Venezuela's woes poised to hit U.S. oilfield service firms' earnings

U.S. oilfield service companies exposed to Venezuela face new hits to earnings from the South American nation’s ongoing economic turmoil and U.S. sanctions on the country and state-run oil company PDVSA.  Insufficient investment, payment delays to suppliers, and the sanctions imposed by the administration of U.S. President Donald Trump have hammered Venezuela’s oil industry and saw crude oil production fall 13 percent in 2017.  On Friday, Schlumberger disclosed a $938 million write-down on its Venezuelan assets and receivables, citing political and economic woes affecting the country. It was the first big energy company to report fourth quarter results.  More…