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Latino Daily News

Tuesday July 1, 2014

Mexico Oil Revenue Decline First Half of 2014

Mexico’s oil revenues totaled 491.04 billion pesos ($37.8 billion) in the January-May 2014 period, down 0.50 percent from the same period last year, the Finance Secretariat said.

The drop was caused by a reduction of 4.2 percent to 165.78 billion ($12.76 billion) in payments by state-owned oil giant Petroleos Mexicanos, or Pemex, to the Treasury, the secretariat said in a report covering government finances through May 31.

Payments for oil rights and fees plunged 9.1 percent to 336.25 billion pesos ($25.88 billion).

Oil industry revenues fell because Mexican crude sold for an average of $92.80 per barrel during the period, down from the $100.80 per barrel average price that petroleum brought during the same period in 2013, the secretariat said.

Petroleum production dropped 1.9 percent and natural gas output fell 1.6 percent in the January-May period, with the drops only partially offset by higher natural gas prices, the secretariat said.

Government revenues totaled 1.61 trillion pesos ($123.94 billion) during the first five months of the year, up 3.2 percent from the same period in 2013, the secretariat said.

The federal government posted a budget deficit of 91.7 billion pesos ($7.05 billion) during the January-May period, the secretariat said.

Mexico’s gross government debt totaled $516.39 billion as of May 31, with 28.3 percent held by foreign entities and the rest by domestic creditors.

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