Tag #Pemex

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elpais.com

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Apr 30, 22:13

Pemex Posts $2.2 Billion Loss in Q1 2025 Amidst New Tax Regime and Rising Debt

Pemex reported a $2.2 billion USD net loss in Q1 2025 due to decreased sales, higher costs, and increased taxes under a new fiscal regime; the company's debt increased to over $101 billion, despite government capitalizations.

Pemex Posts $2.2 Billion Loss in Q1 2025 Amidst New Tax Regime and Rising Debt

Pemex reported a $2.2 billion USD net loss in Q1 2025 due to decreased sales, higher costs, and increased taxes under a new fiscal regime; the company's debt increased to over $101 billion, despite government capitalizations.

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What are the key factors contributing to Pemex's significant first-quarter 2025 net loss, and what are the immediate consequences for the company and the Mexican economy?

Pemex reported a net loss of 43.328 billion pesos (approximately $2.2 billion USD) in the first quarter of 2025, a stark contrast to the 4.681 billion pesos net profit during the same period in 2024. This loss is attributed to decreased sales, increased administrative expenses, higher financial costs, exchange losses, and tax payments. The company's total debt rose from $97.6 billion at the end of 2024 to over $101 billion by March 2025.

elpais.com

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Mar 19, 04:12

Mexico Bolsters Pemex's State Control Amidst \$97.6 Billion Debt

Mexico's President Claudia Sheinbaum signed a decree creating and modifying energy laws, prioritizing state-owned Pemex and CFE over private companies, aiming to reverse the 2013 energy reform and improve Pemex's financial standing, currently burdened by over \$97.6 billion in debt.

Mexico Bolsters Pemex's State Control Amidst \$97.6 Billion Debt

Mexico's President Claudia Sheinbaum signed a decree creating and modifying energy laws, prioritizing state-owned Pemex and CFE over private companies, aiming to reverse the 2013 energy reform and improve Pemex's financial standing, currently burdened by over \$97.6 billion in debt.

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What are the immediate consequences of Mexico's new energy legislation on Pemex and the private sector?

Under President Claudia Sheinbaum, Mexico strengthened Pemex's role as a state-owned enterprise. A new energy law prioritizes Pemex and CFE over private competitors, reversing the 2013 energy reform. This has led to the creation and modification of several energy laws, solidifying the government's control over the energy sector.

elpais.com

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Feb 12, 22:20

Pemex Crude Contamination Disrupts US Refineries

US refineries are rejecting Mexican crude oil due to high water and salt content, forcing them to seek alternative suppliers and causing alarm in the US fuel market; the Mexican government says the issue, originating from Pemex's Dos Bocas refinery, will be resolved in 10 days.

Pemex Crude Contamination Disrupts US Refineries

US refineries are rejecting Mexican crude oil due to high water and salt content, forcing them to seek alternative suppliers and causing alarm in the US fuel market; the Mexican government says the issue, originating from Pemex's Dos Bocas refinery, will be resolved in 10 days.

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What is the immediate impact of Pemex's contaminated crude oil exports on US refineries and the broader energy market?

Mexican oil producer Pemex is facing criticism for exporting crude oil contaminated with high levels of water and salt, impacting US refineries. This contamination renders the oil unusable for gasoline and diesel production, forcing US refineries to seek alternative sources from Colombia and Canada. The issue, acknowledged by the Mexican government, began in late December 2024.

elpais.com

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Mar 24, 10:11

Slim to Invest Over \$1 Billion in Mexican Gas Field

Mexican billionaire Carlos Slim is negotiating a joint venture with Pemex to invest over \$1 billion in the Ixachi natural gas field in Veracruz, aiming to increase domestic production and reduce reliance on US imports, driven by Pemex's financial constraints and the government's energy independence...

Slim to Invest Over \$1 Billion in Mexican Gas Field

Mexican billionaire Carlos Slim is negotiating a joint venture with Pemex to invest over \$1 billion in the Ixachi natural gas field in Veracruz, aiming to increase domestic production and reduce reliance on US imports, driven by Pemex's financial constraints and the government's energy independence...

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What are the immediate consequences of Carlos Slim's potential investment in Mexico's energy sector, considering Pemex's financial difficulties?

Mexican billionaire Carlos Slim is expanding into the oil and gas sector, potentially signing a joint venture with Pemex to invest over \$1 billion in the Ixachi natural gas and liquid hydrocarbon field in Veracruz. This follows a similar deal in July where Slim's conglomerate invested over \$1 billion in the Lakach natural gas field. His strategy includes acquiring experienced companies like Petrobal for \$530 million to bolster expertise and secure access to oil fields.

elpais.com

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Feb 27, 22:08

Pemex Reports 620 Billion Peso Net Loss in 2024

Pemex reported a net loss of 620.605 billion pesos in 2024 due to increased costs, currency depreciation, and operational issues, despite government capitalizations; its total debt reached 97.6 billion USD by December 2024.

Pemex Reports 620 Billion Peso Net Loss in 2024

Pemex reported a net loss of 620.605 billion pesos in 2024 due to increased costs, currency depreciation, and operational issues, despite government capitalizations; its total debt reached 97.6 billion USD by December 2024.

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How did operational challenges and external factors contribute to Pemex's financial losses in 2024?

The loss resulted from a 4.4% increase in the cost of sales, mainly due to maintenance expenses, coupled with a 2.4% decrease in revenue from lower oil exports. Currency depreciation significantly impacted the net result by increasing the value of Pemex's dollar-denominated debt. This financial strain is despite direct government capitalizations.

forbes.com

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Dec 9, 04:05

Pemex's Production Decline Continues, Despite Reform Efforts

"Mexico's Pemex oil production has fallen from 3.4 million barrels per day (mbpd) in 2004 to near 1.4 mbpd in 2024, despite various reforms; the new National Oil and Gas Strategy prioritizes social objectives over profitability, hindering potential production increases and limiting its future role i...

Pemex's Production Decline Continues, Despite Reform Efforts

"Mexico's Pemex oil production has fallen from 3.4 million barrels per day (mbpd) in 2004 to near 1.4 mbpd in 2024, despite various reforms; the new National Oil and Gas Strategy prioritizes social objectives over profitability, hindering potential production increases and limiting its future role i...

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What are the immediate implications of Pemex's sustained crude oil production decline for Mexico and the global oil market?

"Mexico's state oil company, Pemex, has experienced a steady decline in crude oil production for two decades, from a peak of 3.4 million barrels per day (mbpd) to near 1.4 mbpd currently (1.7 mbpd including condensates). This decline is unlikely to reverse in 2025, posing challenges for OPEC+ efforts to stabilize global oil supply. While the new National Oil and Gas Strategy aims to improve Pemex's performance, its prioritization of social objectives over profitability may hinder production increases."

Showing 13 to 18 of 18 results