Fourth Quarter of 2014 Results (Form 6-K, abril de 2015)

Petrobras wrote off R$6,194 million of costs capitalized in property, plant and equipment, recognized in the 3rd quarter of 2014, as an estimate of the amounts overpaid in the scheme uncovered by Lava Jato.

Source: Fourth Quarter of 2014 Results (Form 6-K, abril de 2015) — Petrobras (filed with the SEC), Apr. 22, 2015 · p. 1 and section 'Note about Lava Jato Operation' · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Write-off method: Petrobras identified the contracts signed from 2004 to April 2012 with 27 companies named in testimony (R$199,610 million), applied 3% (R$5,988 million), added R$150 million of payments outside the cartel, deducted R$346 million of depreciation reversal and added R$402 million of tax credits written off: total of R$6,194 million.

Source: Fourth Quarter of 2014 Results (Form 6-K, abril de 2015) — Petrobras (filed with the SEC), Apr. 22, 2015 · section 'Note about Lava Jato Operation', steps 1 to 5 and table 'Write-off – overpayments incorrectly capitalized' · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: The 3% percentage was taken from testimony. Petrobras itself says the amount is the upper limit of the range of reasonable estimates and that it cannot identify specific payments or periods. Of the R$199,610 million in contracts, R$44,115 million would still be paid after September 30, 2014.

Petrobras stated that the methodology produces the best estimate and that the amount represents the upper limit of the range of reasonable estimates.

Excerpt: “it represents the upper bound of the range of reasonable estimates”

Source: Fourth Quarter of 2014 Results (Form 6-K, abril de 2015) — Petrobras (filed with the SEC), Apr. 22, 2015 · section 'Note about Lava Jato Operation' · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

In 2014 Petrobras recorded a loss attributable to shareholders of R$21,587 million, resulting mainly from impairment losses (reduction to recoverable value) of R$44,636 million in the year.

Source: Fourth Quarter of 2014 Results (Form 6-K, abril de 2015) — Petrobras (filed with the SEC), Apr. 22, 2015 · p. 1 and p. 7 · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Of the R$44,345 million pre-tax impairment in the 4th quarter of 2014, R$30,976 million was in refineries (second train of RNEST and Comperj), R$10,002 million in exploration and production, attributed to the fall in the oil price, and R$2,978 million in petrochemicals, due to lower demand and margins.

Source: Fourth Quarter of 2014 Results (Form 6-K, abril de 2015) — Petrobras (filed with the SEC), Apr. 22, 2015 · p. 2, 'Key events' · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

For the refineries, Petrobras attributed the postponement of RNEST and Comperj to cash preservation measures and to the implications of Lava Jato for its suppliers, and attributed the losses mainly to project planning deficiencies, the higher discount rate, the delay in cash inflows and the lower growth projection.

Excerpt: “as a result of the Company’s measures to preserve cash and of the implications to the Company’s suppliers of the “Lava Jato” investigation”

Source: Fourth Quarter of 2014 Results (Form 6-K, abril de 2015) — Petrobras (filed with the SEC), Apr. 22, 2015 · p. 2, 'Key events', item i · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Petrobras tested using the difference between fair value and book value of assets as a measure of improper payments and gave up: it concluded that this difference was much larger than any reasonable estimate of bribes and came mostly from other causes, such as exchange rate, discount rate, prices, local content and planning deficiencies.

Source: Fourth Quarter of 2014 Results (Form 6-K, abril de 2015) — Petrobras (filed with the SEC), Apr. 22, 2015 · section 'Note about Lava Jato Operation', 'Background' · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

In the liquidity section, Petrobras reported that, without access to the capital markets and with expected revenue lower because of the fall in oil prices and the devaluation of the real, it decided to postpone projects affected by contractor insolvency or lack of qualified suppliers, 'mainly as a result' of Lava Jato.

Excerpt: “contractor insolvency or to a lack of availability of qualified suppliers (mainly as a result of the Lava Jato investigation)”

Source: Fourth Quarter of 2014 Results (Form 6-K, abril de 2015) — Petrobras (filed with the SEC), Apr. 22, 2015 · section 'Liquidity and Capital Resources' · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

In April 2015, Petrobras stated that it had not yet recovered any amounts and that any recoveries would be recorded as revenue when received.

Source: Fourth Quarter of 2014 Results (Form 6-K, abril de 2015) — Petrobras (filed with the SEC), Apr. 22, 2015 · section 'Note about Lava Jato Operation' · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026