Scandal Oveshadows Petrobras Record Production Results

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – What started out as a scheduled meeting by Petrobras officials to announce the company’s quarterly operational results turned into a teleconference to discuss the worst scandal ever faced by the oil giant and its impacts on the company and the market.

Instead of talking about record oil production numbers in October, Petrobras President, Maria das Graças Silva Foster, spent her time talking about why the third quarter financial results were not released and the measures implemented for better internal controls.

“Due to the current allegations and investigations due . . .

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