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Bloomberg
Petroleos Mexicanos imported less gasoline and diesel in the second quarter as its refineries produced more fuel and the government cracked down on fuel theft.
Gasoline and diesel imports totalled 734,000 barrels a day, down 8.5 percent from the same period in 2018, according to a company presentation.
Crude output dropped 10 percent compared with the same period a year ago to 1.66 million barrels a day, Petroleos Mexicanos said in its earnings report. Crude processing fell 16 percent while the company’s operating loss narrowed to 52.8 billion pesos ($2.77 billion). Pemex’s financial debt totalled 2 trillion pesos ($104.4 billion) at the end of June, compared to 2.06 trillion pesos in the previous three-month period, its results presentation showed.
Yields on Pemex bonds maturing in 2027 rose 7.2 basis points after the earnings release to 6.81 percent.
While another decline in output will do nothing to help the beleaguered oil giant drum up support from the investment community, reducing fuel imports is a key part of Mexico President Andres Manuel Lopez Obrador’s efforts to make the country more self-sufficient in energy.
While trying to improve the performance of its own refineries, Pemex must also manage the construction of a new refinery AMLO’s home state of Tabasco.