Petroleos Mexicanos is racking up millions of dollars in late payments to oil companies as it struggles to generate cash.
(Bloomberg) Petroleos Mexicanos is racking up millions of dollars in late payments to oil companies as it struggles to generate cash amid skyrocketing debt and weaker crude sales.
While Pemex has long sought to stretch its cash further by delaying payments to contractors, people with knowledge of the situation say it’s now also deferring reimbursement to some partner companies in an effort to postpone spending money that’s in increasingly short supply. Some private oil companies in Mexico sell their barrels to Pemex to mix with its own hydrocarbons for export because they lack the infrastructure and scale to sell the crude on their own, the people said, declining to be identified because they weren’t authorized to speak to the media.
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