Pemex Earns Net income of 27 billion pesos in the third quarter of 2018

Pemex reported its financial and operating results for the third quarter of 2018, which confirm its solid performance throughout the year.

Upon comparing the results of this quarter with the same quarter for the previous year, the following items stand out: (i) total sales increased by 33%; (ii) operation yield recorded a significant improvement of 83% and currently at 54 billion pesos; and (iii) the company recorded a net income of 27 billion pesos, compared to losses of 102 billion pesos recorded the previous year.

Additionally, the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) amounted to 161 billion pesos, an increase of 39% compared to the third quarter of 2017. This reaffirms the company’s capability of cash flow generation.

Total hydrocarbons production during this quarter averaged 2,536 Tbcoepd (thousands of barrels of crude oil equivalent per day), and crude liquid hydrocarbon production reached 1,850 Tbpd (thousands of barrels per day), of which 1,827 Tbpd are crude oil. PEMEX highlighted the growing production in its integrated field Ku-Maloob-Zaap, which increased by 53 Tbpd and represents an overall increase of 6% as compared to the third quarter of 2017.

Natural gas use was 96.8%, which is in line with the downward trend regarding gas flares, thus reaffirming PEMEX’s commitment to environmental sustainability.

Regarding exploration activities and in compliance with the company’s goal to increase recovery of oil reserves, PEMEX discovered two fields of light crude oil in the shallow waters of the Southeastern Basin, dubbed Manik and Mulach, which contain 3P reserves of 180 million barrels of crude oil equivalent, which could produce up to 210 thousand barrels of crude oil per day and 350 million cubic feet of gas per day. The great advantage of these projects is that the company already has established much of the necessary infrastructure nearby, and this can be used to accelerate production in these fields.

Regarding industrial transformation, the refineries of Salina Cruz and Cadereyta increased their crude oil processes by 94 Tbpd and 30 Tbpd, respectively. On the other hand, the variable refining margin continues to record positive values, because of the optimization of the crude oil process in these refineries, as well as due to the price increase in refined products.

In this open market setting, PEMEX’s performance attests to its capacity of being a sustainable, competitive company that benefits its clients and the end users of its products, while maintaining its position as key player in the fuel supply of the country.​​

Las menciones de Pemex pueden referirse a Petróleos Mexicanos o a cualquiera de sus Empresas Productivas Subsidiarias.