Petrobras announced the decision to distribute BRL 87.8 billion as dividends for the second quarter of 2022, which will be released after the markets close this Thursday (28). It is the highest value ever announced by the state-owned company.
The announcement comes amid pressure from the government for early dividends from state-owned companies to help pay for emergency aid and a tax waiver on fuel prices. The largest shareholder of the company, the Union will be entitled to around R$ 25 billion.
When disclosing the results of the first quarter, the company had already announced BRL 48.5 billion in dividends, of which around BRL 14 billion were destined for the Federal Government. The federal government, therefore, will have R$ 39 billion in dividends for the results of the state-owned company in the first half.
“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 generating value for society and shareholders, as well as the best practices of the global oil and gas industry. natural,” said the state-owned company.
Its shareholder remuneration policy provides for the distribution of 60% of the difference between cash flow and investments in case of gross debt of less than US$ 65 billion. It also provides for extraordinary dividends, “provided that its financial sustainability is preserved”.
The policy was approved during the Roberto Castello Branco administration, the first president of the state-owned company in the Bolsonaro government. Since then, Petrobras has been seen by the market as a “dairy cow”, a nickname given to companies that pay good dividends.
The amounts announced this Thursday will be paid at the end of August and in September.
On Thursday, the company announced yet another cut in the price of gasoline, this time by 3.9%. It is the second price reduction in the management of Caio Paes de Andrade, who took over the company at the end of June.
As of this Friday (29), the liter of gasoline sold by the state-owned refineries will cost, on average, R$ 3.71 per liter, a reduction of R$ 0.15 per liter. The previous cut, announced on the 19th, had been 4.9%.
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