Petroleo Brasileiro SA Petrobras (Petrobras) has released its consolidated financial statements for the year ended December 31, 2023. The financial statements, audited by KPMG Auditores Independentes Ltda., present the company's financial position, performance, and cash flows in accordance with International Financial Reporting Standards (IFRS). The audit concluded that the financial statements fairly represent Petrobras' financial status, with total proved reserves resulting in 10,921 million barrels of oil equivalent (boe) in 2023. The company's key audit matters included the measurement of actuarial obligations for pension and healthcare plans, impairment testing of exploration and production cash-generating units, and the estimate of the provision for decommissioning costs. Petrobras' management is responsible for the financial statements, while the auditors are responsible for expressing an opinion...Show More

Petroleo Brasileiro SA Petrobras (Petrobras) has released its consolidated financial statements for the year ended December 31, 2023. The financial statements, audited by KPMG Auditores Independentes Ltda., present the company's financial position, performance, and cash flows in accordance with International Financial Reporting Standards (IFRS). The audit concluded that the financial statements fairly represent Petrobras' financial status, with total proved reserves resulting in 10,921 million barrels of oil equivalent (boe) in 2023. The company's key audit matters included the measurement of actuarial obligations for pension and healthcare plans, impairment testing of exploration and production cash-generating units, and the estimate of the provision for decommissioning costs. Petrobras' management is responsible for the financial statements, while the auditors are responsible for expressing an opinion on their fairness. The company's risk management policy addresses various operational risks, including price, foreign exchange, interest rate, credit, and liquidity risks. Petrobras also disclosed its related-party transactions policy, which guides the company in dealings with joint ventures, associates, government entities, and pension plans. The company's total proved reserve for 2023, considering variations and reduction from production, amounted to 10,921 million boe.