Petróleo Brasileiro SA cut debt by 20 percent and had positive free cash flow for the seventh straight quarter during the fourth quarter, in a further sign of recovery at Brazil’s state-controlled oil company in spite of a quarterly profit miss.
Net income at Petrobras (PETR4.SA) came in at 2.510 billion reais ($812 million) last quarter, reversing a loss of 16.458 billion reais in the July-to-September period. Drastic cost-cutting and higher well productivity helped offset weaker revenue trends, the main culprit behind the profit miss.
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