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A Petrobras may be prohibited from paying more than R$32 billion in dividends which were approved in July of this year, 2022, after Guilherme Estrella, who had previously served as director of Exploration and Production at the company, filed a request in court to prevent payment. Estrella requests that studies be carried out to demonstrate that the payment of dividends does not affect the oil company's ability to compete effectively in its sector, oil and gas.
At a time when revenues are skyrocketing due to rising oil prices, the corporation faces the question of how to handle dividend payouts.. recently the Brazilian oil company informed that the advance of the distribution of profits that was foreseen for the coming months.
However, Petrobras disclosed to the market last Friday that Estrella had requested the freezing of BRL 32,1 billion that would be paid in advance to the federal government, as was also approved in July.
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Petrobras reported that the proposed dividends are in line with the company's current shareholder compensation policy.
The advance on the distribution was approved and communicated by the Board of Directors of Petrobras still on Thursday, 3rd, where it was informed an amount of R$ 3,3489 per preferred and common share, which would be paid in two installments.
Petrobras said that the proposed value is compatible with the financial viability of the oil company in the short, medium and long term, and that it is in line with the company's current policy regarding payment to shareholders.
In addition, the oil company said that the dividend is consistent with its objective of creating value for both society and its shareholders. The Union, as the most voted shareholder, must have control of the company.
Petrobras' current dividend distribution policy establishes that the company may distribute to its shareholders, sixty percent of the difference between operating cash flow and the acquisition of fixed and intangible assets, if the company has a gross debt of less than 65 billions of dollars. In addition, the insurance plan allows for the possibility of paying special dividends, as long as the company manages to maintain its financial viability.
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