Petrobras Reigns In Spending, Production

Petrobras released its much anticipated five year business plan and it shows significant cuts in capital expenditures and a dramatic reduction in oil production.

Petrobras: cutting capital spending by more than one third as oil production expected to lag

The Brazilian state-run oil concern released its budget today and it paints a picture of an organization in distress taking emergency action to stem red ink and shore up its balance sheet.  As a fraud investigation into the company has raged, the company had been bleeding cash due to mismanagement. In this environment and limited options available, Petrobras cut its investments by 37 percent over the next five years, reducing capital spending to $130.3 billion from its previous...