According to the company’s website press release on May 3, 2023, during the first quarter 2023 (1Q23), total sales decreased by 19.1%, as compared to 1Q22, due to an 8.3% decrease in domestic sales and a 30.0% decrease in export sales as a result of lower hydrocarbon and petroleum products’ prices.
Cost of Sales
In 1Q23 the cost of sales, including impairment, increased by 11.3%, mainly due a MXN 40.1 billion asset impairment as compared to a MXN 16.3 billion asset impairment reversal in the same period of the previous year, in addition to a MXN 25.2 billion increase in purchases for resale.
Taxes and Duties
During the quarter, total taxes and duties amounted to MXN 71.8 billion, a 27.9% decrease as compared to 1Q22, due to a lower Mexican crude oil mix price in the quarter, as compared to the previous year. The amount of DUC1 paid decreased by 24.7% as compared to 1Q22.
Net Result
In 1Q23 a MXN 56.7 billion net income was recorded, as compared to a MXN 122.5 billion net income in 1Q22. This result is explained by the decrease in total sales, an increase in asset impairment and a decrease in other income, partially offset by a decrease in cost of sales, an increase in foreign exchange gain and a decrease in taxes and duties.
Financial Debt
Total financial debt decreased by 7.0% as compared to the end of 2022, due to the objective of maintaining a net indebtedness close to zero and the support from the Federal Government.
As of March 31, 2023, the exchange rate stood at MXN 18.1052 per USD 1.00, so financial debt recorded a balance of MXN 1,944.3 billion, or USD 107.4 billion.
Liquidity Management
The PEMEX group has revolving credit facilities for liquidity management totaling up to USD 7.7 billion and MXN 29.5 billion. As of March 31, 2023, the RCFs were fully disbursed.
EBITDA
EBITDA during 1Q23 amounted to MXN 118.5 billion.
Budgetary Investment Activities
In 1Q23, a budgetary investment by MXN 76.4 billion was exercised, equivalent to 16.9% of the approved budget.
Investor Relations
Tel (52 55) 9126 2940 ri@pemex.com www.pemex.com/en/investors
