Moody's Investors Service said on Friday it expects Mexican state oil compa...
MEXICO CITY - Moody’s Investors Service said on Friday it expects Mexican state oil company Petroleos Mexicanos to increase crude production by 1% in 2020, replacing about 50% of its proved reserves, and said the company demonstrated “good progress” last year.
Ratings agencies and investors have cited falling production as their main concerns. In 2019, crude production averaged 1.68 million barrels per day, less than half of what Pemex pumped in 2004 and down by about 7% compared with levels a year earlier. Moody’s said it was waiting for the reserves certification report due in April to measure the reserves replacement rate.
Also weighing on Pemex’s credit profile is $105.2 billion of financial debt it held at the end of last year, a decrease of just 0.6% from a year earlier.
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