Petrobras posts record fourth-quarter loss

Brazil’s Petróleo Brasileiro SA (Petrobras) has posted its largest quarterly loss ever due to the plunge in oil prices, which reduced the value of the company’s oilfield and rig assets, according to various media outlets.

In a securities filing, Petrobras reported a consolidated fourth-quarter net loss of 36.9 billion reais (US$10.2 billion). The shortfall equated to a 48% increase compared to the company’s fourth-quarter 2014 results.

 

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