Petrobras Shares Are On The Rise Today: What's Going On?

Vaishali Prayag

November 22, 2024

Petrobras Brasileiro Inc. (NYSE:PBR) shares are trading higher Friday, following approval of $3.4 billion in extraordinary dividends by its board. Here’s what you need to know.

What To Know: Petrobras stated that approximately 15.6 billion reals (approximately $2,685,997,080) of the payout would come from a capital reserve. The reserve had been holding cash investors expected to receive earlier as extraordinary dividends for the 2023 period.

Earlier in the week, Petrobras announced its strategic plan for 2025-2029, outlining $111 billion in investments, including $77 billion for exploration and production and $20 billion for refining, transportation and sales. The plan also emphasizes a focus on sustainable practices, such as reducing the carbon footprint of its operations and prioritizing pre-salt asset development.

The company expects total production of 3.2 million barrels of oil and gas equivalent per day during the period and plans to distribute $45 billion to $55 billion in ordinary dividends, with an additional $10 billion reserved for extraordinary dividends or projects.

PBR Price Action: Petrobas Brasileiro shares were up 5.19% at $14.89 at the time of publication on Friday, according to Benzinga Pro.

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