Petrobras Sees Lower 2018 Net Debt, Ups Free Cash Flow
Brazilian state-controlled oil company Petróleo Brasileiro SA on Monday cut its 2018 net debt target to $69 billion from $85 billion in 2017, according to a presentation to investors.
Petrobras, as the company is known, forecast $15 billion in free cash flow in 2018, up from $13.9 billion in 2017. It predicted output of 2.1 million barrels of oil per day in 2018 and kept a $21 billion divestment target for 2017-18.
(Reporting by Bruno Federowski Editing by Chizu Nomiyama)