Brazilian oil giant Petrobras lost 26.6 billion reais ($8.8 billion) in the fourth quarter after taking a write-down of 50.8 billion reais ($16.8 billion) due to corruption and other disruptions, the company said on Wednesday, according to Reuters.
Write-downs linked to a corruption scandal amounted to 6.19 billion reais (about $2 billion), while remaining losses came from cost overruns at refineries and oil price pressures, among other factors, Reuters said.
U.S.-listed shares in Petrobras were choppy in extended trading after the company released heavily-anticipated audited fourth-quarter financials. Markets eyed the results for impairments to the company's assets.
The delayed release was Petrobras' first audited financial statement since August. It marked a key step for the state-controlled oil company's future in international stock and credit markets and held implications maybe even for the future course of the world's seventh-biggest economy.
"The audited results are likely to improve overall expectations and reduce the risk of further downgrade from credit rating agencies for the time being," the Eurasia Group, a political consulting firm, wrote in a Wednesday note.