Mexico Pemex swings to Q3 profit on higher revenue

30 October 2012 20:21  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Petroleos Mexicanos (Pemex) swung to a third-quarter profit of Mexican pesos (Ps) 23.9bn ($1.8bn, €1.4bn) because of higher revenues, compared to a loss of Ps81.5bn in the same period last year, the Mexican state energy producer said on Tuesday.

Third-quarter sales stood at Ps408.9bn, a 4.3% increase year on year, Pemex said during its earnings conference call with investors.

Third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Ps282.8bn, an 11.7% increase year on year.

Pemex said that increased revenues were attributed in part to the Tsimin oilfield coming on line on 3 August.

Revenues were boosted by increased US and domestic prices for gasoline, diesel and jet fuel, Pemex said.

Third-quarter petrochemical production decreased by 17.7% year on year to 1.08bn tonnes, the company said.

Pemex said that the overall drop in petrochemical output was caused by the continuing temporary shutdown of the aromatics chain as a result of the incorporation of a new continuous catalytic regeneration (CCR) platforming plant in the Cangrejera petrochemical complex.

Pemex added that the drop in petrochemical output was offset by increased production over the quarter of ethane and methane derivatives of 25% and 3% respectively.

Mexico’s incoming president Enrique Pena Nieto, who has pledged to open up Pemex to more private investment, will take office on 1 December.

($1 = €0.78)
($1 = Ps 13.08)

By: Simon West

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