UPDATE 1-Brazil's Petrobras revises debt outlook amid lower crude prices [Reuters]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Reuters
Brazil's Petrobras revises debt outlook amid lower crude prices RIO DE JANEIRO (Reuters) - Brazil’s Petrobras has scrapped its 2020 debt reduction target due to market volatility, the state-run oil firm said in a securities filing on Tuesday, a widely expected move that underlines the significant challenges it faces. Petroleo Brasileiro SA, as the firm is formally known, is now seeking to end 2020 with $87 billion in gross debt, the same level as it ended 2019, according to the filing. Previously, the company said it was planning to end 2020 with a ratio of net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) of 1.5. That would have represented a sharp fall from the current level of around 2.4, and its success was dependent on a steady flow of divestments by Petrobras, which is selling an array of refineries and oilfields. However, swings in Brent crude prices, which serves as the benchmark for Brazilian oil, has made net debt an extremely volatile metri
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