Posted on 07/31/2010 11:22:28 PM PDT by DBeers
Helmerich & Payne reports $36.7 million 3Q loss after Venezuela rig seizure
An impairment charge on assets seized in Venezuela forced Helmerich & Payne into a $36.7 million net loss for its fiscal third quarter, the rig manufacturer and contract drilling company reported Thursday.
Venezuelan President Hugo Chavez's government seized 11 idled rigs owned by Helmerich & Payne this summer. The Tulsa company had let rig contracts expire because of non-payment by the state-run oil entity, Petroleos de Venezuela SA.
The impairment totals more than $100 million, Helmerich & Payne Chief Financial Officer Juan Pablo Tardio said in a conference call with analysts. The company is still owed about $42 million by the Venezuelans.
"As you might expect, we are evaluating available remedies," Tardio said.
Helmerich & Payne said it actually generated $483.4 million in operating revenues for the three months that ended June 30. The company would have reported a profit if not for the Venezuelan impairment.
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(Excerpt) Read more at tulsaworld.com ...
The state-owned PDVSA would not pay for services rendered. The company idled the rigs and Chavez seized them.
Please to explain why we could not do a little “gunboat diplomacy” over this?
If the administration has the resources to mount an attack upon Arizona they sure have time to defend US interests in Venezuela!
That sucks. These guys use to be my customer and I liked them.
I agree -where is the outrage from the administration -where is Hillary & the State Department -the UN protests? I hear nothing from the administration and the mass media does not report anything...
If not for the earnings report filed -crickets...
The US government would no more defend these interests than they would defend our borders.
H&P should have destroyed these rigs as they were being seized.
Blow up the rigs and let Chavez enjoy the space that they used to inhabit.
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