Venezuela’s PDVSA Revenue Plunges Amid Commodity Price Collapse
- State oil co. reports 41% revenue decline to $72.2 billion
- Profit tumbled 19% to $7.3 billion as production stagnated
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Revenue at Venezuelan state oil-giant Petroleos de Venezuela SA plummeted almost 41 percent last year amid a dramatic drop in petroleum prices that has thrown the South American nation into a tailspin.
Income tumbled to $72.2 billion in 2015 from $121.9 billion the year before, while net earnings dropped over 19 percent to $7.3 billion, according to PDVSA’s annual financial statement published on the company’s website.