Digital Assets in Capital Markets

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15 November 2022 (Tuesday) | 9am-5pm

Mexican oil company Petroleos Mexicanos (Pemex) released its Q1 numbers where it reported its fifth consecutive month of growth in oil production. The company reported sales of MXN 317.55bn ($15.7bn) in the quarter, up 11.8% YoY. The oil company was subject to a 11.3% lower tax due to the reduction in the Profit-Sharing Duty (DUC) rate and fiscal benefit provided by the government. The improved production and lower taxes helped Pemex to trim its 1Q21 losses to MXN 37.34bn ($1.8bn) vs. MXN 562.25bn ($27.8bn) in 1Q20. According to the company, the entire loss can be attributable to the depreciation of the peso vs. the dollar. The EBITDA for the quarter stood at MXN 106bn ($5.23bn) vs. MXN 53bn ($2.6bn) YoY with an EBITDA Margin (EBITDA/Total Sales) of 33%. Total debt of the company stood at $113.9bn, up 4% compared to end-2020, out of which $6.4bn is due this year. The company that accounts for ~99% of Mexico’s oil production said, “In 1Q21 PEMEX transferred a net amount of MXN 133.3 billion to the Federal Government, making it the country’s main contributor.”

Pemex´s is rated BBB by S&P and Ba2 by Moody’s and its USD bonds remained unchanged. Its 7.69% 2050s at 96.511, yielding 8% and its 4.625% 2023s at 103.998, yielding 2.87%.

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