Pemex Says Its Hedges Made $150 Million as Oil Prices Fell
The Petroleos Mexicanos Dos Bocas Refinery under construction in Paraiso, Tabasco state, Mexico.
Photographer: Cesar Rodriguez/BloombergMexico’s state-owned oil company Pemex said it made about $150 million from its crude oil hedges as prices softened last month.
Since 2017, Pemex has conducted its own oil output hedges in addition to the secretive sovereign program carried out by Mexico’s finance ministry, continuing to insure against swings in global oil prices even as many other companies discontinue the practice. In addition to crude, Pemex takes similar measures in gasoline and diesel markets to protect domestic refining margins, which netted the company about $4 million in the first nine months of the year.