Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 142

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 142
---
 our E&amp;P segment as well as oil and oil products from third parties,
                                     and lower sales volume;                                 
---------------------------------------------------------------------------------------------

–                                lower                             
    sales expenses mainly due to the decrease in volumes sales; and
-------------------------------------------------------------------

–         lower       
    impairment losses.
----------------------
Gas and Low Carbon Energies
 In 2024, the net income attributable to our shareholders in our Gas and Low Carbon Energies segment was US$682 million, a decrease of US$604 million compared to 2023, mainly due to lower volumes and sales prices of natural gas, impacted by the opening of the market and actions by Petrobras to maintain competitiveness. The terminations of energy contracts, both from energy auctions (ACR) and direct energy sales (ACL), also contributed to lower operating profit.
 
For information regarding discussion of earlier years, please refer to our previous Annual Report and Form 20-F. Our SEC filings are available to the public on the SEC’s website at www.sec.gov and on our website at www.petrobras.com.br/ir.
 

Annual Report and Form 20-F 2024 |
Liquidity and Capital Resources
 
We closely monitor liquidity levels in order to effectively meet cash needs from our business operations and financial obligations. We have a conservative approach to the management of our liquidity, which consists mainly of (i) cash and cash equivalents (cash in hand, deposits held at call with banks, money market mutual funds and other short-term highly liquid investments with maturities of three months or less), and (ii) investments in financial assets (treasury bills).
 Management believes that our current working capital is sufficient for the company's present requirements. In the event that the company presents a negative net working capital, management believes it does not compromise the company's liquidity since the company maintains revolving credit facilities contracted as a liquidity reserve to be used in adverse scenarios (see Note 30.5 to our audited consolidated financial statements).
 Additionally, the company regularly assesses market conditions and may enter into transactions to repurchase its own securities or those of its subsidiaries, through a variety of means, including tender offers, make whole exercises and open market repurchases, since they are in line with the company's liability management strategy, in order to improve its debt repayment profile and cost of debt.
 Adjusted Cash and Cash Equivalents is a non-GAAP measure that comprises cash and cash equivalents, government bonds and time deposits from highly rated financial institutions abroad with maturities of more than three months from the end of the