Back in January, we noted that Venezuelan state oil company PdVSA had racked up nearly $8 billion in unpaid invoices, and was stiffing contractors like Schlumberger
Venezuela's oil minister hasn't been particularly conciliatory, saying that if contractors halted work, "We're going to take over those rigs like we already did with Ensco." PdVSA has been talking about placing some debt later this spring, but considering where its existing paper is trading, this capital raise would likely come on very punitive terms.
Helmerich & Payne
That brings us to today, where it's Williams'
Williams considers PdVSA to be in default, and it has no expectations of collecting. That's a change from the firm's 10-K filing, in which it still held out hope for getting paid eventually.
While our Motley Fool CAPS community is very bullish on Venezuela-connected Harvest Natural Resources