Petrobras will distribute R$21.95 billion in extraordinary dividends

Petrobras will distribute to shareholders a total of R$21.95 billion, corresponding to 50% of the value assessed for extraordinary dividends. The decision relates to the 2023 fiscal year. With monetary updates since December 31st of last year, the payment is currently calculated at R$1.7571521 per preferred and ordinary share. However, the remuneration will be made in two equal installments in the months of May and June and, until the dates of the actual transfers, the amounts will continue to be corrected.

On that occasion, R$14.19 billion will also be paid relating to commitments previously assumed by Petrobras, taking into account the 2023 profit and the formula provided for in its Shareholder Remuneration Policy. Therefore, considering all transfers, the values ​​currently total R$ 2.8949567 per preferred and common share, with each of the two installments currently equivalent to R$ 1.44747835. The updates, which will continue to be made until effective payment, are based on the Selic rate.

The decision was approved this Thursday (25) during the ordinary general meeting, which once again deliberated on shareholder remuneration for the 2023 fiscal year. Until last month, R$58.21 billion had already been paid. With the new transfers that will be made, the total remuneration will reach R$94.35 billion.

An impasse involving the payment of extraordinary dividends had been dragging on since March, when the company’s financial results for 2023 were announced with a net profit of R$124.6 billion, the second highest in its history. On that occasion, the Petrobras Board of Directors, composed mainly of representatives of the Union appointed by the Brazilian government, announced that it would retain the extraordinary dividends, valued at R$43.9 billion.

The decision to retain this amount was taken due to the forecast of new investments. Although the company’s management had suggested distributing 50% of the amounts, the Board of Directors assessed that it would be necessary to further examine the scenarios and demanded more detailed analyses, postponing the payment of these resources until another time.

According to Petrobras’ Bylaws, shareholders have the right to distribute minimum dividends corresponding to 25% of adjusted net profit annually. Amounts exceeding this percentage are considered extraordinary dividends, the transfer of which is not mandatory.

The retention of the values ​​announced in March had repercussions on Petrobras shares, which plummeted around 10% in just one day. Experts in the economy and the oil market pointed to the drop as the result of a speculative movement aimed at pressing for the payment of dividends immediately, stimulated mainly by shareholders with short-term interests. The crisis also reached the political sphere, leading the government to be questioned about whether the president of Petrobras, Jean Paul Prates, would remain in office.

At Petrobras, the internal discussion was resumed at the last meeting of the Board of Directors, which took place on Friday (19). Considering the increase in the price of a barrel of oil, it was calculated that the financing capacity of Petrobras projects increased from 65% to 85%. Based on this scenario, the Board of Directors went back and gave approval for the board to forward the proposal to pay extraordinary dividends at 50% to the Ordinary General Meeting.

According to the planned payment schedule, the first installment should be transferred on May 20th to holders of Petrobras shares traded on B3, the Brazilian stock exchange. Anyone who holds American Depositary Receipts (ADRs), share certificates traded in the United States, will be remunerated on May 28th. The second installment is scheduled for June 20th for shareholders with securities on B3 and for June 27th for ADR holders.