PEMEX Registers Positive Operating and Financial Results at the end of 2022

Source Press Release
Company Pemex 
Tags Production/Development, Upstream Activities, Environment, Financial & Operating Data
Date February 28, 2023
  • Annual production was 1.78 million barrels per day on average at the end of 2022, which represents an increase of 29 thousand barrels per day compared to 2021. 
  • It is expected that a level of 1P reserves will be certified shortly, reflecting an increase of 5.6% compared to the amount registered as of January 1, 2019. 
  • The crude process averaged 816 thousand barrels per day, 104 thousand barrels more than in 2021; considering Deer Park, the total amounts to 1.1 million barrels per day 
  • The accumulated net income during the year was 23 billion pesos 

In accordance with the requirements established by regulation in Mexico, on February 27, Petróleos Mexicanos (PEMEX) presented to the Mexican Stock Exchange and the National Banking and Securities Commission the preliminary operating and financial results for the fourth quarter of 2022. 

As a result of the practices of operational excellence in the extraction of hydrocarbons, the improvement in the production profile was consolidated, reaching an annual average of 1.78 million barrels per day, highlighting the contribution of new developments, which now amounts to more than 500 thousand barrels per day towards the end of the year. 

In the National Refining System, it has been possible to reverse the decreasing profile in the crude oil process observed in recent history. The six refineries in Mexico processed an average of 816,000 barrels per day, and if Deer Park's contribution of 276,000 barrels is added to this, the total process in PEMEX assets amounted to 1.1 million barrels per day, which means 78%. more than in 2018.  

This situation has made it possible to achieve a significant increase in the production of gasoline, diesel, and jet fuel, which practically doubled compared to that observed in 2018, with an average volume of 692,000 barrels per day, of which 242,000 were produced in Deer Park. . This refinery posted one of its best years in history with a net return of $956 million. 

Regarding the domestic market, starting in 2022, PEMEX strengthened its commercial strategy, managing to recover its leadership with solid increases in sales of gasoline, diesel and jet fuel, compared to the previous year, of 17%, 48% and 41%. , respectively.  

Regarding financial results, as of December 31, 2022, a net return of 23 billion pesos was recorded, which represents an increase of 318 billion pesos compared to the net loss of 295 billion pesos observed in 2021. 

Progress was also made in the strategy aimed at reducing the accumulated balance of the debt, registering a balance of 107,728 million dollars, which represents a decrease of 1,282 million dollars compared to the previous year. 

Finally, in line with the importance that the sustainability agenda represents for PEMEX, in 2022 greenhouse gas emissions decreased by 4.3% and a gas use of 91% was achieved. 

PEMEX will continue contributing all its talent to continue consolidating the good results in 2023 and making the country's oil wealth available to Mexicans.  

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd