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,

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.

The Brazilian oil producer has joined other majors including Exxon Mobil Corp. and Chevron Corp. who continued to reward shareholders even though free cash flow has become strained at current oil prices.

Petrobras, the Brazilian state oil corporation, reported a disappointing fourth quarter with a net loss of 17 billion reais ($2.8 billion), compared to a profit of 31 billion reais the previous year.