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Pemex reports profits for the first time since 2012

Mexico City, Mexico — Pemex has reported profits for the first time since 2012. On Monday, Pemex reported sale increases of 55 percent in the last quarter of 2022.

According to figures released by the oil company, Petróleos Mexicanos had a net profit of 23.5 million pesos in 2022, compared to a net loss of 294.5 million pesos in all of 2021.

Pemex indicated that the cost of sales increased by 55 percent in the quarter compared to the same period in 2021, and that its total revenues increased by almost 17 percent to 519.2 million peso due to higher local sales, which grew 25.4 percent, and exports, which rose 3.4 percent.

Sales were favored by international crude oil prices and higher volumes, Pemex said in its report.

Oil and condensate production increased 1.8 percent to 1,791 million barrels per day (bpd), while crude oil processing at its local refineries was 838,000 bpd, 13.2 percemt more than in the fourth quarter of 2021, according to the report.

The financial debt closed 2022 at $107.7 billion USD, which represents a 7 percent decrease compared to the previous year, which was partly attributed to the support received from the government.

The company estimated its debt maturities for this year at $8.2 billion and $9 billion for next year. These amounts do not include revolving loans or other short and long-term liabilities.