Petrobras Bulls Look Past Weak Quarter and See Output Surging

Petroleo Brasileiro SA’s shares rallied on Wednesday as investors disregarded weaker-than-expected first-quarter results and bet on robust oil production growth and debt reduction going forward.

Shares rose as much as 4.3 percent in Sao Paulo, the biggest intraday gain in almost three weeks. While production stoppages hurt production in the first quarter, the state-controlled company has since bounced back and expects to meet its target of 2.8 million barrels a day of oil and equivalents for this year.

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