Mexican state-run oil company Pemex reported a fourth-quarter net loss of 155.23 million pesos and fourth-quarter revenues of 362.45 billion pesos, according to its filing with the Mexican stock exchange.
Production and refining volumes for the October-to-December period were included in the filing: Pemex and its partners pumped an average of 1.65 million barrels per day (bpd) of crude oil and condensates during those months, and the company refined an average of 1.14 million bpd.
The filing highlighted persistent challenges in output. Many fields - notably those in the Gulf of Mexico - are described as depleted, and recent discoveries have not met expectations. Those conditions have constrained Pemex's ability to reach the government's stated production objective of 1.8 million bpd.
On the balance sheet, Pemex reported a financial debt position of $85.2 billion at the end of the quarter. The company also disclosed that it received 395.3 billion pesos in government support during the year, a figure noted in the same filing. The exchange rate reported for end-December was $1 = 18.0080 Mexican pesos.
Operational figures and financial snapshot
- Net loss for the quarter: 155.23 million pesos (reported as $8.62 million using the end-December exchange rate).
- Quarterly revenues: 362.45 billion pesos.
- Average crude and condensate production (Oct-Dec): 1.65 million bpd.
- Average refining throughput (Oct-Dec): 1.14 million bpd.
- Financial debt at quarter-end: $85.2 billion.
- Government support received during the year: 395.3 billion pesos.
The filing frames a company contending with naturally declining fields and a shortfall in output from new finds, factors cited as impeding progress toward the government's production target. The disclosures also underscore Pemex's sizeable indebtedness and continued fiscal support from the state.
Note: The figures above are taken from Pemex's quarter-end filing and include the reported end-December exchange rate of $1 = 18.0080 Mexican pesos.