Mexican state energy company Pemex reported on Friday a net profit of 4.7 billion pesos for the first quarter of 2024, down 91.7% from the year earlier period, amid lower sales and higher costs.
Pemex also reported revenues of 405.9 billion pesos for the January-to-March period, down 3% from the year before, driven mainly by a drop in crude prices.
Its financial debt was $101.5 billion at the end of the quarter. Throughout his term in office, President Andres Manuel Lopez Obrador has thrown Pemex billions of dollars in lifelines, including capital injections and tax reductions.