Williams Cos. said Friday the Venezuelan state oil company has seized two assets that the energy company operates in the South American country.
The announcement came after Venezuela approved a law that permitted the state company, Petroleos de Venezuela SA, to take over some oil contractors without following the usual procedures to expropriate business.
The Venezuelan company has clashed with domestic and foreign oil service providers. It has said some provider contracts are overvalued due to falling crude prices that have diminished government revenue.
Tulsa-based Williams earlier issued notices of default under its agreements with the Venezuelan company. In the first quarter, Williams reported charges to net income of about $241 million related to Venezuelan operations.
Shares of Williams rose 89 cents, or 5.8 percent, to $16.15 in late afternoon trading.
source yahoo
The announcement came after Venezuela approved a law that permitted the state company, Petroleos de Venezuela SA, to take over some oil contractors without following the usual procedures to expropriate business.
The Venezuelan company has clashed with domestic and foreign oil service providers. It has said some provider contracts are overvalued due to falling crude prices that have diminished government revenue.
Tulsa-based Williams earlier issued notices of default under its agreements with the Venezuelan company. In the first quarter, Williams reported charges to net income of about $241 million related to Venezuelan operations.
Shares of Williams rose 89 cents, or 5.8 percent, to $16.15 in late afternoon trading.
source yahoo
0 comments:
Post a Comment