Record Oil Revenues: The Week in Oil and Gas

For the second time this year, transfers of oil revenue to the Federal Treasury have exceeded the Ministry of Finance and Public Credit’s (SHCP) forecasts. Meanwhile, PEMEX’s CEO reaffirms its commitment to timely payments to suppliers.

Ready for more? Here is the weekly roundup!

Oil Revenues Surpass Forecasts

In April of this year, transfers of oil funds to the Federal Treasury totaled MX$26.342 billion (US$1.596 million), surpassing the Ministry's expectations by MX$3.512 billion or 15% beyond initial forecasts. In March, the Mexican Oil Fund (FMP) surpassed federal expectations by MX$4.077 billion. 

PEMEX Seeks to Reaffirm Its Commitment With Suppliers

PEMEX CEO Octavio Romero is meeting with representatives from over 250 suppliers to the NOC in Villahermosa and Ciudad del Carmen this week to reaffirm the company's commitment to timely payments and discuss operational achievements and future development plans.

Refining Grows 76.2% This Administration

Crude oil processing in Mexico’s National Refining System (SNR) has increased 76.2% over the past five years. In 1Q24, SNR processed 985Mb/d, up from the 559Mb/d registered in 1Q19, the start of President Andrés Manuel López Obrador's administration.

PEMEX’s 2024 Investments: Exploration, Production Focus

The investments recorded and committed by PEMEX in 2024 amount to a total of US$34.42 billion. The allocation of these investments includes US$13.06 billion for CAPEX and US$21.34 billion for OPEX. This year's expenditure is the highest registered during President Andrés Manuel López Obrador’s administration. 

Decline in National Oil Production: Impact on PEMEX

National oil production decreased by 130Mb/d during April compared to the same month in 2023 and 30Mb/d compared to March 2024, according to CNH’s monthly extraction report. In April, PEMEX’s crude production averaged 1.474MMb/d, including partner production, with total oil production reaching 1.559MMb/d.

Hess Shareholders Approve Chevron’s Acquisition Bid

Hess shareholders have approved Chevron's US$53 billion bid to acquire the company, based on preliminary voting results, paving the way for Chevron to expand its asset base significantly. The merger, announced last October, is expected to provide Chevron with access to lucrative offshore oil fields in Guyana.