Petrobras Curbs Dividends in Disappointment to Shareholders

Brazil’s state-controlled oil producer Petrobras posted lower shareholder payouts in a warning that industry-leading dividends are a thing of the past.

The company’s board approved 1.10 reais a share, or 14.2 billion reais ($2.9 billion), in dividends from the fourth quarter, it said in a regulatory filing on Thursday. Analysts were expecting $3.7 billion in dividends, according to the average of four estimates reviewed by Bloomberg.

Petroleo Brasileiro SA, as the company is formally known, didn’t pay any extraordinary dividends for 2023. Analysts were expecting at least $3 billion in special dividends, according to three estimates reviewed by Bloomberg.

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