Petrobras Reports Unexpected $470 Million Q2 Loss

The Brazilian oil giant attributes the loss to a tax settlement and weaker exchange rates, but maintains dividend payouts.

Petrobras' Q2 2024 loss is its first since 2020, driven by a $344 million tax settlement and currency fluctuations.
Despite the loss, the company approved $2.45 billion in dividends, utilizing capital reserves for extraordinary payouts.
Adjusted EBITDA fell 20.6% from the previous quarter, impacted by lower margins on diesel and gasoline, and higher imports.
Petrobras revised its 2024 capital expenditure estimate to $13.5-$14.5 billion, an increase of up to 15% from last year.
CEO Magda Chambriard aligns with government goals to boost economic growth through increased investments and robust profits.