CEO: Pemex back on solid financial footing in 2019

By The Associated Press

The director of Mexico's state-run oil company says the battered company will return to solid financial footing as early as 2019.

 

MEXICO CITY (AP) — The director of Mexico's state-run oil company says the battered company will return to solid financial footing as early as 2019.

Petroleos Mexicanos chief executive Jose Antonio Gonzalez Anaya presented the company's five-year strategic plan Thursday and says its finances are stable, but could be improved. He says the company's 2015 debts have been paid.

The company known as Pemex is a major revenue generator for Mexico's government. It's been pummeled by falling oil prices and gasoline thefts while adjusting to historic reforms that allow private companies to invest in Mexico's oil and gas exploration to aid flagging production.

In April, the government announced $4 billion in aid for the company. In February, the company had announced it was cutting $5.5 billion from its budget, mostly in exploration and production.

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