Photo: Pemex Earnings Positive 2012
Mexican state-owned oil monopoly Petroleos Mexicanos said it posted net income of nearly 5 billion pesos (some $390 million) in 2012, a year after registering a net loss of $6.54 billion.
Pemex said in a report that last year’s result was primarily attributable to revenue from sales and services, which reached a record high of 1.64 trillion pesos ($128.7 billion), up 5.4 percent from 2011.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, rose 5.7 percent in 2012.
The Mexican oil company said in a statement that it had current assets totaling 334 billion pesos ($26.1 billion) and total equity of 2.4 billion pesos ($187 million) as of Dec. 31, 2012.
As of Dec. 31, 2011, Pemex had negative equity of 193.9 billion pesos ($13.9 billion at the exchange rate then prevailing).
Current liabilities fell to roughly 235.8 billion pesos ($18.4 billion), down 7 percent from the previous year.
Pemex said in the report that its total liabilities amounted to 2.02 trillion pesos ($155.3 billion) as of Dec. 31, 2012, up 8.8 percent from 2011.
Pemex, which accounts for a third of Mexico’s national budget, is the world’s fifth-largest oil company by output and 13th largest in terms of reserves.