As of the 3Q of 2014 (with an average exchange rate of $13.5/dollar) Pemex showed an accumulated loss of 11.3 billion Dollars. This loss represents an increase of 59.8% over 3Q Results for 2013. Pemex’s Treasury Department informed that this could delay planned investment projects.
Rodolfo Campos, Deputy Director of the Pemex Treasury, stated that price adjustments by global oil producers negatively impacted the Mexican Mix, which went from $100/barrel in the 3Q of 2013 to $92 in 3Q of 2014 (the Mexican Mix is hovering around $40 per barrel at the beginning of 1Q 2015).
“It is possible that if current world tendencies continue large investments could be deferred,” he told a group of investors.
Daily crude exports averaged 1.12 MBD for 2014 while the average for the same period in 2013 was 1.17 MBD. This reduction is caused by lower sales to the US market.
The company is reporting a loss of 4.4B for 3Q 2014.
Our Comment. It is worth noting that Pemex has a huge loss. Why does it lose money despite having seemingly healthy profits. The answer is that Pemex was slapped with a 57% tax (calculated over income) in the first three quarters of 2014.