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☆ Mexico's Pemex gets billions more in government support
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +3 min

The logo of Petroleos Mexicanos (Pemex) is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. In October, Pemex received 55.9 billion pesos ($3.2 billion) from the government to strengthen its financial position, accounts show. Separately, Pemex received 71.7 billion pesos over the quarter for debt amortizations. Instead of focusing so much on Pemex, Mexico could have made more of private-sector investment, boosting renewable electricity output and reducing fossil fuel reliance, he said. Pemex also reported a third-quarter net loss of 79.13 billion pesos, revenues of 462 billion pesos and a financial debt of $105.8 billion.

Persons: Raquel Cunha, Pemex, Octavio Romero, Andres Manuel Lopez Obrador, Carlos Urzua, Lopez Obrador, Valentine Hilaire, Ana Isabel Martinez, Adriana Barrera, David Alire Garcia, Stefanie Eschenbacher, Anthony Esposito, David Holmes, Jonathan Oatis Organizations: REUTERS, Reuters, Thomson Locations: Mexico City, Mexico, MEXICO, Dos Bocas, Pemex

[1/2] The logo of Petroleos Mexicanos (Pemex) is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. A third senior trading source confirmed that Vitol had resumed business with Mexico. Neither the deals nor the fact that Mexico resumed trading with Vitol have previously been reported. Vitol declined to comment while Pemex and the Mexican government did not respond to requests for comment. Eventually, Pemex officials pulled the plug on contract negotiations after Vitol officials refused their proposed changes to terms.

Persons: Raquel Cunha, Pemex, cargos, Vitol, Arvin, Andres Manuel Lopez Obrador, Octavio Romero, Pemex's Romero, Javier Aguilar, Aguilar, Stefanie Eschenbacher, Ana Isabel Martinez, Dmitry Zhdannikov, Luc Cohen, Marianna Parraga, Florence Tan, Stephen Eisenhammer, Marguerita Choy Organizations: REUTERS, Reuters, U.S . Department of Justice, Thames, Thomson Locations: Mexico City, Mexico, MEXICO, Swiss, Brazil, Ecuador, Liberia, Houston, Pajaritos, Denmark, Tuxpan, Tampico, America, Geneva, U.S, Brooklyn, London, New York, Singapore

☆ Pemex gets $3.8 billion from Mexico government, considers tapping bond markets again
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

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

☆ Mexican Pemex estimates platform fire shut in 700,000 barrels of oil
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

[1/3] Boats spray water onto an offshore oil platform that caught fire at the Pemex's Cantarell Field, in the Bay of Campeche, Mexico July 7, 2023. The fire started early Friday on the Nohoch-A link platform of the company's Cantarell Field and later moved to a compression complex, killing two people. "Today, 700,000 barrels of losses have been reflected (...) because we closed practically all the wells in the area," Romero said via the company's Twitter account. As of Saturday afternoon, 600,000 barrels of production had resumed, the executive added. Most of Mexico's crude production, approximately 1.6 million bpd, comes from the shallow waters of the Gulf of Mexico.

Persons: Octavio Romero, Romero, Cantarell, Pemex, Marion Giraldo, Anna, Catherine Brigida, Kim Coghill Organizations: REUTERS Companies, Ciudad del, Thomson Locations: Bay, Campeche, Mexico, Handout, MEXICO, Gulf of Mexico, Cantarell, Ciudad

CNN —At least two people were killed and one person is missing after a fire broke out Friday at the Nohoch Alfa offshore platform at the Bay of Campeche, in the Gulf of Mexico, the state-owned oil company Petróleos Mexicanos (Pemex) said in a statement. Some 321 workers out of the 328 who were working on the structure when the fire started have already been evacuated, according to Pemex. Four boats have been sent to control the fires on the oil platform. The state-owned oil company said earlier that at least six were injured. Oropeza said the part of the platform where the fire started has been completely destroyed, and that Pemex is investigating what caused the fire.

Persons: Octavio Romero Oropeza, Oropeza, Andrés Manuel López Obrador, ” Organizations: CNN, Alfa, Twitter, Mexican Navy Locations: Campeche, Gulf of Mexico, Gulf, Mexico

☆ Two dead, output impacted after fire engulfs Mexican oil platform
▼ + stars: | 2023-07-07 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +2 min

[1/4] Boats spray water onto an offshore oil platform that caught fire at the Pemex's Cantarell Field, in the Bay of Campeche, Gulf of Mexico, Mexico July 7, 2023. In posts on Twitter, Pemex said it had accounted for all other workers and said oil production had taken a major hit from the blaze. Later on Friday, the company said oil production had been "impacted in a substantial way" due to the fire. A Pemex statement Friday morning indicated that 321 of 328 people working on the sprawling platform had been successfully evacuated. The vast majority of Mexican oil production comes from nearby shallow water fields clustered around the Bay of Campeche in the southern Gulf, where Pemex has suffered a number of industrial accidents in recent years.

Persons: Pemex, Octavio Romero, Cantarell, Ana Isabel Martinez, Stefanie Eschenbacher, Kylie Madry, Manuel Carrillo, Brendan O'Boyle, Isabel Woodford, David Gregorio, Rosalba O'Brien Organizations: MEXICO CITY, Twitter, Thomson Locations: Bay, Campeche, Gulf of Mexico, Mexico, Handout, MEXICO

☆ Mexico FinMin expects Pemex able to handle 2023 debt amortizations, government there if needed
▼ + stars: | 2023-03-17 | by ( Noe Torres | ) www.reuters.com time to read: +1 min

Companies Petroleos Mexicanos FollowMERIDA, Mexico, March 17 (Reuters) - Mexican Finance Minister Rogelio Ramirez De La O said on Friday he expects state oil firm Petroleos Mexicanos, known locally as Pemex, to be able to handle its debt amortizations in 2023, though reaffirmed that the government would be there if needed. With its financial debt totaling nearly $108 billion at the close of last year, Pemex must pay down some $8.2 billion expiring this year and another $9 billion more in 2024 in both bonds and long-term bank loans, putting it in a challenging financial position. The finance minister's latest comments came after Mexico's President Andres Manuel Lopez Obrador said in January the government would provide further support to Pemex to ensure it meets its debt repayments. The government lifeline has provided the company with some $45 billion between capital injections and tax benefits over the last four years. Reporting by Noe Torres; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Mexico's Pemex, 'punished' by markets, weighs how to pay heavy debt
▼ + stars: | 2023-03-08 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +4 min

Romero hit back at credit rating agencies that have "punished" Pemex by declaring its bonds speculative grade, or junk, which made its borrowing more expensive. He said the agencies were ignoring progress made by current management on boosting production, lowering debt and keeping reserves stable. At the end of January, Pemex issued 10-year bonds worth $2 billion at a 10.375% interest rate on the market to refinance some debt. That production target significantly scales back Lopez Obrador's initial oil ambitions, when in late 2018 at the start of his administration he promised to grow Pemex production to 2.6 million bpd. Pumping more, he said, "will comfortably allow us to meet our country's demand for crude oil and fuels."

☆ Exclusive: Mexico's Pemex increased gas flaring at top field, despite pledge to stop
▼ + stars: | 2023-02-28 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +7 min

[1/3] Gas flare is seen at the state energy company Petroleos Mexicanos (Pemex) Papan plant, in Tierra Blanca, Veracruz state, Mexico February 18, 2023. The pledge to stop burning gas at the Ixachi field came after months of pressure over flaring from the hydrocarbon regulator, environmentalists and Mexico’s most important trade partner, the United States. But Pemex has repeatedly missed gas production targets, blaming it on missing infrastructure. Two senior company sources told Reuters last November Pemex would rather pay fines than deal with gas flaring problems. Pemex's updated business plan for 2023 to 2027, released in December, reiterated promises to reduce emissions but focused more on oil and gas production as well as refining.

☆ Exclusive: After costly bond issue, Mexico's Pemex banks on high oil prices to pay off debt -sources
▼ + stars: | 2023-02-15 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +4 min

The high cost of borrowing forced a recalibration in Pemex and renewed determination to avoid the market, two company sources familiar with the matter said. Pemex has said it must pay back some $8 billion of financial debt this year and $8.7 billion next. But both sources said Pemex was banking on high crude oil prices to maintain the investments for this year as well as meet its financial obligations - without issuing more bonds. Financial debt started ballooning years ago when the oil company took on debt to pay its debts. Pemex declined to reveal the total value of debt payments due and Reuters was unable to independently calculate the figure.

Its year-earlier net loss totaled 77.2 billion pesos. President Andres Manuel Lopez Obrador has pumped in billions of dollars to support the company to fulfill his pledge of growing domestic production of motor fuels by refining more of Pemex's crude oil production at home during his term. On a call with analysts shortly after the results, Pemex's Chief Financial Officer Carlos Cortes hailed progress on growing domestic refining and fuel sales. "Pemex has been replenishing its participation in the national fuel market," he said, noting that during the third quarter domestic fuel sales grew by nearly 70% year on year. Pemex's domestic oil refining in the third quarter rose more than 16% to hit 807,000 bpd.

☆ Mexican senator files criminal complaint against energy minister, Pemex CEO over methane leak
▼ + stars: | 2022-09-28 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +2 min

Opposition Senator Xochitl Galvez, who sits on committees for the environment and energy, filed the complaint to the attorney general's office against Energy Minister Rocio Nahle, Pemex CEO Octavio Romero and Angel Carrizales, who heads environmental regulator ASEA. Reuters sought comment from Nahle, Romero and Carrizales through the press teams at the energy ministry, Pemex and the regulator. Reuters also contacted Nahle, Romero and Carrizales via email and Twitter without response. The methane leak at the Zaap-C platform, which first appeared on Dec. 8, was uncovered by researchers led by Itziar Irakulis Loitxate from the Polytechnic University of Valencia. The criminal complaint filed by Galvez on Wednesday is the third complaint the senator has submitted in recent weeks after Reuters reports on Pemex methane leaks.

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