Pemex Reports 3Q:23 Results [PDF Downloads]

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(Pemex, 27.Oct.2023) —In the third quarter of 2023 (3Q23), Petróleos Mexicanos‘ operating performance was positive, supported by a responsible financial policy.

In exploration and production, the strategy continued to favor the accelerated development of new fields, the reduction of times between development and start-up, the early incorporation of production from exploratory wells, as well as the mitigation of the declination of mature fields, mostly onshore and shallow waters. In the 3Q23, these initiatives resulted in an average liquid hydrocarbons production of 1,877 thousand barrels per day (mbd), including partners’ production and condensates, a 4.4% increase or 79 mbd higher than the observed in the same period of 2022.

In industrial transformation, the focus prevailed on improving the facilities efficiency through maintenance and rehabilitation works, to continue recovering the capacity of the National Refining System. In this sense, scheduled rehabilitations were carried out in the quarter that negatively impacted crude oil processing in 3Q23, which averaged 778 mbd, a 29 mbd decrease as compared to the same period of 2022. It is expected that production will recover towards the end of the year.

Regarding financial results, in the July-September 2023 period, an operating income of MXN 31.7bn and a net loss of MXN 79.1bn were recorded. This result is mainly explained by the exchange rate variation resulting from the depreciation of the peso against the dollar by 3.3%.

The financing strategy was implemented in coordination with the Ministry of Finance (SHCP) and focused on optimally and timely addressing the company’s liquidity needs, while making a responsible management of the debt. As of September 30, 2023, the debt balance decreased by USD$ 1.9bn as compared to that recorded at the end of 2022.

Additionally, we continued undertaking the environmental, social, and governance agenda challenge by promoting initiatives and acquiring commitments aimed at an increasingly sustainable operation. In this context, in 3Q23 a gas use rate of 93.9% was recorded. Likewise, 81 programs, works, and/or actions with social impact were executed with an investment of MXN 600.9mn.

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