MEXICO CITY (Reuters) -Mexican state vitality firm Pemex on Monday reported a web revenue of 59.52 billion pesos ($3.17 billion) for the second quarter of this 12 months, helped largely by a extra favorable change fee.
Like most of its Latin American friends, Pemex is basically a dollar-denominated state firm, together with for the overwhelming majority of its spending and income.
Within the second quarter of final 12 months, Pemex made a web lack of 273.33 billion pesos after the Mexican peso misplaced worth towards the greenback. The corporate additionally reported a 43.3 billion peso web loss within the first quarter of this 12 months.
In a inventory change submitting, Pemex additionally reported that revenues fell 4.4% through the second quarter of this 12 months to 391.62 billion pesos, which it attributed to decrease crude oil gross sales and decrease costs for petroleum merchandise like gasoline and diesel.
Earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) have been 76 billion pesos for the quarter.
The world’s most indebted vitality firm, Pemex reported a monetary debt of $98.8 billion on the finish of the quarter and that it owes suppliers $22.79 billion.
Considered one of Mexico’s largest corporations and contributors to state coffers, Pemex acquired 94 billion pesos in authorities help and paid suppliers greater than 230 billion pesos.
Crude oil and condensate manufacturing with companions for the quarter averaged 1.64 million barrels per day whereas pure fuel manufacturing averaged 3.59 billion cubic toes per day.
Firm executives informed traders in a name after the quarterly outcomes have been revealed that Pemex was nonetheless in search of to extend crude oil manufacturing to the federal government purpose of 1.8 million barrels per day.
To take action, the corporate would depend on so-called combined contracts that might be supplied to non-public corporations, in addition to on continued authorities help, the executives mentioned.
Lately, manufacturing has declined quickly, particularly within the Gulf of Mexico.
($1 = 18.7654 Mexican pesos at end-June)
(Reporting by Ana Isabel Martinez, Adriana Barrera, Brendan O’Boyle and Noe Torres; Writing by Stefanie Eschenbacher; Enhancing by Susan Fenton)
