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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from Operating activities      
Net income for the year $ 7,414 $ 169 $ (4,349)
Adjustments for:      
Pension and medical benefits (actuarial expense) 2,140 2,726 2,304
Results in equity-accounted investments (523) (673) 218
Depreciation, depletion and amortization 12,028 13,307 13,965
Impairment of assets (reversal) 2,005 1,191 6,193
Allowance (reversals) for credit loss on trade and others receivables 102 708 1,131
Exploratory expenditures write-offs 87 279 1,281
(Gains)/losses on disposals/write-offs of assets (419) (1,498) (293)
Foreign exchange, indexation and finance charges 7,306 9,602 7,962
Deferred income taxes, net 764 467 (913)
Revision and unwinding of discount on the provision for decommissioning costs 31 425 (836)
Reclassification of cumulative translation adjustment and other comprehensive income   59 1,457
Inventory write-down to net realizable value 420 66 343
Gain on remeasurement of investment retained with loss of control   (217)  
Provision for the class action agreement   3,449  
Decrease (Increase) in assets      
Trade and other receivables, net (1,191) (978) (39)
Inventories (1,994) (336) (518)
Judicial deposits (2,044) (1,671) (986)
Escrow account - Class action agreement (2,019)    
Other assets 453 (223) (319)
Increase (Decrease) in liabilities      
Trade payables 804 (62) (1,060)
Other taxes payable 2,261 2,952 1,047
Pension and medical benefits (1,056) (919) (766)
Provisions for legal proceedings 1,419 316 691
Short-term benefits 569 (896) 668
Other liabilities 369 (332) (695)
Income taxes paid (2,573) (799) (372)
Net cash provided by operating activities 26,353 27,112 26,114
Cash flows from Investing activities      
Capital expenditures (12,021) (13,639) (14,085)
Investments in investees (44) (75) (125)
Proceeds from disposal of assets - Divestment 5,791 3,091 2,205
Divestment (Investment) in marketable securities 704 (861) 229
Dividends received 808 452 473
Net cash used in investing activities (4,762) (11,032) (11,303)
Cash flows from Financing activities      
Investments by non-controlling interest 115 19 29
Proceeds from financing 10,950 27,075 18,897
Repayment of principal (34,063) (36,095) (30,660)
Repayment of interest (5,791) (6,981) (7,308)
Dividends paid to Shareholders of Petrobras (625)    
Dividends paid to non-controlling interests (179) (167) (72)
Proceeds from sale of interest without loss of control   1,511  
Net cash used in financing activities (29,593) (14,638) (19,114)
Effect of exchange rate changes on cash and cash equivalents (618) (128) 450
Net increase (decrease) in cash and cash equivalents (8,620) 1,314 (3,853)
Cash and cash equivalents at the beginning of the year 22,519 21,205 25,058
Cash and cash equivalents at the end of the year $ 13,899 $ 22,519 $ 21,205