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PDVSA Publishes 2008 Management Activity Report and Financial Results

Figures confirm the financial soundness of the Venezuelan state oil company

The 2008 Report on Management Activities, Financial Results, and Consolidated Operations, recently approved by the Assembly of Petróleos de Venezuela (PDVSA) Shareholders, demonstrated that the state oil company is financially sound.

According to the Minister of People’s Power for Energy and Oil, Rafael Ramírez, the report shows evidence that despite the global capitalism crisis, PDVSA maintains the level of investment necessary to guarantee the continuity of operations and growth of this sector.

Operational and Financial Soundness

PDVSA reported in its 2008 results an increase in physical assets of more than US $131 billion and a net worth increase from US $50 billion to US $71 billion, consolidating PDVSA’s position as the fourth most significant petroleum company in the world.

Minister Ramírez indicated that the growth of assets is the result of the Plan Sowing the Oil, through which more than US $15 billion has been invested in the national sector, especially in areas of exploration and production, gas, refining, and joint ventures.
The consolidated net earnings, from US $6,273 billion in 2007 to US $9,413 billion in 2009, show an increase of 50.06%, which represents an increase of US $3,14 billion and demonstrates financial and operational soundness in the industry.

The general consolidated global balance positions PDVSA with a debt/asset relation of 11.45% and a debt/net of 21.12%, which puts it near the top among globally significant companies in the energy and petroleum sector.

One of the most important aspects revealed in the report is the reduction of financial debt from US $16,611 billion to US $15,95 billion at the end of 2008.

Growth in Contributions to the nation

 A total of US $53.108 billion dollars was the contribution to the nation by the oil industry during 2008. This indicates a positive variation of 22% in 2007. The non-fiscal contributions of PDVSA totaled US $15.133 billion dollars, of which US $2.726 billion were directed to social programs, US $6.677 billion were directed at the National Development Fund (Fonden) and US $5.730 billion was contributed to the fund for extraordinary prices.

During 2008, PDVSA made contributions to the integral social development of the nation for a total of US $15.133 billion: US $239 million for the Missions and other social programs, US $489 million for Social Fund of the Program for Socially-Owned Companies, US $998 million dollars for special investment plans for housing and agricultural projects, and US $12,407 millions for Fonden, aimed at infrastructure projects. 

Bolivarian News Agency, Ministry of People’s Power for Energy and Oil, PDVSA, Press Unit of the Embassy of the Bolivarian Republic of Venezuela to the United States / June 10, 2009

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