Petróleos Mexicanos (Pemex) reported that it is working with the Ministry of Finance and Public Credit (SHCP) to develop a renewed fiscal regime, and to address the current liquidity situation by designing a strategy to strengthen the financial health of the company, which which will imply continuing to receive resources from the federal government.
“We are working with the SHCP on a fiscal regime that contributes to public finances, but also recognizes the advanced state of geological maturity and operational particularities. A renewed tax regime will allow us to take advantage of fields that are not economically viable under current conditions,” said CEO Víctor Rodríguez Padilla in a conference call about the third quarter financial results.
The official assured that Pemex’s financial position will be strengthened, without ceasing to contribute to the public treasury, nor weakening energy security, with a range of actions that include cost reduction, increased income, cancellation of subsidies, elimination of liabilities, debt refinancing, investment targeting and adaptation of the tax regime to the new reality.
Read: Pemex’s losses deepen 104% in the third quarter
“We seek to provide Petróleos Mexicanos with the financial flexibility that allows it to increase investment in substantive activities, in such a way that this results in greater operational productivity and, therefore, has a positive impact on the company’s results,” said the manager.
He specified that together with the SHCP and the Ministry of Energy (Sener), liability management options are being analyzed without excluding specific support from the federal government, and efficient and competitive alternatives will be implemented that will allow the balance and cost of the debt to continue to be reduced. as well as modifying the maturity profile until obtaining a smoother distribution that reduces cash pressures due to concentration of amortizations.
“Likewise, we will implement operations that enable efficient and timely attention to liquidity needs. We seek to maintain the goal of zero net debt,” said Víctor Rodríguez.
Regarding the debt with suppliers, he indicated that Pemex analyzes financial alternatives and, eventually, federal support, which is reflected in a payment program that provides certainty and confidence about the way in which the delay will be addressed; In parallel, it is implementing an austerity plan, whose initial goal is cost reduction.
Pemex will continue receiving resources from the Treasury
The corporate director of finance of Pemex, Juan Carlos Carpio, pointed out that the strategy to strengthen the financial health of the oil company is based on the continuous support of the federal government, which implies budget support for 2025, as was done in 2024, which will allow us to continue strengthening the company’s position.
He added that Pemex will maintain constant communication with the SHCP and Sener to ensure that the company’s business plan is aligned with the National Energy Plan and contributes to Mexico’s energy strategy.
The finance director added that Pemex will continue to strengthen the ESG (environmental, social and governance) strategy to maintain and expand financing sources; With all this, what is sought is to provide the firm with the necessary flexibility to increase capital investments under more favorable conditions and improve the operational and financial performance of the company.
Follow us on Google News to always stay informed
Get inspired, discover and share. Follow us and find what you are looking for on our Instagram!
