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Petrobras on remuneration to shareholders

Published in 09/11/2023 at 21:15:08

Photo: André Motta de Souza / Petrobras News Agency


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Petrobras informs that its Board of Directors, at a meeting held today, approved the payment of dividends and interest on own equity in the amount of R$ 17.5 billion, as anticipation for 2023, declared based on the balance sheet of September 30, 2023.

The approved proposal is in line with the improved Shareholder Remuneration Policy (Policy), disclosed on 07/28/2023, which provides that in case of gross debt equal to or lower than the maximum debt level defined in the strategic plan in force (currently at US$ 65 billion), Petrobras may distribute to its shareholders 45% of the free cash flow.

The proposed dividends already take into account the value of shares repurchased in the third quarter of 2023 of R$ 974 million, which was deducted from the total shareholder remuneration calculated according to the Policy formula.

The approval of the proposed dividends is compatible with the company's financial sustainability and is in line with the commitment to create value for society and shareholders, as well as with the best practices of the global oil and natural gas industry.

Dividends will be paid in two installments in February and March 2024, as follows:

Amount to be paid: R$ 1.344365 per common and preferred share, whereby:

(i) the first installment, in the amount of R$ 0,672183 per common and preferred share, will be paid on February 20, 2024.
(ii) the second installment, in the amount of R$ 0.672182 per common and preferred share, will be paid on March 20, 2024.
Record date: November 21, 2023 for the Petrobras shares traded on B3 and November 24, 2023 for the ADRs traded on the New York Stock Exchange (NYSE). Petrobras shares will be traded ex-dividends on B3 and NYSE as of November 22, 2023.

Payment date: For holders of Petrobras shares traded on B3, first payment will be made on February 20, 2024 and second payment will be made on March 20, 2024. ADR holders will receive payments starting on February 27, 2024 and March 27, 2024, respectively.

Form of distribution: The first installment of payment will be made as follows: (a) dividends, of R$ 0,243110 per common and preferred share; and (b) interest on equity of R$ 0,429073 per common and preferred share. The second installment will be paid in full as dividends.

Update of values per share: The values of dividends and interest on own equity per share are preliminary and may vary until November 21, 2023 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.

It is important to note that these proceeds will be deducted from the dividends to be approved at the 2024 Annual General Meeting for the 2023 fiscal year. The values of each installment will be updated according to the variation in the Selic rate from December 31, 2023 until the date of each payment.

The Shareholders' Remuneration Policy can be accessed on the company's website (http://www.petrobras.com.br/ir).


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