03 May 2012 18:02 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--Petroleos Mexicanos (Pemex), the state-owned oil company, posted a first-quarter net profit as higher oil prices and a stronger currency boosted revenue, the company confirmed on Thursday.
Pemex released its earnings after market closed late Wednesday.Net income surged to Mexican pesos (Ps) 33.9bn ($2.62bn, €1.99bn), from Ps1.54bn during the same time period a year earlier, the Mexico City-based company said in a filing to the stock exchange.
Pemex profited from a 21% increase in the average price for the benchmark Mexican crude mix, Pemex said.
The crude mix traded at $111.15/bbl on average in the quarter, up from $92.02/bbl year over year.
A stronger peso in the quarter also boosted the quarterly profit, Pemex said. The currency gained over 8% against the US dollar in the first quarter, according to the filing.
The company said in the filing that first-quarter sales increased to Ps411.3bn compared with Ps352.7bn year over year.
Taxes, which the state oil monopoly gives to the government to fund part of the federal budget, increased by 24% in the first quarter to Ps246.5bn, said the company.
Pemex has said it will boost production this year to more than 2.6m bbl/day from last year’s average of 2.55m bbl/day.
The state-owned company cancelled a quarterly call with analysts and investors to discuss its results, citing an election law that bans the government from promoting achievements during a campaign.
Mexico holds presidential elections on 1 July.
($1 = 0.76)
($1 = Ps12.93)
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