RIO DE JANEIRO, Aug 6 (Reuters) – Brazilian state-led oil company Petroleo Brasileiro SA said its second-quarter net income plunged 89 percent after a one-time charge for underperforming assets that caught analysts off guard.
The 1.28-billion-real charge was taken as Petrobras’ new executives and board of directors try to control the company’s $132 billion debt, the oil-industry’s largest, by preparing up to $15.1 billion of assets for sale by the end of 2016.
The company also showed unexpected speed in casting off under-performing projects, some of which have been criticized as offering more political return to Brazil’s ruling coalition than to Petrobras’ bottom line.
Brazil Energy Insight 
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