24 April 2015, News Wires – Petrobras aims to follow up the release of its fourth-quarter results, where it posted a loss of more than $7 billion, with figure from this year’s first quarter within a matter of weeks.
The Brazilian state-owned player’s board will meet on 15 May to examine the financials for the three months to the end of March, it said on Friday.
“The company expects to disclose these financial statements after the decision of the board,” a brief statement read.
The expected expediency of the results’ release is in marked contrast to the prolonged process of stating its fourth-quarter results, which Petrobras only managed on Wednesday.
This was because the company had to adequately quantify write-downs associated with historical corrupt practices and other impairments.
In the end the company posted a quarterly loss of 21.6 billion reais ($7.2 billion), with write-downs linked to the corruption scandal that has rocked the company and country put at 6.19 billion reais.
The remained came from cost overruns at refineries, the falling oil price and other missed goals.
It also booked an impairment charge of 44.6 billion reais following the revaluation of a number of its assets which it had deemed to be overvalued.
Petrobras on Thursday outlined plans to invest $29 billion this year and another $25 billion in 2016, down from $35 billion it invested last year.
The company will concentrate the bulk of investments in the upstream department, where about 82% of the projected capital expenditure in 2016 will be allocated.