Pemex reports lower Q2 output
Mexican NOC Pemex announced its 2Q18 results Friday, reporting year-on-year declines in production of both crude oil and refined products.
The company's crude production slid to 1.90Mbd in the quarter from 2.01Mbd and output of refined products fell to 704,000b/d from 905,000b/d.
However, these negative operating results were offset by a 36% hike in sales to 436bn pesos (US$23.4bn) due to higher crude oil prices and higher sales in Mexico. Ebitda was also up, climbing 42% to 150bn pesos.
Despite this growth, the company reported a 163bn-peso net loss due largely to foreign exchange losses and increased costs. This came after a 32.8bn-pesos profit in the same quarter of 2017.
Positive news came from the margin on refined products, which increased from US$1.85/b to US$4.41/b, thanks to improvements due to refinery maintenance.
During the presentation, executives made note of the importance of partnerships with private companies for upstream and downstream future prospects. Pemex executives said that they expected production to increase by 50,000b/d by the end of the year.
There was also a marked improvement in the number of development wells completed and in operation, which climbed from nine to 31 year-on-year. However, the number of exploration wells shrank from nine to five and the total number of wells operating was down by 324 to 7698.
The company also mentioned a new prospect, Manik-101A, which it expects to add 1,300b/d of crude oil and 1.3Mf3/d of natural gas to the company's upstream production.
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