# Tag: refining margins

- [Petrobras Faces Dividend Risk as Capex and One-Offs Pressure 4Q25 Cash Flow](https://brazilstockguide.com/insights/petrobras-dividend-risk-4q25-capex/) (2026-02-03): BTG Pactual flags downside to market expectations, citing heavier investments and extraordinary outflows late in the year.