The net losses of Petróleos Mexicanos (Pemex) For each crude oil barrel processed in the National Refining System (SNR) They amounted to 32.2 dollars per unit between 2019 and September 2023, according to audited financial reports from the oil.
In this sense, the losses for each barrel of crude oil processed are 168 percent higher than the losses observed during the 2013-2018 period, when Pemex Industrial Transformation lost 12 dollars per barrel, he indicated Francisco Barnés de Castro, former commissioner of the Energy Regulatory Commission (CRE).
The specialist considered that the losses of this Pemex subsidiary They are extraordinarily large, especially when compared to other oil companies.
“Although, the Refining is a business of margins and profits smaller than crude oil productionthe vast majority of world oil companiesso much public and privatethey have been operating with profits”he explained.
As an example, between 2019 and 2022, the Brazilian semi-public company, Petrobrasobtained profits of 5.6 dollars per barrel of processed crude oil; the American oil company Marathon won 3.5 dollars; the ExxonMobil company he got 3.19 dollars and the Valero company generated profits of 1.6 dollars, while the Pemex losses They exceeded $30 per barrel.
Just last February 9, Moody’s cut two levels the oil company’s ratingand among the most visible problems, the company’s limited ability to improve its performancemainly due to the maturity of their oil fields and the lack of capital to investas well as the mandate of expand your refining business.
For Oscar Ocampo, energy coordinator of the Mexican Institute for Competitiveness (IMCO), Pemex TRI continues to be the great “bottomless barrel” of the company.
“It would be necessary to analyze which refineries in the National Refining System (SNR) are viable to convert into petrochemical complexeswhich can be rehabilitated without representing an extremely onerous investment and which would have to be closed, and see what to do with the huge workforce of the SNRwhich as far as I understand, exceeds 20 thousand workers,” he said.
Bonuses fall due to rating
Gabriela Siller, director of economic analysis at Grupo Financiero BASE, pointed out that Pemex bond prices maturing in 2030 fell 1.29 percent on Monday, after the agency rating agency Moody’s Investors Service reduced the credit rating from B1 to B3, below investment grade and kept his negative perspective.
“In it financial marketdrops greater than 1 percent are considered significant, unless Pemex It is increasingly difficult for him to finance himself in the international marketbut he has no choice but to fix his situation or continue depending on government help“said the expert.
The downgrade “returns attention to poor fundamentals,” he wrote in a note. Simon Waever, strategist at Morgan Stanley.
“Behind the strong recent performanceespecially in front of the sovereign, it is likely that the differentials go back a little,” explained the analyst.
Additionally, Waever said he would expect spreads to widen above 500 basis points versus the sovereign credit before recommending the resumption of long positions in Pemex bonds.
With information from Bloomberg.