State-owned Mexican petroleum company Petróleos Mexicanos’ (Pemex) CEO Jose Antonio Anaya and Mexico’s finance minister Luis Videgaray will travel to New York this week to assure investors about the company’s financial health following a $4.2bn liquidity injection.
Juan Pablo Newman, the oil company’s chief financial officer, would also be accompanying the two on the roadshow.
Pemex has faced steep budget cuts in the last two years as crude oil prices have plunged globally and its output in 2015 has declined by over a third to an average of about 2.2m barrels per day (bpd) from 3.4 million bpd in 2004.
The new management installed in February 2016, including the CEO, is reviewing strategies to cut costs whilst continuing with future investments.
Previously, Moody’s downgraded Pemex by two notches to Baa3 on worsening credit metrics amid falling oil prices.