The problem is that you have a 60 year old company with a long history of a crappy dividend, and now a Brazilian Gov that will force price cuts and spending to create jobs in rifinaries and ethanol production. Also huge supply of shares from the losers who bought on the secondary and want out. Finally I doubt the accounting just as the Brazilian Gov questions the accounting and wants to collect a few billion reais in back taxes. So PBR is now just another broken secondary, State owned compay that doesn't really have any interest in paying dividends, but is out borrowing mony to create jobs in Brazil. Yuck.