Wednesday, July 29, 2020

Pemex loses 44 billion pesos in Q2 2020

In the first three months of 2020, the losses for the state productive company were 562 billion pesos.

Petróleos Mexicanos (Pemex) reported a loss of 44 thousand 300 million pesos on Tuesday during the second quarter of 2020. In the same period of 2019, the company’s net loss was higher, equivalent to 53 billion pesos. In other words, in the period between April and June this year, the company led by Octavio Oropeza managed to reduce this figure by 16 percent.

“This result is achieved despite the fact that in the reported second quarter, it includes the months of April and May, which were the most critical months derived from the suspension of economic activities in our country,” said Alberto Velazquez, corporate director of finance at the oil company, in its conference call with investors. The health emergency stemming from the COVID-19 pandemic and the cessation of some economic activities led the oil sales revenues to decrease by 51.8 percent, due to a drop of 54.4 in national sales and 48 percent in shipments of oil and crude abroad.

From April to June, the state company added revenues equivalent to 181 thousand 693 million pesos. In the same period of a month before, sales totaled 376 thousand 648 million pesos. However, the results were favored by a lower variation in the peso-dollar parity and a drop in cost of sales of 45.7 percent. The latter was mainly derived from a considerable drop in the price of resale products. Despite the lower net loss this quarter, in the first six months of the year the oil company added losses of 606 thousand 587 million pesos. This figure is much higher – 585 percent – than that reported by the company in the first half of 2019, when the net loss was 88 thousand 509 million pesos.

During the first quarter of this year, the oil company reported that the coronavirus pandemic was already ravaging its results, mainly in two areas: a reduction in its external and internal sales and the exchange rate effect of the depreciation of the peso against the dollar.

Source: El Financiero


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