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LatinNews Daily - 29 October 2020
In brief: Mexico’s Pemex reports return to net profits
* Mexico’s state-owned oil company Pemex has registered a net profit of M$1.4bn (US$64m) in the third quarter, after two consecutive quarters of substantial losses. Reduced global oil demand as a result of the coronavirus (Covid-19) pandemic saw Pemex record a year-on-year loss of M$44bn in the second quarter, but CEO Octavio Romero Oropeza has voiced optimism that the return to profitability in the third quarter, however marginal, reflects the recovery of the industry. Pemex’s crude oil production has actually increased by 0.5% year-on-year so far in 2020, reaching an average of 1.7m barrels per day, but total revenues have fallen by 34.9%, down to US$30.7bn, as a result of reduced demand and lower prices.
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