Petrobras must "reinvent" itself after crude oil price drop -CFO
March 22 (Reuters) - The fall of crude oil prices to a new, lower baseline is forcing Brazil's state-controlled oil company Petrobras to reinvent itself, the company's chief financial officer said on Tuesday, a process that has led to sharp budget cuts and asset writedowns.
The CFO, Ivan Monteiro, made the comment in a conference call with investors the day after Petroleo Brasileiro SA , as the company is formally known, announced a 36.9 billion real ($10.2 billion) loss, the biggest in its history.
($1 = 3.6135 Brazilian reais) (Reporting by Jeb Blount in New York; Editing by Chizu Nomiyama)
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