UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of August, 2023

Commission File Number 1-15106

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

Avenida Henrique Valadares, 28 – 19th floor 
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

B3: PETR3 (ON) | PETR4 (PN)

NYSE: PBR (ON) | PBRA (PN)

www.petrobras.com.br/ir

petroinvest@petrobras.com.br

+ 55 21 3224-1510

Disclaimer

This presentation contains some financial indicators that are not recognized by GAAP or the IFRS. The indicators presented herein do not have standardized meanings and may not be comparable to indicators with a similar description used by others. We provide these indicators because we use them as measures of company performance and liquidity; they should not be considered in isolation or as a substitute for other financial metrics that have been disclosed in accordance with IFRS. See definitions of EBITDA, Adjusted EBITDA, LTM Adjusted EBITDA, Adjusted Cash and Cash Equivalents, Net Debt, Gross Debt, Free Cash Flow, and Leverage in the Glossary and their reconciliations in the sections Liquidity and Capital Resources, Reconciliation of LTM Adjusted EBITDA, Gross Debt/LTM Adjusted EBITDA and Net Debt/LTM Adjusted EBITDA Metrics and Consolidated Debt.

TABLE OF CONTENTS

CONSOLIDATED RESULTS

The main functional currency of the Petrobras Group is the Brazilian real, which is the functional currency of the parent company and its Brazilian subsidiaries. As the presentation currency of the Petrobras Group is the U.S. dollar, the results of operations in Brazilian reais are translated into U.S. dollars using the average exchange rates prevailing during the period (average exchange rate of R$/US$ 5.07 in Jan-Jun/2023 compared to R$/US$ 5.08 in Jan-Jun/2022).

Key Financial Information

Sales Revenues

Sales revenues were US$ 49,750 million for the period Jan-Jun/2023, a 19.6% decrease (US$ 12,142 million) when compared to US$ 61,892 million for the period Jan-Jun/2022, mainly due to:

Cost of Sales

* It includes short-term leases and inventory turnover.

Cost of sales was US$ 24,000 million for the period Jan-Jun/2023, a 14.3% decrease (US$ 4,019 million) when compared to US$ 28,019 million for the period Jan-Jun/2022, mainly due to lower production taxes due to lower Brent prices.

Income (Expenses)

Selling expenses were US$ 2,421 million for the period Jan-Jun/2023, a 0.2% decrease (US$ 4 million) compared to US$ 2,425 million for the period Jan-Jun/2022, mainly due to lower logistical expenses due to the decrease in sales volumes of crude oil in the domestic market and fuel oil exported, partially compensated by the increase in crude oil export volumes.

General and administrative expenses were US$ 745 million for the period Jan-Jun/2023, a 19.8% increase (US$ 123 million) compared to US$ 622 million for the period Jan-Jun/2022, mainly due to higher expenses with licenses related to cybersecurity and inflation. 

Exploration costs were US$ 348 million for the period Jan-Jun/2023, a 182.9% increase (US$ 225 million) compared to US$ 123 million for the period Jan-Jun/2022, mainly due to geological and geophysical expenses in the Brazilian Equatorial Margin region in order to obtain an environmental license in 2023.

Other taxes were US$ 529 million for the period Jan-Jun/2023, a 248.0% increase (US$ 377 million) compared to US$ 152 million for the period Jan-Jun/2022, mainly due to a 9.2% extraordinary taxation over exports of crude oil, pursuant to Provisional Measure No. 1,163/2023. This extraordinary taxation is temporary and only applicable for the period March to June 2023.

Impairment of assets were US$ 404 million for the period Jan-Jun/2023, a 141.9% increase (US$ 237 million) compared to US$ 167 million for the period Jan-Jun/2022, mainly arising from the assessment of the second refining unit of RNEST, which resulted in the recognition of a US$ 383 loss, mainly due to: (i) an increase in projected necessary investments following the review of the scope for implementation of logistics infrastructure, ; (ii) increase in the discount rate to 7.4% p.a. (from 7.1% p.a. as of December 31, 2022); and (iii) appreciation of the real against the dollar on estimated future cash flows.

Other income and expenses, net presented a US$ 946 million expense in Jan-Jun/2023, a US$ 2,813 million change to the US$ 1,867 million income presented in Jan-Jun/2022, mainly due to the US$ 2,872 million income with the financial compensation from the co-participation agreements in bid areas (Sépia and Atapu fields) occurred in Jan-Jun/2022.

Net finance (expense) income

Net finance income (expense) was an expense of US$ 643 million for the period Jan-Jun/2023, a decrease of US$ 1,959 million compared to an expense of US$ 2,602 million for the period Jan-Jun/2022, mainly due to:

Income tax expenses

Income tax was an expense of US$ 6,172 million in Jan-Jun/2023, compared to an expense of US$ 9,875 million in Jan-Jun/2022. The decrease was mainly due to lower net income before income taxes (US$ 19,401 million of income in Jan-Jun/2023 compared to a US$ 29,564 million income in Jan-Jun/2022), resulting in nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) of US$ 6,597 million in Jan-Jun/2023 compared to a US$ 10,051 million in Jan-Jun/2022.

Net Income attributable to shareholders of Petrobras

Net income attributable to shareholders of Petrobras was US$ 13,169 million for the period Jan-Jun/2023, a US$ 6,446 million decrease compared to a net income attributable to shareholders of Petrobras of US$ 19,615 million for the period Jan-Jun/2022, as explained above, mainly due to lower Brent prices reflected in our Gross profit (US$ 25,750 million in Jan-Jun/2023 compared to US$ 33,873 million in Jan-Jun/2022) and higher expenses (US$ 5,719 million of expenses in Jan-Jun/2023 compared to a US$ 2,048 million expenses in Jan-Jun/2022).

CAPITAL EXPENDITURES (CAPEX)

(*) In Jan-Jun/2023, there is US$ 146 million of signature bonuses related to the Sudoeste de Sagitário, Água Marinha and Norte de Brava Blocks. In Jan-Jun/2022, there is US$ 840 million of signature bonus related to the Sépia and Atapu fields.

We invested a total of US$ 5,723 million in Jan-Jun/2023, of which 83.6% was in the E&P segment, a 18.2% increase when compared to our Capital Expenditures of US$ 4,841 million in Jan-Jun/2022. In line with our Strategic Plan, our Capital Expenditures were primarily directed toward investment projects in which Management believes are most profitable, relating to oil and gas production.

In Jan-Jun/2023, Capital expenditures in the E&P segment totaled US$ 4,785 million, a 23.0% increase when compared to US$ 3,889 million in Jan-Jun/2022, mainly due to the development of large projects, especially the progress in the construction and integration of FPSOs in Búzios, in addition to higher exploratory expenses in the pre-salt layer of Santos basin, partially offset by a decrease in signature bonuses (US$ 146 million related to Sudoeste de Sagitário, Água Marinha and Norte de Brava blocks in Jan-Jun/2023 compared to US$ 840 million related to Sépia and Atapu fields in Jan-Jun/2022).. Investments in Jan-Jun/2023 were mainly concentrated on: (i) the development of production in the Santos Basin pre-salt (US$ 2,483 million); (ii) deepwater production development (US$ 752 million); (iii) exploratory investments (US$ 345 million); and (iv) signature bonus related to the Sudoeste de Sagitário, Água Marinha and Norte de Brava blocks (US$ 146 million).

LIQUIDITY AND CAPITAL RESOURCES

* Free Cash Flow (FCF) is in accordance with the new Shareholder Remuneration Policy (“Policy”), approved in July 2023, which is the result of the equation: FCF = net cash provided by operating activities less the sum of acquisition of PP&E and intangible assets and acquisition of equity interests. For comparative purposes, the amount of Jan-Jun/2022 has been adjusted in accordance with the new Policy.

As of June 30, 2023, the balance of Cash and cash equivalents was US$ 10,351 million and Adjusted Cash and Cash Equivalents totaled US$ 15,794 million.

The six-month period ended June 30, 2023 had net cash provided by operating activities of US$ 19,989 million and positive Free Cash Flow of US$ 14,637 million. This level of cash generation, together with proceeds from disposal of assets (divestments) of US$ 3,461 million, financial compensation from co-participation agreements of US$ 391 million and proceeds from finance debt of US$ 62 million, were allocated to: (a) debt prepayments and to amortizations of principal and interest due in the period of US$ 2,486 million; (b) repayment of lease liability of US$ 2,862 million; (c) dividends paid to shareholders of Petrobras of US$ 10,397 million; (d) acquisition of PP&E and intangibles assets of US$ 5,335 million; and (e) investment in marketable securities of US$ 468 million.

In the six-month period ended June 30, 2023, the Company repaid several finance debts, in the aggregate amount of US$ 2,486 million.

CONSOLIDATED DEBT

As of June 30, 2023, the Company’s maintained its liability management strategy to improve the debt profile and to adapt to the maturity terms of the Company’s long-term investments.

Gross Debt increased 7.8% (US$ 4,172 million) to US$ 57,971 million as of June 30, 2023 from US$ 53,799 million as of December 31, 2022, mainly due to the higher lease liabilities in the period (a US$ 4,898 million increase) as a result of the entry into operation of FPSO Almirante Barroso and FPSO Anna Nery, partially offset by lower finance debt (with a US$ 726 million decrease in the period). Gross Debt was maintained in the range between US$ 50,000 million and US$ 65,000 million target defined in the 2023-2027 Strategic Plan, mainly due to debt prepayments and amortizations.

As of June 30, 2023, Net Debt increased by 1.6% (US$ 661 million), reaching US$ 42,177 million, compared to US$ 41,516 million as of December 31, 2022.

RECONCILIATION OF EBITDA, LTM EBITDA, LTM ADJUSTED EBITDA, GROSS DEBT/LTM ADJUSTED EBITDA AND NET DEBT/LTM ADJUSTED EBITDA METRICS

LTM Adjusted EBITDA reflects the sum of the last twelve months of Adjusted EBITDA, which is computed by using the EBITDA (net income before net finance (expense) income, income taxes, depreciation, depletion and amortization) adjusted by items not considered part of the Company’s primary business, which include results in equity-accounted investments, results on disposal and write-offs of assets and on remeasurement of investment retained with loss of control, impairment and results from co-participation agreements in bid areas.

LTM Adjusted EBITDA represents an alternative to the company's operating cash generation. This measure is used to calculate the metrics Gross Debt/LTM Adjusted EBITDA and Net Debt/LTM Adjusted EBITDA, to support management’s assessment of liquidity and leverage.

EBITDA, Adjusted EBITDA and Net cash provided by operating activities – OCF

LTM EBITDA, LTM Adjusted EBITDA, LTM Net cash provided by operating activities – OCF

Gross Debt/LTM Adjusted EBITDA and Net Debt/LTM Adjusted EBITDA Metrics

The Gross Debt/LTM Adjusted EBITDA ratio and Net Debt/LTM Adjusted EBITDA metrics are important metrics that support our management in assessing the liquidity and leverage of Petrobras Group. These ratios are important measures for management to assess the Company’s ability to pay off its debt, mainly because Gross Debt is a Top Metric of our Strategic Plan 2023-2027.

The following table presents the reconciliation for those metrics to the most directly comparable measure derived from IFRS captions, which is in this case the Gross Debt Net of Cash and Cash Equivalents/Net Cash provided by operating activities ratio:

RESULTS BY OPERATING BUSINESS SEGMENTS

Exploration and Production (E&P)

Financial information

^[1]

In the period Jan-Jun/2023, gross profit for the E&P segment was US$17,961 million, a decrease of 30.3% in relation to the period Jan-Jun/2022, due to lower sales revenues, which mainly reflect lower average Brent prices.

Operating income of US$ 17,284 million in the Jan-Jun/2023 period, a decrease of 38.8% compared to the Jan-Jun/2022 period, mainly due to the decrease in Brent prices, higher tax expenses related to oil export operations and increased geology and geophysics costs in the Brazilian Equatorial Margin region to obtain the environmental license. In addition to the gain from Sepia e Atapu co-participation agreement in the period Jan-Jun/2022.

In the period Jan-Jun/2023, the decrease in production taxes was caused primarily by the reduction in Brent prices, in relation to the Jan-Jun/2022 period.

Operational information

Production of crude oil, NGL and natural gas was 2,656 mboed in the period Jan-Jun/2023, representing a 2.5% reduction compared to Jan-Jun/2022, due to co-participation agreements in Búzios (occurred in November 2022), and in Atapu and Sepia (occurred in April 2022), in which the Company reduced its interests in these fields, in addition to the natural decline of fields, demobilization of platforms for projects to revitalize mature fields and divestments. This was partially offset by the ramp up of P-68 (Berbigão and Sururu fields), FPSO Guanabara (Mero field) and P-71 (Itapu field) and start of production at FPSO Almirante Barroso (Búzios field) and FPSO Anna Nery (Marlim field), in addition to the start of production from new wells in the Campos Basin and maintenance schedules with less stoppages in the period Jan-Jun/2023.

Refining, Transportation and Marketing

Financial information

In the period Jan-Jun/2023, Refining, Transportation and Marketing gross profit was US$ 3,604 million lower than in the period Jan-Jun/2022 mainly due to a decrease in international margins, especially diesel, and to the effect of depreciation of Brent prices which resulted in a decrease of gross profit margin as realized inventory was purchased earlier at higher prices, in contrast to the effect of the Brent price appreciation during the period Jan-Jun/2022.

The operating income for the period Jan-Jun/2023 reflects lower gross profit and an increase of expenses, mainly sale expenses due to higher costs with chartering ships, impairment losses related to the RNEST refinery and expenses with compensation for the termination of a vessel charter agreement.

The average refining cost in the period Jan-Jun/2023 was US$ 2.18/bbl, 20.4% higher than in the period Jan-Jun/2022, mainly due to increased personnel and services costs following inflationary effects. The lower volume of oil processed in the period Jan-Jun/2023 was mainly due to two significant maintenance stoppages at REFAP and RPBC refineries, which contributed to the higher average refining cost.

Operational information

Domestic sales in the period Jan-Jun/2023 were 1,709 mbbl/d, an increase of 0.1% compared to Jan-Jun/2022.

Gasoline sales volume increased 9.3% in Jan-Jun/2023 compared to Jan-Jun/2022 due to the higher competitiveness in price compared to hydrous ethanol. Jet Fuel increased 7.8% in Jan-Jun/2023 mainly due to the negative effect of COVID-19 on the aviation market in the period Jan-Jun/2022, resulting from the restrictive travel measures associated with the pandemic.

Naphta had a 12.6% reduction in sales volume in Jan-Jun/2023 compared to Jan-Jun/2022 due to lower demand. Diesel and Liquefied Petroleum Gas had a 2.0% reduction in sales in Jan-Jun/2023 compared to Jan-Jun/2022 due to higher imports and production from third parties. Fuel Oil had a 2.9% reduction in sales in Jan-Jun/2023 compared to Jan-Jun/2022 due to the growth of alternative fuels and lower demand for thermoelectric generation.

Total production of oil products for the period Jan-Jun/2023 was 1,730 mbbl/d, 1.1% lower than Jan-Jun/2022. The lower production is mainly attributed to the divestment of REMAN at the end of November 2022 since our remaining refineries had a steady utilization in this comparison.

Processed feedstock for the period Jan-Jun/2023 was 1,650 mbbl/d, 1.5% lower than Jan-Jun/2022, reflecting the two significant maintenance stoppages at REFAP and RPBC and the divestment of REMAN at the end of November 2022. 

Gas and Power

Financial information

In Jan-Jun/2023, the sales revenues reduction in relation to Jan-Jun/2022 was due to the lower volume of natural gas sold to the thermoelectric and non-thermoelectric markets, as well as the lower thermoelectric generation.

Despite the decrease in sales revenues, the gross profit of the Gas and Power segment was US$ 2,528 million, 36.8% higher than Jan-Jun/2022, mainly due to lower acquisition costs for natural gas due to lower LNG regasification.

In addition, lower selling expenses contributed to the higher operating income in Jan-Jun/2023, due the entry of third parties in the gas market in this period.

Operational information

In Jan-Jun/2023, electricity generation by Petrobras decreased by 49.3% compared to Jan-Jun/2022, due to the increase in the level of hydroelectric plants` reservoirs in the country. In this scenario, power generation was used mainly to supply Petrobras' internal steam demand, as well as for one-off opportunities to export to Argentina. There was also a reduction in the volume of availability at auctions, due to expiration of contracts.

The supply of national gas decreased by 8.3% compared to Jan-Jun/2022, due to interventions in natural gas production and processing units during Jan-Jun/2023 and reduction in the volume purchased by Petrobras from third parties, due to expiration of some purchase contracts.

Between Jan-Jun/2023 and Jan-Jun/2022, there was a reduction in the volume of natural gas imported (from Bolivia and LNG), due to lower demand.

Natural gas sales in Jan-Jun/2023 were 18% lower than Jan-Jun/2022, due to lower demand in the thermoelectric and non-thermoelectric markets, the latter driven by lower demand in the industrial segment in the period.

GLOSSARY

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 18, 2023

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Sergio Caetano Leite

______________________________

Sergio Caetano Leite

Chief Financial Officer and Investor Relations Officer