UPDATE 2-Mexico's Pemex defers projects amid oil rout, downbeat on prices

lunes 29 de febrero de 2016 17:18 GYT

(New throughout, adds fourth-quarter loss, CEO comment, details on crude imports and future revenue)

By Ana Isabel Martinez and David Alire Garcia

MEXICO CITY Feb 29 (Reuters) - Mexican state-run oil company Pemex said on Monday it would put billions of dollars worth of projects on hold, citing a financial squeeze caused by the prolonged rout in global oil prices, which it expects will intensify in the near term.

Slumping oil prices have battered Pemex, which will soon face increased competition at home due to a major energy sector opening aimed at trying to reverse a decade-long slide in crude output. The company expects no quick relief.

Chief Executive Officer Jose Antonio Gonzalez Anaya said he saw the Mexican crude export mix averaging around $25 per barrel in 2016. The mix traded around $27 per barrel on Monday.

"This is a big adjustment for Pemex," he told reporters at company headquarters. "It's going to be a difficult process."

Of 100 billion pesos worth of cuts Pemex has agreed to make, it aimed to save nearly 29 billion pesos ($1.6 billion) via efficiencies and close to 65 billion pesos through deferred investments, Gonzalez told a conference call.

Some 46.8 billion pesos worth of projects would be suspended because they are not profitable at $25 per barrel, he said.

The delays involved 10 billion pesos worth of investment Pemex had lined up for deep water projects, Gonzalez said, adding that the company's problem was liquidity, not solvency.   Continuación...