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PEMEX: Mexico’s State Oil Company On The Verge Of Bankruptcy & Collapse
srsroccoreport.com / Steve St. Angelo / MARCH 21, 2017
Mexico’s state oil company, Pemex, is a perfect example of the ongoing collapse in the global oil industry. Falling oil prices and declining production are putting severe pressure on the company’s financial balance sheet. It has been four long years since Pemex posted a small profit. However, since 2012, Pemex has suffered huge annual losses while its long term debt has exploded.
The result is… Pemex is technically bankrupt. Now, I am not the only one saying this. There have been several articles written about horrible financial situation at Pemex. According to the following article, Mexico’s Largest Company Is Broke:
March 3, 2016:
Mexico’s largest company is broke. The country’s state oil company, Pemex, which is one of the federal government’s main sources of revenue, is losing money and is one of the world’s most indebted oil firms.
The company’s production has dropped for 11 straight years now, while gross income plummeted more than 80 percent last year.
The post PEMEX: Mexico’s State Oil Company On The Verge Of Bankruptcy & Collapse appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/03/22/pemex-mexicos-state-oil-company-on-the-verge-of-bankruptcy-collapse/
