Companies Petroleos Mexicanos FollowMEXICO CITY, July 28 (Reuters) - Mexican state energy company Pemex, whose financial debt ballooned to $110.5 billion by the second quarter, said Friday that it received 64.9 billion pesos ($3.8 billion) from the government to meet its obligations and may tap bond markets this year or next.
Chief Financial Officer Carlos Cortez told investors during an earnings call that despite "significant" government support, Pemex was evaluating whether it would tap bond markets this year or next.
Natural resources nationalist President Andres Manuel Lopez Obrador has staked his reputation on reviving Pemex, which he inherited highly indebted.
Between 2019 and the end of the second quarter, Pemex received more than 720 billion pesos from the government, the results showed.
Net profits were down almost 80% to 25.439 billion pesos in the second quarter from the year-ago period as sales fell, and revenues were down more than 40% to 414.156 billion pesos following weaker local sales and crude oil prices.
Persons:
Carlos Cortez, Pemex, Cortez, We're, Andres Manuel Lopez Obrador, Lopez Obrador's, Octavio Romero, Romero, Valentine Hilaire, Adriana Barrera, Stefanie Eschenbacher, Anthony Esposito, Richard Chang, Cynthia Osterman
Organizations:
Moody's Investors Service, Thomson
Locations:
MEXICO, Pemex