Pemex loses 1,040 mp due to fuel theft

Pemex reported that it registered losses from fuel subtraction of 1,040 million pesos in the first quarter of 2020, a reduction of 44% year-on-year.

Measured in volume, fuel theft decreased 91% from the average recorded in 2018.

In recent years, Pemex has experienced theft and illegal trade in the fuels it produces.

The company estimates that the average fuel theft amounted to approximately 55,900 barrels per day in 2018.

Pemex financial results

For the years ended December 31, 2018 and 2017, non-operating losses resulting from fuel theft amounted to 39,439.1 million and 22,945.4 million pesos, respectively.

Fuel and losses

Given the sophistication and breadth of these illegal networks, Pemex has implemented in recent years several initiatives that aim to develop a sustainable operating model to safeguard the areas in which it operates, which comprise approximately 2.0 million square kilometers of land fields and 3.2 million square kilometers of Mexican territorial waters.

These initiatives have sought:

1. Integrate a strategic safeguard system that allows you to respond in a timely manner to the risks of illegal activity.
2. Strengthen coordination and collaboration between Petróleos Mexicanos and its subsidiary entities, as well as with the authorities in the three levels of government, including the Office of the Federal Attorney General, the Federal Office of the Consumer, the Tax Administration System, the federal and state police and municipal, the Ministry of National Defense and the Mexican Navy.
3. Optimize your human capital and modernize your technology.
4. Modernize your information systems to improve your strategic decision making and response time.
5. Review our security strategy to incorporate innovations from the fields of industrial security, civil protection and preservation of the environment.

Pemex reported a net loss of 562,250 million pesos in the first quarter of 2020, a record high.