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Petrobras - Petroleo Brasileiro SA – ‘6-K’ for 12/31/18 – ‘R15’

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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‘R15’   —   Trade and other receivables


This is an IDEA Financial Report.  [ Alternative Formats ]



 
v3.19.3.a.u2
Trade and other receivables
12 Months Ended
Text block [abstract]  
Trade and other receivables
8.

Trade and other receivables

 

8.1.

Trade and other receivables, net

 

               12.31.2018                12.31.2017  

Receivables from contracts with customers

     

Third parties

     6,614        6,995  

Related parties

     

Investees (note 19.1)

     682        530  

Receivables from the electricity sector (note 8.4) (*)

     4,400        5,247  

Subtotal

     11,696        12,772  

Other trade receivables

     

Third parties

     

Receivables from divestments (**)

     1,296        872  

Finance lease receivables

     519        550  

Other receivables

     1,325        1,647  

Related parties

     

Diesel subsidy (note 19.1.1)

     400        -  

Petroleum and alcohol accounts - receivables from Brazilian Government (note 19.1.2)

     307        251  

Subtotal

     3,847        3,320  

Total trade receivables

     15,543        16,092  

Expected credit losses (ECL) - Third parties

     (3,390)        (3,686)  

Expected credit losses (ECL) - Related parties

     (915)        (2,259)  

Total trade receivables, net

     11,238        10,147  

Current

     5,746        4,972  

Non-current

     5,492        5,175  

(*) It includes the amount of US$ 199 at December 31, 2018 (US$ 233 at December 31, 2017) regarding finance lease receivable from Amazonas Distribuidora de Energia.

(**) It comprises receivable from the divestment of NTS and contingent payments from the sale of interest in Roncador field.

 

Trade and other receivables were previously classified as loans and receivables in accordance with former IAS 39. As set out in note 2.3.1, following the adoption of IFRS 9, such assets are currently classified as measured at amortised cost, except for certain 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 and loss and amount to US$ 76 as of December 31, 2018.

 

8.2.

Aging of trade and other receivables – third parties

 

     12.31.2018      12.31.2017  
         Trade receivables          Credit losses        Trade receivables          Credit losses  

Current

     5,863        (360)        5,760        (274)  

Overdue:

           

1-90 days

     484        (54)        596        (73)  

91-180 days

     35        (12)        52        (36)  

181-365 days

     48        (20)        83        (47)  

More than 365 days

     3,325        (2,944)        3,573        (3,256)  

Total

     9,755        (3,390)        10,064        (3,686)  

 

8.3.

Changes in credit losses provision

 

         Jan-Dec/2018          Jan-Dec/2017  

Opening balance

     5,945        5,426  

Initial application of IFRS 9

     122        -  

Additions

     104        708  

Write-offs

     (1,253)        (110)  

Transfer of assets held for sale

     6        -  

Cumulative translation adjustment

     (619)        (79)  

Closing balance

     4,305        5,945  

Current

     1,715        2,068  

Non-current

     2,590        3,877  

In 2018, write-offs in the balance of expected credit losses primarily reflects the effects related to the agreements signed with companies from electricity sector, as described in note 8.4.

In 2017, besides the losses on receivables from electricity sector amounting to US$ 210, additions also reflected impairments over lease receivables, as a result of the termination, in the third quarter of 2017, of a finance lease agreement relating to the Vitória 10,000 drilling rig, in the amount of US$ 278.

 

8.4.

Trade receivables – electricity sector (isolated electricity system in the northern region of Brazil)

 

  Receivables from electricity sector   

  Receivables outside

the scope of DAAs*

         DAA 2014          DAA 2018          Finance lease                  Others                  Total  

Receivables

     2,381        3,107        -        233        4        5,725  

ECL

     (2,187)        (332)        -        -        (4)        (2,523)  

Balance at December 31, 2017

     194        2,775        -        233        -        3,202  

Sales

     1,226        -        -        -        -        1,226  

Amounts received

     (757)        (374)        (532)        (39)        (3)        (1,705)  

Interest

     38        161        22        40        -        261  

Derecognition of receivables

     (1,240)        -        -        (1)        -        (1,241)  

Agreements in 2018

     -        127        1,291        -        -        1,418  

(Additions)/reversals of ECL

     (508)        291        -        -        3        (214)  

Derecognition of receivables - ECL

     1,240        -        -        -        -        1,240  

CTA

     (27)        (425)        (43)        (34)        -        (529)  

Balance at December 31, 2018

     166        2,555        738        199        -        3,658  

Receivables

     1,348        2,560        739        199        1        4,847  

ECL

     (1,182)        (5)        (1)        -        (1)        (1,189)  

Balance at December 31, 2018

     166        2,555        738        199        -        3,658  

* Debt acknowledgement agreements.

 

           Receivables                      ECL                  Total  

Related parties - Eletrobras Group

        

Amazonas Energia - AME

     3,747        (913)        2,834  

Eletrobras

     653        (2)        651  

Total

     4,400        (915)        3,485  

Third parties

        

Cia de Gás do Amazonas - CIGÁS

     156        (2)        154  

Cia de Eletricidade do Amapá - CEA

     228        (228)        -  

Others

     63        (44)        19  

Total

     447        (274)        173  

Balance at December 31, 2018

     4,847        (1,189)        3,658  

Balance at December 31, 2017

     5,725        (2,523)        3,202  

The Company supplies fuel oil, natural gas, and other products to power distributors controlled by Eletrobras and to independent power producers (Produtores Independentes de Energia – PIE) that operate in the isolated electricity system in the northern region of Brazil. This isolated system comprises electricity generation and distribution systems not totally connected to the Brazilian National Interconnected Power Grid (Sistema Interligado Nacional).

Due to operational, regulatory and administrative factors, the costs of the isolated electricity system is substantially covered by the Fuel Consumption Account (Conta de Consumo de Combustível – CCC), a fund regulated and overseen by the Brazilian National Electricity Agency (Agência Nacional de Energia Elétrica - ANEEL), that receives funds from the Brazilian Energy Development Account (Conta de Desenvolvimento Energético - CDE). The CDE is a fund created by the Brazilian Federal Government to promote power development in Brazil and its transfers of funds to CCC are based on fees paid by all of concessionaires of electricity distribution and transmission in Brazil. However, regulatory and administrative issues have impacted funds flows from CCC to the companies operating in the isolated system since 2013, which also affected the payments of distributors controlled by Eletrobras for products supplied by the Company.

As a result, on December 31, 2014, the Company (Petrobras parent company and its subsidiary BR Distribuidora) entered into debt acknowledgement agreements (DAAs 2014) concerning the balance of its receivables as of November 30, 2014 with distributors controlled by Eletrobras, to be settled in 120 monthly installments updated by the Selic interest rate (Brazilian short-term interest rate). The balance of DAAs 2014 was 89% collateralized by payables from the CDE to the CCC and, despite some periodic delays, these payments have continued. At December 31, 2017, the amounts of DAAs 2014 totaled US$ 3,107.

The Company continued to sell its products to the isolated electricity system but took several measures to safeguard its interests arising from sales after the signing of the DAAs 2014, including judicial collection of all overdue receivables, as well as suspension of fuel supply on credit. Thus, the allowance for credit losses on receivables from electricity sector amounted to US$ 2,523 at December 31, 2017, primarily reflecting the historical defaults of companies operating in the isolated electricity system in the northern region of Brazil relating to receivables not under DAAs 2014.

 

At the end of 2017, following the inclusion of the power distributors controlled by Eletrobras within the Investments Partnership Program (Programa de Parcerias de Investimentos – PPI), a Brazilian Federal program that foresees new infrastructure investments and privatizations, along with the process of privatization of the distributors controlled by Eletrobras, the Company intensified negotiations with the Eletrobras group aiming at reaching an agreement that would resolve disputes and mitigate future defaults.

Accordingly, both parties reached an agreement on April 30, 2018 in which the structure and indexation of collateralization under the DAAs 2014 was recomposed and new debt acknowledgement agreements comprising a portion of receivables under judicial disputes were signed (DAAs 2018). In addition, the parties also entered into debt assumption agreements in which Eletrobras would assume a significant portion of overdue receivables in case of the privatization of power distributors.

Following improvements in Eletrobras credit risk, the new collateralization structure under DAAs 2014 provides for replacement of original collateral by guaranties provided by Eletrobras (54%), collateral based on credits from Brazilian Treasury (34%) and new payables from the CDE (12%). However, the collateralization based on credits from Brazilian Treasury owned by Eletrobras Distributors, expected to be effective by the end of June 2018, did not occur as the Provisional Measure 814/2017 lost its effectiveness since June 1, 2018 and the Bill 10,332/18, the terms of which would reestablish the previous condition for such collateralization, was rejected by the Brazilian Senate in October 2018.

The DAAs 2018 comprise receivables from sales of fuel oil and natural gas, which had been past due since December 2014 and under judicial collection. These agreements outline the settlement of US$ 459 and US$ 1,293 (gross nominal values), related to Petrobras parent company and its subsidiary BR Distribuidora, respectively, in 36 monthly instalments bearing interest at 124.75% of the Brazilian interbank deposit rate (CDI). However, their recognition and measurement take into account the conditions attached to their guarantees, which in the case of BR Distribuidora are substantially dependent on the privatization of distributors of Eletrobras group and, with respect to Petrobras parent company, an unsuccessful privatization process would not lead to the cancellation of surety provided by Eletrobras.

On December 3, 2018, the parties entered into a new agreement under which:

 

 

The collateral of DAAs 2014 based on credits from Brazilian Treasury was replaced by surety provided by Eletrobras;

 

 

Some contracts were renegotiated in order to fulfill certain conditions necessary for the privatization of the distributors;

 

 

Past due receivables until October 31, 2018 amounting to US$ 150 were rescheduled under the same terms of the agreement of April 2018; and

 

 

Creation of an escrow account in order to ensure the collection of future gas sales.

Based on the agreements reached in 2018, along with the conclusion of the privatization process of distributors of Eletrobras group (Ceron, Boa Vista Energia e Eletroacre) the Company recognized US$ 708 as finance income from continuing operations in 2018 primarily reflecting receivables under the DAAs 2018, which had been under judicial collection, recognized at their fair value due to the material changes in their contractual terms.

In 2018, the Company recognized credit losses from continuing operations amounting to US$ 246 (US$ 257 in 2017) primarily reflecting overdue receivables outside the scope of DAAs (US$ 508), notably from sale of gas for which collections are outstanding, partially offset by the replacement of collaterals of DAAs 2014 and debts assumed by Eletrobras following the privatization of its distributors (US$ 291).

Moreover, the Company has monitored the progress of AME privatization process, which is conditioned to certain conditions precedent, notably the effective transfer of its control, as well as additional investments and collaterals. According to the progress of this process, the Company’s assessment of credit risk over these receivables was not significantly affected at December 31, 2018.


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
12/3/186-K
10/31/186-K
6/1/186-K,  6-K/A
4/30/186-K
12/31/1720-F
12/31/1420-F,  6-K,  6-K/A,  NT 20-F
11/30/14
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