Petrobras (PBR -2.8%) slides on news it won’t need as many drilling rigs as planned in an...

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (PBR -2.8%) slides on news it won’t need as many drilling rigs as planned in an important deepwater project, inciting worries the purchase will detract from spending on existing projects. But Simmons analysts say the move is positive overall because PBR is "showing some restraint on capex and that well productivity has been better than they may have originally planned."