Schlumberger Curtails Operations in Venezuela Amid Cash Crunch
12 Abril 2016 - 8:38PM
Dow Jones News
By Maria Armental
Schlumberger Ltd. is cutting back operations in Venezuela,
citing delays in payments from Petróleos de Venezuela, the
country's state-run oil company.
Venezuela, South America's largest oil exporter, has been
hard-hit by the sharp drop in oil prices, leading to the country's
worst economic slump since its independence from Spain.
The oil services giant had disclosed an arrangement in the
fourth quarter under which Venezuela's energy giant, PdVSA,
transferred over "certain fixed assets" as payment for about $200
million owed.
Other oilfield-services companies like Halliburton Co. and
Weatherford International Ltd. have reported similar payment delays
from Venezuela's energy monopoly.
Venezuela accounts for more than 10% of Schlumberger's business,
according to regulatory filings.
Founded in 1926, Schlumberger has maintained operations in
Venezuela since 1929.
Schlumberger, which Tuesday affirmed its first-quarter revenue
projection of $6.5 billion, didn't offer further details other than
to say that the cuts will happen this month.
Shares, down 15% over the past 12 months, eased 0.5% to $75.55
in after-hours trading.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 12, 2016 19:23 ET (23:23 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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