January 29, 2020 / 6:41 PM / a month ago

UPDATE 1-Mexican state oil company Pemex has contracted oil hedge for 2020 - CEO

(Adds details of Pemex’s hedge)

MEXICO CITY, Jan 29 (Reuters) - Mexican state oil firm Pemex’s Chief Executive Octavio Romero said on Wednesday the company has contracted its oil hedge for 2020, which protects its revenues from a potential drop in international oil prices.

Earlier this month, the finance ministry said Mexico has completed its annual oil hedging program for 2020 at $49 a barrel. In the past, Pemex has also operated its own hedge.

Asked whether Pemex had contracted its hedge for 2020, Romero said, “yes,” but gave no further details. (Reporting by Ana Isabel Martinez; writing by Julia Love; Editing by Bernadette Baum and Jonathan Oatis)

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