Petrobras Output Drops on Chevron Field
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Petroleo Brasileiro SA, the world’s worst-performing major oil company this year, is heading for its first annual output drop since 2004 as offshore discoveries fail to counter declines at aging fields.
Petrobras, as the Rio de Janeiro-based company is known, had its first loss in more than a decade in the second quarter after output fell 1.1 percent amid declines at the offshore Campos Basin, maintenance-related shutdowns at platforms and the closing of Chevron Corp.’s Frade field, where Brazil’s state-controlled oil producer has a minority stake.