Investors cheered a significant cut in production costs at Brazil’s state-run oil firm Petrobras on Friday, sending shares in the company soaring 4% in morning trade, their biggest intraday gain in more than a month. In its third-quarter results released on Thursday night, the company said production costs in a key offshore oil area known as the “pre-salt” fell 20% from the previous quarter to around $5.03 per barrel. Analysts at Banco BTG Pactual SA called the production cost figures “impressive,” adding that the firm’s earnings before interest, tax, depreciation and amortization beat their estimates by 13%. …read more
Source:: Yahoo Finance
