Rochester, NY 8/7/2009 5:18:50 PM
Pre-Market - Petrobras Energía Participaciones S.A., PZE - Petrobras Energia Still Trading Difficulty
Petrobras Energía Participaciones S.A.
Petrobras Energia released company’s first quarter results recently. The report demonstrated the difficult quarter faced by all oil and gas producers, and also highlighted the company's unique issues.
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Operating income for the exploration and production segment tumbled 93% from last year as a result of lower prices, lower volumes, and higher exploration expenses. The refining segment fared no better, posting a loss as volumes fell on weak domestic demand and higher crude costs in pesos crushed margins. The devaluation of the peso significantly contributed to the company posting a loss for the quarter.
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