According to the bank’s latest note on the oil giant’s 4Q11 results:

“Our take: very negative. Petrobras’ 4Q11 results came in well below our expectations, particularly due to much-higher imports expenses. While net revenues matched our expectations, EBITDA came in at BRL 14.1 billion versus our expectations of BRL17.3 billion and consensus’ BRL 16.5 billion. The main differences are related to: i) imports of oil and oil products, which increased by BRL 3 billion over 3Q11, ii) slightly higher exploration expenses, and iii) BRL 1,070 million impairment. As a consequence, the bottom line also fell short of ours and the market’s expectations.”
Petrobras earnings’ report below…


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