**Pemex received 380.1 million pesos in government support in the first quarter**
For the first time in six years, the state-owned oil company Pemex received 380.1 million pesos in direct federal government support, which is 153% more than the same period in 2023. This data is reported by the company. Moreover, in the current quarter, Pemex received "full capitalization" from the federal government in the amount of 253 million pesos.
The company's leadership announced a 10% reduction in financial obligations for the year. As stated by Pemex Director Victor Rodriguez, no additional operations to increase the company's debt by about 12 million dollars will be allowed, as this would limit the ability to issue common financial securities for up to 85 million dollars.
**Dividend to shareholders and payment plans** Pemex's dividend to shareholders increased by 2.2% in the current quarter and amounted to 28.13 million dollars. Rodriguez noted that the payments to shareholders will be normalized by 2026, assuming that the overdue payments have already begun to be made. By September, 300 million pesos had been paid, and a new financial instrument for paying dividends was also used.
**Financial results and production** Pemex recorded a net loss of 61,247 million pesos (3,344 million dollars) in the quarter, which is significantly lower than the net loss in the same period last year (161,335 million pesos). The reasons for the reduction in losses include lower costs, lower revenues, and a stronger peso. The company's operating profit increased by 11.1% compared to the same period last year—to 378,881 million pesos, which is associated with higher export volumes, lower prices, and lower costs for imported products.
Pemex's financial debt reached 100.3 million dollars, exceeding the maximum with government guarantees on the issuance of bonds. According to this, in December, 116 million pesos will be paid, and the additional payments will be scheduled in January and February 2025.
**Production indicators** Production of light crude oil (including condensate, natural gas liquids, and natural gas) decreased by 6.7% compared to the same period last year—to 1.656 million barrels per day. The reduction was mainly due to lower production and maintenance in the infrastructure sector. Production of crude oil decreased by 6.7%—to 1.641 million barrels per day. At the same time, natural gas production increased by 2.5%—to 4,651 million cubic feet per day (including associated petroleum gas). The previously reported natural gas pot increased by 4.8%—to 1,009 million cubic feet per day, as a result of the active development of the Olmeca complex.
Source: Reuters.
