Company: PBR
Filing Date: 2025-09-05
Form Type: 424B2
Source: 0001104659-25-087755
Chunk: 90

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-05
Form: 424B2
Chunk 90
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bras’ projected and targeted capital expenditures, commitments and revenues; |

| · | Petrobras’ liquidity and sources of funding; |

| · | Petrobras’ pricing strategy and development of additional revenue sources; and |

| · | the impact, including cost, of acquisitions and divestments. |

Our forward-looking statements are not guarantees
of future performance and are subject to assumptions that may prove incorrect and to risks and uncertainties that are difficult to predict.
Our actual results could differ materially from those expressed or forecast in any forward-looking statements as a result of a variety
of assumptions and factors. These factors include, but are not limited to, the following:

| · | Petrobras’ ability to obtain financing; |

| · | general economic and business conditions, including crude oil and other commodity prices, refining margins 
 and prevailing exchange rates;                                                                             |

| · | global economic conditions; |

| · | Petrobras’ ability to find, acquire or gain access to additional reserves and to develop Petrobras’ 
 current reserves successfully;                                                                      |

| · | uncertainties inherent in making estimates of our oil and gas reserves, including recently discovered 
 oil and gas reserves;                                                                                 |

| · | competition; |

| · | technical difficulties in the operation of our equipment and the provision of our services; |

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| · | changes in, or failure to comply with, laws or regulations, including with respect to fraudulent activity, 
 corruption and bribery;                                                                                    |

| · | receipt of governmental approvals and licenses; |

| · | international and Brazilian political, economic and social developments, including the role of the Brazilian 
 government, as our controlling shareholder, in our business;                                                 |

| · | natural disasters, accidents, military operations, acts of sabotage, wars or embargoes; |

| · | global health crises, such as the COVID-19 pandemic; |

| · | the impact of expanded regional or global conflict, including the ongoing conflict between Russia and 
 Ukraine and the conflict in the Middle East;                                                          |

| · | the cost and availability of adequate insurance coverage; |

| · | Petrobras’ ability to successfully implement asset sales under our portfolio management program; |

| · | Petrobras’ ability to successfully implement its Business Plan 2025-2029 (“Business Plan”),     
 whether that Business Plan remains in place, and the direction of any subsequent business plan; |

| · | Petrobras’ ability to successfully implement its Strategic Plan 2050 (“Strategic Plan”),          
 whether that Strategic Plan