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Bond Market News
Pemex to Cut Back E&P in Q4 to Save $1.35bn
October 24, 2024
Pemex is set to cut back on its exploration and production (E&P) activities in the final quarter of 2024, in an effort to save MXN 26.8bn ($1.35bn) and optimize resources by postponing several projects until 2025. This involves deferring certain well operations and delaying acquisition of essential seismic exploration equipment. As per an October 11 letter, Néstor Martínez, the head of Pemex’s E&P arm noted that Pemex will focus on high-value wells for the remainder of the year while rescheduling less critical activities. Pemex currently has nearly $100bn in debt and an additional $20bn owed to suppliers. Pemex aims to maintain an average production of 1.8mn bpd but currently produces ~1.5mn bpd.
Pemex’s dollar bonds traded weaker by ~1 point across the curve. For instance, its 5.95% 2031s fell 1.1 points to 84.5, yielding 9.25%
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