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Mexico

PEMEX: Worst Balance of the Year

According to Pemex’s financial statements, gasoline and diesel sales in Mexico decreased 17.7 points, losing $28.2 billion in revenue, due to the reduction of prices despite a slight increase in volume.

A sign above a gas station shines brighter than the company's financial statements
By Vianey Pichardo Whatsapp Twitter Facebook Share
1 year ago

 

MEXICO CITY — PEMEX reported the worst production balance of hydrocarbons of the year. A decrease of 3.8 percent was registered during the last quarter of the year, according to reports of operative results.

During this period, the oil company’s deficit increased after a drop of 4.2 points on the first quarter, 3.4 for the second quarter which descended to 7.8 in the third.

From June to Sept., the production of barrels of crude declined 5.6 points, with 2,138 barrels a day, due to the natural diminution of the exploited fields, however, these figures are among the expected margins of production contemplated by the Administrative Council in February.

Also, a notable decline of 13.3 points in the production of natural gas was recorded, amounting to 4,700 billion cubic feet per day.

A reduced productive platform and the reduction of 7.6 units in the price per barrel lowered the sales of the oil company in 12.4 percent compared to last year — which recorded  $313 biliion pesos ($16, 489,757,384 dollars) — whereas in 2016 it only reached $275 billion pesos.

Exports decreased as well falling 36.8 units which represents a loss of $4.7 billion pesos. These lower margins are a consequence of the sales reduction of LP gas  of 52.5 points due to the opening of the market to private companies.

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