(Energy Analytics Institute, Pietro D. Pitts, 31.May.2016) — Venezuela’s state oil company Petróleos de Venezuela (PDVSA) reported disappointing financial data for 2015 as oil and gas revenues fell 46 percent and integral net income fell 80 percent.
Caracas-based PDVSA reported hydrocarbon revenues of $55.3 billion in 2015, down 46 percent compared to $101.6 billion in 2014. Production of oil and NGLs averaged 2.863 million barrels per day in 2015 while exports averaged 2.425 million barrels per day. Oil prices averaged $44.65 per barrel, according to a financial report posted on the company’s website.
PDVSA reported financial revenues of $16.8 billion in 2015 compared to $20.3 billion in 2014 and total combined revenues of $72.2 billion in 2015, down 41 percent compared to $121.9 billion in 2014.
Total costs were $61.5 billion in 2015, down 39 percent compared to $100.3 billion in 2014. As a result, PDVSA reported operating profit of $10.7 billion, down 51 percent compared to $21.6 billion in 2014.
Despite lower oil prices and lower hydrocarbon revenues, social expenses rose 73 percent in 2015 to $9.2 billion compared to $5.3 billion last year. As a result, PDVSA’s pre-tax profit was $1.5 billion in 2015, down 91 percent compared to $16.3 billion in 2014.
PDVSA reported a positive tax benefit of $3.7 billion in 2015 compared to an expense of $5.1 billion in 2014. As a result, the company’s net income from continued operations was $5.2 billion in 2015, down 54 percent compared to $11.2 billion in 2014. Net income fell further to $2.6 billion in 2015, after taking into account employee benefits, down 80 percent compared to $12.5 billion in 2014.
Additionally, PDVSA reported total assets fell to $201.9 billion in 2015, down 11 percent compared to $226.8 billion in 2014. Property plant and equipment and inventories both showed declines in 2015 compared to 2014.
PDVSA’s combined long- and short-term debt was $43.7 billion in 2015 compared to $45.7 billion in 2014 while the amounts the company owed to service providers was $19.1 billion in 2015, down slightly from $20.9 billion in 2014.
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