Mexican Petroleum (Pemex) obtained profits of 4 thousand 682 million pesos during the first trimester of 2024, which represented a drop of 91.7 percent compared to the same period of the previous year, according to data from the oil company published on the Mexican Stock Exchange (BMV).
In this way, the company led by Octavio Romero Oropeza registered its weakest start to the year in the last three years, since in the first three months of 2022 and 2023 it obtained profits of 122 and 56 billion pesos, respectively.
However, The company accumulated three beginnings of the year in ‘green numbers’a story that could not be told during the first three years of the current administration, when Pemex recorded losses for 35.7 billion pesos in 2019, 562.3 billion pesos in 2020 and 37.4 billion pesos in 2020.
In a conference call with investors, Oropeza highlighted the oil company’s results. “Pemex’s operational and financial performance has another side, good decisions have been made and we can see that the coordination with the Federal Government has been worth it,” he noted.
Pemex debt stood at 101 billion dollars in the first quarter: Octavio Romero
He highlighted that, for the closing of the six-year term, will maintain the same intensity of work that they had in recent years with the aim of consolidating the oil company results. “Today we have a stronger company, with better infrastructure and positive prospects,” he said.
Regarding the oil company’s debt, Oropeza reported that it stood at 101,499 million dollars during the first quarter of the year, which meant a reduction of 4 percent compared to the end of 2023.
About the debts that Pemex has with its suppliers and contractors, Carlos Cortez, finance director of the oil company, stated that between January and March the company managed to pay them 95 thousand 638 million pesos.
“Pemex has maintained a flow of payments to its suppliers and contractors and strategies are implemented to accelerate payment to suppliers. We know the impact it has on regional economies, but in 2024 we will resume the payment rhythm and we are already addressing the situation,” he said. .
Until the closing of the first quarter, Pemex owes 163,207 million pesos to its suppliers and contractors.
In 2024, Pemex will receive government transfers of 145 billion with the aim of strengthening the company’s financial situation.
“In coordination with the Federal government and the Secretary of Finance “We have agreed on an execution schedule that is fully harmonized with our (debt) maturity profile, so since January we have been receiving resources, to the extent that this line is exhausted, we estimate that resources will conclude their transfers in September,” Carlos Cortez pointed out.
