PEMEX: Net Income Increases To US$ 1.8 Billion In Q2

Mexico's state-owned Petroleos Mexicanos (Pemex) reported a net profit of 32.8 billion Mexican pesos (US$ 1.8 billion) in the second quarter of 2017, compared to losses in the same period last year. It was the third consecutive quarter of positive financial results for the company.

In a statement, Pemex said that the result reflects policies implemented by the current administration to improve efficiency and profitability.

"For this, it has been a key to take advantage of the tools granted by the Energy Reform," the company said.

Crude oil production averaged 2,013 thousand barrels per day (Mbd) during the quarter. Compared to the same quarter of 2016 there was a 7.5% decrease.

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