How to Lose $34 Billion in 18 Months
This segment is from Tuesday's edition of 'Digging for Value', in which sector analysts Joel South and Taylor Muckerman discuss energy & materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays & Thursdays. It can also be found on Twitter, along with our extended coverage of the energy & materials sectors @TMFEnergy.
How does one go from holding a personal wealth of $34 billion to worrying about bankruptcy within a year and a half? Try drilling a bunch of unproductive wells with the oil and gas company that you founded. Eike Batista and his company, OGX Petroleo E Gas has become fairly notorious for achieving this very "feat". His fate is just another black eye for the Brazilian oil and gas industry that has seen Petrobras' sit on possibly some of the most legendary finds since being introduced to the world six to seven years ago. If things don't turn around quickly, investors in Petrobras might have similar worries of wealth destruction. For more tune in below.
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The article How to Lose $34 Billion in 18 Months originally appeared on Fool.com.Joel South has no position in any stocks mentioned. Taylor Muckerman owns shares of Core Laboratories N.V.. The Motley Fool recommends Petroleo Brasileiro S.A. (ADR). Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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