LatinNews Daily - 31 July 2023

In brief: Profits down, production up year-on-year for Mexico’s Pemex

* Mexico’s state-run oil company Pemex has released new figures which showed a net profit of M$25bn (US$1.49bn) in the second quarter of 2023. This compares to profit of M$131.5bn in the same period of 2022, when international oil prices surged due to the war in Ukraine. Total revenue for the first half of 2023 totalled M$82bn, down from M$253.9bn in the first half of last year. Despite the fall in revenue, liquid hydrocarbon production was up in the second quarter of 2023, with average production of 1.9m barrels per day (bpd) – 126,000 bpd more than in the same period of 2022. In a statement, Pemex stated that its total financial debt was down 9.8% on the end of the previous year, “reflecting the responsible management of the debt strategy”. As of 30 June 2023, debt totalled M$1.9trn, down from M$2.1trn at the end of 2022. Pemex states the results reflect “good operating and financial performance, confirming that the right decisions continue to be made for the serious and responsible management of Mexico’s oil wealth”.

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