PEMEX NET LOSS $7.7 BLN
According to WSJ, mexican state oil company Petróleos Mexicanos on Thursday said it recorded an after-tax loss of $4.4 billion in the second quarter, as lower oil prices and output hit sales and hefty exchange losses boosted its financial costs.
Sales in the quarter fell 17% from a year earlier to $13.5 billion.
Pemex's hydrocarbons production fell 3.4% in the quarter, with crude oil output down 2.2% to 2.18 million barrels a day and natural gas output off 6.4% at 5.88 billion cubic feet a day.
Crude oil prices averaged $36.69 per barrel compared with $52.92 in the second quarter of 2015. Output of the company's refineries fell 5.4%, partly because of unscheduled maintenance shutdowns.
The second-quarter loss was slightly smaller in Mexican peso terms than that of a year earlier. Meanwhile, Pemex's operating profit rose 91% to $6.6 billion, lifted by reduced cost of sales.
The peso's slide to new lows against the U.S. dollar in the quarter led to foreign exchange losses of $5.7 billion.
Taxes and duties fell more than a third, reflecting lower oil prices and production, and an increase in investment in productive projects Pemex can deduct under measures taken by the federal government in April, which included a capital injection. Pemex also cut its planned 2016 budget by about $5.5 billion or 20%.
Financial support for Pemex came after the company had left suppliers of goods and services unpaid. Chief Financial Officer Juan Pablo Newman said in a conference call with analysts that Pemex has so far paid 112 billion pesos of the 147 billion pesos owed to suppliers and that the rest will be paid in the second half of the year.
Mr. Newman said Pemex, which had debt of around $96 billion at the end of June, has completed its financing program for 2016 but could prefund 2017 needs or carry out liability management operations in the second half of the year.
|October, 22, 12:25:00|
|October, 22, 12:20:00|
|October, 22, 12:15:00|
|October, 22, 12:10:00|
|October, 22, 12:05:00|
|October, 22, 12:00:00|
BLOOMBERG - Russia has begun discussions with Exxon Mobil Corp. on possible new oil and gas projects, potentially creating a dilemma as the U.S. government mulls more sanctions against the country.
IMF - The agreement reached today reflects the IMF’s commitment to continue to help Ukraine achieve stronger, sustainable, and inclusive economic growth. The new program has been developed in close coordination with the World Bank and the European Union, who have parallel operations to support Ukraine. The authorities’ steadfast and effective implementation will be critical for the program to achieve its objectives.
CNBC - Ukraine announced on Friday it would raise household gas prices by nearly a quarter as Prime Minister Volodymyr Groysman warned that the country risked default if it crashed out of its International Monetary Fund aid program.
Schlumberger Announces Third-Quarter 2018 Results Revenue of $8.5 billion increased 2% sequentially Pretax operating income of $1.2 billion increased 5% sequentially EPS was $0.46 Cash flow from operations was $1.8 billion Free cash flow was $1.0 billion