Monday, July 15, 2024

Ana Isabel Martinez News

Pemex Trading Arm Mulls Canceling May-June Cargos

© Vladimir / Adobe Stock

The trading arm of Mexican state oil company Pemex is mulling options to slash the number of fuel cargoes the country imports in May and June as demand plummets because of the coronavirus, three sources close to the talks told Reuters.Pemex last week declared force majeure over fuel supplies from its trading arm PMI Comercio Internacional after a bottleneck of more than 60 vessels built up outside Mexican ports, waiting to discharge.But PMI still has not declared force majeure - a contract provision that allows a party to temporarily suspend its obligations due to external circumstances - over its own fuel purchases…

Mexico and Pemex Face Downgrade Risk

(Photo: Pemex)

Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds held by investors worldwide being labeled junk by credit rating agencies. Now, investors worry that the state itself is a risk for Pemex.Mexico's creditworthiness came under increasing scrutiny in 2019, with two rating agencies flipping their sovereign outlook for the country to negative and one downgrading its rating.Economic growth has ground to a halt during Mexico's first year under leftist President Andres Manuel Lopez Obrador, hitting income and sales tax receipts.

Majors Press Mexico to Resume Oil Auctions

© Denys / Adobe Stock

Big oil companies operating in Mexico have launched a drive to convince leftist President Andres Manuel Lopez Obrador to resume auctions of oil and gas contracts he has branded a failure in reviving the industry.Chevron Corp, Exxon Mobil Corp and Royal Dutch Shell Plc, among other firms in Mexico's Association of Hydrocarbon Companies (Amexhi), say they have met output targets and investment pledges worth hundreds of millions of dollars in the initial phases of their contracts."We've been complying (with contractual obligations)…

Oil Companies Swap Stakes in Mexico

© somartin / Adobe Stock

With Mexico's government insisting that energy companies increase oil and gas output before it auctions off more of the country's vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own.The negotiations are creating a dynamic secondary market for oil acreage, which could be the only investment opportunity left for firms until leftist President Andres Manuel Lopez Obrador unblocks his predecessor's…

Pemex Struck by Ransomware Attack

© Michael Borgers / Adobe Stock

A ransomware attack hit computer servers and halted administrative work on Monday at Mexican state oil firm Pemex, according to employees and internal emails, in hackers' latest bid to wring ransom from a major company.Hackers have increasingly targeted companies with malicious programs that can cripple systems overseeing everything from supply chains to payments to manufacturing, removing them only after receiving substantial payments.An internal email seen by Reuters said Pemex was targeted by "Ryuk," a strain…

Pemex Posts $4.4 Bln Loss

Pemex CEO Octavio Romero Oropeza (Photo: Pemex)

Slumping revenues pushed Mexico's Petroleos Mexicanos to a net loss of 87.4 bln pesos ($4.43 billion) in the third quarter, but the struggling state oil firm said on Monday it had cut back its hefty debt load, bucking the trend of recent years.Pemex, as the company is generally known, held financial debts of $106 billion at the end of 2018, and it has been under intense pressure from international credit rating agencies to get its finances onto a more sustainable path.Fitch in June became the first major credit rating agency to downgrade Pemex's bonds to so-called junk status.

Mexico, Pemex to Hedge Oil Output

Mexico and Pemex are hedging their oil output to protect oil income against projected low prices in 2020. (Photo © Adobe Stock / mmmx)

The Mexican government has said in its 2020 budget proposal that it will maintain a strategy of hedging its oil output against lower prices.Mexico’s state oil company Pemex will also continue a similar but separate hedging program. Mexico’s roughly $1 billion annual oil hedge is considered the world’s largest oil trade and the government has made the first moves to launch its program by asking banks for quotes.The budget document said the government had “fiscal shock absorbers” to protect against volatility that could affect public finances.

Mexico Unveils Pemex Business Plan

(Photo: Pemex)

Mexico on Tuesday unveiled parts of a keenly awaited business plan meant to bring the world's most indebted oil company back from the abyss, but its vow of $7.2 billion in government support failed to dispel worries of a ratings downgrade.Octavio Romero, CEO of Petroleos Mexicanos, or Pemex , presented the broad outlines of the 200-page plan at a news conference, saying a complete version would be published later on Tuesday.Romero said the plan addressed an onerous profit-sharing tax that hands much of the company's…

Pemex Steering Clear of Deepwater

© Denys / Adobe Stock

Petroleos Mexicanos will focus on shallow water projects and onshore plays, and avoid investing in its deepwater riches for now, as the ailing Mexican state-run oil company seeks to turn around a 14-year slide in crude production, a top official said on Thursday.Chief Financial Officer Alberto Velazquez outlined the approach the state-owned oil company known as Pemex will take at a conference in the colonial city of Leon on Thursday.He emphasized that Pemex has no plans to invest in costly and technologically complex deepwater projects in the Gulf of Mexico…

Pemex's Oil Exports Tumble

Pemex's oil exports dropped by 11% in April compared to the previous month, while production slipped by 0.9%, data from the Mexican state oil firm showed on Friday.Exports of Maya crude, the only type Pemex has been selling abroad for almost a year, fell to 1.023 million barrels per day (bpd) in April from 1.150 million bpd in March, the data showed. Crude output dipped to 1.675 million bpd from 1.691 million bpd.Pemex has been struggling to cope with financial debts of some $106 billion and years of dwindling output.

Pemex Promised $7.3 Billion in Tax Relief

Pemex President Octavio Romero Oropezawith Mexico President Andrés Manuel López Obrador (Photo: Pemex)

Mexico's government aims to give $7.3 billion in tax relief to heavily indebted state oil company Pemex, according to a document seen by Reuters on Thursday, in an effort to cool fears over its financial viability and the impact on the wider economy.Pemex, burdened by $106 billion of financial debt, is teetering on the brink of losing its investment-grade rating.That scenario could be disastrous for Pemex as investors whose mandates stipulate they must hold assets of investment-grade quality find themselves forced to sell billions of dollars of its bonds.

Pemex Swings to Q1 Loss

(Photo: Pemex)

Petroleos Mexicanos swung to a 35.7 billion peso ($1.84 billion) net loss during the first quarter as revenues and crude output at the heavily-indebted Mexican state oil company fell, results posted to the stock exchange showed on Tuesday.Revenues at Pemex were 356.3 billion pesos during the January-March period, down 10.4 percent from 397.4 billion pesos in the same period in 2018, the results showed.Pemex, which President Andres Manuel Lopez Obrador has pledged to revive after years of decline, posted a profit of 113.3 billion pesos in the first quarter of last year.Rating agencies have warned that Pemex…

Mexico Plans $3.6 Bln Relief for Pemex

(Photo: BW Offshore)

Mexico's government will inject $3.6 billion into ailing state-owned oil company Pemex, including by reducing taxes paid, company officials said on Friday, a move aimed at improving the firm's balance sheet and preventing a further downgrade to its credit rating.Formally known as Petroleos Mexicanos, the firm holds roughly $106 billion in financial debt, the highest of any national oil company in Latin America.Pemex will receive $1.8 billion in pension liability monetization as part of the new fiscal assistance plan for company…

Mexico President's Pemex Plans Rattle Debt-holders

Mexican President Andres Manuel Lopez Obrador (Mexican Government photo)

Mexican President Andres Manuel Lopez Obrador's declaration of war on "neo-liberal" economics has shaken investors holding Petroleos Mexicanos bonds, fueling concern about the future of the highly-indebted state oil company he has pledged to revive.Ratings agencies and three managers spoken to by Reuters at funds that either hold Pemex paper or recently sold it said proposals floated by the government to build a new refinery and give the state a bigger role in the oil industry could put fresh strain on the company…

Pemex Crude Oil Output, Exports Fall

Mexican national oil company Pemex's crude output dipped to 1.76 million barrels per day (bpd) in October, down more than 7 percent compared with the same month last year, according to company data released on Monday.October crude output marked one of the lowest monthly production levels since 1990, when publicly accessible records begin.Crude exports also fell in October to reach 1.03 million bpd, down by about a quarter compared with the same month in 2017.Since September, the ailing Mexican oil giant has only exported its Maya heavy grade to international customers…

Mexico's Salina Cruz Refinery Normal After Electrical Accident - Pemex

Mexico's Salina Cruz oil refinery is operating normally after three people were injured in an electrical accident, a spokesman for state oil company Pemex said on Wednesday.The 330,000 barrel-per-day capacity facility, Pemex's largest, had a short-circuit on Tuesday evening that sparked flames, the spokesman said.Reporting by Ana Isabel Martinez; Writing by Daina Beth Solomon

Pemex Announces 7 New Crude Finds

Mexican state oil firm Pemex said on Tuesday it has made seven new crude discoveries in the shallow waters of the Gulf of Mexico and said it could invest upward of $10 billion to develop six oil and gas fields.Pemex, which has been struggling with declining output for over a decade, said the seven finds at its Manik and Mulach fields could have proven, probable and possible reserves of 180 million barrels of oil equivalent.Pemex also said it forecast peak production 210,000 barrels per day (bpd) in the second half of 2020 at its Manik, Mulach, Kinbe, Koban, Xikin and Esah fields, which are all currently under development.It expects

Pemex to Announce Light Crude Finds in Gulf of Mexico


Carlos Trevino (Photo: Pemex)

Mexican state oil firm Pemex will on Tuesday announce findings of light crude in seven fields in the Gulf of Mexico, two people familiar with the matter told Reuters.Carlos Trevino, chief executive officer of Pemex told Mexican radio late on Monday that the company would be delivering "good news" at a news conference later on Tuesday.(Reporting by Ana Isabel Martinez; editing by Dave Graham)

Pemex Reaches Deal to See if Talos Find Reaches Its Block

(Photo: Premier Oil)

Mexican state oil firm Pemex has reached a preliminary agreement with a consortium led by Talos Energy to evaluate whether the group's find in the Gulf of Mexico extends into a neighboring Pemex block, the companies said in a statement on Thursday.The deal, which covers territory in the shallow waters of the Gulf of Mexico, is the first of its kind for Pemex and will be in force for two years.The Talos consortium, which includes Britain's Premier Oil and Mexico's Sierra Oil & Gas, won development rights for two blocks during the first oil auction launched by President Enrique Pena Nieto.

Pemex Pauses Light Crude Exports

Mexico's state-run oil firm Pemex has not exported light crude since May, according to a source and export data seen by Reuters on Thursday, as it gears up to process more of the oil at its domestic refineries.Mexico's President-elect Manuel Andres Lopez Obrador has said he wants to reduce the country's crude exports and increase domestic production of gasoline and diesel despite a persistent lack of investment in refinery expansion and modernizing.Pemex's domestic refining network has underperformed again this year, increasing the need for imported fuel. Mexico has bought 1.19 million barrels per day (bpd) of U.S.