Friday, June 9, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home investing

Petrobras leapfrogs oil majors in dividend payouts by more than 50% By Reuters

10 months ago
in investing
Petrobras leapfrogs oil majors in dividend payouts by more than 50% By Reuters
Share on FacebookShare on Twitter

Latest Oil News

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023


Petrobras leapfrogs oil majors in dividend payouts by more than 50%
© Reuters. FILE PHOTO: The logo of Brazil’s state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker

By Sabrina Valle

(Reuters) – Brazil’s state-controlled oil company Petrobras will distribute at least twice as much as the biggest international oil producers in second quarter dividends, boosting the government’s coffers amid a tense presidential campaign.

The five biggest Western oil producers – Exxon Mobil Corp (NYSE:), Chevron Corp. (NYSE:), Shell (LON:) PLC, TotalEnergies and BP (NYSE:) – posted record cash distributions to shareholders in recent days between $4-7.6 billion. But none came close to Petrobras’s $17 billion payout.

Brazil’s government, which controls the producer with a majority of its voting shares, last month asked Petrobras and other state-controlled companies to increase dividends to finance extra federal spending.

The cry for help came as the government of President Jair Bolsonaro, who later this year faces a tough reelection battle, last month bypassed a constitutional spending cap to finance a massive cash transfer program popular among low-income voters.

Petrobras will distribute about 60% more to shareholders than its $10.5 billion (54.33 billion reais) profit. Critics said the huge payout will lead to underinvestment in the business.

Petrobras’ dividends were less than at Saudi Arabia’s state-controlled Saudi Aramco (TADAWUL:), the world’s largest oil company, which produces 13 million barrels of oil equivalent per day (boed), almost five times more than Petrobras.

Saudi Aramco has been distributing $18.76 billion to shareholders per quarter. Its next dividend will be disclosed on Aug. 14.

U.S. producer Exxon, which posted the highest quarterly profit of the five, spent $7.6 billion on shareholder distributions.

Bolsonaro is trying to boost his re-election chances by ramming through short-term spending measures, critics say. Polls show he is lagging leftist former President Luiz Inacio Lula da Silva. Dividend payments will be made by Petrobras before the first round of voting, scheduled for Oct. 2.

On a webcast last week, Petrobras executives said the extraordinary dividend payment does not affect the company’s investment plans. Petrobras expects to retain between $8-10 billion in cash this year and reaffirmed a commitment to distribute at least 60% of its free cash flow to investors.

“It is our understanding that this is the best cash allocation for the company’s cash,” Chief Financial Officer Rodrigo Araujo told reporters.



www.investing.com

Tags: dividendleapfrogsmajorsoilpayoutsPetrobrasreuters
Previous Post

STOCK MARKET NEWS: Uber, Pinterest jump, tech CEOs warn workers, job openings update

Next Post

Petroleum and natural gas engineering professor receives Pioneer Award

Related Posts

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

by Oil Market News
February 1, 2023
0

Orbital Sidekick hyperspectral imagery. Photo: Orbital Sidekick Orbital Sidekick announced a $10 million investment on Tuesday to support growing its...

Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

by Oil Market News
January 31, 2023
0

By Rachel Koning Beals 'Investment in clean-energy technologies is on the brink of overtaking fossil-fuel investments, and won't look back,'...

Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

by Oil Market News
January 30, 2023
0

DALLAS, Jan. 30, 2023 /PRNewswire/ -- The Cushing® MLP & Infrastructure Total Return Fund (NYSE: SRV) (the "Fund") today announced...

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

by Oil Market News
January 29, 2023
0

6/6 © Reuters. FILE PHOTO: Relief supplies of the "Humanitarian Help of Switzerland" are loaded onto a Boeing 747-400BCF cargo...

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

by Oil Market News
January 28, 2023
0

Chevron (CVX -4.44%) finished 2022 with a bit of a whimper. While the oil giant's profits rose compared to the prior...

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

by Oil Market News
January 27, 2023
0

© Reuters. FILE PHOTO: United Arab Emirates' Industry Minister Sultan Ahmed Al Jaber speaks during the Abu Dhabi International Petroleum...

Next Post
Petroleum and natural gas engineering professor receives Pioneer Award

Petroleum and natural gas engineering professor receives Pioneer Award

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Opec+ nations make surprise output cuts of more than 1mn barrels a day

Opec+ nations make surprise output cuts of more than 1mn barrels a day

2 months ago
Closing prices for crude oil, gold and other commodities

Closing prices for crude oil, gold and other commodities

7 months ago
Mexico to raise climate emissions target for first time since 2016 By Reuters

Mexico to raise climate emissions target for first time since 2016 By Reuters

7 months ago
Swift production declines may keep shale operators on oil rebound’s sidelines

Swift production declines may keep shale operators on oil rebound’s sidelines

1 year ago
Want to invest in energy? This is ‘our most preferred’ ASX share: Wilsons

Want to invest in energy? This is ‘our most preferred’ ASX share: Wilsons

1 year ago
ADVERTISEMENT
UK set to introduce floor for oil and gas windfall tax

UK set to introduce floor for oil and gas windfall tax

June 9, 2023

Canadian refiner Irving Oil explores options including sale

June 8, 2023

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

June 5, 2023

Opec bans prominent media groups from Vienna meeting

June 4, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

UK set to introduce floor for oil and gas windfall tax

UK set to introduce floor for oil and gas windfall tax

June 9, 2023
Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023
UK watchdog bans Shell, Repsol and Petronas greenwashing ads

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023
Opec+ is not on board with Saudi’s ‘whatever it takes’ message

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.