Pemex reported a net profit of $6.2bn in Q1 2022, reversing nearly $2bn in losses during the year-ago period. This was its highest profit in 18 years with the state-owned company benefiting from rallying oil prices, stabilizing crude output and foreign exchange gains. The Mexican peso gained 3.13% during the period, crude oil jumped more than 36% and crude oil/condensate production totaled 1.76mn bpd, up 2.3% YoY. Pemex’s revenues surged ~60% to about $25bn. Its total debt was marginally down to $108.1bn from $109bn at end-2021. Pemex said it received MXN 45.4bn ($2.3bn) from the government to repay debt during the first quarter. Whilst overall results were positive, Pemex revised its previously reported Q4 2021 losses higher by ~$3bn to around MXN 194bn ($9.6bn). Pemex’s acting CFO Antonio Lopez-Velarde said that there was potential for federal government support to address its debt maturing in 2022 and 2023.

Pemex’s dollar bonds were higher with its 5.625% 2046s up 0.9 points to 68.59, yielding 8.8%.

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