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Investing

Petrobras Cuts 2012 Production Target (PBR)

Photo of Paul Ausick
By Paul Ausick Published

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, has cut its oil production growth target for 2010 by 30%, from 440,000 new barrels/day to 336,000 barrels/day. The company cites a delay in construction of a production ship as the cause of the production cut.

This is the latest setback in the company’s massive, multi-year $225 billion capital spending campaign, and was announced on the first day of new CEO Maria das Gracas Foster’s tenure. She was promoted to the CEO job for her operational experience and ability to get things done. She faces a multitude of challenges as Petrobras seeks to exploit the country’s huge offshore oil deposits.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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