Investors bullish on Petrobras (NYSE:PBR) are in it for the long haul. The company's massive development plan will take years before it bears fruit, but that doesn't mean you should tune out and wait for then. There are several things the company is doing today that are worth paying attention to. Most notably is its major cost-cutting program this year that looks to shave off more than $1.75 billion in expenditures for the company.

Having major offshore players such as Total (NYSE:TOT) and Royal Dutch Shell (NYSE:RDS-A) on board for the upcoming auction may be a promising sign for the operations in Brazil, but these cost-cutting measures are going to be more important for the bottom line for Petrobras itself. Tune in to the following video, where fool.com contributor Tyler Crowe looks at why investors should watch the progress here more than the results of the upcoming auction.

 

Fool contributors Aimee Duffy and Tyler Crowe have no position in any stocks mentioned. You can follow them both on Twitter: @TMFDuffy and @TylerCroweFool, respectively. 

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