Pemex does not have the necessary budget to solve its financial and operational crisis, but the government is analyzing different alternatives to help the NOC. Pension fund administrators (Afores) could play a key role in this process.
Pemex has been reporting a constant declining production over the last decade, but this has not been its only problem. The NOC has faced several issues such as wasteful spending, a high tax burden and a huge debt.
Pemex announced its financial and operational results for the fourth quarter and year ended 2018, highlighting positive performance in key metrics such as EBITDA, operating income and total sales. The company continues to report a net loss, but it decreased compared to previous year.
Andres Manuel Lopez Obrador (AMLO), President of Mexico, continues to announce measures to solve the financial and operational crisis of Pemex. Octavio Romero Oropeza, CEO of Pemex, spoke about the awarding of new oil contracts.
Pemex continues to report poor operational metrics, affecting its financial situation. However, the company continues to maintain a costly workforce, and plans to spend more on this issue, despite the current crisis.
Mexico has increased its dependence on refined-products imports in recent years, due to Pemex operational problems, especially in its refineries. The Secretary of Energy (Sener) is analyzing alternatives to increase controls on imports.