Mexican Petroleum (Pemex) reported today, April 26, 2024, that its net profits decreased 92 percent in the first quarter of the year, to a total of 4,696 million pesos due to a decrease in its income and an increase in the cost of sales.
Pemex’s total revenues amounted to 405 thousand 898 million pesos in the period, 3% less than those reported between January and March 2023, since they were affected by lower sales and a decrease in crude oil and oil prices, the oil company stated in its report to the Mexican Stock Exchange ( BMV).
Low Pemex debt
The financial debt fell to 101 thousand 500 million dollars compared to 106.1 billion dollars at the end of 2023, according to Pemex data.
Crude oil and condensate production excluding partners decreased 2.8% in the quarter to 1.82 million barrels per day (bpd), while crude oil processing at its local refineries rose 18% to 985,000 bpd .
The federal government has maintained strong financial support for Pemex and has injected it with million-dollar funds to help it clean up its finances. In the first quarter, the state-owned company said it received $4.6 billion in capital contributions.
“These contributions represent an important source of payment of Pemex’s debt during the first quarter of 2024,” the company said in its financial report.
Pemex reported that throughout last year government aid totaled more than 7.5 billion dollars. The oil company faces a severe problem with debt to its suppliers. At the end of last year, groups of them made an unusual call to the company to resume late payments or else put the survival of many companies in the sector at risk.
Pemex said that its debt with suppliers stood at 21,874 million dollars at the end of March of this year. In its previous report, the oil company indicated that the total was 21,204 million dollars.
With information from Reuters
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2024-04-26 22:46:07