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2015-07-01 19:05:00

PETROBRAS 37% DOWN

PETROBRAS 37% DOWN

Brazil's Petrobras will cut its spending by 37 percent through the next four years in an effort to tame its enormous $110 billion debt.

The state-owned company said it will slash expenditures across its four segments by a little over a third through 2019.

The company now plans to spend $130 billion from 2015 to 2019, with exploration and production accounting for $108.6 billion of the budget plan.

Petrobras said 86 percent of its exploration and production budget will be allocated to production development, 11 percent to exploration and 3 percent…

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Tags: PETROBRAS, OIL, GAS
Chronicle:
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