Petrobras takes beating after poor fourth quarter

By GARETH CHETWYND Rio de Janeiro

 17 February 2012 01:23 GMT

Brazilian state-controlled Petrobras suffered a turbulent week on the stock markets after poor fourth quarter results.

The company reported a 52% decline in fourth quarter profit last Friday with price controls, fuel imports and unscheduled shutdowns among the explanations.

Petrobras shares have been underperforming so far this year, despite a strong rally with the announcement of management changes, and slumped again this week, sliding 8% after Tuesday’s analysts conference call.

Explanations for an apparent accounting error were not well received, and details of project delays also began to emerge.

Petrobras scaled down its expectations for bringing on stream oil from new sources, scaling back to a forecast of 336,000 barrels…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index