Petróleos Mexicanos (Pemex) recorded 38.2% higher losses in 2020 than in 2019, according to its financial results.
From January 1 to December 31, 2020, the company showed a loss of 481 billion pesos, while in the same period of 2019, it was 348 billion.
According to the company’s financial report, the areas that contributed to Pemex’s losses in 2020 were “Industrial Transformation” and “Exploration and Production,” which contributed 45.6% and 41.9% of the negative result, respectively.
However, for the fourth quarter of 2020, Pemex had a net profit of 124 billion pesos, said Octavio Romero, CEO of the company. In the fourth quarter of 2019, Pemex had reported a loss of 171.5 billion pesos.
Romero pointed out that, the oil extraction costs dropped from 14.06 dollars per barrel in 2019 to 11.15 dollars per barrel by 2020, and that, with transparency and corruption eradication practices, the company earned savings of 40.5 million pesos in terms of prices and rates for goods and services contracted in exploration and production.
Also, Pemex increased oil production in 2020 by registering 1.7 million barrels per day as an annual average, an increase of 4,000 barrels per day compared to 2019, attributed to 146.5 thousand barrels per day coming from new fields that began their development in the first half of 2019.
For the second consecutive year, Pemex’s reserves grew from 7.2 billion barrels of crude oil equivalent at the beginning of 2020 to 7.4 billion barrels at the beginning of 2021.
On the other hand, Romero said that during the past year, Pemex delivered to the federal government 598.3 billion pesos for direct and indirect contributions.
This figure of contributions paid is net since it already considers the fiscal benefit granted to the company in the payment of the Shared Utility Right (DUC).
Thus, in the first two years of the current administration, the state-owned productive company has delivered to the federation 1.5 trillion pesos in contributions.