Oil Deal of the Year: Mexico Set for $6 Billion Windfall
- Latin American country to get record payout from crude hedge
- Mexico locked in 2015 oil sales at $76.40 a barrel with banks
A Petroleos Mexicanos offshore platform produces oil from the Ku-Maloob-Zaap field in the Gulf of Mexico 65 miles northeast of Ciudad del Carmen, Mexico, on Thursday, Oct. 7, 2010. Ku-Maloob-Zaap, Mexico's largest oil project, will keep producing about 850,000 barrels a day 'for the next two or three years,' the company said in May. Pemex, as the state-owned company is known, is Latin America's largest oil producer.
Photographer: Susana Gonzalez/BloombergMexico is set to get a record payout of at least $6 billion from its oil hedges this year, according to data compiled by Bloomberg.
The Latin American country locks in oil sales as a shield against price declines through a series of financial deals with banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc. For 2015, Mexico guaranteed sales at almost $30 a barrel higher than average prices over the past year.