Petrobras will also pay R$24 billion in dividends to shareholders.| Photo: Antonio Lacerda/EFE.

Petrobras registered a net profit of R$ 38.16 billion in the first quarter of this year. The result is 14.4% lower compared to the R$ 44.56 billion obtained in the same period last year. The balance sheet was released on Thursday (11). Sales revenue in the quarter reached BRL 139.06 billion, down 1.8% compared to the same period in 2022.

The company stated that the reduction in sales and profit was mainly due to the drop of almost 20% in the average price of a barrel of Brent oil. In addition, the results were also affected by lower demand for gasoline and diesel and greater competition in the liquefied petroleum gas (LPG) market, informed Valor Econômico.

The state-owned company also announced the payment of dividends and interest on equity to shareholders in the amount of R$ 1.89 per common and preferred share. Thus, approximately R$ 24 billion will be distributed to investors. The remuneration will be paid in two equal installments on August 18 and September 20, informed Agência Brasil. According to a notice to the market available on the Petrobras website, the approved amount is compatible with its financial sustainability.

“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 operating cash flow and acquisitions of fixed and intangible assets (investments)”, the company said in a note.