Petrobras Clarifies News from Valor Econômico

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(Petrobras, 15.Mar.2024) — Petrobras, regarding the article “Controversy puts dialogue between Petrobras and the market in check“, published in Valor Econômico this Friday, reiterates that the company did not promise or signal a direction for extraordinary dividends at an event with analysts and investors, as already disclosed in a release on 12 Mar. 2024.

Petrobras reaffirms that the material presented at the event held with analysts and investors on 30 Jan. 2024 and 31 Jan. 2024 does not signal the payment of extraordinary dividends, as wrongly stated in the article. The part of the presentation that mentions the dividend process contains public information on parameters, guidelines and the process that supports shareholder remuneration decisions. The material is available on the company’s investor website, as well as at the CVM and the SEC.

One of the screens shows the history of payments as provided for in the shareholder remuneration policy, which does not indicate any future payment. The material points out that the decision to distribute dividends follows the same process (framework), considering various factors and variables such as results, financial condition, cash needs, current and potential market prospects, as well as investment opportunities. Maintaining the same process for analyzing these variables does not constitute a promise or a sign of payment, as these events are subject to a series of risks and uncertainties.

Regarding analysts’ reports, it is common knowledge that several banks published their projections for extraordinary dividends even before the event in Jan. Since Oct. 2023, analysts’ reports have been circulating with expectations of paying extraordinary dividends, based on their own assessments.  In this context, it is important to note that the company has no control over the publications of these analysts or their content.

Therefore, the company has not released any prior indications regarding the payment of extraordinary dividends, as the report leads us to believe. The company values transparency in its communication to the market and clarifies once again that meetings with analysts and investors are held in the normal course of its activities and that the company does not disclose material non-public information at such events.

Finally, the company reinforces its commitment to compliance with applicable governance practices and procedures.


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