Mexico’s Petroleos Mexicanos (PEMEX) released its Q2 numbers where it reported a quarterly net profit of $722.5mn, which the company said was driven by higher income from international sales. This came after PEMEX reported a loss of $1.9bn in 2Q2020 and a loss of $1.8bn in the 1Q2021, primarily due to higher import costs. Total income stood at $17.42bn, up 93% YoY. Mexico’s average price of exportable oil mix increased to $63.81 per barrel from $24.40 per barrel in 2Q2020. The EBITDA for the quarter stood at $6.22bn (vs. $2.05bn last year) with an EBITDA Margin of 36%. Total debt stood at $115.1bn as it adopted short-term financing, as per Reuters. The available credit lines of the oil company were at $175mn and MXN 4.5bn ($225mn) at the end of the period and reported a 5.4% increase in crude processing of its refineries in Q2. PEMEX announced that it will not consider bond markets for refinancing as it is expecting government capital injections through 4Q2021.
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