PEMEX: Pemex shows solid financial results in the first quarter of 2019

Pemex issued the following announcement on April 30.

When presenting the financial results of the first quarter of 2019, Petróleos Mexicanos (Pemex) showed solid results, efficiency in the exercise of spending and use of resources, in accordance with the policy of the Government of Mexico to rescue the country's energy sovereignty.

For Petróleos Mexicanos and the current administration, responsible management of the company's debt is a priority, and after a decade no new debt has been contracted in the first quarter of the year.

The productive company of the State informs that, from January to March, it was possible to stabilize the fall in the production of crude oil by 1 million 690 thousand barrels per day, a figure that is intended to increase at the end of this year through the actions carried out in drilling and development of 20 new fields.

During the first quarter of 2019, Pemex reports total sales of more than 356 billion pesos; an EBITDA of 116 billion pesos; operating income of 71 billion pesos, and a net loss of 35.7 billion pesos, which represents a reduction of 77.3 percent with respect to the loss observed in the last quarter of 2018.

As part of the actions that the Government of Mexico carries out to eradicate fuel theft in the country, Pemex shows unprecedented results in its financial statements, from January to March 2019, there is a decrease of 79 percent in losses for this illicit.

In addition, the hydrocarbon distribution and storage system was strengthened, and with the support of the self-tankers that the government acquired, the distribution of fuel throughout the country was normalized and, at the same time, it has a solid position to face any contingency

So far this year, Petróleos Mexicanos has generated efficiencies in the processes of contracting services, which has allowed savings in infrastructure services services contracts for 15.6 billion pesos, equivalent to 780.4 million dollars.

Original source can be found here.

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