Petrobras warns that coronavirus may cause negative impact on its financial results

Petrobrás, in its annual 20-F report required by all companies traded on the US stock exchange, said that the coronavirus pandemic could cause restrictions on the health of its workforce, thus affecting operations at some of its facilities, and hence impacting its financial results.

It is reported that measures to combat the virus are impacting demand for fossil fuels worldwide.  This, together with the war for market share being waged by oil producing giants Russia and Saudi Arabia who refuse to reduce supply, is contributing to bring down oil prices further.

Petrobras has already been implementing a comprehensive cost reduction plan in recent years and has not announced additional measures to cut expenses due to the coronavirus. Other global oil companies such as Exxon, Chevron, BP and Total have announced plans to cut costs sharply due to the current crisis.

Source: Reuters

Sharing is caring!