As Venezuela teeters on the edge of
default, U.S. oil service companies face the prospect of hundreds of millions
of dollars in writeoffs for overdue payments from the PDVSA state-run oil
company. Halliburton (NYSE:HAL) has a $727M investment in Venezuela including
$429M in outstanding bills, Schlumberger (NYSE:SLB) has $700M at risk including
receivables and a promissory note for past work, Weatherford (NYSE:WFT) has at
least $158M in outstanding bills, and Baker Hughes (NYSE:BHGE) holds
receivables and inventory valued at $100M, Reuters reports, citing to the most
recent financial reports from the companies. More…
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