January 29, 2020 / 6:50 PM / 2 months ago

Mexican state oil company Pemex has contracted oil hedge for 2020: CEO

FILE PHOTO: Pemex Chief Executive Officer Octavio Romero attends a news conference at the National Palace in Mexico City, Mexico, December 9, 2019. REUTERS/Edgard Garrido

MEXICO CITY (Reuters) - Mexican state oil firm Pemex’s Chief Executive Octavio Romero said on Wednesday the company has contracted its oil hedge for 2020, which protects its revenues from a potential drop in international oil prices.

Earlier this month, the finance ministry said Mexico has completed its annual oil hedging program for 2020 at $49 a barrel. In the past, Pemex has also operated its own hedge.

Asked whether Pemex had contracted its hedge for 2020, Romero said, “yes,” but gave no further details.

Reporting by Ana Isabel Martinez; writing by Julia Love; Editing by Bernadette Baum and Jonathan Oatis

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