Venezuela's Oil Company Registers Profit

[bemildred]

Venezuela's state-run oil company Petroleos de Venezuela, or PDVSA, registered profits of $6.6 billion from January through November last year, an 88 percent increase over the same period in 2003, according to the nation's oil minister.

Rafael Ramirez, who also serves as PDVSA president, said the company has an "extraordinary financial situation," according to a report published Monday in the daily El Universal.

PDVSA, one of Latin America's largest state-run oil companies, registered profits of $3.5 billion in 2003, a 15 percent increase from 2002.

Ramirez said PDVSA was unable to boost crude production in 2004, leaving total oil output close to 3.1 million barrels per day. He said it would take at least five years for PDVSA to completely recover from a devastating two-month strike that ended in February 2003, after failing to oust Venezuelan President Hugo Chavez as intended.

Forbes

[ChavezSpeakstheTruth]

1. Those are some tidy profits

[Emboldened Chimp]

2. Exxon-Mobil can't have that...

Invade!

[BeHereNow]

4. Indeed- imagine them having the nerve

to profit from THEIR oil.
I suppose they will be receiving payment in
the Yuan soon too, since making their deal with China.
Poppy, Cheney & Company aint gonna like that one bit!
BWHAHAHAHA!
sarcasm off-
BHN

[ClassWarrior]

3. Buy Citgo.

NGU.

[Alpharetta]

5. why bother calling it an 88% increase over last year?

When we all know last year was totally hosed by the strike?

Couldn't the reporter have bothered to find a decent comparison?

[Kagemusha]

6. Like what? What else is there?

According to the laws of accounting it's 88%. What's the reporter supposed to report, fraud?

No need to nitpick to this level..

[bemildred]

7. The "strike" IIRC was November 2002 to February 2003.

Hence the comparison is not all that bad. This story would seem to
indicate that last year was not totally hosed by the strike, in any
case. An 88% year over year increase is one I would happily accept for
my investments.

Edited for dates of "strike".

Also, the 15% increase for 2003 over 2002 does not indicate the "strike"
was that effective as a financial attack.