Pemex earns US$ 1,187 million in 2022 and breaks nine years of losses

The state company Petróleos Mexicanos (Pemex) reported this Monday a net profit of 23,049 million pesos (US$ 1,187 million) in all of 2022, a positive result that breaks nine consecutive years of losses.

When presenting his financial report, the general director of the Mexican state oil company, Octavio Romero Oropeza, affirmed that the firm benefited from “a favorable price environment” and the fruits of the energy policy of the Government of Andres Manuel Lopez Obrador.

The company pointed out that total revenue from sales and services rose to almost 2.39 trillion pesos (US$ 122,959 million), 59.6% more than in 2021.

Within this item, increases in exports stand out, which grew 47.5% to 1,074 billion pesos (US$ 55,335 million).

While sales in Mexico they rose 56.8% to 1,195 billion pesos (US$ 61,559 million).

The Pemex director boasted of the 1.6% annual increase in Pemex’s total crude production, which reached a total of 1,764 million barrels per day (Mdb), compared to 1,736 million in 2021.

In addition, total crude oil processing increased 14.6% to 816,000 barrels per day.

The production of natural gas from Pemex standing at 3,866 million cubic feet per day (MMcfd).

After deducting the cost of sales, the yield or gross profit stood at 591,181 million pesos (US$ 30,451 million), an increase of 38.2% at the annual rate.

Meanwhile, operating income increased 91.6%, reaching 438,612 million pesos (US$ 22,592 million).

The oil company specified that the yield before taxes and rights, known as ebitda, rose by 91.6% to 438,612 million pesos (US$ 22,592 million).

Likewise, the Mexican oil company stated that its total net financial debt decreased by 7% compared to the end of 2021 to stand at US$ 107,728 million.

“We are proud to say that we are reporting good results, production, higher income and less debt than the previous year. All this derived from a favorable environment and having made the right decisions ”, defended Romero Oropeza in the call with investors.

Fourth trimester

Despite the annual gains, the fourth quarter of 2022 showed a loss of 172,567 million pesos (US$8,889 million), which compares with the also negative figure of 194,538 million pesos (about US$10,008 million) for the same period of 2021.

This loss occurred despite a year-on-year increase of 16.4% in total sales, reaching 519,256 million pesos (US$ 26,746 million).

This is the first year of the Administration of Lopez Obradorwho has promised to “rescue” the state company, which reported profits.

Pemex benefited from a year of general benefits for the world oil industry, with an annual average price of US$ 89.35 per barrel of Mexican crude, according to the report from the oil company.

In 2021, the State company recorded losses of US$10.900 million after losing US$24.735 million in 2020, in what it considered the “worst crisis in its history” due to the covid-19 pandemic.

But in the first year of the López Obrador government, in 2019, Pemex had already practically doubled its losses by reporting US$ 15,497 million.