{"id":1706,"date":"2020-03-18T12:06:11","date_gmt":"2020-03-18T18:06:11","guid":{"rendered":"http:\/\/accesstomexico.mx\/blog\/?p=1706"},"modified":"2020-03-23T12:08:49","modified_gmt":"2020-03-23T18:08:49","slug":"pemex-ceo-vows-all-necessary-adjustments-as-oil-prices-fall","status":"publish","type":"post","link":"https:\/\/accesstomexico.mx\/blog\/pemex-ceo-vows-all-necessary-adjustments-as-oil-prices-fall\/","title":{"rendered":"Pemex CEO vows &#8216;all necessary adjustments&#8217; as oil prices fall."},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"851\" height=\"563\" src=\"https:\/\/accesstomexico.mx\/blog\/wp-content\/uploads\/2020\/03\/ENERGY-ING-1-2.png\" alt=\"\" class=\"wp-image-1707\" srcset=\"https:\/\/accesstomexico.mx\/blog\/wp-content\/uploads\/2020\/03\/ENERGY-ING-1-2.png 851w, https:\/\/accesstomexico.mx\/blog\/wp-content\/uploads\/2020\/03\/ENERGY-ING-1-2-300x198.png 300w, https:\/\/accesstomexico.mx\/blog\/wp-content\/uploads\/2020\/03\/ENERGY-ING-1-2-768x508.png 768w, https:\/\/accesstomexico.mx\/blog\/wp-content\/uploads\/2020\/03\/ENERGY-ING-1-2-700x463.png 700w, https:\/\/accesstomexico.mx\/blog\/wp-content\/uploads\/2020\/03\/ENERGY-ING-1-2-520x344.png 520w, https:\/\/accesstomexico.mx\/blog\/wp-content\/uploads\/2020\/03\/ENERGY-ING-1-2-360x238.png 360w, https:\/\/accesstomexico.mx\/blog\/wp-content\/uploads\/2020\/03\/ENERGY-ING-1-2-250x165.png 250w, https:\/\/accesstomexico.mx\/blog\/wp-content\/uploads\/2020\/03\/ENERGY-ING-1-2-100x66.png 100w\" sizes=\"auto, (max-width: 851px) 100vw, 851px\" \/><\/figure>\n\n\n\n<p><a rel=\"noreferrer noopener\" aria-label=\"REUTERS (opens in a new tab)\" href=\"https:\/\/www.reuters.com\/article\/us-mexico-pemex\/pemex-ceo-vows-all-necessary-adjustments-as-oil-prices-fall-idUSKBN2153IQ\" target=\"_blank\">REUTERS<\/a><\/p>\n\n\n\n<p>Mexican state oil company Pemex will cut administrative expenses and contracts this year to help deal with the impact of falling oil prices, its chief executive officer said on Wednesday, adding that it will prioritize the most profitable projects.<\/p>\n\n\n\n<p>Octavio Romero said that \u201call necessary adjustments\u201d will be made to ensure that Pemex, which contributes a substantial part of the country\u2019s budget revenues, remains financially stable.<\/p>\n\n\n\n<p>Romero added that the company\u2019s oil hedging program covering 2020 has already kicked in but added that it \u201cdoes not solve the financial problem\u201d stemming from the drop in oil prices on the world market.<\/p>\n\n\n\n<p>\u201cPemex will strengthen its austerity measures,\u201d he said, adding that the objective was to save the equivalent of $217 million in contract and $27 million in administrative costs this year.<\/p>\n\n\n\n<p>Fitch Ratings rates the company\u2019s bonds speculative grade, or junk, while Moody\u2019s Investors Service rates them one notch above junk. All three ratings agencies have Pemex bonds on a negative outlook.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>REUTERS Mexican state oil company Pemex will cut administrative expenses and contracts this year to help deal with the impact of falling oil prices, its chief executive officer said on Wednesday, adding that it will prioritize the most profitable projects. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1706","post","type-post","status-publish","format-standard","hentry","category-uncategorized","clearfix"],"_links":{"self":[{"href":"https:\/\/accesstomexico.mx\/blog\/wp-json\/wp\/v2\/posts\/1706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/accesstomexico.mx\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/accesstomexico.mx\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/accesstomexico.mx\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/accesstomexico.mx\/blog\/wp-json\/wp\/v2\/comments?post=1706"}],"version-history":[{"count":1,"href":"https:\/\/accesstomexico.mx\/blog\/wp-json\/wp\/v2\/posts\/1706\/revisions"}],"predecessor-version":[{"id":1708,"href":"https:\/\/accesstomexico.mx\/blog\/wp-json\/wp\/v2\/posts\/1706\/revisions\/1708"}],"wp:attachment":[{"href":"https:\/\/accesstomexico.mx\/blog\/wp-json\/wp\/v2\/media?parent=1706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/accesstomexico.mx\/blog\/wp-json\/wp\/v2\/categories?post=1706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/accesstomexico.mx\/blog\/wp-json\/wp\/v2\/tags?post=1706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}