Mexico City. “Traditional” Petróleos Mexicanos (Pemex) will be the foundation in the government of President Claudia Sheinbaum Pardo to give way to Pemex Energía, a transformation of the oil company that will result in continuing to be a pillar of energy sovereignty with the inclusion of a new portfolio of less polluting energy and financial strengthening, said Víctor Rodríguez Padilla, general director of the state company.
“The financial position of the company will be strengthened without ceasing to contribute to the public treasury, nor weakening energy security,” said the official in the first conference with investors and analysts to report on the financial results for the third quarter of 2024.
He added that to achieve this objective, Pemex will reduce costs, increase income, cancel subsidies, eliminate liabilities, refinance debts, focus investments and adapt the tax regime to the new reality.
“We seek to provide Pemex 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,” he said.
He stressed that although the federal administration has changed, the mission of the state company continues to be “to guarantee the supply of fuel, contribute to public finances, generate social benefits and embark on new paths in the world of energy within a framework of environmental sustainability.” .
He reiterated that the oil company is coordinated with the ministries of Finance and Public Credit (SHCP) and Energy (Sener), as it is part of the support of the government of President Sheinbaum Pardo.
“Together with the SHCP and Sener we are analyzing liability management options without excluding specific support from the federal government, we will implement those efficient and competitive alternatives that allow us to continue reducing the balance and cost of the debt, as well as modify the maturity profile until obtain a smoother distribution that reduces cash pressures due to amortization concentration,” he said.
He noted that operations will be launched that enable efficient and timely attention to liquidity needs, in addition to maintaining zero debt.
Regarding the strategy to financially clean up Pemex, Juan Carlos Carpio, Corporate Finance Director, commented that they are working with the SHCP on budget support for 2025 as was done in 2024, which will allow the company to continue strengthening its financial position. .
He announced that he will ensure that the Business Plan, which will be announced shortly, is aligned with the National Energy Plan, which is also about to be announced.
Transformation
“The traditional Pemex will be the foundation on which we will build Pemex Energía, we will provide ourselves with a diversified portfolio of clean energy projects, with the support of private initiative, electricity from renewable sources, green hydrogen, ammonia, synthetic fuels and strategic materials will be gradually integrated into the portfolio,” he noted.
Regarding the constitutional reform on strategic areas and companies, which returns Pemex to its status as a public company, Rodríguez Padilla commented that in the coming months the secondary legislation will be adjusted. “Pemex will transform into a public company with a mandate of efficiency, profitability, social benefits and environmental care,” he said.
“We have a public company, true, but the debt commitments made will not be modified, there will be no changes in the legal documents that support our current financing operations. We will pay our debts in a timely manner, in exploration and production we will have to open to private participation to share risks and complement knowledge and technology.
In the short term, we will announce a set of clear rules that provide certainty and lead to an equitable distribution of risks and benefits for both Pemex and third parties,” he said.
The general director of Pemex stressed that despite these changes, private investment is safe, since they will be able to participate in cogeneration and clean energy projects.
“Among the mixed projects, that is, those that will be developed with the private sector, are the fields of heavy crude oil, Natural Gas, deep water oil and marginal oil,” he added.
He reiterated that the national goal for the production of liquid hydrocarbons is 1.8 million barrels per day, sufficient volume to feed the National Refining System (SNR), including the Olmeca refinery, in addition to reducing imports of Natural Gas with exploration and extraction that energetic.
He noted that the second train at the Dos Bocas refinery will soon be put into operation, which will achieve the optimal level of operation in a safe and reliable manner.
Rodríguez Padilla mentioned that with support from the private sector, the petrochemical complexes will be rehabilitated and fuel theft will be combated.
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘
fbq(‘init’, ‘133913093805922’);
fbq(‘track’, ‘PageView’);
fbq(‘track’, ‘Contact’);
fbq(‘track’, ‘Donate’);
fbq(‘track’, ‘FindLocation’);
fbq(‘track’, ‘Lead’);
fbq(‘track’, ‘Search’);
fbq(‘track’, ‘Subscribe’, {value: ‘0.00’, currency: ‘MXN’, predicted_ltv: ‘0.00’});
fbq(‘track’, ‘ViewContent’);
#Pemex #Energía #pillar #energy #sovereignty #neglecting #finances
–
