Brazilian state-run oil company Petrobras announced a new five-year strategic plan. The new plan includes a payout of 60% of the difference between its operating cash flow and investment every quarter provided gross debt remains under $65bn and the company makes a profit. Petrobras would also offer an annual dividend of $4bn as long as Brent crude averages more than $40 a barrel. This announcement ends the previous dividend policy, which banned extraordinary dividend payments. Petrobras expects to pay $60bn to $70bn in total dividends throughout the 5Y plan. The company is also increasing its investments to $68bn from $55bn, to boost oil production.
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