Pemex struggles to deliver profits as oil prices exceed $100
Pemex, the Mexican state oil giant, has failed to deliver profits despite the recent surge in oil prices to above $100.
The company’s struggles come as Moody’s affirmed Pemex’s ratings, including its ‘ca’ standalone credit strength.
Moody’s decision to affirm Pemex’s ratings follows the agency’s downgrade of Mexico’s sovereign rating to just one notch above junk status.