Oilfield service provider Schlumberger said that its primary customer in Mexico is late making payments on some $500 million as of the end of 2021, the company reported in a regulatory filing on Jan. 26.
Accumulated debt at the end of 2020 by the customer, whose name Schlumberger did not disclose, was $700 million, according to the filing.
Mexico's highly indebted state-run oil company Pemex has intermittently accumulated debt to providers in recent years, but the company has said it is capable of meeting its financial commitments.
Pemex did not immediately respond to a request for comment.
Schlumberger said receivables from the customer are not in dispute, and that it has not historically faced any material write-offs due to uncollectible accounts receivables from the customer.
Pemex, whose financial debt was $113 billion at the end of the third quarter, in December said it will conduct "a liability management transaction" of outstanding securities this year, funded with a capital injection of up to $3.5 billion from the government.
Recommended Reading
U.S. Energy Development Corp. Plans $750MM Permian-heavy Program
2024-06-25 - Fort Worth, Texas-based U.S. Energy Development Corp. continues to add to its operated footprint in the Permian’s Delaware Basin.
Mike Wirth: The ‘Remarkable’ Rise Of Chevron’s Permian Portfolio
2024-08-20 - Chevron aims to grow Permian volumes past 1 MMboe/d in 2025—less than a decade after it averaged less than 100,000 boe/d from legacy holdings in West Texas and New Mexico, Chevron CEO Mike Wirth said.
Continental, Antero, Other E&Ps Make Strides in Ground Game A&D
2024-08-08 - Operators have been hard at work on ground game dealmaking from the Permian to Appalachia through the first half of the year, according to reports by Continental Resources, Antero Resources, HighPeak Energy and others.
Post Oak Minerals Acquires Permian Basin Interests for $475MM
2024-07-29 - Post Oak Minerals V, an affiliate of Post Oak Energy Capital, has closed 10 transactions since the onset of 2024, including 24,000 net royalty acres from APA Corp. subsidiary Apache.
APA Executive: After Recent Divestitures, ‘More to Come’
2024-08-19 - At the EnerCom Denver conference, an APA Corp. executive didn’t address reports that APA was shopping up to $1 billion in Permian Basin assets, but he said the company is looking to shed $2 billion in term loans associated with its purchase of Callon Petroleum.