Schlumberger to Get Venezuelan Dues - Analyst Blog
02 Abril 2013 - 12:20PM
Zacks
The world’s largest oilfield
services provider, Schlumberger Limited (SLB) has
made some progress with its collection of past dues from the
Venezuelan state-run oil holding Petróleos de Venezuela SA
(“PDVSA”). The company announced this after a recent meeting with
PDVSA. The amount of dues to be cleared was not disclosed, but
Schlumberger now would be able to recognize all revenues associated
with its first quarter 2013 operations. This development is welcome
news for Schlumberger which experienced a choppy fourth quarter in
2012 due to transitory issues in the international market.
The doldrums are continuing since the 2008 financial crisis when
the cash strapped PDVSA delayed payments to oil-service providers
operating in the country. The state run Venezuelan oil giant,
which is yet to release its 2012 financial results, had however
hinted in its website that its total debt rose 15% year over year
to $40 billion last year.
Recently, on Mar 22, Venezuela's oil minister Rafael Ramirez told
reporters that the state owned company owed a total of $16.5
billion to oil service providers like Schlumberger,
Halliburton Company (HAL), Baker Hughes
Inc. (BHI) and Weatherford International
(WFT).
However, the managing bodies of oil-service providers like Chief
Executive Paal Kibsgaards of Schlumberger recently hinted at a
temporary cut back in the activity of developing Venezuelan assets.
This is likely to have resolved the situation for service providers
to some extent, as the country’s revenues are heavily dependent on
oil production.
Schlumberger is one of the world’s leading suppliers of technology,
integrated project management and information solutions to
customers working in the oil and gas industry worldwide. Employing
more than 118,000 people representing over 140 nationalities and
working in approximately 85 countries, Schlumberger provides the
industry’s widest range of products and services from exploration
through production.
Schlumberger shares currently retain a Zacks Rank #3, which
translates into a short-term Hold rating.
BAKER-HUGHES (BHI): Free Stock Analysis Report
HALLIBURTON CO (HAL): Free Stock Analysis Report
SCHLUMBERGER LT (SLB): Free Stock Analysis Report
WEATHERFORD INT (WFT): Free Stock Analysis Report
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