Petrobras Rises Most in Three Weeks After Cutting Workforce
- Company anticipates savings of $10 billion through 2020
- Oil producer is slashing costs to reduce debt and weather rout
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Petrobras rose the most in three weeks after completing a voluntary dismissal program to help reduce debt and adjust operations to lower oil prices.
The dismissal plan ended on Aug. 31 with 11,704 employees signing up, Petrobras said in a statement Friday, adding that the numbers may change. It is in line with the offshore-producer’s original plan to save 33 billion reais ($10 billion) through 2020 by shedding 12,000 jobs. The initial severance cost is estimated at 4 billion reais, it said.