Monday, March 21, 2016

 

Petrobras posts $10bn quarterly loss

Brazil's Petrobras, which is at the centre of a massive corruption scandal, has posted its biggest ever quarterly loss due to the plunge in oil prices.
The state oil firm's net loss widened to 36.9bn reais ($10.2bn; £7.1bn) in the three months to December.
The company had to write down billions of dollars from assets like oil fields and drilling rigs after crude prices fell by more than 40%.
Petrobras shares fell by nearly 6% in after hours US trading on the results.
Its chief executive said in a press conference that 2015 was "an extremely difficult year for the oil industry".

Weak demand
Petrobras has also been trying to deal with the fallout from an expanding corruption scandal that has gone to the top ranks of government and seen some of its former executives jailed.
On Monday police arrested a man in Portugal they say was laundering payments for two of the jailed Petrobras executives.
Police say the man, Raul Schmidt Felipe Junior, may also have acted as an intermediary between some foreign companies and Petrobras.
Brazil is also mired in its worst recession in a century, which has led to weak demand at home for its fuel products.
To maintain its finances, the firm has drastically reduced its spending and investment plans. Petrobras is also looking to sell some of its assets in order to raise more than $14bn.

Tags : ,

Share

Social

The idea behind the text.
Respect for the truth is almost the basis of all morality.
Nothing can come from nothing.



Follow

Popular Topics

Read

Well, the way they make shows is, they make one show. That show's called a pilot. Then they show that show to the people who make shows, and on the strength of that one show they decide if they're going to make more shows.

Like you, I used to think the world was this great place where everybody lived by the same standards I did, then some kid with a nail showed me I was living in his world, a world where chaos rules not order, a world where righteousness is not rewarded. That's Cesar's world, and if you're not willing to play by his rules, then you're gonna have to pay the price.

You think water moves fast? You should see ice. It moves like it has a mind. Like it knows it killed the world once and got a taste for murder. After the avalanche, it took us a week to climb out. Now, I don't know exactly when we turned on each other, but I know that seven of us survived the slide... and only five made it out. Now we took an oath, that I'm breaking now. We said we'd say it was the snow that killed the other two, but it wasn't. Nature is lethal but it doesn't hold a candle to man.

You see? It's curious. Ted did figure it out - time travel. And when we get back, we gonna tell everyone. How it's possible, how it's done, what the dangers are. But then why fifty years in the future when the spacecraft encounters a black hole does the computer call it an 'unknown entry event'? Why don't they know? If they don't know, that means we never told anyone. And if we never told anyone it means we never made it back. Hence we die down here. Just as a matter of deductive logic.