Pemex: oil price and financial management in the context of elevated fiscal burden

IF 2.3 Q2 ECONOMICS
Angélica Tacuba
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引用次数: 1

Abstract

PurposeThe article analyzes how oil price fluctuations are reflected in the management of Petróleos Mexicanos (Pemex) based on its balance sheet (BS) and particularly how oil price fluctuations affect Pemex's corporate income.Design/methodology/approachThe author uses a vector auto-regressive (VAR) model with seven variables for the period 1977–2019. The first variable is the oil price and the others belong to Pemex's BS: total income, sales revenue, operating costs, investment, payment of taxes, duties and contributions (TDC) and the payment of interest on debt.FindingsThe results show that in an environment of elevated fiscal burden that is of an excessive payment of tax by Pemex to the state, the price increases positively affected the income obtained from sales, but that surplus is used primarily to finance the fiscal expenses coming from the TDC, which is associated with the production and commercialization of hydrocarbons; physical and financial investment is disconnected from the evolution of price. Under a fiscal scheme that extracts, on average, 98.46% of Pemex's income, investment is not a priority.Practical implicationsThe findings of the research have important implications for Mexico's energy policy because of affecting the long-term financial and productive sustainability of Pemex.Originality/valueFirst, the study contributes to the literature on oil prices in Mexico by analyzing Pemex's fiscal burden from a corporate finance perspective, an area in which there are few rigorous studies. Second, the study contributes by providing quantitative support for the relationship between oil prices and BS variables through the VAR model.
墨西哥石油公司:财政负担加重背景下的油价与财务管理
本文分析了油价波动如何反映在Petróleos Mexicanos (Pemex)的管理基于其资产负债表(BS),特别是油价波动如何影响Pemex的公司收入。设计/方法/方法作者使用了1977-2019年期间具有七个变量的向量自回归(VAR)模型。第一个变量是油价,其他变量属于Pemex的BS:总收入、销售收入、运营成本、投资、税收、关税和贡献(TDC)支付以及债务利息支付。研究结果表明,在墨西哥国家石油公司(Pemex)向国家过度纳税导致财政负担加重的环境下,价格上涨对销售收入产生了积极影响,但这些盈余主要用于资助与碳氢化合物生产和商业化相关的TDC财政支出;实物和金融投资与价格的演变是脱节的。在平均抽取Pemex收入98.46%的财政计划下,投资并不是优先考虑的事项。该研究结果对墨西哥的能源政策具有重要意义,因为它影响了Pemex的长期财务和生产可持续性。首先,该研究从公司财务的角度分析了Pemex的财政负担,为墨西哥的石油价格做出了贡献,这一领域很少有严谨的研究。其次,通过VAR模型为油价与BS变量之间的关系提供了定量支持。
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来源期刊
Journal of Economics, Finance and Administrative Science
Journal of Economics, Finance and Administrative Science Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
5.10
自引率
20.80%
发文量
23
审稿时长
12 weeks
期刊介绍: The Universidad ESAN, with more than 50 years of experience in the higher education field and post graduate studies, desires to contribute to the academic community with the most outstanding pieces of research. We gratefully welcome suggestions and contributions from business areas such as operations, supply chain, economics, finance and administration. We publish twice a year, six articles for each issue.
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