Pemex: is this one of those stories that we'll come back to in six months?
- telegraphing a "restructuring"?
- the state-owned vertically integrated oil company is apparently "woke"
- "it is clear that high indebtedness represents a structural problem, attention to which should not be delayed ... we do not rule out restructuring...."
- having said that, Pemex expects to maintain financial debt of $105 billion through 2025
- pays lip service to paying down debt (won't happen)
- will raise crude refining capacity from 1.1 million bpd (2021) to 1.6 million bpd by 2025;
- says it won't incur more debt by adding more obligations
- we'll see
- last year lost its "coveted" investment grade rating due to high debt and other concerns
Pemex debt is actually worse than being stated above. See this link.
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