PDVSA released some unaudited 1st-half 2010 financial figures and as usual there is a lot of weirdness there. A few of the interesting items to keep an eye on:
“Social development contributions” are up more than 10-fold in the first half, compared to the year-earlier period, at $4.47 billion.
PDVSA has restarted its contributions to FONDEN, with $691 million, a nice change after having received billions from FONDEN in recent years.
“Finance expenses” are listed at $3.38 billion in the first half.
Crude oil output fell 138,000 barrels a day, or 5%, liquid petroleum gas output fell 8% and natural gas production fell 13%.
Accounts payable at June 30 were $7.5 billion, about the same as at the beginning of the year.
(more to come soon, PDVSA-heads)