Mexico’s Pemex Raises Oil Output, Fuel Production In Q1

5 May 2017   Mexico

Mexico’s state energy major Pemex has increased its oil output and the amount of crude it feeds into its refineries, with exports to the U.S. and Asia declining over the first quarter of the year by 3.6 percent. The company reported a net profit of US$4.67 billion (88 billion pesos) for the period, up from a loss of US$3.29 billion (62 billion pesos) a year earlier, boasting revenues of US$18.53 billion (349 billion pesos). This was the second quarter with a positive net performance for the company, after eight quarters in the red. Crude oil output, Pemex reported, averaged 2.018 million bpd in the period, in line with company targets. Offshore production in the Gulf of Mexico accounted for the bulk of the output, at 81 percent, versus 19 percent for onshore production. Refinery runs jumped by 21 percent in the three-month period, Pemex also said in the presentation […]

Comments are closed.