Petrobras Skimps on Dividend, Market Value Plummets By $14 Billion

Brazil’s state-run oil company, Petrobras, saw its shares crash on Friday after it skimped on its dividend, with the ramifications spilling beyond Petrobras and into the wider Brazilian stock market. Petrobras’ market value tumbled on Friday by $14 billion after the company’s fourth-quarter results—published on Thursday—disappointed investors with a reduced dividend. Investors and analysts had expected an extraordinary dividend between $3 and $4 billion for the quarter, on top of the $2.9 billion regular dividend.…