The company highlighted currency exchange gains of 57.6 billion pesos during the fourth quarter, as the peso strengthened more than 4% against the U.S. dollar. But Pemex posted a quarterly net loss of 172.4 billion pesos compared with an upwardly revised loss of 194.4 billion pesos during the same three-month period a year earlier. The company did not provide a reason for the revision, which pushed the loss up by more than 56% compared to the figure the company reported in its final quarterly report in 2021. For decades, Pemex revenues have served as major contributors to government coffers, but the Mexican oil giant has seen its oil output fall by half over the past couple of decades as its most productive fields have aged. It has piled up huge losses, in particular from its refining unit, even as its tax bill remains stubbornly high compared to other global oil companies. In the quarter Pemex said its financial debt fell by about 7% to total $107.7 billion at the end of 2022, due mostly to support from the government of President Andres Manuel Lopez Obrador, who has repeatedly pledged to provide any financial assistance needed. However, the state-run firm remains one of the world's most indebted oil companies.
In 2022, the company's crude oil and condensate production stood at 1.79 million barrels per day (bpd), up slightly from output of 1.76 million bpd registered in 2021. Meanwhile, crude prices for Pemex's export mix rose 3% during the quarter to average $75.42, compared to $73.21 during the same quarter in 2021.
($1 = 19.5089 pesos at end-December) (Reporting by Ana Isabel Martinez, Adriana Barrera and Valentine Hilaire; Writing by David Alire Garcia; Editing by Sharon Singleton)
Reuters Messaging: david.aliregarcia.thomsonreuters.com@reuters.net))