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Petrobras CEO Resigns! Hold Your Nose And Get Onboard

The collapse in the price of oil last two and a half months has been jaw dropping to say the least.

No oil major has felt the pain like Petróleo Brasileiro S.A. AKA Petrobras (PBR); the Brazilian company is involved in a scandal of gargantuan proportions. Any investor who follows oil knows that the company delayed the release of its earnings report by two months due to fraud and corruption charges from the Lava Jato operation.

Last week Petrobras reported Q3 unaudited, unreviewed earnings of $3.09B reais, or $1.1B US. The street was looking for a write-off number (due to fraud) that has ranged from rumors of $3.5B to $20B. Shareholders didn't get a number, but what the company did give investors was a look into the scope and methodology of determining a possible amount. From my interpretation of the call, the maximum amount would be $23B.

Make no… Read More …