[ad_1]
Petróleos Mexicanos (Pemex) and the Federal Electricity Commission (CFE) closed the third quarter with positive results; However, so far this year, they have resulted in common losses exceeding 60 billion pesos.
According to its financial report, Pemex earned 26,771 million pesos during the third period of the year; However, in the accumulated from January to September has a loss of 23 thousand 90 million pesos.
Meanwhile, CFE posted a profit of 2,588 million pesos in the third quarter of the year, which was not enough to clean up its numbers, as it recorded a loss of 37,000,807 million pesos.
In its consolidated statements for the third quarter, Pemex noted that it had no control over the federal government's internal policies for controlling the incremental prices it could set, so that pricing could affect its pricing. operating results.
The report indicates that the total revenue of the producing public enterprise amounted to 439,000 149 million pesos, an increase of 109,000 49 million pesos, or 33 percent over the same period in 2017;
Some factors of concern to rating agencies relate to Pemex's heavy tax burden, total indebtedness, growing indebtedness, natural decline in deposits, poor quality of crude oil, and a lack of pension reserves. pensions and seniority bonuses, which amounted to 1.3 billion pesos as at 30 September.
Consolidated in the third quarter of 2018 prepared by the oil company, Moody's points out that the credit outlook has gone from stable to negative due to the uncertainty surrounding the company's future strategy and the deterioration of his credit profile.
"A further reduction in the Pemex rating could have a negative impact on its ability to access financial markets or on the cost of financing (…), which could limit its ability to invest in productive projects financed with debt, as well as its payment obligations with your creditors, "says the report.
He added that external auditors indicated in their opinion that there were doubts about Pemex's ability to continue operating due to recurring net losses, negative working capital and negative equity as of September 30th.
At the same time, the CFE noted in its report that the positive result obtained during the third quarter of the year is partly explained by the increase in registered income, with an annual increase of 24 million 17 million pesos , or 20 cents
The power company explained that the increase in revenues was mainly due to electricity-related sales increases, partial recognition of the federal end user subsidy to electricity rates, and an increase in the sale of fuels to third parties.
Energy Strategy
For his part, Manuel Bartlett, next head of the Federal Electricity Commission, said that he was receiving the "deeply indebted" unit. He has therefore presented to the elected president, Andrés Manuel López Obrador, a project to maintain and strengthen power stations to increase energy production and thereby reduce costs and solve the problem of debt.
On the rise of electricity tariffs, it is said that it is a problem "that affects the CFE itself", but it is something that reform of the energy allows the CRE. "We will work with all the intensity to generate energy as inexpensive and accessible to the population."
Source link
