Image courtesy of Minale Tattersfield/Flickr.

Brazil’s Petrobras said Thursday that it will release its audited 2014 results by the end of May as it tallies losses tied to an ongoing corruption scandal.

In a security filing the company said low oil prices and high debt levels will force it to cut investment and investigate financing alternatives to shore up its cash position.

Petrobras is not currently planning any new stock offerings, Reuters said.

However, newly appointed CEO Aldemir Bendine told Valor Economico that some units of the company could go public to raise capital.

“Petrobras is reviewing its financial planning and understands that it will be necessary to reduce investments, increase divestment and study other possibilities for financing and increasing its cash flow,” the company said.

The company said it is crafting a new method to calculate write downs tied to bribery, price-fixing and kickbacks that came to light following a police probe.

Details about its accounting methods have not been released yet.

Earlier this week Bendine refuted reports that the company will take a $30 billion write down tied to a corruption scandal and said the rumor does not reflect “the reality of the company.”

Former CEO Maria das Graças Foster has said the state owned company could face write downs of up to $31 billion for alleged bribery and kickback schemes tied to company contracts.

Bendine confirmed that a write down should be expected in the company’s audited fourth quarter results.

Petrobras is currently the most indebted oil and gas company in the world with about $110 billion in net debt.


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