Pemex increases 3.7% hydrocarbon production in 1Q20

Pemex’s crude and condensate production reached 1,759 thousand barrels per day (Mbd) in the first quarter of 2020, an increase of 3.7% year-on-year.

This figure represents a growth of 63 Mbd compared to the same quarter of 2019.

This performance of the company was due to attention to operational problems, infrastructure repairs and early production in new fields.

For its part, Pemex’s natural gas production (not including nitrogen) registered 3,738 million cubic feet per day (MMpcd); This is an increase of 69 MMpcd compared to the first quarter of 2019.

Crude processing increased 542 Mbd, implying a slightly lower volume by 17 Mbd compared to the volume processed in the first quarter of 2019.

This performance is explained by the maintenance work of the National Refining System. For its part, the capacity used for primary distillation stood at 33 percent.

Pemex and oil production

During the first quarter of the current year, oil derivatives decreased by 14 Mbd compared to the first quarter of 2019. It should be noted that, in the Madero and Salamanca de Pemex refineries, the production of high-value distillates (gasoline, diesel and jet fuel) increased by 25 Mbd and 10 Mbd, respectively.

Mexican Export Mix

At the same time, in the first quarter of 2020, the average price of the Mexican Export Mix was $ 41.02 per barrel, a value 27.5% lower than the same quarter of the previous year, due to the drop in international oil demand due to the pandemic. of the Covid-19, combined with the price war between Russia and Saudi Arabia, after the failure in March of losses to extend the agreement that limits the production of the OPEC + countries.

The price in the first quarter was $ 14.6 per barrel lower than that observed in 2019.