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Oliver L Campbell : PDVSA'S
financial results January/June 2011

 

 

Three months have now passed, but PDVSA still has not published its financial results for the first semester of 2011. ExxonMobil, Shell and BP published theirs at the end of July and so did Pemex. Petrobras took a couple of weeks more. It is difficult to understand why a company like PDVSA with 100,000 employees cannot produce its published accounts in a timely fashion. It was hoped the new Finance Director, Victor Aular, would take more interest than his predecessor in ensuring they were not delayed. Perhaps one of the reasons is that PDVSA wants the accounts to be audited by its external auditors, whereas the norm is that interim reports are not audited.

If Pemex and Petrobras could publish their half-yearly accounts by mid August, why could not PDVSA do the same? From the results of the companies shown below, it is evident PDVSA should have substantially increased its government take in 2011, so why delay the good news?


Net Income

Figures in millions

 

Company

Date Published

Jan/Jun 2011

 

Jan/Jun 2010

 

Increase

 

ExxonMobil

28 July 2011

US$ 21,330

US$ 13,860

54%

Shell

28 July 2011

US$ 17,442

US$ 9,874

77%

BP

26 July 2011

US$ 12.744

US$ (11,071)

 

BP'S loss in 2010 arose from the oil spill in the Gulf of Mexico.

Pemex (1)

29 July 2011

Ps 431,841

Ps 307,484

40%

(2)

August 2011

US$ 36,476

US$ 24,262

50%

Petrobras (3)

15 August 2011

R$ 21,930

R$ 16,020

37%

(4)

August 2011

US$ 13,172

US$ 8,563

54%

PDVSA (5)

 

 

US$ 18,860

 

(1) Pemex is a state company and all taxes accrue to the state. The figure shown is of income before taxes since this provides a better indication of its results as they affect the state. Pemex reports its results in Mexican pesos.

(2) The US$ figures of Pemex are taken from the filing with the SEC,

(3) Petrobras is a hybrid--mainly a state company but publicly quoted with over 400,000 shareholders. The figure given is of net income--available for the payment of dividends. Petrobras reports its results in Brazilian reais.

(4) The US$ figures of Petrobras are taken from the filing with the SEC.

(5) PDVSA is a state company whose income, less costs paid to third parties, all accrues to the state. The figure given is of the government take. PDVSA reports its results in US$.

PDVSA'S shareholders, its Venezuelan citizens, want to learn if the government take has increased by 50% or more over 2010. Mr Aular, we rely on your good offices to publish the financial results in the next few days.

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Oliver L Campbell, MBA, DipM, FCCA, ACMA, MCIM was born in El Callao in 1931 where his father worked in the gold mining industry. He spent the WWII years in England, returning to Venezuela in 1953 to work with Shell de Venezuela (CSV), later as Finance Coordinator at Petroleos de Venezuela (PDVSA). In 1982 he returned to the UK with his family and retired early in 2002. Petroleumworld does not necessarily share these views.

Editor's Note: All comments posted and published on Petroleumworld, do not reflect either for or against the opinion expressed in the comment as an endorsement of Petroleumworld. All comments expressed are private comments and do not necessary reflect the view of this website. All comments are posted and published without liability to Petroleumworld,

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Petroleumworld News 10/03/2011

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