making the investment would cause losses

Petrobras cuts dividends to keep up investment

uk canada goose RIO DE JANEIRO, Feb 5 (Reuters) The worst annual result in eight years at Brazil state led oil company Petrobras prompted it to cut the common share dividend as it sought to preserve cash to maintain investments as fuel and refining losses canada goose outlet in chicago mount, executives said on Tuesday. uk canada goose

canada goose clearance sale Common shares of Petroleo Brasileiro SA slumped as much as 8.8 percent on Tuesday in Sao Paulo, reaching their lowest level since late 2005. canada goose clearance sale

Petrobras saved about canada goose stockists uk 3.5 billion reais canada goose outlet in montreal ($1.77 billion) with the common share dividend cut, Chief Financial Officer Almir Barbassa said, cash needed to keep its canada goose vest outlet planned $237 canada goose outlet paypal billion five year investment plan on track.

uk canada goose outlet amount saved is about what it costs for an oil platform that can produce about 150 ,000 barrels of oil a day, Chief Executive Maria das Graas Foster told investors canada goose outlet locations in toronto on a conference call from Rio de Janeiro. making the investment would cause losses, hurt future cash flow. uk canada goose outlet

Canada Goose sale Previously Petrobras had paid equal dividends to common and preferred canada goose parka uk shareholders, though that is not required under the law or the company by canada goose factory outlet laws. Canada Goose sale

Canada Goose Coats On Sale Petrobras cash generation has been squeezed in recent canada goose outlet online uk years as the government, which owns a majority of voting shares, prevented the company from raising fuel prices in line with world prices. Canada Goose Coats On Sale

canada goose clearance Rising demand at home and refineries working near full capacity forced the company, the only refiner in the world sixth largest economy find more , to canada goose outlet official import fuel at world canada goose outlet shop prices and sell it at home at a loss. canada goose clearance

buy canada goose jacket Despite gasoline and diesel price hikes in June, July and on Jan. 30 Foster said canada goose outlet near me a gap still remains between domestic and international prices. buy canada goose jacket

canada goose coats was an extremely difficult year, Foster said on a conference call with investors. year 2013 will be even more difficult, especially in the first half, she said. canada goose coats

canada goose store Brazil domestic fuel prices are effectively canada goose outlet price set by the government, which owns a majority canada goose outlet store uk of Petrobras common, voting shares. The government has held prices in check to help limit inflation. Its refining unit lost canada goose outlet phone number 22.9 billion reais in 2012, an amount larger than its entire 21.2 billion full year profit. canada goose store

The refining losses helped the canada goose uk company post its worst annual result since 2004.

cheap canada goose uk Foster blamed a weaker real for the lingering difference in fuel prices in comments at a press conference regarding fourth quarter earnings released late on Monday. cheap canada goose uk

cheap Canada Goose The company common shares pared losses in Sao Paulo to 8.2 percent in afternoon trading. canada goose uk site Preferred shares, the most widely traded class of Petrobras stock, erased an early drop to gain 0.3 percent. cheap Canada Goose

Canada Goose Parka Foster said a difficult operating climate would canada goose outlet toronto factory persist but the company would not waiver from its investment plans to raise output. The company plans to invest 97.7 billion reais ($49.1 billion) in capital projects in 2013 alone, Foster said. Canada Goose Parka

Canada Goose Outlet Petrobras debt rose goose outlet canada to 2.77 times adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), above the company own internal limit of 2.5 times EBITDA. Canada Goose Outlet

rose because of difficulties, declining production, Chief Financial Officer Almir Barbassa said.

buy canada goose jacket cheap Debt is likely to remain near that level or go higher in 2013, Foster said adding that she does not think it will cause ratings agencies to cut the company debt rating. buy canada goose jacket cheap

Canada Goose Online Petrobras is seeking to shed some of its assets to raise cash. Foster said the company had received offers and canada goose outlet legit hoped to conclude deals by April Canada Goose Online.

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