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Daily Mail
13-05-2025
- Daily Mail
American oil magnate, his wife and two sons indicted over $300M crime scheme linked to Mexican cartels
An American oil magnate and his family have been arrested for allegedly working with Mexican cartels to smuggle over $300 million worth of crude oil into the United States. James Laen Jensen, 68, and his wife, Kelly Anne Jensen, were taken into custody from their $9.1 million mansion in Utah last month in a multi-state raid that also saw their two sons, Maxwell and Zachary, arrested in Texas, according to My San Antonio. Federal prosecutors claim they violated the US Tariff Act by smuggling in 2,881 shipments of oil from Mexico - worth at least $300 million - that they falsely claimed were 'waste of lube oils' and petroleum distillates' beginning in May 2022, ABC 4 reports. The family was allegedly able to smuggle the crude oil into the country via barges docked outside their Texas facility, Arroyo Terminals, near the Mexican border. All of the crude oil was reportedly stolen by drug cartels from PEMEX - Mexico's nationalized oil company. 'The payments for this crude oil were directed to businesses in Mexico that operate only through the permission of [a] Mexican criminal organization,' federal prosecutors allege in court documents obtained by KSL. 'James Jensen was aware that the payments he made were going to these Mexican criminal organizations,' they continued. A warrant for James' arrest even claims he paid over $47 million to these dangerous criminal entities. James and Kelly were ultimately arrested on April 23, following an investigation by he US Drug Enforcement Agency, FBI, the Criminal Investigations division of the IRS and Homeland Security Investigations. When US Marshals arrived at his 26,893 mansion in Sandy, Utah, prosecutors say the couple was unwilling to follow law enforcements' demands to come out - forcing Marshals to use a battering ram to break down the door, Valley Central reports. Meanwhile, other agents raided Arroyo Terminal in Texas, where they reportedly placed employees in handcuffs and questioned them about the business. One unidentified employee told Valley Central that the FBI agents then asked them whether the crude oil had been stolen. 'We don't know anything about that,' the employee said. 'We're just in charge of unloading the trucks and loading the barges.' Another employee added that, 'When it comes to the aspect of knowing where the oil's coming from or what company or what part of Mexico or anything like that, we were always out of the loop.' In the end, the agents reportedly took documents from the building and requested passwords for the computers. 'When I went into the office to use the restroom, I did hear the FBI high-five and say: "We got 'em,"' a third employee claimed. James is now facing charges of money laundering conspiracy, aiding and abetting smuggling of goods into the United States, aiding and abetting the entry of goods by means of false statements, money laundering spending conspiracy and money laundering spending. The other members of his family are each facing one to three of the counts. They have each pleaded not guilty to the charges against them. In court, Assistant US Attorney Laura Garcia asked US Magistrate Judge Ignacio Torteya III to hold Maxwell - who co-owns Arroyo Terminals with his father - without bond, saying he worked closely with 'cartel-affiliated businesses' and frequently travels to the Bahamas, where the family has a property. Torteya ultimately agreed, holding Maxwell without bond, as he set bond for his brother - who handled the company's marketing and business development - at $100,000 with a $10,000 cash deposit. He now must remain at home and submit to GPS monitoring. Similarly in Utah, Dustin B Pead, the chief magistrate judge for the United States District of Utah, decided to allow James and Kelly to remain at home and submit to GPS monitoring after their lawyers successfully argued they were upstanding citizens. 'They're active in their church, they're active in their community, they come from a stalwart Utah family,' attorney John Huber argued, noting that Kelly's parents 'have served in public service for decades. 'And they don't want to throw all that all out of the window,' he pleaded in court. Kelly's father, Gordon Walker, served in the Department of Housing and Urban Development under former President Ronald Reagan and her mother, Carlene Walker, served in the Utah State Senate. Pead then released the couple without setting bond. 'I'm counting on what your attorneys have said here today - that you are the upstanding people that your attorneys state you are,' he warned the couple, as he ordered them to turn over their passports and regularly report to their pretrial officer. They were also forced to forfeit any money gained from the smuggled oil - including their company, an additional home listed for the family in Draper, Utah as well as bank accounts and new cars totaling $300 million. Yet this is not the first time James of buying stolen petroleum products. In 2011, PEMEX Exploration and Production filed a suit against him, claiming he and two businesses he owned - Big Star Gathering and St. James Oil - had purchased stolen natural gas condensate. 'At times, Jensen would travel to Mexico to arrange purchases from the cartels who had stolen the condensate,' the lawsuit alleged, according to Valley Central. James denied any wrongdoing, but admitted Big Star had business dealings with an oil company executive who had stolen natural gas condensate. All of the transactions happened before that executive pleaded guilty, he said in an affidavit at the time. Meanwhile, attorney's for his other business, St. James Oil, urged a judge to dismiss the case. 'St. James's business reputation and creditworthiness suffer every day that it continues to be named in a lawsuit alleging participation in a drug cartel-related conspiracy,' it argued in a motion. PEMEX ultimately dropped the suit in 2013, after two years of litigation. But if any of the family members are now found guilty of the charges against them, they could face a maximum of 20 years in federal lockup and fines of up to $500,000.
Yahoo
30-04-2025
- Business
- Yahoo
Mexico's Pemex swings to $2 billion loss as production, sales slump
By Ana Isabel Martinez and Adriana Barrera MEXICO CITY (Reuters) -Pemex, Mexico's heavily indebted state energy company, reported an 11.3% drop in first-quarter production of crude and condensate on Wednesday as falling sales and foreign-exchange losses contributed to a 43.3 billion peso ($2.12 billion) net loss. In a filing with Mexico's stock exchange, Pemex, one of Mexico's largest companies, attributed the production slump to the decline of mature wells and delays in new well completions. During the first quarter, Pemex and its partners pumped 1.62 million barrels per day (bpd) of crude oil and condensate. The company processed 936,000 bpd in its local refineries, down 5% compared to the year-ago period. Mexican President Claudia Sheinbaum has pledged to raise production to 1.8 million bpd, although older fields, particularly in the Gulf of Mexico, are being depleted and more recent discoveries have failed to compensate. On a call with analysts, Pemex's corporate planning chief, Jorge Alberto Aguilar, said the company was working to reach the 1.8-million-bpd goal by the end of the year and maintain it at that level. Sheinbaum, who will govern until 2030, has said domestic crude production will ensure Mexico can produce the gasoline it needs and end its dependence on motor-fuel imports. Production has been falling for several months. Pemex has not been within the government's production target since March 2024, when it pumped 1.81 million bpd. A series of contracts for joint ventures with private companies is being prepared to increase pumping, they added, noting that Pemex will have at least a 40% stake. Revenue during the January-to-March period fell 2.5% to 395.59 billion pesos, mainly due to lower crude oil sales volumes, Pemex said. Pemex said foreign-exchange losses and rising costs played roles in its swing to a net loss. In the quarter, its refining unit yielded 305,000 bpd of gasoline and 171,000 bpd of diesel. PEMEX AIMS TO REDUCE DEBT BALANCE Pemex said its financial debt for the three-month period totaled $101.1 billion, up from the $97.6 billion reported in the fourth quarter of 2024. Already the world's most indebted energy company, Pemex has received billions of pesos in government support. The company said it received 80 billion pesos in government support in the first quarter. The funds were mainly used to pay down debt. Pemex said its goal "is to reduce the financial debt balance over the course of the year, resulting in a lower balance at the end of 2025 versus the end of 2024." The company said that 136 billion pesos in transfers from the government were approved for amortizations. Pemex also reported a decline in drilling activity, completing during the first quarter 12 development wells and five exploratory wells, down from 16 and eight wells, respectively, in the same period in 2024. Executives of the state-owned giant did not mention on Wednesday whether the drop in well drilling levels had any relation to the debts to suppliers, which reached $19.9 billion at the quarter's close. In late 2023, local industry groups said Pemex's ballooning debt to its oil service providers and private oil and gas producers was threatening hydrocarbon production and the survival of companies. Executives said that Pemex will continue to make payments to suppliers and that it is working with the Finance Ministry to seek ways to manage financial and commercial liabilities. ($1 = 20.4604 pesos at end-March) Sign in to access your portfolio
Reuters
30-04-2025
- Business
- Reuters
Mexico's Pemex swings to $2 billion loss as production, sales slump
Summary Companies Decline of mature wells, delays in new well completions cited in production decline Pemex says it's working to reach 1.8 million bpd production goal by year-end Revenues dip 2.5% on lower crude sales Cash-strapped company's financial debt rises past $101 million Production remains under government's goal of 1.8 million bpd MEXICO CITY, April 30 (Reuters) - Pemex, Mexico's heavily indebted state energy company, reported an 11.3% drop in first-quarter production of crude and condensate on Wednesday as falling sales and foreign-exchange losses contributed to a 43.3 billion peso ($2.12 billion) net loss. In a filing with Mexico's stock exchange, Pemex, one of Mexico's largest companies, attributed the production slump to the decline of mature wells and delays in new well completions. During the first quarter, Pemex and its partners pumped 1.62 million barrels per day (bpd) of crude oil and condensate. The company processed 936,000 bpd in its local refineries, down 5% compared to the year-ago period. Mexican President Claudia Sheinbaum has pledged to raise production to 1.8 million bpd, although older fields, particularly in the Gulf of Mexico, are being depleted and more recent discoveries have failed to compensate. On a call with analysts, Pemex's corporate planning chief, Jorge Alberto Aguilar, said the company was working to reach the 1.8-million-bpd goal by the end of the year and maintain it at that level. Sheinbaum, who will govern until 2030, has said domestic crude production will ensure Mexico can produce the gasoline it needs and end its dependence on motor-fuel imports. Production has been falling for several months. Pemex has not been within the government's production target since March 2024, when it pumped 1.81 million bpd. A series of contracts for joint ventures with private companies is being prepared to increase pumping, they added, noting that Pemex will have at least a 40% stake. Revenue during the January-to-March period fell 2.5% to 395.59 billion pesos, mainly due to lower crude oil sales volumes, Pemex said. Pemex said foreign-exchange losses and rising costs played roles in its swing to a net loss. In the quarter, its refining unit yielded 305,000 bpd of gasoline and 171,000 bpd of diesel. PEMEX AIMS TO REDUCE DEBT BALANCE Pemex said its financial debt for the three-month period totaled $101.1 billion, up from the $97.6 billion reported in the fourth quarter of 2024. Already the world's most indebted energy company, Pemex has received billions of pesos in government support. The company said it received 80 billion pesos in government support in the first quarter. The funds were mainly used to pay down debt. Pemex said its goal "is to reduce the financial debt balance over the course of the year, resulting in a lower balance at the end of 2025 versus the end of 2024." The company said that 136 billion pesos in transfers from the government were approved for amortizations. Pemex also reported a decline in drilling activity, completing during the first quarter 12 development wells and five exploratory wells, down from 16 and eight wells, respectively, in the same period in 2024. Executives of the state-owned giant did not mention on Wednesday whether the drop in well drilling levels had any relation to the debts to suppliers, which reached $19.9 billion at the quarter's close. In late 2023, local industry groups said Pemex's ballooning debt to its oil service providers and private oil and gas producers was threatening hydrocarbon production and the survival of companies. Executives said that Pemex will continue to make payments to suppliers and that it is working with the Finance Ministry to seek ways to manage financial and commercial liabilities. ($1 = 20.4604 pesos at end-March)
The Star
28-04-2025
- Politics
- The Star
Mexico says it is boosting efforts to curb screwworm pest
Mexico's President Claudia Sheinbaum speaks during an event marking the 87th anniversary of state oil company PEMEX, founded after the expropriation of foreign oil firms, in Mexico City, Mexico March 18, 2025. REUTERS/Henry Romero/File Photo MEXICO CITY (Reuters) - Mexico has been working to respond to a damaging pest called New World screwworm and is strengthening its efforts, President Claudia Sheinbaum said on Monday. U.S. President Donald Trump's administration warned on Saturday that it will restrict livestock imports from Mexico if the Mexican government does not intensify its fight against the pest. Washington's threat came in a letter from U.S. Agriculture Secretary Brooke Rollins, which said Mexico had limited one of the companies hired to conduct aerial spraying to eliminate the pest to flying only six days a week and had imposed "burdensome customs duties" on parts needed to keep its planes in the air. Mexican Agriculture Minister Julio Berdegue said on social media on Sunday that he had responded to Rollins, without providing details. Sheinbaum was asked about Mexico's response at her regular morning press conference. "There are many control systems that already existed in Mexico, but now we are strengthening them starting from the southern border, and throughout the entire country, to prevent the spread," she said. Screwworm can infest livestock, wildlife and in rare cases, people. Maggots from screwworm flies burrow into the skin of living animals, causing serious and often fatal damage. (Reporting by Raul Fernandez Cortes; Writing by Brendan O'Boyle; Editing by Anthony Esposito)
