Brazil’s government-run oil company Petrobras posted a modest profit for the second quarter of this year following three straight quarters of devastating losses. On Thursday, the company posted second quarter balance sheets, showing a net profit of R$370 million, reversing a first-quarter loss of R$1.25 billion. The company returned to profits after a long period of housecleaning made necessary by a corruption scandal and a steep 2015 decline in oil prices. Petrobras has been systematically selling peripheral assets in order to pay down debt and refocus its activities on oil and gas development. A weaker U.S. dollar in the second quarter helped the company reduce its debt-service costs. Rising oil prices in the second quarter also contributed to the return to profits.
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