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Sustainability Report
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Economic-Financial Resilience

Our economic and financial resilience incorporates issues related to our portfolio management, reserve replacement, effectiveness of the production curve, the price of oil and oil products, reflections of political-economic issues, market value/ratings, capital allocation, indebtedness, and economic/financial impacts resulting from unpredictable events such as pandemics.

Portfolio management

Active management of the business portfolio is a fundamental point of our economic and financial resilience, and the review of the investment portfolio takes place annually within the process of preparing the Strategic Plan for the five-year period. In addition, the project portfolio and its performance are periodically monitored by senior management in specific forums.

In the following table are the projects that were completed in the period from January 1, 2021, to February 23, 2022:

Financial strategy

An important resource for generating value is our financial strategy, focused on reducing leverage, one of our top metrics of our Strategic Plan 2021-2025 Our cash generation and continuous debt management allowed us to reach, in the third quarter of 2021, the gross debt target of USD 60 billion, established for 2022, more than a year in advance. Even with the achievement of the goal, we continued to focus on debt management, always seeking to reduce interest rates and increase maturities.

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