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Pemex Posts Profit of $1.8 Billion on Peso Financing Benefit

Petroleos Mexicanos posted its first quarterly profit since March after the world’s fourth-largest crude producer benefited from accounting adjustments on its financing costs.

Third-quarter net income was 23.9 billion pesos ($1.83 billion), compared to a loss of 81.5 billion pesos a year earlier, the Mexico City-based company known as Pemex said yesterday in a stock exchange filing. The state-owned producer’s revenue rose 4.3 percent to 409 billion pesos, from 392 billion pesos the previous year. Operating income increased 10 percent to 221 billion pesos.

Pemex registered a third-quarter “comprehensive financing” income of 94.3 billion pesos, the state-owned producer said. The benefit was caused after the peso strengthened about 4 percent and interest income rose, the company said.

The oil producer also profited from higher sales after the company posted its highest crude production in 17 months as the Tsimin field came online and unleaded gasoline prices rose 12 percent compared to a year ago.

Chief Executive Officer Juan Jose Suarez Coppel is counting on production from new wells to drive Pemex to its first annual output gain in eight years. The company said it will boost production this year to more than 2.6 million barrels a day. While output rose in September to 2.566 million barrels a day, the daily average for the quarter was little changed at 2.541 million barrels, compared to 2.525 million barrels a day in the year earlier period.

Taxes and royalties to the government rose 5 percent to 223 billion pesos, Pemex said. Total debt rose to 744 billion pesos as of Sept. 30.

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