Petrobras Approves $3.4B Dividend at R$1.55/Share, Unveils $111B Investment Plan

Nov 22, 2024, 12:26 AM

Petrobras, Brazil's state-controlled oil giant, has approved the payment of 20 billion reais ($3.4 billion) in extraordinary dividends to shareholders, amounting to 1.55 reais per share. This move signals its commitment to continue returning cash to investors. The company's board also approved a new strategic plan, outlining investments of $111 billion between 2025 and 2029, marking a 9% increase over previous plans. Petrobras plans to pay up to $55 billion in dividends through 2029 as part of its five-year business plan. Additionally, the company has raised its total debt limit to $75 billion, potentially allowing for an extra $10 billion in extraordinary dividends. These developments underscore Petrobras's focus on increasing shareholder value while investing significantly in future growth.