Petrobras pays BRL 12.1 billion in dividends this Friday – 06/15/2023 – Market

Petrobras pays, this Friday (16), the second installment of the 2022 dividends, in the total amount of approximately R$ 12.1 billion.

The amount will be adjusted by the Selic rate from December 31, 2022 to June 16, 2023 and shareholders will receive R$0.92692932 per share. Investors who held Petrobras shares on April 27, 2023 will be entitled.

The amount corresponding to monetary restatement will be subject to Income Tax at the rate of 22.5%.

For holders of ADRs (American Depositary Receipts) traded on the NYSE (New York Stock Exchange), the payment will take place from June 23rd.

According to the company, unclaimed dividends within a period of three years, counting from the payment start date, will expire and return to the company.

On the 11th of May, when it reported having registered net income of R$ 38.1 billion in the first quarter, Petrobras also announced that it will pay R$ 1.89 per share in dividends in anticipation of the 2023 fiscal year. corresponds to a total volume of BRL 24.7 billion, according to calculations by the TradeMap platform.

The payment of dividends per share of this lot will be made in two installments of R$ 0.94 each, on August 18th and September 20th. Shareholders with shares in the company on June 12 will be entitled.

At a time when the market has been questioning the future of Petrobras’ dividend policy under the Lula government, the value of dividends came in higher than expected by the market.

Analysts at Ativa Investimentos projected dividends of BRL 16.4 billion, or BRL 1.26 per share. The announcement made the company’s common and preferred shares close sharply on the Stock Exchange at the time, with gains between 2% and 3%.

“With regard to the approved shareholder remuneration, the amount is in line with the current Shareholder Remuneration Policy, which provides that, in case of gross debt of less than US$ 65 billion, Petrobras must distribute to its shareholders 60% of the difference between the operating cash flow and acquisitions of fixed and intangible assets (investments)”, says Petrobras in its Material Fact, which also informs that the payment approval is compatible with the company’s financial sustainability.

Company may reduce dividends in coming quarters

In the document, the company also says that the board of directors determined that the executive board prepare a proposal to adjust the ongoing strategic planning and improve the shareholder remuneration policy, including the possibility of share buybacks, and submit the topic for deliberation before of the end of July 2023.

The studies for the preparation of a new Petrobras dividend policy will consider that the company must have remuneration compatible with other major global oil companies, said the company’s financial director, Sergio Caetano Leite.

In 2022, the state-owned company was the second largest dividend payer in the world, according to resource manager Janus Henderson, and even became a target of then-president Jair Bolsonaro (PL) for the high remuneration in times of record fuel prices. .

The Luiz Inácio Lula da Silva (PT) government took over with the promise of changing this scenario, which reflects a policy of remuneration to shareholders implemented in the management of Roberto Castello Branco, the first president of Petrobras under Bolsonaro.

Market analysts say that it is not yet possible to pinpoint what the company’s new dividend distribution policy will be, but that the government’s signals indicate some reduction in payment.

“If, on the one hand, we believe that the announcement of dividends was very positive, on the other hand, the note made it clear that the remuneration of shareholders could be established in other ways than via the distribution of earnings”, say analysts at Genial Investimentos.

They estimate that an eventual share repurchase, as suggested by the company in the document, could drain part of the resources until then destined to the payment of dividends. “This positioning can more than compensate for the good news related to the payment of dividends referring to the first quarter over the next trading sessions.”

Analyst Ilan Arbetman, from Ativa Investimentos, says that the company may opt for a “more timid” remuneration policy, with payment within the permitted minimum of 25% of profit.

The Ativa analyst says that he continues to see the shares pressured by the political factor, due to the probable change in dividend policies, as well as the willingness to increase investments in segments where they do not have comparative advantages, such as refining and renewable generation.