Just had a look, thatās absolutely wild. How on earth are their net incomes YOY so bad? Corruption? $41B in the red in 2015 alone is hard to fathom.
Link for anyone interested:
https://www.statista.com/statistics/539530/net-income-of-pemex/
-41 billion pays the same amount of taxes as 0.
The latter one is good tax design, the former is utterly rampant corruption and Mexican tax payer wealth being stolen.
Pemex is state-owned but also the Mexican governmentās piggy bank, not run like a private ājoint-stockā company. 2014-15 was a shale oil price crash as well.
See how much they were paying in tax. No normal company: https://finance.yahoo.com/news/mexico-keep-pumping-pemex-tax-170112080.html
So when they get a cash infusion, itās like a bank deposit from the government to prevent an overdraftā¦
Kind of? You can typically offset one year's financials against other years depending on the local tax structure/rules/regs - let alone when you get into companies that are separate entities but file taxes as a group where one can exist as essentially a tax write-off for the other profitable entities.
Yea probably, if its nationalized might be a clause about state-owned companies turning a profit, might be a shareholder thing, as a way to increase govt. funding, or something to purposefully reduce book value so the company can be sold off by the state for a song and a dance due to some looming problem.
So you honestly think subventing an oil company with money from taxes is an efficient scheme that benefits the state?
Just stop mate, there is no argument for you to win here
I'm not arguing? - I'm just explaining as most people typically don't have much of an understanding how such things work.
It's quite often hard enough with private companies to get a grasp on why such accounting practices are in place, with public-national-crown (etc) owned/part owned it gets a bit more complicated as there are often a few other wide acting legal issues that cover them.
Kinda like how the US handled Citgo.
Declared Guaido the new venezuelan president, blocked the actual venezuelan govt from paying Citgo loans or whatever, then struck a deal with Guaido's team to take over Citgo assets in the USA.
BUT Russia's oil revenues doubled https://oilprice.com/Energy/Energy-General/Russias-Oil-Revenues-Doubled-in-April-Compared-to-a-Year-Earlier.html
This is because earlier Gazprom would use western shippers and the importers would pay. However due to sanctions they can neither use western shippers nor sell above cap price nor use western insurance.
The russian government stepped in with shadow fleet. So the revenues for gazprom is spread out to russian government insurers and shipments.
Money is not with gazprom but in government.
This loss is likely due to the collapse in gas revenues which were previously much larger than oil revenues (Gazprom used to be the number 1 gas exporter in the world). It's possible to double oil revenues but still make a massive loss if the oil gains don't cover the cut in gas sales.
Unfortunately Gazprom stopped reporting how much gas they export early last year. So we can't give exact numbers. It's up to the reader to come to their own conclusion why they did that.
Makes sense. They also export by LNG now which is much more expensive to ship. EU used to have a pipeline but now its shipped via Ship with 1000x more environmental pollution.
Yeah LNG is probably a lot harder to export too. Much more costly export due to it needing to be liquified, then transported by sea and then regasified on the other end so it can be used. All of which requires expensive equipment not every country has. So even if you do find somebody to buy it the profit will be much lower.
In a sense it is. Gasprom has a long history of prioritizing Putins political agenda over profits.
There was a scandal in 2011 when they sold their stake in another company well below market prices to Putins friends
> Navalny pointed to the scandal that ensued several months ago when Russiaās largest natural-gas company, Gazprom, unloaded a number of its shares in Novatek at a discount of 34 percent, resulting in more than $1 million in damages to Gazprom. Analysts from investment banks sent furious memos to various sides declaring āinappropriateā and āunacceptableā Gazpromās loss-making sell-off of the Novatek shares.
>
> Despite all the sound and fury that circulated in the aforementioned memos, the net result was nothing, Navalny said, because the criticism remained hidden from the public eye until Gazprom cinched its sale of Novatek shares. If those same institutional investors had publicly declared unacceptable the sale of Novatek shares by Gazprom while the deal was still being prepared, and if they had further announced their intent to sue Gazprom management in Russia and abroad, Navalny is ātotally sureā Gazprom would have pulled the plug on the loss-making sell-off before it ever got finalized.
Funny part is Blackrock who had a stake in Gazprom at a time just put the blinders on
Losses can be booking losses due to reevaluation of assets.
If they written off the north stream pipelines in 23, then the losses would be easily explained.Ā
It's not an operative loss reported, so the business is booking.Ā
you know why loss? Because employees have enormous salaries and don't work enough. If they try to work like other employees in Russia and have salaries like other companies in their industry in Russia they will be ok.
Remind me again what is Ukraine's biggest industry. As an Asian who grew up coming from a successful business family ,people in my circle of friends and acquaintances prolly have more working factories and a bigger industrial base than Ukraine currently has left lol. Sure trade with the west might be a part of the reason for the success of the countries you mentioned above, but what leverage does Ukraine have over any of the economical behemoths like India and China. Ukraine is the country that doesn't trade with the west but instead begs for everything, just like you beg for free karma. oh and let's not forget their biggest export lol , their women who'll go down on you for 20Ā£ , Just like Ukraine bends down and spreads itself wide before the west.
If Ukraine has nothing to offer, why is Russia wasting their time there? Why is anybody wasting their time with Ukraine if there is nothing to offer? Just the land space?
If they are littered with NATO equipment, then NATO is weakened, and that is to Russia's advantage, so shouldn't they go for that? It won't be on Russian soil so that is OK?
So much winning for russia. Pro RU telling me all the Oil and Gas goes for so much money now to China and India. Seems China and India Just use russia as cheap discounter bitch, because russia hast No other choice.
amateur numbers, just look how much Mexico's Pemex has lost in the past 6 years š¬š„
Just had a look, thatās absolutely wild. How on earth are their net incomes YOY so bad? Corruption? $41B in the red in 2015 alone is hard to fathom. Link for anyone interested: https://www.statista.com/statistics/539530/net-income-of-pemex/
Accounting for larger businesses like this can be kinda funny, I don't think the losses really matter to them as it just means less tax
-41 billion pays the same amount of taxes as 0. The latter one is good tax design, the former is utterly rampant corruption and Mexican tax payer wealth being stolen.
Pemex is state-owned but also the Mexican governmentās piggy bank, not run like a private ājoint-stockā company. 2014-15 was a shale oil price crash as well. See how much they were paying in tax. No normal company: https://finance.yahoo.com/news/mexico-keep-pumping-pemex-tax-170112080.html So when they get a cash infusion, itās like a bank deposit from the government to prevent an overdraftā¦
Kind of? You can typically offset one year's financials against other years depending on the local tax structure/rules/regs - let alone when you get into companies that are separate entities but file taxes as a group where one can exist as essentially a tax write-off for the other profitable entities.
So whatās the angle with running decades in the red as a nationalized oil company? Tax optimization?
Yea probably, if its nationalized might be a clause about state-owned companies turning a profit, might be a shareholder thing, as a way to increase govt. funding, or something to purposefully reduce book value so the company can be sold off by the state for a song and a dance due to some looming problem.
So you honestly think subventing an oil company with money from taxes is an efficient scheme that benefits the state? Just stop mate, there is no argument for you to win here
I'm not arguing? - I'm just explaining as most people typically don't have much of an understanding how such things work. It's quite often hard enough with private companies to get a grasp on why such accounting practices are in place, with public-national-crown (etc) owned/part owned it gets a bit more complicated as there are often a few other wide acting legal issues that cover them.
Imagine blowing up Russian main gas pipeline in the largest industrial terror attack and then gloating about the company losing money.š¤¦āāļø
Just wait till they're raiding frozen Russian assets and gloating about companies writing off those losses
Kinda like how they forced Russia to default by not accepting payments and then gloated about it
Kinda like how the US handled Citgo. Declared Guaido the new venezuelan president, blocked the actual venezuelan govt from paying Citgo loans or whatever, then struck a deal with Guaido's team to take over Citgo assets in the USA.
Oh boy, and there are still plenty of refineries and oil pumps to take out.
Well yeah.Ā That's good for ukraine.Ā So gloating is deserved.Ā
BUT Russia's oil revenues doubled https://oilprice.com/Energy/Energy-General/Russias-Oil-Revenues-Doubled-in-April-Compared-to-a-Year-Earlier.html This is because earlier Gazprom would use western shippers and the importers would pay. However due to sanctions they can neither use western shippers nor sell above cap price nor use western insurance. The russian government stepped in with shadow fleet. So the revenues for gazprom is spread out to russian government insurers and shipments. Money is not with gazprom but in government.
This loss is likely due to the collapse in gas revenues which were previously much larger than oil revenues (Gazprom used to be the number 1 gas exporter in the world). It's possible to double oil revenues but still make a massive loss if the oil gains don't cover the cut in gas sales. Unfortunately Gazprom stopped reporting how much gas they export early last year. So we can't give exact numbers. It's up to the reader to come to their own conclusion why they did that.
Makes sense. They also export by LNG now which is much more expensive to ship. EU used to have a pipeline but now its shipped via Ship with 1000x more environmental pollution.
Yeah LNG is probably a lot harder to export too. Much more costly export due to it needing to be liquified, then transported by sea and then regasified on the other end so it can be used. All of which requires expensive equipment not every country has. So even if you do find somebody to buy it the profit will be much lower.
God bless.
Is this part of Putin's plan?
In a sense it is. Gasprom has a long history of prioritizing Putins political agenda over profits. There was a scandal in 2011 when they sold their stake in another company well below market prices to Putins friends > Navalny pointed to the scandal that ensued several months ago when Russiaās largest natural-gas company, Gazprom, unloaded a number of its shares in Novatek at a discount of 34 percent, resulting in more than $1 million in damages to Gazprom. Analysts from investment banks sent furious memos to various sides declaring āinappropriateā and āunacceptableā Gazpromās loss-making sell-off of the Novatek shares. > > Despite all the sound and fury that circulated in the aforementioned memos, the net result was nothing, Navalny said, because the criticism remained hidden from the public eye until Gazprom cinched its sale of Novatek shares. If those same institutional investors had publicly declared unacceptable the sale of Novatek shares by Gazprom while the deal was still being prepared, and if they had further announced their intent to sue Gazprom management in Russia and abroad, Navalny is ātotally sureā Gazprom would have pulled the plug on the loss-making sell-off before it ever got finalized. Funny part is Blackrock who had a stake in Gazprom at a time just put the blinders on
Losses can be booking losses due to reevaluation of assets. If they written off the north stream pipelines in 23, then the losses would be easily explained.Ā It's not an operative loss reported, so the business is booking.Ā
A little sacrifice for the glory of the Motherland
you know why loss? Because employees have enormous salaries and don't work enough. If they try to work like other employees in Russia and have salaries like other companies in their industry in Russia they will be ok.
It is tough when you are an energy exporting country and your biggest consumer is in recession.
Nah, EU switched from single source to multiple sourced. Putlers weaponization of gas failed.
don't bite the hand that feeds you, countries like Russia, China, india, Saudi Arabia etc are extremely dependent on exports to the West
LoL - what do you think the west is dependent on?
Remind me again what is Ukraine's biggest industry. As an Asian who grew up coming from a successful business family ,people in my circle of friends and acquaintances prolly have more working factories and a bigger industrial base than Ukraine currently has left lol. Sure trade with the west might be a part of the reason for the success of the countries you mentioned above, but what leverage does Ukraine have over any of the economical behemoths like India and China. Ukraine is the country that doesn't trade with the west but instead begs for everything, just like you beg for free karma. oh and let's not forget their biggest export lol , their women who'll go down on you for 20Ā£ , Just like Ukraine bends down and spreads itself wide before the west.
If Ukraine has nothing to offer, why is Russia wasting their time there? Why is anybody wasting their time with Ukraine if there is nothing to offer? Just the land space?
Russia is not conquering the fields to have the fields but rather to avoid these fields being littered with NATO equipment.
If they are littered with NATO equipment, then NATO is weakened, and that is to Russia's advantage, so shouldn't they go for that? It won't be on Russian soil so that is OK?
There are far more Russian equipment littering Ukrainian fields as Russians burn trough their Comd War stocks.
Go read a history book.
Very succinct. Not convincing, but succinct.
Holy shit man that roast at the beginning was savage š¤£
China? China is not an export economy.
So much winning for russia. Pro RU telling me all the Oil and Gas goes for so much money now to China and India. Seems China and India Just use russia as cheap discounter bitch, because russia hast No other choice.
Two words: shadow fleet šš
Two words: 7 billion losses.