Pemex and López Obrador

Monday 1 April, 2024
2 mins read

 

On March 18, within the framework of the 86th anniversary of the Oil Expropriation, President López Obrador ratified the thesis that the 4T is a speech that supports a political project but not a government project that gives results. He told us in his message eloquent political marketing phrases that “foster nationalism” and the defense of “sovereignty” while making it clear to us that he is still trapped in his ideological dogmatism, so he does not listen at all. to nobody.

The President presented 10 points of what, according to him, they have done concretely to rescue Pemex. But the reality that the President did not talk about is that Pemex continues to be bankrupt with a negative capital or equity deficit of -1.6 trillion pesos, so if it maintained a profit like the one reported in 2023, it would take more than 15 years to achieve their capital at “zero”, that is, they no longer have negative capital.

Of the 10 points raised by the President, at least six are operational issues, achievements that allow the parastatal not to continue deteriorating but do not provide a solution to its financial structure problems.

If Pemex has a capital deficit of -1.6 billion pesos as we already said, then Pemex needs fresh capital and there are only three possible sources of capital: own capital (from the owner, in this case the Government), foreign capital (be it national or foreign) and reinvestment of profits.

With this idea, the only measure that helps improve the financial structure of the oil company is point 6 of those expressed by the President, which refers to the gradual reduction that the shared utility right (DUC) has had, which is the payment that Pemex makes to the Treasury for each barrel of oil it sells.

The DUC in the López administration has been reduced from 65 percent that was received, to 54 percent, then to 40 percent and 30 percent has just been approved for 2024. Which means that, by reducing the burden fiscal, the Government will milk Pemex less, allowing retained profits to be greater and the company to begin to capitalize. However, this is not enough, because, as we already said, if Pemex maintains last year’s profit, it would take more than 15 years to bring its capital to zero.

Pemex needs to capitalize to save itself; The state oil company will not be rescued only with “operating efficiency” this is what López Obrador does not understand because he has never managed a company in his life.

The President also said that “Pemex and CFE should not be managed as if they were private companies whose main objective is profit”, Pemex and CFE must make profits to be able to survive over time serving the nation. Profits are to companies what air is to humans. Although the person does not live to breathe, if he does not breathe he dies. The same thing happens with the company and profits; but again the President does not understand this because he has never worked in a company.

Finally, the President said that “he who hands over México’s natural resources to foreigners is a traitor to the country.” Well, it turns out that today Pemex does not belong to the Mexicans but to the creditors, who are mostly foreigners, and López Obrador has done nothing to fix this, so we could paraphrase it and ask ourselves: is he a traitor to the country? I said.

@ClouthierManuel

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Source: from Noroeste Culiacán on 2024-03-29 04:03:00

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