The Deer Park refinery in Texas has not only become a flagship asset in the refining activities of Petróleos Mexicanos ( Pemex ), but is also expected to be one of the three largest refineries of the state-owned company due to its importance in the coming years, according to Standard & Poor's .
The rating agency acknowledged that the state-owned company has managed to maintain its operating indicators
, as between January and October of last year, Deer Park maintained an availability of 93.8 percent and a utilization rate close to 81 percent. Both are above the average of the previous five years
, the agency acknowledged.
After the Olmeca refinery in Dos Bocas begins full operations in the next two years, Deer Park will remain one of Pemex's three largest refineries and its only refining asset outside Mexico, playing a key role in international trade relations, Standard & Poor's noted.
He commented that this should continue to bolster incentives to support the refinery, which maintains a BBB rating with a stable outlook.
The rating agency estimated that Deer Park ended 2023 with zero net debt and consolidated a strengthened financial risk profile, as the refinery sought to maintain profitability momentum throughout last year to address its working capital, capital expenditure investments, and dividend outflows while continuing to increase its cash balance and limiting the need to tap into the $530 million in funds from its committed credit facilities.
In this regard, according to the most recent data released by Pemex, the Texas-based refinery has seen " solid financial and operational results during its first two years of operation.
" The refinery hasn't reported such a result since 2007, and for the second consecutive year it closes a fiscal year debt-free,
" official information indicates.
