Petrobras posts Q1 loss

Brazil

RIO DE JANEIRO, May 13, 2016 – Petrobras continued its losing streak as it posted first quarter losses of USD 358 million late on Thursday. Brazil’s embattled oil major has been struggling with the fallout of a wide-ranging corruption investigation and low oil prices.

While a substantial loss, the company’s performance during the first quarter of the year represents a marked improvement over the fourth quarter of 2015, when write-offs pushed Petrobras’ results deep into the red, with a net loss of some USD 10.2 billion.

As a response, the company embarked on a job-cutting scheme that will see as many as 12,000 positions eliminated. Petrobras is also working to achieve a USD 14.4-billion divestment target. Earlier this month, the company confirmed it would be selling its assets in Argentina and Chile as part of ongoing divestment and debt reduction efforts.

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