Brazil's Petrobras reports $10.2 billion quarterly loss

Staff Writer
Columbus CEO

RIO DE JANEIRO (AP) — Brazil's state-run oil company Petrobras is reporting a record quarterly loss of more than $10 billion due to a large reduction in the value of some assets amid lower oil prices.

Petrobras has been at the center of a sprawling corruption scandal that has ensnared some of Brazil's most powerful lawmakers and business executives. Police questioned President Luiz Inacio Lula da Silva earlier this month as part of the investigation.

The oil giant said Monday that it lost 36.9 billion reais, or $10.2 billion, in the fourth quarter. That brought the company's full-year 2015 result to a $9.6 billion loss.

Net sales, or total sales minus sales taxes, was $23.5 billion in the quarter. Adjusted earnings before interest, taxes, depreciation and amortization totaled $4.7 billion.