Pemex Posts Profit in Positive Sign for Debt-Saddled Firm
- Company has struggled for months under heavy debt load
- Production grew to 1.86 million barrels from previous quarter
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Pemex swung to a profit in the fourth quarter as government support relieved pressure on the state-owned company saddled with a $106 billion debt burden.
Petroleos Mexicanos posted net income of 106.9 billion pesos ($6.3 billion), from a 79.13 billion peso loss in the previous quarter, the company reported Tuesday. Crude and condensate production edged up to 1.86 million barrels a day compared with 1.85 million in the prior period.