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,

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.

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.