Source: Houston Chronicle Mexico’s state-run oil company Petroleos Mexicanos, or Pemex, reported slightly higher production figures but posted a $4.6 billion loss during the third quarter amid sagging exports and domestic sales. In a Monday morning statement, Pemex reported a $4.6 billion loss on $18.4 billion of revenue during the third quarter. The figures are down compared to a $1.4
By Tyler Losier, Energy Reporter, Oil & Gas 360 Borr Drilling is awarded its fourth Mexican contract in less than nine months Borr Drilling (stock ticker: BORR), an international drilling contractor headquartered in Bermuda, has been awarded a contract by Petróleos Mexicanos (Pemex) for the employment of a jack-up drilling rig. Previously, the company has entered into two other similar
From Reuters The Mexican government will propose an additional tax reduction for heavily indebted state oil company Pemex [PEMEXF.UL] in the nation’s 2020 budget, President Andres Manuel Lopez Obrador said Thursday, the latest measure to strengthen the company. Lopez Obrador has pledged to revive Pemex, whose $106 billion debt is the largest for any oil company in the world. In
From Reuters MEXICO CITY — Mexican President Andres Manuel Lopez Obrador said on Tuesday that production at state oil company Pemex has stabilized, despite a report showing that output fell in May from April. Pemex, which has long struggled to reverse declining production, reported on Monday that its crude output dipped 0.7% in May. “I have different information,” Lopez Obrador said
From Bloomberg President Andres Manuel Lopez Obrador’s plan to rescue the heavily indebted state oil company suffered a decisive blow Wednesday, with two ratings agencies warning he’s only hurting Mexico’s finances. In almost simultaneous announcements late Wednesday, Fitch Ratings cut Mexico’s credit rating to BBB from BBB+, while Moody’s Investors Service shifted the outlook on its A3 rating to negative.
From Bloomberg Mexico moved to bolster investor confidence in its embattled state oil company, announcing an unprecedented $8 billion syndicated loan along with new tax breaks for the energy producer. Petroleos Mexicanos officials signed the financing agreement with JPMorgan Chase & Co., HSBC Holdings Plc and Mizuho Financial Group Inc. alongside President Andres Manuel Lopez Obrador at a morning news conference.
Well flow tested at 7,900 BOEPD, core sets Mexican offshore record with 714 feet of whole core Zama will ‘be impactful for the company and for the Mexican economy’ – Talos CEO Duncan Talos Energy Inc. (stock ticker: TALO, $TALO) reported good results for its Zama appraisal program in Block 7, located in the offshore portion of Mexico’s Sureste Basin in the Gulf
From Reuters Mexican state oil company Pemex imported crude oil in February despite the new president’s sharp criticism of the previous government’s authorization of foreign oil shipments, official data showed on Tuesday. President Andres Manuel Lopez Obrador, who took office in December, promises to make Mexico energy independent over the next three years and has often blasted foreign imports as
From Reuters Mexican state oil company Pemex said on Wednesday its losses narrowed in 2018, helped by currency exchange gains as crude production and refining rates continued to decline. Pemex, Mexico’s largest company, reported a loss of $7.6 billion in 2018, down by nearly half from losses of about $14.3 billion the previous year, according to a filing with the
From Reuters Mexico’s state-oil company Pemex burned through $665 million at its fertilizer unit, ignored consultants and made high-risk investments with no discernible business strategy, according to a devastating government audit of its 2017 operations. The report, published late on Wednesday, offers insight into how Pemex ended up creaking under $106 billion of debt during the six-year term of former
From Bloomberg Mexico President Andres Manuel Lopez Obrador has suspended future Petroleos Mexicanos farm-out bids, putting one of the final nails in the coffin for the 2014 energy reforms that promised to reverse years of oil-production declines with private companies’ involvement. “What is already agreed will continue on course,” said Pemex Chief Executive Octavio Romero during the president’s morning conference. He also
From Bloomberg Mexico’s Petroleos Mexicanos, the world’s most indebted oil company, will refrain from issuing new bonds this year and begin prepaying existing liabilities as part of a broad turnaround plan. The peso and the company’s bonds fell on investor doubts that the steps will be enough. Pemex, as the company is known, will boost investment this year to 288.1 billion
