Mexico’s Pemex reports Q4 loss, petrochemicals production falls

29 February 2012 00:20  [Source: ICIS news]

MEXICO CITY (ICIS)--Pemex saw a fourth-quarter net loss of Mexican pesos (Ps) 23.8bn ($1.8bn, €1.4bn) from the same quarter in 2010 while petrochemicals production fell by 8.6%, the Mexican state–owned energy major said on Tuesday.

The loss compares with a loss of Ps23.6bn in the 2010 fourth quarter.

Fourth-quarter sales reached Ps420bn, a 22.5% jump from the fourth quarter of 2010.

Overall petrochemicals production in the quarter ended 31 December was down by 8.6% to 1.3m tonnes from the same quarter in 2010.

Only ethane derivatives increased with a 6.4% jump to 300,000 tonnes as the company resumed regular operations after extensive maintenance.

Pemex said production of aromatics and derivatives decreased on higher gasoline prices, which the company largely imports.

Production of propylene and its derivatives in the fourth quarter on lower demand, and output of methane derivatives dropped as a result of high inventories of ammonia and carbon dioxide.

For all of 2011, the company recorded a net loss of Ps91.5bn pesos in 2011, resulting from depreciation of the peso in the last half of the year, as well as the 56.2% of sales it paid to duties and taxes.

Pemex reported sales of Ps1,600bn – nearly 17% above the previous high in 2008 of 1,300bn, driven by high oil prices and company efforts to rebuild crude production levels.

The company noted that earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 29.4%.

($1 = €0.75) ($1 = Ps12.86)

By: James Young

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