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PDVSA Profit Falls 67% on Price Drop, OPEC Targets

Bloomberg -- Petroleos de Venezuela SA, the state-owned oil company, said first-half profit fell 67 percent because of plunging oil prices and production cuts after the Organization of Petroleum Exporting Countries slashed targets.

Net income fell to $3.15 billion, the state-owned oil company known as PDVSA said today in a statement posted on its Web site. Crude exports fell 4.9 percent to 2.75 million barrels per day, while production of crude and natural gas liquids dropped 5.4 percent to 3.22 million barrels, the company said.

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Submitted Nov 19, 2009 By: ziyulu

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Blue48 Champion Author Illinois Posts:2,635 Points:667,845 Joined:Feb 2007	Message Posted: Nov 22, 2009 4:11:39 PM Ignore Blue48 Report Abuse SO MUCH SCRUTINIZING OTHER PEOPLES BLOGS! I LOVE IT!
Sneakers55 Champion Author Houston Posts:31,992 Points:1,294,270 Joined:Nov 2005	Message Posted: Nov 20, 2009 6:19:10 PM Ignore Sneakers55 Report Abuse MnMarty wrote: >Interesting that they coll the oil company "state-owned". The term "state" is a frequent used way to speak of an entire country (as differentiated from our fifty states). One example: Hillary Clinton is the Secretary of State, not the Secretary of Government.
kelsielee Champion Author Atlanta Posts:3,384 Points:664,100 Joined:Sep 2008	Message Posted: Nov 20, 2009 5:18:40 PM Ignore kelsielee Report Abuse Clearly most Americans don't have much sympathy for them.
honda0105 Champion Author Tallahassee Posts:10,722 Points:628,375 Joined:Nov 2008	Message Posted: Nov 20, 2009 5:49:47 AM Ignore honda0105 Report Abuse otoh, if people looked at profits from 2005, 2006 or 2007, the figures would noticeably be different. But it's not as sensationalistic, I guess..
honda0105 Champion Author Tallahassee Posts:10,722 Points:628,375 Joined:Nov 2008	Message Posted: Nov 20, 2009 5:48:45 AM Ignore honda0105 Report Abuse well, if we look at last year's hyperinflated prices, it's no wonder everyone whines and screams and claws their way back to the top. After all, prices shouldn't be in the $80 or $90 range considering the excessive floating inventory in the Gulf of Mexico and along the Eastern and Western Seaboards.
PDQBlues Champion Author San Diego Posts:2,279 Points:502,325 Joined:Jan 2009	Message Posted: Nov 20, 2009 4:16:30 AM Ignore PDQBlues Report Abuse I'm looking forward to even bigger falls. ;-)
bigreddwg Champion Author Tampa Posts:4,410 Points:908,620 Joined:Nov 2005	Message Posted: Nov 19, 2009 10:46:59 PM Ignore bigreddwg Report Abuse couldn't happen to a meaner country and its AHOLE of a presidente'. KEEP CONSERVING PEOPLE SO WE CAN BIHSLAP THIS GUY BACK TO BEING A PEASANT AGAIN!! GAS WILL ONLY GO DOWN IF WE REDUCE OUR DRIVING - DRIVE SLOW THIS t'GIVING WEEKEND, BUT BE SAFE EVERYBODY!!
DustyHorse Champion Author Virginia Posts:1,532 Points:506,015 Joined:Oct 2008	Message Posted: Nov 19, 2009 10:39:22 PM Ignore DustyHorse Report Abuse I hope they go bankrupt.
FordF2502001 Champion Author Mississippi Posts:3,051 Points:663,900 Joined:Sep 2008	Message Posted: Nov 19, 2009 10:30:47 PM Ignore FordF2502001 Report Abuse only 3.15 billion? so sorry, so sad
MnMarty All-Star Author Twin Cities Posts:608 Points:123,560 Joined:Mar 2009	Message Posted: Nov 19, 2009 10:29:56 PM Ignore MnMarty Report Abuse Interesting that they coll the oil company "state-owned". Chavez nationalized all of the oil companies; they are government owned.
BeaverBilly Champion Author Alberta Posts:4,970 Points:1,573,685 Joined:Feb 2003	Message Posted: Nov 19, 2009 10:23:11 PM Ignore BeaverBilly Report Abuse That happened world wide. Did they NOT notice??????
jimsin630 Veteran Author Chicago Posts:496 Points:107,800 Joined:Aug 2009	Message Posted: Nov 19, 2009 10:17:07 PM Ignore jimsin630 Report Abuse what we need to do is keep cutting back, and export the speculators to opec
Lukus Champion Author Halifax Posts:3,484 Points:708,265 Joined:Nov 2007	Message Posted: Nov 19, 2009 10:08:39 PM Ignore Lukus Report Abuse Cry me a river. We don't feel for them.
zeddieiv Champion Author Columbia Posts:3,563 Points:1,064,045 Joined:Oct 2006	Message Posted: Nov 19, 2009 10:02:09 PM Ignore zeddieiv Report Abuse Boo Hoo!
DEG Champion Author Las Vegas Posts:12,808 Points:2,544,180 Joined:Jul 2003	Message Posted: Nov 19, 2009 10:01:34 PM Ignore DEG Report Abuse Ahhh! Poor Chavez! No sympathy here.
NavyStore Champion Author Seattle Posts:2,681 Points:1,184,325 Joined:Aug 2005	Message Posted: Nov 19, 2009 10:00:55 PM Ignore NavyStore Report Abuse No tears here...
jay4 Champion Author Colorado Springs Posts:5,792 Points:1,326,080 Joined:Apr 2006	Message Posted: Nov 19, 2009 10:00:29 PM Ignore jay4 Report Abuse Are Americans shedding crocodile tears?
Chris46 Champion Author Dayton Posts:11,012 Points:1,246,340 Joined:Sep 2005	Message Posted: Nov 19, 2009 9:57:14 PM Ignore Chris46 Report Abuse Just a temporary fall, after rising 121%. Not much of a drop.
YLHandyman Champion Author Orange County Posts:4,589 Points:830,745 Joined:Feb 2008	Message Posted: Nov 19, 2009 9:53:28 PM Ignore YLHandyman Report Abuse Only 3.15 Billion Dollars, what a shame.
Gassed01 Champion Author Toronto Posts:1,741 Points:848,050 Joined:Jan 2006	Message Posted: Nov 19, 2009 9:44:23 PM Ignore Gassed01 Report Abuse Lets have a tag day. I thought they were renegade oil producers, pumping more than their quota. Maybe not.
bababooey2 Champion Author Hartford Posts:1,466 Points:322,840 Joined:Sep 2009	Message Posted: Nov 19, 2009 9:44:19 PM Ignore bababooey2 Report Abuse Let it fall.
1fulltank Champion Author Buffalo Posts:2,985 Points:576,875 Joined:Nov 2008	Message Posted: Nov 19, 2009 9:41:57 PM Ignore 1fulltank Report Abuse Maybe, but what had they risen to to begin with?
mstearno Champion Author Dayton Posts:3,566 Points:793,340 Joined:Jan 2008	Message Posted: Nov 19, 2009 9:33:11 PM Ignore mstearno Report Abuse hold on while I wipe my tears
heysailor Champion Author Pittsburgh Posts:4,650 Points:1,355,070 Joined:Mar 2006	Message Posted: Nov 19, 2009 9:31:07 PM Ignore heysailor Report Abuse Isn't that too bad.
ACTown All-Star Author Oregon Posts:883 Points:711,090 Joined:Jun 2007	Message Posted: Nov 19, 2009 9:29:09 PM Ignore ACTown Report Abuse It sounds like my IRA.
DanMtz Veteran Author Oakland Posts:428 Points:305,995 Joined:Oct 2009	Message Posted: Nov 19, 2009 9:22:54 PM Ignore DanMtz Report Abuse Poor Hugo.
indyjim Champion Author Indianapolis Posts:4,742 Points:1,345,670 Joined:Jul 2006	Message Posted: Nov 19, 2009 9:19:37 PM Ignore indyjim Report Abuse So what's the problem? They still made 33% of the previous profit. That's more than most companies made during that period.
RockCity Champion Author Denver Posts:2,717 Points:484,845 Joined:Mar 2009	Message Posted: Nov 19, 2009 9:12:27 PM Ignore RockCity Report Abuse Looks like they will have to raise the price from the current 19 cents a gallon, but then who can afford that?
sgonza98 Champion Author San Antonio Posts:3,502 Points:556,405 Joined:Apr 2004	Message Posted: Nov 19, 2009 9:11:38 PM Ignore sgonza98 Report Abuse Without speculators it would have dropped 90%
lindact Champion Author New Haven Posts:3,999 Points:784,390 Joined:May 2008	Message Posted: Nov 19, 2009 9:09:03 PM Ignore lindact Report Abuse Does this mean the end of Chavez ?!
GasMiserAZ Champion Author Phoenix Posts:12,082 Points:700,150 Joined:Aug 2008	Message Posted: Nov 19, 2009 9:04:52 PM Ignore GasMiserAZ Report Abuse Awwww....my heart is breaking for Hugo.....(sniff)
GAC1Shirt All-Star Author Georgia Posts:686 Points:436,690 Joined:Sep 2006	Message Posted: Nov 19, 2009 9:03:47 PM Ignore GAC1Shirt Report Abuse Going to be hard to pay your military when you are broke. Good thing your folk did not pass a law to allow Hugo to be President for life. He has to face an election every four years.
montytexas Champion Author Houston Posts:1,208 Points:717,750 Joined:Jun 2006	Message Posted: Nov 19, 2009 9:02:37 PM Ignore montytexas Report Abuse I am glad I do not live in Venezuela...what a mess !!
Number43 Champion Author Lexington Posts:3,497 Points:677,150 Joined:Oct 2008	Message Posted: Nov 19, 2009 8:49:31 PM Ignore Number43 Report Abuse The true tale- Profits fell after stupidity, corruption and gov. interference took their toll. Put the gov in charge of any business and the story is the same. Obamma and Chavez are brothers in spirit so it will happen here.
jimnecci Champion Author Virginia Posts:6,709 Points:1,494,440 Joined:Jan 2006	Message Posted: Nov 19, 2009 8:48:20 PM Ignore jimnecci Report Abuse hahaha!
lowpet Veteran Author Texas Posts:279 Points:72,025 Joined:Dec 2008	Message Posted: Nov 19, 2009 8:44:35 PM Ignore lowpet Report Abuse welcome to the feelings of the average American
SBlouch Champion Author San Antonio Posts:4,874 Points:1,048,235 Joined:Apr 2007	Message Posted: Nov 19, 2009 8:32:25 PM Ignore SBlouch Report Abuse Gee, now isn't that such a bummer for PDVSA. Now they know how the customer feels when prices of gas go down and how happy we feel. They should not be sad but happy for the customer. What goes around comes around. Enjoy your 67% fall in prices PDVSA.
DosEquis26 Champion Author Chicago Posts:1,927 Points:1,089,035 Joined:Jun 2006	Message Posted: Nov 19, 2009 8:29:58 PM Ignore DosEquis26 Report Abuse boycott Venzuelan-owned CITGO
computernut2008 Champion Author Ohio Posts:1,643 Points:397,380 Joined:Oct 2008	Message Posted: Nov 19, 2009 8:24:50 PM Ignore computernut2008 Report Abuse Good but not enough..Bankrupt Chavez
OGW Champion Author London Posts:1,351 Points:669,065 Joined:Sep 2005	Message Posted: Nov 19, 2009 8:23:48 PM Ignore OGW Report Abuse I really feel bad that they only made $3.15 billion. They should try living on what most of us have to.
dbatw Champion Author St. Louis Posts:1,686 Points:341,165 Joined:Apr 2009	Message Posted: Nov 19, 2009 8:14:18 PM Ignore dbatw Report Abuse isn't this the company the little strong man dictator of Venezuela nationalized from foreign (read American and British) companys' ownership? If so, good. Let them rot.
WIPACKERFAN Champion Author Chicago Posts:3,927 Points:875,790 Joined:Aug 2005	Message Posted: Nov 19, 2009 8:12:21 PM Ignore WIPACKERFAN Report Abuse I don't feel in the least bit sorry or unhappy for them.
timdtune All-Star Author Virginia Posts:634 Points:132,710 Joined:Feb 2009	Message Posted: Nov 19, 2009 8:11:46 PM Ignore timdtune Report Abuse I agree oil will continue to drop in price since the dollar is so low and the interest rate is so low.
furiousfowl Champion Author Riverside Posts:11,950 Points:1,822,620 Joined:May 2005	Message Posted: Nov 19, 2009 8:10:02 PM Ignore furiousfowl Report Abuse even at 67% drop they arent hurting.. the $4 a gallon debacle gave them enough to cover the fall
TRAIN RIDER Champion Author San Bernardino Posts:4,255 Points:1,793,070 Joined:Oct 2004	Message Posted: Nov 19, 2009 8:08:55 PM Ignore TRAIN RIDER Report Abuse PRODUCE MORE AND MAKE MORE MONEY. THEN PRICES WILL FALL.
lightbulbman2008 Champion Author Worcester Posts:43,245 Points:649,335 Joined:Oct 2008	Message Posted: Nov 19, 2009 8:02:06 PM Ignore lightbulbman2008 Report Abuse oil will continue to drop in price.!!!