Pemex on Monday reported a $6.17 billion first-quarter net profit, reversing a nearly $2 billion loss in the same period last year.
Foreign exchange gains, growing output, and higher crude prices were credited for the windfall. Pemex has also enjoyed strong support from the Mexican government.
Mexico’s state-owned Pemex is one of the world’s most indebted oil companies. But President Andrés Manuel López Obrador has pumped billions of dollars into Petroleos Mexicanos, as the company is formally known.
The Mexican oil giant said it had received 45.4 billion pesos / US$2.3 billion from the government to repay debt during the first three months of the year, as well as 16 billion pesos / US$804 million to build its Olmeca refinery, expected to come online by the end of this year.
Pemex’s revenue surged 59.6% in the first three months of 2022, boosted by a jump in sales and a recovery in oil prices.
Crude oil prices jumped more than 36% pushed up in large part by Russia’s Feb. 24 invasion of Ukraine.
The peso gained 3.13% against the dollar between January and March.