Petrobras posts Q1 loss
Brazil 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.
For more news and features on the oil and gas industry in Brazil, click here.
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