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Petrobras (NYSE:PBR) will keep total spending steady in its upcoming 2024-28 business plan, similar to the $78B forecast in its latest five-year plan, CEO Jean Paul Prates told Reuters on Monday.
Prates said the company is preparing to preview updates to its business plan next month, including a greater focus on renewable energy sources, ahead of the final announcement of its next five-year plan at the end of the year.
Investors should not expect the kind of huge dividend payments they enjoyed last year, as Petrobras’ (PBR) dividend policy will be “adjusted” to the reality of a company investing in the future, the CEO said.
The company will continue to focus on its strengths in offshore oil exploration, especially in the “pre-salt” fields off Brazil’s coast, but it “will gradually transform itself,” Prates said.
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