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Big Spenders: Latin America's National Oil Companies, Petrobras And PEMEX Dec 11
Standard & Poors, Dec 2011
Abstract
If they were typical public companies, Petroleo Brasileiro S.A.-Petrobras (BBB/Stable/--) and Petroleos Mexicanos (PEMEX; BBB/Stable/--) might be courting criticism with their aggressive plans to expand oil exploration and production (E&P). Together, they plan to spend as much as $340 billion over the next five years, a theoretically risky figure even though Petrobras is putting its bets on huge oil reserves in Brazil's offshore ultra-deep waters and PEMEX likely will be able to take advantage of Mexico's energy reform legislation of 2008 to increase its production. (Listen to the related podcast titled, 'What?s Fueling The Investment Plans Of PEMEX And Petrobras,' dated Dec. 6, 2011.) Risk is relative, however, for the two largest national oil and gas companies in Latin America....
Companies mentioned in this report are: BP PLC,Petroleo Brasileiro S.A. - Petrobras,Brazil (Federative Republic of),Mexico,Petroleos de Venezuela S.A.,Ecopetrol S.A.,Empresa Nacional del Petroleo,Petroleos Mexicanos,ExxonMobil Corp.,Petroleum Co of Trinidad & Tobago Ltd
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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