Pemex Is Doomed -- Oilprice -- The Other Day -- February 15, 2019

See these recent posts:

• 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

Now this: Mexico to give a $5.2 billion stimulus package to Pemex.

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.

The other day oilprice had an article suggesting Pemex is doomed (see link above). It looks like Lopez is getting religion.

Best way to follow all this? Mexico's foreign exchange reserves. See the graphics, "Mexico on the cusp," February 12, 2019.