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
2024 E&P Meritorious Engineering Awards for Innovation
2024-11-12 - Hart Energy’s MEA program highlights new products and technologies demonstrating innovations in concept, design and application.
Permanent Magnets Emerge as a Game-Changer for ESP Technology
2024-12-19 - In 2024, permanent magnet motors installations have ballooned to 11% of electric submersible pump installations, and that number is growing.
Microseismic Tech Breaks New Ground in CO2 Storage
2025-01-02 - Microseismic technology has proved its value in unconventional wells, and new applications could enable monitoring of sequestered CO2 and facilitate geothermal energy extraction.
Novel EOR Process Could Save Shale from a Dry Future
2024-12-17 - Shale Ingenuity’s SuperEOR, which has been field tested with positive results, looks to remedy the problem of production declines.
Pioneer Energy’s Tech Offers More Pad Throughput, Fewer Emissions
2025-01-14 - Pioneer Energy’s Emission Control Treater technology reduces emissions and can boost a well’s crude yield by 5% to10%, executives say.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.