Pemex’s net income up 191% in Q1

Pemex, Mexico’s largest corporation, reported net income of US$365 million in the first quarter, which is an increase of 191% from the first quarter results in 2010.  According to the company, the huge increase is due to higher prices for crude and petroleum products and higher crude oil exports.  In the first quarter, operating income also rose 19% to approximately US$14.21 billion.  Pemex is a state-owned oil company accounting for more than 30% of revenue for the government of Mexico.  In the first quarter, Pemex exported US$13.03 billion of petroleum products and imported US$6.71 billion of petroleum products, petrochemicals and natural gas. Sales of petroleum products, including industrial fuel, gasoline and diesel fuel, were reported at US$1.51 billion while crude oil exports were at US$11 billion. (May 3, 2011)