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Pemex Can't Afford to Develop Zama rigzone.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rigzone.com Daily Mail and Mail on Sunday newspapers.
Even Fire at Sea Can't Touch Pemex Bonds as Mexico Bestows Grant bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Cash-Strapped Pemex Delays Payments to Some Private Oil Partners May 12 2021, 12:15 AM May 11 2021, 1:42 AM May 12 2021, 12:15 AM (Bloomberg) -- Petroleos Mexicanos is racking up millions of dollars in late payments to oil companies as it struggles to generate cash amid skyrocketing debt and weaker crude sales. (Bloomberg) -- Petroleos Mexicanos is racking up millions of dollars in late payments to oil companies as it struggles to generate cash amid skyrocketing debt and weaker crude sales. While Pemex has long sought to stretch its cash further by delaying payments to contractors, people with knowledge of the situation say itâs now also deferring reimbursement to some partner companies in an effort to postpone spending money thatâs in increasingly short supply. Some private oil companies in Mexico sell their barrels to Pemex to mix with its own hydrocarbons for export because they lack the infrastructure and scale to sell the crude on their own, the people said, declining to be identified because they werenât authorized to speak to the media.
Petroleos Mexicanos is racking up millions of dollars in late payments to oil companies as it struggles to generate cash. (Bloomberg) -- Petroleos Mexicanos is racking up millions of dollars in late payments to oil companies as it struggles to generate cash amid skyrocketing debt and weaker crude sales. While Pemex has long sought to stretch its cash further by delaying payments to contractors, people with knowledge of the situation say it’s now also deferring reimbursement to some partner companies in an effort to postpone spending money that’s in increasingly short supply. Some private oil companies in Mexico sell their barrels to Pemex to mix with its own hydrocarbons for export because they lack the infrastructure and scale to sell the crude on their own, the people said, declining to be identified because they weren’t authorized to speak to the media.
Pemex Offshore Discovery Could Hold 1B Barrels rigzone.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rigzone.com Daily Mail and Mail on Sunday newspapers.
Petroleos Mexicanos had its first back-to-back quarterly gains in four years. (Bloomberg) -- Petroleos Mexicanos had its first back-to-back quarterly gains in four years as the weakening of the peso boosted the value of its dollar-denominated crude. Fourth-quarter net income was 123.2 billion pesos ($5.9 billion), following a profit in the previous quarter and compared with a year-earlier loss of 171.5 billion, Pemex said Friday. Its currency-related gains more than offset operational losses. Pemex has struggled to reverse 16 years of production declines and meet a government goal to reduce imports of fuel and produce more gasoline domestically. Earlier this month, Mexico’s President Andres Manuel Lopez Obrador announced a new credit stimulus that will apply to the taxes Pemex pays on hydrocarbons, capped at $3.6 billion. It will also receive a capital injection from the government of up to $1.6 billion this year
Petroleos Mexicanos's crude production fell last year and failed to reach its target, thwarting the government's plans to reverse more than a decade of output declines. (Bloomberg) -- Petroleos Mexicanos’s crude production fell last year and failed to reach its target, thwarting the government’s plans to reverse more than a decade of output declines. The state-owned company’s oil output reached 1.61 million barrels a day in 2020, 103,000 barrels a day less than its goal, according to data published by the National Hydrocarbons Commission, or CNH, on Monday. Pemex’s output fell 1.8% compared to the previous year, the data showed. Overall output reached 1.66 million barrels a day last year, with private companies accounting for almost 54,000 daily barrels.