Pemex Slips into Red with US$931mn Q1 Loss

Mexico's state oil company Pemex posted a 10.1bn-peso (US$931mn) net loss in the first quarter versus an 8.08bn-peso net profit in 1Q06, the company said in a statement.

Pemex attributed the result to greater depreciation and amortization and higher currency exchange losses, among other factors.

Total 1Q07 sales fell 6% to 236bn pesos compared to the year-ago period and Ebitda dropped 9% to 169bn pesos. Domestic sales inched up 0.2% to 132bn pesos and exports slid 13% to 104bn pesos.

The average price of Mexican crude in the first three months of this year was US$47.34/b, down 5% from 1Q06.

PRODUCTION

Crude output in 1Q07 fell 6% to 3.16Mb/d due to a drop at Cantarell, partially compensated by production at Ku-Maloob-Zaap, the statement said.

Natural gas production rose 14% to 5.62Bf3/d (159Mm3/d), principally due to higher output in north and marine regions.

Petrochemicals production in the period grew 11% to 2.91Mt, which Pemex attributed to higher output of aromatics, high-density polyethylene and other products such as hydrogen.

REFINING, DRILLING

Refining in the period rose 5% to 1.33Mb/d of crude. Gasoline and diesel production grew 5% and 11% respectively.

The number of wells drilled in the first quarter dropped 12.4% to 149 from 1Q06.

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