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Mexican state oil company Pemex said Tuesday its second quarter net profit fell to $91 million from $1.27 billion in the same period last year.

Pemex attributed the fall in profit mainly to lower oil prices and export volumes. At $19.4 billion, sales were down 30.3% year on year.

Exports accounted for $8.8 billion, a 38.9% drop. Pemex produced 2.59 million barrels/day of crude oil in the second quarter, down by 7.3% from the same period last year, though natural gas output was up 2.4% at 7.029 Bcf/d.

As wells were closed in the rapidly declining Cantarell complex in the Sound of Campeche, output of heavy crude was down 15.5% year on year in Q2, though it was up 13.7% at Cantarell's neighboring complex Ku-Malob-Zaap. On June 13, KMZ produced a record 841,000 b/d, Pemex said.

Output of light crude rose by 1.6% year on year in Q2. Crude exports fell by 15.2% to 1.195 million b/d. Some 88% of crude exports went to the US, 8% to Europe, and 2% each to the rest of the Americas and the Far East.

The average export price of crude in the quarter was $55.80/b, down from $104.40/b a year earlier.

During the second quarter, Pemex paid the government $10.9 billion in taxes and royalties, 37.4% down from the 2008 period.

As a proportion of total Pemex sales, the government's share dropped to 55.9% from 62.2% in last year's quarter.

Total debt at the end of June was $47 billion, down 3.8% from end June last year

Story from Scandoil

Scandoil 07/28/2009

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