Petrobras paid around BRL 70 billion in taxes, dividends, royalties and government shares in the first quarter of 2022
Petrobras, a Brazilian multinational, reported that it paid approximately R$ 70 billion in brand expenses, such as dividends, and government contributions. Petrobras also stated that it had a payment of dividends, profits of a company that are divided to shareholders, of approximately R$ 48,5 billion referring to the first quarter of 2022, whose financial result will be released on Thursday night. , 05.
José Mauro Coelho, president of Petrobras, reports that over the years Petrobras has not paid dividends to the Union or to any shareholder, since it made investments that did not generate results for Petrobras. This led the company to a high indebtedness, becoming the highest indebtedness among companies in the world. As José says, Petrobras is now experiencing a new reality, with a focus on efficiency.
Board members approve distribution of dividends
Petrobras' Board of Directors approved the distribution of dividends that reach the amount of R$ 3,715490 billion per outstanding preferred and common share. In all, the sum of all dividends reach approximately R$ 48,5 billion, according to data released by Petrobras.
According to Broadcast, the amount does not include the portion of the dividends announced in February, which will be paid in two installments of R$ 1,857745 billion per preferred and common share in circulation, one being paid on June 20 of this year, and the other on July 20th also this year.
Holders of ADRs, American Depositary Receipts, a channel where shares in Brazil can be traded in the USA, will receive payments from June 27 of that year 2022 and July 27, 2022, respectively, Petrobras said.
As José Mauro states, the treasure generated by Petrobras is converted into investments that lead to greater economic continuity and the generation of jobs and income for Brazilians.
He also reports that the dividend presented is fully compatible with Petrobras' financial growth and is in line with the commitment to create value, as well as the best practices in the global industry of oil and natural gas.
In addition to dividends, public coffers will also receive from Petrobras
The government will benefit the most from the result obtained from Petrobras' profits. This is because, 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 Petrobras' main shareholder, holding 28,7 % from the company. The BNDES (National Bank for Economic and Social Development), also state owned, has 7,9% of the shares and will receive dividends of R$ 3,8 billion.
The balance to be paid to the government will be used to pay interest on the public debt.
High fuel prices were responsible for the profit of the state-owned company
According to the Carta Capital website, due to the high price of petroleum derivatives and the high demand for fuels, Petrobras had a record profit in 2022. Such profit can be explained, taking into account the increase of approximately 64,4% in total sales revenue compared to the same period of 2021, accounting for R$ 141,6 billion. This positive result was mainly due to the significant increase in sales revenues in the domestic and foreign markets.
Revenues benefited from two sides, the first being due to the increase of around 55,5% in the prices of oil derivatives that followed international quotations, and the second due to a growing demand for some derivatives, such as QAV (aviation kerosene), gasoline and oil, which increased by 2.100% compared to the same period in 2021.
The sale of oil in 2021 was only 9 thousand barrels per day in the first quarter of the year and served to meet the consumption of small private refineries. As early as 2022, production rose to 198 barrels per day in the first three months of this year due to 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, Petrobras' second best refinery in terms of processing capacity. After its sale, Petrobras registered an annual drop in the production of oil derivatives of around 5,3% in the first three months of 2021, which resulted in a growth of around 7,5% in imports of derivatives in the same period of this year 2022.
