Pemex Q2 Profit Up 480% to US$1.06bn

Mexico's state oil company Pemex saw its net profit in the second quarter of this year jump 480% to 11.6bn pesos (US$1.06bn) compared to 2Q05, company corporate finance director Juan Suarez said in a conference call.

In the period, total sales rose 23% to 282bn pesos and Ebitda grew 38% to 218bn pesos. Exports, 80% of which went to the US, made up 51.6% of total sales.

The average price of Mexican crude in the second quarter of 2006 was US$56.44 a barrel, versus US$41.51 a barrel in 2Q05.

The company's bottom line in the first half of this year increased 166% to 19.4bn pesos compared to the year-ago period. Total sales in 1H06 were up 21.4% to 523bn pesos and Ebitda grew 32.4% to 397bn pesos from January-June 2005. BNamericas calculated six-month results by combining results from the first two quarters.

PRODUCTION

Liquid hydrocarbons output in 2Q06 dipped 3% to 3.78 million barrels a day (Mb/d) compared to April-June 2005. Crude production was off 3% to 3.33Mb/d and output of natural gas liquids fell 1% to 449Mb/d.

Meanwhile, natural gas output in April-June rose 9% to 5.28 billion cubic feet a day compared to the same year-ago period. Petrochemicals production also grew in the period, up 3% 2.79Mt.

DRILLING

The number of exploratory and development wells drilled in the second quarter of this year was down 15% and 20% respectively to 17 and 160 from 2Q05.

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Brent Crude Oil : $53.94/BBL 6.87%
Light Crude Oil : $51.06/BBL 3.27%
Natural Gas : $3.51/MMBtu 4.77%
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