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2016-09-05 18:35:00

PETROBRAS CUTS 11,704 JOBS

PETROBRAS CUTS 11,704 JOBS

According to WSJ, Brazil's troubled state-run oil company Petróleo Brasileiro SA on Friday announced the end of its voluntary layoff program, with 11,704 workers deciding to leave the company amid intense efforts to cut costs.

Petrobras said the program, implemented in April, is likely to cost around 4 billion reais ($1.23 billion) and could save up to 33 billion reais through 2020. Petrobras already provisioned 1.2 billion reais in the second quarter.

In April, the company said it expected up to 12,000 employees to leave as part of the layoff program.

Petrobras has been making cuts across the board, reducing its once-ambitious investment plan and listing assets for sale as it tries to cope with low oil prices and a corruption scandal.

Petrobras had 78,470 employees at the end of 2015, down from a high of 86,111 at the end of 2013. Tens of thousands of third-party contractors dependent on Petrobras have also been fired or not had their contracts renewed amid the company's struggles.

Petrobras' net profit fell 30% in its second quarter from a year earlier to 370 million reais, the most recent figure available, due to weak fuel demand in recession-stricken Brazil and lower oil prices in the international market, among other factors.

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Earlier:

PETROBRAS NET INCOME $106 MLN 

STATOIL BUY BRAZIL: $2.5 BLN 

PETROBRAS SELLS $6.75 BLN 

PETROBRAS SELLS $1.4 BLN 

BRAZIL & VENEZUELA IN SHOCK

 

Tags: OIL, PRICE, PETROBRAS, BRAZIL, JOB

Chronicle:

PETROBRAS CUTS 11,704 JOBS
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RUSSIA - EXXON: NEW PROJECTS

BLOOMBERG - Russia has begun discussions with Exxon Mobil Corp. on possible new oil and gas projects, potentially creating a dilemma as the U.S. government mulls more sanctions against the country.

PETROBRAS CUTS 11,704 JOBS
2018, October, 22, 11:50:00

IMF HAS UKRAINE FOR $3.9 BLN

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PETROBRAS CUTS 11,704 JOBS
2018, October, 22, 11:45:00

UKRAINE'S GAS PRICES UP 23.5%

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PETROBRAS CUTS 11,704 JOBS
2018, October, 22, 11:40:00

SCHLUMBERGER NET INCOME $644 MLN

Schlumberger Announces Third-Quarter 2018 Results Revenue of $8.5 billion increased 2% sequentially Pretax operating income of $1.2 billion increased 5% sequentially EPS was $0.46 Cash flow from operations was $1.8 billion Free cash flow was $1.0 billion

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