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Eye on Pemex

Death blow, More broken promises, Fitch rating – HCM for 2021 04 08

The “death-blow” for Energy Reform; Pemex abandoning its targets; and The rating is the same but read the notes

Thursday, April 8th, 2021
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Talos and Zama, Bypassing the law -II, Unhappy bondholders – HCM for 2021 03 24

Octavio Romero might let Talos operate Zama; The law is such a pain! – II; and Bondholders unhappy with plan to bail out Pemex

Wednesday, March 24th, 2021
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Happy Birthday, Pemex – HCM for 2021 03 19

Pemex’s birthday present: Dzimpona-1, A gigantic field; Tabasco’s birthday present: More investment; and Always check the card for cash

Friday, March 19th, 2021
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Pemex/CFE, Deschamps retired finally, Campeche y Carmen – HCM for 2021 03 18

A few more details on the Pemex / CFE deal; Romero Deschamps no longer Pemex employee but still well paid; and AMLO still owes Campeche y Carmen

Thursday, March 18th, 2021
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Supplier debt, Fuel Oil, Retail losses – HCM for 2021 03 09

Pemex debts with suppliers approaching US$15B; When all you have is a hammer…(a Fuel Oil story); and Pemex lost 1,125 gas stations in 2020

Tuesday, March 9th, 2021
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Sovereign unproductive, Fake news, Pemex anomalies – HCM for 2021 03 08

“Unproductive but sovereign”; Pemex distorting the figures to skew the story; and ASF says Pemex’s management presents “anomalies”

Sunday, March 7th, 2021
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Pemex bankrupt? – HCM for 2021 03 05

This time for real? A number of stories have accumulated pointing to a severe financial crisis in Pemex. Maybe the press is just figuring it out or maybe something real is happening.

Thursday, March 4th, 2021
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Technically bankrupt, Pemex bailout, Braskem signs – HCM for 2021 03 03

ASF says the NOC is technically bankrupt; AMLO paying Pemex’s bills; and Let’s make a deal – Braskem, Pemex and Cenegas

Tuesday, March 2nd, 2021
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Pemex results, Counter-Reformation reverse, CFE thermal – HCM for 2021 03 02

Record loss for Pemex in 2020 but 4Q20 was better; Federal judge reverses Sener decisions to ‘slow roll’ the energy sector; and CFE expands thermo-generation capacity

Monday, March 1st, 2021
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The Great Texas Blackout and the Counter-Reformation – HCM Monthly for 2021 03 01

While we devoted our usual space to the problems of Pemex and CNH approvals of investment plans, this month was dominated by two related stories: the ‘Great Texas Blackout’ and its consequences for northern and even central Mexico and Andrés Manuel López Obrador’s grand ‘Counter-Reformation’ of the electrical industry.

Sunday, February 28th, 2021
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