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Petrobras ends corporate restructuring with record dividends

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Petrobras ended on Wednesday a landmark cycle by paying R$42.4 billion in dividends and interest on equity (IOE), a move that crowns the restructuring process carried out since 2017 driven by high oil prices last year.However, market analysts say the state-owned behemoth still faces structural challenges related to political interference and also green agenda, to definitively overcome investor mistrust and reduce the gap in the value of its stocks compared with international companies."Paying dividends is key for a mature industry such as the oil and gas sector. This is required by companies and is one of the strongest signals regarding the financial capacity of them," said Ilan Abertman, an oil and gas analyst at Ativa Investimentos.Petrobras was only able to reach this level of dividends because of the change in pricing policy and the parity with international oil prices, he said. "Even though it was spaced out, today we have a company with strong cash flow generation focused on the deep-water oil, which boosts its value."The surge in oil prices in the international market, with the mismatch between supply and demand for the commodity driving fuel prices, brings question marks about Petrobras’s pricing policy, the mainstay of this robust dividend payout.In a recent report, BTG Pactual states that if the company manages to complete the sale of its refineries, the risk of political interference is practically overturned, structurally reducing Petrobras’s cost of capital. However, the proximity to the presidential elections is likely to prevent the divestment from going ahead.The political odds of a change of government next year, with the return to power of former President Luiz Inácio Lula da Silva, can affect the future of Petrobras as a good dividend payer — if he reverses the pricing policy of the company. BTG notes that today Petrobras has a much more robust governance structure."One fact that the market rarely pays attention to is that Petrobras has had...

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