Petrobras Says Reduced Offshore Extraction Cost

Brazil's state-run oil company Petroleo Brasileiro SA reduced its offshore subsalt field extraction cost to $8 a barrel from $9 a barrel, executives said in a conference call on Friday.

Shares of the company known as Petrobras were down 1.4 percent the day after it reported second-quarter net income had plunged 89 percent and a one-time charge for underperforming assets caught analysts off guard.

Petrobras plans to hook up 33 new wells in the second half of the year, down from 39 in the first half, executives said.