How Do You Lose Money Selling Oil?
On the one hand, it’s easy to be upset at a government seizure aimed neither at a betterment of the public interest nor a crime. This seizure appears to have been simply sidestepping the bill. (In businessjargon, reporting a “reduction of the net realizable value of accounts receivable” means “they’re not going to pay us.”) On the other hand, it’s not like this is the first time Venezuela has simply taken stuff from oil service companies. So this was a known risk.
Protip: if the 10-Q indicates the board is going to send durable assets to Venezuela, sell the stock.