Why Brazilian Oil Giant Petrobras Shares Are Diving Today

Petroleo Brasileiro S.A. (NYSE:PBR) shares are trading lower after the company reported fourth-quarter financial results.

Sales of $27.11 billion (-10.2% Y/Y) beat the consensus of $26.94 billion.

Oil products revenue fell 14.7% Y/Y to $16.1 billion. Total domestic market revenues declined 13.9% Y/Y to $19.6 billion, while foreign market revenues were up 1.4% Y/Y to $7.5 billion.

In the quarter, despite lower sales volumes in the domestic market on the seasonality of …

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