Pemex director Octavio Romero Oropeza asked Moody’s to revise the downward rating it gave Pemex a few weeks ago.
“We ask the rating agency Moody’s, especially its principal analyst, and in a very professional and very responsible way, to review these indicators and the metrics that we present today to verify a correct public policy,” he said.
The official stressed that the rating agency should not determine the unviability of a company based on “mere ideological issues.”
At a press conference to announce the financial results of the company, the official explained that Pemex’s new public policy is the right one and has allowed some indicators to be reversed.
“From a gloomy outlook in December 2018, with all its indicators, production, processing and export of crude oil falling, a sharp loss of the domestic market, a growing indebtedness, high levels of fuel theft, lack of investment in maintenance in our production centers and a series of corruption scandals that to date make us ashamed before the world, today we can affirm with satisfaction that the face of Pemex is very different,” he said.
According to Pemex’s financial results, during the first half of the year it had a growth in investment of 89% compared to the same period in 2021, which placed it as the company with the highest rate of investment compared to companies in the sector.
Regarding the Deer Park refinery, Oropeza said that it more than recovered the investment of its acquisition in less than 6 months.
Regarding sales, the official said during the first half of the year, Pemex sold 667 thousand barrels per day of gasoline, which represented a growth of 20.1% over the previous year, while in turbosin and diesel managed to place 86 and 290 thousand barrels per day, respectively, which represented annual increases of 65.3 and 40.7%, in each case.
Regarding profits, the oil company obtained 131,377 million net pesos due to high crude prices.
Pemex and its low rating
Romero Oropeza’s request comes after rating agency Moody’s downgraded Petróleos Mexicanos (Pemex) from Ba3 to B1, but improved its outlook to stable.
This, after the announcement of the downgrade of the Government of Mexico, from Baa2 to Baa1, but with a change in the outlook, from negative to stable.
The agency also considered Pemex’s high debt maturities through 2024, the rating agency’s expectations of free cash flow and the need for large amounts of external financing due to losses in the refining business.
What we do at Animal Político requires professional journalists, teamwork, dialogue with readers and something very important: independence. You can help us keep going. Be part of the team.
Subscribe to Animal Político, receive benefits and support free journalism.#YoSoyAnimal
