Liam Denning, Columnist

Petrobras's Can of Worms

The majors have shown impeccably bad timing.

May 16, 2016 at 11:00 AM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

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The NYSE ticker for Petrobras, "PBR", makes sense, alphabetically speaking. Can it be entirely a coincidence, though, that one look at the Brazilian oil major's balance sheet makes you want to down a case of the stuff?

Petrobras, which on Friday reported its first-quarter numbers, admits it has a problem, with its chief financial officer saying: