Net income Losses of Pemex from 2009 to 2018
(in million U.S. dollars)
2009 ( $ 7.249 Billion)
2010 (.$ 3.841 Billion)
2011 ( $ 6.539 Billion)
2012 $ .200 Billion
2013 ( $ 13.005 Billion)
2014 ( $18.042 Billion)
2015 ( $41.413 Billion)
2016 ( $ 9.250 Billion)
2017 ($ 14.194 Billion)
2018 ( $ 9.166 Billion)
Pemex total losses from 2008 to end of 2018 where $142.128 Billion U.S dollars
Pemex has issued bonds, which have run the bond debt to $100 plus billion. It was close to $105 Billion last year, but the Mexican government gave them $5.0 billion to pay off old bonds so new ones could be issued to replace expiring bonds.
The Mexican government has kicked in Billions of dollars over the Past 10 years.
(After of course the Government has sucked ones of $ billions out through the incredible tax rate.)
Mexico Government support, off balance sheet debt about $43.Billion at present, and tons of creative accounting and now there is an $18.91 billion dollar loss.
This does not disclose the payables that are not likely even payables yet as all of the new drilling being done in the gulf to develop the 20 new fields is on the basis where Pemex provides 20% of the money and the contracting companies like BORR drilling carry 80 % until there is production.
The loss this year - 2019 - ( 18.91 Billion) will have to be covered somehow. I don’t see Pemex being able to raise $18.91 Billion in the market, as they have been scrambling to refine the bonds that were due this year. I don’t see how the Government can put in that kind of money. What happens to Pemex next quarter?or the next?
It is clear that Pemex needs help from the private sector. While AMLO and Nahle may be locked in on the old ways, the financial reality has got to hit home. The $18.91 Billion dollar loss has to be areal kick in the teeth for them.
That is why Pemex president is pushing for help from the private sector.