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Petrobras to rein in debt financing in 2014, CFO Barbassa says

  • Petrobras (PBR -0.8%) expects to scale back its financing in 2014, CFO Almir Barbassa tells WSJ, after raising ~$20B in global financial markets last year including an $11B bond sale that was the largest ever from an emerging-market company.
  • The CFO provided few details, saying he will have a better grasp of how much funding is need later in Q1 after work is completed on PBR's latest five-year investment plan; the current plan through 2017 calls for $237B, which WSJ says has made PBR the world's most indebted oil company.
  • Despite Barbassa's pledge, PBR already this year has raised $5B from European debt markets and is on the lookout for more debt financing.
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