Pemex Posts US$921mn Q3 Loss on Higher Taxes

Mexico's state oil company Pemex posted a 9.89bn-peso (US$921mn) net loss in the third quarter of 2005 compared to a 5.82bn-peso profit in the same period of 2004, Pemex said in its Q3 unaudited earnings statement.

Sales rose 18% to 241bn pesos in 3Q05 compared to the same period in 2004, including 127bn pesos from domestic sales, up 11%, and 114bn pesos from exports, up 28%, the statement said.

Pemex's before-tax profits increased 9% to 145bn pesos compared to the same period of 2004. Ebitda rose 35% to 178bn pesos.

However, taxes and duties rose 22% to 155bn pesos, more than offsetting the increase in before-tax profits.

Total liquid hydrocarbons production fell 3.1% to 3.7 million barrels a day (Mb/d) in 3Q05 compared to the third quarter of 2004. Crude oil production decreased 95,000b/d to 3.29Mb/d while natural gas liquids production decreased 5% to 414,000b/d. Natural gas production rose 6% to 4.84 billion cubic feet a day. Gas flaring represented 4.9% of total natural gas production. Crude oil exports averaged 1.72Mb/d, 6% lower than the volume registered during the third quarter of 2004.

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