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Helmerich & Payne reports $36.7 million 3Q loss after Venezuela rig seizure
Tulsa World ^ | July 30 2010 | Rod Walton

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.

<< snip >>

(Excerpt) Read more at tulsaworld.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; News/Current Events
KEYWORDS: chavez; socialism
It seems only the crickets are chirping about this story...
1 posted on 07/31/2010 11:22:30 PM PDT by DBeers
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To: DBeers

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?


2 posted on 07/31/2010 11:27:09 PM PDT by sinanju
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To: DBeers

If the administration has the resources to mount an attack upon Arizona they sure have time to defend US interests in Venezuela!


3 posted on 07/31/2010 11:28:39 PM PDT by DBeers (†)
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To: DBeers

That sucks. These guys use to be my customer and I liked them.


4 posted on 07/31/2010 11:28:43 PM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
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To: sinanju
Please to explain why we could not do a little “gunboat diplomacy” over this?

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...

5 posted on 07/31/2010 11:32:36 PM PDT by DBeers (†)
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To: DBeers

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.


6 posted on 07/31/2010 11:47:56 PM PDT by oblomov
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To: DBeers

Blow up the rigs and let Chavez enjoy the space that they used to inhabit.


7 posted on 08/01/2010 1:46:02 AM PDT by struggle ((The struggle continues))
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To: All
Time to launch a couple of Cruise Missiles into Caracas.
8 posted on 08/01/2010 8:21:51 AM PDT by troy McClure
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