Happy Friday! Today, we talk about the latest results from Petrobras. A move to make Brazilian ports greener. The ‘child penalty’ for Brazilian women. And more thoughts on Lula’s popularity.
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Petrobras 2023 earnings frustrate investors
State-controlled oil giant Petrobras closed 2023 with net profits of BRL 124.6 billion (USD 25.2 billion), down nearly 34 percent from the previous year. Perhaps more disappointing for investors, however, was the company’s decision not to pay extraordinary dividends related to Q4 2023. Dividends will amount to BRL 14.2 billion, according to a formula that limits payments to 45 percent of the company’s free cash flow.
- Petrobras’s American depositary receipts, which represent the company’s shares traded in New York, plunged more than 9 percent in after-hours trading Thursday and are down 11 percent in pre-market trading today.
Nuance needed. Petrobras posted record profits in 2022 — thanks in large part to a spike in international oil prices caused by Russia’s invasion of Ukraine. A decline in 2023 was already expected, as Brent benchmarks were down...