Pemex defers projects, cuts 2016 budget by $5.5 billion

Petroleos Mexicanos (Pemex) has reduced its 2016 capital budget by 22% compared with that of 2015 to $20.8 billion. The firm says the sharp decline in crude oil prices “poses serious liquidity problems” necessitating the downward revision.
Feb. 29, 2016

Petroleos Mexicanos (Pemex) has reduced its 2016 capital budget by 22% compared with that of 2015 to $20.8 billion. The firm says the sharp decline in crude oil prices “poses serious liquidity problems” necessitating the downward revision.

Deferred projects are expected to comprise $3.6 billion of the reduction, which includes deepwater projects. Operational efficiencies are expected to make up another $1.6 billion.

The firm reported a 2015 net loss of $32 billion, roughly double that of a year ago.

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