Energy Industry
Industry: Email Alert RSS FeedS&P, FITCH AFFIRM ASSESSMENTS OF PEMEX FOLLOWING DOWNWARD RESERVES REVISION
Hart's Petroleum Finance Week, September, 2002
Standard and Poor's Ratings Service affirmed its assessments of Petroleos Mexicanos S.A.'s obligations, with a stable outlook, after Mexico's national oil company announced that it would revise its reserve estimates to comply with the U.S. Securities and Exchange Commission reserve and financial accounting policies. Fitch Ratings, meanwhile, said that it did not expect the revisions to have a material effect on Pemex's financial flexibility and credit profile, which it considers stable. Pemex said that it would reduce its total 2000 year-end proved reserves of crude oil and condensate by 6.78 billion barrels and dry natural gas reserves by 2.33 billion barrels of oil equivalent (boe). The adjustment reflects the SEC's definition of proved hydrocarbon reserves to include the...
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