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2015-02-20 21:50:00

PEMEX CUTS $4 BLN

PEMEX CUTS $4 BLN

The board of Petroleos Mexicanos (Pemex) has approved a $4-billion budget reduction for 2015, an 11.5% decrease compared with the previous expenditure program authorized by Mexico's Congress.

Pemex says the cuts, which come amid lower oil prices, are imperative in achieving financial targets set by Congress.

Two thirds of the company's $36.3 billion budget—$24.6 billion—will be allocated toward the company's investment plans. The remaining one third will go toward operating activities and meeting labor and pension obligations.

Pemex says its budget formulation process considered a $79/bbl average price for the Mexican crude oil export basket to estimate annual revenues and to set a corresponding ceiling on expenditures.

Deferred spending for downstream activities includes refinery revamps and clean fuels projects involving ultra-low sulfur gasoline and diesel. The board has instructed management to meet with contractors and renegotiate long-term deals that were made during different market conditions.

Following comprehensive energy reform, Pemex plans to proceed with bidding for blocks in the nation's shallow waters as interest from international firms remains despite lower oil prices.

ogj.com

Tags: PEMEX, OIL, PRICES,
PEMEX CUTS $4 BLN October, 15, 12:30:00

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PEMEX CUTS $4 BLN October, 15, 12:25:00

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PEMEX CUTS $4 BLN October, 15, 12:20:00

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PEMEX CUTS $4 BLN October, 15, 12:15:00

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IRAN - S.KOREA OIL DOWN ANEW

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Chronicle:

PEMEX CUTS $4 BLN
2018, October, 15, 12:01:00

GAZPROM - SHELL: BALTIC LNG

GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).

PEMEX CUTS $4 BLN
2018, October, 15, 12:00:00

U.S. RIGS UP 11 TO 1,063

BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.

PEMEX CUTS $4 BLN
2018, October, 12, 11:40:00

OIL PRICE: NEAR $81

REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.

PEMEX CUTS $4 BLN
2018, October, 12, 11:35:00

OIL PRICES 2018 - 19: $74 - $75

EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.

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