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American debt-rating agencies go after Mexico’s Pemex



Mexican President Andres Manuel Lopez Obrador took office in December vowing to revive state-owned energy company Pemex and put the brakes on foreign investment to give the public a bigger cut of the country’s oil wealth. Those are fighting words for American debt-rating agencies, anytime they notice governments consolidating an industry for the benefit of the people they start downgrading. they are the protectors of Wallstreet profiteers.

With $106 billion in financial debt, Pemex would likely see borrowing costs soar as many investors dump its bonds.

Following President Andres Manuel Lopez Obrador win, it was expected that one would hear a ramp up of news about how “notoriously corrupt” the petroleum company owned by the Mexican government is. We have to remember that Past Mexican Presidents didn’t invest in Pemex and would only use it as a piggy bank. take the refineries, for example, Mexico is just now starting to revive and update the outdated refineries belonging to Pemex. and they want to build a modern oil refinery so they won’t depend on American refineries for fuel. but what does Mexico get in return? American debt-rating agencies will punish Mexico’s Pemex for not opening up to foreign investors.

It turns out that American debt-rating agencies are known for pushing  American foreign policy , So much so that China’s finance minister accuses credit rating agencies of bias.

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Exxon Mobil Corp

New Mexico to get $64 Billion, thanks to crude oil benefits




Press release

ExxonMobil today said a new study estimates the company’s development of Permian Basin resources in New Mexico will generate approximately $64 billion in net economic benefits for the state and local communities over the next 40 years, creating thousands of new jobs and providing increased funding for education, health and human services and infrastructure improvements.

Study evaluates planned development activities over the next 40 years
Research shows New Mexico to receive an estimated $62 billion in net fiscal benefits
Local communities to gain an estimated $1.8 billion in economic growth
“The Permian Basin is the engine of America’s energy renaissance and New Mexico residents will see direct economic benefits and opportunities from our planned investments,” said Darren W. Woods, chairman and chief executive officer of Exxon Mobil Corporation. “We will be a significant, long-term economic contributor to the state of New Mexico and will work hard to be a trusted member of the community.”

The state government will receive an estimated $62 billion in net fiscal benefits, $44 billion of which will come from new leases and royalties, according to the research. About $8.5 billion will come from state oil-and-gas severance taxes, said the study which was conducted for ExxonMobil by Impact Data Source. The research findings assume an oil price of $40 per barrel.

From an employment perspective, ExxonMobil’s activities will generate an average of 4,100 direct job opportunities for New Mexicans per year for the next 40 years, the study estimates. Over the next 40 years, the company’s operations are expected to generate a total of approximately $29 billion in new wages, salaries and benefits.

New Mexico Governor Michelle Lujan Grisham said the industry is crucial for residents and expressed optimism about the projections.

“The benefit to this state’s bottom line, as represented by investments from companies like ExxonMobil, has been enormous,” Gov. Lujan Grisham said. “My administration has been and will continue to be responsive to changes in the energy sector and the need for meaningful regulation and diversification as a means of ensuring a sustainable future – for our children, their education, the infrastructure that will support our collective future and more.”

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Chevron gives up on Anadarko Petroleum, will get $1B termination fee




The decision leaves Occidental as a victor in a race that once again demonstrated the attractiveness of the American shale.

The decision also means Chevron will collect a $1 billion breakup fee, a windfall that it could use to purchase another driller in the Permian Basin, the engine of the American oil drilling boom.

Chevron will not increase its offer for Anadarko from CNBC.

Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.

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