Petrobras shares fell more than 10% due to a sharp decline in profits and a lower-than-expected dividend distribution

A man walks past the Petrobas headquarters in Rio de Janeiro (Reuters/Sergio Moraes/File)

Brazilian oil company shares petrobras opened with Sao Paulo stock market fell by 11% After the company report Its profits declined by 33.8% in 2023 and declare payment of Dividend -The portion of a company’s profits that is distributed to its shareholders. less than expected,

according to the newspaper or globearound 10:30 local Shares of the state-owned company fell nearly 13% in Brazil and abroad., In the United States, ADRs – income from company shares –, Fell 11% before regular opening Of stock markets.

The company received net profit 124,606 million reais ($25,250 million) in 2023, 33.8% less than in 2022 -When they recorded record results-, Due to decline in turnoverThe company itself gave this information on Thursday.

In the last fourth quarter it earned 31,043 million reais ($6,300 million), representing a 28.4% decrease compared to the same period in 2022Although 16.6% more than last quarterAccording to financial balances sent to the San Pablo Stock Exchange.

These are the first annual results of the company under the administration of Luiz Inácio Lula da SilvaWhich intends for Petrobras to act as a driver of the country’s growth by increasing its investments and reducing dividends.

Petrobras workers in Brasilia (Reuters/Euseley Marcelino/File)

Sales income from Petrobras, which is controlled by the Brazilian state but is listed on the New York, Sao Paulo and Madrid stock exchanges, was 511,994 million reais. 20.2% decline annually,

The oil company reported that billing was lower than in 2022 mainly due to “18% fall in the price of Brent barrel“, till “Low margin on derivatives“, especially diesel, and”increase in operating expenses,

However, he highlighted that these were negative impacts partially mitigated By “Increase in the volume of oil sold, thanks first of all to the growth of exports,

Adjusted Ebitda (gross operating results) fell 23.0% last year to 262,227 million reais ($53,130 million).

However, as a result of “higher expenditure” in “large projects” in the exploitation horizon, the pre-salt field in the deep waters of the Atlantic, annual investment increased by 28.7% compared to the previous year, reaching $12,673 million. and in refining the programs.

Net loans closed last December at $44,698 million, up 7.7% from the same month last year.,

Last month, Petrobras already reported it produced a record daily average of 3.8 million barrels of oil and natural gas in 2023, up 6.2% from 2022.

The data includes hydrocarbons extracted by the oil company in Brazil and abroad, as well as in concession areas that were awarded to it in collaboration with other companies but where it is the operator.

Petrobras reported that if the assembly approves the final item, this year’s dividend will amount to 72.4 billion reais ($14.7 billion), compared with 194 billion reais ($39.3 billion at today’s exchange rate) distributed last year.

(with information from EFE)

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