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Analysis: Petrobras ensures minimum income for shareholders amid criticism on fuel hikes

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Vincent

Chosen as the scapegoat for the fuel price hikes and apparently resolute in maintaining its pricing policy, state-run Petrobras decided to please its shareholders - specially the largest of them, the federal government - establishing a minimum dividend income, paid quarterly.With the new 2022-2026 business plan, released Thursday, came a package of good news in the form of a revised shareholder remuneration policy. The new rules define quarterly payment and establish an annual minimum of $4 billion as long as the average price of a barrel of Brent crude oil is above $40 - currently it is around $80.Petrobras management expects to distribute between $60 billion and $70 billion in dividends between 2022 and 2026. Of this total, it is estimated that between $20 billion and $25 billion will be paid to the government, the controlling shareholder.The basic income is guaranteed by a cash flow strengthened by the rise in oil prices, despite the fact that the company is far behind its peers in terms of market capitalization.But if the action is slower because of uncertainties related to the pricing policy - for anything is possible in Brazil, especially in an election year - the earnings report is the best in many years and the goal of reducing debt was anticipated.This is no small thing for a company that, before the Chinese Evergrande, had the largest debt in the world. The last few years have been ones of downsizing, sale of assets, and recovery after the biggest disaster of mismanagement and corruption ever seen in Brazilian history.Despite the negative aspects, the shares have appreciated about 15% in the year, already counting the hike over 4% registered Thursday, while the benchmark stock index Ibovespa falls by 11%. The company is once again the most valuable company on the stock exchange, taking mining corporation Vale’s place recently.In the last...

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