Pemex’s crude production fell 11.3% at an annual rate in the first quarter due to the decline of mature fields and delays in well -termination, company reported, which reported a net loss of 2,117.6 million dollars for lower sales and more expenses.
The state production, the largest oil operator in Mexico, was 1,615 million barrels per day (BPD) in the quarter, including partners.
Executives said in a call with analysts that the company works to raise the pumping to 1.8 million BPD by the end of the year and keep it at those levels during the government of President Claudia Sheinbaum.
The president, who will govern until 2030, has that oil production goal to be completely processed internally to produce the gasoline that the country needs and stop importing fuels for engines. However, the production of the indebted oil company has come in decline for several months.
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Managers said in the call that a production rebound is estimated towards the second half of the year and that a series of contracts for mixed associations with private entrepreneurs are being ready with a view to increasing pumping. Pemex will have at least 40% participation in them.
The last time Pemex was inside the goal was in March last year, when he pumped 1,811 million BPD, according to his data.
The total income of the company decreased in the first quarter 2.5% year -on -year, to 395,590 million pesos, due to lower commercialized volume of crude oil.
The oil process fell 5% in the quarter, to 936,000 BPD in the lowest process in local refineries in Minatitlán and Tula.
Pemex debt up
The financial debt rose to 101.1 billion dollars, compared to 97.6 billion dollars in which it was located in the fourth quarter of 2024, while its debt with suppliers was reduced 20% to 19,904 million dollars at the close of the first quarter, compared to the closing of 2024, according to the financial report of the company.
Pemex, one of the country’s largest companies, said he paid 152,116 million pesos (3,112 million dollars) to suppliers between January and March. Among these creditors are the most important oil services firms in the world.
Pemex reported that he received 80,000 million pesos in the first quarter of government support for the payment of debt during the period. For this year, 136,000 million pesos were approved in transfers from the Government to the company for amortizations.
Some large service companies have alerted about the decrease in drilling activity in Mexico, where Pemex is its main client, and foresee that this trend is maintained during the remainder of the year.
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Pemex said that during the first quarter they concluded 12 development wells and five exploratory wells which represents a reduction of 16 and eight wells, respectively, compared to the same period of 2024.
Pemex managers did not mention the call with analysts if it declines in well -drilling levels had some relationship with suppliers, rather they focused on the natural decline of mature fields.
At the end of 2023, local groups in the sector said that Pemex’s bulky debt with its suppliers of oil and private producers of crude and gas was threatening the production of hydrocarbons and the survival of companies.
The managers said that Pemex will continue to pay suppliers and work with the Ministry of Finance to find roads for the management of financial and commercial liabilities.
With Reuters information
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