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Report: Petrobras to cut investment plan by 5%

  • Petrobras (NYSE:PBR) will cut its 2016-20 capital spending plan by 5% to $93B, and could reduce its investments even further if a series of planned debt-reducing asset sales are completed ,the O Globo newspaper reported on Sunday.
  • PBR, which has amassed $130B in debt, already has cut its investment plans to $98.4B from $130.3B.
  • Earlier: Petrobras cuts oil reserves to 14-year lows (Jan. 29)
  • PBR -3.7% premarket.

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Petróleo Brasileiro S.A. - Petrobras