Brazil's Petrobras tells analysts it may need further capex cuts

January 15, 2016 2:31 PM

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SAO PAULO Jan 15 Brazil's state-run oil company Petroleo Brasileiro SA is pressing ahead with the sale of $15 billion in assets but may need to make further cuts to its investment plan depending on oil prices, the company told analysts on Friday according to a client note from Itaú BBA.

Petrobras did not rule out help from the government but said it was not on the table right now and would be a last resort, Itaú BBA said. The oil firm said it was working to increase dividends but that would depend on profits and, in a worst case scenario, its cash position would reach $15 billion b...

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