Brazilian petroleum giant Petróleo Brasileiro S.A (NYSE: PBR) announced that it will pay out around $5 billion in dividends later this year. The company will pay R$1.893577 per outstanding common and preferred share. Petrobras will pay this dividend in two installments in June and July where the first installment of R$ 0.946788 per outstanding common and preferred share will be paid on August 18 and the second installment of R$ 0.946789 per common and preferred share, will be paid on September 20, 2023.
The company also gave a hint of changes in its shareholder remuneration and stated that the Board of Directors had asked the Board of Executive Officers to “prepare a proposal to adjust the Strategic Planning in progress and improve the Petrobras Shareholders’ Remuneration Policy, including the possibility of repurchasing shares, and submit these matters for deliberation by the BoD before the end of July 2023.”
Petrobras stated that its current dividend payouts “is in line with the current Shareholder Remuneration Policy, which provides that in case of gross debt below US$ 65 billion, Petrobras may distribute to its shareholders 60% of the difference between operating cash flow and acquisitions of fixed and intangible assets (investments). “
PBR stock has jumped by more than 30% in the past year.
