Road To Mexico -- Pemex' Debt -- Update -- April 6, 2021

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.