MOSCOW (MRC) -- Mexican state energy producer Pemex reported a larger Q3 comprehensive loss because of unfavourable exchange rates, said the company.
Such rates resulted in a Q3 charge of Mexican peso (Ps)47.0bn ($2.3bn), versus a benefit of Ps36.2bn reported in Q3 2020, Pemex said. The company also paid more taxes, which deepened its losses. The following shows the company's Q3 financial performance. Figures are in millions of pesos.
Third-quarter gross income rose because sales grew faster than costs. Sales rose because of higher production volumes and higher sales prices, Pemex said. The following table shows the company's Q3 production statistics.
Pemex attributed the increase in oil production to new fields and to incremental increases at existing fields. Pemex expects these new fields will help increase oil production to 1.95m bbl/day in 2022, up from a forecast of 1.77m bbl/day in 2021.
Crude production is important to Mexico's petrochemical industry because much of the nation's domestic ethane is derived from the associated gas produced by the country's oil wells. All of Mexico's crackers use ethane as a feedstock.
Despite the rise in oil production, Q3 output of natural gas liquids (NGLs) fell because of a decline in natural-gas processing. That fell because of a decline in wet gas production, Pemex said.
Production of methane derivatives rose because of the restart of the ammonia VI plant, Pemex said. Production of aromatics rose because of better performance of the catalytic reformer at the Cangrejera petrochemical production, Pemex said.
Ethane derivatives fell because of problems in auxiliary services at the Morelos and Cangrejera petrochemical complexes, Pemex said. Maintenance work is being carried out to bring the affected units back into operation.
Crude oil processing reached an average of 695,000 bbl/day during the third quarter, up from 605,000 bbl/day from Q3 2020, Pemex said. Utilisation rates were 42.4%, up from 36.9%, Pemex said. Pemex attributed the increase to better performance at its Salina Cruz, Tula and Cadereyta refineries.
As MRC informed before, Pemex Petroquimica, a subsidiary of the Mexican state oil company Pemex, has resumed production of high-density polyethylene (LDPE) on line 2 in Cangrejera, Mexico after an unscheduled renovation. Earlier it was noted that Pemex postponed the restart of the second line with a capacity of 200,000 tonnes per year for the production of LDPE until August 10. It was originally planned that the launch of this production will begin at the end of July. The line was closed on 10 July.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia"s estimated PE consumption totalled 1,396,960 tonnes in January-July 2021, up by 7% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 841,990 tonnes in the first seven months of 2021, up by 29% year on year.
Petroleos Mexicanos (Pemex) is a Mexican state-owned oil and gas and petrochemical company. Since the nationalization of the Mexican oil industry in 1938, Pemex has remained a state-owned company and, by law, has exclusive rights to explore and produce oil in the country. Almost 60% of the company's revenues go to the state budget. Petrochemical products include, but are not limited to, polyethylene, polyvinyl chloride.
MRC