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Venezuela devaluation to cost Halliburton $30M

Published on NewsOK Modified: February 11, 2013 at 2:01 pm •  Published: February 11, 2013

The value is now expected to be 6.3 bolivar to the dollar, from 4.3 to the dollar. President Hugo Chavez has remained out of sight in Cuba recovering from cancer surgery.

As of Dec. 31, Halliburton's total net investment in Venezuela was $328 million, including $74 million in monetary assets in bolivar.

Further devaluation of the bolivar could also impact operations, the Houston-based company said.

Analysts surveyed by FactSet expected Halliburton would report earnings of 58 cents per share on revenue of $6.9 billion for the first quarter.

Halliburton shares fell 41 cents to $40.85 in afternoon trading Monday after rising earlier to a high of $41.44, its highest since August 2011.