PDVSA Profit Surges 42% in 2011 on Record Export Oil Price
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Petroleos de Venezuela SA, the state oil company, said net income surged 42.4 percent last year to $4.5 billion as the average price for the country’s crude-oil exports rose to a record high.
PDVSA, as the company is known, said that revenue rose 31.4 percent to $124.8 billion. PDVSA’s earnings before social contributions to the central government and income tax more than doubled to $35.2 billion, according to full year financial results published today on the company’s website.