PdV’s cash concerns

The Venezuelan company's plunging revenues show it is still struggling with lower prices and falling output

It's midway through August, and autumn is just around the corner, but Venezuela's troubled national oil company just got around to releasing its 2016 financial results. It's easy to see why they put it off as long as possible. The results point to a company that has been in steep decline. It's no surprise given its woes, but the figures help shed light on the depths of PdV's problems. The combination of lower oil prices and falling output have gutted the firm's finances. Revenue for 2016 was $48bn, down a third from a year earlier and a 60% drop from the $121.9bn the company made in 2014. It is by far the least amount of cash PdV has reported earning in any year over the past decade. From 20