MEXICO CITY: Mexican state oil company Pemex’s debt with suppliers and contractors surged 44% between its October and February debt reports, reaching 139.12 billion pesos ($8.20 billion).
According to the report, published on Monday, Pemex’s invoiced obligations for 2023 and 2024 total 138.85 billion pesos, with projects and materials pending invoice at the end of February for 270 million pesos.
The company said it paid 86.93 billion pesos in the first two months of the year, on top of 382.90 billion pesos in 2023.
The report, detailing Pemex’s official data on the status of its debt with suppliers, does not include debt stemming from disputes or taxes, nor that involving projects in conciliation processes with creditors.
Pemex’s supplier debt reported on Monday is significantly less than what it was in December 2023, down 61% from 359.76 billion pesos in December, according to figures reported on a company call in February.
Pemex did not give details during that call about the debts invoiced or expected to be invoiced.
For months, the debt-plagued energy company has faced serious difficulties paying suppliers, contractors and oil operators, who have warned that a lack of compliance could lead to production drops and threaten private companies.
UAE’s non oil business activity picks up in February, PMI survey shows
Two Pemex sources told Reuters last month that the company would use a recent $6.4 billion tax credit from the government to make payments to suppliers.
Reuters recently reported that the state giant, which also has a financial debt of more than $106 billion, has favored payment to large oil services companies over smaller private Mexican producers that sell their output to Pemex.
Pemex on Monday reported that its debt with oilfield services company Baker Hughes now amounts to the equivalent of $14.76 million, from $311 million reported in October, according to Reuters’ calculations.
Pemex also acknowledged debts of $123 million with service provider Halliburton, compared to $529 million in the previous report.
Debts to Weatherford fell from $225 million in October to $35.46 million, while debts to SLB fell to about $143 million from $474 million in October.
The state company said in the call with analysts that it had paid 413.94 billion pesos to its suppliers in 2023 and managers announced that the company will make payments this year, although they did not give details or schedules or amounts.
Comments
Comments are closed for this article.