Mexican state oil company Pemex received more than $13bn from January to May 2022 for the crude oil it sold in international markets. The amount received was around $5.4bn more than budgeted for the same period, thanks to oil prices rallying above 45% YTD. Pemex’s balance sheet debt stands at over $108bn and is said to be the highest of any major oil company. The Mexican government stopped paying off Pemex debt due to the oil price gains. In 2021, the government covered amortization payments of $6bn for Pemex, however, this year, the company has already earned excess revenue close to that amount.

Pemex’s dollar bonds were trading lower, with its 6.875% 2026s down over 0.8 points to 97.97 yielding 7.45%.

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