(Energy Analytics Institute, Pietro D. Pitts, 25.Apr.2019) — Mexico’s state oil company Petroleos Mexicanos (Pemex) reported a net loss of 35.1 billion pesos ($1.8 billion) during the first quarter of 2019, down 132.9% compared to net income of 106.8 billion pesos in the first quarter of 2018, the company announced on 30 April 2019.
Total revenues were 356.3 billion pesos during the 1Q:19, down 10.4% compared to 397.4 billion pesos during 1Q:18, while pre-tax income was 56.7 billion pesos, down 74.5% compared to 222.2 billion pesos, respectively. Additionally, Pemex announced EBITDA was 115.7 billion pesos during 1Q:19, down 16.6% compared to 138.7 billion pesos during 1Q:18 (see table below).
Related Story: Mexico’s Oil Production In April 2019 Down 1% M-O-M, Down 10% Y-O-Y
Margin Analysis (%)
Pemex’s margin analysis reveals two problematic line items: sales costs and rights to share units. These two line items continue to contribute to bring down the state oil company’s potential to produce higher net income and in some cases, like the most recent quarter, positive results.
All summed during 1Q:19 operating income pre-tax margins amounted to 15.9% of total revenues, down 71.5% compared to 55.9% during 1Q:18 due to exchange costs. Operating income after-tax and after conversion effects during 1Q:19 amounted to a negative 9.9% of total revenues, down 136.7% compared to 26.9% during 1Q:18, while EBITDA margins remained relatively flat at 32.5% during 1Q:19 compared to 34.9% during 1Q:18.
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