- Petrobras (NYSE:PBR) says it will cut $11B from its capital spending plans for this year and next as it battles slumping oil prices and a sharp depreciation of Brazil's currency.
- PBR now expects to invest $25B in its operations this year, down from its previous view of $28B, and $19B in 2016 instead of its previous view of $27B; it also expects operating expenses of $29B this year, compared with its previous view of $30B, and $21B in 2016, down from $27B.
- The cuts represent the second round of retrenching in three months for the company, which once had the world's largest corporate investment plan.
- PBR says it still plans to sell up to $15.1B of assets by the end of 2016, with additional asset sales and other corporate reorganizations expected to raise the total to $56B - an amount double the company's $28B market value - by 2019.
- PBR +1.2% premarket.