*Brazil’s state-controlled oil company Petrobras has released its financial results for the second quarter, which showed a net loss of R$2.6bn (US$469m), in contrast to the net profits of R$23.7bn in Q1 2024 and R$28.8bn in the same quarter last year. Despite the latest quarterly net loss, Petrobras approved the payment of dividends and interest on equity to its shareholders totalling R$13.6bn, which will be paid in two tranches in November and December. This quarterly financial report is the first under the company’s new CEO Magda Chambriard, who replaced Jean Paul Prates following his dismissal in May. In a press release, Chambriard is cited as saying that Petrobras’ operational results remain “solid”. She attributed the net loss to factors such as “volatility” in international exchange rates in Q2 and a tax agreement the company agreed with Brazil’s finance ministry aimed at helping the federal government balance its books. Petrobras finalised the agreement in June for the settlement of tax debts totalling R$45bn.
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