This study aims to understand the implications for strategy and organizational structures of state-owned enterprises (SOEs) facing chaotic events. Applying chaos theory, this case study focuses on Petrobras, a listed corporation controlled by the Brazilian government, in its role of implementing the national energy policy. The main findings of semi-structured interviews show that the slump in oil prices in 2015 associated with a corruption scheme in the company led to institutional and organizational chaos. Recent events led to Petrobras' internal reorganization in favor of the national market instead of internationalization. Nowadays, strategic management policy is the board of directors' primarily responsibility, and without political interference at the organizational decision-making level, Petrobras can be a social and economic policy tool while achieving its own financial goals. SOEs can make strategic decisions that allow facing chaotic events, thus restoring the internal equilibrium. Finally, the political will to define institutional rules leading to improved corporate governance is essential for successful organizational achievements.