Petrobras issues distribution to shareholders
Brazilian energy company Petrobras announced August 24 that it made an estimated $3.9bn gross distribution to shareholders.
Known formally as Petroleo Brasileiro, the company stated that this is the first instalment to shareholders for the 2021 fiscal year. The distribution corresponds with a per-share price of $0.30 as of August 16.
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Petrobras reported free cash flow of $9.3bn in the second quarter, up from the $5.6bn realised during Q1 2021 and a vast improvement over the $3bn posted during Q2 2020. The company put its current debt burden at around $64bn.
The Brazilian national energy company is in the midst of a sweeping divestment programme aimed at paying down its debt and freeing up capital for deepwater offshore projects
At $21bn, Petrobras said second quarter revenue was 33.7% higher than first quarter levels, an improvement driven primarily by the increase in commodity prices. In the domestic market, oil products revenue of $12bn marked a 27.4% increase over Q1, while natural gas revenue of $1.3bn was 28.5% better than during the first quarter.