Brazil's Petrobras tells analysts it may need further capex cuts - Itau BBA
SAO PAULO Jan 15 (Reuters) - 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 by mid-2017, the note said. (Reporting by Paula Laier)
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