Mexican oil company Pemex reported a net profit of 23,049 million pesos ($1,187 million) for all of 2022, compared to a net loss of 294,532 million pesos in 2021, the oil company said on Monday. State in its report on results for last year and 4Q22.

It is the first time the oil company has recorded annual profits since Andrés Manuel López Obrador took over as president in December 2018.

However, in the fourth quarter, the company recorded a net loss of 172,567 million pesos, compared to the negative figure of 194,538 million for the same period of 2021.

Pemex also reported an increase in its average daily oil production, mainly due to the incorporation of the Quesqui and Ixachi fields.

Excluding production with partners, extraction in 4Q22 was up 1.7% year-on-year to 1.76 million barrels per day (mb/d), confirming the upward trend seen since 2019, said Pemex.

“Since the end of the year, the results of the efforts we have made in our new developments such as Quesqui and Ixachi have started to materialize, which already provide significant volumes of liquid and natural gas extraction,” said said the executive chairman of the oil company. , Octavio Romero, in a conference call with investors.

He added that on some occasions there were specific records of more than 1.80 Mb/d.

“Last December, the contribution from new developments contributed more than 500,000 bpd to Pemex’s total production, and as new wells come on stream throughout 2023, this contribution will be even greater. “, added Romero.

In addition, Pemex increased crude processing by 14.6% to 816,000 bpd.

Romero highlighted the purchase of the Deer Park refinery in Texas last year, commenting that it was “a great deal for Pemex in many ways.”

“At the end of 2022, 279,000b/d were processed, of which 83% was converted into high-value products such as gasoline, diesel and jet fuel. On the results, the refinery reported a net profit of 956 million dollars at the end of 2022. 2022,” he added.

As of December 31, 2022, Pemex’s financial debt had been reduced by 7% to 2,090 billion pesos.

Last week, Bloomberg reported that Pemex was in separate talks with Goldman Sachs and JPMorgan Chase to fund at least $1 billion in secured debt. The move comes after Pemex issued $2 billion in 10-year bonds in January.