Petrobras cuts costs

Petrobras cuts costs

M&A Debt Corporate & Sovereign Strategy Economy & Policy Energy Brazil

Brazil's Petrobras said it plans to cut operating costs by $8.1bn as part of a so-called Resilience Plan for 2019 to 2023. The state-owned energy company said it will offer voluntary layoff payments to employees and reduce advertising and sponsorship expenses as it looks to trim the $123bn in budgeted operating costs by 6.6% over the next five years. Petrobras will also expend its asset sales program to lower debt and reduce the cost of capital, it said in a statement. The company last week r

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