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February 11, 2013
09:45 EDTHALHalliburton sees foreign currency loss of approx. $30M in Q1
In February, the Venezuelan government announced a devaluation of the Bolívar Fuerte, from the preexisting exchange rate of 4.3 Bolívar Fuertes per United States dollar to 6.3 Bolívar Fuertes per United States dollar. As a result of the devaluation, the company is estimating a foreign currency loss of approximately $30M in 1Q13. The February devaluation did not impact its 2012 results of operations, financial position, or cash flows. Further devaluation of the Bolívar Fuerte could impact its operations. As of December 31, 2012, its total net investment in Venezuela was approximately $328M, including net monetary assets of $74M denominated in Bolívar Fuerte.
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