Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 24

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 24
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 negative impacts, such as administrative proceedings and fines, as well as harm to our image and reputation. For more details on these agreements, see items “Mergers and Acquisitions”, “Regulation – Refining, Transportation & Marketing” and “Regulation – Gas and Low Carbon Energies” in this annual report.
 Regulatory changes in antitrust and competition laws may impose penalties, business restrictions and difficulties in renewing concessions, which could adversely impact our operations and results and compromise our sustainable growth. Additionally, in the exploration and production segment, we may not be successful bidding for exploratory blocks in future auctions. In this case, we may have difficulties in repositioning our portfolio in exploration and production assets that offer greater profitability and competitive advantage, especially in the Pre-salt layer, which could negatively affect our results.
 On September 4, 2023, based on the new strategic elements approved by the Board of Directors, we made decisions regarding the divestment processes that had not yet reached the stage of signing the sales agreements and communicated these decisions to the market. The permanence of assets in the portfolio is periodically reassessed based on updated assumptions of profitability, strategic adherence, decarbonization opportunities and stage of their productive life, among others. Those assets whose divestments are approved by us will be communicated to the market in due course. These decisions are the result of a process of active management of our portfolio, through which the various assets are constantly evaluated in line with our up-to-date strategic drivers.

Annual Report and Form 20-F 2024 |

6.c) Fragility in the performance of the Brazilian economy, instability in the political environment, legal or regulatory changes and investor perception of these conditions may adversely affect the results of our operations and our financial performance and may have a relevant adverse effect on us. 
 Our activities are strongly concentrated in Brazil. Economic policies adopted by the Brazilian federal government may have important effects on Brazilian companies, including us, and on market conditions and prices of Brazilian securities. Our financial conditions and results may be adversely affected by several factors, such as:
 
–              exchange           
    rate movements and volatility;
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–   inflation;
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–             financing           
    of government fiscal deficits;
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–      price    
    instability;
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–   interest
     rates; 
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–                  liquidity               
    of domestic capital and lending market;
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–     tax  
    policy;
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–                                   legal                                 
    or regulatory policy for state owned companies and their subsidiaries;
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