Energy
Petrobras Posts Surprise Loss on Tax Deal, Keeps Dividend
- Reduction in expected Capex won’t impact production growth
- Ebitda fell on lower diesel and gasoline margins, imports
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Brazil’s state-controlled oil producer Petroleo Brasileiro SA surprised investors with a net loss of 2.6 billion reais ($470 million) mainly due to a tax settlement in the first results under Chief Executive Officer Magda Chambriard.
Despite the loss, the company approved 13.6 billion reais ($2.45 billion) in second-quarter dividends. It compares to $2.7 billion expected by analysts, according to the average of seven forecasts reviewed by Bloomberg. Petrobras said it will use part of a capital reserve for extraordinary dividends that weren’t paid in 2023 to make the payment.