In Q2 2024, Brazil's Petrobras reported a $470M net loss, partly due to a tax charge, and plans to reduce investment to $13.5-14.5B.

Brazil's Petrobras reported a Q2 2024 net loss of $470M, lower than expected, due to a one-off tax charge and currency devaluation. The company's net revenue increased 7.4% to $21.72B. Petrobras plans to reduce its investment for the rest of 2024 to $13.5-14.5B from an earlier plan of $18.5B. The tax payments are expected to help Brazil's government balance its budget. Petrobras also approved a $2.45B dividend payout to shareholders.

August 09, 2024
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