Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 140

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 140
---
265                —         124,474
SALES REVENUES                                                                                                                                                                                                                                                         

(1)   Net average price calculated by dividing sales revenues by the volume for the year.
-----------------------------------------------------------------------------------------
Cost of Sales
 In 2024, the cost of sales decreased 6.2%, reaching US$45,444 million, mainly due to lower costs with:
 
–                                    raw                                 
    material and products for resale, materials and third-party services;
-------------------------------------------------------------------------

–            depreciation,         
    depletion and amortization; and
-----------------------------------

–   production
      taxes.  
--------------

Annual Report and Form 20-F 2024 |
General and Administrative Expenses
 General and administrative expenses were US$1,845 million in 2024, an increase of 15.7% compared to US$1,594 million in 2023, mainly reflecting higher employee expenses, resulting from salary increases, actuarial expenses, and larger expenditure on third-party services, particularly data processing services, largely related to digital transformation initiatives.
 
Impairment of assets, net
 We recognized impairment in the amount of US$1,531 million in 2024, a US$1,149 million decrease compared to an impairment loss of US$2,680 million in 2023.
 This decrease was mainly in oil and gas producing properties in Brazil (a US$1,129 million impairment in 2024 compared to a US$2,217 million impairment in 2023), primarily due to the revision of abandonment and area recovery expenses, as well as reduced forecasts in operational efficiency and increased investment and operational costs, negatively impacting the field's production curves.
 There were also impairment losses on the 2nd Train of RNEST amounting to US$421 million, due to increased investment estimates associated with the Business Plan 2025-29.
 
Other Taxes
 Other taxes were US$1,251 million in 2024, a 40.6% increase (US$361 million) compared to US$890 million in 2023, mainly due to enrollment to the tax settlement program, which allowed the settlement of significant legal disputes related to discussions on the incidence of taxes on remittances abroad involving chartering of vessels or platforms and their respective service contracts. In addition, the 2023 comparative base was affected by a 9.2% extraordinary reduction in the taxation on exports of crude oil between March and June 2023, pursuant to Provisional Measure No. 1,163/2023.