The IRS will charge taxes and duties, lost 272 billion in 2010
The parastatal has resorted to domestic and foreign debt, official reports reveal
For each dollar of profits it has earned Petroleos Mexicanos (Pemex) in so far the administration of President Felipe Calderon, the Treasury and Public Credit (SHCP) has claimed, via taxes, duties and uses, 1.20 pesos, which has meant that between 2006 and 2010, one of the most profitable companies in the international oil industry, record accumulated losses of 272 billion pesos, official reports reveal.
Only between 2006 and 2010, Pemex had revenues earned by 2 trillion 716 billion pesos, but taxes and duties which he handed to the Ministry of Finance totaled 3 trillion 233 billion pesos, ie a difference of 517 billion more than the amount of income.
To complete the fiscal burden, passed by Congress, Pemex has had to resort systematically to domestic and foreign debt.
Although in the past five years the international oil industry has benefited from high oil prices, making significant cash flows, in Mexico's state oil company has been an increase in debt during the same period from 28.4 percent.
Official reports state that in 2006, Pemex's total liabilities amounted to one trillion 172 billion 888 000 606 pesos and the end of 2010 they reached one trillion 506 billion 489 thousand 691 pesos.
Despite the boom in petroprecios, this has not been fully exploited by the country. In 2006 the average price of crude oil exports stood at 53.04 dollars per barrel in 2007, 61.64; in 2008, 84.38; in 2009, 57.40 in 2010, 78.83 and so far in 2011 reach 99.13 dollars per barrel . With these prices, Pemex has had one of the highest returns of the global oil industry, to record costs of production in 2006, from 4.4 dollars per barrel in 2007, 4.9, in 2008, 6.1, in 2009, 4.9 and 2010 of 5.2 dollars per barrel.
These highly competitive production costs Pemex is below international oil companies the likes of Total, British Petroleum (BP), Exxon, Eni, Conoco, Statoil, Chevron and Petrobras, which have production costs ranging from 6.1 to 10 dollars per barrel.
However, the lack of a serious fiscal reform to a greater number of companies and the public sector away from the comfort zone that represents the large oil revenues without increasing the number of taxpayers and bring down tax evasion has led to the systematic deterioration financial world's most profitable company, which is already technically bankrupt, the value of its liabilities exceed its total assets.
To illustrate the large indentation which is exposed Pemex, validated by the Congress, it suffices to point out that in 2006, Pemex's net income by 581 billion pesos, but was forced to pay 583 billion pesos, in 2007 590 billion won and paid to the treasury 677 billion, in 2008 net income of 571 billion, but the Ministry of Finance took away 772 billion through taxes, in 2009 the company made profits and paid 428 billion and 547 billion for end 2010 operating income was 546 billion and learned to the public coffers 654 billion pesos.
Significant cash flows generated by Pemex has whetted the appetite of domestic and foreign capital, who continue to press the federal government to conduct an opening in the oil sector still reserved for the state constitutional mandate for a share of oil revenues . Currently, about 33 percent of the federal budget depends on the resources generated by oil.
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