Brazilian state-controlled oil company Petróleo Brasileiro SA missed fourth-quarter profit estimates on Tuesday after revenue came in well below expectations.
According to a statement, Petrobras earned net income of 2.510 billion reais ($812 million) last quarter, reversing a loss of 16.458 billion reais in the third quarter. Operational and cash flow trends improved while net debt slumped 20 percent to 314.120 billion reais at the end of last year.
Chief Executive Officer Pedro Parente is discussing results with reporters at an event in Rio de Janeiro.
($1 = 3.0891 reais) (Reporting by Marta Nogueira and Guillermo Parra-Bernal; Additional reporting by Gustavo Bonato in São Paulo; Editing by James Dalgleish)