Petrobras (PBR) -1.7% premarket, adding to Monday's 3.4% drop, after reporting weak Q4 earnings...

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

Petrobras (PBR) -1.7% premarket, adding to Monday's 3.4% drop, after reporting weak Q4 earnings late yesterday. Investors are puzzled by PBR's decision to crank up capex 16%, even as net-debt-to-Ebitda hit 2.77 (from 1.66), above PBR's self-imposed 2.5x target. PBR's plan "should not bode well with investors" who were expecting lower capex with gasoline and diesel prices still below import parity, Deutsche Bank says.