05/16/2025, 05:18 AM UTC
巴西石油第一季度：资本支出增加、油价走弱及股息减少Petrobras Q1: Higher CapEx, Weaker Oil Prices, And Fewer Dividends Ahead
1、巴西石油因资本支出增加、布伦特油价走弱及自由现金流下降，股息前景承压；2、管理层在炼油和能源转型领域的激进投资引发对效率和未来回报的担忧；3、尽管股息收益率仍高，但在油价下跌、债务增加及额外派息空间缩小的背景下，其可持续性存疑，叠加估值风险和政治因素，维持看跌观点。1. Petrobras faces dividend pressure due to rising capital expenditures (CapEx), weaker Brent oil prices, and declining free cash flow; 2. Management's aggressive investments in refining and energy transition raise concerns about efficiency and future returns; 3. Despite a high dividend yield, sustainability is uncertain amid lower oil prices, higher debt, and reduced extraordinary payouts, with valuation risks and political factors justifying a cautious bearish outlook.---
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