The reasons for the beat down are pretty obvious. Profits may have "beat", but would not have except for an exceptional financial transaction, EBITDA was dismal, there looks to be a funding shortfall to make their 5 year capex plan, etc..... I could go on.
Until the Brazilian government lets this company operate like something approximating a for-profit enterprise, it's just asking too much for shareholders to be equity holders. It doesn't matter how much oil they have (and it's a lot) this is an arm of the government, not a proper corporation.
What a shame. This used to be, along with Statoil, the model of how a national oil company could serve both the nation and the market. Now it's more like Pemex than anything.
"Debt hits 2.77 times EBITDA; above company limit".
The question is what covenants will be breached and what are the consequences to shareholders?
This company has a multitude of problems not the least of which is the Brasil government increasingly taking profits away from the business to run the government. Not good.