CW8888: Good chance of more orders from Pemex to Kep Corp and SML?
Pemex said on Thursday that it dropped to another quarterly
loss as the company continued to struggle with stagnating production at
mature fields and mounting expenses.
The Mexican state-led oil company posted a net loss of
26.9 billion pesos ($2.1 billion) in the three months to December,
widening a net loss of 15.7 billion pesos in the 2011 period.
But it plans to redouble investment efforts in 2013, targeting spending of 326.3 billion pesos ($25.3 billion) for 2013.
Of the amount, 256.4 billion pesos ($20 billion) are to be targeted to upstream activities and 33.9 billion pesos to exploration.
That compares to overall investment of 311.5 billion pesos in 2012.
Reform and streamlining at Pemex is one of the stated goals of the new Mexican presidential administration of Enrique Pena Nieto, which took over last year.
Pemex's fourth-quarter crude production eked out a modest gain, growing by .4% from the 2011 period to average 2.56 million barrels per day.
The change came thanks to repairs made at projects including Yaxche and Chuc in the southeast marine region, as well as a 2.3% increase in light-crude production following the startup of the Tsimin field.
Fourth-quarter daily oil and gas production dropped 0.7% to an average of 3.26 million barrels of oil equivalent per day.
Total sales for the quarter stayed essentially flat at US $32.3 million compared to the year-ago quarter.
Pemex also saw a 44% increase in expenses over the year-ago quarter on an increasing operational expenses and employee benefit costs.
But it plans to redouble investment efforts in 2013, targeting spending of 326.3 billion pesos ($25.3 billion) for 2013.
Of the amount, 256.4 billion pesos ($20 billion) are to be targeted to upstream activities and 33.9 billion pesos to exploration.
That compares to overall investment of 311.5 billion pesos in 2012.
Reform and streamlining at Pemex is one of the stated goals of the new Mexican presidential administration of Enrique Pena Nieto, which took over last year.
Pemex's fourth-quarter crude production eked out a modest gain, growing by .4% from the 2011 period to average 2.56 million barrels per day.
The change came thanks to repairs made at projects including Yaxche and Chuc in the southeast marine region, as well as a 2.3% increase in light-crude production following the startup of the Tsimin field.
Fourth-quarter daily oil and gas production dropped 0.7% to an average of 3.26 million barrels of oil equivalent per day.
Total sales for the quarter stayed essentially flat at US $32.3 million compared to the year-ago quarter.
Pemex also saw a 44% increase in expenses over the year-ago quarter on an increasing operational expenses and employee benefit costs.
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