Pemex clawed back more than $12bn in profits over Q1 and Q2 of 2022
Pemex reverses production decline
Mexico’s leading energy provider enjoyed a strong quarter but will have to overcome hurdles to achieve its upstream objectives
This year is proving a welcome reprieve for Mexican NOC Pemex, the world’s most heavily indebted oil and gas company. After posting almost $11bn in losses last year, the firm clawed back more than $12bn in profits over the first two quarters of 2022 and is also starting to see a reversal in its upstream fortunes. Crucially for the government, slumping crude production appears to have stabilised. By year-end Pemex expects to reach 1.83mn bl/d of output, which would represent a 4pc rise year-on-year and a c.12pc increase since volumes bottomed out in 2019. 1.83mn bl/d – Pemex’s year-end production target Under former President Enrique Pena Nieto, Pemex’s crude output went from bad to w
Also in this section
5 September 2024
The 20th century’s two global conflicts made clear the geopolitical importance of oil, while Russia and Saudi Arabia joined the US as hydrocarbons superpowers
5 September 2024
In the second part of our history of oil special on the ascent of the US, Russia and Saudi Arabia, we examine the early years of the age of oil
5 September 2024
In this first part of the first chapter of our 90th anniversary special on the history of oil, we look at oil’s humble beginnings and the start of its rise to prominence
2 September 2024
The island nation plans to phase out nuclear energy and substitute coal for gas, but must first overcome import capacity constraints
