Pemex Reports Quarterly Loss of $6bn

Mexico’s Pemex released its Q4 results where it reported a net loss of $6.05bn vs a $4.7bn profit in 4Q2020. The losses were mainly due to taxes and currency exchange losses. During the quarter, Pemex paid MXN 98bn ($4.7bn) in taxes, and incurred forex losses of MXN 22bn ($1.1bn), even though President AMLO’s government provided Pemex with MXN 202bn ($9.8bn) for debt payments and nearly $3.6bn in tax benefits. Revenues stood at MXN 447bn ($21bn), increasing 80% YoY, mainly driven by an 80% increase in domestic sales, a 79% increase in export sales and the worldwide recovery of hydrocarbon prices. Pemex’s financial debt stood at $109bn, near flat as compared to the same period in the prior year. The available credit lines of the oil company were at $9.5bn in total. The company also reported an increase of 36% in total crude oil processing compared to the previous year. Pemex’s Chief Executive Octavio Romero said, “Petroleos Mexicanos had a very good year in terms of crude oil production, which is not only stable but continues to grow.”

Pemex’s USD bonds were slightly up with its 6.49% 2027s up 0.81 to 102.905, yielding 5.78%

For the full story, click here