Pemex refining: Production up, margins down

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Friday, July 26, 2013

Mexican national oil company Pemex's refining unit Pemex Refinación increased both its crude throughput and output in 1H13 but a worse profit margin dampened the subsidiary's performance.

Crude throughput increased to 1.27Mb/d in half, up 3.60% from 1.22Mb/d in 1H12.

Total output from refineries was 1.42Mb/d in 1H13, up 3.51% from 1.37Mb/d in the year-ago period.

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Refining output increased primarily due to completion of a reconfiguration at the Minatitlán refinery, which has a capacity of 185,000b/d.

However, the variable margin for Pemex Refinacion fell US$2.45/b to negative US$5.13/b, "due in part to favorable fluctuations of international refining margins and an effect of revaluation of inventories," said COO Jorge Martínez Herrera in a quarterly webcast.

The lower margins happened despite a higher throughput of light crude at refineries.

Light crude in refineries averaged 764,000b/d in 1H13, up 11.3% from 686,000b/d a year ago and heavy crude throughput was down 6.15% to 503,000b/d from 537,000b/d.

Refinery utilization was 75.7% in 1H13 compared to 72.9% in the year-ago period.