Bloomberg News

Pemex Cancels Quarterly Call, Citing Mexico Election Laws

May 02, 2012

Petroleos Mexicanos, the state-owned company, canceled a quarterly call with analysts and investors, citing an election law that bans the government from promoting achievements during a campaign.

Pemex, as the company is known, won’t have its quarterly call after filing its earnings with the stock exchange, said a company official for the Mexico City-based company who asked not to be identified because of corporate policy.

Pemex, the largest issuer of corporate bonds in Mexico last year, is scheduled to report first-quarter earnings today. Pemex has posted losses in five of the past seven quarters.

This is the first time the company has canceled the call. Pemex usually has two calls, one in Spanish and one in English, the first business day after its quarterly filing.

“This is unusual. It raises questions about the corporate motives behind the decision,” said Enrique Alvarez, the head of Latin America fixed-income research at IdeaGlobal in New York. “There’s a political context, but it’s hard to comprehend.”

Mexico’s finance ministry had its quarterly press conference today after posting its budget report on April 30.

To contact the reporter on this story: Carlos Manuel Rodriguez in Mexico City at carlosmr@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net.


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