SAO PAULO, July 28 (Reuters) - Brazilian state-run oil firm Petrobras' (PETR4.SA) board of directors on Friday approved a new shareholder remuneration policy that will trim its hefty dividend and allow share buybacks, according to a securities filing.
Under the new policy, Petrobras' quarterly dividend will have to be at least 45% of its free cash flow, down from the current 60%, when the firm's gross debt is below $65 billion.
In 2022, Petrobras paid a total of 215.8 billion reais to its shareholders, including the Brazilian government, which holds a controlling stake in the firm.
Petrobras will announce its second-quarter dividends and earnings on Aug. 3 after the market closes.
Reporting by Carolina Pulice and Peter Frontini; Editing by Brendan O'Boyle and Kylie MadryOur Standards: The Thomson Reuters Trust Principles.
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Jean Paul Prates, Carolina Pulice, Peter Frontini, Brendan O'Boyle, Kylie Madry
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SAO PAULO, Petrobras, SA, Reuters, Thomson