(Bloomberg) -- Mexico’s state oil giant posted a slight profit in the first quarter as production slipped, with government support helping to prop up the...
-- Mexico’s state oil giant posted a slight profit in the first quarter as production slipped, with government support helping to prop up the debt-saddled company.Huawei’s New Phone Runs Latest Version of Made-in-China Chip Petroleos Mexicanos posted a profit of 4.7 billion pesos , compared with 56.7 billion pesos a year ago, the company reported Friday. Crude and condensate output slid to 1.82 million barrels a day, compared with 1.853 million in the same quarter last year.
Pemex expects the government’s financial support for the company to continue as it works to reduce its debt load, Chief Executive Officer Octavio Romero said on an earnings call Friday.Officials also said the company’s flagship Dos Bocas refinery is set to begin producing diesel fuel in May, and that the company’s domestic refining capacity was “stable” at around 1 million barrels per day.
“To quote the Talking Heads, Pemex is ‘the same that it ever was,” said Roger Horn, senior emerging-market strategist at Mariva Capital Markets. “Whoever wins the election in June is likely to continue with more of the same of providing just enough support to keep the ship going.” Runner-up opposition candidate Xochitl Galvez, who trails Sheinbaum by nearly 30 percentage points in recent polls, has said Pemex should pursue a model like Brazil’s Petrobras: selling assets to pay down debt.
Petroleos Mexicanos Debt Burden Claudia Sheinbaum Andres Manuel Lopez Obrador
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pemex Ekes Out Tiny Profit as Oil Production Decline ResumesMexico’s state oil giant posted a slight profit in the first quarter as production slipped, with government support helping to prop up the debt-saddled company.
Read more »
S&P/TSX composite ekes out gain, U.S. stock markets fallTORONTO — Canada's main stock index eked out a gain Thursday thanks to energy and base metals, while U.S. stock markets fell, though they managed to pare back deeper losses from the morning.
Read more »
S&P/TSX composite ekes out gain, U.S. stock markets fallTORONTO — Canada's main stock index eked out a gain Thursday thanks to energy and base metals, while U.S. stock markets fell, though they managed to pare...
Read more »
UK construction sector ekes out first growth since August 2023, survey showsExplore stories from Atlantic Canada.
Read more »
Mexico’s Sheinbaum Says Her Pemex Debt Refinancing Plan Includes New VenturesPetroleos Mexicano’s debt refinancing should go hand-in-hand with a plan for the state oil company to venture into new kinds of energy projects and boost certainty about the state oil firm’s future, said presidential candidate Claudia Sheinbaum.
Read more »
Mexico’s Frontrunner Sees Pemex Refinancing Debt in 2025(Bloomberg) -- Mexico’s leading presidential candidate Claudia Sheinbaum said she expects Petroleos Mexicanos, the world’s most indebted oil producer, to...
Read more »