Hey remember how in April 2012 I wrote how PDVSA would miss its 2012 investment goal but was still planning to increase investments? And how in 2011 I wrote how PDVSA was pushing back its projected increase in oil output? Well it’s that time of year again. The 2012 report actually came out a month ago but I’ve been busy, and blogs are dead and, well, here’s your annual dose of utterly predictable bad news.
Here is the new investment plan. You are free to compare it on your own time with prior years, pasted below.
Looks like someone hit them with a realism stick. Speaking of which, the report overall is very good. Nice design, and a lot of metrics I wish more oil companies would imitate. I’ll have more on it in another post. But for now, this one.