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Image courtesy of Petrobras/Facebook.

Brazil’s Petrobras posted a $9.4 billion fourth quarter net loss on Tuesday after taking more than $10 billion in impairments.

The state-owned company booked a consolidated fourth quarter net loss attributable to shareholders of $9.42 billion, compared to a $9.72 billion net loss in the previous year quarter.

Analysts surveyed by Reuters had expected that the company’s fourth quarter loss would not exceed $2.71 billion.

The company’s full year consolidated net loss came in at $8.45 billion compared to a loss of $7.5 billion in 2014.

Fourth quarter adjusted EBITDA was $4.4 billion, down from $7.88 billion in the same quarter of 2014.

Adjusted EBITDA for 2015 dipped 9 percent year-over-year to $22.76 billion due to the appreciation of the U.S. dollar against the Real, Petrobras said.

The company took $11.88 billion in asset impairments for the fourth quarter and $12.84 billion in impairments for the full year tied to assets and investments.

The company’s fourth quarter operating loss was $10.51 billion, compared to $12.16 billion in the year ago quarter.

Operating loss for the full year of 2015 was $1.13 billion compared to a loss of $6.96 billion in 2014.

Fourth quarter gross profit fell to $6.98 billion from $8.64 billion a year ago while full year gross profits dipped 13 percent year-over-year to $29.82 billion.

The company’s exploration and production unit booked a full year net loss of $2.48 billion, down significantly from a full year net income of $14.15 billion in 2014.

Petrobras said the loss is was attributable to lower crude sale prices and the impairment of production fields in Brazil and aboard.

Refining, transportation and marketing net income jumped to $5.72 billion for the full year, up from a $15.76 billion loss in 2014.

The company’s gas and power unit booked a $237 million net income for 2015, up from a loss of $347 million the previous year, while the distribution unit fell to a $142 million net loss compared to a $565 million income in 2014.

Positive free cash flow rose to $4.41 billion in 2015, compared to negative free cash flow of $8.11 billion in 2014.

The company’s net debt fell 5 percent year-over-year to $ 100.37 billion as of December 31, 2015.

The average maturity of outstanding debt increased from 6.10 years as of December 31, 2014 to 7.14 years as of December 31, 2015.

Capital expenditures and investments for 2015 fell 38 percent year-over-year to of $23.05 billion.

Petrobras has decided to scrap its dividend for the second year in a row and will also forgo employee bonuses, Reuters said.

Editor’s note: This report was prepared using USD denominated results provided by Petrobras.