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Bond Market News

Pemex Reports Quarterly Profits of $722.5mn

Mexico’s Petroleos Mexicanos (PEMEX) released its Q2 numbers where it reported a quarterly net profit of $722.5mn, which the company said was driven by higher income from international sales. This came after PEMEX reported a loss of $1.9bn in 2Q2020 and a loss of $1.8bn in the 1Q2021, primarily due to higher import costs. Total income stood at $17.42bn, up 93% YoY. Mexico’s average price of exportable oil mix increased to $63.81 per barrel from $24.40 per barrel in 2Q2020. The EBITDA for the quarter stood at $6.22bn (vs. $2.05bn last year) with an EBITDA Margin of 36%. Total debt stood at $115.1bn as it adopted short-term financing, as per Reuters. The available credit lines of the oil company were at $175mn and MXN 4.5bn ($225mn) at the end of the period and reported a 5.4% increase in crude processing of its refineries in Q2. PEMEX announced that it will not consider bond markets for refinancing as it is expecting government capital injections through 4Q2021.

Pemex USD bonds were slightly up with its 4.25% 2025s up 0.47 to 102.696, yielding 3.42% and its 7.69% 2050s up 1.91 to 96.905, yielding 7.97%.

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