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Old 05-08-2009, 03:16 AM   Nav to Top  #1
JonW
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Exclamation URGENT - Venezuela, Oil Stocks

Dear All,

Just in case any of you check StockRants before you check the news, I just wanted to give you the heads up on this issue which may have an impact on any oil stock that has Venezuelan Assets, JV's, or is reliant on the Venezuelan Government.

Please note though that this is currently relating to oil service companies only, although it may create some nervousness amongst holders of oil stocks with Venezuelan interests.

We can only speculate on what Chavez might do next - he has a distinguished track record as a maniac!


Chavez Moves to Seize Oil Contractors' Assets - WSJ.com

Venezuela's President Hugo Chávez said Thursday his government will seize the local assets of some international oil-service companies starting Friday -- a response to threats by several firms to stop their work in Venezuela because of nonpayment of bills owed by state-run oil giant Petróleos de Venezuela SA.

Earlier Thursday, the National Assembly, dominated by supporters of Mr. Chávez, approved a law letting the government seize assets of oil contractors without following the usual procedures for expropriating businesses. Big oil-services firms such as Texas-based Schlumberger Ltd. and Halliburton Co. aren't expected to be affected by the move, but dozens of other firms are.

The move is the latest sign of trouble in Venezuela's oil industry. Stung by lower prices for its crude-oil exports, Petróleos de Venezuela, or PDVSA, has run up a huge backlog -- roughly $14 billion at the end of 2008 -- of unpaid bills with service companies that do much of the legwork in the oil industry, from maintaining wells to operating tugboats.


Hope this is helpful to you.

JonW
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Last edited by Miles; 05-08-2009 at 07:24 AM..
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Old 05-08-2009, 03:21 AM   Nav to Top  #2
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I am shocked, Hugo is Obama's best friend. I cant believe he would do such a thing

after shaking hands with our anointed President. There must be some mistake. Obama

went round the world apologizing and spreading peace and goodwill. Im sure that the

WSJ has it wrong. hehe
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Old 05-08-2009, 03:31 AM   Nav to Top  #3
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Big Smile Get some sleep Man!!

Hey chuckd,

Shouldn't you yanks be in bed right now!! Or is this when you do your research?!!!

Meant to say in my original post can us Brits try and keep this news on the StockRants front page until the US wakes up (well that is those that sleep!!)

Cheers,
JonW
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Old 05-08-2009, 03:34 AM   Nav to Top  #4
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Jon, I am just catching up on reading all the posts, I have about 6 to go,then get a couple

hours of sleep before our market opens. Great job on the news. Chavez is such a bastard!
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Old 05-08-2009, 05:55 AM   Nav to Top  #5
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Oh come on Chavez, Bush is gone. You don't have to worry about the CIA trying to overthrow you anymore. Relax homey! Let down your guard, slow down the defense spending, and negotiate those bills that were run up by big oil before you took office. XD
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Old 05-08-2009, 10:07 AM   Nav to Top  #6
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JonW - Excellent post!

Prentiss: LMAO!! Where the hell did you get that animation?!! don' b jammin' my man! XD

Last edited by SK_; 05-08-2009 at 10:09 AM..
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Old 05-08-2009, 05:53 PM   Nav to Top  #7
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Actually, I'm kind of liking Chavez right now since next week is probably going to be one heck of a run on O&G companies.

Depending on how next week goes I think we should send him a case of Canadian, Budweiser and keg of Guiness (sorry not a fan of non-draft).
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Old 05-09-2009, 01:44 AM   Nav to Top  #8
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Default LMAO!

Adam... i was thinking the same thing!

At first I thought the drop in oil this morning was because of the news. Then...it occurred to me - eh, when you steal oil, the world is pissed and a whole lotta oil folks in the good ol' USA beginning balancing their books:

(Tankers + excess reserves)Hijacked = ka-ching!

DXO-050809.jpg

(click on image to enlarge)

For a good laugh, check out comment under "Discussion" board...

Last edited by SK_; 05-09-2009 at 01:47 AM..
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