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Petrobras to reduce dividend payouts

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Vincent

Petrobras paid out more dividends last year than all other Brazilian listed companies combined. Buoyed by oil prices and extraordinary payments, the state-owned company distributed R$194.6 billion, but the bonanza is unlikely to continue, putting pressure on projections for the overall stock market payout this year.B3 companies, excluding Petrobras, distributed R$192.4 billion last year, according to TradeMap data provided to Valor. In 2021, the state-owned company had paid R$72.7 billion, compared with R$234.2 billion distributed by the other companies. Vale came in second place in 2022, with R$34.1 billion, compared with R$73.2 billion the previous year.The payment of dividends by the state-owned company last year was driven by high prices of oil - especially in the first half of the year, when it was traded above $100 a barrel. In addition, the oil giant distributed an extraordinary amount of funds to increase federal revenues by R$55.8 billion during the Bolsonaro administration. These factors are unlikely to be repeated.This way, Petrobras is likely to significantly reduce its dividend yield (a ratio of the percentage of a company’s share price that it pays out in dividends per year), putting pressure on projections for the overall stock market payout.Now, with oil trading in the $80s and a new board of directors preparing to take over, analysts say possible changes in the company’s dividend and investment policies are likely to reduce the amounts distributed to shareholders.The oil company’s yield is expected to fall from the 40% seen in 2022, but there are doubts about what will be the level this year. According to Ricardo Peretti, an equity strategist at Santander Corretora, the factors that boosted payments last year are unlikely to materialize again, at least in the short term."We had an oil price shock due to exogenous factors, such as the war in Ukraine, and in the local level the elections made the government increase the payment of dividends to prop up public accounts," he said. "Looking ahead, we believe that oil will remain around $85 and that Petrobras’s new board will change the company’s dividend policy, making it difficult for the triggers seen in...

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