The Brazil government owns 51% of Petrobras.

It produces 91% of Brazil’s oil and 90% of its natural gas.

It earned $2.3 billion in the first three months of this year, slightly below its average for the previous four quarters.

Its quarterly revenue of $34.5 billion has been generally flat over the period.

The company’s stock is 35% below prices at the start of 2011, when newly elected Brazil president Dilma Rousseff took office.

Petrobras’ long-term debt grew to $126.5 billion by the end of March, from $90.6 billion just a year earlier.

The company is betting big on pre-salt production.

It said  average pre-salt output accounted for 22% of total production in May.

From 2010 to 2014, the average daily output at the pre-salt reservoirs has increased tenfold, from 41,000 barrels to 520,000 barrels per day.

The company said it expects a 7.5% increase in its oil output for 2014.

There are a two ongoing corruption scandals at the company.

In April, the Federal Senate launched an investigation into allegations that Petrobras overpaid for an oil refinery in Pasadena, Texas in 2006.

Petrobras initially paid $360 million for a 50% stake in the refinery and six years later was forced by a contract to buy the rest, paying a total price of $1.2 billion.

So far, Petrobras has written off $500 million on the value of the refinery.

And in March this year, prosecutors opened a criminal investigation into allegations that Petrobras employees took $139 million in bribes from Dutch supplier SBM Offshore in exchange for equipment supply and drilling contracts.


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