Brazil’s state-run oil company Petroleo Brasileiro SA is “completely confident” its financial reporting is in line with regulation, the company’s chief financial officer said on Wednesday, after Brazil’s CVM market regulator questioned its hedging practices.

Chief Financial Officer Ivan Monteiro told reporters Petrobras would appeal the CVM decision and will continue to adopt the same accounting practices, including when it publishes fourth quarter results on March 21. (Reporting by Stephen Eisenhammer and Marta Nogueira; Editing by Bernard Orr)