Petrobras Earnings Hit With Unexpected Impairment Charges, but Cash Flow Improves
Several large unexpected impairment charges during the quarter resulted in Petrobras reporting a loss for the third quarter. However, the non-cash charges obscured the company’s continued operational progress that led to another quarter of free cash flow generation. Totaling the BRL 15.7 billion, the impairment charges were largely a function of exchange rates, discount rates, uncertainty on delivery of key offshore equipment, and postponement of downstream investment. Excluding these charges, a...
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