Petrobras backs its strategy after shares dip on higher investment
Brazilian state-run oil firm Petrobras could bring forward investments in the future if it leads to higher oil production earlier, Chief Executive Magda Chambriard told journalists during a presentation of the 2024 financial results.
On Wednesday the firm reported higher-than-expected investments for 2024 in its fourth-quarter results release, surprising analysts and leading to a dip in the share price on Thursday.
Petrobras non-voting shares closed over 3% lower in Sao Paulo’s B3 exchange, while its voting shares declined more than 5%, according to preliminary data. Brazil equity benchmark Bovespa settled almost unchanged.
Last year, Petrobras spent 15% above its guidance for 2024, because it brought forward investments expected for this…
