| Title: | Pemex and Energy Reform |
| Price: | $550.00 |
| Publication Date: | May 08, 2008 |
| Report Type: | Special Comment |
| Brief Excerpt: | ...Mexico s energy ministry recently projec ted further oil production declines from current levels of about # million barrels per day to #.# million barrels per day by ####. The drop reflects expected declines in Cantarell, Mexico s largest oil field, while taking into account beneficial increases from various other oil projects under development. Continued production declines mean Mexico s dependence on imports of crude and refined products will gr ow. In addition, the government will be less able to provide important social programs and will have to look elsewhere to make up fiscal shortfalls. As we have noted in the past, Petroleos Mexicano (Pemex) historically has generated abundant cash flows before royalties and other taxes to fund its capital spending, but in every year from #### through #### (except in ####) the tax burden has resulted in net losses. After taxes and capital spending, the company has had cash flow shortfalls, causing its debt to basically double between... |
| Word Count: | 2013 |
| Length: | 4 Pages |
| Format: | 
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