Amended Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k/a)
19 September 2022 - 08:14PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 6-K/A
Report of Foreign Private
Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange
Act of 1934
For the month of
August, 2022
Commission File Number
1-15106
PETROBRAS - PETROLEO BRASILEIRO SA
(Exact name of registrant
as specified in its charter)
Brazilian Petroleum
Corporation – PETROBRAS
(Translation of Registrant's
name into English)
Avenida Henrique Valadares, 28 – 19th floor
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil
(Address of principal
executive office)
Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form
40-F _______
Indicate by check mark
whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
EXPLANATORY NOTE
Petrobras is amending its report on Form 6-K furnished to the Securities and Exchange Commission on July 29, 2022 (File/Film
Number: 001-15106 / 221118175) (the “Original 6-K”) solely for the purpose of adding Exhibit 101, which contains Interactive
Data File disclosure in accordance with Rule 405 of Regulation S-T. Except as described above, this amendment does not amend any information
set forth in the Original 6-K.
Unaudited
Consolidated
Interim
Financial
Statements
As of June 30, 2022 and for the six-month
periods ended June 30, 2022 and 2021 with report of independent registered public accounting firm

INDEX
PETROBRAS
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
PETROBRAS
As of June 30, 2022 and December 31, 2021 (Expressed in millions
of US Dollars, unless otherwise indicated)
Assets |
Note |
06.30.2022 |
12.31.2021 |
|
Liabilities |
Note |
06.30.2022 |
12.31.2021 |
Current assets |
|
|
|
|
Current liabilities |
|
|
|
Cash and cash equivalents |
3.1 |
16,287 |
10,467 |
|
Trade payables |
|
5,528 |
5,483 |
Marketable securities |
3.2 |
2,855 |
650 |
|
Finance debt |
23.1 |
4,116 |
3,641 |
Trade and other receivables |
9.1 |
5,048 |
6,368 |
|
Lease liability |
24 |
5,224 |
5,432 |
Inventories |
10 |
9,512 |
7,255 |
|
Income taxes payable |
11.1 |
1,922 |
733 |
Recoverable income taxes |
11.1 |
142 |
163 |
|
Other taxes payable |
11.2 |
3,784 |
4,001 |
Other recoverable taxes |
11.2 |
1,132 |
1,183 |
|
Dividends payable |
25.2 |
4,633 |
− |
Others |
|
2,146 |
1,573 |
|
Employee benefits |
12 |
2,007 |
2,144 |
Current
assets other than assets classified as held for sale |
|
37,122 |
27,659 |
|
Others |
|
3,641 |
1,875 |
|
|
|
|
|
Current liabilities other than Liabilities on assets classified as held for sale
|
|
30,855 |
23,309 |
Assets classified as held for sale |
22 |
5,792 |
2,490 |
|
Liabilities related to assets classified as held for sale |
22 |
1,822 |
867 |
Total
current asset |
|
42,914 |
30,149 |
|
Total
current liabilities |
|
32,677 |
24,176 |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Non-current liabilities |
|
|
|
Long-term receivables |
|
|
|
|
Finance debt |
23.1 |
26,935 |
32,059 |
Trade and other receivables |
9.1 |
1,981 |
1,900 |
|
Lease liability |
24 |
17,302 |
17,611 |
Marketable securities |
3.2 |
49 |
44 |
|
Income taxes payable |
11.1 |
310 |
300 |
Judicial deposits |
13.2 |
9,716 |
8,038 |
|
Deferred income taxes |
11.1 |
6,895 |
1,229 |
Deferred income taxes |
11.1 |
548 |
604 |
|
Employee benefits |
12 |
8,861 |
9,374 |
Other recoverable taxes |
11.2 |
3,648 |
3,261 |
|
Provisions for legal proceedings |
13.1 |
2,468 |
2,018 |
Others |
|
574 |
487 |
|
Provision for decommissioning costs |
14 |
15,474 |
15,619 |
Non current receivables
|
|
16,516 |
14,334 |
|
Others |
|
2,081 |
2,150 |
|
|
|
|
|
Non-current liabilities
|
|
80,326 |
80,360 |
|
|
|
|
|
Total liabilities |
|
113,003 |
104,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
Investments |
20 |
1,717 |
1,510 |
|
Share capital (net of share issuance costs) |
25.1 |
107,101 |
107,101 |
Property, plant and equipment |
15 |
127,419 |
125,330 |
|
Capital reserve and capital transactions |
|
1,144 |
1,143 |
Intangible assets |
16 |
3,254 |
3,025 |
|
Profit reserves |
|
76,055 |
72,811 |
Total current asset
|
|
148,906 |
144,199 |
|
Accumulated other comprehensive (deficit) |
|
(105,922) |
(111,648) |
|
|
|
|
|
Attributable to the shareholders of Petrobras |
|
78,378 |
69,407 |
|
|
|
|
|
Non-controlling interests |
|
439 |
405 |
|
|
|
|
|
Total equity
|
|
78,817 |
69,812 |
Total assets |
|
191,820 |
174,348 |
|
Total liabilities and equity |
|
191,820 |
174,348 |
The notes form an integral part of these unaudited consolidated interim financial statements. |
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
PETROBRAS
Three and six-month periods ended June 30, 2022 and 2021 (Expressed
in millions of US Dollars, unless otherwise indicated)
|
Note |
Jan-Jun/2022 |
Jan-Jun/2021 |
Apr-Jun/2022 |
Apr-Jun/2021 |
|
|
|
|
|
|
Sales revenues |
4 |
61,892 |
36,680 |
34,703 |
20,982 |
Cost of sales |
5.1 |
(28,019) |
(17,849) |
(15,240) |
(10,158) |
Gross profit |
|
33,873 |
18,831 |
19,463 |
10,824 |
|
|
|
|
|
|
Income (expenses) |
|
|
|
|
|
Selling expenses |
5.2 |
(2,425) |
(2,034) |
(1,247) |
(1,086) |
General and administrative expenses |
5.3 |
(622) |
(533) |
(323) |
(260) |
Exploration costs |
18 |
(123) |
(405) |
(44) |
(191) |
Research and development expenses |
|
(426) |
(264) |
(220) |
(147) |
Other taxes |
|
(152) |
(152) |
(93) |
(46) |
Impairment of assets |
17 |
(167) |
(180) |
(168) |
(90) |
Other income and expenses |
6 |
1,867 |
(393) |
2,189 |
(109) |
Total
Income (expenses) |
|
(2,048) |
(3,961) |
94 |
(1,929) |
|
|
|
|
|
|
Income before net finance expense, results of equity-accounted investments and income taxes |
|
31,825 |
14,870 |
19,557 |
8,895 |
|
|
|
|
|
|
Finance income |
|
881 |
328 |
619 |
206 |
Finance expenses |
|
(1,716) |
(3,079) |
(959) |
(1,871) |
Foreign exchange gains (losses) and inflation indexation charges |
|
(1,767) |
(869) |
(2,858) |
3,684 |
Net finance income (expense) |
7 |
(2,602) |
(3,620) |
(3,198) |
2,019 |
|
|
|
|
|
|
Results of equity-accounted investments |
20 |
341 |
1,209 |
(9) |
1,026 |
|
|
|
|
|
|
Net income before income taxes |
|
29,564 |
12,459 |
16,350 |
11,940 |
|
|
|
|
|
|
Income taxes |
11.1 |
(9,875) |
(4,103) |
(5,309) |
(3,784) |
|
|
|
|
|
|
Net income for the period |
|
19,689 |
8,356 |
11,041 |
8,156 |
Net income attributable to shareholders of Petrobras |
|
19,615 |
8,301 |
11,010 |
8,121 |
Net income attributable to non-controlling interests |
|
74 |
55 |
31 |
35 |
Basic and diluted earnings per common and preferred share - in U.S. dollars |
25.3 |
1.50 |
0.64 |
0.84 |
0.62 |
|
|
|
|
|
|
The notes form an integral part of these unaudited consolidated interim financial statements. |
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
PETROBRAS
Three and six-month periods ended June 30, 2022 and 2021 (Expressed
in millions of US Dollars, unless otherwise indicated)
|
Jan-Jun/2022 |
Jan-Jun/2021 |
Apr-Jun/2022 |
Apr-Jun/2021 |
Net income for the period |
19,689 |
8,356 |
11,041 |
8,156 |
|
|
|
|
|
Items that will not be reclassified to the statement of income: |
|
|
|
|
|
|
|
|
|
Actuarial losses on post-employment defined benefit plans |
|
|
|
|
Recognized in equity |
− |
1,719 |
− |
1,722 |
Deferred income tax |
− |
(585) |
− |
(585) |
Actuarial
gains (losses) on defined benefit pension plans, net |
− |
1,134 |
− |
1,137 |
|
|
|
|
|
Items that may be reclassified subsequently to the statement of income: |
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) on cash flow hedge - highly probable future exports |
|
|
|
|
Recognized in equity |
5,073 |
2,451 |
(6,523) |
8,042 |
Reclassified to the statement of income |
2,488 |
2,307 |
1,108 |
1,194 |
Deferred income tax |
(2,571) |
(1,617) |
1,841 |
(3,140) |
Unrealized
gains / (losses) on equity instruments measured at fair value through other comprehensive income, net |
4,990 |
3,141 |
(3,574) |
6,096 |
|
|
|
|
|
Translation
adjustments (*) |
|
|
|
|
Recognized in equity |
614 |
869 |
(4,283) |
1,682 |
Reclassified to the statement of income |
− |
34 |
− |
− |
Cumulative
translation adjustments, net |
614 |
903 |
(4,283) |
1,682 |
|
|
|
|
|
Share of other comprehensive income in equity-accounted investments |
|
|
|
|
Recognized in equity |
145 |
141 |
(105) |
253 |
|
|
|
|
|
Other comprehensive income (loss) |
5,749 |
5,319 |
(7,962) |
9,168 |
|
|
|
|
|
Total comprehensive income |
25,438 |
13,675 |
3,079 |
17,324 |
Comprehensive income attributable to shareholders of Petrobras |
25,341 |
13,651 |
3,102 |
17,299 |
Comprehensive income (loss) attributable to non-controlling interests |
97 |
24 |
(23) |
25 |
(*) It includes cumulative translation adjustments in associates and joint ventures. |
The notes form an integral part of these unaudited consolidated interim financial statements. |
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
PETROBRAS
Six-month periods ended June 30, 2022 and 2021 (Expressed in
millions of US Dollars, unless otherwise indicated)
|
Note |
Jan-Jun/2022 |
Jan-Jun/2021 |
Cash flows from operating activities |
|
|
|
Net income for the period |
|
19,689 |
8,356 |
Adjustments for: |
|
|
|
Pension and medical benefits (actuarial expense) |
12 |
633 |
638 |
Results of equity-accounted investments |
20.2 |
(341) |
(1,209) |
Depreciation, depletion and amortization |
8 |
6,630 |
5,678 |
Impairment of assets (reversal) |
17 |
167 |
180 |
Inventory write-down (write-back) to net realizable value |
10 |
3 |
(3) |
Allowance (reversals) for credit loss on trade and other receivables |
|
39 |
(4) |
Exploratory expenditure write-offs |
18 |
94 |
187 |
Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA |
|
(846) |
(71) |
Foreign exchange, indexation and finance charges |
|
2,882 |
3,652 |
Deferred income taxes, net |
11.1 |
1,989 |
3,883 |
Revision and unwinding of discount on the provision for decommissioning costs |
14 |
295 |
389 |
PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation |
|
(4) |
(973) |
Results from co-participation agreements in bid areas |
16 |
(2,872) |
− |
Early termination and cash outflows revision of lease agreements |
|
(401) |
(227) |
Decrease (Increase) in assets |
|
|
|
Trade and other receivables |
|
57 |
(735) |
Inventories |
|
(2,034) |
(1,579) |
Judicial deposits |
|
(816) |
(438) |
Other assets |
|
(652) |
(182) |
Increase (Decrease) in liabilities |
|
|
|
Trade payables |
|
(141) |
340 |
Other taxes payable |
|
6,905 |
2,463 |
Pension and medical benefits |
|
(1,689) |
(1,663) |
Provisions for legal proceedings |
|
336 |
(35) |
Short-term benefits |
|
(366) |
(228) |
Provision for decommissioning costs |
|
(278) |
(325) |
Other liabilities |
|
627 |
92 |
Income taxes paid |
|
(5,102) |
(119) |
Net cash provided by operating activities |
|
24,
804 |
18,067 |
Cash flows from investing activities |
|
|
|
Acquisition of PP&E and intangible assets |
|
(4,073) |
(3,135) |
Investments in investees |
|
(19) |
(11) |
Proceeds from disposal of assets - Divestment |
|
3,378 |
502 |
Financial compensation from co-participation agreements |
16 |
5,213 |
− |
Divestment (Investment) in marketable securities |
|
(2,108) |
91 |
Dividends received |
|
242 |
200 |
Net cash provided by (used in) investing activities |
|
2,633 |
(2,353) |
Cash flows from financing activities |
|
|
|
Changes in non-controlling interest |
|
(17) |
(14) |
Proceeds from financing |
23.3 |
330 |
1,668 |
Repayment of principal - finance debt |
23.3 |
(5,477) |
(13,558) |
Repayment of interest - finance debt |
23.3 |
(916) |
(1,227) |
Repayment of lease liability |
24 |
(2,682) |
(2,899) |
Dividends paid to Shareholders of Petrobras |
|
(12,429) |
(1,848) |
Dividends paid to non-controlling interests |
|
(58) |
(39) |
Net cash used in financing activities |
|
(21,249) |
(17,917) |
Effect of exchange rate changes on cash and cash equivalents |
|
(374) |
300 |
Net change in cash and cash equivalents |
|
5,814 |
(1,903) |
Cash and cash equivalents at the beginning of the period |
|
10,480 |
11,725 |
|
|
|
|
Cash and cash equivalents at the end of the period |
|
16,294 |
9,822 |
The notes form an integral part of these unaudited consolidated interim financial statements. |
|
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’
EQUITY
PETROBRAS
Six-month periods ended June 30, 2022 and 2021 (Expressed
in millions of US Dollars, unless otherwise indicated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital (net of share issuance costs) |
|
Accumulated other comprehensive income (deficit) and deemed cost |
Profit Reserves |
|
|
|
|
|
Share Capital |
Share issuance costs |
Capital reserve, Capital Transactions and Treasury shares |
Cumulative translation adjustments |
Cash flow hedge - highly probable future exports |
Actuarial gains (losses) on defined benefit pension plans |
Other comprehensive income (loss) and deemed cost |
Legal |
Statutory |
Tax incentives |
Profit retention |
Additional dividends proposed |
Retained earnings (losses) |
Equity attributable to shareholders of Petrobras |
Non-controlling interests |
Total consolidated equity |
Balance at December 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 |
|
|
107,101 |
1,064 |
|
|
|
(114,734) |
|
|
|
|
65,917 |
− |
59,348 |
528 |
59,876 |
Capital increase with reserves |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
2 |
2 |
Capital transactions |
− |
− |
(691) |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
(691) |
750 |
59 |
Net income |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
8,301 |
8,301 |
55 |
8,356 |
Other comprehensive income (loss) |
− |
− |
− |
934 |
3,141 |
1,134 |
141 |
− |
− |
− |
− |
− |
− |
5,350 |
(31) |
5,319 |
Appropriations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
(1,128) |
− |
(1,128) |
(37) |
(1,165) |
Balance at June 30, 2021 |
107,380 |
(279) |
373 |
(73,002) |
(21,449) |
(13,900) |
(1,033) |
8,813 |
2,900 |
1,102 |
51,974 |
− |
8,301 |
71,180 |
1,267 |
72,447 |
|
|
107,101 |
373 |
|
|
|
(109,384) |
|
|
|
|
64,789 |
8,301 |
71,180 |
1,267 |
72,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 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 |
|
|
107,101 |
1,143 |
|
|
|
(111,648) |
|
|
|
|
72,811 |
− |
69,407 |
405 |
69,812 |
Capital transactions |
− |
− |
1 |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
1 |
(18) |
(17) |
Net income |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
19,615 |
19,615 |
74 |
19,689 |
Other comprehensive income |
− |
− |
− |
591 |
4,990 |
− |
145 |
− |
− |
− |
− |
− |
− |
5,726 |
23 |
5,749 |
Appropriations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
− |
− |
− |
− |
− |
− |
− |
− |
− |
− |
(1,503) |
(6,688) |
(8,180) |
(16,371) |
(45) |
(16,416) |
Balance at June 30, 2022 |
107,380 |
(279) |
1,144 |
(74,531) |
(19,179) |
(11,205) |
(1,007) |
9,769 |
3,084 |
1,220 |
50,547 |
− |
11,435 |
78,378 |
439 |
78,817 |
|
|
107,101 |
1,144 |
|
|
|
(105,922) |
|
|
|
|
64,620 |
11,435 |
78,378 |
439 |
78,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
notes form an integral part of these unaudited consolidated interim financial statements. |
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated) |
|
| 1.1. | Statement of compliance and authorization
of unaudited consolidated interim financial statements |
These unaudited consolidated interim financial
statements of Petróleo Brasileiro S.A. (“Petrobras” or “Company”) have been prepared and presented in accordance
with IAS 34 – “Interim Financial Reporting” as issued by the International Accounting Standards Board (IASB). They present
the significant changes in the period, avoiding repetition of certain notes to the annual consolidated financial statements previously
reported. Hence, they should be read together with the Company’s audited annual consolidated financial statements for the year ended
December 31, 2021, which include the full set of notes (2021 Financial Statements).
These unaudited consolidated interim financial
statements were approved and authorized for issue by the Company’s Board of Directors in a meeting held on July 28, 2022.
| 2. | Summary of significant accounting
policies |
The accounting policies and methods of computation
followed in these unaudited consolidated interim financial statements are the same as those followed in the preparation of the annual
financial statements of the Company for the year ended December 31, 2021.
The IFRS standards that became effective on January
1, 2022 resulted in no material effects on these unaudited consolidated interim financial statements.
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. The Company has debts indexed to Libor (London
Interbank Offered Rate), corresponding to 33.7% of total finance debt (see note 23.4).
| 3. | Cash and cash equivalents and
Marketable securities |
| 3.1. | Cash and cash equivalents |
They include cash, available bank deposits and
short-term financial investments with high liquidity, which meet the definition of cash and cash equivalents.
|
06.30.2022 |
12.31.2021 |
Cash at bank and in hand |
231 |
299 |
Short-term financial investments |
|
|
- In Brazil |
|
|
Brazilian interbank deposit rate investment funds and other short-term deposits |
6,072 |
1,951 |
Other investment funds |
205 |
163 |
|
6,277 |
2,114 |
- Abroad |
|
|
Time deposits |
6,195 |
4,310 |
Automatic investing accounts and interest checking accounts |
3,555 |
3,732 |
Other financial investments |
29 |
12 |
|
9,779 |
8,054 |
Total short-term financial investments |
16,056 |
10,168 |
Total cash and cash equivalents |
16,287 |
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.
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated) |
|
| 3.2. | Marketable securities |
|
06.30.2022 |
12.31.2021 |
Fair value through profit or loss |
622 |
650 |
Amortized cost |
2,282 |
44 |
Total |
2,904 |
694 |
Current |
2,855 |
650 |
Non-current |
49 |
44 |
Marketable securities classified as fair value
through profit or loss refer mainly to investments in Brazilian Federal Government Bonds. These financial investments have maturities
of more than three months and are generally classified as current assets due to their maturity or the expectation of their realization
in the short term. Securities classified as amortized cost refer to investments abroad in time deposits with maturities exceeding three
months from the contracting date and investments in floating-rate Bank Deposit Certificates (CDB) with daily liquidity, with maturity
of one year.
Summary of Sales Revenues
|
Jan-Jun/2022 |
Jan-Jun/2021 |
Apr-Jun/2022 |
Apr-Jun/2021 |
Diesel |
18,164 |
10,647 |
10,681 |
6,069 |
Gasoline |
8,034 |
4,765 |
4,309 |
2,743 |
Liquefied petroleum gas |
2,623 |
2,036 |
1,437 |
1,120 |
Jet fuel |
2,391 |
827 |
1,400 |
401 |
Naphtha |
1,335 |
693 |
724 |
362 |
Fuel oil (including bunker fuel) |
718 |
723 |
352 |
388 |
Other oil products |
2,890 |
1,883 |
1,615 |
1,005 |
Subtotal oil products |
36,155 |
21,574 |
20,518 |
12,088 |
Natural gas |
3,684 |
2,370 |
1,961 |
1,333 |
Oil |
4,443 |
53 |
2,682 |
− |
Renewables and nitrogen products |
161 |
22 |
95 |
9 |
Breakage |
274 |
161 |
170 |
94 |
Electricity |
402 |
1,134 |
109 |
591 |
Services, agency and others |
545 |
331 |
307 |
170 |
Domestic market |
45,664 |
25,645 |
25,842 |
14,285 |
Exports |
14,924 |
10,496 |
8,189 |
6,359 |
Oil |
10,404 |
7,512 |
5,593 |
4,711 |
Fuel oil (including bunker fuel) |
4,161 |
2,455 |
2,276 |
1,254 |
Other oil products |
358 |
529 |
320 |
394 |
Sales abroad
(*) |
1,305 |
539 |
672 |
338 |
Foreign market |
16,228 |
11,035 |
8,861 |
6,697 |
Sales
revenues (**) |
61,892 |
36,680 |
34,703 |
20,982 |
(*) Sales revenues from operations outside of Brazil, including trading and excluding exports. |
(**) Sales revenues by business segment are set out in note 8. |
In the six-month periods ended June 30, 2022 and
2021, sales to Vibra Energia (formerly BR Distribuidora) represented more than 10% of the Company’s sales revenues, mainly associated
with the refining, transportation and marketing segment.
| 5. | Costs and expenses by nature |
Schedule of Cost of sales
|
Jan-Jun/2022 |
Jan-Jun/2021 |
Apr-Jun/2022 |
Apr-Jun/2021 |
Raw material, products for resale, materials and third-party services (*) |
(13,769) |
(7,610) |
(8,008) |
(4,950) |
Depreciation, depletion and amortization |
(5,344) |
(4,404) |
(2,782) |
(2,165) |
Production taxes |
(8,093) |
(4,984) |
(4,029) |
(2,630) |
Employee compensation |
(813) |
(851) |
(421) |
(413) |
Total |
(28,019) |
(17,849) |
(15,240) |
(10,158) |
(*) It Includes short-term leases and inventory turnover. |
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated) |
|
Schedule of Selling expenses
|
Jan-Jun/2022 |
Jan-Jun/2021 |
Apr-Jun/2022 |
Apr-Jun/2021 |
Materials, third-party services, freight, rent and other related costs |
(1,948) |
(1,709) |
(1,000) |
(925) |
Depreciation, depletion and amortization |
(417) |
(289) |
(217) |
(140) |
Allowance for expected credit losses |
(14) |
6 |
(6) |
1 |
Employee compensation |
(46) |
(42) |
(24) |
(22) |
Total |
(2,425) |
(2,034) |
(1,247) |
(1,086) |
| 5.3. | General and administrative expenses |
Schedule of General and administrative expenses
|
Jan-Jun/2022 |
Jan-Jun/2021 |
Apr-Jun/2022 |
Apr-Jun/2021 |
Employee compensation |
(414) |
(376) |
(216) |
(191) |
Materials, third-party services, rent and other related costs |
(161) |
(112) |
(83) |
(48) |
Depreciation, depletion and amortization |
(47) |
(45) |
(24) |
(21) |
Total |
(622) |
(533) |
(323) |
(260) |
| 6. | Other income and expenses |
Schedule of other income and expenses
|
Jan-Jun/2022 |
Jan-Jun/2021 |
Apr-Jun/2022 |
Apr-Jun/2021 |
Unscheduled stoppages and pre-operating expenses |
(889) |
(651) |
(513) |
(351) |
Gains (losses) with legal, administrative and arbitration proceedings |
(557) |
(275) |
(298) |
(326) |
Pension and medical benefits - retirees |
(491) |
(439) |
(253) |
(221) |
Performance award program |
(247) |
(195) |
(129) |
(101) |
Losses with commodities derivatives |
(222) |
(42) |
(169) |
(19) |
Profit sharing |
(65) |
(58) |
(34) |
(30) |
Losses on decommissioning of returned/abandoned areas |
(27) |
(7) |
(3) |
(1) |
Equalization of expenses - Production Individualization Agreements |
(9) |
(52) |
(37) |
(9) |
Amounts
recovered from Lava Jato investigation (**) |
12 |
196 |
- |
55 |
Recovery
of taxes (*) |
41 |
506 |
24 |
485 |
Fines imposed on suppliers |
116 |
77 |
48 |
48 |
Reimbursements from E&P partnership operations |
154 |
291 |
127 |
191 |
Early termination and changes to cash flow estimates of leases |
401 |
226 |
176 |
157 |
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control |
846 |
104 |
370 |
56 |
Results
from co-participation agreements in bid areas (***) |
2,872 |
- |
2,872 |
- |
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments |
- |
(33) |
- |
- |
Others |
(68) |
(41) |
8 |
(43) |
Total |
1,867 |
(393) |
2,189 |
(109) |
(*) |
In the three and six-month periods ended June 30,
2021, it Includes the effects of the exclusion of ICMS (VAT tax) from the basis of calculation of sales taxes PIS and COFINS, except
for the effects of inflation indexation. |
(**) |
The total amount recovered from Lava Jato Investigation
through December 31, 2021 was US$ 1,522, recognized through collaboration and leniency agreements entered into with individuals and legal
entities. |
(***) |
It refers to the gain related to the Co-participation
Agreement of Atapu and Sépia (see note 16.2). |
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated) |
|
| 7. | Net finance income (expense) |
Schedule of net finance income (expense)
|
Jan-Jun/2022 |
Jan-Jun/2021 |
Apr-Jun/2022 |
Apr-Jun/2021 |
Finance income |
881 |
328 |
619 |
206 |
Income from investments and marketable securities (Government Bonds) |
532 |
74 |
369 |
45 |
Other income, net |
349 |
254 |
250 |
161 |
Finance expenses |
(1,716) |
(3,079) |
(959) |
(1,871) |
Interest on finance debt |
(1,223) |
(1,656) |
(693) |
(904) |
Unwinding of discount on lease liabilities |
(624) |
(592) |
(334) |
(297) |
Discount and premium on repurchase of debt securities |
(110) |
(849) |
(84) |
(666) |
Capitalized borrowing costs |
535 |
478 |
297 |
266 |
Unwinding of discount on the provision for decommissioning costs |
(267) |
(384) |
(137) |
(195) |
Other finance expenses , net |
(27) |
(76) |
(8) |
(75) |
Foreign exchange gains (losses) and indexation charges |
(1,767) |
(869) |
(2,858) |
3,684 |
Foreign
exchange gains (losses) (*) |
781 |
1,001 |
(1,640) |
4,443 |
Reclassification
of hedge accounting to the Statement of Income (*) |
(2,488) |
(2,307) |
(1,108) |
(1,194) |
Recoverable
taxes inflation indexation income (**) |
45 |
474 |
24 |
461 |
Other foreign exchange gains (losses) and indexation charges, net |
(105) |
(37) |
(134) |
(26) |
Total |
(2,602) |
(3,620) |
(3,198) |
2,019 |
(*) |
For more information, see notes 27.3a and 27.3c. |
(**) |
In 2021, includes PIS and Cofins inflation indexation
income related to the exclusion of ICMS (VAT tax) from the basis of calculation. |
| 8. | Net income by operating segment |
Consolidated Statement of Income by operating segment |
|
|
|
|
|
|
|
Apr-Jun/2022 |
|
Exploration and Production (E&P) |
Refining, Transportation & Marketing (RT&M) |
Gas
&
Power (G&P) |
Corporate and other business |
Eliminations |
Total |
Sales revenues |
21,940 |
31,956 |
3,734 |
150 |
(23,077) |
34,703 |
Intersegments |
21,572 |
498 |
1,009 |
(2) |
(23,077) |
− |
Third parties |
368 |
31,458 |
2,725 |
152 |
- |
34,703 |
Cost of sales |
(8,176) |
(26,787) |
(2,366) |
(147) |
22,236 |
(15,240) |
Gross profit (loss) |
13,764 |
5,169 |
1,368 |
3 |
(841) |
19,463 |
Income (expenses) |
2,519 |
(843) |
(816) |
(763) |
(3) |
94 |
Selling |
(3) |
(461) |
(776) |
(4) |
(3) |
(1,247) |
General and administrative |
(12) |
(42) |
(18) |
(251) |
- |
(323) |
Exploration costs |
(44) |
- |
- |
- |
- |
(44) |
Research and development |
(192) |
(3) |
- |
(25) |
- |
(220) |
Other taxes |
(24) |
(18) |
(9) |
(42) |
- |
(93) |
Impairment of assets |
(124) |
(44) |
- |
- |
- |
(168) |
Other income and expenses |
2,918 |
(275) |
(13) |
(441) |
- |
2,189 |
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes |
16,283 |
4,326 |
552 |
(760) |
(844) |
19,557 |
Net finance income (expense) |
- |
- |
- |
(3,198) |
- |
(3,198) |
Results in equity-accounted investments |
57 |
(95) |
30 |
(1) |
- |
(9) |
Net income / (loss) before income taxes |
16,340 |
4,231 |
582 |
(3,959) |
(844) |
16,350 |
Income taxes |
(5,538) |
(1,470) |
(188) |
1,599 |
288 |
(5,309) |
Net income (loss) for the period |
10,802 |
2,761 |
394 |
(2,360) |
(556) |
11,041 |
Attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
10,803 |
2,761 |
368 |
(2,366) |
(556) |
11,010 |
Non-controlling interests |
(1) |
− |
26 |
6 |
− |
31 |
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated) |
|
Consolidated Statement of Income by operating segment |
|
|
|
|
|
|
|
Jan-Jun/2022 |
|
Exploration and Production (E&P) |
Refining, Transportation & Marketing (RT&M) |
Gas
&
Power (G&P) |
Corporate and other business |
Eliminations |
Total |
Sales revenues |
41,624 |
56,641 |
7,099 |
276 |
(43,748) |
61,892 |
Intersegments |
40,946 |
931 |
1,870 |
1 |
(43,748) |
− |
Third parties |
678 |
55,710 |
5,229 |
275 |
- |
61,892 |
Cost of sales |
(15,852) |
(48,334) |
(5,251) |
(272) |
41,690 |
(28,019) |
Gross profit (loss) |
25,772 |
8,307 |
1,848 |
4 |
(2,058) |
33,873 |
Income (expenses) |
2,486 |
(1,380) |
(1,705) |
(1,442) |
(7) |
(2,048) |
Selling |
(5) |
(869) |
(1,537) |
(7) |
(7) |
(2,425) |
General and administrative |
(24) |
(79) |
(34) |
(485) |
- |
(622) |
Exploration costs |
(123) |
- |
- |
- |
- |
(123) |
Research and development |
(365) |
(6) |
(3) |
(52) |
- |
(426) |
Other taxes |
(39) |
(25) |
(19) |
(69) |
- |
(152) |
Impairment of assets |
(123) |
(44) |
1 |
(1) |
- |
(167) |
Other income and expenses |
3,165 |
(357) |
(113) |
(828) |
- |
1,867 |
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes |
28,258 |
6,927 |
143 |
(1,438) |
(2,065) |
31,825 |
Net finance income (expense) |
- |
- |
- |
(2,602) |
- |
(2,602) |
Results in equity-accounted investments |
108 |
176 |
59 |
(2) |
- |
341 |
Net income / (loss) before income taxes |
28,366 |
7,103 |
202 |
(4,042) |
(2,065) |
29,564 |
Income taxes |
(9,610) |
(2,355) |
(49) |
1,435 |
704 |
(9,875) |
Net income (loss) for the period |
18,756 |
4,748 |
153 |
(2,607) |
(1,361) |
19,689 |
Attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
18,758 |
4,748 |
101 |
(2,631) |
(1,361) |
19,615 |
Non-controlling interests |
(2) |
- |
52 |
24 |
- |
74 |
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated) |
|
Consolidated Statement of Income by operating segment |
|
|
|
|
|
|
|
Apr-Jun/2021 |
|
Exploration and Production (E&P) |
Refining, Transportation & Marketing (RT&M) |
Gas
&
Power (G&P) |
Corporate and other business |
Eliminations |
Total |
Sales revenues |
13,509 |
19,007 |
2,654 |
116 |
(14,304) |
20,982 |
Intersegments |
13,271 |
338 |
633 |
62 |
(14,304) |
− |
Third parties |
238 |
18,669 |
2,021 |
54 |
- |
20,982 |
Cost of sales |
(5,606) |
(16,737) |
(1,660) |
(114) |
13,959 |
(10,158) |
Gross profit (loss) |
7,903 |
2,270 |
994 |
2 |
(345) |
10,824 |
Income (expenses) |
(457) |
(523) |
(665) |
(278) |
(6) |
(1,929) |
Selling |
(5) |
(403) |
(669) |
(3) |
(6) |
(1,086) |
General and administrative |
(28) |
(39) |
(16) |
(177) |
- |
(260) |
Exploration costs |
(191) |
- |
- |
- |
- |
(191) |
Research and development |
(106) |
(3) |
(12) |
(26) |
- |
(147) |
Other taxes |
(23) |
(24) |
(24) |
25 |
- |
(46) |
Impairment of assets |
(7) |
- |
(79) |
(4) |
- |
(90) |
Other income and expenses |
(97) |
(54) |
135 |
(93) |
- |
(109) |
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes |
7,446 |
1,747 |
329 |
(276) |
(351) |
8,895 |
Net finance income (expense) |
- |
- |
- |
2,019 |
- |
2,019 |
Results in equity-accounted investments |
33 |
520 |
33 |
440 |
- |
1,026 |
Net income / (loss) before income taxes |
7,479 |
2,267 |
362 |
2,183 |
(351) |
11,940 |
Income taxes |
(2,531) |
(595) |
(111) |
(666) |
119 |
(3,784) |
Net income (loss) for the period |
4,948 |
1,672 |
251 |
1,517 |
(232) |
8,156 |
Attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
4,949 |
1,672 |
226 |
1,506 |
(232) |
8,121 |
Non-controlling interests |
(1) |
- |
25 |
11 |
- |
35 |
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated) |
|
|
|
|
|
|
|
|
Jan-Jun/2021 |
|
Exploration and Production (E&P) |
Refining, Transportation & Marketing (RT&M) |
Gas
&
Power (G&P) |
Corporate and other business |
Eliminations |
Total |
Sales revenues |
25,175 |
32,980 |
4,862 |
271 |
(26,608) |
36,680 |
Intersegments |
24,724 |
573 |
1,185 |
126 |
(26,608) |
− |
Third parties |
451 |
32,407 |
3,677 |
145 |
- |
36,680 |
Cost of sales |
(10,840) |
(28,574) |
(2,992) |
(264) |
24,821 |
(17,849) |
Gross profit (loss) |
14,335 |
4,406 |
1,870 |
7 |
(1,787) |
18,831 |
Income (expenses) |
(979) |
(921) |
(1,411) |
(638) |
(12) |
(3,961) |
Selling |
(5) |
(738) |
(1,272) |
(7) |
(12) |
(2,034) |
General and administrative |
(60) |
(71) |
(33) |
(369) |
- |
(533) |
Exploration costs |
(405) |
- |
- |
- |
- |
(405) |
Research and development |
(191) |
(6) |
(17) |
(50) |
- |
(264) |
Other taxes |
(41) |
(63) |
(47) |
(1) |
- |
(152) |
Impairment of assets |
(102) |
- |
(79) |
1 |
- |
(180) |
Other income and expenses |
(175) |
(43) |
37 |
(212) |
- |
(393) |
Income (loss) before net finance income (expense), results of equity-accounted investments and income taxes |
13,356 |
3,485 |
459 |
(631) |
(1,799) |
14,870 |
Net finance income (expense) |
- |
- |
- |
(3,620) |
- |
(3,620) |
Results in equity-accounted investments |
56 |
628 |
73 |
452 |
- |
1,209 |
Net income / (loss) before income taxes |
13,412 |
4,113 |
532 |
(3,799) |
(1,799) |
12,459 |
Income taxes |
(4,541) |
(1,185) |
(156) |
1,167 |
612 |
(4,103) |
Net income (loss) for the period |
8,871 |
2,928 |
376 |
(2,632) |
(1,187) |
8,356 |
Attributable to: |
|
|
|
|
|
|
Shareholders of Petrobras |
8,873 |
2,928 |
330 |
(2,643) |
(1,187) |
8,301 |
Non-controlling interests |
(2) |
- |
46 |
11 |
- |
55 |
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated) |
|
The amount of depreciation, depletion and amortization
by segment is set forth as follows:
|
Exploration and Production (E&P) |
Refining, Transportation & Marketing (RT&M) |
Gas
&
Power (G&P) |
Corporate and other business |
Total |
Jan-Jun/2022 |
5,258 |
1,114 |
207 |
51 |
6,630 |
Jan-Jun/2021 |
4,307 |
1,072 |
213 |
86 |
5,678 |
|
|
|
|
|
|
|
Exploration and Production (E&P) |
Refining, Transportation & Marketing (RT&M) |
Gas
&
Power (G&P) |
Corporate and other business |
Total |
Apr-Jun/2022 |
2,788 |
542 |
99 |
31 |
3,460 |
Apr-Jun/2021 |
2,137 |
532 |
107 |
46 |
2,822 |
|
|
|
|
|
|
| 9. | Trade and other receivables |
| 9.1. | Trade and other receivables |
Schedule of trade and other receivables, net
|
06.30.2022 |
12.31.2021 |
Receivables from contracts with customers |
|
|
Third parties |
5,425 |
4,839 |
Related parties |
|
|
Investees (note 28.1) |
303 |
385 |
Subtotal |
5,728 |
5,224 |
Other trade receivables |
|
|
Third parties |
|
|
Receivables from divestments (*) |
1,075 |
2,679 |
Lease receivables |
417 |
435 |
Other receivables |
739 |
872 |
Related parties |
|
|
Petroleum and alcohol accounts - receivables from Brazilian Federal Government |
582 |
506 |
Subtotal |
2,813 |
4,492 |
Total trade and other receivables, before ECL |
8,541 |
9,716 |
Expected credit losses (ECL) - Third parties |
(1,503) |
(1,428) |
Expected credit losses (ECL) - Related parties |
(9) |
(20) |
Total trade and other receivables |
7,029 |
8,268 |
Current |
5,048 |
6,368 |
Non-current |
1,981 |
1,900 |
(*) At June 30, 2022, it mainly refers to the receivables from the divestments of Rio Ventura, Roncador, Baúna, Miranga, Maromba, Pampo and Enchova, Sépia and Atapu 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$ 775 as of June 30, 2022 (US$ 1,155 as of
December 31, 2021).
The change in Receivable from divestments was mainly
due to the receipt of US$ 950 related to the final installment for the sale of block BM-S-8, and to the receipt of US$ 1,000, related
to the final installment for the sale of the Company’s 90% interest in Nova Transportadora do Sudeste (NTS), partially offset by
other receivables from divestments recorded in the period, such as from the Atapu and Sépia Co-participation Agreement (US$ 129)
and from Pampo and Enchova fields (US$ 124).
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated) |
|
| 9.2. | Aging of trade and other receivables
– third parties |
Schedule of aging of trade and other receivables
|
06.30.2022 |
12.31.2021 |
|
Trade and other receivables |
Expected credit losses |
Trade and other receivables |
Expected credit losses |
Current |
5,895 |
(78) |
7,059 |
(77) |
Overdue: |
|
|
|
|
1-90 days |
186 |
(34) |
218 |
(26) |
91-180 days |
24 |
(23) |
40 |
(6) |
181-365 days |
22 |
(18) |
51 |
(29) |
More than 365 days |
1,529 |
(1,350) |
1,457 |
(1,290) |
Total |
7,656 |
(1,503) |
8,825 |
(1,428) |
| 9.3. | Changes in provision for expected
credit losses |
Schedule of changes in credit losses provision
|
2022
Jan-Jun |
2021
Jan-Jun |
Opening balance |
1,448 |
1,596 |
Additions |
72 |
42 |
Write-offs |
(21) |
- |
Reversals |
(38) |
(75) |
Cumulative translation adjustment |
51 |
30 |
Closing balance |
1,512 |
1,593 |
Current |
190 |
199 |
Non-current |
1,322 |
1,394 |
Schedule of inventories
|
06.30.2022 |
12.31.2021 |
Crude oil |
3,985 |
3,048 |
Oil products |
3,252 |
2,495 |
Intermediate products |
634 |
532 |
Natural gas and Liquefied Natural Gas (LNG) |
617 |
349 |
Biofuels |
23 |
19 |
Fertilizers |
2 |
8 |
Total products |
8,513 |
6,451 |
Materials, supplies and others (*) |
999 |
804 |
Total |
9,512 |
7,255 |
(*) It mainly comprises production supplies and operating materials used in the operations of the Company, stated at the average purchase cost, not exceeding replacement cost. |
In the six-month period ended June 30, 2022, the
Company recognized a US$ 3 loss within cost of sales, adjusting inventories to net realizable value (a US$ 3 reversal of cost
of sales in the six-month period ended June 30, 2021) primarily due to changes in international prices of crude oil and oil products.
At June 30, 2022, the Company had pledged crude
oil and oil products volumes as collateral for the Term of Financial Commitment (TFC) signed by Petrobras and Petros in 2008, amounting
to US$ 3,213. This pledged amount is under assessment, due to the partial early settlement of the TFC relating to the Pension Difference
and TFC Pre-70, made in February 2022. The Company expects the balance of the collateral to reach the balance of the financial commitment,
which at June 30, 2022 is US$ 1,103, in compliance with what is provided for in the agreement for the TFC.
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated) |
|
Summary of Income Taxes
|
Current assets |
Current liabilities |
Non-current liabilities |
|
06.30.2022 |
12.31.2021 |
06.30.2022 |
12.31.2021 |
06.30.2022 |
12.31.2021 |
Taxes in Brazil |
|
|
|
|
|
|
Income taxes |
140 |
133 |
1,583 |
682 |
- |
- |
Income taxes - Tax settlement programs |
- |
- |
47 |
43 |
310 |
300 |
|
140 |
133 |
1,630 |
725 |
310 |
300 |
Taxes abroad |
2 |
30 |
292 |
8 |
- |
- |
Total |
142 |
163 |
1,922 |
733 |
310 |
300 |
|
|
|
|
|
|
|
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
|
Jan-Jun/2022 |
Jan-Jun/2021 |
Apr-Jun/2022 |
Apr-Jun/2021 |
Net income before income taxes |
29,564 |
12,459 |
16,350 |
11,940 |
Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) |
(10,051) |
(4,236) |
(5,559) |
(4,060) |
Adjustments to arrive at the effective tax rate: |
|
|
|
|
Tax benefits from the deduction of interest on capital distribution |
383 |
- |
383 |
- |
Different jurisdictional tax rates for companies abroad |
394 |
(70) |
203 |
(93) |
Brazilian
income taxes on income of companies incorporated outside Brazil (*) |
(628) |
(199) |
(329) |
6 |
Tax loss carryforwards (unrecognized tax losses) |
(1) |
(21) |
(10) |
9 |
Non-taxable
income (non-deductible expenses), net (**) |
68 |
234 |
44 |
195 |
Post-employment benefits |
(186) |
(90) |
(44) |
(46) |
Results of equity-accounted investments in Brazil and abroad |
120 |
279 |
(3) |
205 |
Others |
26 |
- |
6 |
- |
Income taxes |
(9,875) |
(4,103) |
(5,309) |
(3,784) |
Deferred income taxes |
(1,989) |
(3,883) |
(28) |
(3,683) |
Current income taxes |
(7,886) |
(220) |
(5,281) |
(101) |
Effective tax rate of income taxes |
33.4% |
32.9% |
32.5% |
31.7% |
(*) It relates to Brazilian income taxes on earnings of offshore investees, as established by Law No. 12,973/2014. |
(**) It includes provisions for legal proceedings. |
Deferred income taxes - non-current
The composition of deferred tax assets and liabilities
is set out in the following table:
Summary of composition of deferred tax assets and liabilities
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PETROBRAS (Expressed in millions of US Dollars, unless otherwise indicated) |
|
Nature |
Realization basis |
06.30.2022 |
12.31.2021 |
PP&E - Exploration and decommissioning costs |
Depreciation, amortization and write-offs of assets |
(781) |
(1,362) |
PP&E - Impairment |
Amortization, impairment reversals and write-offs of assets |
4,643 |
4,382 |
PP&E - depreciation methods and capitalized borrowing costs |
Depreciation, amortization and write-offs of assets |
(15,461) |
(12,924) |
Loans, trade and other receivables / payables and financing |
Payments, receipts and considerations |
1,418 |
3,490 |
Lease liabilities |
Appropriation of the considerations |
589 |
1,244 |
Provision for legal proceedings |
Payments and use of provisions |
757 |
605 |
Tax loss carryforwards |
30% of taxable income compensation |
643 |
1,827 |
Inventories |
Sales, write-downs and losses |
340 |
228 |
Employee Benefits |
Payments and use of provisions |
1,216 |
1,250 |
Others |
|
289 |
635 |
Total |
|
(6,347) |
(625) |
Deferred tax assets |
|
|