- Pemex, junk status, June 6, 2019
- Mexican leftist president flip flops: will allow fracking
- Pemex could fail; some say Pemex is doomed; if Pemex fails, Mexico fails
- Mexico gives Pemex a $3.5 billion tax cut
Wow, so much in that Platts article, including:
- Lopez Obrador previously said resources will go to Pemex's new refinery
- Pemex has to pay over $50 billion in debt over next six years
- in recent years, Pemex borrowed to finance operations until becoming the world's most indebted oil operator with $104 billion in net debt, half of which is due through Lopez Obrador's presidential term, which ends in 2024.
- despite this debt leverage, Pemex's production fell to 1.71 million b/d in December from a peak production of 3.4 million b/d in 2004.
Best way to follow all this? Mexico's foreign exchange reserves. See the graphics, "Mexico on the cusp," February 12, 2019.
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