Petrobras reported results of negative $R446 million in 2017. Despite the massive loss, the results were the lowest losses reported in the last 4 years. The state-owned enterprise profits came in at R$ 11.198 billion according to recently cited reports/
In 2017, the company reduced its liquid debt to R$ 84,198 billion, it’s lowest debt level since 2012. Beyond that annual interest rates service dropped from R$ 25.6 billion to R$ 22,3 Billion. Petrobras has announced plans to reduce its liquid debt to EBITDA to 2.5 by the end of the 2018 fiscal year.
On a more upbeat note, the oil giant reached record production results for the second year in a row wu\hile meeting its production goals for the third consecutive year. Total production volume of oil and natural gas reached 2,767,000 barrels per day averaged out over the year. Exports grew 32% while total imports shrank to 18%