Brazil's state-controlled oil producer Petrobras remains stuck in a financial black hole, as low oil prices and the depreciation of the Brazilian real exacerbate the lingering effects of a wide-reaching bribery scandal that has paralyzed the firm for two years. Last week the company reported a 36.9 billion real ($ 10.2 billion) net loss for the fourth quarter of 2015, alongside 46.4 billion reals in impairment charges, most of which pertained to domestic upstream assets. For the full year, Petrobras' net loss stood at 34.8 billion reals — 61% more than the 21.6 billion reals the firm lost in 2014. The loss means Petrobras will pay no dividends for the second consecutive year.
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