(Pemex, 29.Oct.2024) — During the third-quarter 2024 (3Q:24) Petróleos Mexicanos (Pemex) maintained its commitment to provide timely support for operations, employing resources responsibly and efficiently.
The Exploration and Production strategy prioritized activities in shallow waters and onshore areas, primarily focusing on promoting the accelerated development of new fields and reducing the time to bring recent discoveries into operation, while also maintaining baseline production. However, natural decline in fields and adverse weather conditions negatively impacted production, resulting in 3Q:24 production of 1,764 thousand barrels per day (Mbd), which is 107 Mbd below the 1,871 Mbd achieved in 3Q:23.
In 3Q:24, crude processing reached 962 Mbd, an increase of 185 Mbd compared to the 3Q:23, reflecting progress in the consolidation of the rehabilitation and timely maintenance plan for the National Refining System, which has allowed for recovery of capacity and improved operational efficiency.
Regarding financial results, a net loss of MXN 161.5bn was reported in 3Q24, which is MXN 82.3bn higher than the loss recorded in 3Q23. This increase is primarily due to a 6.8% rise in the peso/dollar exchange rate during 3Q24, resulting in an exchange loss of MXN 130.1bn for the period, which is MXN 82.3bn greater than the exchange loss of MXN 47.8bn observed in 3Q23.
The financing strategy continued to be executed in coordination with the Ministry of Finance and Public Credit, aimed at ensuring timely access to resources to optimally meet the company’s commitments while promoting a reduction in debt levels. This resulted in a balance of $97.3bn as of 30 Sep. 2024, representing a $8.7bn decrease compared to the balance recorded at the end of 2023.
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