& Tobago


Very usefull links


News links




Dow Jones

Oil price



Views and News





Pemex report profit on appreciation
of the peso and less fuel costs

Edgar Garrido/Reuters

The logo of Mexican petroleum company Pemex is seen on a tank gas at a gas station in Mexico City, Mexico.

- Net income was 1.4 billion pesos, first profit in two years
- Oil output fell to 1.658 million barrels/day in third quarter

By Amy Stillman/Bloomberg

Petroleumworld 10 29 2020

Petroleos Mexicanos posted its first quarterly profit in two years after the appreciation of the peso helped reduce fuel import costs and oil prices rebounded from the worst rout in a generation.

The Mexican state oil giant said third-quarter net income, its first since the same quarter of 2018, was 1.4 billion pesos ($66 million), compared with a 44 billion-peso loss in the second quarter, it said Wednesday.

Mexican President Andres Manuel Lopez Obrador has promised to revitalize Pemex and the country's flagging energy sector by boosting investment in production at onshore and shallow waters and building a new refinery in his home state of Tabasco. The profit at Pemex, as the company is also known, is a win for the populist who has sought to dial back on the opening of Mexico's energy industry to international competition.

Pemex bonds maturing in 2027 rose as much as 0.4% after the earnings release, paring losses to just 1.2% on the day.

Pemex expects a big turnaround in oil output without providing a clear strategy to reverse long-term declines. Chief Executive Officer Octavio Romero estimated in mid-October that crude production will average about 1.71 million barrels a day this year, and reach 2.24 million barrels a day by 2024, when the government's six year-term ends.

For the third quarter, Pemex reported that production of crude and condensates fell to 1.658 million barrels a day, from 1.673 million in the previous quarter.

Pemex's financial debt rose to $110.3 billion, from $107.2 billion at the end of the previous quarter.

With assistance by Justin Villamil



Editor & Publisher:Elio Ohep /
Contact Email:

CopyRight © 1999-2020, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2020, Petroleumworld   / Elio Ohep - All rights reserved


This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.