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    BBVA Research Publications

    Pemex latest publications

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    April 14, 2020

    Mexico | Recommendations for Pemex to face a cutback in production

    Pemex should take advantage of the 100,000 barrels a day cutback to reduce capex in E&P in 2020. This policy action would boost its liquidity, improve chances of meeting its financial balance approved by Congress and avoid increasing its financial debt.

    July 17, 2019

    Mexico | Pemex’s Business Plan 2019–2023: Marginal but Insufficient Progress

    The permanent reduction of Pemex's tax burden and the possible additional contribution of resources to Pemex beyond 2022, should be supplemented with changes in tax policies that help keep federal government revenues relatively stable and do not risk meeting fiscal targets.

    June 7, 2019

    Mexico | Underinvestment in E&P prompts Fitch to downgrade Pemex’s bonds to junk status

    Fitch downgrades Pemex’s bonds to junk status as the company keeps facing serious underinvestment in E&P because of its relatively high fiscal burden.

    May 13, 2019

    Mexico |Higher probability of stabilizing production w/greater fiscal incentives for Pemex

    Today Pemex signed a letter of commitment with three financial institutions to refinance USD 2.5 billion of its debt. It also renewed two lines of credit worth USD 5.5 billion, extending the repayment period from three to five years.

    February 19, 2019

    Mexico | How do we tackle the Pemex situation?

    Recently, especially in the aftermath of Fitch downgrading Pemex's rating from BBB+ to BBB-, there has been nervousness in the markets because Pemex's situation is perceived as a significant risk to the country's macroeconomic stability.

    February 15, 2019

    Mexico | The measures announced today do not solve Pemex’s structural problems

    Financial support from the federal government will buy time, but Pemex's credit rating remains at risk. In January, Fitch downgraded the Pemex rating from BBB+ to BBB- after the outlook was revised to negative in October last year.