- Petrobras (NYSE:PBR) -4.3% AH after posted a massive and unexpected Q3 net loss after drastically reducing the value of oil fields, petrochemical and logistics assets; U.S.-traded shares already had shed 8.7% in today's regular trading.
- PBR says it lost a net 16.458B reais ($4.9B) in the quarter, nearly 5x more than the year-ago net loss of 3.76B reais and far worse than Reuters' average consensus estimate for a profit of 1.517B reais, as net revenues fell 14.4% to 70.44B reais.
- PBR was hit by impairments totaling 15.7B reais ($4.7B) on several upstream and downstream projects, attributed to a “review of projects in the investment portfolio,” exchange-rate fluctuations and a “review of the set of premises, such as the price of Brent [crude] and the long-term exchange rate.”
- Q3 total production rose 2.3% Q/Q to 2.87M boe/day, with domestic Brazil production gaining 4.2% to 2.22M boe/day due to a steep rise in pre-salt output from the Santos basin.
- PBR says its net debt fell 3.2% Q/Q to $100.29B at the end of the quarter.
- Separately, PBR says it concluded the completion of the first oil-producing well at the giant Libra pre-salt field in the Santos basin.
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Petrobras posts huge Q3 loss, hit by $4.7B in impairments
Published 11/10/2016, 06:29 PM
Petrobras posts huge Q3 loss, hit by $4.7B in impairments
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