Venezuela's IOUs Pile Up, Keeping U.S. Oil Servicers in Tow
- With $19.8 billion due others, company payouts remain far off
- Schlumberger, Halliburton gain from interest, regular payment
The Economic Impact of the Venezuelan Crisis
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For Schlumberger Ltd. and Halliburton Co. the road to payment for services in Venezuela is increasingly long and winding.
The latest twist is Petroleos de Venezuela’s decision to give some contractors -- including the two oilfield service companies -- promissory notes that are essentially IOUs. It’s the second straight year that oilfield contractors have agreed to take the notes, representing some $2 billion owed.