Pemex’s total financial debt amounted to USD 107,153 million, 24.1% more than that recorded at the end of 2019.

Petróleos Mexicanos (Pemex) reported on Tuesday a net loss in the first half of 2020 of USD 26,406 million, an increase of 585.3% or almost six times more than the negative result of USD 3,853 million for the same period of 2019.

When presenting your financial report, the state oil company attributed the results to the « paralysis » of global economic activity due to the coronavirus crisis and the exchange loss due to the depreciation of the peso.

The company recorded revenue for a total of USD 20,277 million, representing a drop of 36.4% compared to the first half of 2019.

On the other hand, crude oil production averaged 1.7 million barrels per day during the first half of the year, an increase of 1.9% compared to that period of 2019. (Photo: .)

Domestic sales fell 38.3% to USD 11,187 million, while exports decreased 33.7% to a total of USD 8,985 million.

Instead, production of crude oil averaged 1.7 million barrels per day during the first half of the year, an increase of 1.9% compared to that period of 2019.

Also, the production of natural gas grew by 0.2% to stand at 3,659 million cubic feet per day (MMpcd) not counting nitrogen or partner production.

Gross yield decreased 58% to $ 3,375 million, while operating performance was just USD 27 million, 99.5% less.

In the first quarter of this year, Pemex had reported a net loss of USD 23,913 million when the global crisis was just beginning, a result more than fifteen times higher than what it lost in the same period of 2019. (Photo: López Obrador)

The oil company specified that performance before taxes and duties (ebitda) had a loss of USD 22,744 million.

On the other hand, Pemex’s liabilities, which include short and long-term debts, taxes and rights, as well as labor liabilities, They amount to USD 191,537 million, 12.4% more than at the end of 2019.

The total financial debt of Pemex amounted to USD 107,153 million, 24.1% more than that registered at the end of 2019.

SECOND TRIMESTER

The Mexican export mix averaged USD 23.84 per barrel from April to June, a value 60.1% lower than the same quarter of 2019. (Photo: . / Daniel Becerril)

In contrast, when analyzing only the second quarter of this year, the company reduced its net losses 16% to USD 1.93 billion, compared to the negative result of more than USD 2.298 million from April to June last year.

Still, the income in the April-June period of this year they totaled USD 7,909 million, 51.8% less than the amount reported in the same period of 2019.

These results reflect the impact of the health emergency due to COVID-19.

In the first quarter of this year, Pemex had reported a net loss of USD 23,913 million when the global crisis was just beginning, a result more than fifteen times higher than what he lost in the same period of 2019.

In addition, Mexico committed to the Organization of Petroleum Exporting Countries and allies (OPEC +) to cut their production by 100,000 barrels per day in May and June to save prices against the drop in demand derived from the pandemic.

The results of this quarter reflect this international crisis in the price of oil, since on April 20 the Mexican mix plummeted to $ -2.37 per barrel, an unprecedented negative value. (Photo: . / José Luis González)

However, he distanced himself from additional cuts, as President Andrés Manuel López Obrador reaffirmed this month.

The leftist president reiterated his fossil fuel self-sufficiency plan for 2023 two weeks ago, when the six current refineries and the one in Dos Bocas, under construction, will already be operational to process « 1.5 million barrels per day or a little more ».

The results of this quarter reflect this international crisis in the price of oil, since on April 20 the Mexican mix plummeted to $ -2.37 per barrel, an unprecedented negative value.

The Mexican export mix averaged USD 23.84 per barrel from April to June, a value 60.1% lower than the same quarter of 2019.

Pemex reported a net loss of USD 18,367 million in 2019, which represented an increase of 91.8% compared to the negative result of USD 9.575 million in 2018.

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