MEXICO CITY, July 29 (V7N) – Mexico’s state-owned energy company Pemex reported a net profit of 59.52 billion pesos for the second quarter of this year, largely driven by a more favorable exchange rate environment. The result marks a sharp turnaround from the same period last year, when the company posted a net loss of 273.33 billion pesos due to a depreciation of the peso against the U.S. dollar.
 
Like many of its Latin American counterparts, Pemex conducts the majority of its operations in U.S. dollars, including both revenue and expenditure, making its financial performance highly sensitive to currency fluctuations.
 
In a filing with the Mexican stock exchange, Pemex also reported a 4.4% year-on-year decline in revenue for the quarter, totaling 391.62 billion pesos. The drop was attributed to lower crude oil sales volumes and falling prices for refined products such as gasoline and diesel.
 
Despite the revenue dip, earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 76 billion pesos, reflecting improved operational efficiency.
 
However, Pemex continues to face significant financial pressures. It remains the world’s most indebted energy company, with financial liabilities totaling $98.8 billion at the end of the quarter. In addition, outstanding payments to suppliers stand at approximately $22.79 billion.
 
While the quarterly profit signals a temporary recovery, Pemex's long-term outlook remains clouded by high debt, volatile oil markets, and currency risks — challenges that continue to weigh heavily on national oil companies in the region.
 
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