Petrobras cleans balance sheet and posts unexpected third quarter loss

Monday, November 14th 2016 - 07:54 UTC

Full article 4 comments

Brazilian state-controlled oil company Petrobras posted an unexpected third-quarter loss after drastically reducing the value of oil fields and other assets amid a severe downsizing and weak oil prices. Petrobras lost a net 16.458 billion reais (US$4.9 billion) last quarter, five times more than a year earlier. Despite that, operational and cash flow trends improved and, without an impairment, profit could have totaled 600 million Reais, Chief Financial Officer Ivan Monteiro said. Read full article

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:o))
UNexpected??? :o))
Nov 14th, 2016 - 09:17 am - Link - Report abuse 0
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ChrisR
@ above

I know, it's just beyond belief, isn't it.
Nov 14th, 2016 - 01:45 pm - Link - Report abuse 0
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Jack Bauer
You can't clean up 9 years of shit from the PT (while in control of the company), overnight. The downward spiral needs to be stopped before it can improve.
Nov 14th, 2016 - 06:47 pm - Link - Report abuse 0
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:o))
That's true! That's why my question: “Unexpected”?
Nov 14th, 2016 - 09:29 pm - Link - Report abuse 0
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