Petrobras' (PBR) first quarterly loss in 13 years has more to do with the real's depreciation...

|About: Petrobras - Petroleo Brasi... (PBR)|By:, SA News Editor

Petrobras' (PBR) first quarterly loss in 13 years has more to do with the real's depreciation than recurrent factors, CEO Maria das Gracas Foster says. The company lost 1.35B reais ($666M) vs. an expected 2.94B-real profit, and the need for international financing means heavy exposure to the dollar. Production gains of 1.5% in the past year (to 2.62M bpd) marked the slowest rate since 2007. (Beyondbrics: It's not just the FX)