level. Accordingly, after the end of the administrative process, the Company will adopt the appropriate measures. The expectation of loss in these contingencies is deemed possible (see note 18). These decisions do not trigger any provisioning in the Company's financial statements. In accordance with Codification Topic 932 - Extractive Activities – Oil and Gas, this section provides supplemental information on oil and gas exploration and production activities of the Company. The information included in items (i) through (iii) provides historical cost information pertaining to costs incurred in exploration, property acquisition and development, capitalized costs and results of operations. The information included in items (iv) and (v) presents information on Petrobras’ estimated net proved reserve quantities, standardized measure of estimated discounted future net cash flows related to proven reserves, and changes in estimated discounted future net cash flows. The Company, on December 31, 2022, maintains activities mainly in Brazil, in addition to activities in Argentina, Colombia and Bolivia, in South America. The equity-accounted investments are comprised of the operations of the joint venture company MP Gulf of Mexico, LLC (MPGoM), in which Murphy Exploration & Production Company ("Murphy" ) has 80% stake and Petrobras America Inc ("PAI") 20% stake in United States of America, North America. The Company reports its reserves in Brazil, United States of America and Argentina. Bolivian reserves are not included due to restrictions determined by Bolivian Constitution. In Colombia, our activities are exploratory, and therefore, there are no associated reserves. i) Capitalized costs relating to oil and gas producing activities As set out in note 26, the Company uses the successful efforts method of accounting for appraisal and development costs of crude oil and natural gas production. In addition, notes 23 and 24 presents the accounting policies applied by the Company for recognition, measurement and disclosure of property, plant and equipment and intangible assets. The following table summarizes capitalized costs for oil and gas exploration and production activities with the related accumulated depreciation, depletion and amortization, and asset retirement obligations: Schedule of capitalized costs for oil and gas exploration and production activities Consolidated entities Abroad Equity Method Investees Brazil South America Others Total Total December 31, 2022 Unproved oil and gas properties 4,227 55 − 55 4,282 − Proved oil and gas properties 83,030 205 − 205 83,235 762 Support Equipment 69,735 732 1 733 70,468 − Gross Capitalized costs 156,993 992 1 993 157,986 762 Depreciation, depletion and amortization (52,836) (769) (1) (770) (53,606) (224) Net capitalized costs 104,156 223 − 223 104,380 538 December 31, 2021 Unproved oil and gas properties 4,455 115 - 115 4,570 - Proved oil and gas properties 80,523 172 - 172 80,695 832 Support Equipment 67,988 777 1 778 68,766 - Gross Capitalized costs 152,967 1,064 1 1,065 154,032 832 Depreciation, depletion and amortization (51,621) (733) (1) (734) (52,355) (296) Net capitalized costs 101,345 331 - 331 101,677 536 December 31, 2020 Unproved oil and gas properties 17,438 112 - 112 17,550 - Proved oil and gas properties 61,857 140 - 140 61,997 792 Support Equipment 73,199 761 1 762 73,961 - Gross Capitalized costs 152,494 1,013 1 1,014 153,508 792 Depreciation, depletion and amortization (43,008) (687) (1) (688) (43,696) (316) Net capitalized costs 109,486 326 - 326 109,812 476 ii) Costs incurred in oil and gas property acquisition, exploration and development activities Costs incurred are summarized below and include both amounts expensed and capitalized: Consolidated entities Abroad Equity Method Investees Brazil South America Total Total December 31, 2022 Acquisition costs: Proved − − − − − Unproved 892 − − 892 − Exploration costs 707 51 51 758 1 Development costs 6,883 31 31 6,914 30 Total 8,482 82 82 8,564 31 December 31, 2021 Acquisition costs: Proved − − − − − Unproved − − − − − Exploration costs 682 5 5 687 − Development costs 6,035 44 44 6,079 37 Total 6,717 49 49 6,766 37 December 31, 2020 Acquisition costs: Proved 315 − − 315 − Unproved 24 − − 24 − Exploration costs 805 10 10 815 − Development costs 5,664 3 3 5,667 57 Total 6,808 13 13 6,821 57 (iii) Results of operations for oil and gas producing activities The Company’s results of operations from oil and gas producing activities for the years ended December 31, 2022, 2021 and 2020 are shown in the following table. The Company transfers substantially all of its Brazilian crude oil and gas production to the Refining, Transportation & Marketing segment in Brazil. The internal transfer prices calculated by the Company’s model may not be indicative of the price the Company would have realized had this production been sold in an unregulated spot market. Additionally, the prices calculated by the Company’s model may not be indicative of the future prices to be realized by the Company. Gas prices used are those set out in contracts with third parties. Production costs are lifting costs incurred to operate and maintain productive wells and related equipment and facilities, including operating employees’ compensation, materials, supplies, fuel consumed in operations and operating costs related to natural gas processing plants. Exploration expenses include the costs of geological and geophysical activities and projects without economic feasibility. Depreciation and amortization expenses relate to assets employed in exploration and development activities. In accordance with Codification Topic 932 – Extractive Activities – Oil and Gas, income taxes are based on statutory tax rates, reflecting allowable deductions. Interest income and expense are excluded from the results reported in this table. Schedule of Oil and Gas, income taxes are based on statutory tax rates, reflecting allowable deductions Consolidated entities Abroad Equity Method Investees Brazil South America North America Others Total Total December 31, 2022 Net operation revenues: Sales to third parties 1,153 158 − − 158 1,311 275 Intersegment 76,579 − − − − 76,579 − 77,732 158 − − 158 77,890 275 Production costs (19,975) (75) − − (75) (20,050) (41) Exploration expenses (719) (168) − − (168) (887) − Depreciation, depletion and amortization (10,373) (42) − − (42) (10,415) (42) Impairment of oil and gas properties (1,216) (2) − − (2) (1,218) − Other operating expenses 3,000 (1) (8) 21 12 3,012 (22) Results before income tax expenses 48,449 (130) (8) 21 (117) 48,332 170 Income tax expenses (16,474) 44 − (3) 41 (16,433) − Results of operations (excluding corporate overhead and interest costs) 31,975 (86) (8) 19 (76) 31,899 170 December 31, 2021 Net operation revenues: Sales to third parties 974 131 − − 131 1,105 220 Intersegment 54,479 − − − − 54,479 − 55,453 131 − − 131 55,584 220 Production costs (14,601) (67) − − (67) (14,668) (44) Exploration expenses (685) (2) − − (2) (687) − Depreciation, depletion and amortization (8,959) (46) − − (46) (9,005) (38) Impairment of oil and gas properties 3,107 − − − − 3,107 − Other operating expenses 809 15 114 (118) 11 820 (17) Results before income tax expenses 35,124 31 114 (118) 27 35,151 121 Income tax expenses (11,984) (11) − 43 33 (11,951) − Results of operations (excluding corporate overhead and interest costs) 23,141 20 114 (75) 59 23,200 121 December 31, 2020 Net operation revenues: Sales to third parties 763 108 − − 108 871 148 Intersegment 33,524 − − − − 33,524 − 34,287 108 − − 108 34,395 148 Production costs (9,378) (59) − − (59) (9,437) (54) Exploration expenses (796) (7) − − (7) (803) − Depreciation, depletion and amortization (8,611) (50) − − (50) (8,661) (57) Impairment of oil and gas properties (7,364) − − − − (7,364) − Other operating expenses (825) (2) (167) (26) (195) (1,020) (158) Results before income tax expenses 7,313 (10) (167) (26) (203) 7,110 (121) Income tax expenses (2,486) 3 57 9 69 (2,417) 41 Results of operations (excluding corporate overhead and interest costs) 4,827 (7) (110) (17) (134) 4,693 (80) (iv) Reserve quantities information As presented in note 4.1, proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain. The project to extract the hydrocarbons must have commenced or there must be reasonable certainty that the project will commence within a reasonable time. Reserves estimate involves a high degree of judgment and complexity and its application affects different items of these Financial Statements. The Company’s estimated net proved oil and gas reserves and changes thereto for the years 2022, 2021 and 2020 are presented in the following table. Proved reserves are estimated in accordance with the reserve definitions prescribed by the Securities and Exchange Commission. Proved developed oil and gas reserves are proved reserves that can be expected to be recovered: (i) through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and (ii) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is done by means not involving a well. Proved reserves for which substantial new investments in additional wells and related facilities will be required are named proved undeveloped reserves. Reserve estimates are subject to variations due to technical uncertainties in the reservoir and changes in economic scenarios. A summary of the annual changes in the proved reserves of oil is as follows (in millions of barrels): Summary of the annual changes in the proved reserves of oil is as follows (in millions of barrels): Consolidated Entities Equity Method Investees Proved developed and undeveloped reserves(*) Crude oil in Brazil Crude Oil in South America Synthetic Oil in Brazil Consolidated Total Crude Oil in North America Crude Oil in Africa Total Reserves at December 31, 2019 8,083 1 8 8,092 23 42 8,156 Revisions of previous estimates 269 (1) (7) 261 − − 261 Extensions and discoveries 35 − − 35 − − 35 Improved Recovery − − − − − − − Sales of reserves (61) − − (61) − (41) (102) Purchases of reserves − − − − − − − Production for the year (792) − (1) (793) (4) (1) (798) Reserves at December 31, 2020 7,534 − − 7,534 18 − 7,552 Extensions and discoveries − − − − − − − Revisions of previous estimates 1,654 2 11 1,667 1 − 1,668 Sales of reserves (9) − − (9) − − (9) Production for the year (773) − (1) (774) (3) − (777) Reserves at December 31, 2021 8,406 2 10 8,419 17 − 8,435 Revisions of previous estimates 1,705 − − 1,705 3 − 1,708 Sales of reserves (1) (455) − (10) (465) (1) − (465) Production for the year (748) − (1) (749) (3) − (752) Reserves at December 31, 2022 8,908 2 − 8,910 16 − 8,926 (1) Includes the effects of the write-offs related to the Co-Participation Agreements of Atapu and Sepia fields (*) Apparent differences in the sum of the numbers are due to rounding off. A summary of the annual changes in the proved reserves of natural gas is as follows (in billions of cubic feet): Summary of of the annual changes in the proved reserves of natural gas is as follows (in billions of cubic feet): Consolidated Entities Equity Method Investees Proved developed and undeveloped reserves (*) Natural Gas in Brazil Natural Gas in South America Synthetic Gas in Brazil Consolidated Total Gas Natural in North America Gas Natural in Africa Total Reserves at December 31, 2019 8,381 156 12 8,549 9 47 8,605 Revisions of previous estimates (93) (119) (11) (222) − − (222) Extensions and discoveries 36 − − 36 − − 36 Improved Recovery − − − − − − − Sales of reserves (42) − − (42) − (47) (90) Purchases of reserves − − − − − − − Production for the year (735) (12) (1) (749) (2) − (750) Reserves at December 31, 2020 7,547 26 − 7,572 8 − 7,580 Extensions and discoveries − − − − − − − Revisions of previous estimates 1,615 167 19 1,802 − − 1,802 Sales of reserves (15) − − (15) − − (15) Production for the year (692) (16) (1) (709) (1) − (710) Reserves at December 31, 2021 8,455 177 18 8,650 7 − 8,657 Revisions of previous estimates 1,667 16 − 1,682 − − 1,682 Sales of reserves (1) (408) − (17) (425) (1) − (425) Production for the year (626) (20) (1) (647) (1) − (648) Reserves at December 31, 2022 9,088 173 − 9,261 6 − 9,267 (1) Includes the effects of the write-offs related to the Co-Participation Agreements of Atapu and Sepia fields (*) Apparent differences in the sum of the numbers are due to rounding off. Natural gas production volumes used in these tables are the net volumes withdrawn from our proved reserves, including gas consumed in operations and excluding reinjected gas. Our disclosure of proved gas reserves includes gas consumed in operations, which represent 37% of our total proved reserves of natural gas as of December 31, 2022. The tables below summarize information about the changes in total proved reserves of crude oil and natural gas, in millions of barrels of oil equivalent, in our consolidated entities and equity method investees for 2022, 2021 and 2020: Summary of information about the changes in total proved reserves of crude oil and natural gas, in millions of barrels of oil equivalent, in our consolidated entities and equity method Consolidated Entities Equity Method Investees Proved developed and undeveloped reserves(*) Oil equivalent in Brazil Oil equivalent in South America Synthetic Oil in Brazil Consolidated Total Oil equivalent in North America Oil equivalent in Africa Total Reserves at December 31, 2019 9,480 27 10 9,517 24 49 9,590 Revisions of previous estimates 253 (21) (9) 224 − − 224 Extensions and discoveries 41 − − 41 − − 41 Improved Recovery − − − − − − − Sales of reserves (68) − − (68) − (49) (117) Purchases of reserves − − − − − − − Production for the year (914) (2) (1) (918) (5) (1) (923) Reserves at December 31, 2020 8,792 5 − 8,796 19 − 8,816 Extensions and discoveries − − − − 1 − 1 Revisions of previous estimates 1,923 30 14 1,967 2 − 1,969 Sales of reserves (11) − − (11) − − (11) Production for the year (888) (3) (1) (892) (3) − (896) Reserves at December 31, 2021 9,816 31 13 9,860 18 − 9,878 Revisions of previous estimates 1,983 3 − 1,986 3 − 1,988 Sales of reserves (1) (523) − (12) (536) (1) − (536) Production for the year (852) (4) (1) (857) (3) − (860) Reserves at December 31, 2022 10,423 31 − 10,453 17 − 10,470 (1) Includes the effects of the write-offs related to the Co-Participation Agreements of Atapu and Sepia fields (*) Apparent differences in the sum of the numbers are due to rounding off. In 2022, we incorporated 1,988 million boe of proved reserves by revising previous estimates, including: (i) addition of 1,279 million boe due to new projects, mainly in Búzios field and in other fields in the Santos and Campos Basins; and (ii) addition of 709 million boe arising from other revisions, mainly due to good performance of reservoirs in the pre-salt layer of Santos Basin and to the contract term extension of Rio Urucu and Leste do Urucu fields. We did not have relevant changes related to the variation in the oil price. The addition in our proved reserves were partially offset by the reduction of 536 million boe, due to the effects of the transfer of interests of 5% of the Surplus Volume of the Transfer of Rights of Búzios field, of the write-offs related to the Co-Participation Agreements of Atapu and Sepia fields and of sales of properties in mature fields. The company's total proved reserve resulted in 10,470 million boe in 2022, considering the variations above and the reduction from 2022 production of 860 million boe. Production refers to volumes that were previously included in our reserves and, therefore, does not consider natural gas liquids, since the reserve is estimated at a reference point prior to gas processing, except in the United States and Argentina. The production also does not consider volumes of injected gas, the production of Extended Well Tests in exploratory blocks and production in Bolivia, since the Bolivian Constitution does not allow the disclosure of reserves. In 2021, we incorporated 1,969 million boe of proved reserves by revising previous estimates, including: (i) addition of 1,376 million boe due to new projects, mainly in Búzios field and in other fields in the Santos and Campos Basins. The new projects in Búzios field were made possible due to the acquisition of the Transfer of Rights Surplus and the approval of Búzios Coparticipation Agreement; (ii) addition of 429 million boe related to economic revisions, mainly due to the increase in oil prices; and (iii) addition of 164 million boe arising from technical revisions, mainly due to good performance and increased production experience in reservoirs in the pre-salt layer of Santos Basin. The additions in our proved reserves were partially offset by the reduction of 11 million boe due to sales of proved reserves. The company's total proved reserve resulted in 9,878 million boe in 2021, considering the variations above and the reduction from 2021 production of 896 million boe. Production refers to volumes that were previously included in our reserves and, therefore, does not consider natural gas liquids, since the reserve is estimated at a reference point prior to gas processing, except in the United States and Argentina. The production also does not consider volumes of injected gas, the production of Extended Well Tests in exploratory blocks and production in Bolivia, since the Bolivian Constitution does not allow the disclosure of reserves. In 2020, we incorporated 224 million boe of proved reserves by revising previous estimates, including: (i) addition of 637 million boe arising from technical revisions, mainly due to good performance and increased production experience in reservoirs in the pre-salt layer of Santos Basin; (ii) addition of 254 million boe due to approvals of new projects in the Santos and Campos Basins; and (iii) reduction of 667 million boe related to economic revisions, mainly due to the decrease in oil prices. In addition, we added 41 million boe to our proved reserves due to extensions and discoveries in the pre-salt of Santos Basin, and reduced 117 million boe due to sales of proved reserves. The company's total proved reserve resulted in 8,816 million boe in 2020, considering the variations above and the reduction from 2020 production of 923 million boe. Production refers to volumes that were previously included in our reserves and, therefore, does not consider natural gas liquids, since the reserve is estimated at a reference point prior to gas processing, except in the United States and Argentina. The production also does not consider volumes of injected gas, the production of Extended Well Tests in exploratory blocks and production in Bolivia, since the Bolivian Constitution does not allow the disclosure of reserves. The tables below present the volumes of proved developed and undeveloped reserves, net, that is, reflecting Petrobras' participation: Schedule of volumes of proved developed and undeveloped reserves 2020 Crude Oil Synthetic Oil Natural Gas Synthetic Gas Total oil and gas (mmbbl) (bncf) (mmboe) Net proved developed reserves (*): Consolidated Entities Brazil 4,858 − 5,714 − 5,810 South America, outside Brazil (1) − − 26 − 5 Total Consolidated Entities 4,858 − 5,740 − 5,814 Equity Method Investees North America (1) 17 − 7 − 18 Total Equity Method Investees 17 − 7 − 18 Total Consolidated and Equity Method Investees 4,875 − 5,747 − 5,833 Net proved undeveloped reserves (*): Consolidated Entities Brazil 2,676 − 1,833 − 2,982 South America, outside Brazil (1) − − − − − Total Consolidated Entities 2,676 − 1,833 − 2,982 Equity Method Investees North America (1) 1 − 1 − 1 Total Equity Method Investees 1 − 1 − 1 Total Consolidated and Equity Method Investees 2,678 − 1,833 − 2,983 Total proved reserves (developed and undeveloped) 7,552 − 7,580 − 8,816 (1) South America oil reserves includes 21% of natural gas liquid (NGL) in proved developed reserves. North America oil reserves includes 6% of natural gas liquid (NGL) in proved developed reserves and 5% of NGL in proved undeveloped reserves. (*) Apparent differences in the sum of the numbers are due to rounding off. 2021 Crude Oil Synthetic Oil Natural Gas Synthetic Gas Total oil and gas (mmbbl) (bncf) (mmboe) Net proved developed reserves (*): Consolidated Entities Brazil 4,711 10 5,591 18 5,656 South America, outside Brazil (1) 1 − 79 − 14 Total Consolidated Entities 4,712 10 5,669 18 5,670 Equity Method Investees North America (1) 15 − 6 − 16 Total Equity Method Investees 15 − 6 − 16 Total Consolidated and Equity Method Investees 4,727 10 5,675 18 5,686 Net proved undeveloped reserves (*): Consolidated Entities Brazil 3,695 − 2,865 − 4,173 South America, outside Brazil (1) 1 − 98 − 17 Total Consolidated Entities 3,696 − 2,963 − 4,190 Equity Method Investees North America (1) 2 − 1 − 2 Total Equity Method Investees 2 − 1 − 2 Total Consolidated and Equity Method Investees 3,698 − 2,964 − 4,192 Total proved reserves (developed and undeveloped) 8,425 10 8,639 18 9,878 (1) South America oil reserves includes 24% of natural gas liquid (NGL) in proved developed reserves and 24% of NGL in proved undeveloped reserves. North America oil reserves includes 2% of natural gas liquid (NGL) in proved developed reserves and 3% of NGL in proved undeveloped reserves. (*) Apparent differences in the sum of the numbers are due to rounding off. 2022 Crude Oil Synthetic Oil Natural Gas Synthetic Gas Total oil and gas (mmbbl) (bncf) (mmboe) Net proved developed reserves (*): Consolidated Entities Brazil 4,185 − 5,447 − 5,093 South America, outside Brazil (1) 1 − 91 − 16 Total Consolidated Entities 4,186 − 5,538 − 5,109 Equity Method Investees North America (1) 14 − 5 − 15 Total Equity Method Investees 14 − 5 − 15 Total Consolidated and Equity Method Investees 4,200 − 5,543 − 5,124 Net proved undeveloped reserves (*): Consolidated Entities Brazil 4,723 − 3,641 − 5,330 South America, outside Brazil (1) 1 − 82 − 14 Total Consolidated Entities 4,724 − 3,723 − 5,345 Equity Method Investees North America (1) 2 − 1 − 2 Total Equity Method Investees 2 − 1 − 2 Total Consolidated and Equity Method Investees 4,726 − 3,724 − 5,347 Total proved reserves (developed and undeveloped) 8,926 − 9,267 − 10,470 (1) South America oil reserves includes 24% of natural gas liquid (NGL) in proved developed reserves and 24% of NGL in proved undeveloped reserves. North America oil reserves includes 2% of natural gas liquid (NGL) in proved developed reserves and 4% of NGL in proved undeveloped reserves. (*) Apparent differences in the sum of the numbers are due to rounding off (v) Standardized measure of discounted future net cash flows relating to proved oil and gas quantities and changes therein The standardized measure of discounted future net cash flows, related to the above proved oil and gas reserves, is calculated in accordance with the requirements of Codification Topic 932 – Extractive Activities – Oil and Gas. Estimated future cash inflows from production in Brazil are computed by applying the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. Future price changes are limited to those provided by contractual arrangements existing at the end of each reporting year. Future development and production costs are those estimated future expenditures necessary to develop and produce year-end estimated proved reserves based on current costs, including abandonment costs, assuming continuing economic conditions. Estimated future income taxes (including future social contributions on net income - CSLL) are calculated by applying appropriate year-end statutory tax rates. The amounts presented as future income taxes expenses reflect allowable deductions considering statutory tax rates. Discounted future net cash flows are calculated using 10% mid-period discount factors. This discounting requires a year-by-year estimate of when the future expenditures will be incurred and when the reserves will be produced. The valuation prescribed under Codification Topic 932 – Extractive Activities – Oil and Gas requires assumptions as to the timing and amount of future development and production costs. The calculations are made as of December 31 each year and should not be relied upon as an indication of Petrobras’ future cash flows or the value of its oil and gas reserves. Standardized measure of discounted future net cash flows: Standardized measure of discounted future net cash flows: Consolidated entities Equity Method Investees Brazil South America Total December 31, 2022 Future cash inflows 983,826 837 984,663 1,581 Future production costs (399,655) (357) (400,012) (273) Future development costs (62,548) (128) (62,676) (21) Future income tax expenses (178,412) (88) (178,500) − Undiscounted future net cash flows 343,211 264 343,475 1,287 10 percent midyear annual discount for timing of estimated cash flows (1) (151,828) (124) (151,951) (401) Standardized measure of discounted future net cash flows 191,383 141 191,524 886 December 31, 2021 Future cash inflows 612,924 587 613,511 1,129 Future production costs (264,158) (261) (264,419) (329) Future development costs (44,027) (107) (44,134) (28) Future income tax expenses (104,568) (61) (104,628) − Undiscounted future net cash flows 200,171 159 200,330 772 10 percent midyear annual discount for timing of estimated cash flows (1) (85,391) (70) (85,461) (303) Standardized measure of discounted future net cash flows 114,780 89 114,869 470 December 31, 2020 Future cash inflows 333,248 69 333,317 667 Future production costs (182,534) (51) (182,585) (465) Future development costs (31,236) (16) (31,252) (48) Future income tax expenses (46,862) − (46,862) (79) Undiscounted future net cash flows 72,616 2 72,618 75 10 percent midyear annual discount for timing of estimated cash flows (1) (26,638) − (26,638) (1) Standardized measure of discounted future net cash flows 45,978 1 45,979 74 (1) Semiannual capitalization Apparent differences in the sum of the numbers are due to rounding off. Changes in discounted net future cash flows: Schedule of changes in discounted net future cash flows Consolidated entities Equity Method Investees Brazil South America Total Balance at January 1, 2022 114,780 89 114,869 470 Sales and transfers of oil and gas, net of production cost (54,230) (62) (54,291) (235) Development cost incurred 6,883 31 6,913 29 Net change due to purchases and sales of minerals in place (17,030) − (17,030) − Net change due to extensions, discoveries and improved recovery related costs − − − 10 Revisions of previous quantity estimates 64,535 17 64,553 82 Net change in prices, transfer prices and in production costs 129,462 122 129,584 349 Changes in estimated future development costs (23,317) (39) (23,356) (4) Accretion of discount 11,478 14 11,492 93 Net change in income taxes (41,178) (17) (41,194) − Other - unspecified − (15) (15) 92 Balance at December 31, 2022 191,383 141 191,524 886 Balance at January 1, 2021 45,978 1 45,979 74 Sales and transfers of oil and gas, net of production cost (38,074) (43) (38,117) (177) Development cost incurred 6,035 44 6,079 37 Net change due to purchases and sales of minerals in place (246) − (246) − Net change due to extensions, discoveries and improved recovery related costs − − − 10 Revisions of previous quantity estimates 41,211 205 41,416 30 Net change in prices, transfer prices and in production costs 108,268 58 108,326 401 Changes in estimated future development costs (19,900) (119) (20,019) 3 Accretion of discount 4,598 − 4,598 49 Net change in income taxes (33,089) (47) (33,136) 48 Other - unspecified − (9) (9) (7) Balance at December 31, 2021 114,780 89 114,869 470 Balance at January 1, 2020 88,121 69 88,190 1,412 Sales and transfers of oil and gas, net of production cost (24,908) (14) (24,922) (94) Development cost incurred 5,664 3 5,666 57 Net change due to purchases and sales of minerals in place (847) − (847) (1,047) Net change due to extensions, discoveries and improved recovery related costs 509 − 509 − Revisions of previous quantity estimates 3,160 (35) 3,125 (10) Net change in prices, transfer prices and in production costs (54,606) (145) (54,751) (375) Changes in estimated future development costs (4,716) 97 (4,618) 67 Accretion of discount 8,812 9 8,821 12 Net change in income taxes 24,788 24 24,812 51 Other - unspecified - (7) (7) 1 Balance at December 31, 2020 45,978 1 45,979 74 Apparent differences in the sum of the numbers are due to rounding off. The Company considered the impacts related to its climate goals and cli |
Schedule of costs incurred are
Schedule of costs incurred are summarized below and include both amounts expensed and capitalized - Oil And Gas Producing Activities [member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Oil Products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Manati [Member] | $ 892 | $ 24 | |
Exploration costs | 758 | $ 687 | 815 |
Development costs | 6,914 | 6,079 | 5,667 |
Total | 8,564 | 6,766 | 6,821 |
Long Term Position Of Hedging Instrument | 315 | ||
Oil Products [member] | Brazil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Manati [Member] | 892 | 24 | |
Exploration costs | 707 | 682 | 805 |
Development costs | 6,883 | 6,035 | 5,664 |
Total | 8,482 | 6,717 | 6,808 |
Long Term Position Of Hedging Instrument | 315 | ||
Oil Products [member] | South America [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Exploration costs | 51 | 5 | 10 |
Development costs | 31 | 44 | 3 |
Total | 82 | 49 | 13 |
Oil Products [member] | Foreign countries [member] | |||
IfrsStatementLineItems [Line Items] | |||
Exploration costs | 51 | 5 | 10 |
Development costs | 31 | 44 | 3 |
Total | 82 | 49 | 13 |
Equity Portfolio Amount | |||
IfrsStatementLineItems [Line Items] | |||
Exploration costs | 1 | ||
Development costs | 30 | 37 | 57 |
Total | $ 31 | $ 37 | $ 57 |
Critical accounting policies__2
Critical accounting policies: key estimates and judgments (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Critical Accounting Policies Key Estimates And Judgments | |
Cash flow hedge accounting involving the Company’s future exports | 4.7. Cash flow hedge accounting involving the Company’s future exports The Company determines its future exports as “highly probable future exports” based on its current Strategic Plan and, based on short-term estimates on a monthly basis. The highly probable future exports are determined by a percentage of projected exports revenue, taking into account the Company’s operational and capital expenditure optimization model, limited to a threshold based on a historical percentage of the oil production that is usually sold abroad. For the long-term, future exports forecasts are reviewed whenever the Company reviews its Strategic Plan assumptions, while for the short-term it is reviewed monthly. The approach for determining exports as highly probable future exports is reviewed annually, at least. See note 34 for more detailed information about cash flow hedge accounting and a sensitivity analysis of the cash flow hedge involving future exports. 4.8. Write-off – overpayments incorrectly capitalized As described in note 21, in the third quarter of 2014, the Company developed an estimation methodology and wrote off US$ 2,527 The Company has continuously monitored the results of the Lava Jato investigation and the availability of other information related to the scheme of improper payments. In preparing the financial statements for the year ended December 31, 2022, the Company has not identified any additional information that would affect the adopted calculation methodology and consequently require additional write-offs. 4.9. Expected credit losses on financial assets Expected credit losses on financial assets are based on assumptions relating to risk of default, the determination of whether or not there has been a significant increase in credit risk and expectation of recovery, among others. The Company uses judgment for such assumptions in addition to information from credit rating agencies and inputs based on collection delays. |
Leases | 4.10. Leases The Company uses incremental borrowing rates to determine the present value of the lease payments, when the interest rate implicit in the lease cannot be readily determined. These incremental borrowing rates are determined mainly based on the Company’s cost of funding based on yields of bonds issued by the Company, adjusted by currency and duration of cash outflows of the lease arrangements, economic environment of the country where the lessee operates and similar collateral. 4.11. Uncertainty over Income Tax Treatments Uncertainties over income tax treatments represent the risks that the tax authority does not accept a certain tax treatment applied by the Company, mainly related to different interpretations of deductions and additions to the IRPJ and CSLL calculation basis. The Company evaluates each uncertain tax treatment separately or in a group where there is interdependence in relation to the expected result. The Company estimates the probability of acceptance of an uncertain tax treatment by the tax authority based on technical assessments by its legal advisors, considering precedent jurisprudence applicable to current tax legislation, which may be impacted mainly by changes in tax rules or court decisions which may affect the analysis of the fundamentals of uncertainty. The tax risks identified are evaluated following a pre-determined tax risk management methodology. If it is probable that the tax authorities will accept an uncertain tax treatment, the amounts recorded in the financial statements are consistent with the tax records and, therefore, no uncertainty is reflected in the measurement of current or deferred income taxes. If it is not probable that the tax authorities will accept an uncertain tax treatment, the uncertainty is reflected in the measurement of income taxes in the financial statements. Information on uncertainty over income tax treatments is disclosed in Note 16.1. |
Cash and cash equivalents and_2
Cash and cash equivalents and Marketable securities (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Cash And Cash Equivalents And Marketable Securities | |
Accounting policy for cash and cash equivalents | Accounting policy for cash and cash equivalents Cash and cash equivalents comprise cash on hand, term deposits with banks and short-term highly-liquid financial investments that are readily convertible to known amounts of cash, are subject to insignificant risk of changes in value and have a maturity of three months or less from the date of acquisition. 7.2. Marketable securities Marketable securities 12.31.2022 12.31.2021 In Brazil Abroad Total In Brazil Abroad Total Fair value through profit or loss 713 − 713 650 − 650 Amortized cost - Bank Deposit Certificates and time deposits 2,548 1,026 3,574 − − − Amortized cost - Others 50 − 50 44 − 44 Total 3,311 1,026 4,337 694 − 694 Current 1,747 1,026 2,773 650 − 650 Non-current 1,564 − 1,564 44 − 44 Marketable securities classified as fair value through profit or loss refer mainly to investments in Brazilian Federal Government Bonds (amounts determined by level 1 of the fair value hierarchy). These financial investments have maturities of more than three months. Securities classified as amortized cost refer to investments in Brazil in post-fixed Bank Deposit Certificates with daily liquidity, with maturities between one and two years, and to investments abroad in time deposits with maturities of more than three months from the contracting date. |
Accounting policy for marketable securities | Accounting policy for marketable securities The amounts invested in operations with terms of more than three months, as from the date of the agreement, are initially measured at fair value and subsequently according to their respective classifications, which are based on the way in which these funds are managed and their features of contractual cash flows: · Amortized cost – financial assets that give rise, on specified dates, to cash flows represented exclusively by payments of principal and interest on the outstanding principal amount, the purpose of which is to receive its contractual cash flows. They are presented in current and in non-current asset according to their maturity term. Interest income from these investments is calculated using the effective interest rate method. · Fair value through profit or loss – financial assets whose purpose is to receive for sale. They are presented in current asset due to the expectation of realization. |
Sales revenues (Policies)
Sales revenues (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Sales Revenues | |
Accounting policy for revenues | Accounting policy for revenues The Company evaluates contracts with customers for the sale of oil and oil products, natural gas, electricity, services and other products, which will be subject to revenue recognition, and identifies the distinct goods and services promised in each of them. Sales revenues are recognized when control is transferred to the client, which usually occurs upon delivery of the product or when the service is provided. At this moment, the company satisfies the performance obligation. Performance obligations are considered to be promises to transfer to the client: (i) good or service (or group of goods or services) that is distinct; and (ii) a series of distinct goods or services that have the same characteristics or are substantially the same and that have the same pattern of transfer to the client. Revenue is measured based on the amount of consideration to which the Company expects to be entitled in exchange for transfers of promised goods or services to the customer, excluding amounts collected on behalf of third parties. Transaction prices are based on contractually stated prices, which reflect the Company's pricing methodologies and policies based on market parameters. Invoicing occurs in periods very close to deliveries and rendering of services, therefore, significant changes in transaction prices are not expected to be recognized in revenues for periods subsequent to satisfaction of the performance obligation, except for some exports in which final price formation occurs after the transfer of control of the products and are subject to the variation in the value of the commodity. Sales are carried out in short terms of receipt, thus there are no significant financing components. |
Information by operating segm_2
Information by operating segment (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Information By Operating Segment | |
Accounting policy for operating segments | Accounting policy for operating segments The information related to the Company’s operating segments is prepared based on available financial information directly attributable to each segment, or items that can be allocated to each segment on a reasonable basis. This information is presented by business activity, as used by the Company’s Board of Executive Officers (Chief Operating Decision Maker – CODM) in the decision-making process of resource allocation and performance evaluation. The measurement of segment results includes transactions carried out with third parties, including associates and joint ventures, as well as transactions between operating segments. Transfers between operating segments are recognized at internal transfer prices derived from methodologies that considers market parameters and are eliminated only to provide reconciliations to the consolidated financial statements. The Company's business segments disclosed separately are: Exploration and Production (E&P): As an energy Company with a focus on oil and gas, intersegment sales revenue refers mainly to oil transfers to the Refining, Transportation and Marketing segment, aiming to supply the Company's refineries and meet the domestic demand for oil products. These transactions are measured by internal transfer prices based on international oil prices and their respective exchange rate impacts, taking into account the specific characteristics of the transferred oil stream. In addition, the E&P segment revenues include transfers of natural gas to the natural gas processing plants within Gas and Power segment. These transactions are measured at internal transfer prices based on the international prices of this commodity. Revenue from sales to third parties mainly reflects services rendered relating to E&P activities, sales of the E&P’s natural gas processing plants, as well as the oil and natural gas operations carried out by subsidiaries abroad. Refining, Transportation and Marketing (RT&M): This segment carries out the acquisition of crude oil from the E&P segment, imports oil for refinery slate, and acquires oil products in international markets taking advantage of the existing price differentials between the cost of processing domestic oil and that of importing oil products. Intersegment revenues primarily reflect the sale of oil products to the distribution business at market prices and the operations for the Gas and Power and E&P segments at internal transfer price. Revenues from sales to third parties primarily reflect the trading of oil products in Brazil and the export and trade of oil and oil products by foreign subsidiaries. Gas and Power (G&P): Intersegment revenues primarily reflect the transfers of natural gas processed, liquefied petroleum gas (LPG) and NGL to the RT&M segment. These transactions are measured at internal transfer prices. This segment purchases national natural gas from the E&P segment, from partners and third parties, imports natural gas from Bolivia and LNG to meet national demand. Revenues from sales to third parties primarily reflect natural gas processed to distributors, as well as generation and trading of electricity. Corporate and other businesses: |
Trade and other receivables (Po
Trade and other receivables (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Accounting policy for trade and other receivables | Accounting policy for trade and other receivables Trade and other receivables are generally classified at amortized cost, except for certain receivables classified at fair value through profit or loss, whose cash flows are distinct from the receipt of principal and interest, including receivables with final prices linked to changes in commodity price after their transfer of control. When the Company is the lessor in a finance lease, a receivable is recognized at the amount of the net investment in the lease, consisting of the lease payments receivable and any unguaranteed residual value accruing to the Company, discounted at the interest rate implicit in the lease. The Company measures expected credit losses (ECL) for short-term trade receivables using a provision matrix which is based on historical observed default rates adjusted by current and forward-looking information when applicable and available without undue cost or effort. ECL is the weighted average of historical credit losses with the respective default risks, which may occur according to the weightings. The credit loss on a financial asset is measured by the difference between all contractual cash flows due to the Company and all cash flows the Company expects to receive, discounted at the original effective interest rate. The Company measures the allowance for ECL of other trade receivables based on their 12-month expected credit losses unless their credit risk increases significantly since their initial recognition, in which case the allowance is based on their lifetime ECL. When determining whether there has been a significant increase in credit risk, the Company compares the risk of default on initial recognition and at the reporting date. Regardless of the assessment of significant increase in credit risk, a delinquency period of 30 days past due triggers the definition of significant increase in credit risk on a financial asset, unless otherwise demonstrated by reasonable and supportable information. The Company assumes that the credit risk on the trade receivable has not increased significantly since initial recognition if the receivable is considered to have low credit risk at the reporting date. Low credit risk is determined based on external credit ratings or internal methodologies. In the absence of controversy or other issues that may result in the suspension of collection, the Company assumes that a default occurs whenever the counterparty does not comply with the legal obligation to pay its debts when due or, depending on the instrument, when it is at least 90 days past due. |
Inventories (Policies)
Inventories (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories Abstract | |
Accounting policy for inventories | Accounting policy for inventories Inventories are determined by the weighted average cost method adjusted to the net realizable value when it is lower than its carrying amount. Net realizable value is the estimated selling price of inventory in the ordinary course of business, less estimated cost of completion and estimated expenses to complete its sale, considering the purpose for which the inventories are held. Inventories with identifiable sales contracts have a net realizable value based on the contracted price, as, for example, in offshore operations (without physical tanking, with loading onto the ship and direct unloading at the customer) or auctions. Other items in inventory have a net realizable value based on general selling prices, considering the most reliable evidence available at the time of the estimate. The net realizable value of inventories is determined by grouping similar items with the same characteristic or purpose. Changes in sales prices after the reporting date of the financial statements are considered in the calculation of the net realizable value if they confirm the conditions existing on that reporting date. |
Taxes (Policies)
Taxes (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting policy for income taxes | Accounting policy for income taxes The Company calculates income taxes in accordance with current legislation that are enacted or substantively enacted, based on the taxable income calculated in accordance with relevant legislation, applying rates in effect at the end of the reporting. Income tax expense for the period includes current and deferred taxes, recognized in the statement of income of the period, except when the tax arises from a transaction or event which is recognized directly in equity. Income taxes expenses on profits arising from subsidiaries abroad are accounted for in the statement of income using the same income tax rates as used in Brazil, adjusted by dividends and results of equity-accounted investments. a) Current income taxes Current income taxes are offset when they relate to income taxes levied on the same taxable entity and by the same tax authority, when there is a legal right and the entity has the intention to set off current tax assets and current tax liabilities, simultaneously. Uncertain tax treatments are periodically assessed, considering the probability of acceptance by the tax authority. b) Deferred income taxes Deferred income taxes are generally recognized on temporary differences between the tax base of an asset or liability and its carrying amount. They are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax assets are recognized for all deductible temporary differences and carryforward of unused tax losses or credits to the extent that it is probable that taxable profit will be available against which those deductible temporary differences can be utilized. When there are insufficient taxable temporary differences relating to the same taxation authority and the same taxable entity, a deferred tax is recognized to the extent that it is probable that the entity will have sufficient taxable profit in future periods, based on projections approved by management and supported by the Company’s Strategic Plan. Deferred tax assets and deferred tax liabilities are offset when they relate to income taxes levied on the same taxable entity, when a legally enforceable right to set off current tax assets and current tax liabilities exists and when the deferred tax assets and deferred tax liabilities relate to taxes levied by the same tax authority on the same taxable entity. 16.2. Other taxes Summary of Other Taxes Current assets Non-current assets Current liabilities Non-current liabilities (*) 12.31.2022 12.31.2021 12.31.2022 12.31.2021 12.31.2022 12.31.2021 12.31.2022 12.31.2021 Taxes in Brazil Current / Non-current ICMS (VAT) 716 665 473 379 699 995 - - Current / Non-current PIS and COFINS (**) 378 418 2,362 2,030 28 499 89 45 Claim to recover PIS and COFINS - - 657 594 - - - - CIDE 1 6 - - 5 42 - - Production taxes - - - - 1,996 2,147 114 21 Withholding income taxes - - - - 149 86 - - Tax Settlement Program - - - - 9 67 7 6 Others 40 48 273 249 143 142 83 70 Total in Brazil 1,135 1,137 3,765 3,252 3,029 3,978 293 142 Taxes abroad 7 46 13 9 19 23 - - Total 1,142 1,183 3,778 3,261 3,048 4,001 293 142 (*) Other non-current taxes are classified as other non-current liabilities. (**) As of December 31, 2022, it includes US$ 5 (US$ 104 as of December 31, 2021) related to exclusion of ICMS (VAT tax) in the basis of calculation of sales taxes PIS and COFINS (contributions for the social security). Current and non-current ICMS (VAT) credits arise from requests for extemporaneous and overpaid tax, offset in accordance with the legislation of each state. They also arise on the acquisition of assets for property, plant and equipment, which are offset in a straight line over 4 years Current and non-current PIS/COFINS credits mainly refer to the acquisition of goods and services for assets under construction, since their use is permitted only after these assets enter into production, as well as to extemporaneous tax credits. Production taxes are financial compensation due to the Brazilian Federal Government by companies that explore and produce oil and natural gas in Brazilian territory. They are composed of royalties, special participations, signature bonuses and payment for retention or occupation of area. Claim to recover PIS and COFINS The Company filed four civil lawsuits, in the Regional Federal Court of the Second Region, against the Brazilian Federal Government, claiming to recover PIS and COFINS paid over finance income and foreign exchange variation gains, from February 1999 to January 2004. The court granted to the Company, in all the lawsuits, the definitive right to recover those taxes. Two lawsuits have resulted in judicialized debts ( precatórios As of December 31, 2022, the Company had non-current receivables of US$ 657 594 |
Employee benefits (Policies)
Employee benefits (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits | |
Accounting policy for post-employment defined benefits | Accounting policy for post-employment defined benefits Actuarial commitments related to post-employment defined benefit plans and health-care plans are recognized as liabilities in the statement of financial position based on actuarial calculations which are revised annually by an independent qualified actuary (updating for material changes in actuarial assumptions and estimates of expected future benefits), using the projected unit credit method, net of the fair value of plan assets, when applicable, from which the obligations are to be directly settled. Under the projected credit unit method, each period of service gives rise to an additional unit of benefit entitlement and each unit is measured separately to determine the final obligation. Actuarial assumptions include demographic and financial assumptions, medical costs estimate, historical data related to benefits paid and employee contributions, as set out in note 4 - Critical accounting policies: key estimates and judgments. Service cost are accounted for within the statement of income and comprises: (i) current service cost, which is the increase in the present value of the defined benefit obligation resulting from employee service in the current period; (ii) past service cost, which is the change in the present value of the defined benefit obligation for employee service in prior periods, resulting from a plan amendment (the introduction, modification, or withdrawal of a defined benefit plan) or a curtailment (a significant reduction by the entity in the number of employees covered by a plan); and (iii) any gain or loss on settlement. Net interest on the net defined benefit liability is the change during the period in the net defined benefit liability that arises from the passage of time. Such interest is accounted for in the statement of income. Remeasurement of the net defined benefit liability is recognized in shareholders’ equity, in other comprehensive income, and comprises: (i) actuarial gains and losses and; (ii) return on plan assets, excluding net interest on the net defined liability, net of defined benefit plan assets. The Company also contributes to defined contribution plans, on a parity basis in relation to the employee's contribution, that are expensed when incurred. |
Provision for decommissioning_2
Provision for decommissioning costs (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Provision For Decommissioning Costs | |
Accounting policy for decommissioning costs | Accounting policy for decommissioning costs The initial recognition of legal obligations to remove equipment and restore land or sea areas at the end of operations occurs after the declaration of commercial feasibility of an oil and gas field. The calculations of the cost estimates for future environmental removals and recoveries are complex and involve significant judgments (as set out in note 4.5). The estimates of decommissioning costs are reviewed annually based on current information on expected costs and recovery plans. When the revision of the estimates results in an increase in the provision for decommissioning costs, there is a corresponding increase in assets. Otherwise, in the event that a decrease in the liability exceeds the carrying amount of the asset, the excess shall be recognized immediately in profit or loss, within other income and expenses. |
Property, plant and equipment (
Property, plant and equipment (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Accounting policy for property, plant and equipment | Accounting policy for property, plant and equipment Property, plant and equipment are measured at the cost of acquisition or construction, including all costs necessary to bring the asset to working condition for its intended use and the estimated cost of dismantling and removing the asset and restoring the site, reduced by accumulated depreciation and impairment losses. A condition for continuing to operate certain items of property, plant and equipment, such as industrial plants, offshore plants and vessels is the performance of regular major inspections and maintenance. Those expenditures are capitalized if a maintenance campaign is expected to occur, at least, 12 months later. Otherwise, they are expensed when incurred. The capitalized costs are depreciated over the period through the next major maintenance date. Spare parts are capitalized when they are expected to be used during more than one period and can only be used in connection with an item of property, plant and equipment, and are depreciated over the useful life of the item of property, plant and equipment to which they relate. Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the costs of these assets. General borrowing costs are capitalized based on the Company’s weighted average cost of borrowings outstanding applied over the balance of assets under construction. In general, the Company suspends capitalization of borrowing to the extent investments in a qualifying asset hibernates during a period greater than one year or whenever the asset is prepared for its intended use. Assets directly associated to the production of oil and gas in a contracted area whose useful lives are not less than the life of the field (reserve exhaustion time), including rights and concessions such as signature bonus, are depleted by the unit-of-production method. The unit-of-production method of depreciation (amortization) is computed based on the monthly production volume over the proved developed oil and gas reserves, except for signature bonuses for which unit of production method takes into account the monthly production over the total proved oil and gas reserves on a field-by-field basis. Assets related to oil and gas production with useful lives shorter than the life of the field; floating platforms and other assets unrelated to oil and gas production are depreciated on a straight-line basis over their useful lives, which are reviewed annually. Note 23.2 provides further information on the estimated useful life by class of assets. Lands are not depreciated. Right-of-use assets are presented as property, plant and equipment and, according to the useful lives of their respective underlying assets and the characteristics of lease agreements (term, asset transfer or exercise of call option), are depreciated using the straight-line method based on contractual terms. 23.4. Oil and Gas fields operated by Petrobras returned to ANP In 2022, the following oil and gas fields were returned to ANP: Anequim, Congro, Corvina, Garoupa, Garoupinha, Malhado, Namorado, Parati and Viola. These fields were returned to ANP mainly due to their economic unfeasibility and, as a consequence, the Company wrote off the amount of US$ 619 In 2021, the following oil and gas fields were returned to ANP: Bijupirá, Lagosta, Merluza e Salema. These fields were returned to ANP mainly due to their economic unfeasibility and, as a consequence, the Company wrote off the amount of US$ 27 In 2020, the following oil and gas fields were returned to ANP: Agulha, Caioba, Camorim, Dourado, Guaricema, Piranema, Piranema Sul, Salgo e Tatuí. These fields were returned to ANP mainly due to their economic unfeasibility and, as a consequence, the Company wrote off the amount of US$ 12 23.5. Capitalization rate used to determine the amount of borrowing costs eligible for capitalization The capitalization rate used to determine the amount of borrowing costs eligible for capitalization was the weighted average of the borrowing costs applicable to the borrowings that were outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. For the year ended December 31,2022, the capitalization rate was 6.55 6.17 |
Intangible assets (Policies)
Intangible assets (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets | |
Accounting policy for intangible assets | Accounting policy for intangible assets Intangible assets are measured at the acquisition cost, less accumulated amortization and impairment losses. Internally-generated intangible assets are not capitalized and are expensed as incurred, except for development costs that meet the recognition criteria related to the completion and use of assets, probable future economic benefits, and others. When the technical and commercial feasibility of oil and gas production is demonstrated for the first field in an area, the value of the signature bonus is reclassified to property, plant and equipment at their full value. While they are registered in intangible assets, they are not amortized. Other intangible assets with defined useful lives are amortized on a straight-line basis over their estimated useful lives. If, when defining the technical and commercial feasibility of the first field of a block, there are exploratory activities being carried out in different locations in the block, so that oil and gas volumes can be estimated for other possible reservoirs in the area, then the value of the signature bonus is partially reclassified to PP&E, based on the ratio between the volume of oil and gas expected (oil in place - VOIP) of a specific reservoir and the total volume of oil and gas expected for all possible reservoirs in the area. If exploratory activities in the remaining areas do not result in technical and commercial viability, the corresponding value of the signature bonus is not written off, but transferred to PP&E and added to the value of the signature bonus related to the location that was previously assessed as technically and commercially viable. Intangible assets with an indefinite useful life are not amortized but are tested annually for impairment. Their useful lives are reviewed annually. |
Impairment (Policies)
Impairment (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Impairment | |
Accounting policy for impairment of property, plant and equipment and intangible assets | Accounting policy for impairment of property, plant and equipment and intangible assets Property, plant and equipment and intangible assets are assessed for impairment at the smallest identifiable group that generates largely independent cash inflows from other assets or groups of assets (CGU). Note 4.2 presents detailed information about the Company’s CGUs. Assets related to development and production of oil and gas assets (fields or group of fields) that have indefinite useful lives, such as goodwill, are tested for impairment at least annually, irrespective of whether there is any indication of impairment. Considering the existing synergies between the Company’s assets and businesses, as well as the expectation of the use of its assets for their remaining useful lives, value in use is generally used by the Company for impairment testing purposes. When specifically indicated, the Company assesses differences between its assumptions and assumptions that would be used by market participants in the determination of the fair value of an asset or CGU. Reversal of previously recognized impairment losses may occur for assets other than goodwill. 25.2. Assets classified as held for sale Schedule of Impairment Losses, Net of Reversals, Recognized Within Statement of Income Asset or CGU by nature (*) Carrying amount Recoverable amount (**) Impairment (losses) / reversals Business segment 2022 Producing properties relating to oil and gas activities 376 300 (116) E&P Refinery and associated logistics assets 77 34 (44) RT&M Others 9 Total (151) 2021 Thermoelectric power plants 91 12 (79) G&E Investments in associates and joint ventures 107 44 (67) G&E Oil and gas production and drilling equipment 47 - (46) E&P Refineries and associated logistics assets 255 218 (37) RT&M Others 4 Total (225) 2020 Producing properties relating to oil and gas activities − 279 67 E&P Cartola and Ataulfo Alves vessels 80 19 (62) RT&M Others 10 Total 15 (*) It only includes carrying amounts and recoverable amounts of impaired assets or assets for which reversals were recognized. (**) The recoverable amounts of assets for impairment computation were their fair value. In 2022, the Company recognized losses on assets held for sale, in the amount of US$ 150, arising from the assessment at the fair value of assets, net of disposal expenses, mainly: i. producing properties relating to oil and gas activities – a US$ 116 impairment loss, due to the revision of abandonment costs and of the recovery of areas of several concessions in groups of fields Golfinho (a US$ 72 impairment loss), Pescada (a US$ 29 impairment loss) and Camarupim (a US$ 15 impairment loss); and ii. refinery and associated logistics assets: approval for the disposal of LUBNOR refinery, in the state of Ceará, resulting in the recognition of a US$ 44 impairment loss. In 2021, the Company recognized losses on assets held for sale, in the amount of US$ 225, arising from the assessment at the fair value of assets, net of disposal expenses, mainly due to: i. Camaçari power plants – following the closing of the sale of thermoelectric power plants Arembepe, Muryci and Bahia 1, located in Camaçari, in the state of Bahia, these assets were measured at fair value net of selling expenses, and a US$ 79 impairment loss was accounted for in the second quarter of 2021. ii. Breitener Energética S.A – following the sale of this company, in the state of Amazonas, Petrobras recognized a US$ 67 loss; iii. Oil and gas production and drilling equipment in Brazil: approval for the disposal of P-32 platform, resulting in the recognition of US$ 46 losses; and iv. Refineries and associated logistics assets: following the approval for the sale of refinery Isaac Sabbá (REMAN), in the state of Amazonas, a US$ 12 impairment loss was recognized, and of the refinery Shale Industrialization Unit (SIX), in the state of Paraná, a US$ 25 impairment loss was recognized. In 2020, the Company recognized reversals in the amount of US$ 15 arising from the fair value of assets, net of disposal expenses, with the most significant relating to: v. the sale of Recôncavo group of fields (14 concessions located onshore and in shallow waters) in the amount of US$ 35; vi. the sale of Rio Ventura group of fields (8 concessions located onshore) in the amount of US$ 18; vii. the sale of Fazenda Belém group of fields, in the amount of US$ 14. These reversals were partially offset by a US$ 62 impairment loss relating to Cartola and Ataulfo Alves vessels. The accounting policy for assets and liabilities held for sale is set out in note 30. 25.3. Investments in associates and joint ventures (including goodwill) Value in use is generally used for impairment test of investments in associates and joint ventures (including goodwill). The basis for estimates of cash flow projections includes: projections covering a period of 5 to 12 years, zero-growth rate perpetuity, budgets, forecasts and assumptions approved by management and a post-tax discount rate derived from the WACC or the Capital Asset Pricing Model (CAPM) models, specific for each case. |
Accounting policy for impairment of associates and joint ventures | Accounting policy for impairment of associates and joint ventures Investments in associates and joint ventures are tested individually for impairment. When performing impairment testing of an equity-accounted investment, goodwill, if it exists, is also considered part of the carrying amount to be compared to the recoverable amount. Except when specifically indicated, value in use is generally used by the Company for impairment testing purposes in proportion to the Company’s interests in the present value of future cash flow projections via dividends and other distributions. 25.3.1. Investment in publicly traded associates a) Braskem S.A. Braskem’s shares are publicly traded on stock exchanges in Brazil and abroad. As of December 31, 2022, the quoted market value of the Company’s investment in Braskem was US$ 1,370 based on the quoted values of both Petrobras’ interest in Braskem’s common stock (47% of the outstanding shares), and preferred stock (22% of the outstanding shares). However, there is extremely limited trading of the common shares, since non-signatories of the shareholders’ agreement hold only approximately 3% of the common shares. Given the operational relationship between Petrobras and Braskem, the recoverable amount of the investment for impairment testing purposes was determined based on value in use, considering future cash flow projections and the manner in which the Company can derive value from this investment via dividends and other distributions to arrive at its value in use. As the recoverable amount was higher than the carrying amount, no impairment losses were recognized for this investment. Cash flow projections to determine the value in use of Braskem were based on estimated prices of feedstock and petrochemical products reflecting international trends on prices, petrochemical products sales volume estimates reflecting projected Brazilian and global G.D.P. growth, post-tax discount rate (excluding inflation) of 6.2% p.a., (WACC), and decreases in the EBITDA margin during the growth cycle of the petrochemical industry in the next years and increases in the long-term. Estimated exchange rates and Brent prices are the same as those set out in note 25.1.1. On December 16, 2021, Petrobras' Board of Directors approved the model for the sale of up to 100% of its preferred shares of Braskem, to be conducted through a secondary public offering (follow-on), according to an agreement entered into with Novonor (Braskem's parent company). On January 17, 2022, Petrobras filed a follow-on request with the CVM. However, on January 28, 2022, the offer was canceled due to unstable market conditions, which resulted in demand and price levels unfavorable for the transaction. b) Petrobras Distribuidora S.A. (renamed Vibra Energia S.A.) On August 26, 2020 the Company’s Board of Directors approved the disposal of the remaining interest in this associate and, on June 30, 2021, the Company’s Board of Directors approved the price per common share of BR Distribuidora in the amount of US$ 5.20 (R$ 26.00) for the secondary public offering (follow on) of these shares, totaling US$ 2,252 (R$ 11,264 million), net of transaction costs. Accordingly, considering the sale of the shares and the cash flows arising from this sale, a US$ 404 impairment reversal was accounted for within results of equity-accounted investments, in the second quarter of 2021. The transaction was closed on July 5, 2021. |
Exploration and evaluation of_2
Exploration and evaluation of oil and gas reserves (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Exploration And Evaluation Of Oil And Gas Reserves | |
Accounting policy for exploration and evaluation of oil and gas reserves | Accounting policy for exploration and evaluation of oil and gas reserves The costs incurred in connection with the exploration, appraisal and development of crude oil and natural gas production are accounted for using the successful efforts method of accounting, as set out below: • geological and geophysical costs related to exploration and appraisal activities incurred until economic and technical feasibility are demonstrated are immediately recognized as an expense; • amounts paid for obtaining concessions for exploration of crude oil and natural gas (capitalized acquisition costs) are initially capitalized as intangible assets and are transferred to property, plant and equipment once the technical and commercial feasibility are demonstrated. More information on intangible assets accounting policy, see note 24; • costs directly attributable to exploratory wells, including their equipment, installations and other costs necessary to identify the technical and commercial feasibility, pending determination of proved reserves, are capitalized within property, plant and equipment. In some cases, exploratory wells have discovered oil and gas reserves, but at the moment the well drilling is completed they are not yet able to be classified as proved. In such cases, the expenses continue to be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well and progress on assessing the reserves and the technical and commercial feasibility of the project is under way (for more information see note 24); • an internal commission of technical executives of the Company monthly reviews these conditions for each well, by analysis of geoscience and engineering data, existing economic conditions, operating methods and government regulations (for more information see note 4.1); • costs related to exploratory wells drilled in areas of unproved reserves are charged to expense when determined to be dry or uneconomic by the aforementioned internal commission; and • costs related to the construction, installation and completion of infrastructure facilities, such as drilling of development wells, construction of platforms and natural gas processing units, construction of equipment and facilities for the extraction, handling, storing, processing or treating crude oil and natural gas, pipelines, storage facilities, waste disposal facilities and other related costs incurred in connection with the development of proved reserve areas (technically and commercially feasible) are capitalized within property, plant and equipment. 26.1. Aging of Capitalized Exploratory Well Costs The following tables set out the amounts of exploratory well costs that have been capitalized for a period of one year or more after the completion of drilling, the number of projects whose costs have been capitalized for a period greater than one year, and an aging of those amounts by year (including the number of wells relating to those costs): Schedule of capitalized exploratory well costs Aging of capitalized exploratory well costs (*) 2022 2021 Exploratory well costs capitalized for a period of one year 406 136 Exploratory well costs capitalized for a period greater than one year 1,470 1,858 Total capitalized exploratory well costs 1,876 1,994 Number of projects relating to exploratory well costs capitalized for a period greater than one year 15 22 Schedule of capitalized costs and number of wells Capitalized costs (2022) Number of wells 2021 74 2 2020 17 1 2017 and previous years 1,379 20 Exploratory well costs that have been capitalized for a period greater than one year 1,470 23 (*) Amounts paid for obtaining rights and concessions for exploration of oil and gas (capitalized acquisition costs) are not included. Exploratory well costs that have been capitalized for a period greater than one year since the completion of drilling relate to 15 projects comprising 23 wells, are composed of (i) US$ 1,413 of wells in areas in which there has been ongoing drilling or firmly planned drilling activities for the near term and for which an evaluation plan has been submitted for approval by the ANP; and (ii) US$ 57 relates to costs incurred to evaluate technical and commercial feasibility necessary for the decision on the production development and on definition of proved reserves. |
Partnerships in E&P activities
Partnerships in E&P activities (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Partnerships In Ep Activities | |
Accounting policy for joint operations | Accounting policy for joint operations The E&P partnerships are classified as joint operations, where the assets, liabilities, revenues and expenses relating to these partnerships are accounted for in the financial statements individually, observing the applicable specific accounting policies and reflecting the portion of the contractual rights and obligations that the company has. 28.1. Unitization 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 related to these consortia. These agreements result in reimbursements payable to (or receivable from) partners regarding expenses and production volumes mainly related to Agulhinha, Albacora Leste, Berbigão, Budião Noroeste, Budião Sudeste, Caratinga, Sururu and Tartaruga. Berbigão, Sururu, Albacora Leste and others The table below presents changes in the reimbursements payable relating to the execution of the AIP submitted to the approval of the ANP: Schedule of reimbursements payable relating to the execution of the AIP submitted to the approval of the ANP 2022 2021 Opening balance 364 370 Additions/(Write-offs) on PP&E (7) (64) Other income and expenses 26 84 Translation adjustments 24 (26) Closing balance 407 364 In 2022, these agreements resulted in additions and write-offs in PP&E, in addition to other income and expenses, reflecting the best available estimate of the assumptions used in the calculation base and the sharing of assets in areas to be equalized. |
Accounting Policy for unitization agreements | Accounting Policy for unitization agreements A unitization agreement occurs when a reservoir extends across two or more license or contract areas. In this case, partners pool their individual interests in return for an interest in the overall unit and determine their new stake in the single producing unit. Events that occurred prior to the unitization agreement may lead to the need for compensation between the partners. At the signing of the AIP, an amount to be reimbursed to the Company will be recognized as an asset only when there is a contractual right to reimbursement or when the reimbursement is practically certain. An amount to be reimbursed by the Company will be recognized as a liability when it derives from a contractual obligation or, when the outflow of funds is deemed probable and the amount can be reliable estimated. |
Investments (Policies)
Investments (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Investments Abstract | |
Accounting policy for investments | Accounting policy for investments Basis of consolidation The consolidated financial statements include the financial information of Petrobras and the entities it controls (subsidiaries), joint operations (at the level of interest the Company has in them) and consolidated structured entities. Intragroup balances and transactions, including unrealized profits arising from intragroup transactions, are eliminated in the consolidation of the financial statements. Investments in other companies Profit or loss, assets and liabilities related to joint ventures and associates are accounted for by the equity method. Business combination A business combination is a transaction in which the acquirer obtains control of another business, regardless it legal form. Acquisitions of businesses are accounted for using the acquisition method when control is obtained. Combinations of entities under common control are accounted for at cost. The acquisition method requires that the identifiable assets acquired and the liabilities assumed be measured at the acquisition-date fair value, with limited exceptions. |
Disposal of assets and other _2
Disposal of assets and other transactions (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disposal Of Assets And Other Transactions | |
Accounting Policy for assets and liabilities held for sale | Accounting Policy for assets and liabilities held for sale Non-current assets, disposal groups and liabilities directly associated with those assets are classified as held for sale if their carrying amounts will, principally, be recovered through the sale transaction rather than through continuing use. The condition for classification as held for sale is met only when the sale is approved by the Company’s Board of Directors and the asset or disposal group is available for immediate sale in its present condition and there is the expectation that the sale will occur within 12 months after its classification as held for sale. However, an extended period required to complete a sale does not preclude an asset (or disposal group) from being classified as held for sale if the delay is caused by events or circumstances beyond the Company’s control and there is sufficient evidence that the Company remains committed to its plan to sell the assets (or disposal groups). Assets (or disposal groups) classified as held for sale and the associated liabilities are measured at the lower of their carrying amount and fair value less disposal expenses. Assets and liabilities are presented separately in the statement of financial position. In the classification of non-current assets as held for sale, provisions for decommissioning costs related to these assets are also disclosed. Any commitments with decommissioning assumed by the Company resulting from the sale process are recognized after the closing of the transaction, in accordance with the contractual terms. When a component of the Company is disposed of or classified as held for sale, and it represented a separate major line of business, the disposed interest is considered a discontinued operation. Thus, its net income, operating, investing and financing cash flows are presented in separate line items until the date of the closing of the operation. |
Finance debt (Policies)
Finance debt (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Finance Debt | |
Accounting policy for loans and finance debt | Accounting policy for loans and finance debt Loans and finance debt are initially recognized at fair value less transaction costs that are directly attributable to its issue and subsequently measured at amortized cost using the effective interest method. When the contractual cash flows of a financial liability measured at amortized cost are renegotiated or modified and this change is not substantial, its gross carrying amount will reflect the discounted present value of its cash flows under new terms using the original effective interest rate. The difference between the book value immediately prior to such modification and the new gross carrying amount is recognized as gain or loss in the statement of income. When such modification is substantial, the original liability is extinguished and a new liability is recognized, impacting the statement of income for the period. |
Lease liabilities (Policies)
Lease liabilities (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Accounting policy for lease liabilities | Accounting policy for lease liabilities Lease liabilities, including those whose underlying assets are of low value, are measured at the present value of lease payments, which includes recoverable taxes, non-cancellable periods and options to extend a lease when they are reasonably certain. These payments are discounted at the Company's nominal incremental rate on loans, as the interest rates implicit in lease agreements with third parties usually cannot be readily determined. Lease remeasurements reflect changes arising from contractual rates or indexes, as well as lease terms due to new expectations of lease extensions or terminations. Unwinding of discount on the lease liability is classified as finance expense, while payments reduce their carrying amount. According to the Company’s foreign exchange risk management, foreign exchange variations on lease liabilities denominated in U.S. dollars are designated as instruments to protect cash flow hedge relationships from highly probable future exports (see note 34.3). In the E&P segment, some activities are conducted by joint operations with partner companies where the Company is the operator. In cases where all parties to the joint operation are primarily responsible for the lease payments, the Company recognizes the lease liability in proportion to its share. When using underlying assets arising from a specific contract in which the Company is solely responsible for the lease payments, the lease liabilities remain fully recognized and the partners are charged in proportion to their interests. Payments associated with short-term leases (term of 12 months or less) are recognized as an expense over the term of the lease. |
Basis of preparation (Tables)
Basis of preparation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Basis Of Preparation | |
Summary of Effect of Change in Foreign Exchange Rate | Summary of Effect of Change in Foreign Exchange Rate Brazilian Real x U.S. Dollar Dec/22 Sep/22 Mar/22 Jun/22 Mar/22 Dec/21 Sep/21 Jun/21 Mar/21 Dec/20 Sep/20 Jun/20 Mar/20 Quarterly average exchange rate 5.26 5.25 5.23 4.93 5.23 5.59 5.23 5.29 5.48 5.39 5.38 5.39 4.47 Period-end exchange rate 5.22 5.41 4.74 5.24 4.74 5.58 5.44 5.00 5.70 5.20 5.64 5.48 5.20 |
New standards and interpretat_2
New standards and interpretations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
New Standards And Interpretations | |
Schedule of new International Financial Reporting Standards not yet adopted | Schedule of new International Financial Reporting Standards not yet adopted Standard Description Effective on IFRS 17 – Insurance Contracts (and Amendments) IFRS 4 – Insurance Contracts will be superseded by IFRS 17, which establishes, among other things, the requirements to be applied, by issuers of insurance and reinsurance contracts within the scope of the standard, and for reinsurance contracts held, in the recognition, measurement, presentation and disclosure of insurance and reinsurance contracts. January 1, 2023 Disclosure of Accounting Policies – Amendments to IAS 1 and Practice Statement 2 In place of the requirement to disclose significant accounting policies, the amendments to IAS 1 - Presentation of Financial Statements establish that accounting policies must be disclosed when they are material. Among other things, the amendment provides guidance for determining such materiality. January 1, 2023 Definition of Accounting Estimates – Amendments to IAS 8 According to the amendments to IAS 8, the definition of “change in accounting estimate” no longer exists. Instead, a definition was established for the term “accounting estimates”: monetary values in the financial statements that are subject to measurement uncertainty. January 1, 2023 Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 The amendments have reduced the scope of the exemption from recognition of deferred tax assets and deferred tax liabilities described in paragraphs 15 and 24 of IAS 12 - Income Taxes, so that it no longer applies to transactions that, among other items, on initial recognition, give rise to equal taxable and deductible temporary differences. January 1, 2023 Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 The amendments add requirements that specify that the seller-lessee must subsequently measure the lease liability arising from the transfer of an asset - which meets the requirements of IFRS 15 to be accounted for as a sale - and sale and leaseback, so that no gain or loss is recognized related to the right of use retained in the transaction. January 1, 2024 Classification of Liabilities as Current or Non-current /Non-current Liabilities with Covenants- Amendments to IAS 1 The amendments establish that the liability should be classified as current when the entity does not have the right, at the end of the reporting period, to defer the settlement of the liability for at least twelve months after the reporting period. Among other guidelines, the amendments provide that the classification of a liability is not affected by the likelihood of exercising the right to defer the settlement of the liability. Additionally, according to the amendments, only covenants whose compliance is mandatory before or at the end of the reporting period should affect the classification of a liability as current or non-current. Additional disclosures are also required by the amendments, including information on non-current liabilities with restrictive clauses. January 1, 2024 |
Cash and cash equivalents and_3
Cash and cash equivalents and Marketable securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash And Cash Equivalents And Marketable Securities | |
Cash and cash equivalents | Cash and cash equivalents 12.31.2022 12.31.2021 Cash at bank and in hand 216 299 Short-term financial investments - In Brazil Brazilian interbank deposit rate investment funds and other short-term deposits 2,763 1,951 Other investment funds 244 163 3,007 2,114 - Abroad Time deposits 2,388 4,310 Automatic investing accounts and interest checking accounts 2,365 3,732 Other financial investments 20 12 4,773 8,054 Total short-term financial investments 7,780 10,168 Total cash and cash equivalents 7,996 10,467 |
Marketable securities | Marketable securities 12.31.2022 12.31.2021 In Brazil Abroad Total In Brazil Abroad Total Fair value through profit or loss 713 − 713 650 − 650 Amortized cost - Bank Deposit Certificates and time deposits 2,548 1,026 3,574 − − − Amortized cost - Others 50 − 50 44 − 44 Total 3,311 1,026 4,337 694 − 694 Current 1,747 1,026 2,773 650 − 650 Non-current 1,564 − 1,564 44 − 44 |
Sales revenues (Tables)
Sales revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Sales Revenues | |
Summary of Sales Revenues | Summary of Sales Revenues 2022 2021 2020 Diesel 40,149 24,236 13,924 Gasoline 16,175 11,910 6,313 Liquefied petroleum gas 5,121 4,491 3,383 Jet fuel 5,423 2,271 1,455 Naphtha 2,396 1,699 1,694 Fuel oil (including bunker fuel) 1,411 1,775 795 Other oil products 5,536 4,261 2,712 Subtotal oil products 76,211 50,643 30,276 Natural gas 7,673 5,884 3,649 Oil 7,719 671 48 Renewables and nitrogen products 283 40 59 Breakage 669 243 438 Electricity 694 2,902 1,109 Services, agency and others 1,043 808 755 Domestic market 94,292 61,191 36,334 Exports 27,497 21,491 15,945 Oil 19,332 14,942 11,720 Fuel oil (including bunker fuel) 7,399 5,480 3,525 Other oil products 766 1,069 700 Sales abroad (*) 2,685 1,284 1,404 Foreign market 30,182 22,775 17,349 Sales revenues 124,474 83,966 53,683 (*) Sales revenues from operations outside of Brazil, including trading and excluding exports. 2022 2021 2020 Domestic market 94,292 61,191 36,334 Americas (except United States) 7,166 4,702 3,419 China 6,389 7,053 7,703 Europe 5,932 3,110 1,853 United States 4,914 2,162 1,193 Singapore 4,271 3,913 2,415 Asia (except China and Singapore) 1,505 1,671 746 Others 5 164 20 Foreign market 30,182 22,775 17,349 Sales revenues 124,474 83,966 53,683 |
Summary of Remaining Performance Obligations | Summary of Remaining Performance Obligations Expected recognition within 1 year Expected recognition after 1 year Total Domestic market Gasoline 10,495 - 10,495 Diesel 31,175 - 31,175 Natural gas 15,643 14,636 30,279 Services and others 7,867 4,573 12,440 Naphtha 1,946 4,211 6,157 Electricity 658 6,352 7,010 Other oil products 30 - 30 Jet fuel 5,868 - 5,868 Foreign market - Exports 2,961 8,761 11,722 Total 76,643 38,533 115,176 |
Costs and expenses by nature (T
Costs and expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Costs And Expenses By Nature | |
Schedule of Cost of sales | Schedule of Cost of sales 2022 2021 2020 Raw material, products for resale, materials and third-party services (*) (32,354) (20,869) (12,699) Depreciation, depletion and amortization (10,514) (9,277) (8,847) Production taxes (14,953) (11,136) (5,920) Employee compensation (1,665) (1,882) (1,729) Total (59,486) (43,164) (29,195) |
Schedule of Selling expenses | Schedule of Selling expenses 2022 2021 2020 Materials, third-party services, freight, rent and other related costs (3,987) (3,542) (4,163) Depreciation, depletion and amortization (789) (610) (564) Allowance for expected credit losses (58) 12 2 Employee compensation (97) (89) (159) Total (4,931) (4,229) (4,884) |
Schedule of General and administrative expenses | Schedule of General and administrative expenses 2022 2021 2020 Employee compensation (865) (834) (749) Materials, third-party services, rent and other related costs (362) (256) (252) Depreciation, depletion and amortization (105) (86) (89) Total (1,332) (1,176) (1,090) |
Other income and expenses (Tabl
Other income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income And Expenses | |
Schedule of other income and expenses | Schedule of other income and expenses 2022 2021 2020 Unscheduled stoppages and pre-operating expenses (1,834) (1,362) (1,441) Losses with legal, administrative and arbitration proceedings (1,362) (740) (493) Pension and medical benefits - retirees (*) (1,015) (1,467) 889 Performance award program (547) (469) (439) Losses with commodities derivatives (256) (79) (308) Gains (losses) on decommissioning of returned/abandoned areas (225) 99 (342) Operating expenses with thermoelectric power plants (150) (88) (133) Profit sharing (131) (125) (7) Institutional relations and cultural projects (103) (96) (83) Health, safety and environment (80) (79) (75) Transfer of rights on concession agreements - 363 84 Recovery of taxes (**) 68 561 1,580 Amounts recovered from Lava Jato investigation 96 235 155 Results of non-core activities 168 170 182 Fines imposed on suppliers 228 163 95 Government grants 471 154 10 Early termination and changes to cash flow estimates of leases 629 545 276 Reimbursements from E&P partnership operations 683 485 912 Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control 1,144 1,941 499 Results from co-participation agreements in bid areas (***) 4,286 631 - Others (248) (189) (363) Total 1,822 653 998 (*) In 2022, it includes US$ 67 referring to the payment of a contribution as provided for in the Pre-70 Term of Financial Commitment (TFC) for the administrative funding of the PPSP-R pre-70 and PPSP-NR pre-70 plans. (**) In 2021 and 2020, 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. (***) For 2022, it mainly refers to the gain related to the agreement of Atapu and Sépia fields (see note 24.3). For 2021, it refers to the agreement of Buzios field. |
Net finance income (expense) (T
Net finance income (expense) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Finance Income | |
Schedule of net finance income (expense) | Schedule of net finance income (expense) 2022 2021 2020 Finance income 1,832 821 551 Income from investments and marketable securities (Government Bonds) 1,159 315 202 Other income, net 673 506 349 Finance expenses (3,500) (5,150) (6,004) Interest on finance debt (2,363) (2,870) (3,595) Unwinding of discount on lease liabilities (1,340) (1,220) (1,322) Discount and premium on repurchase of debt securities (121) (1,102) (1,157) Capitalized borrowing costs 1,032 976 941 Unwinding of discount on the provision for decommissioning costs (519) (761) (638) Other finance expenses , net (189) (173) (233) Foreign exchange gains (losses) and indexation charges (2,172) (6,637) (4,177) Foreign exchange gains (losses) (*) 1,022 (2,737) (1,363) Reclassification of hedge accounting to the Statement of Income (*) (4,871) (4,585) (4,720) Monetary restatement of dividends and dividends payable (**) 994 108 (15) Recoverable taxes inflation indexation income (***) 86 518 1,807 Other foreign exchange gains (losses) and indexation charges, net 597 59 114 Total (3,840) (10,966) (9,630) (*) For more information, see notes 34.3a and 34.3c. (**) In 2022, it refers to the income on the monetary restatement of paid anticipated dividends, in the amount of US$ 1,293 (US$ 121 in 2021), and to the expense on the indexation charges on dividends payable, in the amount of US$ 299 (US$ 13 in 2021 and US$ 15 in 2020). (***) In 2021, it includes inflation indexation income related to the exclusion of ICMS (VAT tax) from the basis of calculation of PIS and COFINS. |
Information by operating segm_3
Information by operating segment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Information By Operating Segment | |
Schedule of income by operating segment | Schedule of income by operating segment Consolidated Statement of Income by operating segment - 2021 Reclassified Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Total Eliminations Net income (loss) for the year disclosed in 2021 23,350 5,746 (109) (7,291) (1,710) 19,986 Changes in the measurement (29) (121) (13) 163 − − Net income (loss) for the year reclassified - 2021 23,321 5,625 (122) (7,128) (1,710) 19,986 Consolidated Statement of Income by operating segment - 2020 Reclassified Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Total Eliminations Net income (loss) for the year disclosed in 2020 4,471 77 894 (4,898) 404 948 Changes in the measurement 40 64 2 (106) − − Net income (loss) for the year reclassified - 2020 4,511 141 896 (5,004) 404 948 Consolidated assets by operating segment - 2021 Reclassified Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Total Eliminations Consolidated assets disclosed - 12.31.2021 113,146 34,388 10,589 21,898 (5,673) 174,348 Changes in the measurement (3,671) (3,782) (2,809) 9,020 1,242 − Consolidated assets reclassified - 12.31.2021 109,475 30,606 7,780 30,918 (4,431) 174,348 |
Consolidated Statement of Income by operating segment | Consolidated Statement of Income by operating segment Consolidated Statement of Income by operating segment 2022 Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Eliminations Total Sales revenues 77,890 113,531 15,068 511 (82,526) 124,474 Intersegments 76,579 1,950 3,991 6 (82,526) − Third parties 1,311 111,581 11,077 505 - 124,474 Cost of sales (30,465) (99,154) (10,518) (522) 81,173 (59,486) Gross profit (loss) 47,425 14,377 4,550 (11) (1,353) 64,988 Income (expenses) 907 (3,132) (2,965) (2,671) (13) (7,874) Selling expenses (22) (1,841) (2,979) (76) (13) (4,931) General and administrative expenses (46) (275) (62) (949) - (1,332) Exploration costs (887) - - - - (887) Research and development expenses (678) (6) (5) (103) - (792) Other taxes (79) (31) (44) (285) - (439) Impairment (losses) reversals (1,218) (97) 1 (1) - (1,315) Other income and expenses, net 3,837 (882) 124 (1,257) - 1,822 Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes 48,332 11,245 1,585 (2,682) (1,366) 57,114 Net finance expense - - - (3,840) - (3,840) Results of equity-accounted investments 170 3 83 (5) - 251 Net income / (loss) before income taxes 48,502 11,248 1,668 (6,527) (1,366) 53,525 Income taxes (16,433) (3,822) (540) 3,559 466 (16,770) Net income (loss) for the year 32,069 7,426 1,128 (2,968) (900) 36,755 Attributable to: Shareholders of Petrobras 32,073 7,426 1,038 (3,014) (900) 36,623 Non-controlling interests (4) - 90 46 - 132 2021 - Reclassified Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Eliminations Total Sales revenues 55,584 74,524 12,051 504 (58,697) 83,966 Intersegments 54,479 1,416 2,564 238 (58,697) − Third parties 1,105 73,108 9,487 266 - 83,966 Cost of sales (23,673) (65,620) (9,494) (503) 56,126 (43,164) Gross profit (loss) 31,911 8,904 2,557 1 (2,571) 40,802 Income (expenses) 3,240 (1,805) (2,890) (1,741) (22) (3,218) Selling expenses - (1,539) (2,668) - (22) (4,229) General and administrative expenses (152) (245) (73) (706) - (1,176) Exploration costs (687) - - - - (687) Research and development expenses (415) (11) (25) (112) - (563) Other taxes (192) (122) (38) (54) - (406) Impairment (losses) reversals 3,107 289 (208) 2 - 3,190 Other income and expenses, net 1,579 (177) 122 (871) - 653 Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes 35,151 7,099 (333) (1,740) (2,593) 37,584 Net finance expense - - - (10,966) - (10,966) Results of equity-accounted investments 119 941 98 449 - 1,607 Net income / (loss) before income taxes 35,270 8,040 (235) (12,257) (2,593) 28,225 Income taxes (11,949) (2,415) 113 5,129 883 (8,239) Net income (loss) for the year 23,321 5,625 (122) (7,128) (1,710) 19,986 Attributable to: Shareholders of Petrobras 23,324 5,625 (219) (7,145) (1,710) 19,875 Non-controlling interests (3) - 97 17 - 111 2020 - Reclassified Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Eliminations Total Sales revenues 34,395 47,782 7,725 876 (37,095) 53,683 Intersegments 33,524 865 2,455 251 (37,095) − Third parties 871 46,917 5,270 625 - 53,683 Cost of sales (18,098) (44,011) (3,985) (832) 37,731 (29,195) Gross profit (loss) 16,297 3,771 3,740 44 636 24,488 Income (expenses) (9,187) (2,895) (2,575) 256 (24) (14,425) Selling expenses - (2,522) (2,318) (20) (24) (4,884) General and administrative expenses (155) (271) (85) (579) - (1,090) Exploration costs (803) - - - - (803) Research and development expenses (232) (11) (10) (102) - (355) Other taxes (478) (137) (31) (306) - (952) Impairment (losses) reversals (7,364) 164 36 (175) - (7,339) Other income and expenses, net (155) (118) (167) 1,438 - 998 Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes 7,110 876 1,165 300 612 10,063 Net finance expense - - - (9,630) - (9,630) Results of equity-accounted investments (181) (437) 128 (169) - (659) Net income / (loss) before income taxes 6,929 439 1,293 (9,499) 612 (226) Income taxes (2,418) (298) (397) 4,495 (208) 1,174 Net income (loss) for the year 4,511 141 896 (5,004) 404 948 Attributable to: Shareholders of Petrobras 4,515 175 823 (4,776) 404 1,141 Non-controlling interests (4) (34) 73 (228) - (193) |
Schedule of depreciation, depletion and amortization | Schedule of depreciation, depletion and amortization Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other businesses Total 2022 10,415 2,248 448 107 13,218 2021 9,005 2,167 430 93 11,695 2020 8,661 2,114 473 197 11,445 |
Schedule of assets by operating segment | Schedule of assets by operating segment Exploration and Production (E&P) Refining, Transportation & Marketing (RT&M) Gas & Power (G&P) Corporate and other business Elimina-tions Total Consolidated assets by operating segment - 12.31.2022 Current assets 5,224 12,035 391 18,864 (5,264) 31,250 Non-current assets 111,110 22,396 7,193 15,242 − 155,941 Long-term receivables 6,351 1,811 94 12,964 − 21,220 Investments 379 977 173 37 − 1,566 Property, plant and equipment 101,875 19,496 6,851 1,947 − 130,169 Operating assets 92,087 16,851 4,808 1,585 − 115,331 Under construction 9,788 2,645 2,043 362 − 14,838 Intangible assets 2,505 112 75 294 − 2,986 Total Assets 116,334 34,431 7,584 34,106 (5,264) 187,191 Consolidated assets by operating segment - 12.31.2021 - Reclassified Current assets 3,770 9,632 1,256 19,922 (4,431) 30,149 Non-current assets 105,705 20,974 6,524 10,996 − 144,199 Long-term receivables 3,635 1,489 95 9,115 − 14,334 Investments 393 970 119 28 − 1,510 Property, plant and equipment 99,033 18,419 6,241 1,637 − 125,330 Operating assets 87,210 16,086 3,739 1,373 − 108,408 Under construction 11,823 2,333 2,502 264 − 16,922 Intangible assets 2,644 96 69 216 − 3,025 Total Assets 109,475 30,606 7,780 30,918 (4,431) 174,348 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Schedule of trade and other receivables, net | Schedule of trade and other receivables, net 12.31.2022 12.31.2021 Receivables from contracts with customers Third parties 5,210 4,839 Related parties Investees (note 35.1) 93 385 Subtotal 5,303 5,224 Other trade receivables Third parties Receivables from divestments (*) 1,922 2,679 Lease receivables 394 435 Other receivables 765 872 Related parties Petroleum and alcohol accounts - receivables from Brazilian Federal Government 602 506 Subtotal 3,683 4,492 Total trade and other receivables, before ECL 8,986 9,716 Expected credit losses (ECL) - Third parties (1,533) (1,428) Expected credit losses (ECL) - Related parties (3) (20) Total trade and other receivables 7,450 8,268 Current 5,010 6,368 Non-current 2,440 1,900 (*) At December 31, 2022, it mainly refers to the receivables from the divestments of Atapu, Sépia, Carmópolis, Roncador, Maromba, Miranga, Baúna, Pampo e Enchova, Breitener, Rio Ventura e Cricaré. In 2021, it mainly refers to receivables (including interest, exchange rate variation and inflation indexation) from the divestment in Nova Transportadora do Sudeste (NTS), of Block BM-S-8 in the Bacalhau field (former Carcará group), in addition to the values referring to Rio Ventura, Roncador, Pampo Enchova, Baúna and Miranga fields. Trade and other receivables are generally classified as measured at amortized cost, except for receivables with final prices linked to changes in commodity price after their transfer of control, which are classified as measured at fair value through profit or loss, amounting to US$ 470 1,155 The Company expects to receive the amounts of Petroleum and Alcohol Accounts between 2023 and 2027, according to the constitutional amendments of December 2021, which established limits for disbursements by the Federal Government in each fiscal year. 13.2. Aging of trade and other receivables – third parties |
Schedule of aging of trade and other receivables | Schedule of aging of trade and other receivables 12.31.2022 12.31.2021 Trade and other receivables Expected credit losses Trade and other receivables Expected credit losses Current 6,474 (39) 7,059 (77) Overdue: 1-90 days 189 (48) 218 (26) 91-180 days 30 (27) 40 (6) 181-365 days 63 (51) 51 (29) More than 365 days 1,535 (1,368) 1,457 (1,290) Total 8,291 (1,533) 8,825 (1,428) |
Schedule of changes in credit losses provision | Schedule of changes in credit losses provision 31.12.2022 31.12.2021 Opening balance 1,448 1,596 Additions 136 69 Write-offs (21) (40) Reversals (81) (112) Transfer of assets held for sale − (8) Translation adjustment 54 (57) Closing balance 1,536 1,448 Current 245 158 Non-current 1,291 1,290 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories Abstract | |
Schedule of inventories | Schedule of inventories 12.31.2022 12.31.2021 Crude oil 3,738 3,048 Oil products 3,278 2,495 Intermediate products 587 532 Natural gas and Liquefied Natural Gas (LNG) 135 349 Biofuels 14 19 Fertilizers 4 8 Total products 7,756 6,451 Materials, supplies and others 1,023 804 Total 8,779 7,255 |
Trade payables (Tables)
Trade payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade Payables | |
Trade payables | Trade payables 12.31.2022 12.31.2021 Third parties in Brazil 3,497 3,556 Third parties abroad 1,935 1,861 Related parties 32 66 Total in current liabilities 5,464 5,483 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Income Taxes | Summary of Income Taxes Current assets Current liabilities Non-current liabilities 12.31.2022 12.31.2021 12.31.2022 12.31.2021 12.31.2022 12.31.2021 Taxes in Brazil Income taxes 160 133 2,505 682 − - Income taxes - Tax settlement programs − − 50 43 302 300 160 133 2,555 725 302 300 Taxes abroad 5 30 328 8 − - Total 165 163 2,883 733 302 300 |
Summary of Outstanding Amount of Settlement Year | Summary of Outstanding Amount of Settlement Year 2022 2021 2020 Net income (loss) before income taxes 53,525 28,225 (226) Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) (18,197) (9,597) 77 Adjustments to arrive at the effective tax rate: Tax benefits from the deduction of interest on capital distribution 1,234 843 (16) Different jurisdictional tax rates for companies abroad 822 296 1,874 Brazilian income taxes on income of companies incorporated outside Brazil (*) (763) (546) (743) Tax incentives 187 50 (9) Tax loss carryforwards (unrecognized tax losses) 221 59 (428) Post-employment benefits (394) (802) 559 Results of equity-accounted investments in Brazil and abroad 87 318 49 Non-incidence of income taxes on indexation (SELIC interest rate) of undue paid taxes 33 903 - Others - 237 (189) Income taxes (16,770) (8,239) 1,174 Deferred income taxes (906) (4,058) 1,743 Current income taxes (15,864) (4,181) (569) Effective tax rate of income taxes 31.3% 29.2% (519.5)% |
Summary of the Changes in the Deferred Income Taxes | Summary of the Changes in the Deferred Income Taxes 2022 2021 Opening balance (625) 6,256 Recognized in the statement of income for the period (906) (4,058) Recognized in shareholders’ equity (3,220) (1,555) Translation adjustment (45) (133) Use of tax loss carryforwards (1,123) (1,172) Others 1 37 Closing balance (5,918) (625) |
Summary of composition of deferred tax assets and liabilities | The composition of deferred tax assets and liabilities is set out in the following table: Summary of composition of deferred tax assets and liabilities Nature Realization basis 12.31.2022 12.31.2021 PP&E - Exploration and decommissioning costs Depreciation, amortization and write-offs of assets 158 (1,362) PP&E - Impairment Amortization, impairment reversals and write-offs of assets 3,602 4,382 PP&E - depreciation methods and capitalized borrowing costs Depreciation, amortization and write-offs of assets (15,438) (12,924) Loans, trade and other receivables / payables and financing Payments, receipts and considerations 810 3,490 Lease liabilities Appropriation of the considerations 434 1,244 Provision for legal proceedings Payments and use of provisions 885 605 Tax loss carryforwards Taxable income compensation 914 1,827 Inventories Sales, write-downs and losses 333 228 Employee Benefits Payments and use of provisions 1,518 1,250 Others 866 635 Total (5,918) (625) Deferred tax assets 832 604 Deferred tax liabilities (6,750) (1,229) |
Summary of Estimated Schedule of Recovery/Reversal of Net Deferred Tax Assets (Liabilities) Recoverable (Payable) | Summary of Estimated Schedule of Recovery/Reversal of Net Deferred Tax Assets (Liabilities) Recoverable (Payable) Assets Liabilities 2023 55 (93) 2024 22 304 2025 20 1,091 2026 20 1,033 2027 20 (171) 2028 and thereafter 695 4,586 Recognized deferred tax assets 832 6,750 |
Summary of Aging of the Unrecognized Tax Carryforwards | Summary of Aging of the Unrecognized Tax Carryforwards Assets 12.31.2022 12.31.2021 Brazil − 1 Abroad 987 1,351 Unrecognized deferred tax assets 987 1,352 |
Summary of Reconciliation between Statutory Tax Rate and Effective Tax Expense Rate | Summary of Reconciliation between Statutory Tax Rate and Effective Tax Expense Rate 2030 - 2032 2033 - 2035 2036 -2038 Undefined expiration Total Unrecognized deferred tax assets 418 339 167 63 987 |
Summary of Other Taxes | Summary of Other Taxes Current assets Non-current assets Current liabilities Non-current liabilities (*) 12.31.2022 12.31.2021 12.31.2022 12.31.2021 12.31.2022 12.31.2021 12.31.2022 12.31.2021 Taxes in Brazil Current / Non-current ICMS (VAT) 716 665 473 379 699 995 - - Current / Non-current PIS and COFINS (**) 378 418 2,362 2,030 28 499 89 45 Claim to recover PIS and COFINS - - 657 594 - - - - CIDE 1 6 - - 5 42 - - Production taxes - - - - 1,996 2,147 114 21 Withholding income taxes - - - - 149 86 - - Tax Settlement Program - - - - 9 67 7 6 Others 40 48 273 249 143 142 83 70 Total in Brazil 1,135 1,137 3,765 3,252 3,029 3,978 293 142 Taxes abroad 7 46 13 9 19 23 - - Total 1,142 1,183 3,778 3,261 3,048 4,001 293 142 (*) Other non-current taxes are classified as other non-current liabilities. (**) As of December 31, 2022, it includes US$ 5 (US$ 104 as of December 31, 2021) related to exclusion of ICMS (VAT tax) in the basis of calculation of sales taxes PIS and COFINS (contributions for the social security). |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits | |
Schedule of benefits include salaries, post-employment benefits, termination benefits | Schedule of benefits include salaries, post-employment benefits, termination benefits 12.31.2022 12.31.2021 Liabilities Short-term employee benefits 1,452 1,289 Termination benefits 192 349 Post-employment benefits 11,246 9,880 Total 12,890 11,518 Current 2,215 2,144 Non-current 10,675 9,374 |
Schedule of employee benefits | Schedule of employee benefits 12.31.2022 12.31.2021 Variable compensation program - PPP 489 461 Accrued vacation 505 440 Salaries and related charges and other provisions 327 270 Profit sharing 131 118 Total 1,452 1,289 Current 1,421 1,286 Non-current (*) 31 3 (*) Remaining balance relating to the four-year deferral of 40% of the PPP portion of executive officers and the upper management |
Schedule of recognized the statement of income | Schedule of recognized the statement of income 2022 2021 2020 Salaries, accrued vacations and related charges (3,006) (2,665) (3,064) Variable compensation program - PPP (*) (547) (469) (439) Profit sharing (*) (131) (125) (7) Management fees and charges (14) (15) (14) Total (3,698) (3,274) (3,524) (*) It includes reversals of provisions related to previous year. |
Schedule of pension plan assets | Schedule of pension plan assets 2022 2021 Opening Balance 349 900 Effects in the statement of income 16 (11) Enrollments 18 30 Revision of provisions (2) (41) Effects in cash and cash equivalents (199) (497) Terminations in the period (199) (497) Translation adjustment 26 (43) Closing Balance 192 349 Current 75 207 Non-current 117 142 |
Summary of Employee Benefits | Summary of Employee Benefits 12.31.2022 12.31.2021 Liabilities Health Care Plan - Saúde Petrobras 5,813 4,485 Petros Pension Plan - Renegotiated (PPSP-R) 3,606 3,233 Petros Pension Plan - Non-renegotiated (PPSP-NR) 1,041 658 Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pre 70) 284 817 Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pre 70) 339 511 Petros 2 Pension Plan (PP-2) 163 165 Other plans − 11 Total 11,246 9,880 Current 719 651 Non-current 10,527 9,229 |
Summary of table below provides other characteristics of these plans | Summary of table below provides other characteristics of these plans PPSP-R PPSP-R PPSP-NR PPSP-NR PP-2 PP-3 Pre-70 Pre-70 Modality Defined Benefit Defined Benefit Defined Benefit Defined Benefit Variable Contribution (defined benefit and defined contribution portions) Defined Contribution Participants of the plan Generally covers employees and former employees who joined the company after 1970 that agreed with changes proposed by the Company in its original pension plan (P0) and amendments. Generally covers employees and former employees hired prior to July 1, 1970, who enrolled in the P0 until January 1, 1996 and remained continuously linked to the original sponsor obtaining the condition of assisted. Generally covers employees and former employees who joined the company after 1970 that did not agree with changes proposed by the Company in its original pension plan (P0) and amendments Generally covers employees and former employees hired prior to July 1, 1970, who enrolled in the P0 until January 1, 1996 and remained continuously linked to the original sponsor obtaining the condition of assisted and did not agreed with changes in in its original pension plan (P0) and amendments. This Plan was established in 2007, also covering employees and former employees that moved from other existing plans. This plan was implemented in 2021, exclusive option for voluntary migration of employees and retirees from the PPSP-R and PPSP-NR plans. New enrollments Closed Closed Closed Closed Open Closed Retirement payments Lifetime monthly payments supplementing the benefit granted by the Brazilian National Institute of Social Security. Lifetime defined benefit monthly payments or non- defined benefit monthly payments in accordance with the participant's election. Undefined benefit with monthly payments, in accordance with the participant election. Other general benefits Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion. Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion. Indexation of Retirement payments by the plan Based on the Nationwide Consumer Price Index. Based on the current index levels applicable to active employees’ salaries and the indexes set out by the Brazilian National Institute of Social Security. Lifetime monthly payments: based on the Nationwide Consumer Price Index Undefined benefit monthly payments: based on the variation of individual account quota. Undefined benefit monthly payments: based on the variation of individual account quota. Parity contributions made by participants and the Company to the plans It is comprised of: It is comprised of: It is comprised of: It is comprised of: It is comprised of: Regular contributions during the employment relationship, saving for the undefined benefit, accumulated in individual accounts i) normal contributions that covers expected cost of the plans in the long term; and normal contributions that covers expected cost of the plans in the long term. i) normal contributions that covers expected cost of the plans in the long term; and normal contributions that covers expected cost of the plans in the long term. i) normal contributions that covers expected cost of the plans in the long term; and ii) extraordinary contributions that covers additional costs that are generally derived from actuarial deficits. Participants are exempt from paying any extraordinary contributions in case of deficit until the settlement of the TFC. ii) extraordinary contributions that covers additional costs that are generally derived from actuarial deficits. Participants are exempt from paying any extraordinary contributions in case of deficit until the settlement of the TFC. ii) extraordinary contributions that covers additional costs that are generally derived from actuarial deficits (these contributions are not currently being made but may occur in the future). Terms of Financial Commitment - TFC (debt agreements) assumed by the Company to settle the deficits. Amounts to be paid to Petros Foundation (*). Financial obligations with a principal amounting to US$132 at 12/31/2022. Financial obligations with a principal amounting to US$304 at 12/31/2022. Financial obligations settled early in 2021. Financial obligations with a principal amounting to US$202 at 12/31/2022. N/A N/A Annually remeasured in accordance with actuarial assumptions, with semi-annual payment of interest based on the updated balance and maturing in 2028. |
Summary of changes in the actuarial liabilities recognized in the statement of financial position | Summary of changes in the actuarial liabilities recognized in the statement of financial position 2022 Pension Plans Health Care Plan Other plans Total PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Amounts recognized in the Statement of Financial Position Present value of obligations 12,771 4,119 1,102 5,813 − 23,805 ( -) Fair value of plan assets (8,881) (2,739) (939) − − (12,559) Net actuarial liability as of December 31, 2022 3,890 1,380 163 5,813 − 11,246 Changes in the net actuarial liability Balance as of January 1, 2022 (**) 4,050 1,169 165 4,485 11 9,880 Recognized in the Statement of Income 457 129 33 609 − 1,228 Current service cost 10 1 13 105 − 129 Net interest 447 128 20 504 − 1,099 Recognized in Equity - other comprehensive income 420 417 (45) 791 − 1,583 Remeasurement effects recognized in other comprehensive income 420 417 (45) 791 − 1,583 Cash effects (1,325) (421) − (384) − (2,130) Contributions paid (304) (94) − (384) − (782) Payments related to Term of financial commitment (TFC) (1,021) (327) − − − (1,348) Other changes 288 86 10 312 (11) 685 Others − − − 1 (10) (9) Translation Adjustment 288 86 10 311 (1) 694 Balance at December 31, 2022 3,890 1,380 163 5,813 − 11,246 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. (**) It includes the payment of US$ 1,324 of a portion of the TFC made on February 25, 2022. 2021 Pension Plans Health Care Plan Other plans Total PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Amounts recognized in the Statement of Financial Position Present value of obligations 11,481 3,485 987 4,485 9 20,447 ( -) Fair value of plan assets (7,431) (2,316) (822) − 2 (10,567) Net actuarial liability as of December 31, 2021 4,050 1,169 165 4,485 11 9,880 Changes in the net actuarial liability Balance as of January 1, 2021 (**) 7,524 2,696 477 5,356 16 16,069 Recognized in the Statement of Income 469 178 72 1,388 (9) 2,098 Past service cost (1) − − 845 − 844 Present value of obligation (730) (33) − 845 − 82 Plan assets transferred to PP-3 496 22 − − − 518 Sponsor contribution for PP-3 233 11 − − − 244 Current service cost 13 1 37 158 (10) 199 Net interest 438 172 35 385 1 1,031 Recognized in Equity - other comprehensive income (2,223) (989) (362) (1,601) 6 (5,169) Remeasurement effects recognized in other comprehensive income (2,223) (989) (362) (1,601) 6 (5,169) Cash effects (1,339) (591) − (309) − (2,239) Contributions paid (***) (475) (86) − (309) − (870) Payments of obligations with contribution for the revision of the lump sum death benefit (340) (101) − − − (441) Payments related to Term of financial commitment (TFC) (524) (404) − − − (928) Other changes (381) (125) (22) (349) (2) (879) Translation Adjustment (381) (125) (22) (349) (2) (879) Balance of actuarial liability as of December 31, 2021 4,050 1,169 165 4,485 11 9,880 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. (**) It includes obligations with contribution for the revision of the lump sum death benefit. (***) It includes the contribution for the migration to PP-3 (US$ 241). |
Summary of Changes in the present value of the obligation | Summary of Changes in the present value of the obligation 2022 Pension Plans Health Care Plan Other plans Total PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Present value of obligations at the beginning of the year 11,481 3,485 987 4,485 9 20,447 Recognized in the Statement of Income 1,277 382 129 609 − 2,397 Interest expense 1,267 381 116 504 − 2,268 Service cost 10 1 13 105 − 129 Recognized in Equity - other comprehensive income 281 380 (6) 791 − 1,446 Remeasurement: Experience (gains) / losses 1,367 687 95 (277) − 1,872 Remeasurement: (gains) / losses - demographic assumptions − 4 6 (25) − (15) Remeasurement: (gains) / losses - financial assumptions (1,086) (311) (107) 1,093 − (411) Others (268) (128) (8) (72) (9) (485) Benefits paid, net of assisted contributions (1,088) (379) (72) (384) − (1,923) Contributions paid by participants 23 6 − − − 29 Others − − 1 − (9) (8) Translation Adjustment 797 245 63 312 − 1,417 Present value of obligations at the end of the year 12,771 4,119 1,102 5,813 − 23,805 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. |
Summary of changes in the fair value of plan assets | Summary of changes in the fair value of plan assets 2022 Pension Plans Health Care Plan Other plans Total PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Fair value of plan assets at the beginning of the year 7,431 2,316 822 − (2) 10,567 Recognized in the Statement of Income 820 253 96 − − 1,169 Interest income 820 253 96 − − 1,169 Recognized in Equity - other comprehensive income (139) (37) 39 − − (137) Remeasurement: Higher/(lower) return on plan assets compared to discount rate (139) (37) 39 − − (137) Cash effects 1,325 421 − 384 − 2,130 Contributions paid by the sponsor (Company) 304 94 − 384 − 782 Term of financial commitment (TFC) paid by the Company 1,021 327 − − − 1,348 Other Changes (556) (214) (18) (384) 2 (1,170) Contributions paid by participants 23 6 − − − 29 Benefits paid, net of assisted contributions (1,088) (379) (72) (384) − (1,923) Others − − − − 2 2 Translation Adjustment 509 159 54 − − 722 Fair value of plan assets at the end of the year 8,881 2,739 939 − − 12,559 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. 2021 Pension Plans Health Care Plan Other plans Total PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Fair value of plan assets at the beginning of the year 8,650 2,213 700 − 12 11,575 Recognized in the Statement of Income 728 182 50 − 1 961 Interest income 728 182 50 − 1 961 Recognized in Equity - other comprehensive income (746) (52) 194 − (13) (617) Remeasurement: Higher/(lower) return on plan assets compared to discount rate (746) (52) 194 − (13) (617) Cash effects 999 490 − 309 − 1,798 Contributions paid by the sponsor (Company) 475 86 − 309 − 870 Term of financial commitment (TFC) paid by the Company 524 404 − − − 928 Other Changes (2,200) (517) (122) (309) (2) (3,150) Contributions paid by participants 26 7 − − − 33 Benefits paid, net of assisted contributions (952) (319) (65) (309) − (1,645) Transfer and contribution for PP-3 (680) (31) − − − (711) Translation Adjustment (594) (174) (57) − (2) (827) Fair value of plan assets at the end of the year 7,431 2,316 822 − (2) 10,567 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. |
Summary of pension plan assets by type of asset | Summary of pension plan assets by type of asset 2022 2021 Type of asset Quoted prices in active markets Unquoted prices Total fair value % Total fair value % Receivables − 1,353 1,353 11% 846 8% Fixed income 3,548 5,297 8,845 70% 6,864 67% Government bonds 3,503 3,947 7,450 − 4,522 − Fixed income funds − 864 864 − 860 − Other investments 45 486 531 − 1,482 − Variable income 1,184 243 1,427 9% 1,918 16% Common and preferred shares 1,184 − 1,184 − 1,686 − Other investments − 243 243 − 232 − Structured investments 33 126 159 4% 184 2% Real estate properties − 490 490 4% 475 4% 4,765 7,509 12,274 98% 10,287 97% Loans to participants − 285 285 2% 280 3% Fair value of plan assets at the end of the year 4,765 7,794 12,559 100% 10,567 100% |
Summary of net expenses relating to benefit plans | Summary of net expenses relating to benefit plans Pension Plans Health Care Plan PPSP-R (*) PPSP-NR (*) Petros 2 Saúde Petrobras Other Plans Total Related to active employees (cost of sales and expenses) (33) (5) (20) (222) − (280) Related to retirees (other income and expenses) (424) (124) (13) (387) − (948) Net expenses for - 2022 (457) (129) (33) (609) − (1,228) Net expenses for - 2021 (469) (178) (72) (1,388) 9 (2,098) Net expenses for - 2020 (399) (139) (131) 1,672 (2) 1,001 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. |
Schedule of expected future cash flows | Schedule of expected future cash flows 2022 2021 Pension Plan Health Care Plan Other Plans Total Total PPSP-R (*) PPSP-NR (*) Petros 2 Up to 1 Year 999 354 74 301 − 1,728 1,520 1 to 5 Years 4,122 1,437 313 1,149 − 7,021 6,150 6 to 10 Years 2,888 973 231 1,275 − 5,367 4,615 11 To 15 Years 1,962 622 166 1,012 − 3,762 3,193 Over 15 Years 2,800 733 318 2,076 − 5,927 4,969 Total 12,771 4,119 1,102 5,813 − 23,805 20,447 (*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. |
Schedule of defined benefit obligation | Schedule of defined benefit obligation PPSP-R PPSP-R Pré-70 PPSP-NR PPSP-NR Pré-70 Number of years during which benefits must be paid to participants of defined benefit plans. 11.06 6.59 10.37 7.14 |
Summary of actuarial assumptions | Summary of actuarial assumptions Pension Plans 2022 Health Care Plan Assumptions PPSP-R PPSP-NR PPSP-R Pré-70 PPSP-NR Pré-70 PP2 Nominal discount rate (including inflation)(1) 11.95 11.95 11.93 11.93 11.97 11.97 Real discount rate 6.16 6.16 6.15 6.15 6.18 6.18 Nominal expected salary growth (including inflation) (2) 6.27 6.16 6.27 6.16 7.74 n/a Expected changes in medical and hospital costs (3) n/a n/a n/a n/a n/a 9.87 3.25 Mortality table Petros Experience (Bidecrem 2013) Petros Experiences (Bidecrem 2020) Petros Experiences (Bidecrem 2016) Petros Experiences (Bidecrem 2020) AT-2012 IAM basic fem 10% smoothed Employees: according to pension plan Assisted: Ex Petros (Bidecr 2013) Disability table American group American group n/a n/a Disability Experience PP-2 2022 Assets: PP-2: Disability Experience PP-22022 Assisted: n/a Mortality table for disabled participants AT-49 male AT-83 Basic by gender MI 2006, by gender, 20% smoothed Petros Experience 2014 IAPB-57 strong, 30% smoothed AT-49 male Age of retirement Male, 56 years / Female, 55 years Male, 58 years / Female, 56 years n/a n/a 1st eligibility Male, 56 years / Female, 55 years (1) Inflation reflects market projections: 5.45% for 2023 and converging to 3.25% in 2027 onwards. (2) Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan. (3) Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate. Pension Plans 2021 Health Care Plan Assumptions PPSP-R PPSP-NR PPSP-R Pre-70 PPSP-NR Pre-70 PP2 Nominal discount rate (including inflation) (1) 10.64 10.62 10.55 10.54 10.73 10.68 Real discount rate 5.40 5.38 5.32 5.31 5.49 5.44 Nominal expected salary growth (including inflation) (2) 5.83 5.63 5.83 5.63 7.20 n/a Expected changes in medical and hospital costs (3) n/a n/a n/a n/a n/a 5.24 3.25 Mortality table Petros Experience (Bidecrem 2013) Petros Experiences (Bidecrem 2020) Petros Experiences (Bidecrem 2016) Petros Experiences (Bidecrem 2020) AT-2012 IAM basic fem 10% smoothed Employees: according to pension plan Assisted: Ex Petros (Bidecr 2013) Disability table American group American group n/a n/a Álvaro Vindas 50% smoothed Álvaro Vindas 50% smoothed Mortality table for disabled participants AT-49 male AT-49 male MI 2006, by gender, 20% smoothed Petros Experience 2014 IAPB-57 strong, 10% smoothed AT-49 male Age of retirement Male, 56 years / Female, 55 years Male, 58 years / Female, 56 years Male, 56 years / Female, 55 years Male, 58 years / Female, 56 years 1st eligibility Male, 56 years / Female, 55 years (1) Inflation reflects market projections: 4.97% for 2022 and converging to 3.25% in 2026 onwards. (2) Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan. (3) Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate. |
Summary of changes in the discount rate | Summary of changes in the discount rate Discount Rate Expected changes in medical and hospital costs Pension Benefits Medical Benefits Medical Benefits +100 bps -100 bps +100 bps -100 bps +100 bps -100 bps Pension Obligation (1,474) 1,882 (602) 735 772 (176) Current Service cost and interest cost (24) 47 (46) 56 128 (26) |
Provisions for legal proceedi_2
Provisions for legal proceedings, judicial deposits and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions For Legal Proceedings Judicial Deposits And Contingent Liabilities | |
Summary of provisions for legal proceedings | Summary of provisions for legal proceedings Non-current liabilities 12.31.2022 12.31.2021 Labor claims 737 716 Tax claims 466 306 Civil claims 1,504 820 Environmental claims 303 176 Total 3,010 2,018 |
Summary of reconciliation of provisions for legal proceedings | Summary of reconciliation of provisions for legal proceedings 2022 2021 Opening Balance 2,018 2,199 Additions, net of reversals 1,072 540 Use of provision (487) (715) Revaluation of existing proceedings and interest charges 273 150 Others (2) 8 Translation adjustment 136 (164) Closing Balance 3,010 2,018 |
Summery of Non-current assets | Summery of Non-current assets Non-current assets 12.31.2022 12.31.2021 Tax 7,876 5,790 Labor 907 796 Civil 2,089 1,275 Environmental 109 101 Others 72 76 Total 11,053 8,038 |
Provisions for legal proceedings, judicial deposits and contingent liabilities (Details 3) | Summary of Reconciliation of Judicial Deposits with Legal Proceedings 2022 2021 Opening Balance 8,038 7,281 Additions 1,710 1,145 Use (115) (109) Accruals and charges 897 263 Others (9) 3 Translation adjustment 532 (545) Closing Balance 11,053 8,038 |
Summary of estimated contingent liabilities for which the possibility of loss is classified as possible | Summary of estimated contingent liabilities for which the possibility of loss is classified as possible Nature 12.31.2022 12.31.2021 Tax 32,094 24,785 Labor 8,272 7,172 Civil - General 7,548 5,720 Civil - Environmental 1,257 1,192 Total 49,171 38,869 |
Summery of tax, civil, environmental and labor nature, whose expectations of losses are classified as possible | Summery of tax, civil, environmental and labor nature, whose expectations of losses are classified as possible Estimate Description of tax matters 12.31.2022 12.31.2021 Plaintiff: Secretariat of the Federal Revenue of Brazil 1) 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. Current status: The claim about the incidence of withholding income tax (Imposto de Renda Retido na Fonte- IRRF) on remittances for payments of vessel charters, occurred from 1999 to 2002, involves the legality of the normative rule issued by the Federal Revenue of Brazil, which ensured no taxation over those remittances. The Company considers the likelihood of loss as possible, since there are decisions from Superior Courts favorable to the Company, and will continue to defend its opinion. The other claims, concerning CIDE and PIS/COFINS, involve lawsuits in different administrative and judicial stages, for which the Company understands there is a possible likelihood of loss, since there are legal predictions in line with the position of the Company. 10,386 9,092 2) Income from foreign subsidiaries located outside Brazil not included in the computation of taxable income (IRPJ and CSLL). Current status: This claim involves lawsuits in different administrative and judicial stages. The Company considers the likelihood of loss as possible, since there are decisions from Superior Courts favorable to the understanding of the Company. 4,396 3,890 3) Requests to compensate federal taxes disallowed by the Brazilian Federal Tax Authority. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, the Company obtained favorable final decisions at CARF and new tax notices were issued. 705 827 4) Incidence of social security contributions over contingent bonuses paid to employees. Current status: Awaiting defense judgment and appeals at the administrative and judicial levels. 922 706 5) Collection of Contribution of Intervention in the Economic Domain (CIDE) on transactions with fuel retailers and service stations protected by judicial injunctions determining that fuel sales were made without gross-up of such tax. Current status: This claim involves lawsuits in different judicial stages. 485 428 6) Deduction from the basis of calculation of taxable income (income tax - IRPJ and social contribution - CSLL) of several expenses related to employee benefits. Current status: The claim involves lawsuits in different administrative and judicial stages. 646 570 7) Income taxes (IRPJ and CSLL) - Capital gains and Amortization of goodwill on the acquisition of equity interests. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, new tax notices were issued against the Company. 501 234 8) Deduction of the PIS and COFINS tax base, including in ship or pay contracts and charters of aircraft and vessels. Current status: The claims involve lawsuits in different administrative and judicial stages. In 2022, a new tax notice was issued against the Company. 986 330 9) Collection of IRPJ and CSLL - Transfer price - Charter contracts Current status: In one of the assessments, there was an unfavorable administrative decision. A voluntary appeal by Petrobras is pending judgment. In 2022, a new tax notice was issued against the Company. 498 287 10) Import tax, PIS/COFINS and customs fines - Import of vessels through Repetro's Special Customs Regime. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, a new tax notice was issued against the Company. 294 249 11) Collection of Import tax (II), PIS/COFINS and customs fines including Petrobras as jointly liable. Current status: In 2022, the Company received a new tax notice regarding the collection on joint liabilities of customs taxes and fines arising from the import of goods under the Repetro regime, for use in the Frade consortium. 2,414 − 12) Customs – Fines of 1% and 5% on the Customs Value. Fines imposed on the customs value of imported products due to information considered inaccurate in the import declarations. There is a court decision unfavorable to the Company. Current status: This claim involves lawsuits in different administrative and judicial stages. 240 209 13) Collection of PIS/COFINS – Incidences on Amnesties. Current status: In 2022, the company received a new tax notice related to the collection of social contributions PIS/COFINS, resulting from the tax transaction provided for in article 3 of the Federal Brazilian Law 13.586/2017. 870 − Plaintiff: States of SP, RJ, BA, PA, AL, MA, PB, PE, AM and SE Finance Departments 14) VAT (ICMS) and VAT credits on internal consumption of bunker fuel and marine diesel, destined to chartered vessels. Current status: This claim involves lawsuits in different administrative and judicial stages. 425 367 Plaintiff: States of RJ, AL, BA, PE, PA and RS Finance Departments 15) VAT (ICMS) on dispatch of liquid natural gas (LNG) and C5+ (tax document not accepted by the tax authority), as well as challenges on the rights to this VAT tax credit. Current status: This claim involves lawsuits in different administrative and judicial stages. 842 746 Plaintiff: States of PE, RJ and PA Finance Departments 16) Alleged failure to write-down VAT (ICMS) credits related to zero tax rated or non-taxable sales made by the Company and its customers. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, new tax notices were issued against the Company. 440 110 Plaintiff: States of RJ, AL, AM, PA, BA, GO, MA, SP and PE Finance Departments 17) Alleged failure to write-down VAT (ICMS) credits related to zero tax rated or non-taxable sales made by the Company and its customers. Current status: This claim involves lawsuits in different administrative and judicial stages. 916 788 Plaintiff: States of RJ, BA, PE, SE and AM Finance Departments 18) The plaintiff alleges that the transfers between branches, especially in RJ, without segregating VAT (ICMS), under the special regime, reduced the total credits of the central department. Current status: This claim involves lawsuits in different administrative and judicial stages. 929 800 Plaintiff: States of GO, RJ, PA, BA, SE, SP, PR, AM, CE, MT, RN and PE Finance Departments 19) Appropriation of ICMS credit on the acquisition of goods (products in general) that, in the understanding of the inspection, would fit into the concept of material for use and consumption, being the tax credit undue. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, new tax notices were issued against the Company. 687 569 Plaintiff: States of RJ, PR, AM, BA, PA, PE, SP and AL Finance Departments 20) Incidence of VAT (ICMS) over alleged differences in the control of physical and fiscal inventories. Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, new tax notices were issued against the Company. 799 446 Plaintiff: State of SP Finance Department 21) Deferral of payment of VAT (ICMS) taxes on B100 Biodiesel sales and the charge of a 7% VAT rate on B100 on Biodiesel interstate sales, including states in the Midwest, North and Northeast regions of Brazil and the State of Espírito Santo. Current status: This claim involves lawsuits in different administrative and judicial stages. 263 232 Plaintiff: States of RJ, SP, BA, PE, PR, SE and CE Finance Departments 22) Misappropriation of VAT tax credit (ICMS) on the acquisitions of goods that, per the tax authorities, are not related to property, plant and equipment. Current status: This claim involves lawsuits in different administrative and judicial stages. 478 417 Plaintiff: States of RJ, SP, BA, AL, PE, CE and AM Finance Departments 23) Misappropriation of VAT tax credit (ICMS) on the acquisitions of drills and chemicals used in the formulation of drilling fluid, per the tax authorities. Current status: This claim involves lawsuits in different administrative and judicial stages. 486 422 Plaintiff: Municipal government of Angra dos Reis/RJ 24) Added value of ICMS on oil import operations. Current status: This claim involves lawsuits in several judicial stages. In 2022, judicial decisions favorable to the Company were handed down in two lawsuits, by the Court of Justice of Rio de Janeiro. There is a Special Appeal filed by the Municipality pending judgment. 347 289 Plaintiff: Several Municipalities 25) Alleged failure to withhold and pay tax on services (ISSQN). Current status: There are lawsuits in different administrative and judicial stages. 223 201 Plaintiff: Municipal governments of the cities of Anchieta, Aracruz, Guarapari, Itapemirim, Marataízes, Linhares, Vila Velha and Vitória 26) Alleged failure to withhold and pay tax on services provided offshore (ISSQN) in favor of some municipalities in the State of Espírito Santo, under the allegation that the service was performed in their "respective coastal waters". Current status: This claim involves lawsuits in different administrative and judicial stages. In 2022, the lawsuits were reclassified to remote loss due to a decision favorable to the Company's thesis in the Court of Justice of Espírito Santo. − 1,071 27) Other tax matters 1,916 1,505 Total for tax matters 32,094 24,785 Estimate Description of labor matters 12.31.2022 12.31.2021 Plaintiff: Employees and Sindipetro Union of ES, RJ, BA, MG, SP, PE, PB, RN, CE, PI, PR and SC. 1) 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. Current status: The dispute is in the Federal Supreme Court (STF). On 07/28/2021, Petrobras filed an appeal and the Minister Rapporteur decided favorably to the Company, reforming the decision of the Plenary of the Superior Labor Court (TST) which was contrary to Petrobras. Currently, the judgment of the appeals filed by the plaintiff and by several amici curiae is in progress, with 3 votes in favor of the Company, recognizing the merit of the collective bargaining agreement signed between Petrobras and the unions. Considering that the last minister to vote requested a view, the trial was suspended, and is juts pending the presentation of the vote by this last minister. 6,806 5,917 2) Other labor matters 1,466 1,255 Total for labor matters 8,272 7,172 Estimate Description of civil matters 12.31.2022 12.31.2021 Plaintiff: Agência Nacional de Petróleo, Gás Natural e Biocombustíveis - ANP and other agencies 1) Administrative and legal proceedings that discuss: a) Difference in special participation and royalties in different fields; b) Fines imposed by ANP due to alleged failure to comply with the minimum exploration activities program, as well as alleged irregularities relating to compliance with oil and gas industry regulation. It also includes fines imposed by other agencies. Current status: The claims involve lawsuits in different administrative and judicial stages. 1,980 1,197 Plaintiff: Agência Nacional de Petróleo, Gás Natural e Biocombustíveis - ANP 2) Proceedings challenging an ANP order requiring Petrobras to unite Tupi and Cernambi fields on the BM-S-11 joint venture; to unite Baúna and Piracicaba fields; and to unite Tartaruga Verde and Mestiça fields, which would cause changes in the payment of special participation charges. Current status: This list involves claims that are disputed in court and in arbitration proceedings, as follows. In 2022, there was an increase in the value, due to the judicial deposits that are made by Petrobras: a) Tupi and Cernanbi: initially, the Company made judicial deposits for the alleged differences resulting from the special participation. However, with the reversal of the favorable injunction, the payment of these alleged differences were made directly to ANP, and such judicial deposits were resumed in the 2nd Quarter of 2019. Arbitration remains suspended by court decision; b) Baúna and Piracicaba: the Federal Regional Court of the Second Region upheld the suspension of arbitration. Petrobras filed appeals with the Superior Courts. c) Tartaruga Verde and Mestiça: The Company has authorization to make the judicial deposits relating to these fields. The Regional Federal Court of the Second Region has the opinion that the Chamber of Arbitration has jurisdiction on this claim and the arbitration is ongoing up to item 6 of the joint schedule (pre-hearing meeting) formulated by the parties. 1,531 829 Plaintiff: Agência Estadual de Regulação de Serviços Públicos de Energia, Transportes e Comunicações da Bahia (AGERBA) and State Gas Companies 3) Public Civil Action (ACP) to discuss the alleged illegality of the gas supply made by the company to its Nitrogenated Fertilizer Production Unit (FAFEN / BA). Current status: The claims involve lawsuits in different administrative and judicial stages. In 2022, there was a decrease in value due to agreements entered into by Petrobras. 39 318 Plaintiff: Several service providers 4) Claims related to goods and services supply contracts, with emphasis on discussions about economic and financial imbalance, contractual breach, fines and early termination of contracts. Current status: The claims involve lawsuits in different administrative and judicial stages. In 2022, there was an increase in value due to new lawsuits and decisions unfavorable to Petrobras. 2,988 2,491 5) Several lawsuits of civil nature, with emphasis on those related to expropriation and easement of passage, civil liability and portfolio management. 1,010 885 Total for civil matters 7,548 5,720 Estimate Description of environmental matters 12.31.2022 12.31.2021 Plaintiff: Several authors, notably: Ministério Público Federal, Ministério Público Estadual do Paraná, AMAR - Associação de Defesa do Meio Ambiente de Araucária, IAP - Instituto Ambiental do Paraná and IBAMA - Instituto Brasileiro de Meio Ambiente e Recursos Naturais Renováveis. 1) Several lawsuits of an environmental nature, with emphasis on fines related to the company's operations and public civil action for alleged environmental damage due to the sinking of Platform P-36. 1,257 1,192 Total for environmental matters 1,257 1,192 |
Provision for decommissioning_3
Provision for decommissioning costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provision For Decommissioning Costs | |
Summery of provision for decommissioning costs by producing area | Summery of provision for decommissioning costs by producing area 12.31.2022 12.31.2021 Onshore 418 873 Shallow waters 4,399 3,732 Deep and ultra-deep post-salt 9,988 8,420 Pre-salt 3,795 2,594 18,600 15,619 |
Summery of changes in the provision for decommissioning costs are presented | Summery of changes in the provision for decommissioning costs are presented Non-current liabilities 2022 2021 Opening balance 15,619 18,780 Adjustment to provision 3,484 (1,186) Transfers related to liabilities held for sale (1,258) (704) Use of provisions (854) (730) Interest accrued 476 723 Others (5) 5 Translation adjustment 1,138 (1,269) Closing balance 18,600 15,619 |
Other Assets and Liabilities (T
Other Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets And Liabilities | |
Schedule of other Assets and Liabilities | Schedule of other Assets and Liabilities Assets 12.31.2022 12.31.2021 Escrow account and/ or collateral (a) 1,087 961 Advances to suppliers (b) 1,561 308 Prepaid expenses (c) 363 297 Derivatives transactions (d) 54 31 Assets related to E&P partnerships (e) 71 262 Others 194 201 3,330 2,060 Current 1,777 1,573 Non-Current 1,553 487 Liabilities 12.31.2022 12.31.2021 Obligations arising from divestments (f) 1,355 1,106 Contractual retentions (g) 601 521 Advances from customers (h) 906 606 Provisions for environmental expenses, R&D and fines (i) 674 568 Other taxes (j) 293 143 Unclaimed dividends (k) 241 81 Derivatives transactions (d) 147 282 Various creditors 95 84 Others 661 634 4,973 4,025 Current 3,001 1,875 Non-Current 1,972 2,150 The following references detail the nature of the operations that make up the balances of other assets and liabilities: a) Amounts deposited for payment of obligations related to the finance agreement with China Development Bank, as well as margin in guarantee for futures and over-the-counter derivatives. In addition, there are amounts in investment funds from escrow accounts related to divestment of TAG and NTS. b) Amounts whose compensation must be made by supplying materials or providing services contracted with these suppliers. c) Spending on platform charters and equipment rentals when the start of operations has been postponed due to legal requirements or to the need for technical adjustments. d) Fair value of open positions and transactions closed but not yet settled. e) Cash and amounts receivable from partners in E&P consortia operated by Petrobras. f) Provisions for contractual indemnities and financial reimbursements assumed by Petrobras to be made to the acquirer, referring to abandonment costs of divested assets. The settlement of these provisions follows decommissioning schedules, with payments beginning between two and three months after the date expected for the execution of operations, according to the contractual terms for reimbursement of abandonment of the respective oil fields. g) Retained amounts from obligations with suppliers to guarantee the execution of the contract, accounted for when the obligations with suppliers are due. Contractual retentions will be paid to suppliers at the end of the contract, upon issuance of the contract termination term. h) Amounts related to the advances or cash receipt from third parties, related to the sale of products or services. i) Accrued amounts for environmental compensation assumed by the Company in the course of its operations and research projects. j) Non-current portion of other taxes (see note 16). k) Dividends made available to shareholders and not paid due to the existence of pending registration issues for which the shareholders are responsible with the custodian bank for the shares and with Petrobras, according to note 33. |
Property, plant and equipment_2
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Schedule of property plant and equipment by class of assets | Schedule of property plant and equipment by class of assets Land, buildings and improvement Equipment and other assets (*) Assets under construction (**) Exploration and development costs (***) Right-of-use assets Total Balance at January 1, 2022 2,383 53,126 16,922 35,847 17,052 125,330 Cost 4,080 98,085 25,954 61,906 26,382 216,407 Accumulated depreciation and impairment (****) (1,697) (44,959) (9,032) (26,059) (9,330) (91,077) Additions − 841 7,525 48 7,126 15,540 Decommissioning costs - Additions to / review of estimates − − − 3,269 − 3,269 Capitalized borrowing costs − − 1,021 − − 1,021 Signature Bonuses Transfers (*****) − − − 1,177 − 1,177 Write-offs (20) (746) (2,152) (667) (1,469) (5,054) Transfers (******) 130 5,162 (8,611) 3,617 2 300 Transfers to assets held for sale (27) (1,874) (410) (1,976) (140) (4,427) Depreciation, amortization and depletion (88) (4,746) − (5,306) (4,478) (14,618) Impairment recognition (note 25) − (693) (605) (142) (13) (1,453) Impairment reversal (note 25) − 223 15 52 − 290 Translation adjustment 160 3,854 1,133 2,515 1,132 8,794 Balance at December 31, 2022 2,538 55,147 14,838 38,434 19,212 130,169 Cost 4,343 105,429 23,938 67,581 29,670 230,961 Accumulated depreciation and impairment (****) (1,805) (50,282) (9,100) (29,147) (10,458) (100,792) Balance at January 1, 2021 3,043 58,680 15,443 31,166 15,869 124,201 Cost 5,450 107,199 27,544 60,902 23,780 224,875 Accumulated depreciation and impairment (****) (2,407) (48,519) (12,101) (29,736) (7,911) (100,674) Additions − 1,650 5,761 5 6,954 14,370 Decommissioning costs - Additions to / review of estimates − − − (1,069) − (1,069) Capitalized borrowing costs − − 971 − − 971 Signature Bonuses Transfers (****) − − − 11,629 − 11,629 Write-offs (38) (588) (599) (1,645) (279) (3,149) Transfers (******) (295) 2,934 (3,160) 1,781 3 1,263 Transfers to assets held for sale (53) (2,776) (575) (822) (14) (4,240) Depreciation, amortization and depletion (97) (4,235) − (4,342) (4,281) (12,955) Impairment recognition − (377) (1) (27) (4) (409) Impairment reversal − 1,796 114 1,879 34 3,823 Translation adjustment (177) (3,958) (1,032) (2,708) (1,230) (9,105) Balance at December 31, 2021 2,383 53,126 16,922 35,847 17,052 125,330 Cost 4,080 98,085 25,954 61,906 26,382 216,407 Accumulated depreciation and impairment (****) (1,697) (44,959) (9,032) (26,059) (9,330) (91,077) (*) It is composed of production platforms, refineries, thermoelectric power plants, natural gas processing plants, pipelines, and other operating, storage and production plants, including subsea equipment for the production and flow of oil and gas, depreciated based on the units of production method. (**) See note 12 for assets under construction by operating segment. (***) It is composed of exploration and production assets related to wells, abandonment and dismantling of areas, signature bonuses associated with proved reserves and other costs directly associated with the exploration and production of oil and gas (oil and gas production properties). (****) In the case of land and assets under construction, it refers only to impairment losses. (*****) Transfer from intangible assets related to Atapu, Sepia and Itapu fields in 2022 (related to Búzios in 2021). (*****) It includes mainly transfers between classes of assets and transfers from advances to suppliers. |
Schedule of useful life of assets | Schedule of useful life of assets Asset Weighted average useful life in years Buildings and improvement 40 ( 25 50 Equipment and other assets 20 ( 3 31 Exploration and development costs Units of production method Right-of-use 8 ( 2 47 |
Schedule of estimated useful life of buildings and improvements, equipment and other assets | Schedule of estimated useful life of buildings and improvements, equipment and other assets Buildings and improvements, equipment and other assets Estimated useful life Cost Accumulated depreciation Balance at December 31, 2022 5 4,762 (3,894) 868 6 10 8,316 (6,288) 2,028 11 15 5,442 (1,767) 3,675 16 20 27,705 (16,590) 11,115 21 25 30,195 (7,709) 22,486 25 30 11,727 (3,480) 8,247 30 4,600 (1,855) 2,745 Units of production method 16,907 (10,498) 6,409 Total 109,654 (52,081) 57,573 Buildings and improvements 4,225 (1,799) 2,426 Equipment and other assets 105,429 (50,282) 55,147 |
Schedule of asset and readjustment on accumulated depreciation and impairment | Schedule of asset and readjustment on accumulated depreciation and impairment Platforms Vessels Properties Total Balance at December 31, 2022 9,211 8,254 1,747 19,212 Cost 12,604 14,788 2,278 29,670 Accumulated depreciation and impairment (3,393) (6,534) (531) (10,458) Without contractual readjustment clauses − (5,322) (64) (5,386) With contractual readjustment clauses - Brazil (3,393) (218) − (3,611) With contractual readjustment clauses – abroad − (994) (467) (1,461) Balance at December 31, 2021 9,840 5,997 1,215 17,052 Cost 13,362 11,267 1,753 26,382 Accumulated depreciation and impairment (3,522) (5,270) (538) (9,330) Without contractual readjustment clauses − (4,375) (97) (4,472) With contractual readjustment clauses - Brazil (3,522) (196) − (3,718) With contractual readjustment clauses – abroad − (699) (441) (1,140) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets | |
Schedule of class of assets | Schedule of class of assets Rights and Concessions (*) Software Goodwill Total Balance at January 1, 2022 2,695 308 22 3,025 Cost 2,744 1,321 22 4,087 Accumulated amortization and impairment (49) (1,013) − (1,062) Addition 898 181 − 1,079 Capitalized borrowing costs − 11 − 11 Write-offs (12) (6) − (18) Transfers (11) (1) − (12) Signature Bonuses Transfers (**) (1,177) − − (1,177) Amortization (4) (73) − (77) Impairment recognition − (1) − (1) Translation adjustment 134 20 2 156 Balance at December 31, 2022 2,523 439 24 2,986 Cost 2,578 1,560 24 4,162 Accumulated amortization and impairment (55) (1,121) − (1,176) Estimated useful life in years (***) 5 Indefinite Balance at January 1, 2021 14,714 210 24 14,948 Cost 14,803 1,245 24 16,072 Accumulated amortization and impairment (89) (1,035) − (1,124) Addition 106 165 − 271 Capitalized borrowing costs − 5 − 5 Write-offs (12) (3) − (15) Transfers (94) 3 − (91) Signature Bonuses Transfers (**) (11,629) − − (11,629) Amortization (6) (54) − (60) Impairment reversal − 1 − 1 Translation adjustment (384) (19) (2) (405) Balance at December 31, 2021 2,695 308 22 3,025 Cost 2,744 1,321 22 4,087 Accumulated amortization and impairment (49) (1,013) − (1,062) Estimated useful life in years (***) 5 Indefinite (*) It comprises mainly signature bonuses (amounts 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 PP&E relating to Sépia, Atapu and Itapu in 2022 (Búzios in 2021). (***) Mainly composed of assets with indefinite useful lives, which are reviewed annually to determine whether events and circumstances continue to support an indefinite useful life assessment. |
Impairment (Tables)
Impairment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Impairment | |
Schedule of impairment losses reversals | Schedule of impairment losses reversals (Losses) / reversals 2022 2021 2020 Property, plant and equipment (1,163) 3,414 (7,342) Intangible assets (1) 1 (12) Assets classified as held for sale (151) (225) 15 Impairment losses (1,315) 3,190 (7,339) Investments (6) 383 (514) Net effect within the statement of income (1,321) 3,573 (7,853) Losses (1,640) (654) (15,692) Reversals 319 4,227 7,839 |
Schedule of Impairment Losses, Net of Reversals, Recognized Within Statement of Income | Schedule of Impairment Losses, Net of Reversals, Recognized Within Statement of Income Asset or CGU by nature (*) Carrying amount Recoverable amount (**) Impairment (losses) / reversals Business segment Comments 2022 Property, plant and equipment and intangible assets Producing properties relating to oil and gas activities in Brazil (several CGUs) 8,307 7,747 (628) E&P item (a1) Oil and gas production and drilling equipment in Brazil 486 7 (478) E&P item (b1) Itaboraí utilities 919 777 (142) Gas &Power item (c) Second refining unit in RNEST 792 882 89 RT&M item (d1) Others (5) Several (1,164) 2021 Property, plant and equipment and intangible assets Producing properties relating to oil and gas activities in Brazil (several CGUs) 23,734 36,396 3,373 E&P item (a2) Oil and gas production and drilling equipment in Brazil 250 - (250) E&P item (b2) Second refining unit in RNEST 404 767 359 RT&M item (d2) Others (67) Several 3,415 2020 Property, plant and equipment and intangible assets Producing properties relating to oil and gas activities in Brazil (several CGUs) 42,421 40,511 (7,316) E&P item (a3) Oil and gas production and drilling equipment in Brazil 120 − (119) E&P item (b3) Second refining unit in RNEST 410 388 (22) RT&M item (d3) Comperj 266 526 260 RT&M item (e) Corporate facilities 152 − (161) Corporate, others item (f) Others 2 Several (7,354) (*) It only includes carrying amounts and recoverable amounts of impaired assets or assets for which reversals were recognized. (**) The recoverable amounts of assets for impairment computation were their value in use, except for assets held for sale, for which is used fair value. |
Schedule of assumptions for average Brent prices and Brazilian real/U.S. dollar average exchange rates | Schedule of assumptions for average Brent prices and Brazilian real/U.S. dollar average exchange rates 2023-2027 Strategic Plan 2023 2024 2025 2026 2027 Long term Average Average Brent (US$/barrel) 85 80 75 70 65 55 Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate 5.02 5.00 5.00 4.97 4.88 4.76 At December 31, 2021, average Brent prices and Brazilian real/U.S. dollar average exchange rates used were: 2022-2026 Strategic Plan (*) 2022 2023 2024 2025 2026 Long term Average Average Brent (US$/barrel) 72 65 60 55 55 55 Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate 5.40 5.33 5.19 5.15 5.14 5.08 At December 31, 2020, average Brent prices and Brazilian real/U.S. dollar average exchange rates used were: 2021-2025 Strategic Plan (*) 2021 2022 2023 2024 2025 Long term Average Average Brent (US$/barrel) 45 45 50 50 50 50 Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate 5.50 4.69 4.46 4.28 4.07 3.76 |
Schedule of Post-tax discount rates, excluding inflation | Schedule of Post-tax discount rates, excluding inflation Activity 12.31.2022 12.31.2021 Producing properties relating to oil and gas activities in Brazil 7.3 6.4 RT&M in Brazil – postponed projects 7.1 6.2 Gas utilities 5.7 5.1 |
Summary of Assets and CGU Most Sensitive to Future Impairment Losses | Summary of Assets and CGU Most Sensitive to Future Impairment Losses Potential impairment losses - 10% reduction in the recoverable amount Business segment Carrying amount Recoverable amount Sensitivity Asset with recoverable amount close to its carrying amount CGU Marlim Sul E&P 5,544 5,365 (179) Assets with impairment losses Producing properties relating to oil and gas activities in Brazil (CGU Roncador) E&P 7,313 6,581 (732) Second refining unit of RNEST RTC 882 794 (88) Itaboraí utilities G&E 777 699 (78) 14,516 13,439 (1,077) Potential impairment reversals - 10% increase in the recoverable amount Business segment Carrying amount Recoverable amount Sensitivity (*) Assets with impairment losses Producing properties relating to oil and gas activities in Brazil (CGU Roncador) E&P 7,313 8,044 731 Second refining unit of RNEST RTC 882 970 88 Itaboraí utilities G&E 777 855 78 8,972 9,869 897 (*) When calculating a 10% increase in the recoverable amount, the amount of impairment to be reversed is limited to the accumulated impairment of the CGU or to their recoverable amounts, whichever is lower. |
Schedule of Impairment Losses, Net of Reversals, Recognized Within Statement of Income | Schedule of Impairment Losses, Net of Reversals, Recognized Within Statement of Income Asset or CGU by nature (*) Carrying amount Recoverable amount (**) Impairment (losses) / reversals Business segment 2022 Producing properties relating to oil and gas activities 376 300 (116) E&P Refinery and associated logistics assets 77 34 (44) RT&M Others 9 Total (151) 2021 Thermoelectric power plants 91 12 (79) G&E Investments in associates and joint ventures 107 44 (67) G&E Oil and gas production and drilling equipment 47 - (46) E&P Refineries and associated logistics assets 255 218 (37) RT&M Others 4 Total (225) 2020 Producing properties relating to oil and gas activities − 279 67 E&P Cartola and Ataulfo Alves vessels 80 19 (62) RT&M Others 10 Total 15 (*) It only includes carrying amounts and recoverable amounts of impaired assets or assets for which reversals were recognized. (**) The recoverable amounts of assets for impairment computation were their fair value. |
Exploration and evaluation of_3
Exploration and evaluation of oil and gas reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Exploration And Evaluation Of Oil And Gas Reserves | |
Schedule of changes in balances of capitalized costs and capitalized acquisition costs | Schedule of changes in balances of capitalized costs and capitalized acquisition costs Capitalized Exploratory Well Costs / Capitalized Acquisition Costs (*) 2022 2021 Property plant and equipment Opening Balance 1,994 3,024 Additions 379 459 Write-offs (545) (188) Transfers (83) (1,097) Translation adjustment 131 (204) Closing Balance 1,876 1,994 Intangible Assets 2,406 2,576 Capitalized Exploratory Well Costs / Capitalized Acquisition Costs 4,282 4,570 (*) Amounts capitalized and subsequently expensed in the same period have been excluded from this table. |
Schedule of exploration costs recognized in the statement of income and cash used in oil and gas exploration and evaluation activities | Schedule of exploration costs recognized in the statement of income and cash used in oil and gas exploration and evaluation activities 2022 2021 2020 Exploration costs recognized in the statement of income Geological and geophysical expenses (342) (358) 296 Exploration expenditures written off (includes dry wells and signature bonuses) (691) (248) 456 Contractual penalties on local content requirements 165 (47) 38 Other exploration expenses (19) (34) 13 Total expenses (887) (687) 803 Cash used in: Operating activities 360 393 307 Investment activities 1,253 555 532 Total cash used 1,613 948 839 |
Schedule of capitalized exploratory well costs | Schedule of capitalized exploratory well costs Aging of capitalized exploratory well costs (*) 2022 2021 Exploratory well costs capitalized for a period of one year 406 136 Exploratory well costs capitalized for a period greater than one year 1,470 1,858 Total capitalized exploratory well costs 1,876 1,994 Number of projects relating to exploratory well costs capitalized for a period greater than one year 15 22 |
Schedule of capitalized costs and number of wells | Schedule of capitalized costs and number of wells Capitalized costs (2022) Number of wells 2021 74 2 2020 17 1 2017 and previous years 1,379 20 Exploratory well costs that have been capitalized for a period greater than one year 1,470 23 (*) Amounts paid for obtaining rights and concessions for exploration of oil and gas (capitalized acquisition costs) are not included. |
Partnerships in E&P activitie_2
Partnerships in E&P activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Partnerships In Ep Activities | |
Schedule of The partnerships formed | Schedule of The partnerships formed Consortium Location Petrobras % Partners % Operator Year Additional Information ANP Bonus Petrobras portion Atapu Santos basin 52.5 Shell - 25% TotalEnergies - 22,5% Petrobras 2022 Production sharing 402 Sépia Santos basin 30.0 TotalEnergies - 28% Petronas - 21% QP - 21% Petrobras 2022 Production sharing 409 |
Schedule of production referring to Petrobras's participation | Schedule of production referring to Petrobras's participation Field Location % Petrobras % Partners Petrobras production portion in 2022 (kboed) Regime Operador Tupi (BMS-11) Santos basin pre-salt 65 Shell – 25 Petrogal – 10 709 Concession Petrobras Búzios Santos basin pre-salt 85 CNODC – 10 CNOOC – 5 469 Production sharing Petrobras Roncador Campos basin 75 Equinor – 25 107 Concession Petrobras Sapinhoá (BMS-9) Santos basin pre-salt 45 Shell – 30 Repsol Sinopec – 25 106 Concession Petrobras Mero Santos basin pre-salt 40 Total – 20 Shell – 20 CNODC – 10 CNOOC – 10 40 Production sharing Petrobras Sururu Santos basin pre-salt 43 Shell – 25 Total – 22.5 Petrogal – 10 38 Concession Petrobras Tartaruga Verde Campos basin 50 Petronas – 50 37 Concession Petrobras Atapu Santos basin pre-salt 53 Shell – 25 Total – 22.5 31 Production sharing Petrobras Albacora Leste Campos basin 90 Repsol Sinopec - 10 29 Concession Petrobras Sépia Santos basin pre-salt 30 Total – 28 Petronas - 21 Qatar – 21 22 Production sharing Petrobras Total 1,588 (*) On January 26, 2023, Petrobras concluded the sale of its entire interest, as set out in note 37. |
Schedule of reimbursements payable relating to the execution of the AIP submitted to the approval of the ANP | Schedule of reimbursements payable relating to the execution of the AIP submitted to the approval of the ANP 2022 2021 Opening balance 364 370 Additions/(Write-offs) on PP&E (7) (64) Other income and expenses 26 84 Translation adjustments 24 (26) Closing balance 407 364 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments Abstract | |
Summary of information on direct subsidiaries, joint arrangements and associates | Summary of information on direct subsidiaries, joint arrangements and associates Main business segment % Petrobras' ownership % Petrobras' voting rights Share-holders’ equity (deficit) Net income (loss)for the year Country Subsidiaries Petrobras International Braspetro - PIB BV Several 100.00 100.00 52,728 3,787 Netherlands Petrobras Transporte S.A. - Transpetro RT&M 100.00 100.00 932 90 Brazil Petrobras Logística de Exploração e Produção S.A. - PB-LOG E&P 100.00 100.00 87 225 Brazil Petrobras Biocombustível S.A. Corporate, others 100.00 100.00 193 (38) Brazil Araucária Nitrogenados S.A. Gas & Power 100.00 100.00 31 10 Brazil Termomacaé S.A. Gas & Power 100.00 100.00 61 14 Brazil Braspetro Oil Services Company - Brasoil Corporate, others 100.00 100.00 118 7 Cayman Islands Termobahia S.A. Gas & Power 98.85 98.85 67 11 Brazil Baixada Santista Energia S.A. Gas & Power 100.00 100.00 58 4 Brazil Fundo de Investimento Imobiliário RB Logística - FII E&P 99.15 99.15 16 8 Brazil Procurement Negócios Eletrônicos S.A. Corporate, others 72.00 49.00 7 2 Brazil Petrobras Comercializadora de Gás e Energia e Participações S.A. Corporate, others 100.00 100.00 11 − Brazil Transportadora Brasileira Gasoduto Bolívia - Brasil S.A. Gas & Power 51.00 51.00 119 181 Brazil Refinaria de Canoas S.A. (i) RT&M 100.00 100.00 − − Brazil Refinaria de Mucuripe S.A RT&M 100.00 100.00 − − Brazil Ibiritermo S.A. Gas & Power 100.00 100.00 2 5 Brazil Associação Petrobras de Saúde (ii) Corporate, others 93.47 93.47 116 21 Brazil Joint operations Fábrica Carioca de Catalizadores S.A. - FCC RT&M 50.00 50.00 50 17 Brazil Joint ventures Logum Logística S.A. RT&M 30.00 30.00 192 (33) Brazil Petrocoque S.A. Indústria e Comércio RT&M 50.00 50.00 16 80 Brazil Refinaria de Petróleo Riograndense S.A. RT&M 33.20 33.33 19 15 Brazil Brasympe Energia S.A. Gas & Power 20.00 20.00 14 1 Brazil Brentech Energia S.A. Gas & Power 30.00 30.00 16 28 Brazil Metanor S.A. - Metanol do Nordeste RT&M 34.54 50.00 19 5 Brazil Companhia de Coque Calcinado de Petróleo S.A. - Coquepar RT&M 45.00 45.00 − − Brazil Associates Braskem S.A. (iii) RT&M 36.15 47.03 1,309 206 Brazil UEG Araucária Ltda. Gas & Power 18.80 18.80 82 (26) Brazil Energética SUAPE II S.A. Gas & Power 20.00 20.00 88 31 Brazil Nitrocolor Produtos Químicos LTDA. RT&M 38.80 38.80 − − Brazil Bioenergética Britarumã S.A. Gas & Power 30.00 30.00 − − Brazil Transportadora Sulbrasileira de Gás - TSB Gas & Power 25.00 25.00 3 2 Brazil (i) Company legally established, with capital contribution of US$ 58 thousand. (ii) APS is a non-profit civil association, which carries out social or assistance activities (health care), and is consolidated in the Company’s financial statements. (iii) Equity and net income at September 30, 2022, most current public information. |
Summary of investments in associates and joint ventures | Summary of investments in associates and joint ventures Balance at 12.31.2021 Investments Transfer to assets held for sale Restructuring, capital decrease and others Results in equity-accounted investments CTA OCI Dividends Balance at 12.31.2022 Joint Ventures 509 16 1 (2) 256 1 − (235) 546 MP Gulf of Mexico, LLC/PIB BV 387 − − − 170 1 − (184) 374 Compañia Mega S.A. - MEGA 98 − − − 55 1 − (5) 149 Other joint ventures 24 16 1 (2) 31 (1) − (46) 23 Associates 998 11 (58) (13) (5) (27) 219 (109) 1,016 Other investments 3 − − − − 1 − − 4 Total 1,510 27 (57) (15) 251 (25) 219 (344) 1,566 Balance at 12.31.2020 Investments Transfer to assets held for sale Restructuring, capital decrease and others Results in equity-accounted investments CTA OCI Dividends Balance at 12.31.2021 Joint Ventures 813 9 (325) − 202 1 (1) (190) 509 MP Gulf of Mexico, LLC/PIB BV 366 − − − 122 1 − (102) 387 State natural gas distributors (Gaspetro) 298 − (308) − 38 (2) − (26) − Compañia Mega S.A. - MEGA 82 − − − 31 2 − (17) 98 Other joint ventures 67 9 (17) − 11 − (1) (45) 24 Associates 2,455 15 (2,139) (172) 1,405 (32) 23 (557) 998 Other investments 5 − − − − (2) − − 3 Total 3,273 24 (2,464) (172) 1,607 (33) 22 (747) 1,510 |
Summary of  investments in non- consolidated listed companies | Summary of investments in non- consolidated listed companies Thousand-share lot Quoted stock exchange prices (US$ per share) Fair value 12.31.2022 12.31.2021 Type 12.31.2022 12.31.2021 12.31.2022 12.31.2021 Associate Braskem S.A. 212,427 212,427 Common 4.83 10.17 1,025 2,160 Braskem S.A. 75,762 75,762 Preferred A 4.55 10.33 345 782 1,370 2,942 |
Summary of condensed financial information | Summary of condensed financial information FIDC TBG Gaspetro Consolidated Structured entities 2022 2021 2022 2021 2022 2021 2021 Current assets 9,194 3,951 200 134 − 462 − Property, plant and equipment − − 298 279 − − − Other non-current assets − − 3 2 − − − 9,194 3,951 501 415 − 462 − Current liabilities 7 1 145 109 − 58 − Non-current liabilities − − 237 246 − − − Shareholders' equity 9,187 3,950 119 60 − 404 − 9,194 3,951 501 415 − 462 − Sales revenues − − 350 327 100 132 − Net income (loss) 1,454 416 181 150 21 47 (133) Increase (decrease) in cash and cash equivalents 616 2 72 42 (14) 7 (333) |
Summary of summarized information on joint ventures and associates | Summary of summarized information on joint ventures and associates 2022 2021 Joint ventures Associates Joint ventures Associates In Brazil MP Gulf of Mexico, LLC Other companies abroad In Brazil In Brazil MP Gulf of Mexico, LLC Other companies abroad In Brazil Current assets 295 481 410 6,642 832 425 253 7,308 Non-current assets 231 139 17 2,491 371 203 11 2,334 Property, plant and equipment 508 2,690 191 7,380 461 2,683 195 6,845 Other non-current assets 37 1 − 605 460 1 1 539 1,071 3,311 618 17,118 2,124 3,312 460 17,026 Current liabilities 294 344 145 4,473 728 324 126 4,632 Non-current liabilities 494 548 32 11,263 517 623 36 10,967 Shareholders' equity 277 2,045 291 1,587 874 1,979 196 1,688 Non-controlling interest 6 374 150 (205) 5 386 102 (261) 1,071 3,311 618 17,118 2,124 3,312 460 17,026 Sales revenues 1,159 1,408 32 18,709 2,947 1,138 − 20,625 Net Income (loss) for the year 72 887 162 (146) 156 635 91 2,821 Ownership interest - % 20 50 20 34 45 18.8 38.8 20 83 20 34 45 18.8 38.8 |
Disposal of assets and other _3
Disposal of assets and other transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disposal Of Assets And Other Transactions | |
Summary of the major classes of assets and related liabilities classified as held for sale | Summary of the major classes of assets and related liabilities classified as held for sale 12.31.2022 12.31.2021 E&P RT&M Corporate and other businesses Total Total Assets classified as held for sale Cash and cash equivalents - − − - 13 Trade receivables - − − - 31 Inventories - 21 − 21 73 Investments - − − - 210 Property, plant and equipment 3,568 19 − 3,587 1,975 Others - − − - 188 Total 3,568 40 − 3,608 2,490 Liabilities on assets classified as held for sale Trade payables - - - - 2 Finance debt - - 133 133 1 Provision for decommissioning costs 1,332 - - 1,332 833 Others - - - - 31 Total 1,332 − 133 1,465 867 |
Summary of the assets and liabilities corresponding to the transactions pending closing are classified as held for sale | Summary of the assets and liabilities corresponding to the transactions pending closing are classified as held for sale Transaction Acquirer Date of approval / signing Transaction amount (*) Further information Sale of the Company's entire interest (100%) in a set of 22 production onshore and shallow water field concessions, together with its associated infrastructure, located in the Potiguar Basin, in the state of Rio Grande do Norte, jointly called the Potiguar group of fields. 3R Potiguar SA, subsidiary of 3R Petroleum Óleo e Gás SA January 2022 1,385 a Sale of the Company's entire interest in a set of four onshore production fields, with integrated facilities, located in the state of Espírito Santo, jointly called Norte Capixaba group of fields. Seacrest Petróleo SPE Norte Capixaba Ltda., a wholly owned subsidiary of Seacrest Exploração e Produção de Petróleo Ltda. February 2022 478 b Sale of the Company's 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 1,951 c Sale of the Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) refinery and its associated logistics assets, located in the state of Ceará. Grepar Participações Ltda. May 2022 34 d Sale of the Company's entire interest in a set of maritime concessions called Golfinho and Camarupim groups of fields, in deep waters of the post-salt layer, located in the Espírito Santo Basin. BW Energy Maromba do Brasil Ltda (BWE) June 2022 15 e (*) Amounts considered at the signing of the transaction, not including contingent assets. Transactions signed in Brazilian reais are translated to U.S. dollars with the closing exchange rate of the period. |
Schedule of closed transactions | Schedule of closed transactions Transaction Acquirer Signature date (S) Closing date (C) Sale amount (*) 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) 300 335 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, a wholly owned subsidiary of 3R Petroleum Óleo e Gás S.A. December 2020 (S) May 2022 (C) 256 215 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) 103 52 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) 391 173 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) 13 34 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 subsidiary of 3R Petroleum e Participações S.A. August 2020 (S) August 2022 (C) 23 39 f Sale of shares of the company that will hold the Isaac Sabbá Refinery (REMAN) and its associated logistics assets, in the state of Amazonas Ream Participações S.A. (a company controlled by the partners of Atem Distribuidora de Petróleo S.A.) August 2021 (S) November 2022 (C) 257 37 g Sale of shares of the company that will hold the Shale Industrialization Unit (SIX), in the state of Paraná. Forbes & Manhattan Resources Inc., a wholly owned subsidiary of Forbes & Manhattan Inc. November 2021 (S) November 2022 (C) 42 (2) h Sale of the Company's entire interest in 11 onshore production fields (Carmópolis group of fields), including integrated facilities, in the state of Sergipe Carmo Energy S.A. December 2021 (S) December 2022 (C) 1,098 619 i Sale of the Company’s 62,5% interest in Papa-Terra field, in the Campos basin 3R Petroleum Offshore S.A. July 2021 (S) December 2022 (C) 24 (39) j Total 2,507 1,463 (*) The amount of "Proceeds from disposal of assets" in the Statement of Cash Flows is composed of amounts received this period, including installments of operations from previous years, and advances referring to operations not completed. (**) Recognized in “Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control” within other income and expenses (note 10). |
Schedule of surplus volumes of transfer of rights agreement | Schedule of surplus volumes of transfer of rights agreement Transaction Closing date Financial compensation Results (*) Production Sharing Contract for the surplus volumes of the Transfer of Rights Agreement related to Atapu and Sepia fields, including the gross-up of the taxes levied April 2022 5,281 3,743 Exercise of the call option for additional 5% interest in the surplus volume of the Transfer of Rights Agreement of Búzios field November 2022 1,951 737 (*) Recognized in "Results from co-participation agreements in bid areas" within other income and expenses (note 10). |
Schedule of contingent asset from disposal investments | Schedule of contingent asset from disposal investments Transaction Closing date Amounts subject to recognition Assets recognized in 2022 Assets recognized in previous periods Sales in previous years Riacho da Forquilha group of fields December 2019 62 28 − Pampo and Enchova group of fields July 2020 650 144 36 Baúna field November 2020 285 115 17 Frade field February 2021 20 − − Ventura group of fields July 2021 43 − 43 Miranga group of fields December 2021 85 40 15 Cricare group of fields December 2021 118 22 − Sales in the period Peroá group of fields August 2022 43 10 − Papa-Terra field December 2022 90 15 − Surplus volume of the Transfer of Rights Agreement Sepia and Atapu (*) April 2022 5,244 693 − Total 1,067 111 (*) For more information, see note 24.3. |
Summary of cash flows from sales of interest with loss of control | Summary of cash flows from sales of interest with loss of control Cash received Cash in subsidiary before losing control Net Proceeds 2022 Gaspetro 391 (22) 369 REMAN 233 (22) 211 Total 624 (44) 580 2021 Mataripe refinery (former RLAM) 1,868 (119) 1,749 PUDSA 62 (15) 47 Total 1,930 (134) 1,796 2020 Petrobras Oil & Gas B.V.(PO&GBV) 276 − 276 Liquigas 784 (10) 774 Total 1,060 (10) 1,050 |
Finance debt (Tables)
Finance debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance Debt | |
Summary of balance by type of finance debt | Summary of balance by type of finance debt In Brazil 12.31.2022 12.31.2021 Banking market 1,285 1,237 Capital market 2,896 2,504 Development banks (*) 723 769 Others 4 7 Total 4,908 4,517 Abroad Banking market 8,387 8,525 Capital market 14,061 19,527 Export credit agency 2,443 2,951 Others 155 180 Total 25,046 31,183 Total finance debt 29,954 35,700 Current 3,576 3,641 Non-current 26,378 32,059 (*) It includes BNDES, FINAME and FINEP |
Schedule of current finance debt | Schedule of current finance debt 12.31.2022 12.31.2021 Short-term debt − 108 Current portion of long-term debt 3,111 3,063 Accrued interest on short and long-term debt 465 470 Total 3,576 3,641 |
Summary of changes in finance debt | Summary of changes in finance debt In Brazil Abroad Total Balance at December 31, 2021 4,517 31,183 35,700 Proceeds from finance debt 853 2,027 2,880 Repayment of principal (*) ( 1,013 (8,183) (9,196) Repayment of interest (*) ( 292 (1,554) (1,846) Accrued interest (**) 396 1,867 2,263 Foreign exchange/ inflation indexation charges 120 (580) (460) Translation adjustment 326 287 613 Balance at December 31, 2022 4,907 25,047 29,954 In Brazil Abroad Total Balance at December 31, 2020 8,854 45,035 53,889 Proceeds from finance debt - 1,754 1,754 Repayment of principal (*) ( 4,213 (14,894) (19,107) Repayment of interest (*) ( 245 (1,613) (1,858) Accrued interest (**) 241 1,970 2,211 Foreign exchange/ inflation indexation charges 173 82 255 Translation adjustment ( 228 (200) (428) Balance at December 31, 2021 4,582 32,134 36,716 (*) It includes pre-payments. (**) It includes premium and discount over notional amounts, as well as gains and losses by modifications in contractual cash flows. |
Schedule of cash flows reconciliation | Schedule of cash flows reconciliation 2022 2021 Proceeds from finance debt Repayment of principal Repayment of interest Proceeds from finance debt Repayment of principal Repayment of interest Changes in finance debt 2,880 (9,196) (1,846) 1,754 (19,107) (1,858) Repurchase of debt securities − (121) − − − − Deposits linked to finance debt (*) − (17) (4) − − − Net cash used in financing activities 2,880 (9,334) (1,850) 1,754 (19,107) (1,858) (*) Deposits linked to finance debt with China Development Bank, with semiannual settlements in June and December. |
Schedule of summarized information on current and non-current finance debt | Schedule of summarized information on current and non-current finance debt Maturity in Up to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years 5 years onwards Total (*) Fair Value Financing in U.S.Dollars (US$): 2,879 3,240 2,569 1,528 2,465 10,006 22,687 22,721 Floating rate debt (**) 2,588 2,681 1,934 1,143 1,739 652 10,737 Fixed rate debt 291 559 635 385 726 9,354 11,950 Average interest rate p.a. 6.8 6.5 6.1 6.3 5.9 6.6 6.6 Financing in Brazilian Reais (R$): 622 690 221 440 427 2,507 4,907 4,907 Floating rate debt (***) 324 280 138 138 333 1,060 2,273 Fixed rate debt 298 410 83 302 94 1,447 2,634 Average interest rate p.a. 6.7 6.9 6.5 6.2 6.4 6.6 6.6 Financing in Euro (€): 37 13 289 − − 583 922 897 Fixed rate debt 37 13 289 − − 583 922 Average interest rate p.a. 4.7 4.7 4.7 - - 4.7 4.7 Financing in Pound Sterling (£): 38 − − 555 − 845 1,438 1,328 Fixed rate debt 38 − − 555 − 845 1,438 Average interest rate p.a. 6.2 0.0 0.0 6.2 0.0 6.5 6.3 Total as of December 31, 2022 3,576 3,943 3,079 2,523 2,892 13,941 29,954 29,853 Average interest rate 6.7 6.5 6.1 6.2 6.0 6.6 6.5 Total as of December 31, 2021 3,641 2,973 3,988 3,449 2,832 18,817 35,700 37,891 Average interest rate 5.2 5.3 5.5 5.6 5.9 6.5 6.2 (*)The average maturity of outstanding debt as of December 31, 2022 is 12.07 years (13.39 years as of December 31, 2021). (**) Operations with variable index + fixed spread. (***) Operations with variable index + fixed spread, if applicable. |
Schedule of finance debt (undiscounted), including face value and interest payments | Schedule of finance debt (undiscounted), including face value and interest payments Maturity 2023 2024 2025 2026 2027 2028 and thereafter 12.31.2022 12.31.2021 Principal 3,106 4,061 3,173 2,665 2,657 16,041 31,703 36,557 Interest 1,928 1,748 1,441 1,282 1,068 17,348 24,815 30,557 Total 5,034 5,809 4,614 3,947 3,725 33,389 56,518 67,114 |
Schedule of lines of credit | Schedule of lines of credit 12.31.2022 Company Financial institution Date Maturity Available (Lines of Credit) Used Balance Abroad PGT BV Syndicate of banks 12/16/2021 11/16/2026 5,000 − 5,000 PGT BV (*) Syndicate of banks 3/27/2019 2/27/2024 3,250 − 3,250 Total 8,250 − 8,250 In Brazil Petrobras Banco do Brasil 3/23/2018 9/26/2026 383 − 383 Petrobras Banco do Brasil 10/4/2018 9/5/2025 383 − 383 Transpetro Caixa Econômica Federal 11/23/2010 Not defined 63 − 63 Total 829 − 829 (*) In April 2021, the subsidiary PGT BV extended part of the Revolving Credit Facility. As such, US$ 2,050 will be available for withdrawal from February 28, 2024 until February 27, 2026. |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Summary of changes in lease liabilities | Summary of changes in lease liabilities In Brazil Abroad Total Balance at December 31, 2021 4,604 18,439 23,043 Remeasurement / new contracts 2,730 2,219 4,949 Payment of principal and interest (*) (1,785) (3,638) (5,423) Interest expenses 365 991 1,356 Foreign exchange gains and losses (169) (1,221) (1,390) Translation adjustment 287 1,170 1,457 Transfers (12) (135) (147) Balance at December 31, 2022 6,020 17,825 23,845 Current 5,557 Non-current 18,288 (*) The Repayment of lease liability, disclosed in the Statements of Cash Flows, includes US$ 7 related to assets classified as held for sale. In Brazil Abroad Total Balance at December 31, 2020 4,340 17,310 21,650 Remeasurement / new contracts 1,655 4,474 6,129 Payment of principal and interest (1,560) (4,267) (5,827) Interest expenses 243 990 1,233 Foreign exchange gains and losses 151 1,288 1,439 Translation adjustment (272) (1,310) (1,582) Transfers 47 (46) 1 Balance at December 31, 2021 4,604 18,439 23,043 Current 5,432 Non-current 17,611 |
Summary of main information by class of underlying assets | Summary of main information by class of underlying assets Nominal Future Payments up to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years 5 years onwards Total Recoverable taxes Without readjustment Vessels 2,813 2,000 1,141 491 340 1,695 8,480 255 Others 93 40 19 5 − − 157 14 With readjustment - abroad (*) Vessels 238 213 179 158 131 17 936 − Platforms 1,546 1,539 1,461 1,368 1,358 10,992 18,264 − With readjustment - Brazil Vessels 609 464 288 109 18 10 1,498 120 Properties 159 209 163 156 175 1,365 2,227 93 Others 252 156 129 107 100 419 1,163 73 Nominal amounts on December 31, 2022 5,710 4,621 3,380 2,394 2,122 14,498 32,725 555 Nominal amounts on December 31, 2021 5,567 3,944 3,027 2,309 1,972 14,608 31,427 346 (*) Contracts signed in the U.S. Dollars. |
Summary of maturity schedule of the lease arrangements | Summary of maturity schedule of the lease arrangements Present Value of Future Payments Discount rate (%) Average Period Recoverable taxes Closing Balance Opening Balance Without readjustment Vessels 4,0518 5.8 255 7,421 6,201 Others 2,5774 2.6 14 149 202 With readjustment - abroad (*) Platforms 5,7393 13.9 − 12,340 13,059 Vessels 4,4127 4.2 − 838 1,431 With readjustment - Brazil Vessels 7,8958 2.8 120 1,298 850 Properties 8,0496 22.7 93 1,010 590 Others 9,8752 7.7 73 789 710 Total (**) 5,5127 11.4 555 23,845 23,043 (*) Incremental nominal rate on company debt calculated from the yield curve of bonds and credit risk of the Company, as well as terms . (**) Total amount, except for the average period column. |
Schedule of variable payments and amounts less than 1 year recognized as an expense | Schedule of variable payments and amounts less than 1 year recognized as an expense 31.12.2022 31.12.2021 Variable payments 1,060 898 Variable payments x fixed payments 20% 15% Up to 1 year maturity 118 110 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [abstract] | |
Schedule of disclosure of dividends | Schedule of disclosure of dividends Date of approval Date of record Amount per common and preferred share Amount Dividends and interest on capital - paid in 2 installments - June and July 2022 05.05.2022 05.23.2022 0.7423 9,683 Dividends and interest on capital - paid in 2 installments - August and September 2022 07.28.2022 08.11.2022 1.2909 16,839 Dividends and interest on capital - paid in 2 installments - December 2022 and January 2023 11.03.2022 11.21.2022 0.6521 8,508 Total approved anticipations of dividends as of December 31, 2022 2.6853 35,030 Monetary restatement on paid anticipations 0.0991 1,293 Total anticipations of dividends monetarily restated 2.7844 36,323 Complementary dividends 0.5262 6,864 Total dividends proposed for 2022 3.3106 43,187 Total dividends for 2021 1.4215 18,541 |
Schedule of dividend payable | Schedule of dividend payable 2022 2021 Opening balance of dividends payable to shareholders of Petrobras − 849 Additions relating to complementary dividends 6,688 1,128 Additions relating to anticipated dividends 35,030 11,732 Payments made (37,701) (13,078) Monetary restatement (298) (13) Transfers to unclaimed dividends (165) (67) Withholding income taxe over interest on capital and monetary restatement (366) (217) Translation adjustment 981 (334) Closing balance of dividends payable to shareholders of Petrobras 4,169 − Dividends payable to non-controlling shareholders 2 − Consolidated closing balance of dividends payable 4,171 − |
Schedule of unclaimed dividends | Schedule of unclaimed dividends 2022 2021 Changes in unclaimed dividens Opening balance 81 18 Transfers from dividends payable 165 67 Prescription (11) − Translation adjustment 6 (4) Closing Balance 241 81 |
Schedule of unclaimed dividends uninformed by shareholders of Petrobras | Schedule of unclaimed dividends uninformed by shareholders of Petrobras 12.31.2022 Expectation of prescription of unclaimed dividends 2022 7 2023 63 2024 171 241 |
Schedule of earnings per share | Schedule of earnings per share 2022 2021 2020 Common Preferred Total Common Preferred Total Common Preferred Total Net income attributable to shareholders of Petrobras 20,895 15,728 36,623 11,339 8,536 19,875 651 490 1,141 Weighted average number of outstanding shares 7,442,231,382 5,601,969,879 13,044,201,261 7,442,231,382 5,601,969,879 13,044,201,261 7,442,231,382 5,601,969,879 13,044,201,261 Basic and diluted earnings per share - in U.S. dollars 2.81 2.81 2.81 1.52 1.52 1.52 0.09 0.09 0.09 Basic and diluted earnings (losses) per ADS equivalent - in U.S. dollars (*) 5.62 5.62 5.62 3.04 3.04 3.04 0.18 0.18 0.18 (*) Petrobras' ADSs are equivalent to two shares. |
Risk management (Tables)
Risk management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risk Management | |
Schedule of statement of financial position | Schedule of statement of financial position Statement of Financial Position Fair value Notional value Asset Position (Liability) Maturity 12.31.2022 12.31.2021 12.31.2022 12.31.2021 Derivatives not designated for hedge accounting Future contracts - total (*) 683 (1,308) (40) (1) Long position/Crude oil and oil products 9,058 1,380 - - 2023 Short position/Crude oil and oil products (8,375) (2,688) - - 2023 Swap (**) − Long put/ Soybean oil (**) (3) (11) − - 2023 Forward contracts Short position/Foreign currency forwards (BRL/USD) (***) - US$ 15 - - - Swap Foreign currency / Cross-currency Swap (***) - GBP 583 - 23 - Foreign currency / Cross-currency Swap (***) - GBP 442 - (50) - Swap - CDI X IPCA R$ 3,008 R$ 3,008 (16) (1) 2029/2034 Foreign currency / Cross-currency Swap (***) US$ 729 US$ 729 (64) (221) 2024/2029 Total recognized in the Statement of Financial Position (120) (250) (*) Notional value in thousands of bbl. (**) Notional value in thousands of tons. (***) Amounts in US$, GBP and R$ are presented in million. |
Schedule of gains/ (losses) recognized in the statement of income and comprehensive income | Schedule of g ains/ (losses) recognized in the statement of income and comprehensive income Gains/ (losses) recognized in the statement of income 2022 2021 2020 Commodity derivatives Crude oil - Note 34.2 (a) − − (502) Other commodity derivative transactions - Note 34.2 (b) (256) (79) 194 Recognized in Other Income and Expenses (256) (79) (308) Currency derivatives Swap Pounds Sterling x Dollar - Note 34.3 (b) (297) (85) 11 NDF – Euro x Dollar − − (23) NDF – Pounds Sterling x Dollar − 9 20 Swap CDI x Dollar - Note 34.3 (b) 211 (3) (284) Others 5 1 (2) (81) (78) (278) Interest rate derivatives Swap - CDI X IPCA - Note 34.3 (b) (50) (41) (36) (50) (41) (36) Cash flow hedge on exports - Note 34.3 (a) (4,871) (4,585) (4,720) Recognized in Net finance income (expense) (5,002) (4,704) (5,034) Total (5,258) (4,783) (5,342) Gains/ (losses) recognized in other comprehensive income 2022 2021 2020 Cash flow hedge on exports - Note 34.3 (a) 10,094 636 (16,740) |
Schedule of guarantees given as collateral | Schedule of guarantees given as collateral Guarantees given as collateral 12.31.2022 12.31.2021 Commodity derivatives 96 15 Currency derivatives − 27 Total 96 42 |
Schedule of derivative financial instruments different types of market risks | Schedule of derivative financial instruments different types of market risks Financial Instruments Risk Probable Scenario Reasonably possible scenario Remote Scenario Derivatives not designated for hedge accounting Future and forward contracts Crude oil and oil products - price changes - (135) (269) − (135) (269) |
Schedule of present value of hedging instrument notional value | Schedule of present value of hedging instrument notional value Present value of hedging instrument notional value at 12.31.2022 Hedging Instrument Hedged Transactions Nature of the Risk Maturity Date US$ million R$ million Foreign exchange gains and losses on proportion of non-derivative financial instruments cash flows Foreign exchange gains and losses of highly probable future monthly exports revenues Foreign Currency – Real vs U.S. Dollar Spot Rate January 2023 to December 2032 62,119 324,121 |
Schedule of hedging instrument notional value | Schedule of hedging instrument notional value Changes in the present value of hedging instrument notional value US$ million R$ million Amounts designated as of December 31, 2021 72,640 405,370 Additional hedging relationships designated, designations revoked and hedging instruments re-designated 14,589 76,263 Exports affecting the statement of income (12,037) (62,172) Principal repayments / amortization (13,073) (67,270) Foreign exchange variation - (28,070) Amounts designated as of December 31, 2022 62,119 324,121 Nominal value of hedging instrument (finance debt and lease liability) at December 31, 2022 72,393 377,723 |
Schedule of cumulative foreign exchange losses recognized | Schedule of cumulative foreign exchange losses recognized Exchange rate variation Tax effect Total Balance at December 31, 2021 (36,621) 12,452 (24,169) Recognized in Other comprehensive income 5,223 (1,776) 3,447 Reclassified to the statement of income - occurred exports 4,871 (1,656) 3,215 Balance at December 31, 2022 (26,527) 9,020 (17,507) Exchange rate variation Tax effect Total Balance at December 31, 2020 (37,257) 12,667 (24,590) Recognized in Other comprehensive income (3,949) 1,344 (2,605) Reclassified to the statement of income - occurred exports 4,585 (1,559) 3,026 Balance at December 31, 2021 (36,621) 12,452 (24,169) |
Schedule of reclassification of cumulative foreign exchange losses recognized | Schedule of reclassification of cumulative foreign exchange losses recognized 2023 2024 2025 2026 2027 2028 2029 to 2032 Total Expected realization (7,613) (5,692) (3,558) (3,019) (3,258) (2,251) (1,136) (26,527) |
Schedule of sensitivity analysis, keeping all other variables remaining constant | Schedule of sensitivity analysis, keeping all other variables remaining constant Possible Result Remote Result SWAP cambial (IPCA x USD) (13) (15) |
Schedule of sensitivity analysis for foreign exchange risk on financial instruments | Schedule of sensitivity analysis for foreign exchange risk on financial instruments Risk Financial Instruments Exposure at 12.31.2022 Probable Scenario (*) Reasonably possible scenario Remote Scenario Dollar/Real Assets 7,448 75 1,490 2,979 Liabilities (96,873) (971) (19,374) (38,749) Exchange rate - Cross currency swap (576) (6 ) (115) (231) Cash flow hedge on exports 62,120 623 12,424 24,848 Total (27,881) (279) (5,575) (11,153) Euro/Dollar Assets 1,018 32 204 407 Liabilities (2,173) (68) (435) (869) Total (1,155) (36) (231) (462) Pound/Dollar Assets 1,445 33 289 578 Liabilities (2,879) (66) (576) (1,152) Total (1,434) (33) (287) (574) Pound/Real Assets 2 − − 1 Liabilities (26) (1) (5) (10) Total (24) (1) (5) (9) Euro/Real Assets 4 − 1 2 Liabilities (63) (3) (12) (25) Total (59) (3) (11) (23) Total at December 31, 2022 (30,553) (352) (6,109) (12,221) (*) At , the probable scenario was computed based on the following risks: R$ x U.S. Dollar - a 1% depreciation of the Real; Euro x Dollar: a 3.1 appreciation of the Euro; Pound Sterling x U.S. Dollar: a 2.26% appreciation of the Pound Sterling; Real x Euro: a 4.2% depreciation of the Real; and Real x Pound Sterling - a 3.3% depreciation of the Real. Source: Focus and Thomson Reuters. |
Schedule of interest rate risk management | Schedule of interest rate risk management Risk Probable Scenario (*) Reasonably possible scenario Remote Scenario LIBOR 3M 12 16 19 LIBOR 6M 655 917 1,179 SOFR 3M 84 109 135 SOFR 6M 17 23 30 CDI 181 253 325 TJLP 70 98 126 IPCA 96 134 173 1,115 1,550 1,987 (*) The probable scenario was calculated considering the quotations of currencies and floating rates to which the debts are indexed. |
Schedule of credit quality of cash and cash equivalents | Schedule of credit quality of cash and cash equivalents Cash and cash equivalents Marketable securities 12.31.2022 12.31.2021 12.31.2022 12.31.2021 AA − 1,152 − − A 3,806 1,145 820 − BBB 212 2,308 − − BB 917 3,672 205 − AAA.br 3,034 530 3,311 694 AA.br 1 1,639 1 − Other ratings 26 21 − − 7,996 10,467 4,337 694 |
Schedule of fair value of financial assets and liabilities | Schedule of fair value of financial assets and liabilities Level I Level II Level III Total fair value recorded Assets Balance at December 31, 2022 - - - − Balance at December 31, 2021 − 23 − 23 Liabilities Foreign currency derivatives - (64) - (64) Commodity derivatives (40) − - (40) Interest rate derivatives − (17) - (17) Balance at December 31, 2022 (40) (81) - (121) Balance at December 31, 2021 (1) (272) − (273) |
Related-party transactions (Tab
Related-party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Summary of Balances of Significant Transactions | Summary of Balances of Significant Transactions 12.31.2022 12.31.2021 Assets Liabilities Assets Liabilities Joint ventures and associates State-controlled gas distributors (joint ventures) − − 255 42 Petrochemical companies (associates) 21 10 26 12 Other associates and joint ventures 72 21 104 13 Subtotal 93 31 385 67 Brazilian government – Parent and its controlled entities Government bonds 1,689 − 1,446 − Banks controlled by the Brazilian Government 11,811 1,567 8,417 1,267 Petroleum and alcohol account - receivables from the Brazilian Government 602 − 506 − Brazilian Federal Government (*) − 1,422 2 − Pré-Sal Petróleo S.A. – PPSA − 57 − − Others 58 71 26 54 Subtotal 14,160 3,117 10,397 1,321 Petros 56 301 51 61 Total 14,309 3,449 10,833 1,449 Current 2,603 2,119 2,110 315 Non-Current 11,706 1,330 8,723 1,134 |
The income/expenses of significant transactions are set out in the following table: | The income/expenses of significant transactions are set out in the following table: 2022 2021 2020 Joint ventures and associates BR Distribuidora (now called Vibra Energia) − 7,936 11,038 Natural Gas Transportation Companies − (308) (1,478) State-controlled gas distributors (joint ventures) 1,196 2,410 1,723 Petrochemical companies (associates) 4,465 3,553 2,769 Other associates and joint ventures 96 418 265 Subtotal 5,757 14,009 14,317 Brazilian government – Parent and its controlled entities Government bonds 204 64 41 Banks controlled by the Brazilian Government 71 (157) (456) Receivables from the Electricity sector − 131 72 Petroleum and alcohol account - receivables from the Brazilian Government 62 58 235 Brazilian Federal Government 288 31 (4) Pré-Sal Petróleo S.A. – PPSA (657) (139) (135) Others (79) (34) (15) Subtotal (111) (46) (262) Petros (21) − (177) Total 5,625 13,963 13,878 Revenues, mainly sales revenues 5,821 14,672 16,202 Purchases and services (4) (494) (2,074) Income (expenses) (804) (315) (93) Foreign exchange and inflation indexation charges, net 299 (59) (102) Finance income (expenses), net 313 159 (55) Total 5,625 13,963 13,878 |
The compensation of employees (including those occupying managerial positions) and officers in December 2022 and December 2021 were: | The compensation of employees (including those occupying managerial positions) and officers in December 2022 and December 2021 were: Compensation of employees, excluding officers (amounts in U.S. dollars) 2022 2021 Lowest compensation 759 678 Average compensation 4,367 3,775 Highest compensation 20,790 19,220 Employees 2022 2021 Number of employees 38,682 38,703 |
Related-party transactions (Details 3) | Summary of Total Compensation of Executive Officers and Board Members of Petrobras Parent Company 2022 2021 Executive Officers Board of Directors Total Executive Officers Board of Directors Total Wages and short-term benefits 2.7 0.1 2.8 2.6 0.1 2.7 Social security and other employee-related taxes 0.8 − 0.8 0.7 − 0.7 Post-employment benefits (pension plan) 0.4 − 0.4 0.3 − 0.3 Variable compensation 2.8 - 2.8 2.5 - 2.5 Benefits due to termination of tenure 0.3 - 0.3 0.6 - 0.6 Total compensation recognized in the statement of income 7.0 0.1 7.1 6.7 0.1 6.8 Total compensation paid 6.3 − 6.3 6.0 0.1 6.1 Monthly average number of members in the period 9.00 11.00 20.00 9.00 10.58 19.58 Monthly average number of paid members in the period 9.00 3.83 12.83 9.00 4.50 13.50 |
Supplemental information on s_2
Supplemental information on statement of cash flows (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Information On Statement Of Cash Flows | |
Schedule of supplemental information on statement of cash flows | Schedule of supplemental information on statement of cash flows 2022 2021 2020 Amounts paid/received during the year: Withholding income tax paid on behalf of third-parties 1,413 904 770 Transactions not involving cash Purchase of property, plant and equipment on credit 19 − 310 Lease 6,923 6,945 4,255 Provision/(reversals) for decommissioning costs 3,260 (1,082) 5,174 Use of tax credits and judicial deposit for the payment of contingency 1,236 1,173 2 Assets received due to the increase of interest in concessions without disbursement − 165 − Remeasurement of property, plant and equipment acquired in previous periods 24 − − Earn Out related to Atapu and Sépia groups 694 54 − |
Schedule of cash and cash equivalents in the statement of cash flows | Schedule of cash and cash equivalents in the statement of cash flows 2022 2021 Reconciliation of the balance at the beginning of the period Cash and cash equivalents in statements of financial position 10,467 11,711 Cash and cash equivalents classified as assets held for sale (note 30) 13 14 Cash and cash equivalents according to Statements of Cash Flows (opening balance) 10,480 11,725 Reconciliation of the balance at the end of the period Cash and cash equivalents in statements of financial position 7,996 10,467 Cash and cash equivalents classified as assets held for sale (note 30) − 13 Cash and cash equivalents according to Statements of Cash Flows (closing balance) 7,996 10,480 |
Schedule of Reconciliation of Depreciation, depletion and amortization with Statements of Cash Flows | Schedule of Reconciliation of Depreciation, depletion and amortization with Statements of Cash Flows 2022 2021 2020 Depreciation of Property, plant and equipment 14,618 12,955 12,326 Amortization of Intangible assets 77 60 66 Capitalized depreciation (1,343) (1,240) (973) Depreciation of right of use - recovery of PIS/COFINS (134) (80) 26 Depreciation, depletion and amortization in the Statements of Cash Flows 13,218 11,695 11,445 |
Subsequent events (Tables)
Subsequent events (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events | |
Schedule of capitalized costs for oil and gas exploration and production activities | Schedule of capitalized costs for oil and gas exploration and production activities Consolidated entities Abroad Equity Method Investees Brazil South America Others Total Total December 31, 2022 Unproved oil and gas properties 4,227 55 − 55 4,282 − Proved oil and gas properties 83,030 205 − 205 83,235 762 Support Equipment 69,735 732 1 733 70,468 − Gross Capitalized costs 156,993 992 1 993 157,986 762 Depreciation, depletion and amortization (52,836) (769) (1) (770) (53,606) (224) Net capitalized costs 104,156 223 − 223 104,380 538 December 31, 2021 Unproved oil and gas properties 4,455 115 - 115 4,570 - Proved oil and gas properties 80,523 172 - 172 80,695 832 Support Equipment 67,988 777 1 778 68,766 - Gross Capitalized costs 152,967 1,064 1 1,065 154,032 832 Depreciation, depletion and amortization (51,621) (733) (1) (734) (52,355) (296) Net capitalized costs 101,345 331 - 331 101,677 536 December 31, 2020 Unproved oil and gas properties 17,438 112 - 112 17,550 - Proved oil and gas properties 61,857 140 - 140 61,997 792 Support Equipment 73,199 761 1 762 73,961 - Gross Capitalized costs 152,494 1,013 1 1,014 153,508 792 Depreciation, depletion and amortization (43,008) (687) (1) (688) (43,696) (316) Net capitalized costs 109,486 326 - 326 109,812 476 |
[custom:DisclosureOfCostsIncurredInOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivitiesExplanatory] | Consolidated entities Abroad Equity Method Investees Brazil South America Total Total December 31, 2022 Acquisition costs: Proved − − − − − Unproved 892 − − 892 − Exploration costs 707 51 51 758 1 Development costs 6,883 31 31 6,914 30 Total 8,482 82 82 8,564 31 December 31, 2021 Acquisition costs: Proved − − − − − Unproved − − − − − Exploration costs 682 5 5 687 − Development costs 6,035 44 44 6,079 37 Total 6,717 49 49 6,766 37 December 31, 2020 Acquisition costs: Proved 315 − − 315 − Unproved 24 − − 24 − Exploration costs 805 10 10 815 − Development costs 5,664 3 3 5,667 57 Total 6,808 13 13 6,821 57 |
Summary of the annual changes in the proved reserves of oil is as follows (in millions of barrels): | Summary of the annual changes in the proved reserves of oil is as follows (in millions of barrels): Consolidated Entities Equity Method Investees Proved developed and undeveloped reserves(*) Crude oil in Brazil Crude Oil in South America Synthetic Oil in Brazil Consolidated Total Crude Oil in North America Crude Oil in Africa Total Reserves at December 31, 2019 8,083 1 8 8,092 23 42 8,156 Revisions of previous estimates 269 (1) (7) 261 − − 261 Extensions and discoveries 35 − − 35 − − 35 Improved Recovery − − − − − − − Sales of reserves (61) − − (61) − (41) (102) Purchases of reserves − − − − − − − Production for the year (792) − (1) (793) (4) (1) (798) Reserves at December 31, 2020 7,534 − − 7,534 18 − 7,552 Extensions and discoveries − − − − − − − Revisions of previous estimates 1,654 2 11 1,667 1 − 1,668 Sales of reserves (9) − − (9) − − (9) Production for the year (773) − (1) (774) (3) − (777) Reserves at December 31, 2021 8,406 2 10 8,419 17 − 8,435 Revisions of previous estimates 1,705 − − 1,705 3 − 1,708 Sales of reserves (1) (455) − (10) (465) (1) − (465) Production for the year (748) − (1) (749) (3) − (752) Reserves at December 31, 2022 8,908 2 − 8,910 16 − 8,926 |
Summary of of the annual changes in the proved reserves of natural gas is as follows (in billions of cubic feet): | Summary of of the annual changes in the proved reserves of natural gas is as follows (in billions of cubic feet): Consolidated Entities Equity Method Investees Proved developed and undeveloped reserves (*) Natural Gas in Brazil Natural Gas in South America Synthetic Gas in Brazil Consolidated Total Gas Natural in North America Gas Natural in Africa Total Reserves at December 31, 2019 8,381 156 12 8,549 9 47 8,605 Revisions of previous estimates (93) (119) (11) (222) − − (222) Extensions and discoveries 36 − − 36 − − 36 Improved Recovery − − − − − − − Sales of reserves (42) − − (42) − (47) (90) Purchases of reserves − − − − − − − Production for the year (735) (12) (1) (749) (2) − (750) Reserves at December 31, 2020 7,547 26 − 7,572 8 − 7,580 Extensions and discoveries − − − − − − − Revisions of previous estimates 1,615 167 19 1,802 − − 1,802 Sales of reserves (15) − − (15) − − (15) Production for the year (692) (16) (1) (709) (1) − (710) Reserves at December 31, 2021 8,455 177 18 8,650 7 − 8,657 Revisions of previous estimates 1,667 16 − 1,682 − − 1,682 Sales of reserves (1) (408) − (17) (425) (1) − (425) Production for the year (626) (20) (1) (647) (1) − (648) Reserves at December 31, 2022 9,088 173 − 9,261 6 − 9,267 |
Summary of information about the changes in total proved reserves of crude oil and natural gas, in millions of barrels of oil equivalent, in our consolidated entities and equity method | Summary of information about the changes in total proved reserves of crude oil and natural gas, in millions of barrels of oil equivalent, in our consolidated entities and equity method Consolidated Entities Equity Method Investees Proved developed and undeveloped reserves(*) Oil equivalent in Brazil Oil equivalent in South America Synthetic Oil in Brazil Consolidated Total Oil equivalent in North America Oil equivalent in Africa Total Reserves at December 31, 2019 9,480 27 10 9,517 24 49 9,590 Revisions of previous estimates 253 (21) (9) 224 − − 224 Extensions and discoveries 41 − − 41 − − 41 Improved Recovery − − − − − − − Sales of reserves (68) − − (68) − (49) (117) Purchases of reserves − − − − − − − Production for the year (914) (2) (1) (918) (5) (1) (923) Reserves at December 31, 2020 8,792 5 − 8,796 19 − 8,816 Extensions and discoveries − − − − 1 − 1 Revisions of previous estimates 1,923 30 14 1,967 2 − 1,969 Sales of reserves (11) − − (11) − − (11) Production for the year (888) (3) (1) (892) (3) − (896) Reserves at December 31, 2021 9,816 31 13 9,860 18 − 9,878 Revisions of previous estimates 1,983 3 − 1,986 3 − 1,988 Sales of reserves (1) (523) − (12) (536) (1) − (536) Production for the year (852) (4) (1) (857) (3) − (860) Reserves at December 31, 2022 10,423 31 − 10,453 17 − 10,470 |
[custom:DisclosureOfSupplementaryInformationOnOilAndGasExplorationProductionOfNetProvedDevelopedAndUndevelopedReservesExplanatory] | Schedule of volumes of proved developed and undeveloped reserves 2020 Crude Oil Synthetic Oil Natural Gas Synthetic Gas Total oil and gas (mmbbl) (bncf) (mmboe) Net proved developed reserves (*): Consolidated Entities Brazil 4,858 − 5,714 − 5,810 South America, outside Brazil (1) − − 26 − 5 Total Consolidated Entities 4,858 − 5,740 − 5,814 Equity Method Investees North America (1) 17 − 7 − 18 Total Equity Method Investees 17 − 7 − 18 Total Consolidated and Equity Method Investees 4,875 − 5,747 − 5,833 Net proved undeveloped reserves (*): Consolidated Entities Brazil 2,676 − 1,833 − 2,982 South America, outside Brazil (1) − − − − − Total Consolidated Entities 2,676 − 1,833 − 2,982 Equity Method Investees North America (1) 1 − 1 − 1 Total Equity Method Investees 1 − 1 − 1 Total Consolidated and Equity Method Investees 2,678 − 1,833 − 2,983 Total proved reserves (developed and undeveloped) 7,552 − 7,580 − 8,816 (1) South America oil reserves includes 21% of natural gas liquid (NGL) in proved developed reserves. North America oil reserves includes 6% of natural gas liquid (NGL) in proved developed reserves and 5% of NGL in proved undeveloped reserves. (*) Apparent differences in the sum of the numbers are due to rounding off. 2021 Crude Oil Synthetic Oil Natural Gas Synthetic Gas Total oil and gas (mmbbl) (bncf) (mmboe) Net proved developed reserves (*): Consolidated Entities Brazil 4,711 10 5,591 18 5,656 South America, outside Brazil (1) 1 − 79 − 14 Total Consolidated Entities 4,712 10 5,669 18 5,670 Equity Method Investees North America (1) 15 − 6 − 16 Total Equity Method Investees 15 − 6 − 16 Total Consolidated and Equity Method Investees 4,727 10 5,675 18 5,686 Net proved undeveloped reserves (*): Consolidated Entities Brazil 3,695 − 2,865 − 4,173 South America, outside Brazil (1) 1 − 98 − 17 Total Consolidated Entities 3,696 − 2,963 − 4,190 Equity Method Investees North America (1) 2 − 1 − 2 Total Equity Method Investees 2 − 1 − 2 Total Consolidated and Equity Method Investees 3,698 − 2,964 − 4,192 Total proved reserves (developed and undeveloped) 8,425 10 8,639 18 9,878 (1) South America oil reserves includes 24% of natural gas liquid (NGL) in proved developed reserves and 24% of NGL in proved undeveloped reserves. North America oil reserves includes 2% of natural gas liquid (NGL) in proved developed reserves and 3% of NGL in proved undeveloped reserves. (*) Apparent differences in the sum of the numbers are due to rounding off. 2022 Crude Oil Synthetic Oil Natural Gas Synthetic Gas Total oil and gas (mmbbl) (bncf) (mmboe) Net proved developed reserves (*): Consolidated Entities Brazil 4,185 − 5,447 − 5,093 South America, outside Brazil (1) 1 − 91 − 16 Total Consolidated Entities 4,186 − 5,538 − 5,109 Equity Method Investees North America (1) 14 − 5 − 15 Total Equity Method Investees 14 − 5 − 15 Total Consolidated and Equity Method Investees 4,200 − 5,543 − 5,124 Net proved undeveloped reserves (*): Consolidated Entities Brazil 4,723 − 3,641 − 5,330 South America, outside Brazil (1) 1 − 82 − 14 Total Consolidated Entities 4,724 − 3,723 − 5,345 Equity Method Investees North America (1) 2 − 1 − 2 Total Equity Method Investees 2 − 1 − 2 Total Consolidated and Equity Method Investees 4,726 − 3,724 − 5,347 Total proved reserves (developed and undeveloped) 8,926 − 9,267 − 10,470 (1) South America oil reserves includes 24% of natural gas liquid (NGL) in proved developed reserves and 24% of NGL in proved undeveloped reserves. North America oil reserves includes 2% of natural gas liquid (NGL) in proved developed reserves and 4% of NGL in proved undeveloped reserves. (*) Apparent differences in the sum of the numbers are due to rounding off |
Standardized measure of discounted future net cash flows: | Standardized measure of discounted future net cash flows: Consolidated entities Equity Method Investees Brazil South America Total December 31, 2022 Future cash inflows 983,826 837 984,663 1,581 Future production costs (399,655) (357) (400,012) (273) Future development costs (62,548) (128) (62,676) (21) Future income tax expenses (178,412) (88) (178,500) − Undiscounted future net cash flows 343,211 264 343,475 1,287 10 percent midyear annual discount for timing of estimated cash flows (1) (151,828) (124) (151,951) (401) Standardized measure of discounted future net cash flows 191,383 141 191,524 886 December 31, 2021 Future cash inflows 612,924 587 613,511 1,129 Future production costs (264,158) (261) (264,419) (329) Future development costs (44,027) (107) (44,134) (28) Future income tax expenses (104,568) (61) (104,628) − Undiscounted future net cash flows 200,171 159 200,330 772 10 percent midyear annual discount for timing of estimated cash flows (1) (85,391) (70) (85,461) (303) Standardized measure of discounted future net cash flows 114,780 89 114,869 470 December 31, 2020 Future cash inflows 333,248 69 333,317 667 Future production costs (182,534) (51) (182,585) (465) Future development costs (31,236) (16) (31,252) (48) Future income tax expenses (46,862) − (46,862) (79) Undiscounted future net cash flows 72,616 2 72,618 75 10 percent midyear annual discount for timing of estimated cash flows (1) (26,638) − (26,638) (1) Standardized measure of discounted future net cash flows 45,978 1 45,979 74 |
[custom:DisclosureOfStandardizedMeasureOfDiscountedFutureNetCashFlowProjectionsExplanatory] | Schedule of changes in discounted net future cash flows Consolidated entities Equity Method Investees Brazil South America Total Balance at January 1, 2022 114,780 89 114,869 470 Sales and transfers of oil and gas, net of production cost (54,230) (62) (54,291) (235) Development cost incurred 6,883 31 6,913 29 Net change due to purchases and sales of minerals in place (17,030) − (17,030) − Net change due to extensions, discoveries and improved recovery related costs − − − 10 Revisions of previous quantity estimates 64,535 17 64,553 82 Net change in prices, transfer prices and in production costs 129,462 122 129,584 349 Changes in estimated future development costs (23,317) (39) (23,356) (4) Accretion of discount 11,478 14 11,492 93 Net change in income taxes (41,178) (17) (41,194) − Other - unspecified − (15) (15) 92 Balance at December 31, 2022 191,383 141 191,524 886 Balance at January 1, 2021 45,978 1 45,979 74 Sales and transfers of oil and gas, net of production cost (38,074) (43) (38,117) (177) Development cost incurred 6,035 44 6,079 37 Net change due to purchases and sales of minerals in place (246) − (246) − Net change due to extensions, discoveries and improved recovery related costs − − − 10 Revisions of previous quantity estimates 41,211 205 41,416 30 Net change in prices, transfer prices and in production costs 108,268 58 108,326 401 Changes in estimated future development costs (19,900) (119) (20,019) 3 Accretion of discount 4,598 − 4,598 49 Net change in income taxes (33,089) (47) (33,136) 48 Other - unspecified − (9) (9) (7) Balance at December 31, 2021 114,780 89 114,869 470 Balance at January 1, 2020 88,121 69 88,190 1,412 Sales and transfers of oil and gas, net of production cost (24,908) (14) (24,922) (94) Development cost incurred 5,664 3 5,666 57 Net change due to purchases and sales of minerals in place (847) − (847) (1,047) Net change due to extensions, discoveries and improved recovery related costs 509 − 509 − Revisions of previous quantity estimates 3,160 (35) 3,125 (10) Net change in prices, transfer prices and in production costs (54,606) (145) (54,751) (375) Changes in estimated future development costs (4,716) 97 (4,618) 67 Accretion of discount 8,812 9 8,821 12 Net change in income taxes 24,788 24 24,812 51 Other - unspecified - (7) (7) 1 Balance at December 31, 2020 45,978 1 45,979 74 Apparent differences in the sum of the numbers are due to rounding off. |
Basis of preparation (Details)
Basis of preparation (Details) | 3 Months Ended | |||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Basis Of Preparation | ||||||||||||
Quarterly average exchange rate | 5.26 | 5.25 | 4.93 | 5.23 | 5.59 | 5.23 | 5.29 | 5.48 | 5.39 | 5.38 | 5.39 | 4.47 |
Period-end exchange rate | 5.22 | 5.41 | 5.24 | 4.74 | 5.58 | 5.44 | 5 | 5.70 | 5.20 | 5.64 | 5.48 | 5.20 |
Critical accounting policies__3
Critical accounting policies: key estimates and judgments (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Key assumptions from the business management plan | Projections relating to the key assumptions are derived from the Strategic Plan and are consistent with market evidence, such as independent macro-economic forecasts, industry analysts and experts. Back testing analysis and feedback process in order to continually improve forecast techniques are also performed. | |
Medical cost, period of per capita health care benefits paid over used to project growth rates | 5 years | |
Period of price inflation index | 30 years | |
Property, plant and equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Wrote off capitalized costs | $ 2,527 |
New standards and interpretat_3
New standards and interpretations (Details) | 12 Months Ended |
Dec. 31, 2022 | |
I F R S 17 Insurance Contracts [Member] | |
IfrsStatementLineItems [Line Items] | |
Standard | IFRS 17 – Insurance Contracts (and Amendments) |
Description | IFRS 4 – Insurance Contracts will be superseded by IFRS 17, which establishes, among other things, the requirements to be applied, by issuers of insurance and reinsurance contracts within the scope of the standard, and for reinsurance contracts held, in the recognition, measurement, presentation and disclosure of insurance and reinsurance contracts. |
Effective on | Jan. 01, 2023 |
Amendments To I A S 1 And Practice Statement 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Disclosure of Accounting Policies – Amendments to IAS 1 and Practice Statement 2 |
Description | In place of the requirement to disclose significant accounting policies, the amendments to IAS 1 - Presentation of Financial Statements establish that accounting policies must be disclosed when they are material. Among other things, the amendment provides guidance for determining such materiality. |
Effective on | Jan. 01, 2023 |
Amendments To I A S 8 [Member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Definition of Accounting Estimates – Amendments to IAS 8 |
Description | According to the amendments to IAS 8, the definition of “change in accounting estimate” no longer exists. Instead, a definition was established for the term “accounting estimates”: monetary values in the financial statements that are subject to measurement uncertainty. |
Effective on | Jan. 01, 2023 |
Amendments To I A S 12 [Member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 |
Description | The amendments have reduced the scope of the exemption from recognition of deferred tax assets and deferred tax liabilities described in paragraphs 15 and 24 of IAS 12 - Income Taxes, so that it no longer applies to transactions that, among other items, on initial recognition, give rise to equal taxable and deductible temporary differences. |
Effective on | Jan. 01, 2023 |
Amendments To I F R S 16 [Member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 |
Description | The amendments add requirements that specify that the seller-lessee must subsequently measure the lease liability arising from the transfer of an asset - which meets the requirements of IFRS 15 to be accounted for as a sale - and sale and leaseback, so that no gain or loss is recognized related to the right of use retained in the transaction. |
Effective on | Jan. 01, 2024 |
Amendments To I A S 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Classification of Liabilities as Current or Non-current /Non-current Liabilities with Covenants- Amendments to IAS 1 |
Description | The amendments establish that the liability should be classified as current when the entity does not have the right, at the end of the reporting period, to defer the settlement of the liability for at least twelve months after the reporting period. Among other guidelines, the amendments provide that the classification of a liability is not affected by the likelihood of exercising the right to defer the settlement of the liability. Additionally, according to the amendments, only covenants whose compliance is mandatory before or at the end of the reporting period should affect the classification of a liability as current or non-current. Additional disclosures are also required by the amendments, including information on non-current liabilities with restrictive clauses. |
Effective on | Jan. 01, 2024 |
Capital Management (Details Nar
Capital Management (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Gross debt decreased | $ 53,799 | $ 58,743 |
Events After Reporting Period [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Description of shareholders dividends policy | As the Company's goal of reducing gross debt (composed of current and non-current finance debt and lease liability) to US$ 60 billion by 2022 was achieved 15 months in advance, the gross debt target defined in 2023-2027 Strategic Plan is to be maintained in the range between US$ 50,000 and US$ 65,000. | |
Gross debt to be reduced | $ 60,000 |
Cash and cash equivalents and_4
Cash and cash equivalents and Marketable securities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Cash at bank and in hand | $ 216 | $ 299 |
Total short-term financial investments | 7,780 | 10,168 |
Total cash and cash equivalents | 7,996 | 10,467 |
BRAZIL | ||
IfrsStatementLineItems [Line Items] | ||
Short-term financial investments | 3,007 | 2,114 |
Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Short-term financial investments | 4,773 | 8,054 |
Automatic Investing Accounts And Interest Checking Accounts [Member] | BRAZIL | ||
IfrsStatementLineItems [Line Items] | ||
Short-term financial investments | 2,763 | 1,951 |
Automatic Investing Accounts And Interest Checking Accounts [Member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Short-term financial investments | 2,365 | 3,732 |
Other Investment Funds [Member] | BRAZIL | ||
IfrsStatementLineItems [Line Items] | ||
Short-term financial investments | 244 | 163 |
Time Deposits [Member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Short-term financial investments | 2,388 | 4,310 |
Other Financial Investments [Member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Short-term financial investments | $ 20 | $ 12 |
Cash and cash equivalents and_5
Cash and cash equivalents and Marketable securities (Details 1) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Fair value through profit or loss | $ 713 | $ 650 |
Amortized cost - Bank Deposit Certificates and time deposits | 3,574 | |
Amortised cost | 50 | 44 |
Total | 4,337 | 694 |
[custom:MarketableSecuritiesCurrent1-0] | 2,773 | 650 |
Non-current | 1,564 | 44 |
Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
[custom:MarketableSecuritiesCurrent1-0] | 1,747 | 650 |
Non-current | 1,564 | 44 |
Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
[custom:MarketableSecuritiesCurrent1-0] | 1,026 | |
Marketable Securities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 4,337 | 694 |
[custom:MarketableSecuritiesCurrent1-0] | 2,773 | 650 |
Non-current | 1,564 | 44 |
Marketable Securities [Member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value through profit or loss | 713 | 650 |
Amortized cost - Bank Deposit Certificates and time deposits | 2,548 | |
Amortised cost | 50 | 44 |
Total | 3,311 | $ 694 |
Marketable Securities [Member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Amortized cost - Bank Deposit Certificates and time deposits | 1,026 | |
Total | $ 1,026 |
Cash and cash equivalents and_6
Cash and cash equivalents and Marketable securities (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash And Cash Equivalents And Marketable Securities | ||
Dividend payable | $ 37,782 | |
Debt repayment of lease liability | 16,614 | |
Intangible assets | 9,581 | |
Operating activities | 49,717 | |
Financial compensation | 7,284 | |
Proceeds from disposal of assets | 4,846 | |
Proceeds from finance debt | $ 2,880 | $ 1,754 |
Sales revenues (Details)
Sales revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | $ 124,474 | $ 83,966 | $ 53,683 |
Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 94,292 | 61,191 | 36,334 |
ForeignMarketMember | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 30,182 | 22,775 | 17,349 |
Americas [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 7,166 | 4,702 | 3,419 |
China [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 6,389 | 7,053 | 7,703 |
Europe [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 5,932 | 3,110 | 1,853 |
United States [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 4,914 | 2,162 | 1,193 |
Singapore [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 4,271 | 3,913 | 2,415 |
Asia [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 1,505 | 1,671 | 746 |
Others Countries [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 5 | 164 | 20 |
Fuel Oi Lincluding Bunker Fuel [Member] | ForeignMarketMember | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 7,399 | 5,480 | 3,525 |
Other Oil Products [Member] | ForeignMarketMember | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 766 | 1,069 | 700 |
Natural Gas [member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 7,673 | 5,884 | 3,649 |
Oil [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 7,719 | 671 | 48 |
Oil [Member] | ForeignMarketMember | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 19,332 | 14,942 | 11,720 |
Renewables And Nitrogen Products [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 283 | 40 | 59 |
Breakage [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 669 | 243 | 438 |
Electricities [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 694 | 2,902 | 1,109 |
Services And Others [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 1,043 | 808 | 755 |
Exports [Member] | ForeignMarketMember | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 27,497 | 21,491 | 15,945 |
Sales Abroad [Member] | ForeignMarketMember | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 2,685 | 1,284 | 1,404 |
Oil Products [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 76,211 | 50,643 | 30,276 |
Oil Products [Member] | Diesel [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 40,149 | 24,236 | 13,924 |
Oil Products [Member] | Gasoline [member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 16,175 | 11,910 | 6,313 |
Oil Products [Member] | Liquefied Petroleum Gas [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 5,121 | 4,491 | 3,383 |
Oil Products [Member] | Jet Fuel [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 5,423 | 2,271 | 1,455 |
Oil Products [Member] | Naphtha [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 2,396 | 1,699 | 1,694 |
Oil Products [Member] | Fuel Oi Lincluding Bunker Fuel [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | 1,411 | 1,775 | 795 |
Oil Products [Member] | Other Oil Products [Member] | Domestic Market [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Sales revenues | $ 5,536 | $ 4,261 | $ 2,712 |
Sales revenues (Details 1)
Sales revenues (Details 1) - Oil Products [Member] $ in Millions | Dec. 31, 2022 USD ($) |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 76,643 |
Later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 115,176 |
Not later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 38,533 |
Gasoline [member] | Domestic Market [Member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 10,495 |
Gasoline [member] | Domestic Market [Member] | Later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 10,495 |
Diesel [Member] | Domestic Market [Member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 31,175 |
Diesel [Member] | Domestic Market [Member] | Later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 31,175 |
Natural Gas [member] | Domestic Market [Member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 15,643 |
Natural Gas [member] | Domestic Market [Member] | Later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 30,279 |
Natural Gas [member] | Domestic Market [Member] | Not later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 14,636 |
Services And Others [Member] | Domestic Market [Member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 7,867 |
Services And Others [Member] | Domestic Market [Member] | Later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 12,440 |
Services And Others [Member] | Domestic Market [Member] | Not later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 4,573 |
Naphtha [Member] | Domestic Market [Member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 1,946 |
Naphtha [Member] | Domestic Market [Member] | Later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 6,157 |
Naphtha [Member] | Domestic Market [Member] | Not later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 4,211 |
Electricity 1 [Member] | Domestic Market [Member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 658 |
Electricity 1 [Member] | Domestic Market [Member] | Later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 7,010 |
Electricity 1 [Member] | Domestic Market [Member] | Not later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 6,352 |
Other Oil Products [Member] | Domestic Market [Member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 30 |
Other Oil Products [Member] | Domestic Market [Member] | Later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 30 |
Jet Fuel [Member] | Domestic Market [Member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 5,868 |
Jet Fuel [Member] | Domestic Market [Member] | Later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 5,868 |
Exports [Member] | ForeignMarketMember | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 2,961 |
Exports [Member] | ForeignMarketMember | Later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | 11,722 |
Exports [Member] | ForeignMarketMember | Not later than one year [member] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 8,761 |
Sales revenues (Details Narrati
Sales revenues (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Sales revenue | 15% | 11% | 10% |
Contract liabilities | $ 48 | $ 19 | |
Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contract remaining performance obligation expected term | 1 year |
Costs and expenses by nature (D
Costs and expenses by nature (Details) - Cost Of Sale [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | ||||
Raw material, products for resale, materials and third-party services | [1] | $ (32,354) | $ (20,869) | $ (12,699) |
Depreciation, depletion and amortization | (10,514) | (9,277) | (8,847) | |
Production taxes | (14,953) | (11,136) | (5,920) | |
Employee compensation | (1,665) | (1,882) | (1,729) | |
Total | $ (59,486) | $ (43,164) | $ (29,195) | |
[1]It Includes short-term leases and inventory turnover. |
Costs and expenses by nature _2
Costs and expenses by nature (Details 1) - Selling Expenses [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Materials, third-party services, freight, rent and other related costs | $ (3,987) | $ (3,542) | $ (4,163) |
Depreciation, depletion and amortization | (789) | (610) | (564) |
Allowance for expected credit losses | (58) | 12 | 2 |
Employee compensation | (97) | (89) | (159) |
Total | $ (4,931) | $ (4,229) | $ (4,884) |
Costs and expenses by nature _3
Costs and expenses by nature (Details 2) - General And Administrative Expenses [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Employee compensation | $ (865) | $ (834) | $ (749) |
Materials, third-party services, rent and other related costs | (362) | (256) | (252) |
Depreciation, depletion and amortization | (105) | (86) | (89) |
Total | $ (1,332) | $ (1,176) | $ (1,090) |
Other income and expenses (Deta
Other income and expenses (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Other Income And Expenses | ||||
Unscheduled stoppages and pre-operating expenses | $ (1,834) | $ (1,362) | $ (1,441) | |
Losses with legal, administrative and arbitration proceedings | (1,362) | (740) | (493) | |
Pension and medical benefits - retirees | [1] | (1,015) | (1,467) | 889 |
Performance award program | (547) | (469) | (439) | |
Losses with commodities derivatives | (256) | (79) | (308) | |
Gains (losses) on decommissioning of returned/abandoned areas | (225) | 99 | (342) | |
Operating expenses with thermoelectric power plants | (150) | (88) | (133) | |
Profit sharing | [2] | (131) | (125) | (7) |
Institutional relations and cultural projects | (103) | (96) | (83) | |
Health, safety and environment | (80) | (79) | (75) | |
Transfer of rights on concession agreements | 363 | 84 | ||
Recovery of taxes | [3] | 68 | 561 | 1,580 |
Amounts recovered from Lava Jato investigation | 96 | 235 | 155 | |
Results of non-core activities | 168 | 170 | 182 | |
Fines imposed on suppliers | 228 | 163 | 95 | |
Government grants | 471 | 154 | 10 | |
Early termination and changes to cash flow estimates of leases | 629 | 545 | 276 | |
Reimbursements from E&P partnership operations | 683 | 485 | 912 | |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control | 1,144 | 1,941 | 499 | |
Results from co-participation agreements in bid areas | [4] | 4,286 | 631 | |
Others | (248) | (189) | (363) | |
Total | $ 1,822 | $ 653 | $ 998 | |
[1]In 2022, it includes US$ 67 referring to the payment of a contribution as provided for in the Pre-70 Term of Financial Commitment (TFC) for the administrative funding of the PPSP-R pre-70 and PPSP-NR pre-70 plans.[2]It includes reversals of provisions related to previous year.[3]In 2021 and 2020, 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.[4]For 2022, it mainly refers to the gain related to the agreement of Atapu and Sépia fields (see note 24.3). For 2021, it refers to the agreement of Buzios field. |
Net finance income (expense) (D
Net finance income (expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Net Finance Income | ||||
Finance income | $ 1,832 | $ 821 | $ 551 | |
Income from investments and marketable securities (Government Bonds) | 1,159 | 315 | 202 | |
Other income, net | 673 | 506 | 349 | |
Finance expenses | (3,500) | (5,150) | (6,004) | |
Interest on finance debt | (2,363) | (2,870) | (3,595) | |
Unwinding of discount on lease liabilities | (1,340) | (1,220) | (1,322) | |
Discount and premium on repurchase of debt securities | (121) | (1,102) | (1,157) | |
Capitalized borrowing costs | 1,032 | 976 | 941 | |
Unwinding of discount on the provision for decommissioning costs | (519) | (761) | (638) | |
Other finance expenses , net | (189) | (173) | (233) | |
Foreign exchange gains (losses) and indexation charges | (2,172) | (6,637) | (4,177) | |
Foreign exchange gains (losses) | [1] | 1,022 | (2,737) | (1,363) |
Reclassification of hedge accounting to the Statement of Income | [1] | (4,871) | (4,585) | (4,720) |
Monetary restatement of dividends and dividends payable | [2] | 994 | 108 | (15) |
Recoverable taxes inflation indexation income | [3] | 86 | 518 | 1,807 |
Other foreign exchange gains (losses) and indexation charges, net | 597 | 59 | 114 | |
Total | $ (3,840) | $ (10,966) | $ (9,630) | |
[1]For more information, see notes 34.3a and 34.3c.[2]In 2022, it refers to the income on the monetary restatement of paid anticipated dividends, in the amount of US$ 1,293 (US$ 121 in 2021), and to the expense on the indexation charges on dividends payable, in the amount of US$ 299 (US$ 13 in 2021 and US$ 15 in 2020).[3]In 2021, it includes inflation indexation income related to the exclusion of ICMS (VAT tax) from the basis of calculation of PIS and COFINS. |
Information by operating segm_4
Information by operating segment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Net income (loss) for the year disclosed in 2020 | $ 19,986 | $ 948 |
Changes in the measurement | ||
Net income (loss) for the year reclassified - 2020 | 19,986 | 948 |
Consolidated assets disclosed - 12.31.2021 | 174,348 | |
Consolidated assets reclassified - 12.31.2021 | 174,348 | |
Operating segments [member] | Exploration And Production [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Net income (loss) for the year disclosed in 2020 | 23,350 | 4,471 |
Changes in the measurement | (29) | 40 |
Net income (loss) for the year reclassified - 2020 | 23,321 | 4,511 |
Consolidated assets disclosed - 12.31.2021 | 113,146 | |
Changes in the measurement | (3,671) | |
Consolidated assets reclassified - 12.31.2021 | 109,475 | |
Operating segments [member] | Refining Transportation And Marketing [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Net income (loss) for the year disclosed in 2020 | 5,746 | 77 |
Changes in the measurement | (121) | 64 |
Net income (loss) for the year reclassified - 2020 | 5,625 | 141 |
Consolidated assets disclosed - 12.31.2021 | 34,388 | |
Changes in the measurement | (3,782) | |
Consolidated assets reclassified - 12.31.2021 | 30,606 | |
Operating segments [member] | Gas And Power [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Net income (loss) for the year disclosed in 2020 | (109) | 894 |
Changes in the measurement | (13) | 2 |
Net income (loss) for the year reclassified - 2020 | (122) | 896 |
Consolidated assets disclosed - 12.31.2021 | 10,589 | |
Changes in the measurement | (2,809) | |
Consolidated assets reclassified - 12.31.2021 | 7,780 | |
Operating segments [member] | Corporate And Other Business [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Net income (loss) for the year disclosed in 2020 | (7,291) | (4,898) |
Changes in the measurement | 163 | (106) |
Net income (loss) for the year reclassified - 2020 | (7,128) | (5,004) |
Consolidated assets disclosed - 12.31.2021 | 21,898 | |
Changes in the measurement | 9,020 | |
Consolidated assets reclassified - 12.31.2021 | 30,918 | |
Operating segments [member] | Eliminations [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Net income (loss) for the year disclosed in 2020 | (1,710) | 404 |
Changes in the measurement | ||
Net income (loss) for the year reclassified - 2020 | (1,710) | $ 404 |
Consolidated assets disclosed - 12.31.2021 | (5,673) | |
Changes in the measurement | 1,242 | |
Consolidated assets reclassified - 12.31.2021 | $ (4,431) |
Information by operating segm_5
Information by operating segment (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Sales revenues | $ 124,474 | $ 83,966 | $ 53,683 |
Cost of sales | (59,486) | (43,164) | (29,195) |
Gross profit (loss) | 64,988 | 40,802 | 24,488 |
Income (expenses) | (7,874) | (3,218) | (14,425) |
Selling expenses | (4,931) | (4,229) | (4,884) |
General and administrative expenses | (1,332) | (1,176) | (1,090) |
Exploration costs | (887) | (687) | (803) |
Research and development expenses | (792) | (563) | (355) |
Other taxes | (439) | (406) | (952) |
Impairment (losses) reversals | 1,315 | (3,190) | 7,339 |
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes | 57,114 | 37,584 | 10,063 |
Net finance expense | (3,840) | (10,966) | (9,630) |
Results of equity-accounted investments | 251 | 1,607 | (659) |
Net income / (loss) before income taxes | 53,525 | 28,225 | (226) |
Income taxes | (16,770) | (8,239) | 1,174 |
Net income (loss) for the year | 36,755 | 19,986 | 948 |
Attributable to: | |||
Shareholders of Petrobras | 36,623 | 19,875 | 1,141 |
Non-controlling interests | 132 | 111 | (193) |
Operating segments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales revenues | 124,474 | 83,966 | 53,683 |
Intersegments | |||
Third parties | 124,474 | 83,966 | 53,683 |
Cost of sales | (59,486) | (43,164) | (29,195) |
Gross profit (loss) | 64,988 | 40,802 | 24,488 |
Income (expenses) | (7,874) | (3,218) | (14,425) |
Selling expenses | (4,931) | (4,229) | (4,884) |
General and administrative expenses | (1,332) | (1,176) | (1,090) |
Exploration costs | (887) | (687) | (803) |
Research and development expenses | (792) | (563) | (355) |
Other taxes | (439) | (406) | (952) |
Impairment (losses) reversals | (1,315) | 3,190 | (7,339) |
Other income and expenses, net | 1,822 | 653 | 998 |
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes | 57,114 | 37,584 | 10,063 |
Net finance expense | (3,840) | (10,966) | (9,630) |
Results of equity-accounted investments | 251 | 1,607 | (659) |
Net income / (loss) before income taxes | 53,525 | 28,225 | (226) |
Income taxes | (16,770) | (8,239) | 1,174 |
Net income (loss) for the year | 36,755 | 19,986 | 948 |
Attributable to: | |||
Shareholders of Petrobras | 36,623 | 19,875 | 1,141 |
Non-controlling interests | 132 | 111 | (193) |
Operating segments [member] | Exploration And Production [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales revenues | 77,890 | 55,584 | 34,395 |
Intersegments | 76,579 | 54,479 | 33,524 |
Third parties | 1,311 | 1,105 | 871 |
Cost of sales | (30,465) | (23,673) | (18,098) |
Gross profit (loss) | 47,425 | 31,911 | 16,297 |
Income (expenses) | 907 | 3,240 | (9,187) |
Selling expenses | (22) | ||
General and administrative expenses | (46) | (152) | (155) |
Exploration costs | (887) | (687) | (803) |
Research and development expenses | (678) | (415) | (232) |
Other taxes | (79) | (192) | (478) |
Impairment (losses) reversals | (1,218) | 3,107 | (7,364) |
Other income and expenses, net | 3,837 | 1,579 | (155) |
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes | 48,332 | 35,151 | 7,110 |
Net finance expense | |||
Results of equity-accounted investments | 170 | 119 | (181) |
Net income / (loss) before income taxes | 48,502 | 35,270 | 6,929 |
Income taxes | (16,433) | (11,949) | (2,418) |
Net income (loss) for the year | 32,069 | 23,321 | 4,511 |
Attributable to: | |||
Shareholders of Petrobras | 32,073 | 23,324 | 4,515 |
Non-controlling interests | (4) | (3) | (4) |
Operating segments [member] | Refining Transportation And Marketing [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales revenues | 113,531 | 74,524 | 47,782 |
Intersegments | 1,950 | 1,416 | 865 |
Third parties | 111,581 | 73,108 | 46,917 |
Cost of sales | (99,154) | (65,620) | (44,011) |
Gross profit (loss) | 14,377 | 8,904 | 3,771 |
Income (expenses) | (3,132) | (1,805) | (2,895) |
Selling expenses | (1,841) | (1,539) | (2,522) |
General and administrative expenses | (275) | (245) | (271) |
Exploration costs | |||
Research and development expenses | (6) | (11) | (11) |
Other taxes | (31) | (122) | (137) |
Impairment (losses) reversals | (97) | 289 | 164 |
Other income and expenses, net | (882) | (177) | (118) |
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes | 11,245 | 7,099 | 876 |
Net finance expense | |||
Results of equity-accounted investments | 3 | 941 | (437) |
Net income / (loss) before income taxes | 11,248 | 8,040 | 439 |
Income taxes | (3,822) | (2,415) | (298) |
Net income (loss) for the year | 7,426 | 5,625 | 141 |
Attributable to: | |||
Shareholders of Petrobras | 7,426 | 5,625 | 175 |
Non-controlling interests | (34) | ||
Operating segments [member] | Gas And Power [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales revenues | 15,068 | 12,051 | 7,725 |
Intersegments | 3,991 | 2,564 | 2,455 |
Third parties | 11,077 | 9,487 | 5,270 |
Cost of sales | (10,518) | (9,494) | (3,985) |
Gross profit (loss) | 4,550 | 2,557 | 3,740 |
Income (expenses) | (2,965) | (2,890) | (2,575) |
Selling expenses | (2,979) | (2,668) | (2,318) |
General and administrative expenses | (62) | (73) | (85) |
Exploration costs | |||
Research and development expenses | (5) | (25) | (10) |
Other taxes | (44) | (38) | (31) |
Impairment (losses) reversals | 1 | (208) | 36 |
Other income and expenses, net | 124 | 122 | (167) |
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes | 1,585 | (333) | 1,165 |
Net finance expense | |||
Results of equity-accounted investments | 83 | 98 | 128 |
Net income / (loss) before income taxes | 1,668 | (235) | 1,293 |
Income taxes | (540) | 113 | (397) |
Net income (loss) for the year | 1,128 | (122) | 896 |
Attributable to: | |||
Shareholders of Petrobras | 1,038 | (219) | 823 |
Non-controlling interests | 90 | 97 | 73 |
Operating segments [member] | Corporate And Other Business [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales revenues | 511 | 504 | 876 |
Intersegments | 6 | 238 | 251 |
Third parties | 505 | 266 | 625 |
Cost of sales | (522) | (503) | (832) |
Gross profit (loss) | (11) | 1 | 44 |
Income (expenses) | (2,671) | (1,741) | 256 |
Selling expenses | (76) | (20) | |
General and administrative expenses | (949) | (706) | (579) |
Exploration costs | |||
Research and development expenses | (103) | (112) | (102) |
Other taxes | (285) | (54) | (306) |
Impairment (losses) reversals | (1) | 2 | (175) |
Other income and expenses, net | (1,257) | (871) | 1,438 |
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes | (2,682) | (1,740) | 300 |
Net finance expense | (3,840) | (10,966) | (9,630) |
Results of equity-accounted investments | (5) | 449 | (169) |
Net income / (loss) before income taxes | (6,527) | (12,257) | (9,499) |
Income taxes | 3,559 | 5,129 | 4,495 |
Net income (loss) for the year | (2,968) | (7,128) | (5,004) |
Attributable to: | |||
Shareholders of Petrobras | (3,014) | (7,145) | (4,776) |
Non-controlling interests | 46 | 17 | (228) |
Operating segments [member] | Eliminations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales revenues | (82,526) | (58,697) | (37,095) |
Intersegments | (82,526) | (58,697) | (37,095) |
Third parties | |||
Cost of sales | 81,173 | 56,126 | 37,731 |
Gross profit (loss) | (1,353) | (2,571) | 636 |
Income (expenses) | (13) | (22) | (24) |
Selling expenses | (13) | (22) | (24) |
General and administrative expenses | |||
Exploration costs | |||
Research and development expenses | |||
Other taxes | |||
Impairment (losses) reversals | |||
Other income and expenses, net | |||
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes | (1,366) | (2,593) | 612 |
Net finance expense | |||
Results of equity-accounted investments | |||
Net income / (loss) before income taxes | (1,366) | (2,593) | 612 |
Income taxes | 466 | 883 | (208) |
Net income (loss) for the year | (900) | (1,710) | 404 |
Attributable to: | |||
Shareholders of Petrobras | $ (900) | $ (1,710) | $ 404 |
Information by operating segm_6
Information by operating segment (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Amount of depreciation, depletion and amortization | $ 13,218 | $ 11,695 | $ 11,445 |
Operating segments [member] | Exploration And Production [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Amount of depreciation, depletion and amortization | 10,415 | 9,005 | 8,661 |
Operating segments [member] | Refining Transportation And Marketing [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Amount of depreciation, depletion and amortization | 2,248 | 2,167 | 2,114 |
Operating segments [member] | Gas And Power [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Amount of depreciation, depletion and amortization | 448 | 430 | 473 |
Operating segments [member] | Corporate And Other Business [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Amount of depreciation, depletion and amortization | $ 107 | $ 93 | $ 197 |
Information by operating segm_7
Information by operating segment (Details 3) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | |||
Current assets | $ 31,250 | $ 30,149 | |
Non-current assets | 155,941 | 144,199 | |
Investments | 1,566 | 1,510 | |
Property, plant and equipment | 130,169 | 125,330 | $ 124,201 |
Total Assets | 187,191 | 174,348 | |
Operating segments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | 31,250 | 30,149 | |
Non-current assets | 155,941 | 144,199 | |
Long-term receivables | 21,220 | 14,334 | |
Investments | 1,566 | 1,510 | |
Property, plant and equipment | 130,169 | 125,330 | |
Operating assets | 115,331 | 108,408 | |
Under construction | 14,838 | 16,922 | |
Intangible assets | 2,986 | 3,025 | |
Total Assets | 187,191 | 174,348 | |
Operating segments [member] | Exploration And Development Costs [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | 5,224 | 3,770 | |
Non-current assets | 111,110 | 105,705 | |
Long-term receivables | 6,351 | 3,635 | |
Investments | 379 | 393 | |
Property, plant and equipment | 101,875 | 99,033 | |
Operating assets | 92,087 | 87,210 | |
Under construction | 9,788 | 11,823 | |
Intangible assets | 2,505 | 2,644 | |
Total Assets | 116,334 | 109,475 | |
Operating segments [member] | Refining Transportation And Marketing [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | 12,035 | 9,632 | |
Non-current assets | 22,396 | 20,974 | |
Long-term receivables | 1,811 | 1,489 | |
Investments | 977 | 970 | |
Property, plant and equipment | 19,496 | 18,419 | |
Operating assets | 16,851 | 16,086 | |
Under construction | 2,645 | 2,333 | |
Intangible assets | 112 | 96 | |
Total Assets | 34,431 | 30,606 | |
Operating segments [member] | Gas And Power [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | 391 | 1,256 | |
Non-current assets | 7,193 | 6,524 | |
Long-term receivables | 94 | 95 | |
Investments | 173 | 119 | |
Property, plant and equipment | 6,851 | 6,241 | |
Operating assets | 4,808 | 3,739 | |
Under construction | 2,043 | 2,502 | |
Intangible assets | 75 | 69 | |
Total Assets | 7,584 | 7,780 | |
Operating segments [member] | Corporates And Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | 18,864 | 19,922 | |
Non-current assets | 15,242 | 10,996 | |
Long-term receivables | 12,964 | 9,115 | |
Investments | 37 | 28 | |
Property, plant and equipment | 1,947 | 1,637 | |
Operating assets | 1,585 | 1,373 | |
Under construction | 362 | 264 | |
Intangible assets | 294 | 216 | |
Total Assets | 34,106 | 30,918 | |
Operating segments [member] | Eliminations 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | (5,264) | (4,431) | |
Non-current assets | |||
Long-term receivables | |||
Investments | |||
Property, plant and equipment | |||
Operating assets | |||
Under construction | |||
Intangible assets | |||
Total Assets | $ (5,264) | $ (4,431) |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Total trade receivables, net | $ 7,450 | $ 8,268 | |
Receivables from contracts with customers | 8,291 | 8,825 | |
Total trade and other receivables, before ECL | 8,986 | 9,716 | |
Current | 5,010 | 6,368 | |
Non-current | 2,440 | 1,900 | |
Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Receivables from contracts with customers | 5,303 | 5,224 | |
Total | 3,683 | 4,492 | |
Third Parties [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total trade receivables, net | 5,210 | 4,839 | |
Expected credit losses | (1,533) | (1,428) | |
Third Parties [Member] | Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Receivables from divestments | [1] | 1,922 | 2,679 |
Lease receivables | 394 | 435 | |
Total | 765 | 872 | |
Investees [Member] | Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables from contracts with costumers | 93 | 385 | |
Petroleum And Alcohol Accounts From Brazilian Government [Member] | Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables from contracts with costumers | 602 | 506 | |
Related parties [member] | |||
IfrsStatementLineItems [Line Items] | |||
Expected credit losses | $ (3) | $ (20) | |
[1]At December 31, 2022, it mainly refers to the receivables from the divestments of Atapu, Sépia, Carmópolis, Roncador, Maromba, Miranga, Baúna, Pampo e Enchova, Breitener, Rio Ventura e Cricaré. In 2021, it mainly refers to receivables (including interest, exchange rate variation and inflation indexation) from the divestment in Nova Transportadora do Sudeste (NTS), of Block BM-S-8 in the Bacalhau field (former Carcará group), in addition to the values referring to Rio Ventura, Roncador, Pampo Enchova, Baúna and Miranga fields. |
Trade and other receivables (_2
Trade and other receivables (Details 1) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Trade receivables | $ 8,291 | $ 8,825 |
Expected credit losses | (1,533) | (1,428) |
Current [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 6,474 | 7,059 |
Expected credit losses | (39) | (77) |
Not later than three months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 189 | 218 |
Expected credit losses | (48) | (26) |
Later than three months and not later than six months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 30 | 40 |
Expected credit losses | (27) | (6) |
Later than six months and not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 63 | 51 |
Expected credit losses | (51) | (29) |
Later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 1,535 | 1,457 |
Expected credit losses | $ (1,368) | $ (1,290) |
Trade and other receivables (_3
Trade and other receivables (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Trade and other receivables [abstract] | ||
Opening balance | $ 1,448 | $ 1,596 |
Additions | 136 | 69 |
Write-offs | (21) | (40) |
Reversals | (81) | (112) |
Transfer of assets held for sale | (8) | |
Translation adjustment | 54 | (57) |
Closing balance | 1,536 | 1,448 |
Current | 245 | 158 |
Non-current | $ 1,291 | $ 1,290 |
Trade and other receivables (_4
Trade and other receivables (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Trade receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Measured at fair value through profit and loss | $ 470 | $ 1,155 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventories Abstract | ||
Crude oil | $ 3,738 | $ 3,048 |
Oil products | 3,278 | 2,495 |
Intermediate products | 587 | 532 |
Natural gas and Liquefied Natural Gas (LNG) | 135 | 349 |
Biofuels | 14 | 19 |
Fertilizers | 4 | 8 |
Total products | 7,756 | 6,451 |
Materials, supplies and others | 1,023 | 804 |
Total | $ 8,779 | $ 7,255 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Inventories Abstract | ||
Cost of sales to net realizable value | $ 11 | $ 1 |
Inventories pledged as security for terms of financial commitment | $ 1,082 |
Trade payables (Details)
Trade payables (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Trade payables | $ 5,464 | $ 5,483 |
Third Parties In Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 3,497 | 3,556 |
Third Parties Abroad [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 1,935 | 1,861 |
Related parties [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | $ 32 | $ 66 |
Trade payables (Details Narrati
Trade payables (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Payables | ||
Due to related party | $ 130 | $ 178 |
Taxes (Details)
Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Current assets taxes | $ 165 | $ 163 |
Current liabilities taxes | 2,883 | 733 |
Current tax liabilities noncurrent | 302 | 300 |
Country of domicile [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current assets taxes | 160 | 133 |
Current liabilities taxes | 2,555 | 725 |
Current tax liabilities noncurrent | 302 | 300 |
Country of domicile [member] | Income taxes [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current assets taxes | 160 | 133 |
Current liabilities taxes | 2,505 | 682 |
Country of domicile [member] | Tax settlement programs p r t [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current liabilities taxes | 50 | 43 |
Current tax liabilities noncurrent | 302 | 300 |
Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current assets taxes | 5 | 30 |
Current liabilities taxes | $ 328 | $ 8 |
Taxes (Details 1)
Taxes (Details 1) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Net income (loss) before income taxes | $ 53,525 | $ 28,225 | $ (226) | |
Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) | (18,197) | (9,597) | 77 | |
Tax benefits from the deduction of interest on capital distribution | 1,234 | 843 | (16) | |
Different jurisdictional tax rates for companies abroad | (822) | (296) | (1,874) | |
Brazilian income taxes on income of companies incorporated outside Brazil | [1] | (763) | (546) | (743) |
Tax incentives | 187 | 50 | (9) | |
Tax loss carryforwards (unrecognized tax losses) | 221 | 59 | (428) | |
Post-employment benefits | (394) | (802) | 559 | |
Results of equity-accounted investments in Brazil and abroad | 87 | 318 | 49 | |
Non-incidence of income taxes on indexation (SELIC interest rate) of undue paid taxes | 33 | 903 | ||
Others | 237 | (189) | ||
Income taxes | (16,770) | (8,239) | 1,174 | |
Deferred income taxes | (906) | (4,058) | 1,743 | |
Current income taxes | $ (15,864) | $ (4,181) | $ (569) | |
Effective tax rate of income taxes | 31.30% | 29.20% | (519.50%) | |
[1]It relates to Brazilian income taxes on earnings of offshore investees, as established by Law No. 12,973/2014. |
Taxes (Details 2)
Taxes (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Opening balance | $ (625) | $ 6,256 |
Recognized in the statement of income for the period | (906) | (4,058) |
Recognized in shareholders’ equity | (3,220) | (1,555) |
Translation adjustment | (45) | (133) |
Use of tax loss carryforwards | (1,123) | (1,172) |
Others | 1 | 37 |
Closing balance | $ (5,918) | $ (625) |
Summary of composition of defer
Summary of composition of deferred tax assets and liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Composition of deferred tax assets and liabilities | $ (5,918) | $ (625) |
Deferred tax assets | 832 | 604 |
Composition of deferred tax assets and liabilities | $ (6,750) | (1,229) |
Depreciation Amortization And Write Offs Of Assets [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nature | PP&E - Exploration and decommissioning costs | |
Composition of deferred tax assets and liabilities | $ 158 | (1,362) |
Amortization Impairment Reversals Write Offs Assets [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nature | PP&E - Impairment | |
Composition of deferred tax assets and liabilities | $ 3,602 | 4,382 |
Depreciation Amortization And Write Offs Of Assets One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nature | PP&E - depreciation methods and capitalized borrowing costs | |
Composition of deferred tax assets and liabilities | $ (15,438) | (12,924) |
Payments Receipts Considerations [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nature | Loans, trade and other receivables / payables and financing | |
Composition of deferred tax assets and liabilities | $ 810 | 3,490 |
Tax Depreciation [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nature | Lease liabilities | |
Composition of deferred tax assets and liabilities | $ 434 | 1,244 |
Payments And Use Of Provisions [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nature | Provision for legal proceedings | |
Composition of deferred tax assets and liabilities | $ 885 | 605 |
Taxable Income Compensation [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nature | Tax loss carryforwards | |
Composition of deferred tax assets and liabilities | $ 914 | 1,827 |
Sales Writedowns Llosses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nature | Inventories | |
Composition of deferred tax assets and liabilities | $ 333 | 228 |
Payments And Use Provisions [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nature | Employee Benefits | |
Composition of deferred tax assets and liabilities | $ 1,518 | 1,250 |
Others [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nature | Others | |
Composition of deferred tax assets and liabilities | $ 866 | $ 635 |
Taxes (Details 4)
Taxes (Details 4) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
IfrsStatementLineItems [Line Items] | |
Recognized deferred tax assets | $ 832 |
Recognized deferred tax liabilites | 6,750 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Recognized deferred tax assets | 55 |
Recognized deferred tax liabilites | (93) |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Recognized deferred tax assets | 22 |
Recognized deferred tax liabilites | 304 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
Recognized deferred tax assets | 20 |
Recognized deferred tax liabilites | 1,091 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Recognized deferred tax assets | 20 |
Recognized deferred tax liabilites | 1,033 |
Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Recognized deferred tax assets | 20 |
Recognized deferred tax liabilites | (171) |
Later Than Seven Year And Thereafter [Member] | |
IfrsStatementLineItems [Line Items] | |
Recognized deferred tax assets | 695 |
Recognized deferred tax liabilites | $ 4,586 |
Taxes (Details 5)
Taxes (Details 5) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Unrecognized tax carry forwards | $ 987 | $ 1,352 |
Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized tax carry forwards | 1 | |
Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized tax carry forwards | $ 987 | $ 1,351 |
Taxes (Details 6)
Taxes (Details 6) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Unrecognized tax carry forwards | $ 987 | $ 1,352 |
Later Than Seven Years And Not Later Than Nine Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized tax carry forwards | 418 | |
Later Than Eleven Years And Not Later Than Thirteen Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized tax carry forwards | 339 | |
Later Than Fourteen Years And Not Later Than Sixteen Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized tax carry forwards | 167 | |
Undefined Expiration [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized tax carry forwards | $ 63 |
Taxes (Details 7)
Taxes (Details 7) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Current assets, other taxes | $ 1,142 | $ 1,183 |
Non-current assets, other taxes | 3,778 | 3,261 |
Current liabilities, other taxes | 3,048 | 4,001 |
Non-current liabilities, other taxes | 293 | 142 |
Country of domicile [member] | Current deferredi cms vat [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current assets, other taxes | 716 | 665 |
Non-current assets, other taxes | 473 | 379 |
Current liabilities, other taxes | 699 | 995 |
Country of domicile [member] | Current deferredi cms vat one [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current assets, other taxes | 378 | 418 |
Non-current assets, other taxes | 2,362 | 2,030 |
Current liabilities, other taxes | 28 | 499 |
Non-current liabilities, other taxes | 89 | 45 |
Country of domicile [member] | Claim to recover pis and cofins [member] [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current assets, other taxes | 657 | 594 |
Country of domicile [member] | C i d e [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current assets, other taxes | 1 | 6 |
Current liabilities, other taxes | 5 | 42 |
Country of domicile [member] | Production taxes [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current liabilities, other taxes | 1,996 | 2,147 |
Non-current liabilities, other taxes | 114 | 21 |
Country of domicile [member] | Withholding income taxes [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current liabilities, other taxes | 149 | 86 |
Country of domicile [member] | Tax settlement program [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current liabilities, other taxes | 9 | 67 |
Non-current liabilities, other taxes | 7 | 6 |
Country of domicile [member] | Others [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current assets, other taxes | 40 | 48 |
Non-current assets, other taxes | 273 | 249 |
Current liabilities, other taxes | 143 | 142 |
Non-current liabilities, other taxes | 83 | 70 |
B r [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current assets, other taxes | 1,135 | |
Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current assets, other taxes | 1,137 | |
Non-current assets, other taxes | 3,765 | 3,252 |
Current liabilities, other taxes | 3,029 | 3,978 |
Non-current liabilities, other taxes | 293 | 142 |
Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current assets, other taxes | 7 | 46 |
Non-current assets, other taxes | 13 | 9 |
Current liabilities, other taxes | $ 19 | $ 23 |
Taxes (Details Narrative)
Taxes (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Payment Terms | The payment term is 145 monthly installments, indexed by the Selic interest rate, as of January 2018. | |
Gain for the recovery of taxes | $ 903 | |
Estimated future taxable income | $ 249 | |
Description of useful life, property, plant and equipment | straight line over 4 years | |
Non-current receivables | $ 2,440 | 1,900 |
I R P J And C S L L [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Uncertain tax treatments | 6,043 | 4,983 |
Other taxes | 30,020 | 10,712 |
Sales Taxes P I S And C O F I N S [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current receivables | $ 657 | $ 594 |
Employee benefits (Details)
Employee benefits (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Employee Benefits | ||
Short-term employee benefits | $ 1,452 | $ 1,289 |
Termination benefits | 192 | 349 |
Post-employment benefits | 11,246 | 9,880 |
Total | 12,890 | 11,518 |
Current | 2,215 | 2,144 |
Non-current | $ 10,675 | $ 9,374 |
Employee benefits (Details 1)
Employee benefits (Details 1) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Non-current | $ 1,452 | $ 1,289 | |
Current net defined benefit liability | 1,421 | 1,286 | |
Non-current provisions for employee benefits | [1] | 31 | 3 |
Employees variable compensation program [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current | 489 | 461 | |
Accrued vacation pay [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current | 505 | 440 | |
Salaries and related charges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current | 327 | 270 | |
Profit sharing [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current | $ 131 | $ 118 | |
[1]Remaining balance relating to the four-year deferral of 40% of the PPP portion of executive officers and the upper management |
Employee benefits (Details 2)
Employee benefits (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Employee Benefits | ||||
Salaries, accrued vacations and related charges | $ (3,006) | $ (2,665) | $ (3,064) | |
Variable compensation program - PPP | [1] | (547) | (469) | (439) |
Profit sharing | [1] | (131) | (125) | (7) |
Management fees and charges | (14) | (15) | (14) | |
Total | $ (3,698) | $ (3,274) | $ (3,524) | |
[1]It includes reversals of provisions related to previous year. |
Employee benefits (Details 3)
Employee benefits (Details 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Opening Balance | $ 9,374 | |
Closing Balance | 10,675 | $ 9,374 |
Employee benefits [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening Balance | 349 | 900 |
Effects in the statement of income | 16 | (11) |
Enrollments | 18 | 30 |
Revision of provisions | (2) | (41) |
Effects in cash and cash equivalents | (199) | (497) |
Terminations in the period | (199) | (497) |
Cumulative translation adjustment | 26 | (43) |
Closing Balance | 192 | 349 |
Current | 75 | 207 |
Non-current | $ 117 | $ 142 |
Employee benefits (Details 4)
Employee benefits (Details 4) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Net defined benefit liability | $ 1,452 | $ 1,289 |
Total Net defined benefit liability | 11,246 | 9,880 |
Current net defined benefit liability | 719 | 651 |
Non-current net defined benefit liability | 10,527 | 9,229 |
Health Care Plan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Net defined benefit liability | 5,813 | 4,485 |
Petros pension plan renegotiated [member] | ||
IfrsStatementLineItems [Line Items] | ||
Net defined benefit liability | 3,606 | 3,233 |
Petros pension plan non renegotiated [member] | ||
IfrsStatementLineItems [Line Items] | ||
Net defined benefit liability | 1,041 | 658 |
Petros pension plan renegotiated one [member] | ||
IfrsStatementLineItems [Line Items] | ||
Net defined benefit liability | 284 | 817 |
Petros pension plan non renegotiated one [member] | ||
IfrsStatementLineItems [Line Items] | ||
Net defined benefit liability | 339 | 511 |
Petros two pension plan [member] | ||
IfrsStatementLineItems [Line Items] | ||
Net defined benefit liability | $ 163 | 165 |
Other plans [member] | ||
IfrsStatementLineItems [Line Items] | ||
Net defined benefit liability | $ 11 |
Employee benefits (Details 5)
Employee benefits (Details 5) | 12 Months Ended | |
Dec. 31, 2022 | ||
P P S P R [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Modality | Defined Benefit | |
Participants of the plan | Generally covers employees and former employees who joined the company after 1970 that agreed with changes proposed by the Company in its original pension plan (P0) and amendments. | |
New enrollments | Closed | |
Retirement payments | Lifetime monthly payments supplementing the benefit granted by the Brazilian National Institute of Social Security. | |
Other general benefits | Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion. | |
Indexation of Retirement payments by the plan | Based on the Nationwide Consumer Price Index. | |
Parity contributions made by participants and the Company to the plans | i) normal contributions that covers expected cost of the plans in the long term; and | |
Terms of Financial Commitment | Financial obligations with a principal amounting to US$132 at 12/31/2022. | [1] |
P P S P R Pre 70 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Modality | Defined Benefit | |
Participants of the plan | Generally covers employees and former employees hired prior to July 1, 1970, who enrolled in the P0 until January 1, 1996 and remained continuously linked to the original sponsor obtaining the condition of assisted. | |
New enrollments | Closed | |
Parity contributions made by participants and the Company to the plans | normal contributions that covers expected cost of the plans in the long term. | |
Terms of Financial Commitment | Financial obligations with a principal amounting to US$304 at 12/31/2022. | [1] |
P P S P N R [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Modality | Defined Benefit | |
Participants of the plan | Generally covers employees and former employees who joined the company after 1970 that did not agree with changes proposed by the Company in its original pension plan (P0) and amendments | |
New enrollments | Closed | |
Terms of Financial Commitment | Financial obligations settled early in 2021. | [1] |
P P S P N R Pre 70 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Modality | Defined Benefit | |
Participants of the plan | Generally covers employees and former employees hired prior to July 1, 1970, who enrolled in the P0 until January 1, 1996 and remained continuously linked to the original sponsor obtaining the condition of assisted and did not agreed with changes in in its original pension plan (P0) and amendments. | |
New enrollments | Closed | |
Indexation of Retirement payments by the plan | Based on the current index levels applicable to active employees’ salaries and the indexes set out by the Brazilian National Institute of Social Security. | |
Parity contributions made by participants and the Company to the plans | normal contributions that covers expected cost of the plans in the long term. | |
Terms of Financial Commitment | Financial obligations with a principal amounting to US$202 at 12/31/2022. | [1] |
P P 2 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Modality | Variable Contribution (defined benefit and defined contribution portions) | |
Participants of the plan | This Plan was established in 2007, also covering employees and former employees that moved from other existing plans. | |
New enrollments | Open | |
Retirement payments | Lifetime defined benefit monthly payments or non- defined benefit monthly payments in accordance with the participant's election. | |
Indexation of Retirement payments by the plan | Lifetime monthly payments: based on the Nationwide Consumer Price Index | |
Parity contributions made by participants and the Company to the plans | i) normal contributions that covers expected cost of the plans in the long term; and | |
P P 3 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Modality | Defined Contribution | |
Participants of the plan | This plan was implemented in 2021, exclusive option for voluntary migration of employees and retirees from the PPSP-R and PPSP-NR plans. | |
New enrollments | Closed | |
Retirement payments | Undefined benefit with monthly payments, in accordance with the participant election. | |
Other general benefits | Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion. | |
Indexation of Retirement payments by the plan | Undefined benefit monthly payments: based on the variation of individual account quota. | |
Parity contributions made by participants and the Company to the plans | Regular contributions during the employment relationship, saving for the undefined benefit, accumulated in individual accounts | |
[1]This obligation is recorded in these financial statements, within actuarial liabilities. |
Employee benefits (Details 6)
Employee benefits (Details 6) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
IfrsStatementLineItems [Line Items] | |||||||
Net defined benefit liability (asset) | $ 23,805 | $ 20,447 | $ 27,217 | ||||
Fair Value of Plan Assets | (12,559) | (10,567) | (11,575) | ||||
Actuarial Liability Net | 11,246 | 9,880 | |||||
Actuarial Liability | 9,880 | [1],[2] | 16,069 | [3] | |||
Euro Per Dollar | 1,228 | 2,098 | |||||
Current Service Cost For Defined Benefits Plan | 129 | 199 | |||||
Net Interest1 | 1,099 | 1,031 | |||||
Disclosure of Foreign Currency Exchange Exposure | 1,583 | (5,169) | |||||
Reasonably Possible Scenario | 1,583 | (5,169) | |||||
Cash Effects1 | (2,130) | (2,239) | |||||
Decrease (increase) in net defined benefit liability (asset) resulting from contributions to plan by plan participants | (782) | (870) | [4] | ||||
Payments Related To Term Of Financial Commitment Actuarial Liability | (1,348) | (928) | |||||
Investments in Associates Quoted Stock Exchange Price | 685 | (879) | |||||
Others changes | (9) | ||||||
Increase (decrease) in net defined benefit liability (asset) resulting from changes in foreign exchange rates, net defined benefit liability (asset) | 694 | (879) | |||||
Actuarial Liability | 11,246 | 9,880 | [1],[2] | ||||
Past Service Cost | 844 | ||||||
Present Value Of Obligation | 82 | ||||||
PlanAssets Transferred To PP] | 518 | ||||||
Sponsor Contribution For PP | 244 | ||||||
Payments Of Obligations With Contribution For Revision Of Lump Sum Death Benefit | (441) | ||||||
Line of credit facility amount withdrawn | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Net defined benefit liability (asset) | 12,771 | [1],[5] | 11,481 | [6] | 15,847 | [7] | |
Fair Value of Plan Assets | (8,881) | [1] | (7,431) | [6],[8] | (8,650) | [9] | |
Actuarial Liability Net | 3,890 | [1] | 4,050 | [6] | |||
Actuarial Liability | [6] | 4,050 | [1],[2] | 7,524 | [3] | ||
Euro Per Dollar | 457 | [1] | 469 | ||||
Current Service Cost For Defined Benefits Plan | 10 | [1] | 13 | [6] | |||
Net Interest1 | 447 | [1] | 438 | [6] | |||
Disclosure of Foreign Currency Exchange Exposure | 420 | [1] | (2,223) | [6] | |||
Reasonably Possible Scenario | 420 | [1] | (2,223) | [6] | |||
Cash Effects1 | (1,325) | [1] | (1,339) | [6] | |||
Decrease (increase) in net defined benefit liability (asset) resulting from contributions to plan by plan participants | (304) | [1] | (475) | [4],[6] | |||
Payments Related To Term Of Financial Commitment Actuarial Liability | (1,021) | [1] | (524) | [6] | |||
Investments in Associates Quoted Stock Exchange Price | 288 | [1] | (381) | [6] | |||
Increase (decrease) in net defined benefit liability (asset) resulting from changes in foreign exchange rates, net defined benefit liability (asset) | 288 | [1] | (381) | [6] | |||
Actuarial Liability | [1] | 3,890 | 4,050 | [2],[6] | |||
Past Service Cost | [6] | (1) | |||||
Present Value Of Obligation | [6] | (730) | |||||
PlanAssets Transferred To PP] | [6] | 496 | |||||
Sponsor Contribution For PP | [6] | 233 | |||||
Payments Of Obligations With Contribution For Revision Of Lump Sum Death Benefit | [6] | (340) | |||||
Petroleo Brasileiro S-A [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Net defined benefit liability (asset) | 4,119 | [1],[5] | 3,485 | [6] | 4,811 | [7] | |
Fair Value of Plan Assets | (2,739) | [1] | (2,316) | [6],[8] | (2,213) | [9] | |
Actuarial Liability Net | 1,380 | [1] | 1,169 | [6] | |||
Actuarial Liability | [6] | 1,169 | [1],[2] | 2,696 | [3] | ||
Euro Per Dollar | 129 | [1] | 178 | [6] | |||
Current Service Cost For Defined Benefits Plan | 1 | [1] | 1 | [6] | |||
Net Interest1 | 128 | [1] | 172 | [6] | |||
Disclosure of Foreign Currency Exchange Exposure | 417 | [1] | (989) | [6] | |||
Reasonably Possible Scenario | 417 | [1] | (989) | [6] | |||
Cash Effects1 | (421) | [1] | (591) | [6] | |||
Decrease (increase) in net defined benefit liability (asset) resulting from contributions to plan by plan participants | (94) | [1] | (86) | [4],[6] | |||
Payments Related To Term Of Financial Commitment Actuarial Liability | (327) | [1] | (404) | [6] | |||
Investments in Associates Quoted Stock Exchange Price | 86 | [1] | (125) | [6] | |||
Increase (decrease) in net defined benefit liability (asset) resulting from changes in foreign exchange rates, net defined benefit liability (asset) | 86 | [1] | (125) | [6] | |||
Actuarial Liability | [1] | 1,380 | 1,169 | [2],[6] | |||
Present Value Of Obligation | [6] | (33) | |||||
PlanAssets Transferred To PP] | [6] | 22 | |||||
Sponsor Contribution For PP | [6] | 11 | |||||
Payments Of Obligations With Contribution For Revision Of Lump Sum Death Benefit | [6] | (101) | |||||
Pension Plans Petros Two [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Net defined benefit liability (asset) | 1,102 | 987 | 1,177 | ||||
Fair Value of Plan Assets | (939) | (822) | (700) | ||||
Actuarial Liability Net | 163 | 165 | |||||
Actuarial Liability | 165 | [1],[2] | 477 | [3] | |||
Euro Per Dollar | 33 | 72 | |||||
Current Service Cost For Defined Benefits Plan | 13 | 37 | |||||
Net Interest1 | 20 | 35 | |||||
Disclosure of Foreign Currency Exchange Exposure | (45) | (362) | |||||
Reasonably Possible Scenario | (45) | (362) | |||||
Investments in Associates Quoted Stock Exchange Price | 10 | (22) | |||||
Increase (decrease) in net defined benefit liability (asset) resulting from changes in foreign exchange rates, net defined benefit liability (asset) | 10 | (22) | |||||
Actuarial Liability | 163 | 165 | [1],[2] | ||||
Collaboration arrangements [domain] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Net defined benefit liability (asset) | 5,813 | 4,485 | 5,356 | ||||
Actuarial Liability Net | 5,813 | 4,485 | |||||
Actuarial Liability | 4,485 | [1],[2] | 5,356 | [3] | |||
Euro Per Dollar | 609 | 1,388 | |||||
Current Service Cost For Defined Benefits Plan | 105 | 158 | |||||
Net Interest1 | 504 | 385 | |||||
Disclosure of Foreign Currency Exchange Exposure | 791 | (1,601) | |||||
Reasonably Possible Scenario | 791 | (1,601) | |||||
Cash Effects1 | (384) | (309) | |||||
Decrease (increase) in net defined benefit liability (asset) resulting from contributions to plan by plan participants | (384) | (309) | [4] | ||||
Investments in Associates Quoted Stock Exchange Price | 312 | (349) | |||||
Others changes | 1 | ||||||
Increase (decrease) in net defined benefit liability (asset) resulting from changes in foreign exchange rates, net defined benefit liability (asset) | 311 | (349) | |||||
Actuarial Liability | 5,813 | 4,485 | [1],[2] | ||||
Past Service Cost | 845 | ||||||
Present Value Of Obligation | 845 | ||||||
Other plans [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Net defined benefit liability (asset) | 9 | 26 | |||||
Fair Value of Plan Assets | 2 | $ (12) | |||||
Actuarial Liability Net | 11 | ||||||
Actuarial Liability | 11 | [1],[2] | 16 | [3] | |||
Euro Per Dollar | (9) | ||||||
Current Service Cost For Defined Benefits Plan | (10) | ||||||
Net Interest1 | 1 | ||||||
Disclosure of Foreign Currency Exchange Exposure | 6 | ||||||
Reasonably Possible Scenario | 6 | ||||||
Investments in Associates Quoted Stock Exchange Price | (11) | (2) | |||||
Others changes | (10) | ||||||
Increase (decrease) in net defined benefit liability (asset) resulting from changes in foreign exchange rates, net defined benefit liability (asset) | $ (1) | (2) | |||||
Actuarial Liability | [1],[2] | $ 11 | |||||
[1] It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. It includes the payment of US$ 1,324 of a portion of the TFC made on February 25, 2022. It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. |
Employee benefits (Details 7)
Employee benefits (Details 7) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
IfrsStatementLineItems [Line Items] | |||||
Net defined benefit liability (asset) at beginning of period | $ 20,447 | $ 27,217 | |||
Exchange Rate Cross Currency Swap [Member] | 2,397 | 3,035 | |||
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 2,268 | 1,992 | |||
Increase in net defined benefit liability (asset) resulting from current service cost | 129 | 199 | |||
Disclosure Of Foreign Currency Exchange Exposure [line items] | 1,446 | (5,786) | |||
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | 1,872 | (546) | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions | (15) | 91 | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | (411) | (5,331) | |||
Others | (485) | ||||
Benefits Paid Fair Value Of Plan Assets | (1,923) | (1,645) | |||
Contributions Paid By Participants | 29 | 33 | |||
Others | (8) | ||||
Cumulative Translation Adjustments | 1,417 | (1,696) | |||
Net defined benefit liability (asset) at end of period | 23,805 | 20,447 | |||
Line of credit facility amount withdrawn | |||||
IfrsStatementLineItems [Line Items] | |||||
Net defined benefit liability (asset) at beginning of period | 11,481 | [1] | 15,847 | [2] | |
Exchange Rate Cross Currency Swap [Member] | 1,277 | [3] | 1,178 | [2] | |
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 1,267 | [3] | 1,166 | [2] | |
Increase in net defined benefit liability (asset) resulting from current service cost | 10 | [3] | 13 | [2] | |
Disclosure Of Foreign Currency Exchange Exposure [line items] | 281 | [3] | (2,969) | [2] | |
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | 1,367 | [3] | (313) | [2] | |
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | (1,086) | [3] | (2,656) | [2] | |
Others | [3] | (268) | |||
Benefits Paid Fair Value Of Plan Assets | (1,088) | [3] | (952) | [2] | |
Contributions Paid By Participants | 23 | [3] | 26 | [2] | |
Cumulative Translation Adjustments | 797 | [3] | (969) | [2] | |
Net defined benefit liability (asset) at end of period | 12,771 | [3],[4] | 11,481 | [1] | |
Petroleo Brasileiro S-A [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Net defined benefit liability (asset) at beginning of period | 3,485 | [1] | 4,811 | [2] | |
Exchange Rate Cross Currency Swap [Member] | 382 | [3] | 355 | [2] | |
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 381 | [3] | 354 | [2] | |
Increase in net defined benefit liability (asset) resulting from current service cost | 1 | [3] | 1 | [2] | |
Disclosure Of Foreign Currency Exchange Exposure [line items] | 380 | [3] | (1,041) | [2] | |
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | 687 | [3] | (301) | [2] | |
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions | [3] | 4 | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | (311) | [3] | (740) | [2] | |
Others | [3] | (128) | |||
Benefits Paid Fair Value Of Plan Assets | (379) | [3] | (319) | [2] | |
Contributions Paid By Participants | 6 | [3] | 7 | [2] | |
Cumulative Translation Adjustments | 245 | [3] | (297) | [2] | |
Net defined benefit liability (asset) at end of period | 4,119 | [3],[4] | 3,485 | [1] | |
Pension Plans Petros Two [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Net defined benefit liability (asset) at beginning of period | 987 | 1,177 | |||
Exchange Rate Cross Currency Swap [Member] | 129 | 122 | |||
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 116 | 85 | |||
Increase in net defined benefit liability (asset) resulting from current service cost | 13 | 37 | |||
Disclosure Of Foreign Currency Exchange Exposure [line items] | (6) | (168) | |||
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | 95 | 315 | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions | 6 | (5) | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | (107) | (478) | |||
Others | (8) | ||||
Benefits Paid Fair Value Of Plan Assets | (72) | (65) | |||
Others | 1 | ||||
Cumulative Translation Adjustments | 63 | (79) | |||
Net defined benefit liability (asset) at end of period | 1,102 | 987 | |||
Collaboration arrangements [domain] | |||||
IfrsStatementLineItems [Line Items] | |||||
Net defined benefit liability (asset) at beginning of period | 4,485 | 5,356 | |||
Exchange Rate Cross Currency Swap [Member] | 609 | 1,388 | |||
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 504 | 385 | |||
Increase in net defined benefit liability (asset) resulting from current service cost | 105 | 158 | |||
Disclosure Of Foreign Currency Exchange Exposure [line items] | 791 | (1,601) | |||
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | (277) | (239) | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions | (25) | 96 | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | 1,093 | (1,458) | |||
Others | (72) | ||||
Benefits Paid Fair Value Of Plan Assets | (384) | (309) | |||
Cumulative Translation Adjustments | 312 | (349) | |||
Net defined benefit liability (asset) at end of period | 5,813 | 4,485 | |||
Other plans [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Net defined benefit liability (asset) at beginning of period | 9 | 26 | |||
Exchange Rate Cross Currency Swap [Member] | (8) | ||||
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 2 | ||||
Increase in net defined benefit liability (asset) resulting from current service cost | (10) | ||||
Disclosure Of Foreign Currency Exchange Exposure [line items] | (7) | ||||
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | (8) | ||||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | 1 | ||||
Others | (9) | ||||
Others | $ (9) | ||||
Cumulative Translation Adjustments | (2) | ||||
Net defined benefit liability (asset) at end of period | $ 9 | ||||
[1]It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.[2]It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.[3]It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.[4] It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. |
Employee benefits (Details 8)
Employee benefits (Details 8) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
IfrsStatementLineItems [Line Items] | |||||
Fair value of plan assets at the end of the year | $ 10,567 | $ 11,575 | |||
Euro Per Real [member] | 1,169 | 961 | |||
Interest Income On Plan Assets | 1,169 | 961 | |||
Derivatives Assets [member] | (137) | (617) | |||
Return On Plan Assets Due To Lower Interest Income | (137) | (617) | |||
Statement Table | 2,130 | 1,798 | |||
Contributions Paid By Sponsor Company | 782 | 870 | |||
Term Of Financial Commitment Paid By Company Fair Value Of Plan Assets | 1,348 | 928 | |||
Investments in associates Market Value | (1,170) | (3,150) | |||
Diesel [Member] | 29 | 33 | |||
Disclosure Of Pension Plan Assets By Type Of Asset Explanatory | (1,923) | (1,645) | |||
Others | (4,019) | ||||
Transfer And Contribution For Pp3 | 2 | (711) | |||
Cumulative Translation Adjustments 1 | 722 | (827) | |||
Fair value of plan assets at the end of the year | 12,559 | 10,567 | |||
Fair value of plan assets at the beginning of the year | 12,559 | 10,567 | |||
Line of credit facility amount withdrawn | |||||
IfrsStatementLineItems [Line Items] | |||||
Fair value of plan assets at the end of the year | 7,431 | [1],[2] | 8,650 | [3] | |
Euro Per Real [member] | 820 | [1] | 728 | [3] | |
Interest Income On Plan Assets | 820 | [1] | 728 | [3] | |
Derivatives Assets [member] | (139) | [1] | (746) | [3] | |
Return On Plan Assets Due To Lower Interest Income | (139) | [1] | (746) | [3] | |
Statement Table | 1,325 | [1] | 999 | [3] | |
Contributions Paid By Sponsor Company | 304 | [1] | 475 | [3] | |
Term Of Financial Commitment Paid By Company Fair Value Of Plan Assets | 1,021 | [1] | 524 | [3] | |
Investments in associates Market Value | (556) | [1] | (2,200) | [3] | |
Diesel [Member] | 23 | [1] | 26 | [3] | |
Disclosure Of Pension Plan Assets By Type Of Asset Explanatory | (1,088) | [1] | (952) | [3] | |
Others | [4] | (2,575) | |||
Transfer And Contribution For Pp3 | [3] | (31) | (680) | ||
Cumulative Translation Adjustments 1 | 509 | [1] | (594) | [3] | |
Fair value of plan assets at the end of the year | 8,881 | [5] | 7,431 | [1],[2] | |
Fair value of plan assets at the beginning of the year | 8,881 | [5] | 7,431 | [1],[2] | |
Petroleo Brasileiro S-A [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Fair value of plan assets at the end of the year | 2,316 | [1],[2] | 2,213 | [3] | |
Euro Per Real [member] | 253 | [1] | 182 | [3] | |
Interest Income On Plan Assets | 253 | [1] | 182 | [3] | |
Derivatives Assets [member] | (37) | [1] | (52) | [3] | |
Return On Plan Assets Due To Lower Interest Income | (37) | [1] | (52) | [3] | |
Statement Table | 421 | [1] | 490 | [3] | |
Contributions Paid By Sponsor Company | 94 | [1] | 86 | [3] | |
Term Of Financial Commitment Paid By Company Fair Value Of Plan Assets | 327 | [1] | 404 | [3] | |
Investments in associates Market Value | (214) | [1] | (517) | [3] | |
Diesel [Member] | 6 | [1] | 7 | [3] | |
Disclosure Of Pension Plan Assets By Type Of Asset Explanatory | (379) | [1] | (319) | [3] | |
Others | [4] | (640) | |||
Cumulative Translation Adjustments 1 | 159 | [1] | (174) | [3] | |
Fair value of plan assets at the end of the year | 2,739 | [5] | 2,316 | [1],[2] | |
Fair value of plan assets at the beginning of the year | 2,739 | [5] | 2,316 | [1],[2] | |
Pension Plans Petros Two [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Fair value of plan assets at the end of the year | 822 | 700 | |||
Euro Per Real [member] | 96 | 50 | |||
Interest Income On Plan Assets | 96 | 50 | |||
Derivatives Assets [member] | 39 | 194 | |||
Return On Plan Assets Due To Lower Interest Income | 39 | 194 | |||
Investments in associates Market Value | (18) | (122) | |||
Disclosure Of Pension Plan Assets By Type Of Asset Explanatory | (72) | (65) | |||
Others | (144) | ||||
Cumulative Translation Adjustments 1 | 54 | (57) | |||
Fair value of plan assets at the end of the year | 939 | 822 | |||
Fair value of plan assets at the beginning of the year | 939 | 822 | |||
Other plans [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Fair value of plan assets at the end of the year | (2) | 12 | |||
Euro Per Real [member] | 1 | ||||
Interest Income On Plan Assets | 1 | ||||
Derivatives Assets [member] | (13) | ||||
Return On Plan Assets Due To Lower Interest Income | (13) | ||||
Investments in associates Market Value | 2 | (2) | |||
Others | 2 | (2) | |||
Cumulative Translation Adjustments 1 | (2) | ||||
Fair value of plan assets at the end of the year | (2) | ||||
Fair value of plan assets at the beginning of the year | (2) | ||||
Collaboration arrangements [domain] | |||||
IfrsStatementLineItems [Line Items] | |||||
Statement Table | 384 | 309 | |||
Contributions Paid By Sponsor Company | 384 | 309 | |||
Investments in associates Market Value | (384) | (309) | |||
Disclosure Of Pension Plan Assets By Type Of Asset Explanatory | $ (384) | (309) | |||
Others | $ (658) | ||||
[1] It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. |
Employee benefits (Details 9)
Employee benefits (Details 9) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Unquoted prices | $ 7,794 | |
Total fair value | $ 12,559 | $ 10,567 |
% | 98% | 97% |
Quoted prices in active markets | $ 4,765 | |
Unquoted prices | 7,509 | |
Total fair value | 12,274 | $ 10,287 |
Quoted prices in active markets | $ 4,765 | |
% | 100% | 100% |
Receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unquoted prices | $ 1,353 | |
Total fair value | $ 1,353 | $ 846 |
% | 11% | 8% |
Platforms [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unquoted prices | $ 5,297 | |
Total fair value | $ 8,845 | $ 6,864 |
% | 70% | 67% |
Quoted prices in active markets | $ 3,548 | |
Government bonds [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unquoted prices | 3,947 | |
Total fair value | 7,450 | $ 4,522 |
Quoted prices in active markets | 3,503 | |
Depreciation Amortization And Depletion Of Property Plant And Equipment | ||
IfrsStatementLineItems [Line Items] | ||
Unquoted prices | 864 | |
Total fair value | 864 | 860 |
Assets or disposal groups classified as held for sale, Others | ||
IfrsStatementLineItems [Line Items] | ||
Unquoted prices | 486 | |
Total fair value | 531 | 1,482 |
Quoted prices in active markets | 45 | |
Petrobras Production Portion | ||
IfrsStatementLineItems [Line Items] | ||
Unquoted prices | 243 | |
Total fair value | $ 1,427 | $ 1,918 |
% | 9% | 16% |
Quoted prices in active markets | $ 1,184 | |
Foreign Market [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total fair value | 1,184 | $ 1,686 |
Quoted prices in active markets | 1,184 | |
Assets Of Disposal Group Classified As Held For Sale | ||
IfrsStatementLineItems [Line Items] | ||
Unquoted prices | 243 | |
Total fair value | 243 | 232 |
Capital Expenditures and Financing Activities not Involving Cash [abstract] | ||
IfrsStatementLineItems [Line Items] | ||
Unquoted prices | 126 | |
Total fair value | $ 159 | $ 184 |
% | 4% | 2% |
Quoted prices in active markets | $ 33 | |
Guarantees Given As Collateral | ||
IfrsStatementLineItems [Line Items] | ||
Unquoted prices | 490 | |
Total fair value | $ 490 | $ 475 |
% | 4% | 4% |
Oil And Natural Gas Liquids [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unquoted prices | $ 285 | |
Total fair value | $ 285 | $ 280 |
% | 2% | 3% |
Employee benefits (Details 10)
Employee benefits (Details 10) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | ||||
Defined benefit obligation, at present value | $ (280) | |||
Other assets used by entity included in fair value of plan assets | (948) | |||
Post-employment benefit expense in profit or loss, defined benefit plans | $ (1,228) | (2,098) | ||
Post-employment benefit expense in profit or loss, defined benefit plans | $ 1,001 | |||
Line of credit facility amount withdrawn | ||||
IfrsStatementLineItems [Line Items] | ||||
Defined benefit obligation, at present value | [1] | (33) | ||
Other assets used by entity included in fair value of plan assets | [1] | (424) | ||
Post-employment benefit expense in profit or loss, defined benefit plans | [1] | (457) | (469) | (399) |
Petroleo Brasileiro S-A [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Defined benefit obligation, at present value | [1] | (5) | ||
Other assets used by entity included in fair value of plan assets | [1] | (124) | ||
Post-employment benefit expense in profit or loss, defined benefit plans | [1] | (129) | (178) | (139) |
TAG [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Defined benefit obligation, at present value | (20) | |||
Other assets used by entity included in fair value of plan assets | (13) | |||
Post-employment benefit expense in profit or loss, defined benefit plans | (33) | (72) | (131) | |
Collaboration arrangements [axis] | ||||
IfrsStatementLineItems [Line Items] | ||||
Defined benefit obligation, at present value | (222) | |||
Other assets used by entity included in fair value of plan assets | (387) | |||
Post-employment benefit expense in profit or loss, defined benefit plans | $ (609) | (1,388) | ||
Post-employment benefit expense in profit or loss, defined benefit plans | 1,672 | |||
Other plans [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Post-employment benefit expense in profit or loss, defined benefit plans | $ (2) | |||
Post-employment benefit expense in profit or loss, defined benefit plans | $ 9 | |||
[1]It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. |
Employee benefits (Details 11)
Employee benefits (Details 11) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | $ 23,805 | $ 20,447 | $ 27,217 | |
Petros pension plan renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 12,771 | ||
Petros pension plan non renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 4,119 | ||
Petros two pension plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 1,102 | |||
Ams Medical Plan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 5,813 | |||
Not later than one year [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 1,728 | 1,520 | ||
Not later than one year [member] | Petros pension plan renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 999 | ||
Not later than one year [member] | Petros pension plan non renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 354 | ||
Not later than one year [member] | Petros two pension plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 74 | |||
Not later than one year [member] | Ams Medical Plan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 301 | |||
Later than one year and not later than five years [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 7,021 | 6,150 | ||
Later than one year and not later than five years [member] | Petros pension plan renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 4,122 | ||
Later than one year and not later than five years [member] | Petros pension plan non renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 1,437 | ||
Later than one year and not later than five years [member] | Petros two pension plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 313 | |||
Later than one year and not later than five years [member] | Ams Medical Plan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 1,149 | |||
Later than five years and not later than ten years [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 5,367 | 4,615 | ||
Later than five years and not later than ten years [member] | Petros pension plan renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 2,888 | ||
Later than five years and not later than ten years [member] | Petros pension plan non renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 973 | ||
Later than five years and not later than ten years [member] | Petros two pension plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 231 | |||
Later than five years and not later than ten years [member] | Ams Medical Plan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 1,275 | |||
Later than ten years and not later than fifteen years [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 3,762 | 3,193 | ||
Later than ten years and not later than fifteen years [member] | Petros pension plan renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 1,962 | ||
Later than ten years and not later than fifteen years [member] | Petros pension plan non renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 622 | ||
Later than ten years and not later than fifteen years [member] | Petros two pension plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 166 | |||
Later than ten years and not later than fifteen years [member] | Ams Medical Plan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 1,012 | |||
Later Than Fifteen Years [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 5,927 | $ 4,969 | ||
Later Than Fifteen Years [Member] | Petros pension plan renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 2,800 | ||
Later Than Fifteen Years [Member] | Petros pension plan non renegotiated [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | [1] | 733 | ||
Later Than Fifteen Years [Member] | Petros two pension plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | 318 | |||
Later Than Fifteen Years [Member] | Ams Medical Plan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Pension and medical benefits | $ 2,076 | |||
[1]It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. |
Employee benefits (Details 12)
Employee benefits (Details 12) | 12 Months Ended |
Dec. 31, 2022 | |
P P S P R [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of Years | 11 years 21 days |
P P S P R P P S P R [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of Years | 6 years 7 months 2 days |
P P S P N R [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of Years | 10 years 4 months 13 days |
P P S P N R Pre 70 [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of Years | 7 years 1 month 20 days |
Employee benefits (Details 13)
Employee benefits (Details 13) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
P P S P R [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Nominal discount rate | 11.95% | [1] | 10.64% | [2] |
Real discount rate | 6.16% | 5.40% | ||
Nominal expected salary growth | 6.27% | [3] | 5.83% | [4] |
Mortality table | Petros Experience (Bidecrem 2013) | Petros Experience (Bidecrem 2013) | ||
Disability table | American group | American group | ||
Mortality table for disabled participants | AT-49 male | AT-49 male | ||
Age of retirement | Male, 56 years / Female, 55 years | Male, 56 years / Female, 55 years | ||
P P S P N R [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Nominal discount rate | 11.95% | [1] | 10.62% | [2] |
Real discount rate | 6.16% | 5.38% | ||
Nominal expected salary growth | 6.16% | [3] | 5.63% | [4] |
Mortality table | Petros Experiences (Bidecrem 2020) | Petros Experiences (Bidecrem 2020) | ||
Disability table | American group | American group | ||
Mortality table for disabled participants | AT-83 Basic by gender | AT-49 male | ||
Age of retirement | Male, 58 years / Female, 56 years | Male, 58 years / Female, 56 years | ||
P P S P R P P S P R [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Nominal discount rate | 11.93% | [1] | 10.55% | [2] |
Real discount rate | 6.15% | 5.32% | ||
Nominal expected salary growth | 6.27% | [3] | 5.83% | [4] |
Mortality table | Petros Experiences (Bidecrem 2016) | Petros Experiences (Bidecrem 2016) | ||
Mortality table for disabled participants | MI 2006, by gender, 20% smoothed | MI 2006, by gender, 20% smoothed | ||
Age of retirement | Male, 56 years / Female, 55 years | |||
P P S P N R Pre 70 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Nominal discount rate | 11.93% | [1] | 10.54% | [2] |
Real discount rate | 6.15% | 5.31% | ||
Nominal expected salary growth | 6.16% | [3] | 5.63% | [4] |
Mortality table | Petros Experiences (Bidecrem 2020) | Petros Experiences (Bidecrem 2020) | ||
Mortality table for disabled participants | Petros Experience 2014 | Petros Experience 2014 | ||
Age of retirement | Male, 58 years / Female, 56 years | |||
Pension Plans P P 2 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Nominal discount rate | 11.97% | [1] | 10.73% | [2] |
Real discount rate | 6.18% | 5.49% | ||
Nominal expected salary growth | 7.74% | [3] | 7.20% | [4] |
Mortality table | AT-2012 IAM basic fem 10% smoothed | AT-2012 IAM basic fem 10% smoothed | ||
Disability table | Disability Experience PP-2 2022 | Álvaro Vindas 50% smoothed | ||
Mortality table for disabled participants | IAPB-57 strong, 30% smoothed | IAPB-57 strong, 10% smoothed | ||
Age of retirement | 1st eligibility | 1st eligibility | ||
Ams Medical Plan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Nominal discount rate | 11.97% | [1] | 10.68% | [2] |
Real discount rate | 6.18% | 5.44% | ||
Mortality table | Employees: according to pension plan Assisted: Ex Petros (Bidecr 2013) | Employees: according to pension plan Assisted: Ex Petros (Bidecr 2013) | ||
Disability table | Assets: PP-2: Disability Experience PP-22022 Assisted: n/a | Álvaro Vindas 50% smoothed | ||
Mortality table for disabled participants | AT-49 male | AT-49 male | ||
Age of retirement | Male, 56 years / Female, 55 years | Male, 56 years / Female, 55 years | ||
Ams Medical Plan [Member] | Bottom of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Expected changes in medical and hospital costs | 9.87% | [5] | 5.24% | [6] |
Ams Medical Plan [Member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Expected changes in medical and hospital costs | 3.25% | [5] | 3.25% | [6] |
[1]Inflation reflects market projections: 5.45% for 2023 and converging to 3.25% in 2027 onwards.[2]Inflation reflects market projections: 4.97% for 2022 and converging to 3.25% in 2026 onwards.[3]Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan.[4]Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan.[5]Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate.[6]Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate. |
Employee benefits (Details 14)
Employee benefits (Details 14) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Actuarial assumption of discount rates [member] | Pension Benefits [Member] | Increase In Basis Points [Member] | |
IfrsStatementLineItems [Line Items] | |
Pension Obligation | $ (1,474) |
Current Service cost and interest cost | (24) |
Actuarial assumption of discount rates [member] | Pension Benefits [Member] | Decrease In Basis Points [Member] | |
IfrsStatementLineItems [Line Items] | |
Pension Obligation | 1,882 |
Current Service cost and interest cost | 47 |
Actuarial assumption of discount rates [member] | Medical Benefits [Member] | Increase In Basis Points [Member] | |
IfrsStatementLineItems [Line Items] | |
Pension Obligation | (602) |
Current Service cost and interest cost | (46) |
Actuarial assumption of discount rates [member] | Medical Benefits [Member] | Decrease In Basis Points [Member] | |
IfrsStatementLineItems [Line Items] | |
Pension Obligation | 735 |
Current Service cost and interest cost | 56 |
Actuarial assumption of medical cost trend rates [member] | Medical Benefits [Member] | Increase In Basis Points [Member] | |
IfrsStatementLineItems [Line Items] | |
Pension Obligation | 772 |
Current Service cost and interest cost | 128 |
Actuarial assumption of medical cost trend rates [member] | Medical Benefits [Member] | Decrease In Basis Points [Member] | |
IfrsStatementLineItems [Line Items] | |
Pension Obligation | (176) |
Current Service cost and interest cost | $ (26) |
Employee benefits (Details Narr
Employee benefits (Details Narrative) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||||
IfrsStatementLineItems [Line Items] | |||||
Payment relating to the PPP provisioned | $ 85 | $ 507 | |||
Provision relating to PPP | 553 | ||||
Payment relating to the PRL provisioned | 132 | 129 | |||
Temination benefits | $ 11,688 | 11,418 | |||
Description of installments | As of December 31, 2022, from the balance of US$ 192, US$ 22 refers to the second installment of 426 retired employees and US$ 170 refers to 1,651 employees enrolled in voluntary severance programs with expected termination by September 2025. | ||||
Net defined benefit liability (asset) at beginning of period | $ 20,447 | 27,217 | |||
Exchange Rate Cross Currency Swap [Member] | 2,397 | 3,035 | |||
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 2,268 | 1,992 | |||
Increase in net defined benefit liability (asset) resulting from current service cost | 129 | 199 | |||
Increase (decrease) in net defined benefit liability (asset) resulting from past service cost | 844 | ||||
Disclosure Of Foreign Currency Exchange Exposure [line items] | 1,446 | (5,786) | |||
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | 1,872 | (546) | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions | (15) | 91 | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | (411) | (5,331) | |||
Others | (4,019) | ||||
Benefits Paid Fair Value Of Plan Assets | (1,923) | (1,645) | |||
Contributions Paid By Participants | 29 | 33 | |||
Transfer And Contribution For PP | (711) | ||||
Cumulative Translation Adjustments | 1,417 | (1,696) | |||
Net defined benefit liability (asset) at end of period | 23,805 | 20,447 | |||
Common Shares [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Investment portfolio | 2 | 243 | |||
Debentures [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Investment portfolio | $ 1 | 1 | |||
Profit sharing [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Percentage of net income distributed to shareholders | 6.25% | ||||
Percentage of dividend distributed to shareholders | 25% | ||||
Profit sharing [member] | Top of range [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Adjustment to profit sharing distribution | 0.05 | ||||
Line of credit facility amount withdrawn | |||||
IfrsStatementLineItems [Line Items] | |||||
Net defined benefit liability (asset) at beginning of period | $ 11,481 | [1] | 15,847 | [2] | |
Exchange Rate Cross Currency Swap [Member] | 1,277 | [3] | 1,178 | [2] | |
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 1,267 | [3] | 1,166 | [2] | |
Increase in net defined benefit liability (asset) resulting from current service cost | 10 | [3] | 13 | [2] | |
Increase (decrease) in net defined benefit liability (asset) resulting from past service cost | [2] | (1) | |||
Disclosure Of Foreign Currency Exchange Exposure [line items] | 281 | [3] | (2,969) | [2] | |
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | 1,367 | [3] | (313) | [2] | |
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | (1,086) | [3] | (2,656) | [2] | |
Others | [2] | (2,575) | |||
Benefits Paid Fair Value Of Plan Assets | (1,088) | [3] | (952) | [2] | |
Contributions Paid By Participants | 23 | [3] | 26 | [2] | |
Transfer And Contribution For PP | [2] | (680) | |||
Cumulative Translation Adjustments | 797 | [3] | (969) | [2] | |
Net defined benefit liability (asset) at end of period | 12,771 | [3],[4] | 11,481 | [1] | |
Petroleo Brasileiro S-A [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Net defined benefit liability (asset) at beginning of period | 3,485 | [1] | 4,811 | [2] | |
Exchange Rate Cross Currency Swap [Member] | 382 | [3] | 355 | [2] | |
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 381 | [3] | 354 | [2] | |
Increase in net defined benefit liability (asset) resulting from current service cost | 1 | [3] | 1 | [2] | |
Disclosure Of Foreign Currency Exchange Exposure [line items] | 380 | [3] | (1,041) | [2] | |
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | 687 | [3] | (301) | [2] | |
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions | [3] | 4 | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | (311) | [3] | (740) | [2] | |
Others | [2] | (640) | |||
Benefits Paid Fair Value Of Plan Assets | (379) | [3] | (319) | [2] | |
Contributions Paid By Participants | 6 | [3] | 7 | [2] | |
Transfer And Contribution For PP | [2] | (31) | |||
Cumulative Translation Adjustments | 245 | [3] | (297) | [2] | |
Net defined benefit liability (asset) at end of period | 4,119 | [3],[4] | 3,485 | [1] | |
Pension Plans Petros Two [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Net defined benefit liability (asset) at beginning of period | 987 | 1,177 | |||
Exchange Rate Cross Currency Swap [Member] | 129 | 122 | |||
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 116 | 85 | |||
Increase in net defined benefit liability (asset) resulting from current service cost | 13 | 37 | |||
Disclosure Of Foreign Currency Exchange Exposure [line items] | (6) | (168) | |||
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | 95 | 315 | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions | 6 | (5) | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | (107) | (478) | |||
Others | (144) | ||||
Benefits Paid Fair Value Of Plan Assets | (72) | (65) | |||
Cumulative Translation Adjustments | 63 | (79) | |||
Net defined benefit liability (asset) at end of period | 1,102 | 987 | |||
Collaboration arrangements [domain] | |||||
IfrsStatementLineItems [Line Items] | |||||
Net defined benefit liability (asset) at beginning of period | 4,485 | 5,356 | |||
Exchange Rate Cross Currency Swap [Member] | 609 | 1,388 | |||
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 504 | 385 | |||
Increase in net defined benefit liability (asset) resulting from current service cost | 105 | 158 | |||
Increase (decrease) in net defined benefit liability (asset) resulting from past service cost | 845 | ||||
Disclosure Of Foreign Currency Exchange Exposure [line items] | 791 | (1,601) | |||
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | (277) | (239) | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions | (25) | 96 | |||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | 1,093 | (1,458) | |||
Others | (658) | ||||
Benefits Paid Fair Value Of Plan Assets | (384) | (309) | |||
Cumulative Translation Adjustments | 312 | (349) | |||
Net defined benefit liability (asset) at end of period | 5,813 | 4,485 | |||
Other plans [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Net defined benefit liability (asset) at beginning of period | 9 | 26 | |||
Exchange Rate Cross Currency Swap [Member] | (8) | ||||
Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income) | 2 | ||||
Increase in net defined benefit liability (asset) resulting from current service cost | (10) | ||||
Disclosure Of Foreign Currency Exchange Exposure [line items] | (7) | ||||
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | (8) | ||||
Decrease (increase) in net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions | 1 | ||||
Others | 2 | (2) | |||
Cumulative Translation Adjustments | (2) | ||||
Net defined benefit liability (asset) at end of period | $ 9 | ||||
P P 1 [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Post-employment benefit expense, defined contribution plans | 2,130 | ||||
P P 2 [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Post-employment benefit expense, defined contribution plans | 197 | ||||
P P 3 [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Post-employment benefit expense, defined contribution plans | $ 2 | ||||
[1]It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.[2]It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.[3]It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.[4] It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70. |
Provisions for legal proceedi_3
Provisions for legal proceedings, judicial deposits and contingent liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | |||
Total | $ 3,010 | $ 2,018 | $ 2,199 |
Labor related contingent liability [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 737 | 716 | |
Tax contingent liability [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 466 | 306 | |
Civil related contingent liability [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 1,504 | 820 | |
Civil related environmental contingent liability [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | $ 303 | $ 176 |
Provisions for legal proceedi_4
Provisions for legal proceedings, judicial deposits and contingent liabilities (Details 1) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Provisions For Legal Proceedings Judicial Deposits And Contingent Liabilities | ||
Opening Balance | $ 2,018 | $ 2,199 |
Additions, net of reversals | 1,072 | 540 |
Use of provision | (487) | (715) |
Revaluation of existing proceedings and interest charges | 273 | 150 |
Others | (2) | 8 |
Translation adjustment | 136 | (164) |
Closing Balance | $ 3,010 | $ 2,018 |
Provisions for legal proceedi_5
Provisions for legal proceedings, judicial deposits and contingent liabilities (Details 2) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Provisions For Legal Proceedings Judicial Deposits And Contingent Liabilities | |||
Tax | $ 7,876 | $ 5,790 | |
Labor | 907 | 796 | |
Civil | 2,089 | 1,275 | |
Environmental | 109 | 101 | |
Others | 72 | 76 | |
Total | $ 11,053 | $ 8,038 | $ 7,281 |
Provisions for legal proceedi_6
Provisions for legal proceedings, judicial deposits and contingent liabilities (Details 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Provisions For Legal Proceedings Judicial Deposits And Contingent Liabilities | ||
Opening Balance | $ 8,038 | $ 7,281 |
Additions | 1,710 | 1,145 |
Use | (115) | (109) |
Accruals and charges | 897 | 263 |
Others | (9) | 3 |
Cumulative translation adjustment | 532 | (545) |
Closing Balance | $ 11,053 | $ 8,038 |
Provisions for legal proceedi_7
Provisions for legal proceedings, judicial deposits and contingent liabilities (Details 4) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Total | $ 49,171 | $ 38,869 |
Tax contingent liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 32,094 | 24,785 |
Labor related contingent liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 8,272 | 7,172 |
Civil related contingent liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 7,548 | 5,720 |
Civil related environmental contingent liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | $ 1,257 | $ 1,192 |
Provisions for legal proceedi_8
Provisions for legal proceedings, judicial deposits and contingent liabilities (Details 5) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Estimate | $ 49,171 | $ 38,869 |
Tax contingent liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 32,094 | 24,785 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability One [Member] | Plaintiff Related To Tax One [Member] | Other Claims [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | $ 10,386 | 9,092 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Two [Member] | Plaintiff Related To Tax One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Description of tax matters | Income from foreign subsidiaries located outside Brazil not included in the computation of taxable income (IRPJ and CSLL). | |
Contingent liabilities, current status | This claim involves lawsuits in different administrative and judicial stages. The Company considers the likelihood of loss as possible, since there are decisions from Superior Courts favorable to the understanding of the Company. | |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Two [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | $ 4,396 | 3,890 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Three [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 705 | 827 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Four [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 922 | 706 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Five [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | $ 485 | 428 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Six [Member] | Plaintiff Related To Tax One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Description of tax matters | Deduction from the basis of calculation of taxable income (income tax - IRPJ and social contribution - CSLL) of several expenses related to employee benefits. | |
Contingent liabilities, current status | The claim involves lawsuits in different administrative and judicial stages. | |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Six [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | $ 646 | 570 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Seven [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 501 | 234 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Eight [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 986 | 330 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Nine [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 498 | 287 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Ten [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 294 | 249 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Eleven [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 2,414 | |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Twelve [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 240 | |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Thirteen [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 870 | |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Fourteen [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 425 | 367 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Fifteen [Member] | Plaintiff Related To Tax One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 842 | 746 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Sixteen [Member] | Plaintiff Related To Tax Two [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 440 | 110 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Seventeen [Member] | Plaintiff Related To Tax Three [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 916 | 788 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Nineteen [Member] | Plaintiff Related To Tax Five [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 929 | 800 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Twenty [Member] | Plaintiff Related To Tax Six [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 687 | 569 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Twenty One [Member] | Plaintiff Related To Tax Seven [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 799 | 446 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Twenty Two [Member] | Plaintiff Related To Tax Eight [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 263 | 232 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Twenty Three [Member] | Plaintiff Related To Tax Nine [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | $ 478 | 417 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Twenty Four [Member] | Plaintiff Related To Tax Ten [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Description of tax matters | Misappropriation of VAT tax credit (ICMS) on the acquisitions of drills and chemicals used in the formulation of drilling fluid, per the tax authorities. | |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Twenty Four [Member] | Plaintiff Related To Tax Ten [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | $ 486 | 422 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Twenty Five [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 32,094 | 24,785 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Twenty Five [Member] | Plaintiff Related To Tax Eleven [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 347 | 289 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Twenty Six [Member] | Plaintiff Related To Tax Twelve [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 223 | 201 |
Tax contingent liability [member] | Transactions Related To Tax Contingent Liability Twenty Seven [Member] | Plaintiff Related To Tax Thirteen [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 1,071 | |
Tax contingent liability [member] | Transactions Related To Other Tax Contingent Liability [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 1,916 | 1,505 |
Labor related contingent liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 8,272 | 7,172 |
Labor related contingent liability [member] | Transactions Related To Labour Matters Contingent Liability One [Member] | Plaintiff Related To Labour Matters One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 6,806 | 5,917 |
Labor related contingent liability [member] | Transactions Related To Other Labour Matters Contingent Liability [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 1,466 | 1,255 |
Civil related contingent liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 7,548 | 5,720 |
Civil related contingent liability [member] | Transactions Related To Civil Matters Contingent Liability One [Member] | Plaintiff Related To Civil Matters One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | $ 1,980 | 1,197 |
Contingent liabilities, current status | The claims involve lawsuits in different administrative and judicial stages. | |
Civil related contingent liability [member] | Transactions Related To Civil Matters Contingent Liability Two [Member] | Plaintiff Related To Civil Matters Two [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | $ 1,531 | 829 |
Civil related contingent liability [member] | Transactions Related To Civil Matters Contingent Liability Three [Member] | Plaintiff Related To Civil Matters Three [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 39 | 318 |
Civil related contingent liability [member] | Transactions Related To Civil Matters Contingent Liability Four [Member] | Plaintiff Related To Civil Matters Four [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 2,988 | 2,491 |
Civil related contingent liability [member] | Transactions Related To Civil Matters Contingent Liability Five [Member] | Plaintiff Related To Civil Matters Five [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 1,010 | 885 |
Civil related environmental contingent liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | 1,257 | 1,192 |
Civil related environmental contingent liability [member] | Transactions Related To Environmental Matters Contingent Liability One [Member] | Plaintiff Related To Environmental Matters One [Member] | Current Status [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimate | $ 1,257 | $ 1,192 |
Provision for decommissioning_4
Provision for decommissioning costs (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | |||
Provision for decommissioning costs | $ 18,600 | $ 15,619 | $ 18,780 |
Onshore [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provision for decommissioning costs | 418 | 873 | |
Shallow Waters [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provision for decommissioning costs | 4,399 | 3,732 | |
Deep And Ultradeep Postsalt [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provision for decommissioning costs | 9,988 | 8,420 | |
Pre Salt [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provision for decommissioning costs | $ 3,795 | $ 2,594 |
Provision for decommissioning_5
Provision for decommissioning costs (Details 1) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Provision For Decommissioning Costs | ||
Opening balance | $ 15,619 | $ 18,780 |
Adjustment to provision | 3,484 | (1,186) |
Transfers related to liabilities held for sale | (1,258) | (704) |
Use of provisions | (854) | (730) |
Interest accrued | 476 | 723 |
Others | (5) | 5 |
Translation adjustment | 1,138 | (1,269) |
Opening balance | $ 18,600 | $ 15,619 |
Other Assets and Liabilities (D
Other Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Other assets | $ 3,330 | $ 2,060 |
Other assets current | 1,777 | 1,573 |
Other assets non current | 1,553 | 487 |
Other liabilites | 4,973 | 4,025 |
Other liabilites current | 3,001 | 1,875 |
Other liabilites non current | 1,972 | 2,150 |
Obligations Arising From Divestments [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other liabilites | 1,355 | 1,106 |
Contractual Retentions [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other liabilites | 601 | 521 |
Advances From Customers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other liabilites | 906 | 606 |
Provisions For Environmental Expenses And Fines [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other liabilites | 674 | 568 |
Other Taxes [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other liabilites | 293 | 143 |
Unclaimed Dividends [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other liabilites | 241 | 81 |
Derivatives Transactions [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other liabilites | 147 | 282 |
Various Creditors [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other liabilites | 95 | 84 |
Otherses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other liabilites | 661 | 634 |
Escrow Account Collateral [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other assets | 1,087 | 961 |
Advances To Suppliers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other assets | 1,561 | 308 |
Prepaid Expenses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other assets | 363 | 297 |
Derivatives Transactions [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other assets | 54 | 31 |
Assets Related To E And P Partnerships [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other assets | 71 | 262 |
Others [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other assets | $ 194 | $ 201 |
The _Lava Jato (Car Wash) Ope_2
The “Lava Jato (Car Wash) Operation” and its effects on the Company (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Compensation for damages | $ 96 | $ 235 |
Lava Jato [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Compensation for damages | $ 1,618 |
Commitment to purchase natura_2
Commitment to purchase natural gas (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 06, 2020 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Description of contractual amendment | ranging from 5.6 million m³ per day to 14 million m³ per day (on a monthly basis) | |
Additional amount | $ 3,470 | |
Description of maturity | January 2023 to May 2028. | |
Gas Supply Agreement [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Description of contractual amendment | On March 6, 2020, by means of a contractual amendment, Petrobras and YPBF changed the daily contracted quantity (QDC) from 30.08 million m³ per day to 20 million m³ per day, which became effective as from March 11, 2020. | total amount of the GSA for 2023, corresponding to the delivery obligation of YPFB, is nearly 5.76 billion m³ of natural gas (equivalent to 15.77 million m³ per day), corresponding to a total estimated value of US$ 1.51 billion. |
Additional amount | $ 3,810 | |
Description of maturity | January 2023 to January 2026 |
Property, plant and equipment_3
Property, plant and equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Balance at January 1, 2021 | $ 125,330 | $ 124,201 | |
Accumulated depreciation and impairment | (100,792) | (91,077) | $ (100,674) |
Additions | 15,540 | 14,370 | |
Decommissioning costs - Additions to / review of estimates | 3,269 | (1,069) | |
Capitalized borrowing costs | 1,021 | 971 | |
Signature Bonuses Transfers | 1,177 | 11,629 | |
Write-offs | (5,054) | (3,149) | |
Transfers | 300 | 1,263 | |
Transfers to assets held for sale | (4,427) | (4,240) | |
Depreciation, amortization and depletion | (14,618) | (12,955) | |
Impairment recognition | (1,453) | (409) | |
Impairment reversal | 290 | 3,823 | |
Translation adjustment | 8,794 | (9,105) | |
Balance at December 31, 2021 | 130,169 | 125,330 | |
Right-of-use assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Accumulated depreciation and impairment | (10,458) | (9,330) | (7,911) |
Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost | 230,961 | 216,407 | 224,875 |
Land Buildings And Improvement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at January 1, 2021 | 2,383 | 3,043 | |
Cost | 4,343 | 4,080 | 5,450 |
Accumulated depreciation and impairment | (1,805) | (1,697) | (2,407) |
Additions | |||
Decommissioning costs - Additions to / review of estimates | |||
Capitalized borrowing costs | |||
Signature Bonuses Transfers | |||
Write-offs | (20) | (38) | |
Transfers | 130 | (295) | |
Transfers to assets held for sale | (27) | (53) | |
Depreciation, amortization and depletion | (88) | (97) | |
Impairment recognition | |||
Impairment reversal | |||
Translation adjustment | 160 | (177) | |
Balance at December 31, 2021 | 2,538 | 2,383 | |
Equipment And Other Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at January 1, 2021 | 53,126 | 58,680 | |
Cost | 105,429 | 98,085 | 107,199 |
Accumulated depreciation and impairment | (50,282) | (44,959) | (48,519) |
Additions | 841 | 1,650 | |
Decommissioning costs - Additions to / review of estimates | |||
Capitalized borrowing costs | |||
Signature Bonuses Transfers | |||
Write-offs | (746) | (588) | |
Transfers | 5,162 | 2,934 | |
Transfers to assets held for sale | (1,874) | (2,776) | |
Depreciation, amortization and depletion | (4,746) | (4,235) | |
Impairment recognition | (693) | (377) | |
Impairment reversal | 223 | 1,796 | |
Translation adjustment | 3,854 | (3,958) | |
Balance at December 31, 2021 | 55,147 | 53,126 | |
Assets Under Construction [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at January 1, 2021 | 16,922 | 15,443 | |
Cost | 23,938 | 25,954 | 27,544 |
Accumulated depreciation and impairment | (9,100) | (9,032) | (12,101) |
Additions | 7,525 | 5,761 | |
Decommissioning costs - Additions to / review of estimates | |||
Capitalized borrowing costs | 1,021 | 971 | |
Signature Bonuses Transfers | |||
Write-offs | (2,152) | (599) | |
Transfers | (8,611) | (3,160) | |
Transfers to assets held for sale | (410) | (575) | |
Depreciation, amortization and depletion | |||
Impairment recognition | (605) | (1) | |
Impairment reversal | 15 | 114 | |
Translation adjustment | 1,133 | (1,032) | |
Balance at December 31, 2021 | 14,838 | 16,922 | |
Exploration And Development Costs [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at January 1, 2021 | 35,847 | 31,166 | |
Cost | 67,581 | 61,906 | 60,902 |
Accumulated depreciation and impairment | (29,147) | (26,059) | (29,736) |
Additions | 48 | 5 | |
Decommissioning costs - Additions to / review of estimates | 3,269 | (1,069) | |
Capitalized borrowing costs | |||
Signature Bonuses Transfers | 1,177 | 11,629 | |
Write-offs | (667) | (1,645) | |
Transfers | 3,617 | 1,781 | |
Transfers to assets held for sale | (1,976) | (822) | |
Depreciation, amortization and depletion | (5,306) | (4,342) | |
Impairment recognition | (142) | (27) | |
Impairment reversal | 52 | 1,879 | |
Translation adjustment | 2,515 | (2,708) | |
Balance at December 31, 2021 | 38,434 | 35,847 | |
Right-of-use assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at January 1, 2021 | 17,052 | 15,869 | |
Cost | 29,670 | 26,382 | $ 23,780 |
Additions | 7,126 | 6,954 | |
Decommissioning costs - Additions to / review of estimates | |||
Capitalized borrowing costs | |||
Signature Bonuses Transfers | |||
Write-offs | (1,469) | (279) | |
Transfers | 2 | 3 | |
Transfers to assets held for sale | (140) | (14) | |
Depreciation, amortization and depletion | (4,478) | (4,281) | |
Impairment recognition | (13) | (4) | |
Impairment reversal | 34 | ||
Translation adjustment | 1,132 | (1,230) | |
Balance at December 31, 2021 | $ 19,212 | $ 17,052 |
Property, plant and equipment_4
Property, plant and equipment (Details 1) | 12 Months Ended |
Dec. 31, 2022 | |
Land Buildings And Improvement [Member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average of useful life in years | 25 years |
Land Buildings And Improvement [Member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average of useful life in years | 50 years |
Equipment And Other Assets [Member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average of useful life in years | 3 years |
Equipment And Other Assets [Member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average of useful life in years | 31 years |
Right-of-use assets [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average of useful life in years | 2 years |
Right-of-use assets [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average of useful life in years | 47 years |
Property, plant and equipment_5
Property, plant and equipment (Details 2) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Buildings And Improvement [Member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 2,426 |
Equipment And Other Assets [Member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 55,147 |
Bottom of range [member] | Equipment And Other Assets [Member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 3 years |
Top of range [member] | Equipment And Other Assets [Member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 31 years |
Gross carrying amount [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 109,654 |
Gross carrying amount [member] | Buildings And Improvement [Member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | 4,225 |
Gross carrying amount [member] | Equipment And Other Assets [Member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | 105,429 |
Accumulated depreciation and amortisation [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | (52,081) |
Accumulated depreciation and amortisation [member] | Buildings And Improvement [Member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | (1,799) |
Accumulated depreciation and amortisation [member] | Equipment And Other Assets [Member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | (50,282) |
Total [Member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 57,573 |
Not Later Than Five Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 5 years |
Property, plant and equipment | $ 868 |
Not Later Than Five Year [Member] | Gross carrying amount [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | 4,762 |
Not Later Than Five Year [Member] | Accumulated depreciation and amortisation [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | (3,894) |
Later Than Five Year And Not Later Than Ten Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 2,028 |
Later Than Five Year And Not Later Than Ten Years [Member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 6 years |
Later Than Five Year And Not Later Than Ten Years [Member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 10 years |
Later Than Five Year And Not Later Than Ten Years [Member] | Gross carrying amount [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 8,316 |
Later Than Five Year And Not Later Than Ten Years [Member] | Accumulated depreciation and amortisation [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | (6,288) |
Later than ten years and not later than fifteen years [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 3,675 |
Later than ten years and not later than fifteen years [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 11 years |
Later than ten years and not later than fifteen years [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 15 years |
Later than ten years and not later than fifteen years [member] | Gross carrying amount [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 5,442 |
Later than ten years and not later than fifteen years [member] | Accumulated depreciation and amortisation [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | (1,767) |
Later than fifteen years and not later than twenty years [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 11,115 |
Later than fifteen years and not later than twenty years [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 16 years |
Later than fifteen years and not later than twenty years [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 20 years |
Later than fifteen years and not later than twenty years [member] | Gross carrying amount [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 27,705 |
Later than fifteen years and not later than twenty years [member] | Accumulated depreciation and amortisation [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | (16,590) |
Later than twenty years and not later than twenty-five years [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 22,486 |
Later than twenty years and not later than twenty-five years [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 21 years |
Later than twenty years and not later than twenty-five years [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 25 years |
Later than twenty years and not later than twenty-five years [member] | Gross carrying amount [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 30,195 |
Later than twenty years and not later than twenty-five years [member] | Accumulated depreciation and amortisation [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | (7,709) |
Later Than Twenty Five Years And Not Later Than Thirty Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 8,247 |
Later Than Twenty Five Years And Not Later Than Thirty Year [Member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 25 years |
Later Than Twenty Five Years And Not Later Than Thirty Year [Member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 30 years |
Later Than Twenty Five Years And Not Later Than Thirty Year [Member] | Gross carrying amount [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ 11,727 |
Later Than Twenty Five Years And Not Later Than Thirty Year [Member] | Accumulated depreciation and amortisation [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ (3,480) |
Later Than Thirty Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 30 years |
Property, plant and equipment | $ 2,745 |
Later Than Thirty Years [Member] | Gross carrying amount [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | 4,600 |
Later Than Thirty Years [Member] | Accumulated depreciation and amortisation [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | (1,855) |
Units Of Production Method [Member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | 6,409 |
Units Of Production Method [Member] | Gross carrying amount [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | 16,907 |
Units Of Production Method [Member] | Accumulated depreciation and amortisation [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | $ (10,498) |
Property, plant and equipment_6
Property, plant and equipment (Details 3) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | $ 19,212 | $ 17,052 |
Right-of-use assets | (19,212) | (17,052) |
Without Contractual Readjustment Clauses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | (5,386) | (4,472) |
Right-of-use assets | 5,386 | 4,472 |
Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 3,611 | 3,718 |
Right-of-use assets | (3,611) | (3,718) |
Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 1,461 | 1,140 |
Right-of-use assets | (1,461) | (1,140) |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 29,670 | 26,382 |
Right-of-use assets | (29,670) | (26,382) |
Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | (10,458) | (9,330) |
Right-of-use assets | 10,458 | 9,330 |
Platforms [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 9,211 | 9,840 |
Right-of-use assets | (9,211) | (9,840) |
Platforms [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 3,393 | 3,522 |
Right-of-use assets | (3,393) | (3,522) |
Platforms [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 12,604 | 13,362 |
Right-of-use assets | (12,604) | (13,362) |
Platforms [member] | Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | (3,393) | (3,522) |
Right-of-use assets | 3,393 | 3,522 |
Vessels [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 8,254 | 5,997 |
Right-of-use assets | (8,254) | (5,997) |
Vessels [member] | Without Contractual Readjustment Clauses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | (5,322) | (4,375) |
Right-of-use assets | 5,322 | 4,375 |
Vessels [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 218 | 196 |
Right-of-use assets | (218) | (196) |
Vessels [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 994 | 699 |
Right-of-use assets | (994) | (699) |
Vessels [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 14,788 | 11,267 |
Right-of-use assets | (14,788) | (11,267) |
Vessels [member] | Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | (6,534) | (5,270) |
Right-of-use assets | 6,534 | 5,270 |
Properties [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 1,747 | 1,215 |
Right-of-use assets | (1,747) | (1,215) |
Properties [member] | Without Contractual Readjustment Clauses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | (64) | (97) |
Right-of-use assets | 64 | 97 |
Properties [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 467 | 441 |
Right-of-use assets | (467) | (441) |
Properties [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 2,278 | 1,753 |
Right-of-use assets | (2,278) | (1,753) |
Properties [member] | Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | (531) | (538) |
Right-of-use assets | $ 531 | $ 538 |
Property, plant and equipment_7
Property, plant and equipment (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |||
Write-offs | $ 619 | $ 27 | $ 12 |
Capitalization Rate | 6.55% | 6.17% |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Balance at January 1, 2021 | $ 3,025 | $ 14,948 | |
Cost | 4,162 | 4,087 | $ 16,072 |
Accumulated amortization and impairment | (1,176) | (1,062) | (1,124) |
Addition | 1,079 | 271 | |
Capitalized borrowing costs | 11 | 5 | |
Write-offs | (18) | (15) | |
Transfers | (12) | (91) | |
Signature Bonuses Transfers | (1,177) | (11,629) | |
Amortization | (77) | (60) | |
Impairment reversal | (1) | 1 | |
Translation adjustment | 156 | (405) | |
Balance at December 31, 2021 | 2,986 | 3,025 | |
Service concession rights [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at January 1, 2021 | 2,695 | 14,714 | |
Cost | 2,578 | 2,744 | 14,803 |
Accumulated amortization and impairment | (55) | (49) | (89) |
Addition | 898 | 106 | |
Capitalized borrowing costs | |||
Write-offs | (12) | (12) | |
Transfers | (11) | (94) | |
Signature Bonuses Transfers | (1,177) | (11,629) | |
Amortization | (4) | (6) | |
Impairment reversal | |||
Translation adjustment | 134 | (384) | |
Balance at December 31, 2021 | 2,523 | 2,695 | |
Software Licenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at January 1, 2021 | 308 | 210 | |
Cost | 1,560 | 1,321 | 1,245 |
Accumulated amortization and impairment | (1,121) | (1,013) | (1,035) |
Addition | 181 | 165 | |
Capitalized borrowing costs | 11 | 5 | |
Write-offs | (6) | (3) | |
Transfers | (1) | 3 | |
Signature Bonuses Transfers | |||
Amortization | (73) | (54) | |
Impairment reversal | (1) | 1 | |
Translation adjustment | 20 | (19) | |
Balance at December 31, 2021 | $ 439 | $ 308 | |
Estimated useful life in years | 5 years | 5 years | |
Goodwill [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at January 1, 2021 | $ 22 | $ 24 | |
Cost | 24 | 22 | $ 24 |
Addition | |||
Capitalized borrowing costs | |||
Write-offs | |||
Transfers | |||
Signature Bonuses Transfers | |||
Amortization | |||
Impairment reversal | |||
Translation adjustment | 2 | (2) | |
Balance at December 31, 2021 | $ 24 | $ 22 |
Intangible assets (Details Narr
Intangible assets (Details Narrative) $ / shares in Units, R$ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 06, 2019 | Dec. 16, 2016 USD ($) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 BRL (R$) | May 16, 2022 $ / shares | |
IfrsStatementLineItems [Line Items] | |||||
Signature bonus | $ 140 | R$ 729 | |||
Description of exploration rights | Exploratory well costs that have been capitalized for a period greater than one year since the completion of drilling relate to 15 projects comprising 23 wells, are composed of (i) US$ 1,413 of wells in areas in which there has been ongoing drilling or firmly planned drilling activities for the near term and for which an evaluation plan has been submitted for approval by the ANP; and (ii) US$ 57 relates to costs incurred to evaluate technical and commercial feasibility necessary for the decision on the production development and on definition of proved reserves. | Exploratory well costs that have been capitalized for a period greater than one year since the completion of drilling relate to 15 projects comprising 23 wells, are composed of (i) US$ 1,413 of wells in areas in which there has been ongoing drilling or firmly planned drilling activities for the near term and for which an evaluation plan has been submitted for approval by the ANP; and (ii) US$ 57 relates to costs incurred to evaluate technical and commercial feasibility necessary for the decision on the production development and on definition of proved reserves. | |||
Average price | $ / shares | $ 0.5356 | ||||
Accruals | $ 5,244 | ||||
Other income and expenses | 693 | ||||
Contract provision | 384 | ||||
Accrual | 309 | ||||
Compensation amount | 58 | R$ 319 | |||
Basins returned | $ 3 | ||||
Minimum [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Average price | $ / shares | $ 40 | ||||
Maximum [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Average price | $ / shares | $ 70 | ||||
Transfer Of Rights Agreement And Production Sharing Contract [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Description of exploration rights | the ANP held the Bidding Round for the Surplus Volume of the Transfer of Rights Agreement, when the Company acquired a 90% interest in the exploration and production rights of the surplus volume of Búzios field, in the pre-salt layer of Santos basin, in partnership with CNODC Brasil Petróleo e Gás Ltda. - CNODC (5%) and CNOOC Petroleum Brasil Ltda. - CNOOC (5%). | Petrobras signed the Production Sharing Contract for the surplus volume of the Transfer of Rights Agreement related to the Atapu field, in partnership with Shell Brasil Petróleo Ltda (Shell, 25%) and TotalEnergies EP Brasil Ltda. (TotalEnergies, 22.5%), and related to the Sépia field in consortium with TotalEnergies (28%), Petronas Petróleo Brasil Ltda. (Petronas, 21%) and QP Brasil Ltda. (QP, 21%), according to the results of the Second Bidding Round for the Surplus Volume of the Transfer of Rights Agreement in the Production Sharing regime, which was held on December 17, 2021. | Petrobras signed the Production Sharing Contract for the surplus volume of the Transfer of Rights Agreement related to the Atapu field, in partnership with Shell Brasil Petróleo Ltda (Shell, 25%) and TotalEnergies EP Brasil Ltda. (TotalEnergies, 22.5%), and related to the Sépia field in consortium with TotalEnergies (28%), Petronas Petróleo Brasil Ltda. (Petronas, 21%) and QP Brasil Ltda. (QP, 21%), according to the results of the Second Bidding Round for the Surplus Volume of the Transfer of Rights Agreement in the Production Sharing regime, which was held on December 17, 2021. | ||
Additional gain | $ 129 | ||||
Ammount ereceived throughcompensation and reimbursement | 1,953 | ||||
Total gain | $ 735 | ||||
Description of exploration rights | After the transaction becomes effective, Petrobras hold an 85% interest in the Production Sharing Contract of the Surplus Volume of the Transfer of Rights Agreement of the Búzios field, CNOOC hold a 10% interest and CNODC a 5% interest. The total participation in this Búzios Co-participation Agreement, including the portions of the Transfer of Rights Agreement and of the BS-500 Concession Agreement (100% of Petrobras) is 88.99% of Petrobras, 7.34% of CNOOC and 3.67% of CNODC. | After the transaction becomes effective, Petrobras hold an 85% interest in the Production Sharing Contract of the Surplus Volume of the Transfer of Rights Agreement of the Búzios field, CNOOC hold a 10% interest and CNODC a 5% interest. The total participation in this Búzios Co-participation Agreement, including the portions of the Transfer of Rights Agreement and of the BS-500 Concession Agreement (100% of Petrobras) is 88.99% of Petrobras, 7.34% of CNOOC and 3.67% of CNODC. | |||
Transfer Of Rights Agreement And Production Sharing Contract [Member] | Atapu [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Compensation paid by partners | $ 2,093 | ||||
Additional gain | 60 | ||||
Transfer Of Rights Agreement And Production Sharing Contract [Member] | Sepia [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Compensation paid by partners | 3,059 | ||||
Additional gain | $ 69 | ||||
Shell Brasil [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Interest rate | 40% | ||||
Petrobras [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Interest rate | 60% | ||||
Agua Marinha [Member] | Total Energies [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Interest rate | 30% | ||||
Agua Marinha [Member] | Petronas [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Interest rate | 20% | ||||
Agua Marinha [Member] | Qatar Energy [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Interest rate | 20% | ||||
Petrobars [Member] | Qatar Energy [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Interest rate | 30% |
Impairment (Details)
Impairment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Impairment loss (reversal of impairment loss) recognised in profit or loss | $ 1,315 | $ (3,190) | $ 7,339 |
Impairment loss (reversal of impairment loss) recognised in profit or loss | (1,315) | 3,190 | (7,339) |
Impairment loss reversal of impairment loss recognised in profit or loss net | (1,321) | 3,573 | (7,853) |
Property, plant and equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment loss (reversal of impairment loss) recognised in profit or loss | (1,163) | 3,414 | (7,342) |
Impairment loss (reversal of impairment loss) recognised in profit or loss | 1,163 | (3,414) | 7,342 |
Intangible assets other than goodwill [member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment loss (reversal of impairment loss) recognised in profit or loss | (1) | 1 | (12) |
Impairment loss (reversal of impairment loss) recognised in profit or loss | 1 | (1) | 12 |
Non-current assets or disposal groups classified as held for sale [member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment loss (reversal of impairment loss) recognised in profit or loss | (151) | (225) | 15 |
Impairment loss (reversal of impairment loss) recognised in profit or loss | 151 | 225 | (15) |
Investments accounted for using equity method [member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment loss recognised in profit or loss, investment property | (6) | 383 | (514) |
Losses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment loss recognised in profit or loss, investment property | (1,640) | (654) | (15,692) |
Impairment loss recognised in profit or loss, investment property | 1,640 | 654 | 15,692 |
Reversals [member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment loss recognised in profit or loss, investment property | (319) | (4,227) | (7,839) |
Impairment loss recognised in profit or loss, investment property | $ 319 | $ 4,227 | $ 7,839 |
Impairment (Details 1)
Impairment (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Impairment losses reversals | $ 1,315 | $ (3,190) | $ 7,339 |
Property Plant And Equipment And Intangible Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment losses reversals | (1,164) | 3,415 | (7,354) |
Property Plant And Equipment And Intangible Assets [Member] | Producing Properties Relating To Oil And Gas Activities In Brazil Several Cgus [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | 8,307 | 23,734 | 42,421 |
Recoverable amount | 7,747 | 36,396 | 40,511 |
Impairment losses reversals | $ (628) | $ 3,373 | $ (7,316) |
Business segment | E&P | E&P | E&P |
Property Plant And Equipment And Intangible Assets [Member] | Oil And Gas Production And Drilling Equipment In Brazil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | $ 486 | $ 250 | $ 120 |
Recoverable amount | 7 | ||
Impairment losses reversals | $ (478) | $ (250) | $ (119) |
Business segment | E&P | E&P | E&P |
Property Plant And Equipment And Intangible Assets [Member] | Itaborai Utilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | $ 919 | ||
Recoverable amount | 777 | ||
Impairment losses reversals | $ (142) | ||
Business segment | Gas &Power | ||
Property Plant And Equipment And Intangible Assets [Member] | Second Refining Unit In R N E S T [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | $ 792 | $ 404 | $ 410 |
Recoverable amount | 882 | 767 | 388 |
Impairment losses reversals | $ 89 | $ 359 | $ (22) |
Business segment | RT&M | RT&M | RT&M |
Property Plant And Equipment And Intangible Assets [Member] | Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment losses reversals | $ (5) | $ (67) | |
Business segment | Several | Several | |
Property Plant And Equipment And Intangible Assets [Member] | Comperj [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | $ 266 | ||
Recoverable amount | 526 | ||
Impairment losses reversals | $ 260 | ||
Business segment | RT&M | ||
Property Plant And Equipment And Intangible Assets [Member] | Corporate Facilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | $ 152 | ||
Impairment losses reversals | $ (161) | ||
Business segment | Corporate, others | ||
Property Plant And Equipment And Intangible Assets [Member] | Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment losses reversals | $ 2 | ||
Business segment | Several |
Impairment (Details 2)
Impairment (Details 2) - Property Plant And Equipment And Intangible Assets [Member] | Dec. 31, 2022 Number | Dec. 31, 2021 Number | Dec. 31, 2020 Number |
IfrsStatementLineItems [Line Items] | |||
Average Brent | 55 | 55 | 50 |
Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate | 4.76 | 5.08 | 3.76 |
Two Thousand Twenty Three [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average Brent | 85 | 65 | 50 |
Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate | 5.02 | 5.33 | 4.46 |
Two Thousand Twenty Four [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average Brent | 80 | 60 | 50 |
Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate | 5 | 5.19 | 4.28 |
Two Thousand Twenty Five [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average Brent | 75 | 55 | 50 |
Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate | 5 | 5.15 | 4.07 |
Two Thousand Twenty Six [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average Brent | 70 | 55 | |
Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate | 4.97 | 5.14 | |
Two Thousand Twenty Seven [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average Brent | 65 | ||
Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate | 4.88 | ||
Two Thousand Twenty Two [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average Brent | 72 | 45 | |
Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate | 5.40 | 4.69 | |
Two Thousand Twenty One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average Brent | 45 | ||
Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate | 5.50 |
Impairment (Details 3)
Impairment (Details 3) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Producing Properties Relating To Oil And Gas Activities In Brazil Several Cgus [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Posttax discount rates excluding inflation | 7.30% | 6.40% |
R T And M In Brazil Postponed Projects [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Posttax discount rates excluding inflation | 7.10% | 6.20% |
Gas Utilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Posttax discount rates excluding inflation | 5.70% | 5.10% |
Impairment (Details 4)
Impairment (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Producing Properties Relating To Oil And Gas Activities Brazil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Business segment | E&P | E&P | |
Carrying amount | $ 376 | ||
Recoverable amount | $ 300 | $ 279 | |
Asset With Recoverable Amount Close To Its Carrying Amount [Member] | C G U Marlim Sul [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Business segment | E&P | ||
Carrying amount | $ 5,544 | ||
Recoverable amount | 5,365 | ||
Sensitivity | (179) | ||
Assets With Impairment Losses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | 14,516 | $ 8,972 | |
Assets With Impairment Losses [Member] | C G U Marlim Sul [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Recoverable amount | 13,439 | 9,869 | |
Sensitivity | $ (1,077) | $ 897 | |
Assets With Impairment Losses [Member] | Producing Properties Relating To Oil And Gas Activities Brazil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Business segment | E&P | E&P | |
Assets With Impairment Losses [Member] | Second Refining Unit Of R N E S T [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Business segment | RTC | RTC | |
Carrying amount | $ 882 | $ 882 | |
Recoverable amount | 794 | 970 | |
Sensitivity | $ (88) | $ 88 | |
Assets With Impairment Losses [Member] | Itaborai Utilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Business segment | G&E | G&E | |
Carrying amount | $ 777 | $ 777 | |
Recoverable amount | 699 | 855 | |
Sensitivity | (78) | 78 | |
Producing Properties Relating To Oil And Gas Activities Brazil [Member] | C G U Marlim Sul [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | 7,313 | 7,313 | |
Recoverable amount | 6,581 | 8,044 | |
Sensitivity | $ (732) | $ 731 |
Impairment (Details 5)
Impairment (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Impairment (losses) reversals | $ 1,315 | $ (3,190) | $ 7,339 |
Producing Properties Relating To Oil And Gas Activities Brazil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | 376 | ||
Recoverable amount | 300 | 279 | |
Impairment (losses) reversals | $ (116) | $ 67 | |
Business segment | E&P | E&P | |
Refinery And Associated Logistics Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | $ 77 | ||
Recoverable amount | $ 34 | ||
Impairment (losses) reversals | (44) | ||
Business segment | RT&M | ||
Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment (losses) reversals | $ 9 | 4 | $ 10 |
Total [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment (losses) reversals | (151) | (225) | 15 |
Thermoelectric Power Plants [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | 91 | ||
Recoverable amount | 12 | ||
Impairment (losses) reversals | $ (79) | ||
Business segment | G&E | ||
Investments In Associates And Joint Ventures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | $ 107 | ||
Recoverable amount | 44 | ||
Impairment (losses) reversals | $ (67) | ||
Business segment | G&E | ||
Oil And Gas Production And Drilling Equipment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | $ 47 | ||
Impairment (losses) reversals | $ (46) | ||
Business segment | E&P | ||
Refineries And Associated Logistics Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | 255 | ||
Recoverable amount | $ 218 | ||
Impairment (losses) reversals | $ (37) | ||
Business segment | RT&M | ||
Cartola And Ataulfo Alves Vessels [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying amount | 80 | ||
Recoverable amount | 19 | ||
Impairment (losses) reversals | $ (62) | ||
Business segment | RT&M |
Exploration and evaluation of_4
Exploration and evaluation of oil and gas reserves (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property plant and equipment | ||
Opening Balance | $ 1,994 | $ 3,024 |
Additions | 379 | 459 |
Write-offs | (545) | (188) |
Transfers | (83) | (1,097) |
Translation adjustment | 131 | (204) |
Closing Balance | 1,876 | 1,994 |
Intangible Assets | 2,406 | 2,576 |
Capitalized Exploratory Well Costs / Capitalized Acquisition Costs | $ 4,282 | $ 4,570 |
Exploration and evaluation of_5
Exploration and evaluation of oil and gas reserves (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Exploration costs recognized in the statement of income | |||
Geological and geophysical expenses | $ (342) | $ (358) | $ 296 |
Exploration expenditures written off (includes dry wells and signature bonuses) | (691) | (248) | 456 |
Contractual penalties on local content requirements | 165 | (47) | 38 |
Other exploration expenses | (19) | (34) | 13 |
Total expenses | (887) | (687) | 803 |
Cash used in: | |||
Operating activities | 360 | 393 | 307 |
Investment activities | 1,253 | 555 | 532 |
Total cash used | $ 1,613 | $ 948 | $ 839 |
Exploration and evaluation of_6
Exploration and evaluation of oil and gas reserves (Details 2) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Exploration And Evaluation Of Oil And Gas Reserves | ||
Exploratory well costs capitalized for a period of one year | $ 406 | $ 136 |
Exploratory well costs capitalized for a period greater than one year | 1,470 | 1,858 |
Total capitalized exploratory well costs | 1,876 | 1,994 |
Number of projects relating to exploratory well costs capitalized for a period greater than one year | $ 15 | $ 22 |
Exploration and evaluation of_7
Exploration and evaluation of oil and gas reserves (Details 3) $ in Millions | Dec. 31, 2022 USD ($) Number |
IfrsStatementLineItems [Line Items] | |
Capitalized costs | $ | $ 1,470 |
Capitalized costs | Number | 23 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Capitalized costs | $ | $ 74 |
Capitalized costs | Number | 2 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
Capitalized costs | $ | $ 17 |
Capitalized costs | Number | 1 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Capitalized costs | $ | $ 1,379 |
Capitalized costs | Number | 20 |
Exploration and evaluation of_8
Exploration and evaluation of oil and gas reserves (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 | |
Exploration And Evaluation Of Oil And Gas Reserves | |
Description of exploration rights | Exploratory well costs that have been capitalized for a period greater than one year since the completion of drilling relate to 15 projects comprising 23 wells, are composed of (i) US$ 1,413 of wells in areas in which there has been ongoing drilling or firmly planned drilling activities for the near term and for which an evaluation plan has been submitted for approval by the ANP; and (ii) US$ 57 relates to costs incurred to evaluate technical and commercial feasibility necessary for the decision on the production development and on definition of proved reserves. |
Collateral for crude oil expl_2
Collateral for crude oil exploration concession agreements (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Collateral for crude oil exploration concession agreements, amount | $ 1,748 | $ 1,574 |
Exploration and evaluation assets [member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets pledged as collateral | 1,648 | 1,243 |
Exploration And Evaluation Asset [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets pledged as collateral | $ 100 | $ 331 |
Partnerships in E&P activitie_3
Partnerships in E&P activities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Aram [Member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Atapu |
Location | Santos basin |
Proportion of ownership interest in joint operation | 52.50% |
Operator | Petrobras |
Year | 2022 |
Additional Information | Production sharing |
ANP Bonus Petrobras portion | $ 402 |
Sepia [member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Sépia |
Location | Santos basin |
Proportion of ownership interest in joint operation | 30% |
Operator | Petrobras |
Year | 2022 |
Additional Information | Production sharing |
ANP Bonus Petrobras portion | $ 409 |
Partnerships in E&P activitie_4
Partnerships in E&P activities (Details 1) | 12 Months Ended |
Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | |
Petrobras production portion in 2020 (kboed) | 1,588 |
Tupi B M S 11 [Member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Tupi (BMS-11) |
Location | Santos basin pre-salt |
Partners | 65 |
Petrobras production portion in 2020 (kboed) | 709 |
Regime | Concession |
Operator | Petrobras |
Tupi B M S 11 [Member] | Shell [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 25 |
Tupi B M S 11 [Member] | Petrogal [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 10 |
Buzios [Member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Búzios |
Location | Santos basin pre-salt |
Partners | 85 |
Petrobras production portion in 2020 (kboed) | 469 |
Regime | Production sharing |
Operator | Petrobras |
Bzios [Member] | C N O D C [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 10 |
Bzios [Member] | C N O O C [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 5 |
Roncador [Member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Roncador |
Location | Campos basin |
Partners | 75 |
Petrobras production portion in 2020 (kboed) | 107 |
Regime | Concession |
Operator | Petrobras |
Roncador [Member] | Equinor [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 25 |
Sapinhoa [Member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Sapinhoá (BMS-9) |
Location | Santos basin pre-salt |
Partners | 45 |
Petrobras production portion in 2020 (kboed) | 106 |
Regime | Concession |
Operator | Petrobras |
Sapinhoa [Member] | Shell [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 30 |
Sapinhoa [Member] | Repsol Sinopec [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 25 |
Mero [Member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Mero |
Location | Santos basin pre-salt |
Partners | 40 |
Petrobras production portion in 2020 (kboed) | 40 |
Regime | Production sharing |
Operator | Petrobras |
Mero [Member] | Shell [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 20 |
Mero [Member] | C N O D C [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 10 |
Mero [Member] | C N O O C [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 10 |
Mero [Member] | Total [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 20 |
Sururu [Member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Sururu |
Location | Santos basin pre-salt |
Partners | 43 |
Petrobras production portion in 2020 (kboed) | 38 |
Regime | Concession |
Operator | Petrobras |
Sururu [Member] | Shell [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 25 |
Sururu [Member] | Petrogal [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 10 |
Sururu [Member] | Total [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 22.5 |
Tartaruga Verde [Member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Tartaruga Verde |
Location | Campos basin |
Partners | 50 |
Petrobras production portion in 2020 (kboed) | 37 |
Regime | Concession |
Operator | Petrobras |
Tartaruga Verde [Member] | Petrogal [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 50 |
Atapu [member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Atapu |
Location | Santos basin pre-salt |
Partners | 53 |
Petrobras production portion in 2020 (kboed) | 31 |
Regime | Production sharing |
Operator | Petrobras |
Atapu [member] | Shell [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 25 |
Atapu [member] | Total [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 22.5 |
Albacora Leste [Member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Albacora Leste |
Location | Campos basin |
Partners | 90 |
Petrobras production portion in 2020 (kboed) | 29 |
Regime | Concession |
Operator | Petrobras |
Albacora Leste [Member] | Repsol Sinopec [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 10 |
Sepia [member] | |
IfrsStatementLineItems [Line Items] | |
Name of joint operation | Sépia |
Location | Santos basin pre-salt |
Partners | 30 |
Petrobras production portion in 2020 (kboed) | 22 |
Regime | Production sharing |
Operator | Petrobras |
Sepia [member] | Petrogal [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 21 |
Sepia [member] | Total [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 28 |
Sepia [member] | Qatar [Member] | |
IfrsStatementLineItems [Line Items] | |
Partners | 21 |
Partnerships in E&P activitie_5
Partnerships in E&P activities (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Partnerships In Ep Activities | ||
Opening balance | $ 364 | $ 370 |
Additions/(Write-offs) on PP&E | (7) | (64) |
Other income and expenses | 26 | 84 |
Translation adjustment | 24 | (26) |
Closing balance | $ 407 | $ 364 |
Investments (Details)
Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 12, 2022 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||||
Shareholders'equity (deficit) | $ 69,836 | $ 69,812 | $ 59,876 | $ 74,215 | |
Net income for the year | $ 36,755 | $ 19,986 | $ 948 | ||
Exploration And Production Refining Transportation And Marketing Gas And Power And Distribution Segment [Member] | Petrobras International Braspetro Pibbv [Member] | Netherlands [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Several | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Shareholders'equity (deficit) | $ 52,728 | ||||
Net income for the year | $ 3,787 | ||||
Country | Netherlands | ||||
Refining Transportation And Marketing Segment [Member] | Petrobras Transporte S A Transpetro [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | RT&M | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Shareholders'equity (deficit) | $ 932 | ||||
Net income for the year | $ 90 | ||||
Country | Brazil | ||||
Refining Transportation And Marketing Segment [Member] | Fabrica Carioca De Catalizadores S A F C C [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | RT&M | ||||
Proportion of ownership interest in subsidiary | 50% | ||||
Proportion of voting rights held in subsidiary | 50% | ||||
Shareholders'equity (deficit) | $ 50 | ||||
Net income for the year | $ 17 | ||||
Country | Brazil | ||||
Refining Transportation And Marketing Segment [Member] | Logum Logistica S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | RT&M | ||||
Proportion of ownership interest in subsidiary | 30% | ||||
Proportion of voting rights held in subsidiary | 30% | ||||
Shareholders'equity (deficit) | $ 192 | ||||
Net income for the year | $ (33) | ||||
Country | Brazil | ||||
Refining Transportation And Marketing Segment [Member] | Petrocoque S A Industria E Comercio [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | RT&M | ||||
Proportion of ownership interest in subsidiary | 50% | ||||
Proportion of voting rights held in subsidiary | 50% | ||||
Shareholders'equity (deficit) | $ 16 | ||||
Net income for the year | $ 80 | ||||
Country | Brazil | ||||
Refining Transportation And Marketing Segment [Member] | Refinaria De Petroleo Riograndense S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | RT&M | ||||
Proportion of ownership interest in subsidiary | 33.20% | ||||
Proportion of voting rights held in subsidiary | 33.33% | ||||
Shareholders'equity (deficit) | $ 19 | ||||
Net income for the year | $ 15 | ||||
Country | Brazil | ||||
Refining Transportation And Marketing Segment [Member] | Metanol Do Nordeste S A Metanor [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | RT&M | ||||
Proportion of ownership interest in subsidiary | 34.54% | ||||
Proportion of voting rights held in subsidiary | 50% | ||||
Shareholders'equity (deficit) | $ 19 | ||||
Net income for the year | $ 5 | ||||
Country | Brazil | ||||
Refining Transportation And Marketing Segment [Member] | Companhia De Coque Calcinado De Petroleo S A Coquepar [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | RT&M | ||||
Proportion of ownership interest in subsidiary | 45% | ||||
Proportion of voting rights held in subsidiary | 45% | ||||
Country | Brazil | ||||
Refining Transportation And Marketing Segment [Member] | Braskem S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | RT&M | ||||
Proportion of ownership interest in subsidiary | 36.15% | ||||
Proportion of voting rights held in subsidiary | 47.03% | ||||
Shareholders'equity (deficit) | $ 1,309 | ||||
Net income for the year | $ 206 | ||||
Country | Brazil | ||||
Refining Transportation And Marketing Segment [Member] | Nitroclor Ltda [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | RT&M | ||||
Proportion of ownership interest in subsidiary | 38.80% | ||||
Proportion of voting rights held in subsidiary | 38.80% | ||||
Country | Brazil | ||||
Exploration And Production Segment [Member] | Petrobras Logistica De Exploracao E Producao S A P B L O G [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | E&P | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Shareholders'equity (deficit) | $ 87 | ||||
Net income for the year | $ 225 | ||||
Country | Brazil | ||||
Exploration And Production Segment [Member] | Fundo De Investimento Imobiliario R B Logistica F I I [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | E&P | ||||
Proportion of ownership interest in subsidiary | 99.15% | ||||
Proportion of voting rights held in subsidiary | 99.15% | ||||
Shareholders'equity (deficit) | $ 16 | ||||
Net income for the year | $ 8 | ||||
Country | Brazil | ||||
Biofuels Segment [Member] | Petrobras Biocombustivel S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Corporate, others | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Shareholders'equity (deficit) | $ 193 | ||||
Net income for the year | $ (38) | ||||
Country | Brazil | ||||
Gas And Power Segment [Member] | Araucaria Nitrogenados S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Shareholders'equity (deficit) | $ 31 | ||||
Net income for the year | $ 10 | ||||
Country | Brazil | ||||
Gas And Power Segment [Member] | Termomacae Ltda [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Shareholders'equity (deficit) | $ 61 | ||||
Net income for the year | $ 14 | ||||
Country | Brazil | ||||
Gas And Power Segment [Member] | Termobahia S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 98.85% | ||||
Proportion of voting rights held in subsidiary | 98.85% | ||||
Shareholders'equity (deficit) | $ 67 | ||||
Net income for the year | $ 11 | ||||
Country | Brazil | ||||
Gas And Power Segment [Member] | Baixada Santista Energia S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Shareholders'equity (deficit) | $ 58 | ||||
Net income for the year | $ 4 | ||||
Country | Brazil | ||||
Gas And Power Segment [Member] | Transportadora Brasileira Gasoduto Brasil Bolivia [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 51% | ||||
Proportion of voting rights held in subsidiary | 51% | ||||
Shareholders'equity (deficit) | $ 119 | ||||
Net income for the year | $ 181 | ||||
Country | Brazil | ||||
Gas And Power Segment [Member] | Ibiritermo S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Shareholders'equity (deficit) | $ 2 | ||||
Net income for the year | $ 5 | ||||
Country | Brazil | ||||
Gas And Power Segment [Member] | Brasympe Energia S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 20% | ||||
Proportion of voting rights held in subsidiary | 20% | ||||
Shareholders'equity (deficit) | $ 14 | ||||
Net income for the year | $ 1 | ||||
Country | Brazil | ||||
Gas And Power Segment [Member] | Brentech Energia S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 30% | ||||
Proportion of voting rights held in subsidiary | 30% | ||||
Shareholders'equity (deficit) | $ 16 | ||||
Net income for the year | $ 28 | ||||
Country | Brazil | ||||
Gas And Power Segment [Member] | U E G Araucaria Ltda [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 18.80% | ||||
Proportion of voting rights held in subsidiary | 18.80% | ||||
Shareholders'equity (deficit) | $ 82 | ||||
Net income for the year | $ (26) | ||||
Country | Brazil | ||||
Gas And Power Segment [Member] | Energetica S U A P E I I [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 20% | ||||
Proportion of voting rights held in subsidiary | 20% | ||||
Shareholders'equity (deficit) | $ 88 | ||||
Net income for the year | $ 31 | ||||
Country | Brazil | ||||
Gas And Power Segment [Member] | Bioenergetica Britaruma S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 30% | ||||
Proportion of voting rights held in subsidiary | 30% | ||||
Country | Brazil | ||||
Corporate Segment [Member] | Braspetro Oil Services Company Brasoil [Member] | Cayman Islands [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Corporate, others | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Shareholders'equity (deficit) | $ 118 | ||||
Net income for the year | $ 7 | ||||
Country | Cayman Islands | ||||
Corporate Segment [Member] | Procurement Negocios Eletronicos S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Corporate, others | ||||
Proportion of ownership interest in subsidiary | 72% | ||||
Proportion of voting rights held in subsidiary | 49% | ||||
Shareholders'equity (deficit) | $ 7 | ||||
Net income for the year | $ 2 | ||||
Country | Brazil | ||||
Corporate Segment [Member] | Petrobras Comercializadora De Energia Ltda P B E N [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Corporate, others | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Shareholders'equity (deficit) | $ 11 | ||||
Country | Brazil | ||||
Corporate Segment [Member] | Associacao Petrobras De Saude [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Corporate, others | ||||
Proportion of ownership interest in subsidiary | 93.47% | ||||
Proportion of voting rights held in subsidiary | 93.47% | ||||
Shareholders'equity (deficit) | $ 116 | ||||
Net income for the year | $ 21 | ||||
Country | Brazil | ||||
R Tand M [Member] | Refinariade Mataripe S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | RT&M | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Country | Brazil | ||||
R Tand M [Member] | Refinaria De Mucuripe S A [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | RT&M | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Proportion of voting rights held in subsidiary | 100% | ||||
Country | Brazil | ||||
Gas And Power [Member] | Transportadora Sulbrasileirade Gas T S B [Member] | Countries Of Domicile [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of subsidiary | Gas & Power | ||||
Proportion of ownership interest in subsidiary | 25% | ||||
Proportion of voting rights held in subsidiary | 25% | ||||
Shareholders'equity (deficit) | $ 3 | ||||
Net income for the year | $ 2 | ||||
Country | Brazil |
Investments (Details 1)
Investments (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Investments | $ 1,510 | $ 3,273 | |
Investments | 27 | 24 | |
Restructuring, capital decrease and others | (15) | (172) | |
Results in equity-accounted investments | 251 | 1,607 | $ (659) |
CTA | (25) | (33) | |
Dividends | (344) | (747) | |
Investments | 1,566 | 1,510 | 3,273 |
Transfer to assets held for sale | (57) | (2,464) | |
OCI | 219 | 22 | |
Compania Mega S A Mega [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Investments | 98 | 82 | |
Results in equity-accounted investments | 55 | 31 | |
CTA | 1 | 2 | |
Dividends | (5) | (17) | |
Investments | 149 | 98 | 82 |
Associates [member] | |||
IfrsStatementLineItems [Line Items] | |||
Investments | 998 | 2,455 | |
Investments | 11 | 15 | |
Restructuring, capital decrease and others | (13) | (172) | |
Results in equity-accounted investments | (5) | 1,405 | |
CTA | (27) | (32) | |
Dividends | (109) | (557) | |
Investments | 1,016 | 998 | 2,455 |
Transfer to assets held for sale | (58) | (2,139) | |
OCI | 219 | 23 | |
Joint ventures [member] | |||
IfrsStatementLineItems [Line Items] | |||
OCI | (1) | ||
State Natural Gas Distributiors Gaspetro [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Investments | 298 | ||
Results in equity-accounted investments | 38 | ||
CTA | (2) | ||
Dividends | (26) | ||
Investments | 298 | ||
Other Joint Ventures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
OCI | (1) | ||
M P Gulf Of Mexico L L C [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Investments | 387 | 366 | |
Results in equity-accounted investments | 170 | 122 | |
CTA | 1 | 1 | |
Dividends | (184) | (102) | |
Investments | 374 | 387 | 366 |
Other Joint Ventures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Investments | 24 | 67 | |
Investments | 16 | 9 | |
Transfer to assets held for sale | 1 | ||
Restructuring, capital decrease and others | (2) | ||
Results in equity-accounted investments | 31 | 11 | |
CTA | (1) | ||
Dividends | (46) | (45) | |
Investments | 23 | 24 | 67 |
Transfer to assets held for sale | (17) | ||
Assets or disposal groups classified as held for sale, Others | |||
IfrsStatementLineItems [Line Items] | |||
Investments | 3 | 5 | |
CTA | 1 | (2) | |
Investments | 4 | 3 | 5 |
State Natural Gas Distributiors Gaspetro [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Transfer to assets held for sale | (308) | ||
Joint ventures [member] | |||
IfrsStatementLineItems [Line Items] | |||
Investments | 509 | 813 | |
Investments | 16 | 9 | |
Transfer to assets held for sale | 1 | ||
Restructuring, capital decrease and others | (2) | ||
Results in equity-accounted investments | 256 | 202 | |
CTA | 1 | 1 | |
Dividends | (235) | (190) | |
Investments | $ 546 | 509 | $ 813 |
Transfer to assets held for sale | $ (325) |
Investments (Details 2)
Investments (Details 2) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Fair value | $ 7,794 | |
Fair value | $ 1,370 | $ 2,942 |
Common Shares [Member] | Braskem S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Investments in associates number of shares | 212,427 | 212,427 |
Quoted stock exchange | $ 4.83 | $ 10.17 |
Fair value | $ 1,025 | $ 2,160 |
Class A Preference Shares [Member] | Braskem S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Investments in associates number of shares | 75,762 | 75,762 |
Quoted stock exchange | $ 4.55 | $ 10.33 |
Fair value | $ 345 | $ 782 |
Investments (Details 3)
Investments (Details 3) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | ||||
Current assets | $ 31,250 | $ 30,149 | ||
Property, plant and equipment | 130,169 | 125,330 | $ 124,201 | |
Total assets | 187,191 | 174,348 | ||
Current liabilities | 31,380 | 24,176 | ||
Non-current liabilities | 85,975 | 80,360 | ||
Shareholders' equity | 69,836 | 69,812 | 59,876 | $ 74,215 |
Total liabilities and equity | 187,191 | 174,348 | ||
Sales Revenue | 124,474 | 83,966 | 53,683 | |
Net income for the year | 36,755 | 19,986 | 948 | |
Increase (decrease) in cash and cash equivalents | (2,484) | (1,245) | 4,348 | |
Non-controlling interests [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Shareholders' equity | 344 | 405 | 528 | $ 892 |
Net income for the year | 132 | 111 | $ (193) | |
Fidc [Member] | Non-controlling interests [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | 9,194 | 3,951 | ||
Total assets | 9,194 | 3,951 | ||
Current liabilities | 7 | 1 | ||
Shareholders' equity | 9,187 | 3,950 | ||
Total liabilities and equity | 9,194 | 3,951 | ||
Net income for the year | 1,454 | 416 | ||
Increase (decrease) in cash and cash equivalents | 616 | 2 | ||
Transportadora Brasileira Gasoduto Brasil Bolivia [Member] | Non-controlling interests [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | 200 | 134 | ||
Property, plant and equipment | 298 | 279 | ||
Other non-current assets | 3 | 2 | ||
Total assets | 501 | 415 | ||
Current liabilities | 145 | 109 | ||
Non-current liabilities | 237 | 246 | ||
Shareholders' equity | 119 | 60 | ||
Total liabilities and equity | 501 | 415 | ||
Sales Revenue | 350 | 327 | ||
Net income for the year | 181 | 150 | ||
Increase (decrease) in cash and cash equivalents | 72 | 42 | ||
Gaspetro [Member] | Non-controlling interests [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | 462 | |||
Total assets | 462 | |||
Current liabilities | 58 | |||
Shareholders' equity | 404 | |||
Total liabilities and equity | 462 | |||
Sales Revenue | 100 | 132 | ||
Net income for the year | 21 | 47 | ||
Increase (decrease) in cash and cash equivalents | $ (14) | 7 | ||
Consolidated structured entities [member] | Non-controlling interests [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net income for the year | (133) | |||
Increase (decrease) in cash and cash equivalents | $ (333) |
Investments (Details 4)
Investments (Details 4) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | ||||
Current assets | $ 31,250 | $ 30,149 | ||
Non-current assets | 155,941 | 144,199 | ||
Property, plant and equipment | 130,169 | 125,330 | $ 124,201 | |
Other non-current assets | 1,553 | 487 | ||
Total assets | 187,191 | 174,348 | ||
Current liabilities | 31,380 | 24,176 | ||
Non-current liabilities | 85,975 | 80,360 | ||
Shareholders' equity | 69,836 | 69,812 | 59,876 | $ 74,215 |
Non-controlling interest | 344 | 405 | ||
Total liabilities and equity | 187,191 | 174,348 | ||
Sales revenues | 124,474 | 83,966 | 53,683 | |
Net income for the year | 36,755 | 19,986 | $ 948 | |
Countries Of Domicile [Member] | Associates [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | 6,642 | 7,308 | ||
Non-current assets | 2,491 | 2,334 | ||
Property, plant and equipment | 7,380 | 6,845 | ||
Other non-current assets | 605 | 539 | ||
Total assets | 17,118 | 17,026 | ||
Current liabilities | 4,473 | 4,632 | ||
Non-current liabilities | 11,263 | 10,967 | ||
Shareholders' equity | 1,587 | 1,688 | ||
Non-controlling interest | (205) | (261) | ||
Total liabilities and equity | 17,118 | 17,026 | ||
Sales revenues | 18,709 | 20,625 | ||
Net income for the year | $ (146) | $ 2,821 | ||
Countries Of Domicile [Member] | Associates [member] | Bottom of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Ownership interest | 18.80% | 18.80% | ||
Countries Of Domicile [Member] | Associates [member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Ownership interest | 38.80% | 38.80% | ||
Countries Of Domicile [Member] | Joint ventures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | $ 295 | $ 832 | ||
Non-current assets | 231 | 371 | ||
Property, plant and equipment | 508 | 461 | ||
Other non-current assets | 37 | 460 | ||
Total assets | 1,071 | 2,124 | ||
Current liabilities | 294 | 728 | ||
Non-current liabilities | 494 | 517 | ||
Shareholders' equity | 277 | 874 | ||
Non-controlling interest | 6 | 5 | ||
Total liabilities and equity | 1,071 | 2,124 | ||
Sales revenues | 1,159 | 2,947 | ||
Net income for the year | $ 72 | $ 156 | ||
Ownership interest | 20% | 20% | ||
Countries Of Domicile [Member] | Joint ventures [member] | Bottom of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Ownership interest | 20% | 20% | ||
Countries Of Domicile [Member] | Joint ventures [member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Ownership interest | 50% | 83% | ||
M P Gulf Of Mexico L L C [Member] | Joint ventures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | $ 481 | $ 425 | ||
Non-current assets | 139 | 203 | ||
Property, plant and equipment | 2,690 | 2,683 | ||
Other non-current assets | 1 | 1 | ||
Total assets | 3,311 | 3,312 | ||
Current liabilities | 344 | 324 | ||
Non-current liabilities | 548 | 623 | ||
Shareholders' equity | 2,045 | 1,979 | ||
Non-controlling interest | 374 | 386 | ||
Total liabilities and equity | 3,311 | 3,312 | ||
Sales revenues | 1,408 | 1,138 | ||
Net income for the year | 887 | 635 | ||
Other Companies Abroad [Member] | Joint ventures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | 410 | 253 | ||
Non-current assets | 17 | 11 | ||
Property, plant and equipment | 191 | 195 | ||
Other non-current assets | 1 | |||
Total assets | 618 | 460 | ||
Current liabilities | 145 | 126 | ||
Non-current liabilities | 32 | 36 | ||
Shareholders' equity | 291 | 196 | ||
Non-controlling interest | 150 | 102 | ||
Total liabilities and equity | 618 | 460 | ||
Sales revenues | 32 | |||
Net income for the year | $ 162 | $ 91 | ||
Other Companies Abroad [Member] | Joint ventures [member] | Bottom of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Ownership interest | 34% | 34% | ||
Other Companies Abroad [Member] | Joint ventures [member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Ownership interest | 45% | 45% |
Investments (Details Narrative)
Investments (Details Narrative) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
IfrsStatementLineItems [Line Items] | |||
Description of main investees of PIB BV | Petrobras Global Trading B.V. – PGT (100%, based in the Netherlands), dedicated to the trade of oil, oil products, biofuels and LNG (liquefied natural gas), as well as to the funding of its activities in light of Petrobras; | ||
Description of main investees | Petrobras Global Finance B.V. – PGF (100%, based in the Netherlands); the finance subsidiary of Petrobras, raising funds through bonds issued in the international capital market; | ||
Description of main investees | Petrobras America Inc. – PAI (100%, based in the United States), dedicated to trading and E&P activities (MP Gulf of Mexico, LLC); and | ||
Description of main investees | PNBV (100%, based in the Netherlands), operates through joint operations in Tupi BV (67.59%), Guará BV (45%), Agri Development BV (90%), Libra (40%), Papa Terra BV (62.5%), Roncador BV (75%), Iara BV (90.11%), Petrobras Frade Inversiones SA (100%) and BJOOS BV (20%), dedicated to the construction and lease of equipment and platforms for Brazilian E&P consortia. | ||
Non-controlling interest | $ 344 | $ 405 | |
Percentage in indirect subsidiary | 0.51 | ||
Gaspetro [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Percentage in sale of interest | 0.51 | ||
Non-controlling interests [member] | Consolidated structured entities [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-controlling interest | $ 277 | 165 | |
Non-controlling interests [member] | Transportadora Brasileira Gasoduto Brasil Bolivia [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-controlling interest | $ 58 | ||
Non-controlling interests [member] | T B G [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-controlling interest | 29 | ||
Non-controlling interests [member] | Gaspetro [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-controlling interest | $ 199 |
Disposal of assets and other _4
Disposal of assets and other transactions (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | $ 13 | |
Trade receivables | 31 | |
Inventories | 21 | 73 |
Investments | 210 | |
Property, plant and equipment | 3,587 | 1,975 |
Others | 188 | |
Total | 3,608 | 2,490 |
Trade payables | 2 | |
Finance debt | 133 | 1 |
Provision for decommissioning costs | 1,332 | 833 |
Others | 31 | |
Total | 1,465 | $ 867 |
Refining Transportation And Marketing Segment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Inventories | 21 | |
Property, plant and equipment | 19 | |
Total | 40 | |
Exploration And Production Segment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | 3,568 | |
Total | 3,568 | |
Provision for decommissioning costs | 1,332 | |
Total | 1,332 | |
Corporate And Other Business [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Finance debt | 133 | |
Total | $ 133 |
Disposal of assets and other _5
Disposal of assets and other transactions (Details 1) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Transaction Pending One [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Sale of the Company's entire interest (100%) in a set of 22 production onshore and shallow water field concessions, together with its associated infrastructure, located in the Potiguar Basin, in the state of Rio Grande do Norte, jointly called the Potiguar group of fields. |
Acquirer | 3R Potiguar SA, subsidiary of 3R Petroleum Óleo e Gás SA |
Signature date | January 2022 |
Transaction amount | $ 1,385 |
Transaction Pending Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Sale of the Company's entire interest in a set of four onshore production fields, with integrated facilities, located in the state of Espírito Santo, jointly called Norte Capixaba group of fields. |
Acquirer | Seacrest Petróleo SPE Norte Capixaba Ltda., a wholly owned subsidiary of Seacrest Exploração e Produção de Petróleo Ltda. |
Signature date | February 2022 |
Transaction amount | $ 478 |
Transaction Pending Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Sale of the Company's entire interest in the Albacora Leste concession, located predominantly in deep waters in the Campos Basin. |
Acquirer | Petro Rio Jaguar Petróleo Ltda. (PetroRio), subsidiary of Petro Rio S.A. |
Signature date | April 2022 |
Transaction amount | $ 1,951 |
Transaction Pending Four [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Sale of the Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) refinery and its associated logistics assets, located in the state of Ceará. |
Acquirer | Grepar Participações Ltda. |
Signature date | May 2022 |
Transaction amount | $ 34 |
Transaction Pending Five [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | maritime concessions called Golfinho and Camarupim groups of fields, in deep waters of the post-salt layer, located in the Espírito Santo Basin. |
Acquirer | BW Energy Maromba do Brasil Ltda (BWE) |
Signature date | June 2022 |
Transaction amount | $ 15 |
Disposal of assets and other _6
Disposal of assets and other transactions (Details 2) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
IfrsStatementLineItems [Line Items] | |
Sale amount | $ 2,507 |
Gain/(loss) | $ 1,463 |
Transaction Closed One [Member] | |
IfrsStatementLineItems [Line Items] | |
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 | 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. |
Acquirer | Petromais Global Exploração e Produção S.A. (renamed Origem Energia S.A.) |
Signature date | July 2021 (S) |
Closing date | February 2022 (C) |
Sale amount | $ 300 |
Gain/(loss) | $ 335 |
Transaction Closed Two [Member] | |
IfrsStatementLineItems [Line Items] | |
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 | Sale of the Company's entire interest in 14 onshore production fields (Recôncavo group of fields), in the state of Bahia |
Acquirer | 3R Candeias S.A, a wholly owned subsidiary of 3R Petroleum Óleo e Gás S.A. |
Signature date | December 2020 (S) |
Closing date | May 2022 (C) |
Sale amount | $ 256 |
Gain/(loss) | $ 215 |
Transaction Closed Three [Member] | |
IfrsStatementLineItems [Line Items] | |
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 | 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. |
Acquirer | Cepsa Química S.A. |
Signature date | April 2022 (S) |
Closing date | July 2022 (C) |
Sale amount | $ 103 |
Gain/(loss) | $ 52 |
Transaction Closed Four [Member] | |
IfrsStatementLineItems [Line Items] | |
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 | Sale of the Company’s entire interest (51%) in Petrobras Gas S.A (Gaspetro) |
Acquirer | Compass Gas e Energia S.A. |
Signature date | July 2021 (S) |
Closing date | July 2022 (C) |
Sale amount | $ 391 |
Gain/(loss) | $ 173 |
Transaction Closed Five [Member] | |
IfrsStatementLineItems [Line Items] | |
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 | Sale of the Company’s entire interest in Peroá group of fields, in the state of Espírito Santo |
Acquirer | DBO Energia and OP Energia, currently 3R Offshore |
Signature date | January 2021 (S) |
Closing date | August 2022 (C) |
Sale amount | $ 13 |
Gain/(loss) | $ 34 |
Transaction Closed Six [Member] | |
IfrsStatementLineItems [Line Items] | |
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 | 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 |
Acquirer | SPE Fazenda Belém S.A., wholly owned subsidiary of 3R Petroleum e Participações S.A. |
Signature date | August 2020 (S) |
Closing date | August 2022 (C) |
Sale amount | $ 23 |
Gain/(loss) | $ 39 |
Transaction Closed Seven [Member] | |
IfrsStatementLineItems [Line Items] | |
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 | Sale of shares of the company that will hold the Isaac Sabbá Refinery (REMAN) and its associated logistics assets, in the state of Amazonas |
Acquirer | Ream Participações S.A. (a company controlled by the partners of Atem Distribuidora de Petróleo S.A.) |
Signature date | August 2021 (S) |
Closing date | November 2022 (C) |
Sale amount | $ 257 |
Gain/(loss) | $ 37 |
Transaction Closed Eight [Member] | |
IfrsStatementLineItems [Line Items] | |
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 | Sale of shares of the company that will hold the Shale Industrialization Unit (SIX), in the state of Paraná. |
Acquirer | Forbes & Manhattan Resources Inc., a wholly owned subsidiary of Forbes & Manhattan Inc. |
Signature date | November 2021 (S) |
Closing date | November 2022 (C) |
Sale amount | $ 42 |
Gain/(loss) | $ (2) |
Transaction Closed Nine [Member] | |
IfrsStatementLineItems [Line Items] | |
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 | Sale of the Company's entire interest in 11 onshore production fields (Carmópolis group of fields), including integrated facilities, in the state of Sergipe |
Acquirer | Carmo Energy S.A. |
Signature date | December 2021 (S) |
Closing date | December 2022 (C) |
Sale amount | $ 1,098 |
Gain/(loss) | $ 619 |
Transaction Closed Ten [Member] | |
IfrsStatementLineItems [Line Items] | |
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 | Sale of the Company’s 62,5% interest in Papa-Terra field, in the Campos basin |
Acquirer | 3R Petroleum Offshore S.A. |
Signature date | July 2021 (S) |
Closing date | December 2022 (C) |
Sale amount | $ 24 |
Gain/(loss) | $ (39) |
Disposal of assets and other _7
Disposal of assets and other transactions (Details 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Financial compensation | $ 7,284 | |
Transaction Surplus Volumes One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Description of transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | Production Sharing Contract for the surplus volumes of the Transfer of Rights Agreement related to Atapu and Sepia fields, including the gross-up of the taxes levied | |
Financial compensation | $ 5,281 | |
Results | $ 3,743 | |
Transaction Surplus Volume One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Closing date | April 2022 | |
Transaction Surplus Volumes Two [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Description of transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | Exercise of the call option for additional 5% interest in the surplus volume of the Transfer of Rights Agreement of Búzios field | |
Financial compensation | $ 1,951 | |
Results | $ 737 | |
Transaction Surplus Volume Two [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Closing date | November 2022 |
Disposal of assets and other _8
Disposal of assets and other transactions (Details 4) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
IfrsStatementLineItems [Line Items] | |
Assets recognized | $ 1,067 |
Assets recognized in previous periods | $ 111 |
Transaction Contingent Assets One [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Riacho da Forquilha group of fields |
Closing date | December 2019 |
Amounts subject to recognition | $ 62 |
Assets recognized | $ 28 |
Transaction Contingent Assets Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Pampo and Enchova group of fields |
Closing date | July 2020 |
Amounts subject to recognition | $ 650 |
Assets recognized | 144 |
Assets recognized in previous periods | $ 36 |
Transaction Contingent Assets Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Baúna field |
Closing date | November 2020 |
Amounts subject to recognition | $ 285 |
Assets recognized | 115 |
Assets recognized in previous periods | $ 17 |
Transaction Contingent Assets Four [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Frade field |
Closing date | February 2021 |
Amounts subject to recognition | $ 20 |
Transaction Contingent Assets Five [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Ventura group of fields |
Closing date | July 2021 |
Amounts subject to recognition | $ 43 |
Assets recognized in previous periods | $ 43 |
Transaction Contingent Assets Six [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Miranga group of fields |
Closing date | December 2021 |
Amounts subject to recognition | $ 85 |
Assets recognized | 40 |
Assets recognized in previous periods | $ 15 |
Transaction Contingent Assets Seven [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Cricare group of fields |
Closing date | December 2021 |
Amounts subject to recognition | $ 118 |
Assets recognized | $ 22 |
Transaction Contingent Assets Eight [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Peroá group of fields |
Closing date | August 2022 |
Amounts subject to recognition | $ 43 |
Assets recognized | $ 10 |
Transaction Contingent Assets Nine [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Papa-Terra field |
Closing date | December 2022 |
Amounts subject to recognition | $ 90 |
Assets recognized | $ 15 |
Transaction Contingent Assets Ten [Member] | |
IfrsStatementLineItems [Line Items] | |
Transaction | Sepia and Atapu (*) |
Closing date | April 2022 |
Amounts subject to recognition | $ 5,244 |
Assets recognized | $ 693 |
Disposal of assets and other _9
Disposal of assets and other transactions (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Cash received | $ 624 | $ 1,930 | $ 1,060 |
Cash in subsidiary before losing control | (44) | (134) | (10) |
Net Proceeds | 580 | 1,796 | 1,050 |
Gaspetro M [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash received | 391 | ||
Cash in subsidiary before losing control | (22) | ||
Net Proceeds | 369 | ||
R E M A N [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash received | 233 | ||
Cash in subsidiary before losing control | (22) | ||
Net Proceeds | $ 211 | ||
Matarip Refinery R L A M [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash received | 1,868 | ||
Cash in subsidiary before losing control | (119) | ||
Net Proceeds | 1,749 | ||
P U D S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash received | 62 | ||
Cash in subsidiary before losing control | (15) | ||
Net Proceeds | $ 47 | ||
Petrobras Paraguay [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash received | 276 | ||
Net Proceeds | 276 | ||
Liquigas [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash received | 784 | ||
Cash in subsidiary before losing control | (10) | ||
Net Proceeds | $ 774 |
Disposal of assets and other_10
Disposal of assets and other transactions (Details Narrative) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Transaction Pending Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Description transaction in disposal of assets | The transaction was closed with the payment of US$ 246 to Petrobras in May 2022, in addition to the US$ 10 paid to Petrobras on the transaction signing date. |
Transaction Pending Four [Member] | |
IfrsStatementLineItems [Line Items] | |
Description of terms draw drown from escrow account | The transaction was closed with the payment of US$ 96 to Petrobras, including price adjustments such as the effects of inflation indexation and compensation of dividends received, in addition to the US$ 6 paid to Petrobras on the transaction |
Transaction Pending Seven [Member] | |
IfrsStatementLineItems [Line Items] | |
Description of terms draw drown from escrow account | The operation was closed with the payment of US$ 8, including price adjustments, in addition to the US$ 5 paid to Petrobras on the transaction signing date. |
Sale Of Fazenda Beleem [Member] | |
IfrsStatementLineItems [Line Items] | |
Description transaction in disposal of assets | The agreement provides for the receipt of US$ 110 on the transaction signing date, US$ 1,040 at the transaction closing, and US$ 235 to be paid to Petrobras in 4 annual installments of US$ 58.75, starting in March 2024. |
Reconcavo Group [Member] | |
IfrsStatementLineItems [Line Items] | |
Description transaction in disposal of assets | The agreement provides for the receipt of US$ 36 on the transaction signing date, and US$ 442 at the transaction closing and up to US$ 66 in contingent payments provided for in the contract, depending on future Brent prices. |
E And P Assets Of Peroa Group [Member] | |
IfrsStatementLineItems [Line Items] | |
Description transaction in disposal of assets | US$ 293 on the transaction signing date, US$ 1,658 at the transaction closing, and up to US$ 250 in contingent payments provided for in the contract, depending on future Brent prices. |
Pampo And Enchova Groups [Member] | |
IfrsStatementLineItems [Line Items] | |
Amount received from sale of fields | $ 240 |
Macau Group [Member] | Transaction Pending Five [Member] | |
IfrsStatementLineItems [Line Items] | |
Description transaction in disposal of assets | The full amount was paid to Petrobras on the transaction closing date. |
Finance debt (Details)
Finance debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 29,954 | $ 35,700 |
Current borrowings and current portion of non-current borrowings | 3,576 | 3,641 |
Non-current portion of non-current borrowings | 26,378 | 32,059 |
Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 4,908 | 4,517 |
Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 25,046 | 31,183 |
Banking Market [Member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 1,285 | 1,237 |
Banking Market [Member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 8,387 | 8,525 |
Capital Market [Member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 2,896 | |
Capital Market [Member] | BRAZIL | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 2,504 | |
Capital Market [Member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 14,061 | 19,527 |
Development Banks [Member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 723 | 769 |
Other Debt [Member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 4 | |
Other Debt [Member] | BRAZIL | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 7 | |
Other Debt [Member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 155 | 180 |
Export Credit Agencies [Member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 2,443 | $ 2,951 |
Finance debt (Details 1)
Finance debt (Details 1) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Finance Debt | ||
Short-term debt | $ 108 | |
Current portion of long-term debt | $ 3,111 | 3,063 |
Accrued interest on short and long-term debt | 465 | 470 |
Total | $ 3,576 | $ 3,641 |
Finance debt (Details 2)
Finance debt (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Opening balance | $ 35,700 | $ 53,889 |
Proceeds from finance debt | 2,880 | 1,754 |
Repayment of principal (*) | (9,196) | (19,107) |
Repayment of interest (*) | (1,846) | (1,858) |
Accrued interest (**) | 2,263 | 2,211 |
Foreign exchange/ inflation indexation charges | (460) | 255 |
Translation adjustment | 6 | (4) |
Translation adjustment | 613 | (428) |
Ending balance | 29,954 | 36,716 |
Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 4,517 | 8,854 |
Proceeds from finance debt | 853 | |
Repayment of principal (*) | 1,013 | 4,213 |
Repayment of interest (*) | 292 | 245 |
Accrued interest (**) | 396 | 241 |
Foreign exchange/ inflation indexation charges | 120 | 173 |
Translation adjustment | 326 | 228 |
Ending balance | 4,907 | 4,582 |
Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 31,183 | 45,035 |
Proceeds from finance debt | 2,027 | 1,754 |
Repayment of principal (*) | (8,183) | (14,894) |
Repayment of interest (*) | (1,554) | (1,613) |
Accrued interest (**) | 1,867 | 1,970 |
Foreign exchange/ inflation indexation charges | (580) | 82 |
Translation adjustment | 287 | (200) |
Ending balance | $ 25,047 | $ 32,134 |
Finance debt (Details 3)
Finance debt (Details 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Proceeds from finance debt | $ 2,880 | $ 1,754 |
Repayment of principal | (9,196) | (19,107) |
Repayment of interest | (1,846) | (1,858) |
Net Cash Used In Financing Activities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Proceeds from finance debt | 2,880 | 1,754 |
Repayment of principal | (9,334) | (19,107) |
Repayment of interest | (1,850) | (1,858) |
Finance Debt [Member] | Changes In Finance Debt [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Proceeds from finance debt | 2,880 | 1,754 |
Repayment of principal | (9,196) | (19,107) |
Repayment of interest | (1,846) | $ (1,858) |
Finance Debt [Member] | Repurchase Of Debt Securities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Repayment of principal | (121) | |
Finance Debt [Member] | Deposits Financing [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Repayment of principal | (17) | |
Repayment of interest | $ (4) |
Finance debt (Details 4)
Finance debt (Details 4) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 29,954 | $ 35,700 |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 2,879 | |
Not later than one year [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 3,576 | $ 3,641 |
Not later than one year [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 622 | |
Not later than one year [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 37 | |
Not later than one year [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 38 | |
Not later than one year [member] | Weighted average [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.80% | |
Not later than one year [member] | Weighted average [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.70% | 5.20% |
Not later than one year [member] | Weighted average [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.70% | |
Not later than one year [member] | Weighted average [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 4.70% | |
Not later than one year [member] | Weighted average [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.20% | |
Not later than one year [member] | Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.10% | |
Not later than one year [member] | Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 2,588 | |
Not later than one year [member] | Floating interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 324 | |
Not later than one year [member] | Floating interest rate [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 37 | |
Not later than one year [member] | Floating interest rate [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 38 | |
Not later than one year [member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 291 | |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 3,240 | |
Later than one year and not later than two years [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 3,943 | $ 2,973 |
Later than one year and not later than two years [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 690 | |
Later than one year and not later than two years [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 13 | |
Later than one year and not later than two years [member] | Weighted average [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.50% | |
Later than one year and not later than two years [member] | Weighted average [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.50% | 5.30% |
Later than one year and not later than two years [member] | Weighted average [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.90% | |
Later than one year and not later than two years [member] | Weighted average [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 4.70% | |
Later than one year and not later than two years [member] | Weighted average [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 0% | |
Later than one year and not later than two years [member] | Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 2,681 | |
Later than one year and not later than two years [member] | Floating interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 280 | |
Later than one year and not later than two years [member] | Floating interest rate [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 13 | |
Later than one year and not later than two years [member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 559 | |
Later than one year and not later than two years [member] | Fixed interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 410 | |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 2,569 | |
Later than two years and not later than three years [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 3,079 | $ 3,988 |
Later than two years and not later than three years [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 221 | |
Later than two years and not later than three years [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 289 | |
Later than two years and not later than three years [member] | Weighted average [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.10% | 5.50% |
Later than two years and not later than three years [member] | Weighted average [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.50% | |
Later than two years and not later than three years [member] | Weighted average [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 4.70% | |
Later than two years and not later than three years [member] | Weighted average [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 0% | |
Later than two years and not later than three years [member] | Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 1,934 | |
Later than two years and not later than three years [member] | Floating interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 138 | |
Later than two years and not later than three years [member] | Floating interest rate [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 289 | |
Later than two years and not later than three years [member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 635 | |
Later than two years and not later than three years [member] | Fixed interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 83 | |
Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 1,528 | |
Later than three years and not later than four years [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 2,523 | $ 3,449 |
Later than three years and not later than four years [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 440 | |
Later than three years and not later than four years [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 555 | |
Later than three years and not later than four years [member] | Weighted average [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.30% | |
Later than three years and not later than four years [member] | Weighted average [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.20% | 5.60% |
Later than three years and not later than four years [member] | Weighted average [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.20% | |
Later than three years and not later than four years [member] | Weighted average [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.20% | |
Later than three years and not later than four years [member] | Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 1,143 | |
Later than three years and not later than four years [member] | Floating interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 138 | |
Later than three years and not later than four years [member] | Floating interest rate [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 555 | |
Later than three years and not later than four years [member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 385 | |
Later than three years and not later than four years [member] | Fixed interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 302 | |
Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 2,465 | |
Later than four years and not later than five years [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 2,892 | $ 2,832 |
Later than four years and not later than five years [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 427 | |
Later than four years and not later than five years [member] | Weighted average [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 5.90% | |
Later than four years and not later than five years [member] | Weighted average [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6% | 5.90% |
Later than four years and not later than five years [member] | Weighted average [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.40% | |
Later than four years and not later than five years [member] | Weighted average [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 0% | |
Later than four years and not later than five years [member] | Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 1,739 | |
Later than four years and not later than five years [member] | Floating interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 333 | |
Later than four years and not later than five years [member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 726 | |
Later than four years and not later than five years [member] | Fixed interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 94 | |
Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 10,006 | |
Later than five years [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 13,941 | $ 18,817 |
Later than five years [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 2,507 | |
Later than five years [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 583 | |
Later than five years [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 845 | |
Later than five years [member] | Weighted average [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.60% | |
Later than five years [member] | Weighted average [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.60% | 6.50% |
Later than five years [member] | Weighted average [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.60% | |
Later than five years [member] | Weighted average [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 4.70% | |
Later than five years [member] | Weighted average [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.50% | |
Later than five years [member] | Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 652 | |
Later than five years [member] | Floating interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 1,060 | |
Later than five years [member] | Floating interest rate [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 583 | |
Later than five years [member] | Floating interest rate [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 845 | |
Later than five years [member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 9,354 | |
Later than five years [member] | Fixed interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 1,447 | |
Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 22,687 | |
Total [Member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 29,954 | $ 35,700 |
Total [Member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 4,907 | |
Total [Member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 922 | |
Total [Member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 1,438 | |
Total [Member] | Weighted average [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.60% | |
Total [Member] | Weighted average [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.50% | 6.20% |
Total [Member] | Weighted average [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.60% | |
Total [Member] | Weighted average [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 4.70% | |
Total [Member] | Weighted average [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Average interest rate | 6.30% | |
Total [Member] | Floating interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 2,273 | |
Total [Member] | Floating interest rate [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 922 | |
Total [Member] | Floating interest rate [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 1,438 | |
Total [Member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 11,950 | |
Total [Member] | Fixed interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 2,634 | |
At fair value [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 22,721 | |
At fair value [member] | Finance Debt Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 29,853 | $ 37,891 |
At fair value [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 4,907 | |
At fair value [member] | Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 897 | |
At fair value [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 1,328 | |
Up To One Year [Member] | Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 10,737 | |
Up To One Year [Member] | Fixed interest rate [member] | Brazil, Brazil Real | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | $ 298 |
Finance debt (Details 5)
Finance debt (Details 5) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Principal | $ 31,703 | $ 36,557 |
Interest | 24,815 | 30,557 |
Total | 56,518 | $ 67,114 |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Principal | 3,106 | |
Interest | 1,928 | |
Total | 5,034 | |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Principal | 4,061 | |
Interest | 1,748 | |
Total | 5,809 | |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Principal | 3,173 | |
Interest | 1,441 | |
Total | 4,614 | |
Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Principal | 2,665 | |
Interest | 1,282 | |
Total | 3,947 | |
Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Principal | 2,657 | |
Interest | 1,068 | |
Total | 3,725 | |
Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Principal | 16,041 | |
Interest | 17,348 | |
Total | $ 33,389 |
Finance debt (Details 6)
Finance debt (Details 6) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Foreign countries [member] | |
IfrsStatementLineItems [Line Items] | |
Available (Lines of Credit) | $ 8,250 |
Balance | 8,250 |
Brazil [Member] | |
IfrsStatementLineItems [Line Items] | |
Available (Lines of Credit) | 829 |
Balance | $ 829 |
Syndicate Of Banks [Member] | Foreign countries [member] | Petrobras Global Trading B V [Member] | |
IfrsStatementLineItems [Line Items] | |
Date | 12/16/2021 |
Maturity | 11/16/2026 |
Available (Lines of Credit) | $ 5,000 |
Balance | $ 5,000 |
Syndicate Of Banks Two [Member] | Foreign countries [member] | Petrobras Global Trading B V [Member] | |
IfrsStatementLineItems [Line Items] | |
Date | 3/27/2019 |
Maturity | 2/27/2024 |
Available (Lines of Credit) | $ 3,250 |
Balance | $ 3,250 |
Banco Do Brasil [Member] | Brazil [Member] | Petroleo Brasileiro Sa [Member] | |
IfrsStatementLineItems [Line Items] | |
Date | 3/23/2018 |
Maturity | 9/26/2026 |
Available (Lines of Credit) | $ 383 |
Balance | $ 383 |
Bradesco [Member] | Brazil [Member] | Petroleo Brasileiro Sa [Member] | |
IfrsStatementLineItems [Line Items] | |
Date | 10/4/2018 |
Maturity | 9/5/2025 |
Available (Lines of Credit) | $ 383 |
Balance | $ 383 |
Caixa Economica Federal [Member] | Brazil [Member] | Petroleo Brasileiro Sa [Member] | |
IfrsStatementLineItems [Line Items] | |
Date | 11/23/2010 |
Available (Lines of Credit) | $ 63 |
Balance | $ 63 |
Finance debt (Details Narrative
Finance debt (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Description Of Repaid Financial Debt | The balance in global notes has maturities between 2024 to 2115 and does not require collateral. Such financing was carried out in dollars, euros and pounds, 87%, 2% and 11%, of the total global notes, respectively. | ||
Proceeds from financing | $ 2,880 | $ 1,885 | $ 17,023 |
United States of America, Dollars | |||
IfrsStatementLineItems [Line Items] | |||
Description of finance debt and reconciliation | (i) US$ 1,244 through a Sustainability-Linked Loan, in the international banking market, maturing in 2027; (ii) US$ 572 through the issuance of commercial notes in the Brazilian capital market due in 2030 and 2032; and (iii) US$ 280 through the issuance of private placement commercial notes that backed the issuance of certificates of real estate receivables, maturing in 2030, 2032 and 2037. | ||
United States of America, Dollars | Level 1 of fair value hierarchy [member] | |||
IfrsStatementLineItems [Line Items] | |||
Fair value measurement, liabilities | $ 13,061 | 20,770 | |
United States of America, Dollars | Level 2 of fair value hierarchy [member] | |||
IfrsStatementLineItems [Line Items] | |||
Fair value measurement, liabilities | $ 16,792 | $ 17,121 |
Lease liabilities (Details)
Lease liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Balance at Opening | $ 23,043 | $ 21,650 |
Remeasurement / new contracts | 4,949 | 6,129 |
Payment of principal and interest (*) | (5,423) | (5,827) |
Interest expenses | 1,356 | 1,233 |
Foreign exchange gains and losses | (1,390) | 1,439 |
Translation adjustment | 1,457 | (1,582) |
Transfers | (147) | 1 |
Balance at Ending | 23,845 | 23,043 |
Current borrowings and current portion of non-current borrowings | 3,576 | 3,641 |
Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at Opening | 4,604 | 4,340 |
Remeasurement / new contracts | 2,730 | 1,655 |
Payment of principal and interest (*) | (1,785) | (1,560) |
Interest expenses | 365 | 243 |
Foreign exchange gains and losses | (169) | 151 |
Translation adjustment | 287 | (272) |
Transfers | (12) | 47 |
Balance at Ending | 6,020 | 4,604 |
Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at Opening | 18,439 | 17,310 |
Remeasurement / new contracts | 2,219 | 4,474 |
Payment of principal and interest (*) | (3,638) | (4,267) |
Interest expenses | 991 | 990 |
Foreign exchange gains and losses | (1,221) | 1,288 |
Translation adjustment | 1,170 | (1,310) |
Transfers | (135) | (46) |
Balance at Ending | $ 17,825 | $ 18,439 |
Lease liabilities (Details 1)
Lease liabilities (Details 1) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | $ 32,725 | $ 31,427 |
Recoverable taxes | 555 | 346 |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 5,710 | 5,567 |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 4,621 | 3,944 |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 3,380 | 3,027 |
Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 2,394 | 2,309 |
Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 2,122 | 1,972 |
Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 14,498 | $ 14,608 |
Previously Reported [Member] | Vessels [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 8,480 | |
Recoverable taxes | 255 | |
Previously Reported [Member] | Vessels [member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 2,813 | |
Previously Reported [Member] | Vessels [member] | Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 2,000 | |
Previously Reported [Member] | Vessels [member] | Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 1,141 | |
Previously Reported [Member] | Vessels [member] | Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 491 | |
Previously Reported [Member] | Vessels [member] | Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 340 | |
Previously Reported [Member] | Vessels [member] | Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 1,695 | |
Previously Reported [Member] | Others [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 157 | |
Recoverable taxes | 14 | |
Previously Reported [Member] | Others [Member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 93 | |
Previously Reported [Member] | Others [Member] | Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 40 | |
Previously Reported [Member] | Others [Member] | Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 19 | |
Previously Reported [Member] | Others [Member] | Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 5 | |
After Readjustment [Member] | Vessels [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 936 | |
After Readjustment [Member] | Vessels [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 1,498 | |
Recoverable taxes | 120 | |
After Readjustment [Member] | Vessels [member] | Not later than one year [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 238 | |
After Readjustment [Member] | Vessels [member] | Not later than one year [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 609 | |
After Readjustment [Member] | Vessels [member] | Later than one year and not later than two years [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 213 | |
After Readjustment [Member] | Vessels [member] | Later than one year and not later than two years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 464 | |
After Readjustment [Member] | Vessels [member] | Later than two years and not later than three years [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 179 | |
After Readjustment [Member] | Vessels [member] | Later than two years and not later than three years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 288 | |
After Readjustment [Member] | Vessels [member] | Later than three years and not later than four years [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 158 | |
After Readjustment [Member] | Vessels [member] | Later than three years and not later than four years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 109 | |
After Readjustment [Member] | Vessels [member] | Later than four years and not later than five years [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 131 | |
After Readjustment [Member] | Vessels [member] | Later than four years and not later than five years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 18 | |
After Readjustment [Member] | Vessels [member] | Later than five years [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 17 | |
After Readjustment [Member] | Vessels [member] | Later than five years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 10 | |
After Readjustment [Member] | Others [Member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 1,163 | |
Recoverable taxes | 73 | |
After Readjustment [Member] | Others [Member] | Not later than one year [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 252 | |
After Readjustment [Member] | Others [Member] | Later than one year and not later than two years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 156 | |
After Readjustment [Member] | Others [Member] | Later than two years and not later than three years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 129 | |
After Readjustment [Member] | Others [Member] | Later than three years and not later than four years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 107 | |
After Readjustment [Member] | Others [Member] | Later than four years and not later than five years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 100 | |
After Readjustment [Member] | Others [Member] | Later than five years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 419 | |
After Readjustment [Member] | Platforms [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 18,264 | |
After Readjustment [Member] | Platforms [member] | Not later than one year [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 1,546 | |
After Readjustment [Member] | Platforms [member] | Later than one year and not later than two years [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 1,539 | |
After Readjustment [Member] | Platforms [member] | Later than two years and not later than three years [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 1,461 | |
After Readjustment [Member] | Platforms [member] | Later than three years and not later than four years [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 1,368 | |
After Readjustment [Member] | Platforms [member] | Later than four years and not later than five years [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 1,358 | |
After Readjustment [Member] | Platforms [member] | Later than five years [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 10,992 | |
After Readjustment [Member] | Properties [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 2,227 | |
Recoverable taxes | 93 | |
After Readjustment [Member] | Properties [member] | Not later than one year [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 159 | |
After Readjustment [Member] | Properties [member] | Later than one year and not later than two years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 209 | |
After Readjustment [Member] | Properties [member] | Later than two years and not later than three years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 163 | |
After Readjustment [Member] | Properties [member] | Later than three years and not later than four years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 156 | |
After Readjustment [Member] | Properties [member] | Later than four years and not later than five years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | 175 | |
After Readjustment [Member] | Properties [member] | Later than five years [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal Future Payments | $ 1,365 |
Lease liabilities (Details 2)
Lease liabilities (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Discount rate | 5.5127% | |
Average Period | 11 years 4 months 24 days | |
Recoverable taxes | $ 555 | |
Lease liabilities | $ 23,845 | $ 23,043 |
Previously Reported [Member] | Vessels [member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount rate | 4.0518% | |
Average Period | 5 years 9 months 18 days | |
Recoverable taxes | $ 255 | |
Lease liabilities | $ 7,421 | 6,201 |
Previously Reported [Member] | Others [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount rate | 2.5774% | |
Average Period | 2 years 7 months 6 days | |
Recoverable taxes | $ 14 | |
Lease liabilities | $ 149 | 202 |
After Readjustment [Member] | Vessels [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount rate | 4.4127% | |
Average Period | 4 years 2 months 12 days | |
Lease liabilities | $ 838 | 1,431 |
After Readjustment [Member] | Vessels [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount rate | 7.8958% | |
Recoverable taxes | $ 120 | |
Lease liabilities | $ 1,298 | 850 |
After Readjustment [Member] | Vessels [member] | BRAZIL | ||
IfrsStatementLineItems [Line Items] | ||
Average Period | 2 years 9 months 18 days | |
After Readjustment [Member] | Others [Member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount rate | 9.8752% | |
Recoverable taxes | $ 73 | |
Lease liabilities | $ 789 | 710 |
After Readjustment [Member] | Others [Member] | BRAZIL | ||
IfrsStatementLineItems [Line Items] | ||
Average Period | 7 years 8 months 12 days | |
After Readjustment [Member] | Platforms [member] | Foreign countries [member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount rate | 5.7393% | |
Average Period | 13 years 10 months 24 days | |
Lease liabilities | $ 12,340 | 13,059 |
After Readjustment [Member] | Platforms [member] | BRAZIL | ||
IfrsStatementLineItems [Line Items] | ||
Average Period | 22 years 8 months 12 days | |
After Readjustment [Member] | Properties [member] | Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount rate | 8.0496% | |
Recoverable taxes | $ 93 | |
Lease liabilities | $ 1,010 | $ 590 |
Lease liabilities (Details 3)
Lease liabilities (Details 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities [abstract] | ||
Variable payments | $ 1,060 | $ 898 |
Variable lease to fixed payments percentage | 20% | 15% |
Variable maturity term | 118 years | 110 years |
Lease liabilities (Details Narr
Lease liabilities (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Assets not yet available for use | $ 19,212 | $ 17,052 |
Construction in progress [member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets not yet available for use | $ 79,913 | $ 79,557 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Dividend payables | $ 37,782 | |
Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Amount per common and preferred share | $ 3.3106 | |
First Instalment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Dividends and intrest on capital installment | Dividends and interest on capital - paid in 2 installments - June and July 2022 | |
Date of approval | May 05, 2022 | |
Date of record | May 23, 2022 | |
Dividend payables | $ 9,683 | |
First Instalment [Member] | Foreign Market [member] | ||
IfrsStatementLineItems [Line Items] | ||
Amount per common and preferred share | $ 0.7423 | |
Second Instalment Interest On Capital [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Dividends and intrest on capital installment | Dividends and interest on capital - paid in 2 installments - August and September 2022 | |
Dividend payables | $ 16,839 | |
Second Instalment Interest On Capital [Member] | Foreign Market [member] | ||
IfrsStatementLineItems [Line Items] | ||
Amount per common and preferred share | $ 1.2909 | |
Second Instalmentl [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Date of approval | Jul. 28, 2022 | |
Date of record | Aug. 11, 2022 | |
Third Instalment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Dividends and intrest on capital installment | Dividends and interest on capital - paid in 2 installments - December 2022 and January 2023 | |
Dividend payables | $ 8,508 | |
Third Instalment [Member] | Foreign Market [member] | ||
IfrsStatementLineItems [Line Items] | ||
Amount per common and preferred share | $ 0.6521 | |
Third Instalmentl [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Date of approval | Nov. 03, 2022 | |
Third Installement [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Date of record | Nov. 21, 2022 | |
Total Approved Anticipations [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Amount per common and preferred share | $ 2.6853 | |
Dividend payables | $ 35,030 | |
Monetary Restatement [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Amount per common and preferred share | $ 0.0991 | |
Dividend payables | $ 1,293 | |
Dividends Monetarily Restated [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Amount per common and preferred share | $ 2.7844 | |
Dividend payables | $ 36,323 | |
Complementary Dividends [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Amount per common and preferred share | $ 0.5262 | |
Dividend payables | $ 6,864 | |
Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Amount per common and preferred share | $ 1.4215 | |
Dividend payables | $ 43,187 | $ 18,541 |
Equity (Details 1)
Equity (Details 1) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [abstract] | ||
Opening balance | $ 849 | |
Additions relating to complementary dividends | $ 6,688 | 1,128 |
Additions relating to anticipated dividends | 35,030 | 11,732 |
Payments made | (37,701) | (13,078) |
Monetary restatement | (298) | (13) |
Transfers to unclaimed dividends | (165) | (67) |
Withholding income taxe over interest on capital and monetary restatement | (366) | (217) |
Translation adjustment | 981 | $ (334) |
Closing balance | 4,169 | |
Dividends payable to non-controlling shareholders | 2 | |
Consolidated closing balance of dividends payable | $ 4,171 |
Equity (Details 2)
Equity (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [abstract] | ||
Beginning balance | $ 81 | $ 18 |
Transfers from dividends payable | 165 | 67 |
Prescription | (11) | |
Translation adjustment | 6 | (4) |
Ending balance | $ 241 | $ 81 |
Equity (Details 3)
Equity (Details 3) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
IfrsStatementLineItems [Line Items] | |
Unclaimed dividends | $ 241 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Unclaimed dividends | 7 |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Unclaimed dividends | 63 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
Unclaimed dividends | $ 171 |
Equity (Details 4)
Equity (Details 4) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Profit (loss), attributable to owners of parent | $ 36,623 | $ 19,875 | $ 1,141 |
Weighted average number of outstanding shares | 13,044,201,261 | 13,044,201,261 | 13,044,201,261 |
Basic and diluted earnings per share | $ 2.81 | $ 1.52 | $ 0.09 |
Basic and diluted earnings per share | $ 5.62 | $ 3.04 | $ 0.18 |
Ordinary shares [member] | |||
IfrsStatementLineItems [Line Items] | |||
Profit (loss), attributable to owners of parent | $ 20,895 | $ 11,339 | $ 651 |
Weighted average number of outstanding shares | 7,442,231,382 | 7,442,231,382 | 7,442,231,382 |
Basic and diluted earnings per share | $ 2.81 | $ 1.52 | $ 0.09 |
Basic and diluted earnings per share | $ 5.62 | $ 3.04 | $ 0.18 |
Preference shares [member] | |||
IfrsStatementLineItems [Line Items] | |||
Profit (loss), attributable to owners of parent | $ 15,728 | $ 8,536 | $ 490 |
Weighted average number of outstanding shares | 5,601,969,879 | 5,601,969,879 | 5,601,969,879 |
Basic and diluted earnings per share | $ 2.81 | $ 1.52 | $ 0.09 |
Basic and diluted earnings per share | $ 5.62 | $ 3.04 | $ 0.18 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | May 16, 2022 | Apr. 13, 2022 | |
IfrsStatementLineItems [Line Items] | ||||
Subscribed and fully paid share capital | $ 107,101 | |||
Shares outstanding | 0.5314 | |||
Shares held in treasury | $ 2 | $ 2 | ||
Dividend rate | 25% | |||
Additional dividends | 4,510 | |||
Anticipations to shareholders | 11,853 | |||
Anticipations to shareholders | 6,688 | |||
Outstanding share | $ 0.5356 | |||
Dividend payment | 299 | |||
Dividend payable to non-controlling shareholders | 4,171 | |||
Complementary dividend | 6,932 | |||
Other current liabilities | 3,001 | 1,875 | ||
Prescribed dividends | 11 | |||
Petrobras Devidends [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Other current liabilities | $ 241 | $ 81 | ||
Ordinary shares [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Shares outstanding | 7,442,454,142 | |||
Dividend Distribution Proposed | $ 1,293 | |||
Income tax expense | 1,234 | |||
General shareholders amount | $ 18,541 | $ 6,987 | ||
Preference shares [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Shares outstanding | 5,602,042,788 |
Risk management (Details)
Risk management (Details) Number in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Number | |
IfrsStatementLineItems [Line Items] | ||
Fair Value Of Derivative Financial Assets (Liability) | $ (120) | $ (250) |
Derivatives Not Designated For Hedge Accounting [member] | Long Position Or Foreign Currency One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | $ 9,058 | (2,688) |
Description of derivative maturity period | 2023 | |
Derivatives Not Designated For Hedge Accounting [member] | Board members [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | $ (8,375) | 1,380 |
Description of derivative maturity period | 2023 | |
Futures contract [member] | Derivatives Not Designated For Hedge Accounting [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | $ 683 | (1,308) |
Fair Value Of Derivative Financial Assets (Liability) | (40) | $ (1) |
Forward contract [member] | Derivatives Not Designated For Hedge Accounting [member] | Long Position Or Foreign Currency Forwards Gbp Usd [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value-Short position | Number | 15 | |
Swap contract [member] | Derivatives Not Designated For Hedge Accounting [member] | Foreign Currency Or Cross Currency Swap Matured In Two Thousand Twenty Nine And Two Thousand Thirty Four [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair Value Of Derivative Financial Assets (Liability) | $ 23 | |
Notional value-Short position | Number | 442 | |
Notional value-Long position | Number | 583 | |
Swap contract [member] | Derivatives Not Designated For Hedge Accounting [member] | Not Later Than Five Year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair Value Of Derivative Financial Assets (Liability) | $ (50) | |
Swap contract [member] | Derivatives Not Designated For Hedge Accounting [member] | Ibiritermo S.A. [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair Value Of Derivative Financial Assets (Liability) | $ (16) | (1) |
Description of derivative maturity period | 2029/2034 | |
Swap contract [member] | Derivatives Not Designated For Hedge Accounting [member] | Later Than Five Year And Not Later Than Ten Years [member] [Default Label] | ||
IfrsStatementLineItems [Line Items] | ||
Fair Value Of Derivative Financial Assets (Liability) | $ (64) | $ (221) |
Description of derivative maturity period | 2024/2029 |
Risk management (Details 1)
Risk management (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | $ (5,258) | $ (4,783) | $ (5,342) |
Recognized In Net Finance Income Expense [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | (5,002) | (4,704) | (5,034) |
Commodity Derivatives [Member] | Crude Oil [Member] | Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | (502) | ||
Commodity Derivatives [Member] | Other Commodity Derivative Transactions [Member] | Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | (256) | (79) | 194 |
Commodity Derivatives [Member] | Recognized In Other Income And Expenses [Member] | Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | (256) | (79) | (308) |
Currency Derivatives [Member] | Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | (81) | (78) | (278) |
Currency Derivatives [Member] | Swap Pounds Sterling [Member] | Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | (297) | (85) | 11 |
Currency Derivatives [Member] | N D F Euro [Member] | Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | (23) | ||
Currency Derivatives [Member] | N D F Pounds Sterling [Member] | Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | 9 | 20 | |
Currency Derivatives [Member] | Swap C D I X Dollar [Member] | Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | 211 | (3) | (284) |
Interest Rate Derivatives [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | (50) | (41) | (36) |
Interest Rate Derivatives [Member] | Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | 5 | 1 | (2) |
Interest Rate Derivatives [Member] | Swap C D I [Member] | Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | (50) | (41) | (36) |
Cash flow hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | 10,094 | 636 | (16,740) |
Cash flow hedges [member] | Fair value hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/ (losses) recognized in the statement of income | $ (4,871) | $ (4,585) | $ (4,720) |
Risk management (Details 2)
Risk management (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Guarantees given as collateral | $ 96 | $ 42 |
Commodity Derivatives [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees given as collateral | $ 96 | 15 |
Currency Derivatives [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees given as collateral | $ 27 |
Risk management (Details 3)
Risk management (Details 3) | Dec. 31, 2022 USD ($) |
Derivatives [member] | Reasonably Possible Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Risk exposure associated with instruments | $ (135,000,000) |
Derivatives [member] | Remote Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Risk exposure associated with instruments | (269,000,000) |
Derivatives Not Designated For Hedge Accounting [member] | Crudeoil And Oil Products Price Changes [Member] | Futures contract [member] | Reasonably Possible Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Risk exposure associated with instruments | (135,000,000) |
Derivatives Not Designated For Hedge Accounting [member] | Crudeoil And Oil Products Prices Changes [Member] | Futures contract [member] | Remote Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Risk exposure associated with instruments | $ (269) |
Risk management (Details 5)
Risk management (Details 5) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | ||||
Foreign exchange variation | [1] | $ 1,022 | $ (2,737) | $ (1,363) |
Non Derivative Financial Instruments [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Ending balance | 62,119 | 72,640 | ||
Additional hedging relationships designated, designations revoked and hedging instruments re-designated | 14,589 | |||
Exports affecting the statement of income | (12,037) | |||
Principal repayments / amortization | (13,073) | |||
Nominal value of hedging instrument (finance debt and lease liability) at December 31, 2020 | 72,393 | |||
Non Derivative Financial Instruments [Member] | Brazil, Brazil Real | ||||
IfrsStatementLineItems [Line Items] | ||||
Ending balance | 324,121 | $ 405,370 | ||
Additional hedging relationships designated, designations revoked and hedging instruments re-designated | 76,263 | |||
Exports affecting the statement of income | (62,172) | |||
Principal repayments / amortization | (67,270) | |||
Foreign exchange variation | (28,070) | |||
Nominal value of hedging instrument (finance debt and lease liability) at December 31, 2020 | $ 377,723 | |||
[1]For more information, see notes 34.3a and 34.3c. |
Risk management (Details 6)
Risk management (Details 6) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Beginning balance | $ (24,169,000,000) | $ (24,590,000,000) |
Recognized in Other comprehensive income | 3,447,000,000 | (2,605,000,000) |
Reclassified to the statement of income occurred exports | 3,215 | 3,026 |
Ending balance | (17,507,000,000) | (24,169,000,000) |
Tax Effect [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Beginning balance | 12,452,000,000 | 12,667,000,000 |
Recognized in Other comprehensive income | (1,776,000,000) | 1,344,000,000 |
Reclassified to the statement of income occurred exports | (1,656) | (1,559) |
Ending balance | 9,020,000,000 | 12,452,000,000 |
Reserve of exchange differences on translation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Beginning balance | (36,621,000,000) | (37,257,000,000) |
Recognized in Other comprehensive income | 5,223,000,000 | (3,949,000,000) |
Reclassified to the statement of income occurred exports | 4,871 | 4,585 |
Ending balance | $ (26,527,000,000) | $ (36,621,000,000) |
Risk management (Details 7)
Risk management (Details 7) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Expected realization | $ (7,613) |
Later Than Five Years And Not Later Than Six Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Expected realization | (5,692) |
Later Than Six Years And Not Later Than Seven Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Expected realization | (3,558) |
Later Than Seven Years And Not Later Than Eight Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Expected realization | (3,019) |
Later Than Eight Years And Not Later Than Nine Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Expected realization | (3,258) |
Later Than Nine Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Expected realization | (2,251) |
Later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Expected realization | (1,136) |
Average [Member] | |
IfrsStatementLineItems [Line Items] | |
Expected realization | $ (26,527) |
Risk management (Details 8)
Risk management (Details 8) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Possible Result [Member] | |
IfrsStatementLineItems [Line Items] | |
Sensitivity analysis | $ (13) |
Remote Result [Member] | |
IfrsStatementLineItems [Line Items] | |
Sensitivity analysis | $ (15) |
Risk management (Details 9)
Risk management (Details 9) $ in Millions | Dec. 31, 2022 USD ($) |
Dollar Per Real [member] [Default Label] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | $ (27,881) |
Dollar Per Real [member] [Default Label] | Cash flow hedges [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 62,120 |
Dollar Per Real [member] [Default Label] | Exchange Rate Cross Currency Swap [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (576) |
Dollar Per Real [member] [Default Label] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (279) |
Dollar Per Real [member] [Default Label] | Probable Scenario [Member] | Cash flow hedges [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 623 |
Dollar Per Real [member] [Default Label] | Probable Scenario [Member] | Exchange Rate Cross Currency Swap [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (6) |
Dollar Per Real [member] [Default Label] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (5,575) |
Dollar Per Real [member] [Default Label] | Probable Stressed Scenario Of Twenty Five Percentage [member] | Cash flow hedges [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 12,424 |
Dollar Per Real [member] [Default Label] | Probable Stressed Scenario Of Twenty Five Percentage [member] | Exchange Rate Cross Currency Swap [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (115) |
Dollar Per Real [member] [Default Label] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (11,153) |
Dollar Per Real [member] [Default Label] | Probable Stressed Scenario Of Fifty Percentage [member] | Cash flow hedges [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 24,848 |
Dollar Per Real [member] [Default Label] | Probable Stressed Scenario Of Fifty Percentage [member] | Exchange Rate Cross Currency Swap [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (231) |
Euro Per Dollar [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (1,155) |
Euro Per Dollar [Member] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (36) |
Euro Per Dollar [Member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (231) |
Euro Per Dollar [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (462) |
Pound Sterling Per Dollar [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (30,553) |
Pound Sterling Per Dollar [Member] | Non Deliverable Forward [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (1,434) |
Pound Sterling Per Dollar [Member] | Probable Scenario [Member] | Non Deliverable Forward [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (33) |
Pound Sterling Per Dollar [Member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | Non Deliverable Forward [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (287) |
Pound Sterling Per Dollar [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | Non Deliverable Forward [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (574) |
Pound Sterling Per Real [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (24) |
Pound Sterling Per Real [Member] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (1) |
Pound Sterling Per Real [Member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (5) |
Pound Sterling Per Real [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (9) |
Euro Per Real [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (59) |
Euro Per Real [Member] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (3) |
Euro Per Real [Member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (11) |
Euro Per Real [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (23) |
Currency risk [member] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (352) |
Currency risk [member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (6,109) |
Currency risk [member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (12,221) |
Derivatives Assets [member] | Dollar Per Real [member] [Default Label] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 7,448 |
Derivatives Assets [member] | Dollar Per Real [member] [Default Label] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 75 |
Derivatives Assets [member] | Dollar Per Real [member] [Default Label] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 1,490 |
Derivatives Assets [member] | Dollar Per Real [member] [Default Label] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 2,979 |
Derivatives Assets [member] | Euro Per Dollar [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 1,018 |
Derivatives Assets [member] | Euro Per Dollar [Member] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 32 |
Derivatives Assets [member] | Euro Per Dollar [Member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 204 |
Derivatives Assets [member] | Euro Per Dollar [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 407 |
Derivatives Assets [member] | Pound Sterling Per Dollar [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 1,445 |
Derivatives Assets [member] | Pound Sterling Per Dollar [Member] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 33 |
Derivatives Assets [member] | Pound Sterling Per Dollar [Member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 289 |
Derivatives Assets [member] | Pound Sterling Per Dollar [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 578 |
Derivatives Assets [member] | Pound Sterling Per Real [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 2 |
Derivatives Assets [member] | Pound Sterling Per Real [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 1 |
Derivatives Assets [member] | Euro Per Real [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 4 |
Derivatives Assets [member] | Euro Per Real [Member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 1 |
Derivatives Assets [member] | Euro Per Real [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | 2 |
Derivative Liabilities [Member] | Dollar Per Real [member] [Default Label] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (96,873) |
Derivative Liabilities [Member] | Dollar Per Real [member] [Default Label] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (971) |
Derivative Liabilities [Member] | Dollar Per Real [member] [Default Label] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (19,374) |
Derivative Liabilities [Member] | Dollar Per Real [member] [Default Label] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (38,749) |
Derivative Liabilities [Member] | Euro Per Dollar [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (2,173) |
Derivative Liabilities [Member] | Euro Per Dollar [Member] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (68) |
Derivative Liabilities [Member] | Euro Per Dollar [Member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (435) |
Derivative Liabilities [Member] | Euro Per Dollar [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (869) |
Derivative Liabilities [Member] | Pound Sterling Per Dollar [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (2,879) |
Derivative Liabilities [Member] | Pound Sterling Per Dollar [Member] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (66) |
Derivative Liabilities [Member] | Pound Sterling Per Dollar [Member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (576) |
Derivative Liabilities [Member] | Pound Sterling Per Dollar [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (1,152) |
Derivative Liabilities [Member] | Pound Sterling Per Real [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (26) |
Derivative Liabilities [Member] | Pound Sterling Per Real [Member] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (1) |
Derivative Liabilities [Member] | Pound Sterling Per Real [Member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (5) |
Derivative Liabilities [Member] | Pound Sterling Per Real [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (10) |
Derivative Liabilities [Member] | Euro Per Real [Member] | Probable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (3) |
Derivative Liabilities [Member] | Euro Per Real [Member] | Probable Stressed Scenario Of Twenty Five Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (12) |
Derivative Liabilities [Member] | Euro Per Real [Member] | Probable Stressed Scenario Of Fifty Percentage [member] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | (25) |
Euro Per Real [Member] | Dollar Per Real [member] [Default Label] | |
IfrsStatementLineItems [Line Items] | |
Adjustment In Risk Exposure Associated With Instruments Sharing Characteristic | $ (63) |
Risk management (Details 10)
Risk management (Details 10) $ in Millions | Dec. 31, 2022 USD ($) |
Probable Scenario Twelve [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | $ 1,115 |
Reasonably Possible Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 1,550 |
Remote Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 1,987 |
L I B O R 3 M [Member] | Probable Scenario Twelve [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 12 |
L I B O R 3 M [Member] | Reasonably Possible Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 16 |
L I B O R 3 M [Member] | Remote Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 19 |
L I B O R 6 M [Member] | Probable Scenario Twelve [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 655 |
L I B O R 6 M [Member] | Reasonably Possible Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 917 |
L I B O R 6 M [Member] | Remote Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 1,179 |
S O F R 3 M M [Member] | Probable Scenario Twelve [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 84 |
S O F R 3 M M [Member] | Reasonably Possible Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 109 |
S O F R 3 M M [Member] | Remote Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 135 |
S O F R 6 M [Member] | Probable Scenario Twelve [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 17 |
S O F R 6 M [Member] | Reasonably Possible Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 23 |
S O F R 6 M [Member] | Remote Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 30 |
C D I [Member] | Probable Scenario Twelve [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 181 |
C D I [Member] | Reasonably Possible Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 253 |
C D I [Member] | Remote Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 325 |
T J L P [Member] | Probable Scenario Twelve [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 70 |
T J L P [Member] | Reasonably Possible Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 98 |
T J L P [Member] | Remote Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 126 |
Ibiritermo S.A. [member] | Probable Scenario Twelve [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 96 |
Ibiritermo S.A. [member] | Reasonably Possible Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | 134 |
Ibiritermo S.A. [member] | Remote Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Increase Decrease In Risk Exposure Associated With Interst Rate Management | $ 173 |
Risk management (Details 11)
Risk management (Details 11) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | $ 7,996,000,000 | $ 10,467,000,000 |
Marketable securities | 4,337,000,000 | 694,000,000 |
Aa Credit Grades One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | 1,152,000,000 | |
A Credit Grades [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | 3,806,000,000 | 1,145,000,000 |
Marketable securities | 820 | |
B B B Credit Grades [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | 212,000,000 | 2,308,000,000 |
B B Credit Grades [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | 917,000,000 | 3,672,000,000 |
Marketable securities | 205,000,000 | |
Aaa Point Br Credit Grades [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | 3,034,000,000 | 530,000,000 |
Marketable securities | 3,311,000,000 | 694,000,000 |
Aa Point Br Credit Grades [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | 1,000,000 | 1,639,000,000 |
Marketable securities | 1,000,000 | |
Other Credit Grades [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | $ 26,000,000 | $ 21,000,000 |
Risk management (Details 12)
Risk management (Details 12) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Financial assets, at fair value | $ 23 | |
Foreign currency derivatives | $ (273) | |
Recurring fair value measurement [member] | ||
IfrsStatementLineItems [Line Items] | ||
Foreign currency derivatives | (121) | |
Recurring fair value measurement [member] | Foreign Currency Contracts Derivative [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Foreign currency derivatives | (64) | |
Recurring fair value measurement [member] | Commodity Derivatives Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Foreign currency derivatives | (40) | |
Recurring fair value measurement [member] | Interest Rate Derivatives [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Foreign currency derivatives | (17) | |
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets, at fair value | 23 | |
Foreign currency derivatives | (81) | $ (272) |
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Foreign Currency Contracts Derivative [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Foreign currency derivatives | (64) | |
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Interest Rate Derivatives [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Foreign currency derivatives | (17) | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | ||
IfrsStatementLineItems [Line Items] | ||
Foreign currency derivatives | (1) | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Commodity Derivatives Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Foreign currency derivatives | $ (40) |
Related-party transactions (Det
Related-party transactions (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Assets | $ 187,191 | $ 174,348 |
Liabilities | 117,355 | 104,536 |
Transactions With Joint Ventures Associates Government Entities And Pension Plans [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 14,309 | 10,833 |
Liabilities | 3,449 | 1,449 |
Current Assets Or Current Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 2,603 | 2,110 |
Liabilities | 2,119 | 315 |
Non Current Assets Or Non Current Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 11,706 | 8,723 |
Liabilities | 1,330 | 1,134 |
Petros [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 56 | 51 |
Liabilities | 301 | 61 |
Government bonds [member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 1,689 | 1,446 |
Banks Controlled By The Brazilian Government [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 11,811 | 8,417 |
Liabilities | 1,567 | 1,267 |
Petroleum And Alcohol Account Receivable From The Brazilian Government [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 602 | 506 |
P P S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | 57 | |
Other Government Entities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 58 | 26 |
Liabilities | 71 | 54 |
Other Associates And Joint Ventures [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 72 | 104 |
Joint Venture And Associates Sub Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 93 | 385 |
Liabilities | 31 | 67 |
State Controlled Gas Distributors Joint Ventures [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 255 | |
Liabilities | 42 | |
Petrochemical Companies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 21 | 26 |
Liabilities | 10 | 12 |
Other Associates And Joint Ventures [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | 21 | 13 |
Petrobras Distribuidora [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 2 | |
Liabilities | 1,422 | |
Government Entities Sub Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 14,160 | 10,397 |
Liabilities | $ 3,117 | $ 1,321 |
Related-party transactions (D_2
Related-party transactions (Details 1) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | $ 5,625 | $ 13,963 | $ 13,878 | |
Transactions With Joint Ventures Associates Government Entities And Pension Plans [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 5,625 | 13,963 | 13,878 | |
Purchases And Services [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | (4) | (494) | (2,074) | |
Income Expenses [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | (804) | (315) | (93) | |
Foreign Exchange And Inflation Indexation Charges Net [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 299 | (59) | (102) | |
Net Finance Income Expense [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 313 | 159 | (55) | |
Petros [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | (21) | (177) | ||
Revenues Mainly Sales Revenues [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 5,821 | 14,672 | 16,202 | |
Government bonds [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 204 | 64 | 41 | |
Banks Controlled By The Brazilian Government [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 71 | (157) | (456) | |
Receivable From The Electricity Sector [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 131 | 72 | ||
Petroleum And Alcohol Account Receivable From The Brazilian Government [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 62 | 58 | $ 235 | |
Brazilian Federal Government Dividends [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 288 | 31 | (4) | |
Empresa Brasileira De Administrao De Petrleo Gs Natural Pr Sal Petrleo [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | (657) | (139) | (135) | |
Other Government Entities [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | (79) | (34) | (15) | |
Other Associates And Joint Ventures [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 96 | 418 | 265 | |
Joint Venture And Associates Sub Total [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 5,757 | 14,009 | 14,317 | |
B R Distribuidora [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 7,936 | 11,038 | ||
Natural Gas Transportation Companies [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | (308) | (1,478) | ||
State Controlled Gas Distributors Joint Ventures [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 1,196 | 2,410 | 1,723 | |
Petrobras Distribuidora [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | 4,465 | 3,553 | 2,769 | |
Government Entities Sub Total [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Income (Expense) | $ (111) | $ (46) | $ (262) |
Related-party transactions (D_3
Related-party transactions (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Compensation of employees | $ 38,682 | $ 38,703 |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Compensation of employees | 759 | 678 |
Compensation of Director | 322,668 | 536,948 |
Weighted average [member] | ||
IfrsStatementLineItems [Line Items] | ||
Compensation of employees | 4,367 | 3,775 |
Compensation of Director | 586,324 | 697,110 |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Compensation of employees | 20,790 | 19,220 |
Compensation of Director | $ 437,916 | $ 544,862 |
Related-party transactions (D_4
Related-party transactions (Details 3) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) Number | Dec. 31, 2021 USD ($) Number | |
IfrsStatementLineItems [Line Items] | ||
Wages and short-term benefits | $ 2.8 | $ 2.7 |
Social security and other employee-related taxes | 0.8 | 0.7 |
Post-employment benefits (pension plan) | 0.4 | 0.3 |
Variable compensation | 2.8 | 2.5 |
Benefits due to termination of tenure | 0.3 | 0.6 |
Total compensation recognized in the statement of income | 7.1 | 6.8 |
Total compensation paid | $ 6.3 | $ 6.1 |
Average number of members in the period | Number | 20 | 19.58 |
Average number of paid members in the period | Number | 12.83 | 13.50 |
Officers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Wages and short-term benefits | $ 2.7 | $ 2.6 |
Social security and other employee-related taxes | 0.8 | 0.7 |
Post-employment benefits (pension plan) | 0.4 | 0.3 |
Variable compensation | 2.8 | 2.5 |
Benefits due to termination of tenure | 0.3 | 0.6 |
Total compensation recognized in the statement of income | 7 | 6.7 |
Total compensation paid | $ 6.3 | $ 6 |
Average number of members in the period | Number | 9 | 9 |
Average number of paid members in the period | Number | 9 | 9 |
Board Members [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Wages and short-term benefits | $ 0.1 | $ 0.1 |
Total compensation recognized in the statement of income | $ 0.1 | 0.1 |
Total compensation paid | $ 0.1 | |
Average number of members in the period | Number | 11 | 10.58 |
Average number of paid members in the period | Number | 3.83 | 4.50 |
Supplemental information on s_3
Supplemental information on statement of cash flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amounts paid/received during the year: | |||
Withholding income tax paid on behalf of third-parties | $ 1,413 | $ 904 | $ 770 |
Transactions not involving cash | |||
Purchase of property, plant and equipment on credit | 19 | 310 | |
Lease | 6,923 | 6,945 | 4,255 |
Provision/(reversals) for decommissioning costs | 3,260 | (1,082) | 5,174 |
Use of tax credits and judicial deposit for the payment of contingency | 1,236 | 1,173 | 2 |
Assets received due to the increase of interest in concessions without disbursement | 165 | ||
Remeasurement of property, plant and equipment acquired in previous periods | 24 | ||
Earn Out related to Atapu and Sépia groups | $ 694 | $ 54 |
Supplemental information on s_4
Supplemental information on statement of cash flows (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Information On Statement Of Cash Flows | ||
Cash and cash equivalents in statements of financial position | $ 10,467 | $ 11,711 |
Cash and cash equivalents classified as assets held for sale (note 30) | 13 | 14 |
Cash and cash equivalents at the beginning of the period | 10,480,000,000 | 11,725,000,000 |
Total cash and cash equivalents | 7,996,000,000 | 10,467,000,000 |
Cash and cash equivalents classified as assets held for sale (note 30) | 13 | |
Cash and cash equivalents at the end of the period | $ 7,996,000,000 | $ 10,480,000,000 |
Supplemental information on s_5
Supplemental information on statement of cash flows (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Information On Statement Of Cash Flows | |||
Depreciation of Property, plant and equipment | $ 14,618 | $ 12,955 | $ 12,326 |
Amortization of Intangible assets | 77 | 60 | 66 |
Capitalized depreciation | (1,343) | (1,240) | (973) |
Depreciation of right of use - recovery of PIS/COFINS | (134) | (80) | 26 |
Depreciation, depletion and amortization in the Statements of Cash Flows | $ 13,218 | $ 11,695 | $ 11,445 |
Subsequent events (Details)
Subsequent events (Details) - Oil And Gas Producing Activities [member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Oil Products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Unproved oil and gas properties | $ 4,282 | $ 4,570 | $ 17,550 |
Proved oil and gas properties | 83,235 | 80,695 | 61,997 |
Support Equipment | 70,468 | 68,766 | 73,961 |
Gross Capitalized costs | 157,986 | 154,032 | 153,508 |
Depreciation, depletion and amortization | (53,606) | (52,355) | (43,696) |
Net capitalized costs | 104,380 | 101,677 | 109,812 |
Oil Products [member] | Brazil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unproved oil and gas properties | 4,227 | 4,455 | 17,438 |
Proved oil and gas properties | 83,030 | 80,523 | 61,857 |
Support Equipment | 69,735 | 67,988 | 73,199 |
Gross Capitalized costs | 156,993 | 152,967 | 152,494 |
Depreciation, depletion and amortization | (52,836) | (51,621) | (43,008) |
Net capitalized costs | 104,156 | 101,345 | 109,486 |
Oil Products [member] | South America [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unproved oil and gas properties | 55 | 115 | 112 |
Proved oil and gas properties | 205 | 172 | 140 |
Support Equipment | 732 | 777 | 761 |
Gross Capitalized costs | 992 | 1,064 | 1,013 |
Depreciation, depletion and amortization | (769) | (733) | (687) |
Net capitalized costs | 223 | 331 | 326 |
Oil Products [member] | Foreign countries [member] | |||
IfrsStatementLineItems [Line Items] | |||
Unproved oil and gas properties | 55 | 115 | 112 |
Proved oil and gas properties | 205 | 172 | 140 |
Support Equipment | 733 | 778 | 762 |
Gross Capitalized costs | 993 | 1,065 | 1,014 |
Depreciation, depletion and amortization | (770) | (734) | (688) |
Net capitalized costs | 223 | 331 | 326 |
Oil Products [member] | Gaspetro [member] [Default Label] | |||
IfrsStatementLineItems [Line Items] | |||
Support Equipment | 1 | 1 | 1 |
Gross Capitalized costs | 1 | 1 | 1 |
Depreciation, depletion and amortization | (1) | (1) | (1) |
Equity Portfolio Amount | |||
IfrsStatementLineItems [Line Items] | |||
Proved oil and gas properties | 762 | 832 | 792 |
Gross Capitalized costs | 762 | 832 | 792 |
Depreciation, depletion and amortization | (224) | (296) | (316) |
Net capitalized costs | $ 538 | $ 536 | $ 476 |
Subsequent events (Details 3)
Subsequent events (Details 3) - bbl bbl in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Entitie [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 8,419 | 7,534 | 8,092 |
Revisions of previous estimates | 1,705 | 1,667 | 261 |
Extensions and discoveries | 35 | ||
Sales of reserves | (465) | (9) | (61) |
Production for the year | (749) | (774) | (793) |
Ending balance | 8,910 | 8,419 | 7,534 |
Equity Method Investees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 8,435 | 7,552 | 8,156 |
Revisions of previous estimates | 1,708 | 1,668 | 261 |
Extensions and discoveries | 35 | ||
Sales of reserves | (465) | (9) | (102) |
Production for the year | (752) | (777) | (798) |
Ending balance | 8,926 | 8,435 | 7,552 |
Brazil [Member] | Consolidated Entitie [Member] | Crude Oil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 8,406 | 7,534 | 8,083 |
Revisions of previous estimates | 1,705 | 1,654 | 269 |
Extensions and discoveries | 35 | ||
Sales of reserves | (455) | (9) | (61) |
Production for the year | (748) | (773) | (792) |
Ending balance | 8,908 | 8,406 | 7,534 |
Brazil [Member] | Consolidated Entitie [Member] | Synthetics Oil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 10 | 8 | |
Revisions of previous estimates | 11 | (7) | |
Sales of reserves | (10) | ||
Production for the year | (1) | (1) | (1) |
Ending balance | 10 | ||
South America [Member] | Consolidated Entitie [Member] | Crude Oil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 2 | 1 | |
Revisions of previous estimates | 2 | (1) | |
Ending balance | 2 | 2 | |
North America [Member] | Equity Method Investees [Member] | Crude Oil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 17 | 18 | 23 |
Revisions of previous estimates | 3 | 1 | |
Sales of reserves | (1) | ||
Production for the year | (3) | (3) | (1) |
Ending balance | 16 | 17 | 18 |
Africa [Member] | Equity Method Investees [Member] | Crude Oil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 42 | ||
Sales of reserves | (41) | ||
Production for the year | (4) |
Subsequent events (Details 4)
Subsequent events (Details 4) - bbl bbl in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Entitie 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 8,650 | 7,572 | 8,549 |
Revisions of previous estimates | 1,682 | 1,802 | (222) |
Extensions and discoveries | 36 | ||
Sales of reserves | (425) | (15) | (42) |
Production for the year | (647) | (709) | (749) |
Ending balance | 9,261 | 8,650 | 7,572 |
Equity Method Investees 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 8,657 | 7,580 | 8,605 |
Revisions of previous estimates | 1,682 | 1,802 | (222) |
Extensions and discoveries | 36 | ||
Sales of reserves | (425) | (15) | (90) |
Production for the year | (648) | (710) | (750) |
Ending balance | 9,267 | 8,657 | 7,580 |
Brazil [Member] | Consolidated Entitie 1 [Member] | Natural Gas [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 8,455 | 7,547 | 8,381 |
Revisions of previous estimates | 1,667 | 1,615 | (93) |
Extensions and discoveries | 36 | ||
Sales of reserves | (408) | (15) | (42) |
Production for the year | (626) | (692) | (735) |
Ending balance | 9,088 | 8,455 | 7,547 |
Brazil [Member] | Consolidated Entitie 1 [Member] | Synthetics Gas 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 18 | 12 | |
Revisions of previous estimates | 19 | (11) | |
Sales of reserves | (17) | ||
Production for the year | (1) | (1) | (1) |
Ending balance | 18 | ||
South America [Member] | Consolidated Entitie 1 [Member] | Natural Gas [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 177 | 26 | 156 |
Revisions of previous estimates | 16 | 167 | (119) |
Production for the year | (20) | (16) | (12) |
Ending balance | 173 | 177 | 26 |
North America [Member] | Equity Method Investees 1 [Member] | Natural Gas [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 7 | 8 | 9 |
Sales of reserves | (1) | ||
Production for the year | (1) | (1) | (2) |
Ending balance | 6 | 7 | 8 |
Africa [Member] | Equity Method Investees 1 [Member] | Natural Gas [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 47 | ||
Sales of reserves | (47) |
Subsequent events (Details 5)
Subsequent events (Details 5) - bbl bbl in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Entitie 2 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 9,860 | 8,796 | 9,517 |
Revisions of previous estimates | 1,986 | 1,967 | 224 |
Extensions and discoveries | 41 | ||
Sales of reserves | (536) | (11) | (68) |
Production for the year | (857) | (892) | (918) |
Ending balance | 10,453 | 9,860 | 8,796 |
Equity Portfolio Amount | |||
IfrsStatementLineItems [Line Items] | |||
Extensions and discoveries | 1 | ||
Equity Method Investees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 8,435 | 7,552 | 8,156 |
Revisions of previous estimates | 1,708 | 1,668 | 261 |
Extensions and discoveries | 35 | ||
Sales of reserves | (465) | (9) | (102) |
Production for the year | (752) | (777) | (798) |
Ending balance | 8,926 | 8,435 | 7,552 |
Equity Method Investees 2 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 9,878 | 8,816 | 9,590 |
Revisions of previous estimates | 1,988 | 1,969 | 224 |
Extensions and discoveries | 41 | ||
Sales of reserves | (536) | (11) | (117) |
Production for the year | (860) | (896) | (923) |
Ending balance | 10,470 | 9,878 | 8,816 |
Oil And Gas Producing Activities [member] | Brazil [Member] | Oil Products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 9,816 | 8,792 | 9,480 |
Revisions of previous estimates | 1,983 | 1,923 | 253 |
Extensions and discoveries | 41 | ||
Sales of reserves | (523) | (11) | (68) |
Production for the year | (852) | (888) | (914) |
Ending balance | 10,423 | 9,816 | 8,792 |
Oil And Gas Producing Activities [member] | South America One [Member] | Oil Products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 31 | 5 | 27 |
Revisions of previous estimates | 3 | 30 | (21) |
Production for the year | (4) | (3) | (2) |
Ending balance | 31 | 5 | |
Oil And Gas Producing Activities [member] | North America [Member] | Equity Portfolio Amount | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 18 | 19 | 24 |
Revisions of previous estimates | 3 | 2 | |
Extensions and discoveries | 1 | ||
Sales of reserves | (1) | ||
Production for the year | (3) | (3) | (5) |
Ending balance | 17 | 18 | 19 |
Oil And Gas Producing Activities [member] | South America [Member] | Oil Products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Ending balance | 31 | ||
Synthetics Oil 1 [Member] | Brazil [Member] | Oil Products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 13 | 10 | |
Revisions of previous estimates | 14 | (9) | |
Sales of reserves | (12) | ||
Production for the year | (1) | (1) | (1) |
Ending balance | 13 | ||
Oil Natural [Member] | Africa [Member] | Equity Method Investees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | 49 | ||
Sales of reserves | (49) | ||
Production for the year | (1) |
Subsequent events (Details 6)
Subsequent events (Details 6) - bbl bbl in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 10,470 | 9,878 | 8,816 |
Net Proved developed reserves | 5,686 | 5,833 | |
Net Proved Undeveloped reserves | 5,347 | 4,192 | 2,983 |
Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 5,109 | 5,670 | 5,814 |
Net Proved developed reserves | 15 | 16 | 18 |
Net Proved Undeveloped reserves | 5,345 | 4,190 | 2,982 |
Equity Method Investees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved Undeveloped reserves | 2 | 2 | 1 |
Total Consolidated And Equity Method Investees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 5,124 | ||
Brazil [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 5,093 | 5,656 | 5,810 |
Net Proved Undeveloped reserves | 5,330 | 4,173 | 2,982 |
South America Outside Brazil [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 16 | 14 | 5 |
Net Proved Undeveloped reserves | 14 | 17 | |
North America [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 15 | 16 | 18 |
North America [Member] | Equity Method Investees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved Undeveloped reserves | 2 | 2 | 1 |
Crude Oil 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 8,926 | 8,425 | 7,552 |
Net Proved developed reserves | 4,200 | 4,727 | 4,875 |
Net Proved Undeveloped reserves | 4,726 | 3,698 | 2,678 |
Crude Oil 1 [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 4,186 | 4,712 | 4,858 |
Net Proved developed reserves | 14 | 15 | 17 |
Net Proved Undeveloped reserves | 4,724 | 3,696 | 2,676 |
Crude Oil 1 [Member] | Equity Method Investees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved Undeveloped reserves | 2 | 2 | 1 |
Crude Oil 1 [Member] | Brazil [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 4,185 | 4,711 | 4,858 |
Net Proved Undeveloped reserves | 4,723 | 3,695 | 2,676 |
Crude Oil 1 [Member] | South America Outside Brazil [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 1 | 1 | |
Net Proved Undeveloped reserves | 1 | 1 | |
Crude Oil 1 [Member] | North America [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 14 | 15 | 17 |
Crude Oil 1 [Member] | North America [Member] | Equity Method Investees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved Undeveloped reserves | 2 | 2 | 1 |
Natural Gas [member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 9,267 | 8,639 | 7,580 |
Net Proved developed reserves | 5,543 | 5,675 | 5,747 |
Net Proved Undeveloped reserves | 3,724 | 2,964 | 1,833 |
Natural Gas [member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 5,538 | 5,669 | 5,740 |
Net Proved developed reserves | 5 | 6 | 7 |
Net Proved Undeveloped reserves | 3,723 | 2,963 | 1,833 |
Natural Gas [member] | Equity Method Investees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved Undeveloped reserves | 1 | 1 | 1 |
Natural Gas [member] | Brazil [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 5,447 | 5,591 | 5,714 |
Net Proved Undeveloped reserves | 3,641 | 2,865 | 1,833 |
Natural Gas [member] | South America Outside Brazil [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 91 | 79 | 26 |
Net Proved Undeveloped reserves | 82 | 98 | |
Natural Gas [member] | North America [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 5 | 6 | 7 |
Natural Gas [member] | North America [Member] | Equity Method Investees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved Undeveloped reserves | 1 | 1 | 1 |
Synthetic Oil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 10 | ||
Net Proved developed reserves | 10 | ||
Synthetic Oil [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 10 | ||
Synthetic Oil [Member] | Brazil [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 10 | ||
Synthetic Gas [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 18 | ||
Net Proved developed reserves | 18 | ||
Synthetic Gas [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 18 | ||
Synthetic Gas [Member] | Brazil [Member] | Total Consolidated Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Proved developed reserves | 18 |
Subsequent events (Details 7)
Subsequent events (Details 7) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Brazil 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Future cash inflows | $ 983,826 | $ 612,924 | $ 333,248 |
Future production costs | (399,655) | (264,158) | (182,534) |
Future development costs | (62,548) | (44,027) | (31,236) |
Future income tax expenses | (178,412) | (104,568) | (46,862) |
Undiscounted future net cash flows | 343,211 | 200,171 | 72,616 |
10 percent midyear annual discount for timing of estimated cash flows (1) | (151,828) | (85,391) | (26,638) |
Standardized measure of discounted future net cash flows | 191,383 | 114,780 | 45,978 |
South America 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Future cash inflows | 837 | 587 | 69 |
Future production costs | (357) | (261) | (51) |
Future development costs | (128) | (107) | (16) |
Future income tax expenses | (88) | (61) | |
Undiscounted future net cash flows | 264 | 159 | 2 |
10 percent midyear annual discount for timing of estimated cash flows (1) | (124) | (70) | |
Standardized measure of discounted future net cash flows | 141 | 89 | 1 |
Total 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Future cash inflows | 984,663 | 613,511 | 333,317 |
Future production costs | (400,012) | (264,419) | (182,585) |
Future development costs | (62,676) | (44,134) | (31,252) |
Future income tax expenses | (178,500) | (104,628) | (46,862) |
Undiscounted future net cash flows | 343,475 | 200,330 | 72,618 |
10 percent midyear annual discount for timing of estimated cash flows (1) | (151,951) | (85,461) | (26,638) |
Standardized measure of discounted future net cash flows | 191,524 | 114,869 | 45,979 |
Equity Method Investees 5 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Future cash inflows | 1,581 | 1,129 | 667 |
Future production costs | (273) | (329) | (465) |
Future development costs | (21) | (28) | (48) |
Future income tax expenses | (79) | ||
Undiscounted future net cash flows | 1,287 | 772 | 75 |
10 percent midyear annual discount for timing of estimated cash flows (1) | (401) | (303) | (1) |
Standardized measure of discounted future net cash flows | $ 886 | $ 470 | $ 74 |
Subsequent events (Details 8)
Subsequent events (Details 8) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Brazil 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance | $ 114,780 | $ 45,978 | $ 88,121 |
Sales and transfers of oil and gas, net of production cost | (54,230) | (38,074) | (24,908) |
Development cost incurred | 6,883 | 6,035 | 5,664 |
Net change due to purchases and sales of minerals in place | (17,030) | (246) | (847) |
Net change due to extensions, discoveries and improved recovery related costs | 509 | ||
Revisions of previous quantity estimates | 64,535 | 41,211 | 3,160 |
Net change in prices, transfer prices and in production costs | 129,462 | 108,268 | (54,606) |
Changes in estimated future development costs | (23,317) | (19,900) | (4,716) |
Accretion of discount | 11,478 | 4,598 | 8,812 |
Net change in income taxes | (41,178) | (33,089) | 24,788 |
Balance | 191,383 | 114,780 | 45,978 |
South America 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance | 89 | 1 | 69 |
Sales and transfers of oil and gas, net of production cost | (62) | (43) | (14) |
Development cost incurred | 31 | 44 | 3 |
Revisions of previous quantity estimates | 17 | 205 | (35) |
Net change in prices, transfer prices and in production costs | 122 | 58 | (145) |
Changes in estimated future development costs | (39) | (119) | 97 |
Accretion of discount | 14 | 9 | |
Net change in income taxes | (17) | (47) | 24 |
Other - unspecified | (15) | (9) | (7) |
Balance | 141 | 89 | 1 |
Total 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance | 114,869 | 45,979 | 88,190 |
Sales and transfers of oil and gas, net of production cost | (54,291) | (38,117) | (24,922) |
Development cost incurred | 6,913 | 6,079 | 5,666 |
Net change due to purchases and sales of minerals in place | (17,030) | (246) | (847) |
Net change due to extensions, discoveries and improved recovery related costs | 509 | ||
Revisions of previous quantity estimates | 64,553 | 41,416 | 3,125 |
Net change in prices, transfer prices and in production costs | 129,584 | 108,326 | (54,751) |
Changes in estimated future development costs | (23,356) | (20,019) | (4,618) |
Accretion of discount | 11,492 | 4,598 | 8,821 |
Net change in income taxes | (41,194) | (33,136) | 24,812 |
Other - unspecified | (15) | (9) | (7) |
Balance | 191,524 | 114,869 | 45,979 |
Equity Method Investees 5 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance | 470 | 74 | 1,412 |
Sales and transfers of oil and gas, net of production cost | (235) | (177) | (94) |
Development cost incurred | 29 | 37 | 57 |
Net change due to purchases and sales of minerals in place | (1,047) | ||
Net change due to extensions, discoveries and improved recovery related costs | 10 | 10 | |
Revisions of previous quantity estimates | 82 | 30 | (10) |
Net change in prices, transfer prices and in production costs | 349 | 401 | (375) |
Changes in estimated future development costs | (4) | 3 | 67 |
Accretion of discount | 93 | 49 | 12 |
Net change in income taxes | 48 | 51 | |
Other - unspecified | 92 | (7) | 1 |
Balance | $ 886 | $ 470 | $ 74 |
Schedule of costs incurred ar_2
Schedule of costs incurred are summarized below and include both amounts expensed and capitalized (Details Narrative) - Oil And Gas Producing Activities [member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Oil Products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales to third parties | $ 1,311 | $ 1,105 | $ 871 |
Intersegment | 76,579 | 54,479 | 33,524 |
Net operation revenues | 77,890 | 55,584 | 34,395 |
Production costs | (20,050) | (14,668) | (9,437) |
Exploration expenses | (887) | (687) | (803) |
Depreciation, depletion and amortization | (10,415) | (9,005) | (8,661) |
Impairment of oil and gas properties | (1,218) | 3,107 | (7,364) |
Other operating expenses | 3,012 | 820 | (1,020) |
Results before income tax expenses | 48,332 | 35,151 | 7,110 |
Income tax expenses | (16,433) | (11,951) | (2,417) |
Results of operations (excluding corporate overhead and interest costs) | 31,899 | 23,200 | 4,693 |
Oil Products [member] | Brazil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales to third parties | 1,153 | 974 | 763 |
Intersegment | 76,579 | 54,479 | 33,524 |
Net operation revenues | 77,732 | 55,453 | 34,287 |
Production costs | (19,975) | (14,601) | (9,378) |
Exploration expenses | (719) | (685) | (796) |
Depreciation, depletion and amortization | (10,373) | (8,959) | (8,611) |
Impairment of oil and gas properties | (1,216) | 3,107 | (7,364) |
Other operating expenses | 3,000 | 809 | (825) |
Results before income tax expenses | 48,449 | 35,124 | 7,313 |
Income tax expenses | (16,474) | (11,984) | (2,486) |
Results of operations (excluding corporate overhead and interest costs) | 31,975 | 23,141 | 4,827 |
Oil Products [member] | South America [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales to third parties | 158 | 131 | 108 |
Net operation revenues | 158 | 131 | 108 |
Production costs | (75) | (67) | (59) |
Exploration expenses | (168) | (2) | (7) |
Depreciation, depletion and amortization | (42) | (46) | (50) |
Impairment of oil and gas properties | (2) | ||
Other operating expenses | (1) | 15 | (2) |
Results before income tax expenses | (130) | 31 | (10) |
Income tax expenses | 44 | (11) | 3 |
Results of operations (excluding corporate overhead and interest costs) | (86) | 20 | (7) |
Oil Products [member] | Foreign countries [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales to third parties | 158 | 131 | 108 |
Net operation revenues | 158 | 131 | 108 |
Production costs | (75) | (67) | (59) |
Exploration expenses | (168) | (2) | (7) |
Depreciation, depletion and amortization | (42) | (46) | (50) |
Impairment of oil and gas properties | (2) | ||
Other operating expenses | 12 | 11 | (195) |
Results before income tax expenses | (117) | 27 | (203) |
Income tax expenses | 41 | 33 | 69 |
Results of operations (excluding corporate overhead and interest costs) | (76) | 59 | (134) |
Oil Products [member] | North America [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Other operating expenses | (8) | 114 | (167) |
Results before income tax expenses | (8) | 114 | (167) |
Income tax expenses | 57 | ||
Results of operations (excluding corporate overhead and interest costs) | (8) | 114 | (110) |
Oil Products [member] | Gaspetro [member] [Default Label] | |||
IfrsStatementLineItems [Line Items] | |||
Other operating expenses | 21 | (118) | (26) |
Results before income tax expenses | 21 | (118) | (26) |
Income tax expenses | (3) | 43 | 9 |
Results of operations (excluding corporate overhead and interest costs) | 19 | (75) | (17) |
Equity Portfolio Amount | |||
IfrsStatementLineItems [Line Items] | |||
Sales to third parties | 275 | 220 | 148 |
Net operation revenues | 275 | 220 | 148 |
Production costs | (41) | (44) | |
Depreciation, depletion and amortization | (42) | (38) | (57) |
Other operating expenses | (22) | (17) | (158) |
Results before income tax expenses | 170 | 121 | (121) |
Income tax expenses | 41 | ||
Results of operations (excluding corporate overhead and interest costs) | $ 170 | $ 121 | $ (80) |