Petrobras cleans balance sheet and posts unexpected third quarter loss

Petrobras cleans balance sheet and posts unexpected third quarter loss

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Petrobras cleans balance sheet and posts unexpected third quarter loss

Despite losses, operational and cash flow trends improved, said Chief Financial Officer Ivan Monteiro said.
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.

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