It's midway through August, and autumn is just around the corner, but Venezuela's troubled national oil company just got around to releasing its 2016 financial results. It's easy to see why they put it off as long as possible. The results point to a company that has been in steep decline. It's no surprise given its woes, but the figures help shed light on the depths of PdV's problems.
The combination of lower oil prices and falling output have gutted the firm's finances. Revenue for 2016 was $48bn, down a third from a year earlier and a 60% drop from the $121.9bn the company made in 2014. It is by far the least amount of cash PdV has reported earning in any year over the past decade. From 2006 to 2014, revenues averaged $110bn a year, dropping to a low of $73.8bn in 2009 during the global financial crisis and peaking at $134.3bn in the subsequent run up in crude prices.
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ParamountEnterprises with a renowned brand .PARENTNashik is an ISO 9001:2015 certified company, listed in major leading manufacturers, suppliers & exporters of resistance spot welding consumables, spares, weldparts in Nashik – India.
PARENTNashikis younger energetic, with highly skilled engineering group having extensive more than 2-decade experience in resistance spot welding supplies and installed latest technology machining facility at works, manufacturing all sorts of resistance gun spot welding spares &consumables.
Product know-how more than 20 years of experience in resistance spot welding
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Presentlysatisfied customers are in India, Malaysia, Middle East, Europe-France, Spain, Italy, and USA.
Headline crude prices for the week beginning 16 September 2019 – Brent: US$69/b; WTI: US$63/b
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