Brazilian state-owned oil company Petrobras has reported a 14.4% decline in profits for the first quarter of 2023, compared to the previous quarter. The company reported a net profit of $7.63bn (R$38.16bn ) for the first three months of the year.

Revenue fell 1.8% to $28bn and earnings before interest, taxes, depreciation and amortisation decreased by 6.7% to $15bn. The company attributed the fall in profits to the decline in the price of Brent crude.

Petrobras announced that it will offer shareholders a remuneration to the amount of $0.38 per outstanding common and preferred share.

According to the company, in instances of “gross debt below $65bn, Petrobras may distribute to its shareholders 60% of the difference between operating cash flow and acquisitions of fixed and intangible assets”.

A new dividend policy

Petrobras has continued paying its shareholders large amounts, announcing dividends of $4.94bn on Thursday. The company has suggested that there will be changes to its payout policy in the future, including offering shareholders the opportunity to re-purchase shares.

The new dividend policy proposal will be submitted to the board at the end of July. Last year the company paid out nearly $44bn to investors.

The most recent results are the first to be published under the administration of Brazilian President Luiz Inacio Lula da Silva. Petrobras appointed new board members last month, and the CEO Jeal Paul Prates took his position earlier this year.

Last month the company announced that it would be cutting gas prices by an average of 8.1% from 1 May in response to global oil prices and foreign exchange rates.

Petrobras remains committed to oil and gas production, despite increased interest in renewable technologies. Prates claims that he is prepared to be the “world’s last oil producer”. Brazil is the eighth largest global oil producer, with Petrobras accounting for 73% of the country’s production.