Petrobras posts net loss, cuts capexand approves dividends

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SAO PAULO/RIO DE JANEIRO: Brazilian state-run oil giant Petrobras on Thursday posted a net loss of 2.6 billion reais ($470 million) for the second quarter of 2024, the firm said as it announced lower-than-expected results and a reduction in investment estimates.

Its new forecasts include an estimated $11.1 billion to $12.1 billion earmarked for the exploration and production segment.

The tax payments should help the Brazilian government to balance its budget as the administration of President Luiz Inacio Lula da Silva seeks new sources of revenue to meet its fiscal targets for this year and 2025.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaBrazilPhilippines

Topics: Dividend Petrobras Energy /Business/Business News Capex

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-09 @ 11:45:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 408 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 21994535

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