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LATIN AMERICA |
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Venezuela’s State Oil Company’s Profits Down
67%
CARACAS – State-owned Petroleos de Venezuela
SA said its net income in the first half of
2009 fell by 67 percent to $3.17 billion due
to slightly lower output and a steep decline
in oil prices.
“The total consolidated net profit for the
period was $3.17 billion, down by $6.37
billion compared to the same period of
2008,” PDVSA said in statement Thursday.
That drop in profits was due both to lower
sales volumes and a 51 percent decline in
the price of oil per barrel.
“For the January-June 2009 period, the
average export price for the Venezuelan
basket was $47.33 per barrel, which
represents a decline of $48.79 compared to
June, 30, 2008,” the statement said.
Output, meanwhile, was affected by cuts
agreed by the Organization of
Petroleum-Exporting Countries in response to
lower global demand.
“Average crude production at the end of the
first half came in at 3.1 billion barrels of
crude per day, down by 186,000 bpd from the
first half of 2008,” PDVSA said.
These factors caused revenues to fall by 52
percent in the first half of the year.
“In the six months that ended on June 30,
2009, revenue totaled $32.5 billion, a
decline of $35.2 billion relative to the
same period of 2008,” the statement read.
PDVSA’s revenues account for roughly 90
percent of the country’s export earnings and
fund about half the national government’s
budget, with the company’s contributions
paying for health clinics for the poor and
other social programs.
Venezuela is one of the world’s top 10 oil
producers and exporters and a leading
supplier of crude to the United States. |
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