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Pemex: tax burden, debt and government support

The reduction of tax burden of Pemex has been implemented mainly through the reduction of the rate of the Right for Shared Utility (DUC), from 58 to 54% during 2021 and later to 40% in 2022.

This measure frees up for Pemex a greater cash flow that the company uses to meet its investment requirements and operating expenses in its main projects.

Additionally, during 2021, the Federal Executive granted Pemex a tax credit for up to 73,280 million pesos for the payment of the Shared Profit Fee, due to the need to promote additional benefits in favor of hydrocarbon exploration and extraction activities in the country.

Meanwhile, in 2021, the Federal Government made capital contributions aligned with the maturity profile of Pemex’s debt, in order to cover amortizations.

This support allowed Pemex to report a net deleveraging of 58,000 million pesos at the end of the year.

Thus, the company‘s total financial debt decreased by 0.7%, compared to the end of 2020.

In line with the above, at the end of the first quarter of 2022, Pemex’s financial debt registered a balance of 2 trillion 161.6 billion pesos (108.1 billion dollars).

This figure is 3.9% lower than the figure recorded at the end of 2021, mainly due to support from the Federal Government and liability management operations.

Pemex

In December 2021, the Federal Government announced that it will make an equity contribution of up to 3.5 billion dollars in 2022 with the aim of reducing the risk of refinancing and the amount of debt.

With these actions, the government contributes to improving Pemex’s financial position, as well as preparing the company for the challenges that the energy sector will face in the coming years.

In order to expand and strengthen the contribution of the energy sector to the economic development of the country, the Government of the Republic carried out actions that support Pemex in achieving the following three objectives: reduce the company’s tax burden, reduce debt and refinancing risk and rehabilitate and expand the National Refining System.

 

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