Without price increases, Petrobras may pay lower dividends
The current lag in the prices of fuels in Petrobras’ refineries, if maintained in the short and medium term, could reduce even more the shareholder compensation. The projection is justified, according to experts, since gasoline and diesel prices kept low would lead to a lower cash generation than that which could be obtained with prices in line with the international market. On Friday, the oil company announced a new dividend policy, with lower payment percentages. The new rule provides for the distribution of 45% of free cash flow (the difference between operating cash flow and investments). By the previous policy, this percentage was 60%.Petrobras said in a statement on Monday that it follows closely the developments in the international market and the impacts on Brazil that resulted in the increase in oil prices. In recent weeks, the benchmark price of oil has risen, boosted by the prospect of greater global economic activity and lower fuel stocks. This situation pressures Petrobras for hikes in domestic prices. Brent-type oil closed on Monday at $85.43, up 1.21%. The appreciation of the real has not been enough to offset the high of the barrel.Consultancy Stone X estimates that the prices charged by Petrobras for diesel, in refineries, are 23.9% below international prices, or R$0.73 per liter. For gasoline, the consultancy sees the gap at 15.1%, or R $0.38 per liter. The Brazilian Infrastructure Center (CBIE) and the Brazilian Association of Fuel Importers (Abicom) also see potential for price increases for the two products.Petrobras also pointed out that the moment is of great uncertainty regarding the recovery of the global economy, which directly affects the demand for energy, and is reflected in the increase in volatility and reference prices."The company reiterates that the adjustments in product prices are made in the normal course of its business, due to the continuous monitoring of the markets, which includes, among other procedures, analysis of competitive prices by sales region, in balance with the national and international markets, taking into account the best alternative accessible to customers. Any adjustments, when necessary, will be carried out supported by technical and independent analyses," said Petrobras.Consultancy hEDGEpoint said in a report that the higher oil price and the fall in inventories in the United States influence the refining margins of gasoline, the so-called "crack spread" (difference between the...
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