Mexican state-owned oil company Pemex said on Tuesday it has hedged its output through December, the first time it has done so in 11 years, in a bid to protect its balance sheet from a potential drop in oil prices.
Petroleos Mexicanos [PEMX.UL], as the company is officially known, said the oil hedging program will run from May to December and guarantees a price of $42 per barrel for up to 409,000 barrels per day. It will cost the company $133.5 million.
The Pemex hedge is separate from the much larger oil price hedge undertaken by . . .
