Three good for Pemex – El Financiero

There are a few days of those. Yesterday, Pemex revealed its results from March 2022 and it is worth highlighting three good data that were included in the report.

First thing: there are profits. Pemex and its owners, from you, can assume that the amount charged by the oil company exceeds the total expenses. Out of every 4 pesos charged by the company, one was recorded as net income: In total numbers, 507 billion pesos in sales, which generated a profit of 122 billion.

How does Pemex explain the change? With the rise in oil prices and its derivatives. “The most important variables that explain this situation are the recovery in prices globally and to a lesser extent the quantities sold,” the oil company said.

Your best customers? The Mexicans, of course, who bought mainly petrol and diesel from the company led by Octavio Romero, provided just over half of Pemex’s income. The other half of exports.

The second good fact: the increase in the production of oil derivatives.

in a year Increase the volume of gasoline, diesel, jet fuel and other products by 10 percent They come out of their plants. From 763,000 to 839,000 barrels per day, a figure that seemed stagnant has passed since infrastructure investments were focused on the Dos Bocas refinery whose main task is the Energy Minister, Rossio Nahle.

Perhaps the best news is that Pemex has finally paid attention to minimizing the damage it does directly to the planet.

The company has become an international pariah in the face of rising numbers of emissions of methane, a gas more harmful than carbon dioxide, because it seals the atmosphere more forcefully, preventing heat from the sun from escaping into space.

Still losing due to incompetence 8.4% of the natural gas it produces True, this figure is higher than international standards, but it is already lower than it was a year ago, when 14.9 percent of this hydrocarbon was waste.

The company highlighted in its quarterly report that “in the first quarter of 2022, 92 percent of the gas produced was used.”

It should be noted that the 7 percentage point increase in gas use is the result of a gas management and utilization strategy that includes well closures and restoration boosterAnd Repair compressors, development of surface infrastructure for production management due to the incorporation of new fields, rehabilitation of gas processing center equipment, among other actions.”

Will this effort be able to take the burden off Mexico’s last president?

Neither Felipe Calderon nor Enrique Peña Nieto has devised a strategy to increase production of natural gas, which is used to produce half of Mexico’s electricity. But in the middle of Lopez Obrador’s six-year tenure, there are signs of a shift toward where things need to be moving: Pemex accumulates 4 quarters with slight increases in production Which actually represents a 3.3 percent increase from last year.

Yesterday, the US Energy Information Agency contributed another line to the book, Reasons for Betting on this Activity:

“As of 2021, China imports more LNG than any other country,” he wrote in a report already made public.

Pemex’s biggest problem appears to be a lack of understanding of the future direction of the oil business. No green energy projects, no carbon sequestration, no circular economy.

It also stumbles on petrochemicals, the plastics manufacturing input that is in just about everything you have.

Pemex acknowledged that “the production of ethane derivatives has decreased by 36 million tons, due to the fact that the linear low-density polyethylene plant has been out of operation since January 8 for maintenance at the ethylene plant at the La Cangrejira petrochemical complex.”