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Petrobras cuts oil production, postpones dividend

|About: Petróleo Brasileiro S.A. - ... (PBR)|By: , SA News Editor

Petrobras (NYSE:PBR) announces a series of cost-cutting moves in response to the coronavirus, reducing production, idling some platforms and delaying a dividend payment.

Petrobras says it is reducing its oil production by 100K bbl/day through the end of March due to lower demand.

The company will postpone to Dec. 15 from May 20 the payment of 1.7B reais in dividends remaining from FY 2019, according to a Brazilian regulatory filing.

Petrobras says the measures will allow it to balance its cash flow in 2020.

PBR -1% pre-market.