April 30 (Reuters) – Mexico’s Pemex reported a 45.99 billion peso ($2.6 billion) quarterly loss, as the state energy company failed to profit from a global oil price surge triggered by international conflict.
The United States’ war with Iran has lifted crude oil prices worldwide to a four-year high.
Pemex is constrained by high debt, and has struggled to meet the government’s ambitious production goal of 1.8 million bpd. As of the end of the first quarter, its financial debt stood at $79 billion, with $20.8 billion owed to providers.
Together with its partners, Pemex pumped 1.652 million barrels per day (bpd) on average, up from the same quarter a year earlier, as it squeezed more barrels from the fields Maloob, Ixachi, Zaap, Ayatsil and Quesqui, among others.
Production remains on a decades-long decline and new contracts with private producers that were meant to lift output have advanced slowly and largely failed to draw big players.
Pemex has progressively cut the number of barrels it exports, which has weighed on public finances.
Most of Pemex’s production is sent to its own refineries, including the new Olmeca refinery in the port of Dos Bocas.
In its seven local refineries, Pemex processed 1.14 million bpd, the filing showed.
While the debt remains a significant burden, it has trended downward in recent years following unprecedented fiscal support from the government of President Claudia Sheinbaum and her predecessor.
The company’s revenues in the January-to-March period totaled 365.7 billion pesos, according to a filing with Mexico’s stock exchange.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 117.8 billion pesos for the quarter.
($1 = 17.3770 Mexican pesos)
Brazil Energy Insight 
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