World News Insights
1-3 Minute Gist
Search, personalize, or simply browse. Follow the world around you from gist and context to insights.
Who we are | Our Credo | Ways of using Lyrarc | FAQ | Send Feedback | First Letter From the Editor
Sign up. It's free and easy to use
Create an account
to personalize your feed of articles and topics.
All Topics Article
Pemex Chief: Mexico’s Oil Giant on Track to Meet Spending-Cut Goals
Keywords:
Tags:
Pemex (Petroleos Mexicanos) CEO Emilio Lozoya is fired and replaced by Gonzalez Anaya, a close friend of finance minister Videgaray, as the company experiences a liquidity crisis by Jan. 2016. Anaya is known for cost cutting as head of Mexico's government healthcare institute. This report in the WSJ cites a Pemex official who says at one point in Jan 2016 Pemex was down to $8 million in cash. Under Lozoya Pemex failed to introduce financial discipline ahead of collapsing oil prices. Anaya is expected to cut spending by 19% or $5.8 billion. Mexico's governemt made a capital injection into Pemex of $4.2 billion to pay debts to suppliers, and offered tax relief of $2.8 billion. Pemex output is down to 2.2 million barrels a day in March 2016, decline of 4.5%. Pemex cuts will come in putting off exploraion spending of $800 million in one field in the Gulf of Mexico and paying less to rent oil platforms.
Mexico's president Nieto and the task of changing Pemex- Pemex, corruption of union officials, and the "paying jobs" system
08/15/2013
Grouped Articles
Mexican oil workers fear Pemex proposal - The Washington Post
Washington Post 08/15/2013
How Mexico Ended Political Gridlock
Wall Street Journal 08/15/2013
Mexico's Pemex Looks to Tap U.S. Shale
Wall Street Journal 08/18/2013
Washington Post 11/16/2013
Mexico Energy Bill to End Pemex's Monopoly on Oil
Wall Street Journal 12/08/2013
Senators Pass Mexico Oil Plan as Snag Arises
Wall Street Journal 12/12/2013
Pemex performance
08/18/2013
Grouped Articles
Shale Boom Forces Pemex to Find New Buyers
Wall Street Journal 01/26/2014
Pemex CEO: Mexican Energy Overhaul Opens Opportunity
Wall Street Journal 12/14/2013
Mexico's Pemex Looks to Tap U.S. Shale
Wall Street Journal 08/18/2013
Mexico’s State-Owned Oil Giant, Pemex, Is in Uncharted Waters
New York Times 10/28/2014
Falling Oil Prices Could Affect Supply, Pemex CEO Says
Wall Street Journal 12/20/2014
Mexico Unleashes Gas Stations From Pemex
Wall Street Journal 04/01/2016
Pemex 2013 auctions and need for reforms
08/13/2013
Grouped Articles
Mexican president proposes historic changes to state-owned Pemex oil monopoly - The Washington Post
Washington Post 08/13/2013
Mexican oil workers fear Pemex proposal - The Washington Post
Washington Post 08/15/2013
Mexico's Pemex Looks to Tap U.S. Shale
Wall Street Journal 08/18/2013
Falling Oil Prices Could Affect Supply, Pemex CEO Says
Wall Street Journal 12/20/2014
Pemex Chief: Mexico’s Oil Giant on Track to Meet Spending-Cut Goals
Wall Street Journal 05/04/2016
Pemex's liquidity crisis by January 2016, and appointment of new CEO Gonzalez Anaya
05/04/2016
Emilio Lozoya is replaced as CEO in May 2016 by a close associate of finance minister Videgaray, Gonzalez Anaya, who is expected to come up with $5.8 billion in spending cuts. Inefficiency and wasteful spending was not checked early enough at Pemex folowing the collapse in oil prices- leading to a liquidity crisis. A report in the WSJ cites a Pemex official who says Pemex was down to $8 million in cash at one point in Jan. 2016. The Mexican government reduces taxes for Pemex and pays suppliers during the liquidity crisis. Anaya cites one example of wasteful spending, an order to buy computers that was cancelled saving $171 million. Anaya says the computers should have been leased. that was cancelled resulting in savings of $171 million, which he says should be leased.
Grouped Articles
Pemex Chief: Mexico’s Oil Giant on Track to Meet Spending-Cut Goals
Wall Street Journal 05/04/2016
Pemex management
08/18/2013
Grouped Articles
Shale Boom Forces Pemex to Find New Buyers
Wall Street Journal 01/26/2014
Pemex CEO: Mexican Energy Overhaul Opens Opportunity
Wall Street Journal 12/14/2013
Mexico's Pemex Looks to Tap U.S. Shale
Wall Street Journal 08/18/2013
Mexico’s State-Owned Oil Giant, Pemex, Is in Uncharted Waters
New York Times 10/28/2014
Falling Oil Prices Could Affect Supply, Pemex CEO Says
Wall Street Journal 12/20/2014
Mexico Unleashes Gas Stations From Pemex
Wall Street Journal 04/01/2016
Pemex strategies
08/18/2013
Grouped Articles
Shale Boom Forces Pemex to Find New Buyers
Wall Street Journal 01/26/2014
Pemex CEO: Mexican Energy Overhaul Opens Opportunity
Wall Street Journal 12/14/2013
Mexico's Pemex Looks to Tap U.S. Shale
Wall Street Journal 08/18/2013
Mexico’s State-Owned Oil Giant, Pemex, Is in Uncharted Waters
New York Times 10/28/2014
Falling Oil Prices Could Affect Supply, Pemex CEO Says
Wall Street Journal 12/20/2014
Mexico Unleashes Gas Stations From Pemex
Wall Street Journal 04/01/2016
Mexico's Pemex trade union, inefficiency and corruption
11/16/2013
Grouped Articles
Washington Post 11/16/2013
Senators Pass Mexico Oil Plan as Snag Arises
Wall Street Journal 12/12/2013
Pemex Chief: Mexico’s Oil Giant on Track to Meet Spending-Cut Goals
Wall Street Journal 05/04/2016
Mexico’s States Gained Power and Money; Then Came Corruption
WSJ 03/13/2017
We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.
Support Lyrarc from as small as $1
Terms and Conditions | Copyright Policy | Privacy Policy | Contact Us