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LatinNews Daily - 30 October 2024

In brief: Mexico’s Pemex records loss in third quarter

*Mexico’s state-run oil company Pemex has released its figures for the third quarter of 2024, recording a net loss of M$161bn (US$8bn), compared to losses of M$255.9bn in the previous quarter. In a press release, Pemex attributed the losses to a 6.8% depreciation of the Mexican peso against the US dollar. Liquid hydrocarbon production fell 5.7% year-on-year to 1.764bn barrels per day (bpd). Crude oil processing at the six refineries of the national refining system averaged 962m bpd. Considering the operations of the Deer Park refinery in the US, crude processing at Pemex facilities totalled 1.258bn bpd, which represented an 18% increase compared to the same quarter of the previous year. The company’s debt burden has reduced to a total US$97.3bn, the first time since 2016 that this figure has dropped below US$100bn. Pemex stated that with the continued support of the government it will strengthen its financial position in line with President Claudia Sheinbaum’s national energy plan.

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