There was a time when I took some pleasure in finding concealed admissions of weakness hidden within the rosy financial results of Venezuela’s state oil company. Today, I read them and I am just embarrassed. Writing about these numbers is like watching the end of bullfight. The once mighty beast is crippled, bleeding and it seems in bad taste to stare.
You can find plenty of articles about sales, production volumes, and “net income,” whatever that means for a company like this. Let me just point out a couple tables that show what’s going on: Continue reading