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...Mexico’s state oil company Pemex swung to a net profit in the fourth quarter as it paid less tax to the government....
...“Pemex will require ongoing government support for the foreseeable future,” said Andrew De Luca, emerging markets credit analyst at Pemex bondholder T Rowe Price....
...Pemex is one of the most indebted oil groups in the world with a nearly $110bn debt load....
...Rising tensions in the Middle East probably also supported prices, along with reports that Mexico’s state-controlled oil company Pemex would limit exports....
...“Fitch believes that Pemex is in financial distress and that there is a lack of a willingness (but not ability) by the government to support Pemex to the extent that is fully needed,” the statement said....
...“Pemex needs to be tackled structurally,” he said....
...Schineller highlighted that Mexico had the capacity to support Pemex....
...Mexico’s state oil company Pemex posted a net profit in the first quarter, as the heavily indebted firm produced more crude oil and condensates....
...Pemex, Mexico’s state-owned oil company, is curbing exports as part of a self-sufficiency push....
...These overlays are displayed on sites as varied as Mexico’s state oil company Pemex, LVMH and London-listed outsourcing group Capita....
...But Pemex was on Tuesday working to price the sale of bonds maturing in 10 years’ time, according to three people with knowledge of the matter....
...But achieving that while balancing her party’s commitment to control by state-run companies CFE and Pemex won’t be easy. “My sense is that Claudia is . . . more open to evidence-based policymaking....
...Woodside owns 60 per cent of the project and will fund $4.8bn of the cost, with Mexico’s state-owned Pemex contributing the rest....
...Though far smaller than the country’s principal industries such as manufacturing and construction, that would make the groups collectively bigger employers than companies like state oil firm Pemex....
...Even as production is declining, Pemex is also building an oil refinery that is running vastly over budget and is likely to cost more than $11bn....
...In 2021, his government handed control of Zama to Pemex....
...Pemex needs urgent government support to pay its upcoming debt, say Fitch and Moody’s. Energy Source is written and edited by the FT’s global energy team....
...Pemex has outstanding debt of more than $100bn, making it one of the world’s most indebted oil companies....
...Pemex did not respond to a request for comment....
...president’s motives for the reform, as he had long coveted the INE budget and had a history of cutting costs and liquidating public trusts to find funding for his spending priorities, such as state oil company Pemex...
...It does not mean he will change his determination to rebuild Mexico’s state-owned petroleum and electricity companies, Pemex and the Federal Electricity Commission....
...of Pemex bonds....
...Pemex’s debt pile stood at 2.3tn pesos ($113bn) at the end of September, slightly higher than at the end of 2020....
...One, a joint equity project between Pemex and New Fortress Energy for a $1.5bn new investment in a large gasfield (Lakach), off the Gulf shore with reserves of 900bn cubic feet....
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