Petrobras board OKs $3.4B in extraordinary dividends, $111B five-year strategic plan
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Petrobras (NYSE:PBR) +3% in early trading Friday after announcing a payout of 20B reais (~$3.4B) in extraordinary dividends to shareholders, in a sign the Brazilian state-controlled oil company will continue returning cash to investors.
The company said in a securities filing that ~15.6B reais of the payout would come from a capital reserve that held cash investors had expected to receive months ago, as extraordinary dividends for the 2023 period.
The Petrobras (PBR) board had voted in March to withhold extra dividends expected for 2023, a decision seen as political interference from Brazil's government.
Separately, Petrobras (PBR) unveiled its new 2025-29 business plan, revealing $111B in total investments through 2029, as expected, up 9% compared to the previous 2024-28 plan.
The company said in the new plan that its "robust" free cash flow would support an ordinary dividend of $45B-$55B for the next five years, and said there is room for as much as $10B in extra dividends for the period.
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