Bloomberg News

Petrobras Dry Wells Contributed to Lower Fourth Quarter Profit

February 14, 2012

Feb. 14 (Bloomberg) -- Petroleo Brasileiro SA’s fourth quarter profit was lower than expected in part because the company registered unsuccessful exploration wells from 2011 in the fourth quarter, Chief Financial Officer Almir Barbassa said in a conference call today.

Petrobras registered 693 million reais ($404 million) in losses due to dry wells in the quarter, the company said in a presentation. A weaker currency, higher taxes and growth in fuel imports also contributed to a drop in profits, Barbassa said.

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