(Petrobras, 7.Mar.2024) — Petrobras informs that its Board of Directors (BoD), in a meeting held today, approved the submission to the Annual General Assembly (AGM), scheduled for Apr. 25, 2024, of the proposed distribution of dividends equivalent to R$ 14.2bn. If approved by the AGM, considering the dividends anticipated by the company throughout the year, adjusted by Selic, the total dividends for the year 2023 will total R$ 72.4bn.
The proposed distribution is in line with the Shareholder Remuneration Policy (Policy), approved on 07/28/2023, which provides that, in the case of gross debt equal to or lower than the maximum level of debt defined in the strategic plan in force (currently US$ 65bn), Petrobras must distribute 45% of the free cash flow to its shareholders. The proposed dividends already take into account the value of shares repurchased in the fourth quarter of 2023 of R$ 2.7bn and the correction by SELIC on the advances of dividends and interest on own equity related to the 2023 fiscal year, in the amount of R$ 1.1bn, which were deducted from the total remuneration to shareholders, in accordance with the provisions of the Policy and the Bylaws, respectively.
The approval of the dividend is compatible with the company’s financial sustainability and is in line with the commitment to generating value for society and shareholders, as well as the best practices of the global oil and natural gas industry.
The remaining profit for the year, after dividends and formation of legal and statutory reserves, totals R$ 43.9 billion. The BoD proposed that this amount be fully allocated to the capital remuneration reserve (section II, article 56 of the Bylaws), with the purpose of ensuring resources for the payment of dividends, interest on equity, advance payments and share repurchases.
The additional dividends for the fourth quarter will be paid in two equal installments in May and Jun. 2024, as follows:
Amount to be paid: R$ 1.09894844 per common and preferred share, whereby:
(i) the first installment, in the amount of R$ 0,54947422 per common and preferred share; and
(ii) the second installment, in the amount of R$ 0,54947422 per common and preferred share.
Record date: Apr. 25, 2024 for holders of shares issued by Petrobras traded on B3 and Apr. 29, 2024 for holders of ADRs traded on the New York Stock Exchange (NYSE). Petrobras shares will be traded ex-rights on B3 and the NYSE from Apr. 26, 2024.
Payment date: For holders of Petrobras shares traded on B3, first payment will be made on May 20, 2024 and second payment will be made on Jun. 20, 2024. ADR holders will receive payments starting on May 28, 2024 and Jun. 27, 2024, respectively
Form of distribution: The two payment installments will be made in the form of dividends.
Update of values per share: The values of dividends and interest on own equity per share are preliminary and may vary until Apr. 25, 2024 as a result of the share buyback program. On this date, if there is a change in the values per share, Petrobras will communicate the new values to the market.
The values will be updated based on the variation in the Selic rate from Dec. 31, 2023 until the date of each payment.
The Shareholder Remuneration Policy can be accessed online on the company’s website (http://www.petrobras.com.br/ir).
____________________
