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Pemex achieves highest profit since 2002

Pemex achieves highest profit since 2002

Mexico City, May 3 (Prensa Latina) Petróleos Mexicanos (Pemex) achieved a profit of 6.125 billion dollars in the first quarter of 2022, its best period since 2002.
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This figure is even more remarkable compared to the loss of 1.875 billion in the same period of 2021.

Octavio Romero, CEO of Pemex, attributed this result to the high price and greater demand for oil and its derivatives, in addition to the total acquisition of the Deer Park refinery in Texas, United States, which left a profit of 195 million dollars.

The refining market conditions were favorable during the year, the price differentials between crude oil and products widened, with a positive effect on the refinery’s results, he explained.

He recalled that on January 20 of this year the transaction to purchase Shell’s 50% stake in the Deer Park refinery was closed, and added that the figures show that the acquisition of this refinery was a great success, relevant to Mexico’s energy security strategy.

As a result of the operation, the refinery’s debt of 596 million dollars, corresponding to Shell, was prepaid and 50% of the inventories were acquired.

The CEO reported that the refinery has been operating adequately in the first 100 days under Pemex’s control.

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