Pemex reports its best quarter in two decades

Petroleos Mexicanos (Pemex) achieved in the first quarter of 2022 a net profit of 122 thousand 494 million pesos, which contrasts with the net loss of 37 thousand 358 million in the first three months of last year.

It is the largest net profit that the state-owned productive company reaches for a quarter since the third quarter of 2002, which is the last record available by the company before the stock market.

Octavio Romero OropezaCEO of Pemexattributed that this was due to the high price and greater demand for oil and its derivatives, in addition to the total acquisition of the refinery of Deer Parkin Texas, United States, which left the oil company a profit of 195 million dollars (around 3 thousand 992 million pesos).

“The refining market conditions were favorable during the year, the price differentials between crude oil and products widened, with a positive effect on the results of the refinery,” he explained.

Romero Oropeza recalled that on January 20 of this year the purchase operation of 50 percent of the participation of shell at the refinery Deer Park and added that the figures show that the acquisition of this refinery was a great success, relevant to Mexico’s energy security strategy.

“As a result of the operation, the debt of the refinery of 596 million dollars, corresponding to Shell, was prepaid, and 50 percent of the inventories were acquired,” he said in a conference with investors.

The general director reported that the refinery maintains its operation adequately in the first 100 days under the control of Pemex and maintenance tasks are carried out according to the program.

Mexican oil added that the refinery Deer Park It processed 282,000 barrels of crude oil per day and had a production of 294,000 barrels of oil derivatives per day.

More results

The oil company reported revenues of 506 thousand 794 million pesos between January and March 2022, which represents a 59.6 percent increase compared to the same period last year, driven by a recovery in the value of crude oil.

Besides, Pemex registered an operating yield of 184 thousand 450 million pesos, an increase of 65.6 percent compared to the yield registered in the same quarter of 2021.

This was combined with a reduction in the financial cost, performance of derivative instruments and others by 37.2 percent, reaching 24 thousand 179 million pesos.

He added that during the first quarter of last year they continued with the effort to grow their extraction platform, so crude oil production continues the growth trend with an average of one million 755 thousand barrels per day without including partners, which It is equivalent to a growth of 2.3 percent in relation to the same period of 2021.

The company highlighted that during the quarter, 54,000 barrels per day of production from fields such as Quesqui and Ixachi were incorporated, and at the end of the period, production from new fields totaled 355,000 barrels per day.

At a press conference with investors, Octavio Romero Oropeza He pointed out that the positive results are also due to greater demand for diesel and jet fuel, due to the economic reactivation.

Total financial debt also fell by 3.9 percent compared to the end of 2021.

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