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Petrobras - Petroleo Brasileiro SA – ‘6-K’ for 12/31/18 – ‘R28’

On:  Thursday, 1/2/20, at 5:07pm ET   ·   For:  12/31/18   ·   Accession #:  1193125-20-685   ·   File #:  1-15106

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/02/20  Petrobras - Petroleo Brasilei… SA 6-K        12/31/18  235:38M                                    Donnelley … Solutions/FA

Report by a Foreign Issuer   —   Form 6-K   —   Rule 13a-16 / 15d-16
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 6-K         Report by a Foreign Issuer                          HTML    140K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML   2.70M 
153: R1          Cover                                               HTML     84K  
20: R2          Consolidated Statement of Financial Position        HTML    213K 
103: R3          Consolidated Statement of Income                    HTML    153K  
179: R4          Consolidated Statement of Comprehensive Income      HTML    159K  
151: R5          Consolidated Statement of Comprehensive Income      HTML     74K  
                (Parenthetical)                                                  
18: R6          Consolidated Statement of Cash Flows                HTML    204K 
101: R7          Consolidated Statement of Changes in Shareholders   HTML    123K  
                Equity                                                           
181: R8          The Company and its operations                      HTML     75K  
147: R9          Basis of preparation                                HTML    199K  
133: R10         The "Lava Jato (Car Wash) Operation" and its        HTML     91K  
                effects on the Company                                           
223: R11         Summary of significant accounting policies          HTML    145K  
87: R12         Critical accounting policies: key estimates and     HTML    112K 
                judgments                                                        
61: R13         New standards and interpretations                   HTML     85K 
131: R14         Cash and cash equivalents and Marketable            HTML     94K  
                securities                                                       
222: R15         Trade and other receivables                         HTML    151K  
86: R16         Inventories                                         HTML     78K 
60: R17         Disposal of assets and other changes in             HTML    145K 
                organizational structure                                         
135: R18         Investments                                         HTML    249K  
220: R19         Property, plant and equipment                       HTML    140K  
96: R20         Intangible assets                                   HTML    119K 
13: R21         Impairment                                          HTML    205K 
162: R22         Exploration and evaluation of oil and gas reserves  HTML    103K  
186: R23         Trade payables                                      HTML     74K  
95: R24         Finance debt                                        HTML    203K 
10: R25         Leases                                              HTML    100K 
159: R26         Related-party transactions                          HTML    173K  
185: R27         Provision for decommissioning costs                 HTML     77K  
90: R28         Taxes                                               HTML    294K 
15: R29         Short-term benefits                                 HTML     90K 
54: R30         Employee benefits (Post-Employment)                 HTML    374K 
77: R31         Equity                                              HTML    127K 
231: R32         Sales revenues                                      HTML    115K  
139: R33         Other income and expenses                           HTML     98K  
55: R34         Costs and expenses by nature                        HTML    107K 
80: R35         Net finance income (Expense)                        HTML     90K 
234: R36         Supplemental information on statement of cash       HTML     78K  
                flows                                                            
140: R37         Segment information                                 HTML    356K  
51: R38         Provisions for legal proceedings                    HTML    234K 
84: R39         Commitment to purchase natural gas                  HTML     71K 
33: R40         Collateral for crude oil exploration concession     HTML     71K 
                agreements                                                       
112: R41         Risk management                                     HTML    234K  
195: R42         Fair value of financial assets and liabilities      HTML     87K  
165: R43         Subsequent events                                   HTML     74K  
36: R44         Information related to guaranteed securities        HTML    729K 
                issued by subsidiaries                                           
115: R45         Summary of significant accounting policies          HTML    208K  
                (Policies)                                                       
198: R46         Basis of preparation (Tables)                       HTML    187K  
168: R47         Cash and cash equivalents and Marketable            HTML     93K  
                securities (Tables)                                              
32: R48         Trade and other receivables (Tables)                HTML    142K 
116: R49         Inventories (Tables)                                HTML     76K  
75: R50         Disposal of assets and other changes in             HTML    101K 
                organizational structure (Tables)                                
47: R51         Investments (Tables)                                HTML    248K 
121: R52         Property, plant and equipment (Tables)              HTML    128K  
210: R53         Intangible assets (Tables)                          HTML    108K  
72: R54         Impairment (Tables)                                 HTML    162K 
44: R55         Exploration and evaluation of oil and gas reserves  HTML    104K 
                (Tables)                                                         
118: R56         Trade payables (Tables)                             HTML     73K  
207: R57         Finance debt (Tables)                               HTML    196K  
71: R58         Leases (Tables)                                     HTML     98K 
48: R59         Related-party transactions (Tables)                 HTML    144K 
175: R60         Provision for decommissioning costs (Tables)        HTML     75K  
206: R61         Taxes (Tables)                                      HTML    293K  
110: R62         Short-term benefits (Tables)                        HTML     80K  
31: R63         Employee benefits (Post-Employment) (Tables)        HTML    367K 
170: R64         Equity (Tables)                                     HTML    110K  
201: R65         Sales revenues (Tables)                             HTML    108K  
105: R66         Other income and expenses (Tables)                  HTML     97K  
26: R67         Costs and expenses by nature (Tables)               HTML    107K 
177: R68         Net finance income (Expense) (Tables)               HTML     89K  
200: R69         Supplemental information on statement of cash       HTML     77K  
                flows (Tables)                                                   
212: R70         Segment information (Tables)                        HTML    355K  
124: R71         Provisions for legal proceedings (Tables)           HTML    209K  
37: R72         Risk management (Tables)                            HTML    223K 
65: R73         Fair value of financial assets and liabilities      HTML     84K 
                (Tables)                                                         
217: R74         Information related to guaranteed securities        HTML    719K  
                issued by subsidiaries (Tables)                                  
129: R75         The Company and Its Operations - Additional         HTML     73K  
                Information (Detail)                                             
42: R76         Basis of preparation - Additional Information       HTML     86K 
                (Detail)                                                         
70: R77         Basis of preparation - Schedule of discontinued     HTML    117K 
                operation for income statement (Detail)                          
218: R78         Basis of preparation - Schedule of discontinued     HTML    160K  
                operation for cash flow (Detail)                                 
122: R79         Basis of preparation - Summary of Effect Of         HTML     76K  
                Changes in Foreign Exchange Rates (Detail)                       
213: R80         Basis of preparation - Summary of Consolidated      HTML    133K  
                Impacts on Financial Assets and Liabilities                      
                Resulting from Adoption of IFRS 9 (Detail)                       
126: R81         Basis of preparation - Impacts of Adoption of IFRS  HTML    102K  
                15 Standard (Detail)                                             
39: R82         The "Lava Jato (Car Wash) Operation" and its        HTML    101K 
                Effects on the Company - Additional Information                  
                (Detail)                                                         
66: R83         Summary of significant accounting policies -        HTML     74K 
                Additional Information (Detail)                                  
216: R84         Critical accounting policies: key estimates and     HTML     89K  
                judgments - Additional Information (Detail)                      
127: R85         New standards and interpretations - Additional      HTML     81K  
                Information (Detail)                                             
40: R86         Cash and cash equivalents and Marketable            HTML     95K 
                securities - Schedule of Cash and Cash Equivalents               
                (Detail)                                                         
69: R87         Cash and cash equivalents and Marketable            HTML     78K 
                securities - Additional Information (Detail)                     
219: R88         Cash and cash equivalents and Marketable            HTML     92K  
                securities - Schedule of Marketable Securities                   
                (Detail)                                                         
123: R89         Trade and other receivables, net - Schedule of      HTML    110K  
                trade and other receivables, net (Detail)                        
174: R90         Trade and other receivables, net - Schedule of      HTML     72K  
                trade and other receivables, net (Parenthetical)                 
                (Detail)                                                         
204: R91         Trade and other receivables, net - Additional       HTML    119K  
                Information (Detail)                                             
108: R92         Trade and Other Receivables - Summary of Aging of   HTML     84K  
                Trade and other Receivables (Detail)                             
30: R93         Trade and Other Receivables - Schedule of Changes   HTML     83K 
                in credit losses provision (Detail)                              
171: R94         Trade and Other Receivables - Schedule of trade     HTML    139K  
                receivables (Detail)                                             
203: R95         Inventories - Summary of Inventories (Detail)       HTML     87K  
107: R96         Inventories - Additional Information (Detail)       HTML     75K  
27: R97         Disposal of Assets and Other Changes in             HTML    456K 
                Organizational Structure - Additional Information                
                (Detail)                                                         
176: R98         Disposal of Assets and other changes in             HTML    104K  
                organizational structure - Summary of Assets                     
                Classified as Held for Sale (Detail)                             
199: R99         Disposal of Assets and other changes in             HTML     72K  
                organizational structure - Summary of Assets                     
                Classified as Held for Sale (Parenthetical)                      
                (Detail)                                                         
167: R100        Disposal of Assets and Other Changes in             HTML     83K  
                Organizational Structure - Summary of Cash Flows                 
                From Sales of Interest With Loss of Control                      
                (Detail)                                                         
197: R101        Investments - Information on Direct Subsidiaries,   HTML    316K  
                Joint Arrangements and Associates (Detail)                       
114: R102        Investment - Additional Information (Detail)        HTML    105K  
35: R103        Investments - Summary of Investments in Associates  HTML    124K 
                and Joint Ventures (Detail)                                      
166: R104        Investments - Summary of Investments in Listed      HTML     86K  
                Companies (Detail)                                               
196: R105        Investments - Summary of Condensed Financial        HTML    144K  
                Information (Detail)                                             
113: R106        Investments - Summary of Company Investments in     HTML    175K  
                Joint Ventures and Associates (Detail)                           
34: R107        Property, Plant and Equipment - Summary of          HTML    156K 
                Property Plant and Equipment by Class of Assets                  
                (Detail)                                                         
169: R108        Property, Plant and Equipment - Additional          HTML     99K  
                Information (Detail)                                             
194: R109        Property, Plant and Equipment - Summary of          HTML    139K  
                Estimated Useful Life of Property Plant and                      
                Equipment (Detail)                                               
208: R110        Property, plant and equipment - Summary of Effects  HTML     82K  
                of Unitization Agreements (Detail)                               
119: R111        Intangible Assets - Summary by Class of Assets      HTML    124K  
                (Detail)                                                         
45: R112        Intangible Assets - Additional Information          HTML     91K 
                (Detail)                                                         
73: R113        Intangible assets - Summary of Exploratory Phases   HTML     77K 
                (Detail)                                                         
209: R114        Impairment - Schedule of Impairment Losses, Net of  HTML    164K  
                Reversals, Recognized Within Statement of Income                 
                (Details) (Detail)                                               
120: R115        Impairment - Schedule of Cash Flow Projections      HTML     95K  
                Used to Measure the Value in Use of CGUs (Detail)                
46: R116        Impairment - Additional Information (Detail)        HTML    484K 
74: R117        Impairment - Summary of Assets and CGU Most         HTML     81K 
                Sensitive to Future Impairment Losses (Detail)                   
211: R118        Exploration and Evaluation of Oil and Gas Reserves  HTML     88K  
                - Summary of Changes in Balances of Capitalized                  
                Costs (Detail)                                                   
117: R119        Exploration and Evaluation of Oil and Gas Reserves  HTML     86K  
                - Summary of Exploration Costs (Details) (Detail)                
28: R120        Exploration and Evaluation of Oil and Gas Reserves  HTML     79K 
                - Additional Information (Detail)                                
106: R121        Exploration and Evaluation of Oil and Gas Reserves  HTML     76K  
                - Summary of Aging Capitalized Exploratory and                   
                Well Costs by Year (Detail) (Detail)                             
202: R122        Exploration and Evaluation of Oil and Gas Reserves  HTML     86K  
                - Summary of Aging Capitalized Exploratory and                   
                Well Costs by Year (Detail)                                      
172: R123        Trade Payables - Summary of Trade Payables          HTML     77K  
                (Detail)                                                         
29: R124        Finance Debt - Balance by Type of Finance Debt      HTML     95K 
                (Detail)                                                         
109: R125        Finance Debt - Additional Information (Detail)      HTML    105K  
205: R126        Finance Debt - Changes in Finance Debt and          HTML    114K  
                Reconciliation with Cash Flows from Financing                    
                Activities (Detail)                                              
173: R127        Finance Debt - Summarized Information on Current    HTML    219K  
                and Non-current Finance Debt (Detail)                            
25: R128        Finance Debt - Summarized Information on Current    HTML     72K 
                and Non-current Finance Debt (Parenthetical)                     
                (Detail)                                                         
111: R129        Finance Debt - Lines of Credit (Detail)             HTML    111K  
68: R130        Leases - Schedule of Future Minimum Lease Payments  HTML     99K 
                / Receipts - Finance Leases (Detail)                             
41: R131        Leases - Schedule of Future Minimum Lease Payments  HTML     84K 
                - Operating Leases (Detail)                                      
128: R132        Leases - Additional Information (Detail)            HTML     75K  
215: R133        Related-Party Transactions - Summary of Balances    HTML    137K  
                of Significant Transactions (Detail)                             
67: R134        Related-Party Transactions - Additional             HTML    135K 
                Information (Detail)                                             
38: R135        Related-Party Transactions - Summary of Diesel      HTML     73K 
                Price Subsidy Program (Detail)                                   
125: R136        Related-Party Transactions - Summary of             HTML     76K  
                Compensation of Employees (Including Those                       
                Occupying Managerial Positions) and Officers                     
                (Detail)                                                         
214: R137        Related-Party Transactions - Summary of Total       HTML     96K  
                Compensation of Executive Officers and Board                     
                Members of Petrobras Parent Company (Detail)                     
63: R138        Provision for Decommissioning Costs - Summary of    HTML     86K 
                Provision for Decommissioning Costs (Detail)                     
43: R139        Provision for Decommissioning Costs - Summary of    HTML     75K 
                Provision for Decommissioning Costs                              
                (Parenthetical) (Detail)                                         
104: R140        Provision for Decommissioning Costs - Additional    HTML     71K  
                Information (Detail)                                             
21: R141        Taxes - Summary of Income Taxes (Detail)            HTML     85K 
152: R142        Taxes - Summary of Other Taxes (Detail)             HTML     99K  
180: R143        Taxes - Summary of Other Taxes (Parenthetical)      HTML     69K  
                (Detail)                                                         
102: R144        Taxes - Additional Information (Detail)             HTML    132K  
19: R145        Taxes - Summary Of Settlement Of Tax Disputes       HTML     84K 
                (Detail)                                                         
149: R146        Taxes - Summary Of Settlement Of Tax Disputes       HTML     69K  
                (Parenthetical) (Detail)                                         
178: R147        Taxes - Summary Of Tax Liabilities Presented In     HTML    114K  
                Consolidated Statements Of Financial Position                    
                (Detail)                                                         
99: R148        Taxes - Summary Of Outstanding Amount Of            HTML     95K 
                Settlement Year (Detail)                                         
23: R149        Taxes - Schedule of Impacts of Tax Settlement       HTML    126K 
                Programs within Statement of Income of 2017                      
                (Detail)                                                         
59: R150        Taxes - Summary of Tax Disputes by Joining States   HTML     97K 
                Amnesty Settlement Programs (Detail)                             
85: R151        Taxes - Summary of Tax Disputes by Joining States   HTML     71K 
                Amnesty Settlement Programs (Parenthetical)                      
                (Detail)                                                         
221: R152        Taxes - Summary of the Changes in the Deferred      HTML    147K  
                Income Taxes (Detail)                                            
130: R153        Taxes - Summary of Estimated Schedule of            HTML     97K  
                Recovery/Reversal of Net Deferred Tax Assets                     
                (Liabilities) Recoverable (Payable) (Detail)                     
62: R154        Taxes - Summary of Aging of the Unrecognized Tax    HTML     92K 
                Carryforwards (Detail)                                           
88: R155        Taxes - Summary of Reconciliation between           HTML    102K 
                Statutory Tax Rate and Effective Tax Expense Rate                
                (Detail)                                                         
224: R156        Taxes - Summary of Reconciliation between           HTML     72K  
                Statutory Tax Rate and Effective Tax Expense Rate                
                (Parenthetical) (Detail)                                         
134: R157        Short-term benefits - Summary of Short-term         HTML     81K  
                Benefits (Detail)                                                
58: R158        Short-term benefits - Summary of Provision for      HTML     81K 
                Profit Sharing (Detail)                                          
89: R159        Short-term benefits - Additional Information        HTML     84K 
                (Detail)                                                         
183: R160        Employee Benefits (Post-Employment) - Summary of    HTML     90K  
                Employee Benefits (Detail)                                       
158: R161        Employee benefits (Post-Employment) - Additional    HTML    121K  
                Information (Detail)                                             
 9: R162        Employee Benefits (Post-Employment) - Disclosure    HTML    437K 
                of Changes in the Actuarial Liabilities, Fair                    
                Value of Assets and Amounts Recognized in                        
                Statement of Financial Position (Detail)                         
93: R163        Employee benefits (Post-Employment) - Summary of    HTML    112K 
                Pension Plans Assets (Detail)                                    
189: R164        Employee benefits (Post-Employment) - Summary of    HTML    120K  
                Pension Plans Assets by Type of Asset (Detail)                   
164: R165        Employee Benefits (Post-Employment) - Schedule of   HTML    124K  
                Defined Benefit Costs (Detail)                                   
14: R166        Employees Benefits (Post-Employment) - Disclosure   HTML     87K 
                of Effect of Basis Points Change in the Assumed                  
                Discount Rate and Medical Cost (Detail)                          
98: R167        Employees Benefits (Post-Employment) - Summary of   HTML    115K 
                Actuarial Assumptions (Detail)                                   
191: R168        Employee Benefits (Post-Employments) - Summary of   HTML    123K  
                Expected Maturity Analysis of Pension and Medical                
                Benefits (Detail)                                                
155: R169        Equity - Additional Information (Detail)            HTML    153K  
142: R170        Equity - Summary of Quarterly Distribution Of       HTML    115K  
                Interest On Capital (Detail)                                     
235: R171        Equity - Earnings (Losses) Per Share (Detail)       HTML    104K  
81: R172        Sales Revenues - Additional Information (Detail)    HTML     85K 
57: R173        Sales Revenues - Summary of Sales Revenues          HTML    115K 
                (Detail)                                                         
136: R174        Sales Revenues - Summary of Remaining Performance   HTML    113K  
                Obligations (Detail)                                             
229: R175        Other Income and Expenses, Net - Summary of Other   HTML    119K  
                Income and Expenses (Detail)                                     
76: R176        Other Income and Expenses, Net - Summary of Other   HTML     70K 
                Income and Expenses (Parenthetical) (Detail)                     
52: R177        Costs and Expenses by Nature - Disclosure of Cost   HTML    135K 
                and Expenses By Nature (Detail)                                  
145: R178        Costs and Expenses by Nature - Disclosure of Cost   HTML     73K  
                and Expenses By Nature (Parenthetical) (Detail)                  
227: R179        Net Finance Income (Expense) - Summary of Net       HTML     97K  
                Finance Income (Expense) (Detail)                                
141: R180        Net Finance Income (Expense) - Summary of Net       HTML     73K  
                Finance Income (Expense) (Parenthetical) (Detail)                
233: R181        Supplemental Information on Statement of Cash       HTML     79K  
                Flows - Summary of Supplemental Information on                   
                Statement of Cash Flows (Detail)                                 
79: R182        Segment Information - Consolidated assets by        HTML    142K 
                Business Area (Detail)                                           
56: R183        Segment Information - Consolidated Statement of     HTML    231K 
                Income by Business Area (Detail)                                 
138: R184        Segment Information - Additional Information        HTML     77K  
                (Detail)                                                         
232: R185        Provisions for legal proceedings - Summary of       HTML     86K  
                Provisions for Legal Proceedings (Detail)                        
78: R186        Provisions for legal proceedings - Summary of       HTML     81K 
                Reconciliation of Provisions for Legal Proceedings               
                (Detail)                                                         
53: R187        Provisions for legal proceedings - Summary of       HTML     79K 
                Judicial Deposits with Legal Proceedings (Detail)                
143: R188        Provisions for legal proceedings - Summary of       HTML     79K  
                reconciliation of Judicial Deposits with Legal                   
                Proceedings (Detail)                                             
225: R189        Provisions for legal proceedings - Additional       HTML     94K  
                Information (Detail)                                             
184: R190        Provisions for legal proceedings - Summary of       HTML     79K  
                Contingent Liabilities (Detail)                                  
160: R191        Provisions For Legal Proceedings - Summary Of       HTML    306K  
                Nature Of Contingent Liabilities (Detail)                        
11: R192        Commitment to Purchase Natural Gas - Additional     HTML     76K 
                Information (Detail)                                             
94: R193        Collateral for crude oil exploration concession     HTML     78K 
                agreements (Detail)                                              
187: R194        Risk Management - Summary of the Positions of the   HTML    111K  
                Derivative Financial Instruments Held by the                     
                Company (Detail)                                                 
161: R195        Risk Management - Summary of Amounts Recognized     HTML     90K  
                and Guarantees Given Related to Derivative                       
                Financial Instruments (Detail)                                   
12: R196        Risk Management - Summary of Sensitivity Analysis   HTML     88K 
                of the Derivative Financial Instruments (Detail)                 
97: R197        Risk Management - Summary of Sensitivity Analysis   HTML     77K 
                of the Derivative Financial Instruments                          
                (Parenthetical) (Detail)                                         
193: R198        Risk Management - Additional Information (Detail)   HTML    137K  
157: R199        Risk Management - Summary of Carrying Amounts, the  HTML     96K  
                Fair Value and Schedule of Expected                              
                Reclassifications (Detail)                                       
154: R200        Risk Management - Summary of Roll-Forward Schedule  HTML     99K  
                of Cumulative Foreign Exchange Losses Recognized                 
                in Other Comprehensive Income (Detail)                           
190: R201        Risk Management - Summary of Ratio of Highly        HTML     90K  
                Probable Future Exports to Debt Instruments                      
                (Detail)                                                         
91: R202        Risk Management - Summary of Sensitivity Analysis   HTML    167K 
                for Foreign Exchange Risk on Financial Instruments               
                (Detail)                                                         
16: R203        Risk Management - Summary of Sensitivity Analysis   HTML     82K 
                for Foreign Exchange Risk on Financial Instruments               
                (Parenthetical) (Detail)                                         
156: R204        Risk Management - Summary of Credit Quality of      HTML    103K  
                Cash and Cash Equivalents, and Marketable                        
                Securities (Detail)                                              
192: R205        Risk Management - Summary of Maturity Schedule of   HTML     98K  
                the Company's Finance Debt (Detail)                              
92: R206        Risk Management - Summary of Information            HTML     77K 
                Concerning the Insurance Coverage Outstanding                    
                (Detail)                                                         
17: R207        Fair Value of Financial Assets and Liabilities -    HTML     98K 
                Fair Value Measured of Assets and Liabilities                    
                (Detail)                                                         
163: R208        Subsequent events - Additional Information          HTML     86K  
                (Detail)                                                         
188: R209        Information Related to Guaranteed Securities        HTML    117K  
                Issued by Subsidiaries - Additional Information                  
                (Detail)                                                         
228: R210        Information Related to Guaranteed Securities        HTML    108K  
                Issued by Subsidiaries - Summary of Capitalized                  
                Costs Relating to Oil and Gas Producing Activities               
                (Detail)                                                         
146: R211        Information Related to Guaranteed Securities        HTML     98K  
                Issued by Subsidiaries - Summary of Costs Incurred               
                in Oil and Gas Property Acquisition, Exploration                 
                and Development Activities (Detail)                              
50: R212        Information Related to Guaranteed Securities        HTML    131K 
                Issued by Subsidiaries - Summary of Operations for               
                Oil and Gas Producing Activities (Detail)                        
83: R213        Information Related to Guaranteed Securities        HTML    126K 
                Issued by Subsidiaries - Summary of Annual Changes               
                in Proved Developed and Undeveloped Reserves of                  
                Oil (Detail)                                                     
226: R214        Information Related to Guaranteed Securities        HTML     98K  
                Issued by Subsidiaries - Summary of Annual Changes               
                in Proved Developed and Undeveloped Reserves of                  
                Oil (Parenthetical) (Detail)                                     
144: R215        Information Related to Guaranteed Securities        HTML    126K  
                Issued by Subsidiaries - Summary of Annual Changes               
                in Proved Developed and Undeveloped Reserves of                  
                Natural Gas (Detail)                                             
49: R216        Information Related to Guaranteed Securities        HTML     98K 
                Issued by Subsidiaries - Summary of Annual Changes               
                in Proved Developed and Undeveloped Reserves of                  
                Natural Gas (Parenthetical) (Detail)                             
82: R217        Information Related to Guaranteed Securities        HTML    153K 
                Issued by Subsidiaries - Summary of Annual Changes               
                in Proved Developed and Undeveloped Reserves of                  
                Oil and Natural Gas (Detail)                                     
230: R218        Information Related to Guaranteed Securities        HTML    108K  
                Issued by Subsidiaries - Summary of Annual Changes               
                in Proved Developed and Undeveloped Reserves of                  
                Oil and Natural Gas (Parenthetical) (Detail)                     
137: R219        Information Related to Guaranteed Securities        HTML    127K  
                Issued by Subsidiaries - Summary of Supplementary                
                Information on Oil and Gas Exploration Production                
                of Net Proved Developed and Undeveloped Reserves                 
                Explanatory (Detail)                                             
24: R220        Information Related to Guaranteed Securities        HTML     98K 
                Issued by Subsidiaries - Summary of Supplementary                
                Information on Oil and Gas Exploration Production                
                of Net Proved Developed and Undeveloped Reserves                 
                Explanatory (Parenthetical) (Detail)                             
100: R221        Information Related to Guaranteed Securities        HTML    111K  
                Issued by Subsidiaries - Summary of Supplementary                
                Information on Standardized Measure of Discounted                
                Future Net Cash Flow Relating to Proved Oil and                  
                Gas Quantities Explanatory (Detail)                              
182: R222        Information Related to Guaranteed Securities        HTML     76K  
                Issued by Subsidiaries - Summary of Supplementary                
                Information on Standardized Measure of Discounted                
                Future Net Cash Flow Relating to Proved Oil and                  
                Gas Quantities Explanatory (Parenthetical)                       
                (Detail)                                                         
148: R223        Information Related to Guaranteed Securities        HTML    133K  
                Issued by Subsidiaries - Summary of Standardized                 
                Measure of Discounted Future Net Cash Flow                       
                Projections Explanatory (Detail)                                 
22: R224        Information Related to Guaranteed Securities        HTML     84K 
                Issued by Subsidiaries - Summary of Standardized                 
                Measure of Discounted Future Net Cash Flow                       
                Projections Explanatory (Parenthetical) (Detail)                 
150: XML         IDEA XML File -- Filing Summary                      XML    493K  
132: EXCEL       IDEA Workbook of Financial Reports                  XLSX    448K  
 3: EX-101.INS  XBRL Instance -- pbr-20181231                        XML  16.48M 
 5: EX-101.CAL  XBRL Calculations -- pbr-20181231_cal                XML    734K 
 6: EX-101.DEF  XBRL Definitions -- pbr-20181231_def                 XML   3.52M 
 7: EX-101.LAB  XBRL Labels -- pbr-20181231_lab                      XML   5.99M 
 8: EX-101.PRE  XBRL Presentations -- pbr-20181231_pre               XML   4.54M 
 4: EX-101.SCH  XBRL Schema -- pbr-20181231                          XSD   1.27M 
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‘R28’   —   Taxes


This is an IDEA Financial Report.  [ Alternative Formats ]



 
v3.19.3.a.u2
Taxes
12 Months Ended
Text block [abstract]  
Taxes
21.

Taxes

 

21.1.

Income taxes and other taxes

 

Income taxes    Current assets      Current liabilities      Non-current liabilities  
           12.31.2018      12.31.2017      12.31.2018      12.31.2017      12.31.2018      12.31.2017  

Taxes in Brazil

                 

Income taxes

     733        442        66        39        -        -  

Income taxes - Tax settlement programs

     -        -        56        228        552        671  
       733        442        122        267        552        671  

Taxes abroad

     6        37        89        32        -        -  

Total

     739        479        211        299        552        671  

 

Other taxes    Current assets      Non-current assets      Current liabilities      Non-current      liabilities (*)  
     12.31.2018        12.31.2017        12.31.2018        12.31.2017        12.31.2018        12.31.2017        12.31.2018        12.31.2017    

Taxes in Brazil

                       

Current / Deferred ICMS (VAT)

     781        934        700        707        922        1,021        -        -  

Current / Deferred PIS and COFINS

     442        820        2,668        2,282        309        820        -        -  

CIDE

     22        14        -        -        50        104        -        -  

Production taxes

     -        -        -        -        1,757        1,605        -        -  

Withholding

income taxes

     -        -        -        -        308        157        -        -  

Tax Settlement Program (**)

     -        -        -        -        2        648        -        -  

Others

     36        170        158        72        184        165        107        86  

Total in Brazil

     1,281        1,938        3,526        3,061        3,532        4,520        107        86  

Taxes abroad

     15        20        14        14        24        28        -        -  

Total

     1,296        1,958        3,540        3,075        3,556        4,548        107        86  

(*) Other non-current taxes are classified as other non-current liabilities.

(**) It includes the amount of US$ 2 relating to refinancing program (REFIS) from previous periods.

 

21.2.

Brazilian federal settlement programs

In 2017, the Company joined certain settlement programs created by the Brazilian Federal Government, which enabled the settlement of significant disputes in which the Company was a defendant, with certain benefits, such as the use of tax loss carry forwards and reduction in interests, penalties and related charges. The settlement of disputes involving Brazilian Federal Tax Authorities, Brazilian Federal Agencies and similar bodies reduced tax disputes amounting to US$ 11,552 as shown below:

 

      Provisional
measures
     Signed into
law
     Brazilian federal settlement programs    Disputes      Amount of
relief
     Debts  
  766/17        -      Tax Settlement Program - PRT (*)      502               502  
  783/17        13496/17      Special Tax Settlement Program - PERT      2,203        1,001        1,202  
  780/17        13494/17      Non-Tax Debts Settlement Program - PRD      340        113        227  
  795/17        13586/17      Withholding income tax on remittances for payment of charter of vessels      8,507        7,976        531  
                         11,552        9,090        2,462  

(*) Benefit of using tax loss carryforwards to settle 80% of the debt.

The Company settled a portion of the balance of the respective liabilities during 2017 in accordance with the terms of the programs and, at December 31, 2017, their outstanding amounts totaled US$ 1,545. During 2018, the Company settled a significant part of the balance of respective liabilities carried on the statement of financial position as presented in the table below:

 

     12.31.2017          Payments     

  Use of tax loss

carryforwards

    

Inflation

  indexation

           Others                CTA          12.31.2018  

PRT

                    

Income taxes

     153               (136)                      (16)        1  

Other taxes

                                                

Total

     153               (136)                      (16)        1  

PERT

                    

Income taxes

     744        (56)               43        (17)        (107)        607  

Others taxes

     40        (60)               2        16        2         
       784        (116)               45        (1)        (105)        607  

PRD

                    

Production taxes

     87        (95)               2        5        1         

Law 13.586/17

                    

Withholding income tax

     521        (500)               17        13        (51)         

Total

     1,545        (711)        (136)        64        17        (171)        608  

Current

     874                       56  

Non-current

     671                       552  

The following table presents the settlement years of the outstanding amounts under these programs:

 

 

     2019      2020      2021      2022      2023      2024
onwards
     Total  

PRT

     1                                           1  

PERT

     55        55        55        55        55        332        607  

Total

     56        55        55        55        55        332        608  

 

21.2.1.

Tax Settlement Program (Programa de Regularização Tributária - PRT)

The PRT enabled relief for the settlement of tax and non-tax debts overdue up to November 30, 2016 to the Brazilian Federal Tax Authorities (Brazilian Federal Revenue Service and National Treasury Attorney’s Office).

The Company joined the program to settle, principally, proceedings at administrative level totaling US$ 502, for which outflow of resources were probable, related to disallowed tax credits applied for income taxes and other Brazilian Federal taxes computation. After assessing the reliefs provided by the PRT, the Company decided to settle it with the benefit of using tax loss carry forwards to pay US$ 136.

The impacts of this program were accounted for in the second quarter of 2017 within the Company’s statement of income amounting to US$ 82 after tax effects, as shown in note 21.2.5.

 

21.2.2.

Special Tax Settlement Program (Programa Especial de Regularização Tributária - PERT)

The PERT enabled relief for the settlement of tax and non-tax debts overdue up to April 30, 2017 to the Brazilian Federal Tax Authorities (Brazilian Federal Revenue Service and National Treasury Attorney’s Office), including amounts under disputes involving these authorities.

The Company elected to join the PERT to settle the legal proceeding, in the amount of US$ 1,977, with respect to a notice of deficiency issued due to the use of expenses arising from the Terms of Financial Commitment (TFC), signed by Petrobras and Petros Plan in 2008, as deductible in determining taxable profit. The Company decided to settle this tax dispute, by paying US$ 1,317, which takes into account the benefits reliefs on interests, penalties and related charges. Of this amount, US$ 432 was settled up to December 2017, and the remaining amount is being settled through 145 monthly installments bearing interest from January 2018 onwards. In addition, pursuant the law 13.496 enacted on October 24, 2017, which enabled incremental relief relating to this matter, the remaining amount was recalculated and decreased by US$ 239.

Pursuant to the Provisional Measure 807/2017 enacted on October 31, 2017, the period to join this program was extended from August 31 to November 14, 2017. Therefore, the Company decided in the third quarter of 2017 to settle other disputes relating to debts in the scope of the Brazilian Federal Revenue Service amounting to US$ 226, After the relief under the PERT, the total amount of these disputes was reduced to US$ 125, of which US$ 103 was settled in January 2018 through a lump sum payment, and the remaining amount is being settled through 141 monthly installments.

 

Accordingly, the Company recognized the amount of US$ 1,839 within the statement of income in 2017, made up of tax debts after reliefs and tax effects amounting to US$ 1,117, reversals of deferred income tax assets for unused tax losses from 2012 to 2017 amounting to US$ 711 and indexation charges of US$ 22.

 

21.2.3.

Non-Tax Debts Settlement Program (Programa de Regularização de Débitos não Tributários - PRD)

The PRD enabled relief for the settlement of non-tax debts overdue to the Brazilian Federal Agencies and similar bodies up to October 25, 2017, including amounts under disputes and debts in the scope of other settlement programs involving these authorities.

The Company joined the PRD to settle some legal proceedings involving ANP, with respect to production tax debts for which the likelihood of losses were deemed probable, following a court ruling in August 2017 granting to ANP its arguments. After assessing the benefits from relief on interest, penalties and related charges provided for by this program, the Company decided to settle these disputes, totaling US$ 340 by paying US$ 227 plus interest, of which US$ 136 was settled in the fourth quarter of 2017 and the remaining amount in January 2018.

Accordingly, the Company recognized US$ 164 within the statement of income in December 31, 2017, after tax effects, as shown in note 21.2.5.

 

21.2.4.

Settlement program under law 13.586/2017

As presented in note 21.4, the law 13.586 enacted on December 28, 2017, formerly Provisional Measure 795/17, provided for the tax treatment of several relevant issues relating to the exploration and production of oil or natural gas. This law also established the settlement program of withholding income tax on remittances abroad related to charter contracts for vessels, enabling the regularization of events occurred in the period from 2008 to 2014.

The decision to join the program was based on the economic benefits thereof. Proceeding with the disputes would involve financial efforts to provide significant judicial deposits and this program gave rise to the possibility of ceasing disputes at administrative and judicial levels related to the period from 2008 to 2013 in the amount of US$ 8,507, as well as amounts relating to the 2014 not yet under dispute. The Company paid US$ 531 in 12 consecutive installments bearing interest at SELIC rate, of which the first was paid in January 2018.

Accordingly, the Company recognized US$ 351 within the statement of income in December 31, 2017, after tax effects, as shown in note 21.2.5.

 

21.2.5.

Impacts of the tax settlement programs within statement of income of 2017

 

         
             PRT              PERT              PRD     

Law

  13,586/17

             Total  

Cost of sales

                   (131)               (131)  

Other taxes

     (169)        (366)        (25)        (323)        (883)  

Finance expenses

     (249)        (309)        (71)        (208)        (837)  

Income taxes - notice of deficiency

     (98)        (565)                      (663)  

Total - after reliefs

     (516)        (1,240)        (227)        (531)        (2,514)  

Impacts of PIS/COFINS on settlement programs

            (69)        (7)               (76)  

Income taxes - deductible expenses

     (51)        192        70        180        391  

Other income and expenses - reversal of provision

     485        11                      496  

Total

     (82)        (1,106)        (164)        (351)        (1,703)  

Income taxes - reversal of unused tax losses from 2012 to 2017

            (711)                      (711)  

Impacts within the statement of income (before Indexation charges)

     (82)        (1,817)        (164)        (351)        (2,414)  

Indexation charges

            (22)                      (22)  

Impacts within the statement of income

     (82)        (1,839)        (164)        (351)        (2,436)  

 

21.3.

Tax amnesty programs – State Tax (Programas de Anistias Estaduais)

In accordance with its current corporate governance process and following cost-benefit analysis, the Company elected, during the year ended December 31, 2018, to settle in cash VAT (ICMS) tax disputes by joining states amnesty settlement programs and taking advance of their reliefs, as shown below:

 

                State   

State

Law/Decree n°

   Benefits received    Disputes     

Reduction

Benefit

    

Amount to

be paid

after

benefit (*)

 

TO

   3.346/18    Reduction of 90% of debts from fines and interest.      5        (3)        2  

RN

   27.679/18 and 10.341/18    Reduction of 95% of fines, 80% of the interest and 50% of Vat tax forgiveness      205        (175)        30  

SE

   8.458/18    Reduction of 90% of fines and interest      252        (219)        33  

MT

   10.433/16 and 1.630/18    Reduction of 75% of interest, fines and penalties.      104        (48)        56  

BA

   14.016/18    Reduction of 90% of fines and interest      269        (199)        70  

RJ

   182/18    Reduction of 50% of interest and 70% or 85% of the fines related to ICMS, with the respective charges.      376        (185)        191  

RS

   54.346/2018    Reduction of up to 85% and 40% over fines and interest, respectvely.      1               1  
                 1,212        (829)        383  

(*) Amounts recognized in other taxes (US$ 289) and financial expenses (US$ 94).

 

 

 

21.4.

New Taxation Model for the Oil and Gas Industry

On December 28, 2017, the Brazilian Federal Government enacted Law No. 13,586, which outlines a new taxation model for the oil and gas industry and, along with the Decree 9,128/2017, establishes a new special regime for exploration, development and production of oil, gas and other liquid hydrocarbons named Repetro-Sped.

Due to the application of this new regime, the Company expects greater legal stability in the oil and gas industry in Brazil, which may encourage higher investments and reduce the number of litigations involving the industry players.

Regarding the Repetro-Sped, this regime provides for the continuation of total tax relief over goods imported with temporary permanence in Brazil, as previously governed by the former Repetro (Special Customs Regime for the Export and Import of Goods designated to Exploration and Production of Oil and Natural Gas Reserves), and adds this relief to goods permanently held in Brazil. Accordingly, the absence of the need to return such goods to foreign countries eliminates future cost of removal. This benefit made possible the migration of all the goods acquired in the former REPETRO to the REPETRO-Sped, with lower operating and financial costs. Since 2018, the Company has transferred the ownership of oil and gas assets under this regime from foreign subsidiaries to the parent company in Brazil and intends to finish this process until 2020. The regime will expire in December, 2040.

Following the creation of Repetro-Sped, the Brazilian states, pursuant to a decision of the Brazilian National Council of Finance Policies (CONFAZ), agreed to grant tax incentives relating to VAT (ICMS) over transactions in the scope of this regime to the extent each state enacts its specific regulation providing for the tax relief for the oil and gas industry.

At the date of issuance of these financial statements, the states enacting new regulations governing the VAT tax incentives authorized by CONFAZ were: Amazonas, Bahia, Ceará, Espirito Santo, Rio de Janeiro, Rio Grande do Norte, São Paulo, Sergipe, Minas Gerais and Piauí.

 

21.5.

Deferred income taxes - non-current

 

a)

The changes in the deferred income taxes are presented as follows:

Income taxes in Brazil comprise corporate income tax (IRPJ) and social contribution on net income (CSLL). Brazilian statutory corporate tax rates are 25% and 9%, respectively.

 

    

Property, Plant and

Equipment

                                                         
    

Exploration

and

decommissioning

costs

     Others (*)     

Loans, trade
and other
receivables /

payables

and financing

     Finance leases      Provision for
legal
proceedings
     Tax losses      Inventories      Employee
Benefits
     Others      Total  

Balance at January 1, 2017

     (11,205)        937        3,512        (90)        1,128        6,040        429        3,009        284        4,044  

Recognized in the statement of income for the year

     363        (1,292)        (1,099)        (64)        1,134        278        130        (4)        139        (415)  

Recognized in shareholders’ equity (**)

     -        -        (887)        -        -        (69)        -        (273)        9        (1,220)  

Cumulative translation adjustment

     150        45        34        4        (40)        (67)        (6)        (34)        (11)        75  

Use of tax credits

     -        -        -        -        -        (271)        -        -        -        (271)  

Others

     -        (188)        (16)        20        (21)        120        16        (10)        108        29  

Balance at December 31, 2017

     (10,692)        (498)        1,544        (130)        2,201        6,031        569        2,688        529        2,242  

Initial application of IFRS 9

     -        -        117        -        -        -        -        -        5        122  

Balance at January 1, 2018

     (10,692)        (498)        1,661        (130)        2,201        6,031        569        2,688        534        2,364  

Recognized in the statement of income for the period

     2,048        (1,109)        (1,509)        (134)        208        (244)        (49)        192        (167)        (764)  

Recognized in shareholders’ equity (**)

     -        -        1,916        -        -        -        -        (119)        2        1,799  

Cumulative translation adjustment

     1,397        205        (260)        28        (345)        (668)        (65)        (417)        (34)        (159)  

Use of tax credits

     -        -        -        -        -        (1,117)        -        -        (105)        (1,222)  

Others

     -        (26)        18        89        2        15        -        11        (101)        8  

Balance at December 31, 2018

     (7,247)        (1,428)        1,826        (147)        2,066        4,017        455        2,355        129        2,026  

Deferred tax assets

                                3,438  

Deferred tax liabilities

                                                                                      (1,196)  

Balance at December 31, 2017

                                                                                      2,242  

Deferred tax assets

                                2,680  

Deferred tax liabilities

                                                                                      (654)  

Balance at December 31, 2018

                                                                                      2,026  

(*) It mainly includes impairment adjustments and capitalized borrowing costs.

(**) The amounts presented as Loans, trade and other receivables/payables and financing relate to the tax effect on exchange rate variation recognized within other comprehensive income (cash flow hedge accounting) as set out in note 34.2.

The Company recognizes the deferred tax assets based on assessment of uncertainty over income tax treatments in the context of applicable tax laws, as well as projections of future taxable profits in a ten-year perspective supported by the Business and Management Plan, which is revised annually.

 

b)

Timing of reversal of deferred income taxes

Deferred tax assets were recognized based on projections of taxable profit in future periods supported by the Company’s 2019-2023 Business and Management Plan (BMP). The main goals and objectives outlined in its business plan include business restructuring, a divestment plan, demobilization of assets and reducing operating expenses.

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 2019-2023 BMP.

The estimated schedule of recovery/reversal of net deferred tax assets (liabilities) recoverable (payable) as of December 31, 2018 is set out in the following table:

 

                 Assets                  Liabilities  

2019

     268        (89)  

2020

     386        (63)  

2021

     464        (21)  

2022

     495        27  

2023

     521        322  

2024 and thereafter

     546        478  

Recognized deferred tax assets

     2,680        654  

Brazil

     3        -  

Abroad

     1,472        -  

Unrecognized deferred tax assets

     1,475        -  

Total

     4,155        654  

At December 31, 2018, the Company had tax loss carryforwards arising from offshore subsidiaries, for which no deferred tax assets had been recognized. These tax losses totaling US$1,472 (US$ 2,660 as of December 31, 2017) arose mainly from oil and gas exploration and production and refining activities in the United States of US$1,398 (US$ 2,370 as of December 31, 2017), as well as activities in Spain in the amount of US$69 (US$ 290 as December 31, 2017).

An aging of the unrecognized tax carryforwards, from companies abroad is set out below:

 

         Unrecognized
deferred tax
assets
 

2020

     14  

2021

     36  

2022

     1  

2023

     13  

2024

     9  

2025

     4  

2026

     68  

2027

     78  

2028

     88  

2029

     97  

2030 and thereafter

     1,064  

Total

     1,472  

 

21.6.

Reconciliation between statutory tax rate and effective tax expense rate

The following table provides the reconciliation of Brazilian statutory tax rate to the Company’s effective rate on income before income taxes:

 

     Reclassified  
                 2018                  2017                  2016  

Net income before income taxes

     10,827        1,507        (3,493)  

Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%)

     (3,681)        (513)        1,079  

·    Tax benefits from the deduction of interest on capital distribution (*)

     553        (53)        (83)  

·    Different jurisdictional tax rates for companies abroad

     355        669        (157)  

.    Brazilian income taxes on income of companies incorporated outside Brazil (**)

     (41)        (70)        (319)  

·    Tax incentives

     74        168        46  

·    Tax loss carryforwards (unrecognized tax losses)

     (484)        (146)        (265)  

·    Non-taxable income (non-deductible expenses), net (***)

     (780)        (454)        (856)  

·    Tax settlement programs (****)

     -        (1,373)        -  

·    Agreement with US authorities

     (293)        -        -  

·    Others

     41        75        (220)  

Income taxes expense

     (4,256)        (1,697)        (775)  

Deferred income taxes

     (370)        (400)        906  

Current income taxes

     (3,886)        (1,297)        (1,681)  

Total

     (4,256)        (1,697)        (775)  

Effective tax rate of income taxes

     39.3%        112.6%        (22.2%)  

(*) It includes amounts received from non-consolidated companies, as well as paid to non-controlling interests.

(**) It relates to Brazilian income taxes on earnings of offshore investees, as established by Law No. 12,973/2014.

 

(***) It includes results in equity-accounted investments and expenses relating to health care plan.

(****) Income taxes in the scope of PRT and PERT and reversals of losses carry forwards from 2012 to 2017.


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘6-K’ Filing    Date    Other Filings
Filed on:1/2/206-K
For Period end:12/31/1820-F,  6-K
1/1/18
12/31/1720-F
12/28/176-K
11/14/176-K
10/31/176-K
10/25/176-K
10/24/176-K/A
4/30/17
1/1/17
11/30/166-K,  UPLOAD
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