Pemex's Q1 losses of $2.6 billion are not lifted by higher oil prices

Mexico's Pemex posted a quarterly loss of 45.99 billion pesos ($2.6 billion), as the state energy company did not profit from an?increase in global oil prices triggered by a conflict abroad.

Pemex's debt burden has made it difficult to reach the government's production target of 1.8 millions bpd. At the end of its first quarter, Pemex's financial debt was $79 billion. Of this, $20.8 billion was owed to suppliers.

T averaged 1.652 million barrels per day, a significant increase from the same quarter last year. This was due to the fact that it pumped more barrels out of the fields Maloob and Ixachi as well as Zaap, Ayatsil, and Quesqui.

The production has been declining for decades and the new contracts with private producers, which were supposed to boost output, have progressed slowly and failed to attract big players.

Pemex's exports have been reduced, putting pressure on the public finances.

Pemex sends the majority of its production to?its refineries. This includes the new Olmeca Refinery in Dos Bocas. The filing shows that Pemex's seven local refineries processed 1,14 million bpd.

Although 'the debt' remains a major burden, its trend has been downwards in recent years after unprecedented fiscal support by 'the government of President Claudia Sheinbaum? and her predecessor.

According to a filing at Mexico's stock market, the company's revenue from January to March totaled 365.7 milliards pesos.

EBITDA (earnings before interest, taxes and depreciation) was 117.8 billion Pesos in the third quarter.

(source: Reuters)