By Anna Isabel Martinez and Adriana Barrera
Mexico City (Reuters) -Pemex, the highly indebted state -owned energy company in Mexico, reported an 11.3% decrease in the production of raw and condensation from the first quarter, as the decline in sales and losses from foreign exchanges contributed to 43.3 billion pesos (2.1 2,1 pesos (2,1
In the submission of the Stock Exchange in Mexico, Pemex, one of the largest companies in Mexico, attributes the production decline in the decline of mature wells and delays in the new ends of wells.
In the first quarter, Pemex and its partners pump 1.62 million barrels per day (BPD) raw oil and condensate. The company has processed 936,000 BPDs in its local refineries, which is 5% compared to a year ago.
Mexican President Claudia Shainbaum has promised to increase production to 1.8 million BPDs, although the older flights, especially in the Gulf of Mexico, are exhausted and more recent discoveries have failed to compensate.
When calling with analysts, the head of the corporate planning of Pemex Jorge Alberto Aguilar said the company was working to achieve the target of 1.8 million BPD by the end of the year and maintained it at that level.
Shainbaum, which will run until 2030, said the internal production of raw material would ensure that Mexico could produce the gasoline it needs and put an end to its importance on imports of motor fuels.
Production has decreased for several months. Pemex is not within the government production objective of March 2024, when it pumped 1.81 million BPD.
A series of contracts for joint ventures with private companies are ready to increase pumping, they added, noting that Pemex will have at least 40% share.
The revenues from January to March fell 2.5% to 395.59 billion pesota, mainly due to the lower raw oil sales volumes, Peemx said.
Pemex said losses from foreign exchange and increasing expenses played roles in his swing until a net loss.
During the quarter, its refining received 305,000 BPD gasoline and 171,000 BPD diesel.
Pemex aims to reduce the balance on a debt
Pemex said his financial debt for the three -month period amounts to $ 101.1 billion, compared to $ 97.6 billion, reported in the fourth quarter of 2024.
The world’s most dense energy company, Pemex, has received billions of peso in state support. The company said it had received 80 billion peso in state support in the first quarter.
The funds were mainly used to pay off debt. Pemex said its goal “was to reduce the financial debt balance during the year, leading to a lower balance at the end of 2025 compared to the end of 2024.”