Petrobras — Form 20-F do exercício de 2015

The 2015 20-F reports that refining investments fell from US$11.8 billion (2013) to US$6.3 billion (2014) and US$1.7 billion (2015), because refinery works were completed or temporarily suspended; in E&P, from US$29.7 billion (2013) to US$25.5 billion (2014) and US$19.1 billion (2015), attributed to less exploration, project optimization, and the depreciation of the real.

Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Item 4 – Refining, Transportation and Marketing / Exploration and Production (capital expenditures) · open original ↗

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

Limitations: Measure by segment (capital expenditures and investments), different from the Item 5 total; do not add to the other series.

According to the 2015 20-F, Comperj had losses of US$8.2 billion in 2014 and US$1.3 billion (US$1.352 billion) in 2015, and the second refining unit of RNEST, US$3.4 billion in 2014; in the 2016 20-F, a new loss of US$1.2 billion on RNEST and Comperj (US$0.8 billion on RNEST-2 and US$0.4 billion on Comperj).

Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Item 5 – Critical Accounting Policies: Impairment Testing of Refining Assets (2015 20-F); Item 4 – Major Refinery Projects (2016 20-F) · open original ↗

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

Limitations: An impairment loss is an accounting adjustment, not a disbursement. The 2016 amounts come from the 2016 20-F (source:f03-sec-20f-2016).

Petrobras reassessed the schedule of the fertilizer plants UFN III and UFN V citing lower projected growth; in 2015 it canceled UFN V and kept UFN III suspended, with losses of US$190 million and US$501 million, and in 2014 it recorded US$116 million at the Araucária plant.

Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Item 4 – Fertilizers (2015 20-F); Item 4 – Fertilizers (2014 20-F) · open original ↗

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

Limitations: The 2014 20-F links the reassessment to lower projected economic growth, without citing Lava Jato in this passage.

In 2015, Petrobras recognized losses of US$44 million on its direct investment in Sete Brasil and US$40 million via FIP Sondas, due to the worsening of the company's economic and financial conditions, postponement of most of its construction, and uncertainty about the continuity of the projects; on December 15, 2015 it set up an internal committee to investigate possible irregularities in the creation of the Rigs Project.

Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Note 14.2 (impairment of investments); Item 6 – internal investigation committees · open original ↗

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

Limitations: Amounts are accounting losses on Petrobras's stake, not Sete Brasil's loss. The committee's result was not located.

Petrobras's own counts vary: 23 groups in the statement of December 29, 2014; 24 groups in the 2014 20-F; 32 companies from 23 groups in 2014, plus two more companies in 2015, three with the restriction lifted and 31 still suspended, according to the 2015 20-F.

Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Item 3 – Risk Factors (suppliers); 2014 20-F, Item 3 – Risk Factors · open original ↗

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

Limitations: Conflict between counts: 23 vs. 24 groups between the statement and the 2014 20-F; 'companies' versus 'groups'. Not resolved.

The 2015 20-F states that the local content requirement, together with the temporary suspension of many local suppliers, could cause delays in major projects if Petrobras were unable to replace Brazilian suppliers in a timely manner.

Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Item 3 – Risk Factors (local content) · open original ↗

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

Petrobras lost its investment grade from Moody's on February 24, 2015, from S&P in September 2015, and from Fitch in December 2015; the agencies cited liquidity pressure, negative free cash flow, the size of the debt, and, among other factors, the devaluation of the real and the fall in oil prices.

Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Item 3 – Risk Factors (indebtedness / credit ratings); 2014 20-F, same section for Moody's · open original ↗

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

Limitations: The list of the agencies' concerns is as described by Petrobras, not the agencies' reports.

The 20-Fs report Petrobras's share of B3's total capitalization and the aggregate capitalization of listed companies: 2012: ~10% of US$1,235 billion; 2013: ~8.9% of US$1,031 billion; 2014: ~5.7% of US$845 billion; 2015: ~5.3% of US$490 billion; 2016: ~9.0% of US$745 billion; 2017: ~6.8% of US$956 billion; 2018: ~8.89% of US$917 billion.

Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Item 9 – The Offer and Listing: Trading Markets (each 20-F of the corresponding year) · open original ↗

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

Limitations: Approximate amounts reported by the company; used only as a cross-check of the calculated series.

The plaintiffs in the shareholder class action in the US (CAC) alleged that Petrobras made materially false or omitted statements, due to alleged corruption in contracts, which would have artificially inflated the market value of its securities; Petrobras denies this and the 2015 20-F describes the action as being at an early stage.

Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Item 8 – Legal Proceedings: Consolidated Securities Class Action · open original ↗

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

Limitations: Allegation by private plaintiffs in a civil action, attributed to them. The resolution (2018 settlement) is covered in other records of the archive.