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Delayed Report Reveals Venezuela’s State Oil Sales Down by 8 Percent

By: PanAm Post Staff - Jun 18, 2014, 3:25 pm

EspañolRevenues from state-run Petróleos de Venezuela (PDVSA) from the sale of crude oil fell by 8 percent between 2012 and 2013, amid declining prices and exports, according to the company’s long-awaited annual report.

The company also reported US$43.3 billion in financial debt, bringing its total liabilities to $146.6 billion, up 0.8 percent since 2012.

PDVSA’s net profit, however, rose by 265 percent in 2013, since the oil giant decided to make major cuts to social program contributions and offset reduced sales with returns from financial investments.

The company’s total income rose 5.3 percent to $134.3 billion, according to the report. Overdue contractor bills, an ongoing issue for a company with cash-flow problems, may have damaged the firm’s performance as it failed to meet its goal of increased oil production.

Source: Reuters.