Pemex loses 35 billion pesos in the first quarter of this year

In the first quarter of the year, Petróleos Mexicanos (Pemex) reported a loss of 35 billion 719 million pesos compared to that obtained in the same period last year, due to factors such as the exchange rate.

According to its financial report sent to the Mexican Stock Exchange (BMV), in these three months, its total sales decreased 10.4 percent compared to 2018, to 356 billion 251 million pesos, due to a decrease of 16.3 percent in the national sales.

The foregoing is mainly explained by a certain decrease in the consumption of gasoline due to the increase in prices; a loss of market given the entry of new competitors; and a decrease in volumes sold, given the temporary effects of the strategy to combat fuel theft and a 1.5 percent decrease in export sales.

While the operating flow (Ebitda) of the oil company between January and March was 115.7 billion pesos, which represented a decrease of 17 percent.

The total production of crude oil and condensate reached one million 661 thousand barrels per day, 221 thousand barrels per day less than the same quarter of 2018.

The decrease is explained in particular by the advance of the water-oil contact in the Xanab asset; by the natural decline of some mature fields and by the increment of the fractional flow of water in some deposits of the South and Marina Southwest Regions.

During the analysis period, the total of taxes and rights registered amounted to 92.4 billion pesos, a decrease of 15.1 percent compared to the first quarter of 2018, due to the lower production of hydrocarbons.

While financial debt reported a decline of 0.9 percent compared to the end of last year, by a slight appreciation in the exchange rate in the period.

At the end of the first quarter, the total financial debt stood at two billion 63.9 billion pesos or 106.5 billion dollars.

by Agency

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