LatinNews Daily - 01 March 2022

In brief: Mexico’s Pemex reduces yearly losses

*Mexico’s state-run oil company Pemex has released its financial results for 2021, which show that the company made a net loss of M$224.4bn (US$10.9bn) in 2021, a reduction of 55.9% compared to losses of M$509.1bn in 2020. Revenue for the year was up 57% on the year before, which Pemex attributes to an increase in the prices of products such as gasoline, diesel and natural gas, and the recuperation of the price of Mexican crude oil. Over the year, the average price for a barrel of oil was US$65.31, 82.3% greater than the average price in 2020. In a call with investors, Pemex CEO Octavio Romero Oropeza said royalty payments continued to put pressure on net results. However, Romero noted that Pemex had a “very good year” in terms of crude oil production, “which is not only stable, but continues to grow”. Production of liquids, mainly crude oil and condensates, totalled 1.736m barrels per day (bpd), a 2.9% increase on the previous year. Pemex’s financial debt closed 2021 at M$2.24trn, down 0.7% from the previous year.

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