The Brazilian state-owned company had reported earnings of more than 7,000 million dollars at the end of last year, the highest income in its history.
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Brazilian state oil company Petrobras reported on Thursday a loss of 48,500 million reais (about $ 8.3 billion) in the first quarter of this year, newspaper O Globo reported.
The firm was impacted by the oil crisis which, in the context of the coronavirus pandemic, reached negative prices in the US market in mid-April, eventually selling at -2 dollars per barrel.
According to Petrobras records, in the same period of 2019, the company had reported earnings of 4 billion reais (about 688 million dollars).
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This Thursday, according to local press, the hydrocarbon giant changed the long-term price projection for the Brent type barrel. from 65 dollars 50 dollars.
The last time the Brazilian state-owned company registered a negative balance was in the third quarter of 2017. Meanwhile, in all of 2019, the company had achieved a net income of about 7,000 million dollars, the highest in history.
In early April, the oil company acknowledged that it was facing the “worst crisis in the industry in the last 100 years”, announcing that it would stop producing 200,000 barrels per day of crude oil due to the slowdown in global activity due to the pandemic. The scenario was driven by an excess supply in the market and a sharp contraction in global demand for oil and fuels at the global level.
Weeks later, he reported that would suspend operations of 62 of its platforms in shallow water fields, as part of a series of actions to “preserve employment and sustainability of the company. “
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