Petrobras shares fell 4% after the company reported capital expenditures 15% above guidance for 2024. The total spending last year was $16.6 billion, significantly exceeding the revised guidance of $18.5 billion.
Shares of Brazil’s state-operated oil company, Petrobras (ticker: PETR3), experienced a decline of 4% on the São Paulo Stock Exchange (B3) during the opening on Thursday. This drop followed unexpected announcements regarding its capital expenditure plans for 2024, which exceeded analysts’ forecasts significantly.
The firm disclosed that its capital expenditures for the past year amounted to $16.6 billion, surpassing the earlier guidance by around $2.1 billion. Notably, this guidance had already been adjusted downward from $18.5 billion in August, indicating a substantial deviation from previous estimates.
In summary, Petrobras’s shares fell sharply after the company announced capital expenditures that were unexpectedly higher than previously indicated. This has raised concerns among analysts and investors regarding the firm’s financial management and future outlook.
Original Source: www.tradingview.com
