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Petroleos Mexicanos had its first back-to-back quarterly gains in four years. (Bloomberg) Petroleos Mexicanos had its first back-to-back quarterly gains in four years as the weakening of the peso boosted the value of its dollar-denominated crude. Fourth-quarter net income was 123.2 billion pesos ($5.9 billion), following a profit in the previous quarter and compared with a year-earlier loss of 171.5 billion, Pemex said Friday. Its currency-related gains more than offset operational losses. Pemex has struggled to reverse 16 years of production declines and meet a government goal to reduce imports of fuel and produce more gasoline domestically. Earlier this month, Mexico’s President Andres Manuel Lopez Obrador announced a new credit stimulus that will apply to the taxes Pemex pays on hydrocarbons, capped at $3.6 billion. It will also receive a capital injection from the government of up to $1.6 billion this year
Petroleos Mexicanos s crude production fell last year and failed to reach its target, thwarting the government s plans to reverse more than a decade of output declines. (Bloomberg) Petroleos Mexicanos’s crude production fell last year and failed to reach its target, thwarting the government’s plans to reverse more than a decade of output declines. The state-owned company’s oil output reached 1.61 million barrels a day in 2020, 103,000 barrels a day less than its goal, according to data published by the National Hydrocarbons Commission, or CNH, on Monday. Pemex’s output fell 1.8% compared to the previous year, the data showed. Overall output reached 1.66 million barrels a day last year, with private companies accounting for almost 54,000 daily barrels.