The company, which usually reports negative results, reported profits above 122,000 million pesos.
The state-owned Pemex came out of losses during the first quarter of the year. The high international prices of crude oil led the company to report a net return of 122,494 million pesos, according to the report published this morning.
In its conference call, the company’s management also attributed the result to the accession of the Deer Park refinery, whose purchase process was completed on January 20, but in the financial report the company does not disclose whether the figures for the complex have already been included in their total numbers.
The company usually has negative results. During the first quarter of last year, it reported a net loss of 37,358 million pesos.
But the recovery and the geopolitical conflict between Russia and Ukraine have pushed oil prices to prices not seen for a decade. In March, the Mexican export mix hovered around $120 a barrel, its highest point in 13 years.
In a call with analysts, the company’s management has also said that the good result for the quarter is due to the strengthening of the peso against the dollar and an increase in the sale of gasoline, diesel and jet fuel as a result of the recovery in economic activity after the peak moments of the Covid-19 pandemic.
The state company reported a significant increase in revenue. From January to March it added sales of 506,794 million pesos, a growth of 60% compared to the same quarter a year earlier.
The increase in income will allow the state company to cover in the short term with the repayments of its debt, one of its directors said this morning, despite the fact that at the beginning of last year the federal government assured that it would take care of this financial cost until 2024. to improve the company’s profile.
The positive results of the state company also derive from a drop in the shared utility rate that it pays to the federal administration. During the first quarter of the year this rate was set at 40% above the 54% paid in 2021.
The state oil company also reported that its financial debt closed the quarter at 108.1 billion dollars during the quarter, compared to the 109 billion dollars of liabilities it accumulated at the end of last year.