El Economista – Mexico City
Two weeks have passed since the large service providers to Petróleos Mexicanos (Pemex) publicly requested information on the date on which the state-owned company would settle its debts to allow them to at least cover costs, pay salaries and close the year. There is no news yet, although there are mobilizations of workers from smaller companies in oil areas that have in turn been affected by non-payments. The end of the year is approaching and in some cases there is no money to pay bonuses, they say, and they ask for solutions.
Rafael Espino, president of the Mexican Association of Petroleum Services Companies (Amespac), He told El Economista that the debts that Pemex has accumulated with its suppliers are a problem that has been going on since the last administration and was radicalized with the transition to the government of Claudia Sheinbaum. because there were revisions to these delays that should not exist, since each project has a budget item for its contracting.
“The call is to Pemex, to the government, to those who can give us a date, an estimate, to give something,” the businessman asked. “They have announced goals for incorporating reserves and production, but how are they going to achieve it without us, without our human and infrastructure teams?”
The documented debt of the State oil company to its suppliers is US$20.5 billion as of the third quarter of 2024.
There are layoffs and cessation of activities in companies of different sizes and among the 45 members that belong to Amespac – among whom are multinationals such as Baker Hughes. Emerson, Halliburton, and Grupo México, along with other smaller legal firms that represent them, since 2008. With this group alone, Pemex needs to liquidate 10,500 million pesos (US$520.4 million) before the end of 2024, so that they can cover their 2024 costs.
For now, Factoring schemes have been developed that consist of pledging invoices of considerable amounts receivable to Pemex that are lent with interest by different banks, although this has been at the initiative and risk of each company and not with a uniform scheme and government support.
According to sources within the large drilling companies that work for Pemex, a date for the resolution of at least part of the debt has been committed to December 15, when it will be key to settle some payments or run the risk of more disagreements in entities that depend on oil activity, such as Campeche and Tabasco, mainly.
The state company has also leaked that it is in negotiations to obtain a loan that will allow it to pay at least the debt to close the year and for the firms to continue in operation. And, as the federal government has reported, debt will be requested through the Treasury to take the interest rate on sovereign bonds that did not exceed 6%as detailed during the financial movements carried out by the company in 2023, while Pemex’s rate for its debt in dollars is almost 11% according to analysis from sources such as Bbva.
And another big problem, according to these large companies, is that since the arrival of this administration and the review of accounts payable to suppliers, operations of many teams have stopped – some even left the country – With which Pemex has undoubtedly lowered its production of liquid hydrocarbons, which will be reflected from its December indicators and throughout at least the first two months of 2025.
