Petróleos Mexicanos Records Back-to-back Positive Results in the Second Quarter of 2023

Source Company Press Release
Company Pemex
Tags Corporate: Corporate Results, Country: Mexico, Financial - Costs & Metrics: Capital Expenditures, Upstream: Drilling Activity, Upstream News
Date July 28, 2023

  • ​Production of liquid oil and gas averaged 1,882 Tbd in the April-June 2023 period, 126 Tbd higher than that of the same period in 2022
  •  In this quarter PEMEX recorded a net return of 25 billion pesos, for a cumulative total of 82 billion pesos in the January-June period
  •  PEMEX continues to strengthen its strategy to address the sustainability agenda

In compliance with applicable regulations, Petróleos Mexicanos (PEMEX) filed its financial statements for the second quarter of 2023 with the Mexican Stock Exchange and the National Banking and Securities Commission.

During this period, liquid hydrocarbon production, not including partnerships, amounted to 1,882 thousand barrels per day (Tbd), as a result of the addition of new wells under the new development strategy in the Quesqui, Tupilco Profundo,and Ixachi fields, among others. In addition to these, other operating fields such as Ayatsil, Balam and Maloob, were also included in the new development strategy. This production volume is 126 Tbd higher than that registered in the second quarter of 2022.

Despite lower prices for crude oil and its derivatives compared to the same period of the previous year, it is worth noting that the company obtained an operating profit of 22 billion pesos and a net return after taxes of 25 billion pesos. This result brings the cumulative net income for the first six months of 2023 to 82 billion pesos.

Total financial debt in Mexican pesos decreased by 9.8% compared to the figure recorded at the end of the previous year, reflecting a responsible management of the company's debt strategy. As of June 30, 2023, financial debt registered a balance of 1.9 trillion pesos, 0.2 trillion pesos lower than the 2.1 trillion pesos recorded at the end of 2022. In US dollar terms, the amount adds up to 110.5 billion pesos, due to the exchange rate appreciation of the peso against the US dollar.

These results, which reflect PEMEX's good operating and financial performance, confirm that the right decisions are still being made for a serious and responsible management of Mexico's oil wealth.

Petróleos Mexicanos underscores that, mindful of the need for focus on the sustainability agenda, the institution continues to strengthen its strategy to address environmental, social and corporate governance issues, through implementation of several measures that will support the responsible development of its operations.

In closing, we reiterate that PEMEX will continue to fully comply with its mandate to maximize the value of the country's oil and gas resources, in keeping with the principles of sustainability, while always abiding by the codes of ethics, conduct and legal compliance.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd