(Source: Shutterstock)
MEXICO CITY, Mexico—Mexico’s state-owned Petróleos Mexicanos (Pemex) is aiming to reduce its total debt to around $99.4 billion this summer, the first time in 10 years that the company’s debt would be below the $100 billion mark.
Pemex’ debt was $101.5 billion at the end of first quarter 2024, according to financial statements on the Mexico City-based company’s website.
Mexico’s President Andrés Manuel López Obrador (AMLO) said debt reduction during his six-year term from 2019-2024 will amount to $32.9 billion. This figure is 24.9% lower than the $132.3 billion he inherited at the end of 2018, AMLO said July 19 during his daily press conference with the media.
Over the last three six-year presidential terms from 2007-2024, Pemex’s debt peaked at $136.6 billion in 2020 during the COVID-19 pandemic, comparable to 2008’s low of $64.8 billion.
AMLO said efforts to reduce fuel stolen from Pemex not only allowed the company to fund construction of its new Olmeca refinery in Dos Bocas and the acquisition of the Deer Park refinery in Houston, but also reduce its debt.
Recommended Reading
US Drillers Cut Oil, Gas Rigs for First Time in Six Weeks
2025-01-10 - The oil and gas rig count fell by five to 584 in the week to Jan. 10, the lowest since November.
On The Market This Week (Jan. 6, 2025)
2025-01-10 - Here is a roundup of listings marketed by select E&Ps during the week of Jan. 6.
Perma-Pipe Gets $43MM Contract for Services in Middle East
2025-01-10 - Texas company Perma-Pipe International Holdings specializes in anti-corrosion services for infrastructure.
Shale Outlook: E&Ps Making More U-Turn Laterals, Problem-Free
2025-01-09 - Of the more than 70 horseshoe wells drilled to date, half came in the first nine months of 2024 as operators found 2-mile, single-section laterals more economic than a pair of 1-mile straight holes.
Murphy’s Vietnam Find May Change Investor Views, KeyBanc Analysts Say
2025-01-09 - The discovery by a subsidiary of Murphy Oil Corp. is a reminder of the company’s exploration prowess, KeyBanc Capital Markets analysts said.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.