Petrobras approves dividend distribution of more than BRL 43 billion

Petrobras’ Board of Directors today approved the payment of dividends of R$3.3489 per outstanding preferred and common share. According to the company, the dividends will be paid to shareholders in two equal installments (of R$1.67445) on December 20 and January 19, 2023.

According to consultancy TradeMap, the total amount disbursed by Petrobras in the operation will reach R$ 43.7 billion.

In a press release, the state-owned company informed that “the proposed dividend is in line with the Shareholder Remuneration Policy, which provides that, in the event of gross indebtedness of less than US$ 65 billion, the Company may distribute to its shareholders 60 % of the difference between operating cash flow and investments”.

Petrobras also clarifies that the Shareholder Remuneration Policy “also provides for the possibility of paying extraordinary dividends, provided that its financial sustainability is preserved”.

“Approval of the proposed dividend is compatible with the company’s financial sustainability in the short, medium and long term and is in line with the commitment to creating value for society and shareholders, as well as the best practices of the global oil and gas industry. natural,” added the state-owned company.

FUP and Anapetro go to court against dividends

This morning, the Single Federation of Oil Workers (FUP) and the National Association of Petroleum Workers Minority Shareholders of Petrobras (Anapetro) filed a lawsuit with the Public Ministry of the Federal Audit Court (TCU) to prevent the distribution of dividends approved by the Petrobras.

The two entities made a preventive representation, in addition to a complaint to the Securities and Exchange Commission (CVM) and the Attorney General’s Office (PGR).

In a note, the general coordinator of the FUP, Deyvid Bacelar, highlights that the organizations “will judicially question the possible approval of new dividends and will sue each director for such a measure”.

According to data collected by the FUP, with the distribution of the new volume approved this Thursday, “the total dividends for the year will reach almost R$ 180 billion, while the investments made by the state-owned company in 2022, until June, add up to only R$ 17 billion, according to the company’s financial reports”.

“With the dividends of this third quarter alone, of around R$ 50 billion, it would be possible to buy back the Rlam and Six refineries and complete the works of Abreu Lima, Comperj, UFN-3, reopening of Fafen-PR and still there would be money left over for other investments”, highlights the FUP director, referring to refining, petrochemical and fertilizer units.

Anapetro’s president, Mário Dal Zot, highlights that “it is not convenient for the Petrobras Board of Directors, even if it is within statutory limits, to decide now on the distribution of dividends, as there are scenarios and variables that will be changed soon, such as the company’s strategic planning which will tend to change with the new government.”

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