Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 139

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 139
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 20-F 2024 |

For more information about our cash flow hedge, see Notes 4.8 and 33.4.1(a) to our audited consolidated financial statements.
 For information about our related foreign exchange exposure related, see “Liquidity and Capital Resources – Exposure to interest rate and exchange rate risk” in this section.
 For more information about our foreign exchange exposure related to assets and liabilities, see Note 33.4.1(c) to our audited consolidated financial statements.
 

Sales Revenues 
 In 2024, sales revenues decreased by 10.7% compared to 2023, reaching US$91,416 million, due to decreased sales volume and lower average prices for oil products, following the devaluation of international prices, and decreased natural gas revenue.

      Sales       
volumes and prices
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As a vertically integrated company, we process most of our crude oil production in our refineries and sell the refined oil products primarily in the Brazilian market. Therefore, the price of oil products in Brazil has a significant impact on our financial results. International oil product prices vary over time as the result of many factors, including the price of crude oil. We take into account domestic market conditions and seek to align the price of oil products with international prices while avoiding the immediate transfer of volatility of international quotations and the exchange rate. The average price of Brent Crude Oil, as reported by Bloomberg, was US$80.8 per barrel in 2024, US$83 per barrel in 2023 and US$101 per barrel in 2022. As of December 31, 2024, the Brent Crude Oil price was US$74.6 per barrel.
 Consolidated sales revenues were US$91,416 million in 2024 as compared to US$102,409 million in 2023, primarily due to:
 
–                                                  a                                               
    US$1,141 million decrease in domestic market crude oil revenues, composed of a US$1,016 million
       decrease which relates to a decrease in sales volumes, and a US$125 million decrease which  
    relates to a decrease in average crude oil prices in domestic market following the depreciation
                                   of average Brent crude prices; and                              
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–                                                 a                                              
    US$7,497 million decrease in domestic market oil products revenues, of which US$6,770 million
     relates to a decrease in average domestic basic oil products prices following the reduction 
       in average international prices for