PEMEX Reports Highest Quarterly Profits in Two Decades

PEMEX reported its best financial quarterly results in 20 years, with a net profit of MX$122,494 million (US$6 billion) in 2022, which stands in sharp contrast with the net loss of MX$37,358 million (around US$2 billion) of 1Q21.   

This is the largest net profit that the state-owned company has achieved since 1Q02, the last available registry of the company on the stock exchange. Octavio Romero Oropeza, Director General, PEMEX pointed toward high oil prices and increased demand for oil and its byproducts. Moreover, the recent acquisition of the Deer Park Refinery in Texas already generated US$ 195 million for the NOC.

Romero highlighted that Deep Park refined 282MMb/d of crude and a had a production of 294MMb/d of oil products, of which 84.2 percent were jet fuel, diesel and gasoline.

“These results show that the acquisition of the refinery was a great bet because it relevantly contributes in to the energy security strategy of our country and generates economic value for PEMEX,” added the CEO. In the first 100 days of the refinery under PEMEX’s control, it has maintained its operation and developed adequate maintenance programs accordingly.

The NOC reported an income of MX$506 billion (around US$25 billion) between Jan. and March of 2022, representing a 59.6 percent increase compared to the same period in 2021. The results are propelled by a recovery in the value of crude oil. Furthermore, PEMEX registered an operational performance of MX$184 billion, a 65.6 percent growth in comparison with the performance registered in 1Q21

During the first quarter of last year, the state-owned company continued with efforts to boost its crude oil, which yielded an average production of 1 billion b/d, without including the NOC’s partners. This represented a 2.3 percent increase compared to the same period in 2021. What is more, the financial debt of the NOC decreased 3.9 percent compared 4Q21.

The best-performing refineries are Salina Cruz, with an average processing of 178Mb/d of crude oil, Tula with 176Mbd, Salamanca with 134Mb/d, Minatitlán with 122Mb/d and Madero with 95Mb/d.

Moreover, of the authorized investment for this year, PEMEX indicated that MX$45 billion (US$2.2 billion) are considered for the Dos Bocas refinery and MX$22 billion (US$1 billion) for the Deer Park refinery. Romero furthermore explained that the company is progressing with its upgrades for the six refineries. In 1Q22, 822Mb/d of crude were processed on average, a 10 percent increase compared to the same period in 2021.