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Petrobras Paid About R$ 70 Billion in Taxes, Dividends, Royalties, and Government Participation in the First Quarter of 2022
Petrobras, the Brazilian multinational, reported that it paid approximately R$ 70 billion in brand expenses, such as dividends and contributions to the government. Petrobras also stated that it had a dividend payment, profits distributed to shareholders, of approximately R$ 48.5 billion for the first quarter of 2022, with the financial results set to be released on Thursday night, the 5th.
José Mauro Coelho, President of Petrobras, reports that for years the company did not pay dividends to the Union or any shareholder, as it made investments that did not yield results for the company. This led the company to significant debt, becoming the most indebted among companies in the world. As José states, Petrobras now lives in a new reality, focusing on efficiency.
Advisors Approve Dividend Distribution
The Board of Directors of Petrobras approved the distribution of dividends amounting to R$ 3.715490 billion per preferred and common share in circulation. In total, the sum of all dividends reaches about R$ 48.5 billion, according to data released by Petrobras.
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According to Broadcast, the amount does not include the portion of dividends announced in February, which will be paid in two installments of R$ 1.857745 billion per preferred and common share in circulation, with payments scheduled for June 20 and July 20 of this year.
Holders of ADRs, American Depositary Receipts, the channel where shares in Brazil can be traded in the U.S., will receive payments starting on June 27, 2022, and July 27, 2022, respectively, according to Petrobras.
As José Mauro states, the treasury generated by Petrobras is converted into investments that lead to greater economic progression and job and income generation for Brazilians.
He also states that the presented dividend is fully compatible with Petrobras’ financial growth and aligns with the commitment to value generation, as well as the best practices in the global oil and gas industry.
In Addition to Dividends, Public Treasuries Will Also Receive from Petrobras
The government will be the biggest beneficiary of the profit obtained by Petrobras. This is because, out of the R$ 48.5 billion that will be distributed by the company as dividends for the first quarter of the year, the Union will receive approximately R$ 14 billion, since the federal government is the main shareholder of Petrobras, holding 28.7% of the company. BNDES (National Bank for Economic and Social Development), also state-owned, holds 7.9% of the shares and will receive dividends of R$ 3.8 billion.
The amount to be paid to the government will be used to pay public debt interest.
Increase in Fuel Prices Was Responsible for the State Company’s Profit
According to the website Carta Capital, due to the rise in oil product prices and the high demand for fuels, Petrobras achieved a record profit in 2022. This profit can be explained by considering about a 64.4% increase in total sales revenue compared to the same period in 2021, totaling R$ 141.6 billion. This positive result occurred mainly due to a significant increase in revenue from domestic and international sales.
Revenues benefited from two factors: the first due to an approximately 55.5% increase in oil product prices that followed international prices, and the second due to growing demand for certain derivatives, such as aviation kerosene, gasoline, and oil, which saw a 2,100% increase compared to the same period in 2021.
The oil sale in 2021 was only 9,000 barrels per day in the first quarter of the year and served to meet the consumption of small private refineries. In 2022, production increased to 198,000 barrels per day in the first three months of the year due to the demand from the Mataripe refinery.
The production result could have been significantly better if not for the negative effects of the sale of the Landulpho Alves Refinery, the second-best refinery of Petrobras in processing capacity. After its sale, Petrobras recorded an annual decline in the production of oil derivatives of about 5.3% in the first three months of 2021, resulting in an increase of about 7.5% in the imports of derivatives in the same period of 2022.
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