Fitch Ratings lowered Pemex’s credit rating, taking away its investment grade. Here is what experts said.
Analysts from the Pantheon Macroeconomics and Eurasia Group consultancy said what they consider the government should do to increase Pemex rating.
President Andres Manuel Lopez Obrador (AMLO) said that his government was able to stabilize Pemex, yet said fuel that prices will only drop once the NOC is in a ‘good place’.
President Andres Manuel Lopez Obrador (AMLO) believes that Pemex can solve its crisis on its own, with help from the government. However, Alfonso Romo, Head of the Presidential Office, said that the NOC needs more than that.
Mexico usually buys US$1B worth of financial positions to protect its oil revenues from price fluctuation. The operation has been slowing down this year.
CEO Octavio Romero met with a delegation of Norwegian investors. They talked about key issues such as investment strategies, exploration and production.
Pemex presented modifications to the development plan of the Kambesah field. This is what the National Hydrocarbons Commission (CNH) had to say about it.
Fitch recently changed the NOC’s rating from “BBB-” to “BB +.” Here is what Jonathan Heath, sub-director of Mexico’s Central Bank (Banxico), has to say about it.
Former Pemex counselor, Carlos Elizondo, said that the company must allocate its resources to E&P, not to purchase of companies, as it did with AgroNitrogenados back in 2013.
Pemex is facing a difficult financial and operational situation, but has shown its optimism about the future, thanks to recent help from the government. The NOC announced its goals for proven reserves for the next five years.
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