PDVSA revives “social contributions” in 1h10

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)