Petrobras pays BRL 24.2 billion in dividends this Monday

​Amid the intense volatility of Petrobras shares, after the resignation of the company’s president, José Mauro Coelho, the state oil company pays this Monday (20) the first installment of the billionaire remuneration to its shareholders.

Along with the announcement of earnings of R$ 44.5 billion in the first quarter, in early May, Petrobras also announced that it will distribute R$ 48.5 billion in dividends to its shareholders.

According to Petrobras, the amount corresponds to R$3.715490 per outstanding preferred and common share. Shareholders who held shares in the company on May 23, 2022 will be entitled to the payment.

The payment will be made in two equal installments of BRL 24.25 billion each, or BRL 1.857745 per share, with the first taking place on Monday and the next on July 20.

With 28.67% of the state-owned company’s shares, the government will be entitled to around R$14 billion of total dividends, with a portion close to R$7 billion to be paid on Monday. There is also the amount referring to the BNDES (National Bank for Economic and Social Development), which has another 8% stake.

The state-owned company’s high profits have been criticized by the opposition and the government itself, given the rise in fuel prices in the country. After the disclosure of the quarterly result, President Jair Bolsonaro (PL) classified the result as “rape” and asked the company not to promote further readjustments.

After starting the session with negotiations suspended due to the announcement of Mauro Coelho’s resignation this Monday (20), Petrobras shares fell by about 4%, but in the early afternoon reversed the trend and started to rise. At around 12:10 pm, the company’s preferred shares were up 0.37%, while common shares were up 0.33%.

Mauro Coelho’s resignation comes after Petrobras announced a new increase in fuel prices on Friday.

“The proposed dividend is in line with the shareholder remuneration policy, which provides that, in case of gross debt of less than US$ 65 billion, [no trimestre, ficou em US$ 58,5 bilhões], Petrobras will be able to distribute to its shareholders 60% of the difference between the operating cash flow and the acquisitions of fixed and intangible assets (investments). In addition, the policy also provides for the possibility of paying extraordinary dividends, provided that the company’s financial sustainability is preserved,” the oil company said in a statement.

Also according to the document, the approval of the proposed dividend is compatible with the company’s financial sustainability and is in line with the commitment to generate value for society and shareholders, as well as the best practices of the global oil and natural gas industry.

Understand why Petrobras profited BRL 106.6 billion in 2021

In 2021, Petrobras has already presented a very robust profit, of R$ 106.6 billion, a result that represented a growth of 1,400% compared to the previous year.

According to the company, the record profit for 2021 reflected the 77% rise in the price of Brent oil, in reais, higher sales volumes in the domestic market and better margins on fuel sales, in addition to the reversal of accounting losses.

In 2021, international oil prices recovered from the levels observed during the beginning of the pandemic and the dollar soared to above R$ 5, with impacts on the sales margins of oil and derivatives.

In the 2021 balance sheet released at the end of February, the then president of Petrobras, Joaquim Silva e Luna, said that the result proves that “a healthy company committed to society is capable of growing, investing, generating jobs, paying taxes and returning money to its shareholders, effectively contributing to the country’s development’.

With more expensive oil and derivatives, Petrobras had revenue of BRL 452.7 billion in 2021, up 66.4% over the previous year. Ebitda, an indicator that measures cash generation, grew 64.1% to R$234.5 billion.

Fuel sales by Petrobras grew 8.5% in the year, compared to 2020, the year most affected by the new coronavirus pandemic, reaching 1.8 million barrels per day. Oil and gas production, however, dropped 2.2% to 2.7 million barrels a day.

In 2021, fuel prices at Brazilian gas stations reached their highest values ​​since the beginning of the historical series of the ANP (Agência Nacional do Petróleo, Gás e Biocombustíveis), in 2002, becoming a source of headache for President Jair Bolsonaro ( PL).