Record Petrobras operating profit speeds debt reduction

An aggressive turnaround helped Petroleo Brasileiro SA post a record operating profit in the first quarter and move ahead of schedule in reducing a debt burden that is the largest of any major oil firm.

Petrobras, as the state-controlled company is known, reported net income of 4.449 billion reais ($1.42 billion), well above a consensus estimate of 3.773 billion reais, while improving cash flow and debt metrics. Petrobras lost a net 1.246 billion reais in the first quarter of 2016.

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