Mexican oil firm ends 2011 with net loss of $6.5 bnMarch 1st, 2012 - 11:59 am ICT by IANS
Mexico City, March 1 (IANS/EFE) State oil monopoly Petroleos Mexicanos, Mexico’s largest company, said it posted a net loss of $6.5 billion in 2011, a 103 percent increase over 2010.
Pemex said the loss was due in large part to a “significant” fluctuation in the exchange rate, which ended 2011 at nearly 14 pesos to the dollar, and higher tax payments.
“Our debt obligations and other financial instruments are mostly (denominated) in dollars” and exchange-rate fluctuations “are significantly reflected in those instruments”, the company’s chief financial officer, Ignacio Quesada, said in a press conference.
“We hope that during this year, as we’ve seen the exchange rate return (to around 12 pesos to the dollar), the bulk of that loss will disappear,” the CFO said, adding that Pemex is not bankrupt despite several years of losses.
The company, whose tax contributions fund roughly 30 percent of the federal budget, took in $111.4 billion in total revenue last year, up 21.6 percent compared to 2010.
That figure, a record high, was due among other reasons to higher oil and gas prices.
Pemex produced 2.55 million barrels of crude oil per day, down 1 percent from 2010, due in part to unfavourable climatic conditions.
The company’s gross profit came in at $55.6 billion, up 19.2 percent from 2010, while its earnings before interests, taxes, depreciation and amortization totaled $76.9 billion, 29.4 percent higher than the previous year.
Meanwhile, Pemex’s export revenue climbed 30.4 percent to $55.25 billion and its net debt rose 25.3 percent to $47.55 billion.
The company invested $19.09 billion in 2011, or 93.3 percent of programmed investment, and said that it 2012 it plans to invest $21.5 billion.
- Mexican oil giant sells $327 mn in bonds - Mar 14, 2012
- Mexican oil giant needs $25 bn in annual investment - Feb 08, 2012
- Mexico's 2011 growth outlook improves - Dec 02, 2011
- Mexican oil firm posts nearly $25 bn surplus in 2011 - Feb 01, 2012
- Mexican oil giant to spend $24 mn to repair pipeline - Dec 21, 2011
- Argentine oil firm made $3 bn investments in 2011 - Feb 09, 2012
- Mexican firm ordered to clean up oil spill - Aug 25, 2012
- Mexico to auction dollars to prop up peso - Dec 01, 2011
- Mexico's central bank sells $281 mn to ease volatility - Jul 25, 2012
- Mexican billionaire Slim invests in Colombian oil industry - Feb 24, 2011
- Bottling firm to invest $1.1 bn in Colombia, Brazil - Mar 01, 2012
- Debt-laden Mexican state keeps financial records secret - Dec 01, 2011
- Chilean analysts see higher copper prices in 2012 - May 04, 2012
- Government cautious as New Zealand deficit below forecast - Jul 06, 2012
- Argentine president inherits $6.8 mn - Aug 08, 2012
Tags: chief financial officer, climatic conditions, crude oil, debt obligations, exchange rate fluctuations, export revenue, federal budget, financial instruments, fluctuation, gross profit, mexico city, oil and gas prices, oil firm, oil monopoly, pemex, petroleos mexicanos, s gross, state oil, tax contributions, tax payments