Pemex said it posted a net profit of $314 million in the first quarter of 2008, marking a rebound relative to the first three months of 2007, when the Mexican state‐owned oil giant had a loss of some $990 million.
28/05/2008 :: Rigzone News/Javier Estrada
The company said the profits were due to positive results in operating income and an
increase in other revenues due to favorable financing results. Pemex had total revenues of $30.62
billion during the January‐March period, up 32.4 percent from the first three months of last year.
The company said its strong financial results were due to soaring prices for oil, natural gas and
petroleum derivatives on the global market. Pemex, which accounts for more than one‐third of
the Mexican government's revenues, paid $19.2 billion in taxes to the Treasury during the first
quarter. As of March 31, Pemex had total assets of $118.78 billion, up 0.60 percent from the end
of the first quarter of 2007, and liabilities of $108.04 billion, down 5.3 percent.
Pemex's production in the first quarter was 2.9 million barrels per day (bpd), a figure that was off
7.8 percent from the first three months of 2007. The state‐owned oil giant said it exported an
average of 1.49 million bpd in the first quarter, down 12.4 percent from the same period in 2007,
while the average price of the Mexican export blend was $83.10 per barrel.