In the report of the first semester of the year by Petróleos Mexicanos (Pemex) it was reported that achieved a reduction of 917 million dollars of its debt.
However, the preliminary results that marks the report of the second quarter sent to the Mexican Stock Exchange (BMV), where it is detailed thatThe total financial debt decreased 4.0%, going from 109 thousand 10 million dollars, at the end of 2021, to 108 thousand 93 million dollars as of June of this year.
Pemex hopes that it will no longer receive resources from the federal government
In turn, this reduction took on great importance, in the context of the rise in interest rates at a global level and greater volatility in the exchange rate, where the dollar stands at 20.26 pesos and 73% of Pemex’s debt is in US currency.
He indicated that one of the priority objectives of the federal government has been to support Pemex to reduce its debt, for which patrimonial transfers were made, the tax burden was reduced, in addition to the fact that measures have been implemented to refinance its indebtedness.
In the presentation of the quarterly report to investors, Carlos Cortés, director of Pemex Treasury, indicated that, for the rest of 2022, the oil company will be in charge of paying the corresponding debt amortizations with flows generated for the operation of the company, that is, it is no longer expected to receive resources from the federal government.
The report details that the net debt ceiling approved by Congress for Pemex in 2022 is one thousand 86 million dollars, which expressed in pesos is 65 billion, but it will be sought, as in 2021, achieve a net deleveraging.
In addition, another example of the reduction that its debt has had has been with the payment to suppliers, which was reduced 45% annually, going from 370 thousand 711 million pesos at the end of the second quarter of 2021 to 203 thousand 578 million pesos in the same period this year.
According to what was reported by the directors of the company, the foregoing was achieved thanks to the strategies to accelerate the payment to suppliers, among which the bonus to pay and give liquidity to its contractors stands out.
“In recent months, Petróleos Mexicanos launched a mechanism to pay its suppliers and contractors, (…) the most relevant thing was that the strategy It was successfully implemented, 39 suppliers participated and 27 received almost total liquidity immediately, and 9 in about a week,” Cortés explained.
The rating agency Moody’s, despite having cut Pemex’s credit rating, recognized that the support of the federal government and the improvement of finances by the company has contributed to the management of liabilities and the reduction of debtas well as refinancing risk.
Get the latest news in your email
Everything you need to know to start your day
Registering implies accepting the Terms and Conditions