Mexico’s Pemex posts narrower first quarter profit of $3.15 billion

(Reuters) – Mexican national oil company Pemex posted a narrower first quarter net profit of 56.75 billion pesos ($3.15 billion), the state-owned company reported in a filing with Mexico’s main stock exchange on Wednesday.

During the year-ago period, the Mexican oil giant’s profits totaled about $6.2 billion.

Revenues during the first three months of the year, meanwhile, reached 418.44 billion pesos, according to the company’s filing.

The company’s refineries processed an average of 835,000 barrels per day (bpd) of crude during the quarter, while total oil output, including condensate production, averaged 1.85 million bpd, according to the filing.

Pemex, one of the world’s most indebted oil companies, said its total financial debt at the end of the January-to-March period reached $107.4 billion, down slightly from the liabilities reported at the end of last year.

Last month, a senior Mexican finance ministry official told Reuters the government would allow Pemex to defer around $2 billion in taxes owed by the company in an effort to boost its cash flow and help it pay down debt.

The official noted Pemex has already paid off some $6 billion in debt for 2023 and has another $2.5 billion left to pay this year.

($1 = 18.0201 pesos by end-March)

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