Petrobras cuts five-year investment plan by 25% to $98.4B

  • Petrobras (NYSE:PBR) -2.9% premarket after announcing a ~25% reduction in planned investments for the 2015-19 period to $98.4B, the lowest in years, and warning that more declines in oil prices and the nation's currency could lead to further revisions.
  • PBR says 81% of the planned capital spending, or ~$80B, would go to exploration and production investments.
  • PBR cuts its 2016 estimate for average oil output in Brazil to 2.145M bbl/day from a prior target of 2.185M bbl/day; 2015 oil production in Brazil averaged a company record 2.128M bbl/day, in-line with its target and 4.6% more than 2.034M in 2014.

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