Brazil’s state-controlled oil company Petrobras plunged after it reported a surprise fourth-quarter loss and announced dividends that fell significantly short of expectations.Most Read from BloombergThe Trump Administration Takes Aim at Transportation ResearchShelters Await Billions in Federal Money for Homelessness ProvidersNYC’s Congestion Pricing Pulls In $48.

Brazil's Petrobras posted a net loss of 17 billion reais ($2.8 billion) in its fourth quarter due to non-recurring events, lower Brent prices and a "highly volatile" market for diesel, but aims to distribute dividends,

Petrobras booked a net loss of 17 billion reais ($2.9 billion) in the fourth quarter of 2024, versus a net profit of 31 billion reais in the same period a year ago. Net revenues were down 9.7% from 134.3 billion reais to 121.3 billion reais.

The Brazilian oil producer has joined other majors including Exxon Mobil Corp. and Chevron Corp. who continued to reward shareholders even though free cash flow has become strained at current oil prices.

Petrobras (NYSE:PBR) -4.6% post-market Wednesday after saying it plans to distribute 9.1B reais (~$1.6B) in ordinary dividends despite posting an unexpected Q4 loss due to non-recurring events including the accounting impact of a sharp devaluation of the Brazilian currency.