Problems of cash flow will continue Pdvsa
Sunday, May 24, 2009
The signature Ecoanalítica noted that "there is clear evidence that PDVSA will face serious problems in its cash flow this year."



Ecoanalítica expected to end with an oil deficit of $ 11.996 million this year marks the signing Ecoanalítica in its latest weekly report, which stressed that the state oil company would have a fairly significant deficit at the close of 2009.

The statistics on the finances and operations of PDVSA has caused controversy because they differ in the case of output-to international sources as reflected in the Organization of Petroleum Exporting Countries (OPEC).

The 2009 budget of the oil was developed on the basis of a total export of 3.1 million b / d, of which 2.5 million bpd are crude and 595,000 b / da derivatives.

With this budget, PDVSA expects a surplus of $ 8.302 million in 2009, where prices have been significantly below those of 2008.

However, Ecoanalítica states that a barrel with an average of $ 48 and an output of 2.0 million b / d and accounted for by international sources, total income of the oil be located at U.S. $ 49.129 million, 35% less than projected in the budget, while expenditures be around U.S. $ 61.125 million, this would yield a very significant financial deficit (U.S. $ 11,996 million), required.

Less contributions
Given the situation, Ecoanalítica noted that at the present juncture, PDVSA can not comply with three key assumptions: "increase the level of oil production in the short term to meet their targets under the Plan Siembra Petrolera; surplus resources to provide management public sector fiscal, mainly through the mechanism of the funds and make contributions to social development. "

"In short, there is clear evidence that PDVSA will face serious problems in its cash flow this year. It ended the era of high oil prices allowed it to minimize any problems in your finances. Pdvsa lost a great opportunity to ensure its sustainability in the future, because the price of a barrel no longer looks so favorable, "says the consultant.

Important Facts
According to the report and account 2008, PDVSA investments totaled U.S. $ 14.641 million, an amount 33% higher than those recorded in 2007 when it invested U.S. $ 11,006 million. However, despite the injection of resources, production decreased by 5%.

The high price of oil (which averaged more than U.S. $ 87) allowed the oil to obtain a net profit of U.S. $ 12,087 million, a 88% higher than that obtained in 2007.

Accounts payable to suppliers of the company rose by 146% and at the close of 2008 totaled U.S. $ 13.883 million, while accounts receivable increased 42%, reaching U.S. $ 21,970 million. (MRC)