Brazil’s Petrobras posts record loss

http://www.dw.com/en/brazils-petrobras-posts-record-loss/a-19132858

Brazil's state-run oil giant, Petrobras, has posted its biggest ever quarterly loss. The steep fall in oil prices hurt results, although earnings continue to be impacted by a massive corruption case.

Brazil’s Petrobras posts record loss
22.03.2016

Petrobras' net loss widened to $10.2 billion (9 billion euros) in the last quarter of 2015, the oil giant reported Tuesday, as it struggled to cope with tumbling oil prices. Last year alone the price of a barrel of crude fell more than 40 percent.

The shortfall was steeper than predicted and turned Petrobras' full-year result - which had remained in the black until September 2015 - into an overall loss.

"It was an extremely difficult year for the oil industry in general, " Petrobras CEO Aldemir Bendine said.

The public company also attributed its losses to downgrades by credit rating agencies and the devaluation of Brazil's currency, the real.